Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 29, 2024 | Jun. 30, 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 | FY | ||
Document Fiscal Year Focus | 2023 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 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 Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 428,000,000 | ||
Entity Common Stock, Shares Outstanding | 16,116,622 | ||
Auditor Firm ID | 6581 | ||
Auditor Name | PLANTE & MORAN, PLLC | ||
Auditor Location | GRAND RAPIDS, MICHIGAN |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
ASSETS | ||
Cash and due from banks | $ 70,408 | $ 61,894 |
Other interest-earning assets | 60,125 | 34,878 |
Total cash and cash equivalents | 130,533 | 96,772 |
Securities available for sale | 617,092 | 602,936 |
Federal Home Loan Bank stock | 21,513 | 17,721 |
Mortgage loans held for sale | 18,607 | 3,565 |
Loans | 4,303,758 | 3,916,619 |
Allowance for credit losses | (49,914) | (42,246) |
Loans, net | 4,253,844 | 3,874,373 |
Premises and equipment, net | 50,928 | 51,476 |
Bank owned life insurance | 85,668 | 80,727 |
Goodwill | 49,473 | 49,473 |
Other assets | 125,566 | 95,576 |
Total assets | 5,353,224 | 4,872,619 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
Noninterest-bearing | 1,247,640 | 1,604,750 |
Interest-bearing | 2,653,278 | 2,108,061 |
Total deposits | 3,900,918 | 3,712,811 |
Securities sold under agreements to repurchase | 229,734 | 194,340 |
Federal Home Loan Bank advances | 467,910 | 308,263 |
Subordinated debentures | 49,644 | 48,958 |
Subordinated notes | 88,971 | 88,628 |
Accrued interest and other liabilities | 93,902 | 78,211 |
Total liabilities | 4,831,079 | 4,431,211 |
Commitments and contingent liabilities (Note 12) | ||
Shareholders' equity | ||
Preferred stock, no par value; 1,000,000 shares authorized; 0 shares outstanding at December 31, 2023 and December 31, 2022 | 0 | 0 |
Common stock, no par value; 40,000,000 shares authorized; 16,125,662 shares outstanding at December 31, 2023 and 15,994,884 shares outstanding at December 31, 2022 | 295,106 | 290,436 |
Retained earnings | 277,526 | 216,313 |
Accumulated other comprehensive gain/(loss) | (50,487) | (65,341) |
Total shareholders’ equity | 522,145 | 441,408 |
Total liabilities and shareholders’ equity | $ 5,353,224 | $ 4,872,619 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares $ / shares in Thousands | Dec. 31, 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 outstanding (in shares) | 16,125,662 | 15,994,884 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Interest income | |||
Loans, including fees | $ 253,108 | $ 166,848 | $ 135,048 |
Securities, taxable | 9,041 | 7,603 | 5,127 |
Securities, tax-exempt | 3,663 | 2,734 | 2,386 |
Other interest-earning assets | 5,546 | 4,654 | 933 |
Total interest income | 271,358 | 181,839 | 143,494 |
Interest expense | |||
Deposits | 55,444 | 10,037 | 9,114 |
Short-term borrowings | 2,847 | 294 | 170 |
Federal Home Loan Bank advances | 11,367 | 7,125 | 8,177 |
Subordinated debentures and other borrowings | 8,155 | 6,139 | 1,971 |
Total interest expense | 77,813 | 23,595 | 19,432 |
Net interest income | 193,545 | 158,244 | 124,062 |
Provision (benefit) for credit losses | 7,700 | 6,550 | (4,300) |
Net interest income after provision for credit losses | 185,845 | 151,694 | 128,362 |
Noninterest income: | |||
Mortgage banking activities | 7,595 | 8,664 | 29,959 |
Interest rate swap program fees | 3,946 | 3,488 | 6,862 |
Payroll processing | 2,509 | 2,178 | 1,815 |
Earnings on bank owned life insurance | 1,500 | 1,678 | 1,164 |
Gain on sale of branch | 0 | 0 | 1,058 |
Other income | 2,725 | 1,901 | 2,768 |
Total noninterest income | 32,143 | 32,077 | 56,220 |
Noninterest expense | |||
Salaries and benefits | 68,801 | 65,124 | 66,447 |
Occupancy | 9,150 | 8,362 | 8,088 |
Furniture and equipment rent, depreciation and maintenance | 3,464 | 3,614 | 3,654 |
Data processing | 11,618 | 12,359 | 11,104 |
Advertising | 1,565 | 1,445 | 1,175 |
FDIC insurance costs | 2,258 | 1,239 | 1,820 |
Charitable foundation contributions | 666 | 1,514 | 4,020 |
Other expense | 17,767 | 14,324 | 14,558 |
Total noninterest expense | 115,289 | 107,981 | 110,866 |
Income before federal income tax expense | 102,699 | 75,790 | 73,716 |
Federal income tax expense | 20,482 | 14,727 | 14,695 |
Net income | $ 82,217 | $ 61,063 | $ 59,021 |
Earnings per common share: | |||
Basic (in dollars per share) | $ 5.13 | $ 3.85 | $ 3.69 |
Diluted (in dollars per share) | $ 5.13 | $ 3.85 | $ 3.69 |
Service Charges on Deposit and Sweep Accounts [Member] | |||
Noninterest income: | |||
Noninterest revenue | $ 4,954 | $ 5,952 | $ 5,078 |
Credit and Debit Card [Member] | |||
Noninterest income: | |||
Noninterest revenue | $ 8,914 | $ 8,216 | $ 7,516 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net income | $ 82,217 | $ 61,063 | $ 59,021 |
Unrealized holding gains (losses) on securities available for sale | 18,804 | (77,990) | (11,664) |
Total other comprehensive income (loss) | 18,804 | (77,990) | (11,664) |
Tax effect of unrealized holding gains (losses) on securities available for sale | (3,950) | 16,378 | 2,449 |
Total tax effect of other comprehensive income (loss) | (3,950) | 16,378 | 2,449 |
Other comprehensive income (loss), net of tax effect | 14,854 | (61,612) | (9,215) |
Comprehensive income (loss) | $ 97,071 | $ (549) | $ 49,806 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Cumulative Effect, Period of Adoption, Adjustment [Member] Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Preferred Stock [Member] | Common Stock Including Additional Paid in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balances at Dec. 31, 2020 | $ 0 | $ 302,029 | $ 134,039 | $ 5,486 | $ 441,554 | ||
Employee stock purchase plan | 48 | 48 | |||||
Dividend reinvestment plan | 877 | 877 | |||||
Stock option exercises | 50 | 50 | |||||
Stock grants to directors for retainer fees | 344 | 344 | |||||
Stock-based compensation expense | 3,784 | 3,784 | |||||
Share repurchase program | (21,380) | (21,380) | |||||
Cash dividends | (18,524) | (18,524) | |||||
Net income | 59,021 | 59,021 | |||||
Change in net unrealized gain/(loss) on securities available for sale, net of tax effect | (9,215) | (9,215) | |||||
Balances (Accounting Standards Update 2016-13 [Member]) at Dec. 31, 2021 | $ 316 | $ 316 | |||||
Balances at Dec. 31, 2021 | 0 | 285,752 | 174,536 | (3,729) | 456,559 | ||
Employee stock purchase plan | 45 | 45 | |||||
Dividend reinvestment plan | 867 | 867 | |||||
Stock option exercises | 36 | 36 | |||||
Stock grants to directors for retainer fees | 359 | 359 | |||||
Stock-based compensation expense | 3,377 | 3,377 | |||||
Cash dividends | (19,602) | (19,602) | |||||
Net income | 61,063 | 61,063 | |||||
Change in net unrealized gain/(loss) on securities available for sale, net of tax effect | (61,612) | (61,612) | |||||
Balances at Dec. 31, 2022 | 0 | 290,436 | 216,313 | (65,341) | 441,408 | ||
Employee stock purchase plan | 45 | 45 | |||||
Dividend reinvestment plan | 891 | 891 | |||||
Stock grants to directors for retainer fees | 350 | 350 | |||||
Stock-based compensation expense | 3,384 | 3,384 | |||||
Cash dividends | (21,004) | (21,004) | |||||
Net income | 82,217 | 82,217 | |||||
Change in net unrealized gain/(loss) on securities available for sale, net of tax effect | 14,854 | 14,854 | |||||
Balances at Dec. 31, 2023 | $ 0 | $ 295,106 | $ 277,526 | $ (50,487) | $ 522,145 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Employee stock purchase plan (in shares) | 1,410 | 1,388 | 1,481 |
Dividend reinvestment plan (in shares) | 27,306 | 25,941 | 27,562 |
Stock option exercises (in shares) | 1,355 | 2,000 | |
Stock grants to directors for retainer fees (in shares) | 11,529 | 11,166 | 10,489 |
Share repurchase program (in shares) | 683,191 | ||
Cash dividends per common share (in dollars per share) | $ 1.34 | $ 1.26 | $ 1.18 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities | |||
Net income | $ 82,217 | $ 61,063 | $ 59,021 |
Adjustments to reconcile net income to net cash from operating activities: | |||
Depreciation and amortization | 11,496 | 12,945 | 13,678 |
Accretion of acquired loans | 0 | 0 | (135) |
Provision (benefit) for credit losses | 7,700 | 6,550 | (4,300) |
Deferred income tax expense (benefit) | (2,036) | (1,353) | 2,020 |
Stock-based compensation expense | 3,384 | 3,377 | 3,784 |
Stock grants to directors for retainer fee | 350 | 359 | 344 |
Proceeds from sales of mortgage loans held for sale | 196,217 | 237,779 | 686,418 |
Origination of mortgage loans held for sale | (204,727) | (217,030) | (649,245) |
Net gain on sales of mortgage loans held for sale | (6,532) | (8,197) | (30,402) |
Net gain from sales and valuation write-downs of foreclosed assets | (419) | (69) | (78) |
Net (gain) loss from sale and write-downs on former bank premises | 2 | 275 | (140) |
Net (gain) loss from sales and disposals of premises and equipment | 471 | (36) | 246 |
Earnings on bank owned life insurance | (1,500) | (1,678) | (1,164) |
Gain on sale of branch | 0 | 0 | (1,058) |
Net (gain) loss on instruments designated at fair value and related derivatives | 257 | (45) | 224 |
Net change in: | |||
Accrued interest receivable | (4,330) | (6,165) | 1,528 |
Other assets | (30,189) | (437) | (12,655) |
Accrued interest and other liabilities | 14,252 | 32,524 | (3,513) |
Net cash from operating activities | 66,613 | 119,862 | 64,573 |
Cash flows from investing activities | |||
Purchases of securities available for sale | (19,941) | (107,011) | (298,708) |
Proceeds from maturities, calls and repayments of securities available for sale | 24,142 | 17,984 | 80,432 |
Loan originations and payments, net | (387,283) | (462,427) | (267,899) |
Proceeds from Federal Home Loan Bank stock redemption | 0 | 281 | 0 |
Purchases of Federal Home Loan Bank stock | (3,792) | 0 | 0 |
Purchases of bank owned life insurance | (3,500) | (4,500) | (2,000) |
Proceeds from bank owned life insurance death benefits claim | 0 | 628 | 0 |
Net cash transferred in branch sale | 0 | 0 | (2,679) |
Purchases of premises and equipment and lease activity | (6,687) | (3,017) | (5,602) |
Proceeds from sales of former bank premises | 598 | 2,994 | 753 |
Proceeds from sales of foreclosed assets | 531 | 69 | 196 |
Net cash for investing activities | (395,932) | (554,999) | (495,507) |
Cash flows from financing activities | |||
Net (decrease) increase in time deposits | 422,781 | (57,189) | (120,512) |
Net (decrease) increase in all other deposits | (234,674) | (313,193) | 806,796 |
Net (decrease) increase in securities sold under agreements to repurchase | 35,394 | (3,123) | 79,098 |
Proceeds from Federal Home Loan Bank advances | 240,000 | 28,263 | 0 |
Maturities of Federal Home Loan Bank advances | (80,353) | (94,000) | (20,000) |
Net proceeds from subordinated notes issuance | 0 | 14,645 | 73,635 |
Proceeds from stock option exercises, net of cashless exercises | 0 | 36 | 50 |
Employee stock purchase plan | 45 | 45 | 48 |
Dividend reinvestment plan | 891 | 867 | 877 |
Repurchases of common stock | 0 | 0 | (21,380) |
Payment of cash dividends to common shareholders | (21,004) | (19,602) | (18,524) |
Net cash (for) from financing activities | 363,080 | (443,251) | 780,088 |
Net change in cash and cash equivalents | 33,761 | (878,388) | 349,154 |
Cash and cash equivalents at beginning of period | 96,772 | 975,160 | 626,006 |
Cash and cash equivalents at end of period | 130,533 | 96,772 | 975,160 |
Supplemental disclosures of cash flows information | |||
Interest | 72,024 | 21,765 | 20,352 |
Federal income taxes | 24,850 | 11,200 | 17,550 |
Noncash financing and investing activities: | |||
Transfers from loans to foreclosed assets | 112 | 0 | 30 |
Transfers from bank premises to other real estate owned | 800 | 0 | 0 |
Transfers from premises and equipment to other assets | $ 0 | $ 2,847 | $ 0 |
Insider Trading Arrangements
Insider Trading Arrangements | 12 Months Ended |
Dec. 31, 2023 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | Item 9B. Other Information. None |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 1 Principles of Consolidation Mercantile has five separate business trusts: Mercantile Bank Capital Trust I, Firstbank Capital Trust I, Firstbank Capital Trust II, Firstbank Capital Trust III and Firstbank Capital Trust IV (“our trusts”). Our trusts were formed to issue trust preferred securities. We issued subordinated debentures to our trusts in return for the proceeds raised from the issuance of the trust preferred securities. Our trusts are not Nature of Operations July 15, 1997 December 15, 1997. June 1, 2014. Mercantile is a financial holding company whose principal activity is the ownership and management of our bank and operates a single significant business segment. Our bank is a community-based financial institution. Our bank’s primary deposit products are checking, savings, and term certificate accounts, and its primary lending products are commercial loans, residential mortgage loans, and instalment loans. Substantially all loans are secured by specific items of collateral including business assets, real estate or consumer assets. Commercial loans are expected to be repaid from cash flow from operations of businesses. Real estate loans are secured by commercial or residential real estate. We have no one Our insurance company acquired an existing shelf insurance agency effective April 15, 2002. not no We have evaluated subsequent events for potential recognition and/or disclosure through the date these financial statements were issued. Use of Estimates Coronavirus Pandemic: 2019 19” 2 March, 2020. March, 2022. 2021 2022 The Paycheck Protection Program (“PPP”) reflected a substantial expansion of the Small Business Administration’s 100% 7 100% 100% 1.00%, August 8, 2020. December 31, 2023 four 2021 $284 May 31, 2021. December 31, 2023 Cash and Cash Equivalents and Cash Flow Reporting 90 Debt Securities first not not not Changes in the allowance are recorded as provisions for (or reversal of) credit loss expense. Losses are charged against the allowance when the collectability of an available for sale debt security is confirmed or when either of the criteria regarding intent or requirement to sell is met. At December 31, 2023 no Interest income includes amortization of purchase premiums and accretion of discounts. Premiums and discounts on securities are amortized or accreted on the level-yield method without anticipating prepayments, except for mortgage-backed securities where prepayments are anticipated. Gains and losses on sales are recorded on the trade date and determined using the specific identification method. Accrued interest receivable on available for sale debt securities totaling $2.6 million and $2.5 million at December 31, 2023 2022, Federal Home Loan Bank Stock may Loans Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized in interest income using the level-yield method without anticipating prepayments. Net unamortized deferred loan costs amounted to $2.4 million and $1.0 million at December 31, 2023 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 not Commercial Loan Participations no no December 31, 2023 2022 Loans Held for Sale Year-end mortgage loans held for sale were as follows: (Dollars in thousands) 2023 2022 Mortgage loans held for sale $ 18,607 $ 3,565 Less: Allowance to adjust to lower of cost or market 0 0 Mortgage loans held for sale, net $ 18,607 $ 3,565 Mortgage Loan Derivatives not December 31, 2023 December 31, 2022. Mortgage Banking Activities Servicing fee income is recorded for fees earned for servicing mortgage loans. The fees are based on a contractual percentage of the outstanding principal or a fixed amount per loan and are recorded as income when earned. Amortization of mortgage loan servicing rights is netted against mortgage loan servicing income and recorded in mortgage banking activities in the Consolidated Statements of Income. Accounting for mortgage servicing rights is based on the class of mortgage servicing rights. We have identified four 10 15 20 30 Interest rate risk, prepayment risk and default risk are inherent in mortgage servicing rights valuation. Interest rate changes largely drive prepayment rates. Refinance activity generally increases as interest rates decline. A significant decrease in interest rates beyond expectation could cause a decline in the value of mortgage servicing rights. On the contrary, borrowers are less likely to refinance or prepay their mortgage loans if interest rates increase, which would extend the duration of the underlying mortgage loans and the associated mortgage servicing rights value would likely rise. Because of these risks, discount rates and prepayment speeds are used to estimate the fair value of mortgage servicing rights. Troubled Debt Restructurings 310 40, No. 2022 02 326 January 1, 2023. No. 2022 02 No. 2022 02 Prior to the adoption of ASU No. 2022 02, not may In accordance with previous accounting guidance, loans modified as troubled debt restructurings were, by definition, considered to be impaired loans. Impairment for these loans were measured on a loan-by-loan basis. Certain loans modified as troubled debt restructurings may may two no Allowance for Credit Losses ( “ Allowance ” ) 3 The “remaining life methodology” is utilized for substantially all loan pools. This non-discounted cash flow approach projects an estimated future amortized cost basis based on current loan balance and repayment terms. Our historical loss rate is then applied to future loan balances at the instrument level based on remaining contractual life adjusted for amortization, prepayment and default to develop a baseline lifetime loss. The baseline lifetime loss is adjusted for changes in macroeconomic conditions over the reasonable and supportable forecast and reversion periods via a series of macroeconomic forecast inputs, such as gross domestic product, unemployment rates, interest rates, credit spreads, stock market volatility and property price indices, to quantify the impact of current and forecasted economic conditions on expected loan performance. 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. We are not third During each reporting period, we also consider the need to adjust the historical loss rates as determined to reflect the extent to which we expect current conditions and reasonable and supportable economic forecasts to differ from the conditions that existed for the period over which the historical loss information was determined. These qualitative adjustments may Our 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 o Local or regional conditions that depart from the conditions and forecasts for the entire country The estimation of future credit losses should reflect consideration of all significant factors that affect the collectibility of the loan portfolio at each evaluation date. While our methodology considers both the historical loss rates as well as the traditional qualitative factors, there may January 1, 2022, Accrued interest receivable on loans totaling $16.9 million and $12.8 million as of December 31, 2023 2022, not 90 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. In some cases, we may For individually analyzed loans which are deemed to be collateral dependent loans, we adopted the practical expedient to measure the allowance based on the fair value of collateral. The allowance is calculated on an individual loan basis based on the shortfall between the fair value of the loan’s collateral and the recorded principal balance. If the fair value of the collateral exceeds the recorded principal balance, no may may 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 Sheets and is increased or decreased via other noninterest expense on our Consolidated Statement of Income. The calculation includes consideration of the likelihood that funding will occur and forecasted credit losses on commitments expected to be funded over their estimated lives. The allowance is calculated using the same aggregate reserve rates calculated for the funded portion of loans at the portfolio level applied to the amount of commitments expected to be funded. Transfers of Financial Assets 1 2 3 not Premises and Equipment 5 33 3 7 may not Foreclosed Assets: December 31, 2023 2022, Bank Owned Life Insurance: not Goodwill third October 1 not October 1, October 1, 2023; not Repurchase Agreements Financial Instruments and Loan Commitments Stock-Based Compensation Revenue from Contracts with Customers 606, 606” 606, not Our primary sources of revenue are derived from interest and dividends earned on loans, securities and other financial instruments that are not 606. not We generally satisfy our performance obligations on contracts with customers as services are rendered, and the transaction prices are typically fixed and charged either on a periodic basis (generally monthly) or based on activity. Because performance obligations are satisfied as services are rendered and the transaction prices are fixed, there is little judgment involved in applying Topic 606 The following table depicts our sources of noninterest income presented in the Consolidated Statements of Income for the years ended December 31, 2023, 2022 2021 606: (Dollars in thousands) 2023 2022 2021 Service charges on deposit and sweep accounts $ 4,954 $ 5,952 $ 5,078 Credit and debit card fees 8,914 8,216 7,516 Payroll processing 2,509 2,178 1,815 Customer service fees 801 852 857 Service Charges on Deposit and Sweep Accounts: Credit and Debit Card Fees: Payroll Processing Fees: Customer Service Fees: Advertising Costs Income Taxes Fair Values of Financial Instruments not not Earnings Per Share Comprehensive Income (Loss) December 31, 2023, 2022, 2021: (Dollars in thousands) 2023 2022 2021 Unrealized gains (losses) on securities available for sale $ (63,906 ) $ (82,710 ) $ (4,720 ) Tax effect 13,419 17,369 991 Accumulated other comprehensive gain/(loss) $ (50,487 ) $ (65,341 ) $ (3,729 ) Derivatives not not no December 31, 2023 2022 Contingencies: not Recent Accounting Changes Adopted No. 2016 13, Measurement of Credit Losses on Financial Instruments 2018 19 not January 1, 2022 January 1, 2022 ASU No. 2022 02, Troubled Debt Restructurings and Vintage Disclosures 310 40, December 15, 2022. ASU 2023 02 Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method January 1, 2023 December 31, 2022 2021 December 31, 2023, 18, Variable Interest Entities, |
Note 2 - Securities
Note 2 - Securities | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | NOTE 2 SECURITIES The amortized cost and fair value of available for sale securities and the related pre-tax gross unrealized gains and losses recognized in accumulated other comprehensive gain/(loss) were as follows at year-end 2023 2022 Gross Gross Amortized Unrealized Unrealized Fair (Dollars in thousands) Cost Gains Losses Value 2023 U.S. Government agency debt obligations $ 442,496 $ 0 $ (52,000 ) $ 390,496 Mortgage-backed securities 35,168 20 (5,715 ) 29,473 Municipal general obligation bonds 172,126 1,924 (6,190 ) 167,860 Municipal revenue bonds 30,708 262 (2,207 ) 28,763 Other investments 500 0 0 500 $ 680,998 $ 2,206 $ (66,112 ) $ 617,092 2022 U.S. Government agency debt obligations $ 453,836 $ 0 $ (65,092 ) $ 388,744 Mortgage-backed securities 38,002 19 (6,068 ) 31,953 Municipal general obligation bonds 163,041 450 (9,058 ) 154,433 Municipal revenue bonds 30,267 102 (3,063 ) 27,306 Other investments 500 0 0 500 $ 685,646 $ 571 $ (83,281 ) $ 602,936 Securities with unrealized losses at year-end 2023 2022 Less than 12 Months 12 Months or More Total (Dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized Description of Securities Value Loss Value Loss Value Loss 2023 U.S. Government agency debt obligations $ 0 $ 0 $ 390,496 $ 52,000 $ 390,496 $ 52,000 Mortgage-backed securities 114 0 28,749 5,715 28,863 5,715 Municipal general obligation bonds 1,109 6 106,171 6,184 107,280 6,190 Municipal revenue bonds 1,506 8 20,602 2,199 22,108 2,207 Other investments 0 0 0 0 0 0 $ 2,729 $ 14 $ 546,018 $ 66,098 $ 548,747 $ 66,112 2022 U.S. Government agency debt obligations $ 53,019 $ 5,713 $ 335,725 $ 59,379 $ 388,744 $ 65,092 Mortgage-backed securities 31,127 6,068 12 0 31,139 6,068 Municipal general obligation bonds 97,252 4,516 32,870 4,542 130,122 9,058 Municipal revenue bonds 12,532 1,141 10,609 1,922 23,141 3,063 Other investments 0 0 0 0 0 0 $ 193,930 $ 17,438 $ 379,216 $ 65,843 $ 573,146 $ 83,281 We evaluate securities in an unrealized loss position at least quarterly. Consideration is given to the financial condition of the issuer, and the intent and ability we have to retain our investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. For those debt securities whose fair value is less than their amortized cost basis, we also consider our intent to sell the security, whether it is more likely than not not may At December 31, 2023 December 31, 2022 December 31, 2023 no not not not no The amortized cost and fair values of debt securities at December 31, 2023 may may not Amortized Fair (Dollars in thousands) Cost Value Due in one year or less $ 57,724 $ 56,289 Due from one to five years 261,591 241,758 Due from five to ten years 279,722 243,791 Due after ten years 46,293 45,281 Mortgage-backed securities 35,168 29,473 Other investments 500 500 $ 680,998 $ 617,092 No securities were sold during the last three Securities issued by the State of Michigan and all its political subdivisions had a combined amortized cost of $203 million and $193 million at December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 not 10% The carrying value of U.S. Government agency debt obligations and mortgage-backed securities that are pledged to secure repurchase agreements was $230 million and $194 million at December 31, 2023 2022 may |
Note 3 - Loans and Allowance fo
Note 3 - Loans and Allowance for Credit Losses | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | NOTE 3 LOANS AND ALLOWANCE FOR CREDIT LOSSES Commercial loans are divided among five one two Our loan portfolio segments as of December 31, 2023 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 During 2023, December 31, 2023 2022 1 4 December 31, 2023. second December 31, 2023 2022 Year-end loans disaggregated by class of loan within the loan portfolio segments were as follows: Percent December 31, 2023 December 31, 2022 Increase (Dollars in thousands) Balance % Balance % (Decrease) Commercial: Commercial and industrial (1) $ 1,254,586 29.2 % $ 1,185,083 30.3 % 5.9 % Vacant land, land development, and residential construction 74,753 1.7 61,873 1.6 20.8 Real estate – owner occupied 717,667 16.7 639,192 16.3 12.3 Real estate – non-owner occupied (3) 1,035,684 24.1 979,214 25.0 5.8 Real estate – multi-family and residential rental (3) 332,609 7.7 266,468 6.8 24.8 Total commercial 3,415,299 79.4 3,131,830 80.0 9.1 Retail: 1-4 family mortgages (2) 837,406 19.5 755,036 19.3 10.9 Other consumer loans (1) 51,053 1.1 29,753 0.7 71.6 Total retail 888,459 20.6 784,789 20.0 13.2 Total loans $ 4,303,758 100.0 % $ 3,916,619 100.0 % 9.9 % ( 1 Credit cards to business customers were reclassified from other consumer loans to commercial and industrial during the year ended December 31, 2023. December 31, 2023 2022 ( 2 Home equity lines of credit were reclassified from 1 4 December 31, 2023 December 31, 2023 2022 ( 3 We have reclassified multi-family construction loans from real estate - non-owner occupied loans to real estate - multi-family and residential rental loans. The table above reflects a classification change of $54.5 million as of December 31, 2022. Concentrations within the loan portfolio were as follows at year end: 2023 2022 Percentage Percentage of of Loan Loan (Dollars in thousands) Balance Portfolio Balance Portfolio Commercial real estate loans to lessors of non-residential buildings $ 754,611 17.5 % $ 738,891 18.9 % An age analysis of past due loans is as follows as of December 31, 2023 Recorded Greater Balance > 30 59 60 89 Than 89 89 Days Days Days Total Total Days and (Dollars in thousands) Past Due Past Due Past Due Past Due Current Loans Accruing Commercial: Commercial and industrial $ 4 $ 0 $ 249 $ 253 $ 1,254,333 $ 1,254,586 $ 0 Vacant land, land development, and residential construction 0 0 0 0 74,753 74,753 0 Real estate – owner occupied 0 0 70 70 717,597 717,667 0 Real estate – non-owner occupied 0 0 0 0 1,035,684 1,035,684 0 Real estate – multi-family and residential rental 0 0 0 0 332,609 332,609 0 Total commercial 4 0 319 323 3,414,976 3,415,299 0 Retail: 1-4 family mortgages 934 145 38 1,117 836,289 837,406 0 Other consumer loans 97 0 0 97 50,956 51,053 0 Total retail 1,031 145 38 1,214 887,245 888,459 0 Total past due loans $ 1,035 $ 145 $ 357 $ 1,537 $ 4,302,221 $ 4,303,758 $ 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 (Dollars in thousands) Past Due Past Due Past Due Past Due Current Loans Accruing Commercial: Commercial and industrial $ 0 $ 5,705 $ 249 $ 5,954 $ 1,179,129 $ 1,185,083 $ 0 Vacant land, land development, and residential construction 0 0 0 0 61,873 61,873 0 Real estate – owner occupied 0 248 0 248 638,944 639,192 0 Real estate – non-owner occupied 0 0 0 0 979,214 979,214 0 Real estate – multi-family and residential rental 0 0 0 0 266,468 266,468 0 Total commercial 0 5,953 249 6,202 3,125,628 3,131,830 0 Retail: 1-4 family mortgages 1,334 88 116 1,538 753,498 755,036 0 Other consumer loans 15 1 0 16 29,737 29,753 0 Total retail 1,349 89 116 1,554 783,235 784,789 0 Total past due loans $ 1,349 $ 6,042 $ 365 $ 7,756 $ 3,908,863 $ 3,916,619 $ 0 Nonaccrual loans as of December 31, 2023 Recorded Principal Related (Dollars in thousands) Balance Allowance With no allowance recorded: Commercial: Commercial and industrial $ 0 $ 0 Vacant land, land development and residential construction 0 0 Real estate – owner occupied 70 0 Real estate – non-owner occupied 0 0 Real estate – multi-family and residential rental 0 0 Total commercial 70 0 Retail: 1-4 family mortgages 2,272 0 Other consumer loans 0 0 Total retail 2,272 0 Total with no allowance recorded $ 2,342 $ 0 With an allowance recorded: Commercial: Commercial and industrial $ 249 $ 1 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 1 Retail: 1-4 family mortgages 824 240 Other consumer loans 0 0 Total retail 824 240 Total with an allowance recorded $ 1,073 $ 241 Total nonaccrual loans: Commercial $ 319 $ 1 Retail 3,096 240 Total nonaccrual loans $ 3,415 $ 241 Nonaccrual loans represent the entire balance of collateral dependent loans. As of December 31, 2023 2022, 2023, 2022 2021, Nonaccrual loans as of December 31, 2022 Recorded Principal Related (Dollars in thousands) Balance Allowance With no allowance recorded: Commercial: Commercial and industrial $ 249 $ 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 0 Retail: 1-4 family mortgages 1,064 0 Other consumer loans 0 0 Total retail 1,064 0 Total with no allowance recorded $ 1,313 $ 0 With an allowance recorded: Commercial: Commercial and industrial $ 5,775 $ 2,051 Vacant land, land development and residential construction 0 0 Real estate – owner occupied 248 32 Real estate – non-owner occupied 0 0 Real estate – multi-family and residential rental 0 0 Total commercial 6,023 2,083 Retail: 1-4 family mortgages 392 200 Other consumer loans 0 0 Total retail 392 200 Total with an allowance recorded $ 6,415 $ 2,283 Total nonaccrual loans: Commercial $ 6,272 $ 2,083 Retail 1,456 200 Total nonaccrual loans $ 7,728 $ 2,283 Credit Quality Indicators. ten Loans by credit quality indicators were as follows as of December 31, 2023 Commercial credit exposure – credit risk profiled by internal credit risk grades: Commercial Vacant Land, Commercial Land Commercial Commercial Real Estate - Commercial Development, Real Estate - Real Estate - Multi-Family and and Residential Owner Non-Owner and Residential (Dollars in thousands) Industrial Construction Occupied Occupied Rental Internal credit risk grade groupings: Grades 1 – 4 $ 724,156 $ 34,944 $ 468,339 $ 451,019 $ 172,455 Grades 5 – 7 505,807 39,719 248,802 573,771 147,903 Grades 8 – 9 24,623 90 526 10,894 12,251 Total commercial $ 1,254,586 $ 74,753 $ 717,667 $ 1,035,684 $ 332,609 Retail credit exposure – credit risk profiled by collateral type: Retail Retail 1-4 Family Other (Dollars in thousands) Mortgages Consumer Loans Performing $ 834,310 $ 51,053 Nonperforming 3,096 0 Total retail $ 837,406 $ 51,053 Loans by credit quality indicators were as follows as of December 31, 2022 Commercial credit exposure – credit risk profiled by internal credit risk grades: Commercial Vacant Land, Commercial Land Commercial Commercial Real Estate - Commercial Development, Real Estate - Real Estate - Multi-Family and and Residential Owner Non-Owner and Residential (Dollars in thousands) Industrial Construction Occupied Occupied Rental Internal credit risk grade groupings: Grades 1 – 4 (1) $ 719,583 $ 41,711 $ 406,341 $ 428,733 $ 137,258 Grades 5 – 7 450,405 20,057 229,766 538,081 129,161 Grades 8 – 9 15,095 105 3,085 12,400 49 Total commercial $ 1,185,083 $ 61,873 $ 639,192 $ 979,214 $ 266,468 Retail credit exposure – credit risk profiled by collateral type: Retail Retail 1-4 Family Other (Dollars in thousands) Mortgages Consumer Loans Performing $ 753,580 $ 29,753 Nonperforming 1,456 0 Total retail $ 755,036 $ 29,753 All commercial loans are graded using the following criteria: Grade 1. “Exceptional” Loans with this rating contain very little, if any, risk. Grade 2. “Outstanding” Loans with this rating have excellent and stable sources of repayment and conform to bank policy and regulatory requirements. Grade 3. “Very Good” Loans with this rating have strong sources of repayment and conform to bank policy and regulatory requirements. These are loans for which repayment risks are acceptable. Grade 4. “Good” Loans with this rating have solid sources of repayment and conform to bank policy and regulatory requirements. These are loans for which repayment risks are modest. Grade 5. “Acceptable” Loans with this rating exhibit acceptable sources of repayment and conform with most bank policies and all regulatory requirements. These are loans for which repayment risks are satisfactory. Grade 6. “Monitor” Loans with this rating are considered to have emerging weaknesses which may Grade 7. “Special Mention” Loans with this rating have potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may Grade 8. “Substandard” Loans with this rating are inadequately protected by current sound net worth, paying capacity of the obligor, or of the pledged collateral, if any. A Substandard loan normally has one not Grade 9. “Doubtful” Loans with this rating exhibit all the weaknesses inherent in the Substandard classification and where collection or liquidation in full is highly questionable and improbable. Grade 10. “Loss” Loans with this rating are considered uncollectable, and of such little value that continuance as an active asset is not The primary risk elements with respect to commercial loans are the financial condition of the borrower, the sufficiency of collateral, and timeliness of scheduled payments. We have a policy of requesting and reviewing periodic financial statements from commercial loan customers and employ a disciplined and formalized review of the existence of collateral and its value. The primary risk element with respect to each residential real estate loan and consumer loan is the timeliness of scheduled payments; loans 90 The following table reflects loan balances as of December 31, 2023 Revolving Grand (Dollars in thousands) 2023 2022 2021 2020 2019 Prior Term Total Loans Total Commercial: Commercial and Industrial: Grades 1 – 4 $ 103,531 $ 79,883 $ 90,107 $ 20,577 $ 5,978 $ 9,160 $ 309,236 $ 414,920 $ 724,156 Grades 5 – 7 174,668 57,979 20,075 18,361 7,450 119 278,652 227,155 505,807 Grades 8 – 9 3,671 2,122 277 0 0 0 6,070 18,553 24,623 Total $ 281,870 $ 139,984 $ 110,459 $ 38,938 $ 13,428 $ 9,279 $ 593,958 $ 660,628 $ 1,254,586 Current-period gross write-offs $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 218 $ 218 Vacant Land, Land Development and Residential Construction: Grades 1 – 4 $ 24,875 $ 6,570 $ 1,108 $ 2,110 $ 0 $ 281 $ 34,944 $ 0 $ 34,944 Grades 5 – 7 17,799 21,244 138 2 40 496 39,719 0 39,719 Grades 8 – 9 9 0 0 0 0 81 90 0 90 Total $ 42,683 $ 27,814 $ 1,246 $ 2,112 $ 40 $ 858 $ 74,753 $ 0 $ 74,753 Current-period gross write-offs $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Real Estate – Owner Occupied: Grades 1 – 4 $ 205,379 $ 110,130 $ 85,982 $ 47,630 $ 14,362 $ 2,908 $ 466,391 $ 1,948 $ 468,339 Grades 5 – 7 111,197 63,271 27,729 27,029 9,419 439 239,084 9,718 248,802 Grades 8 – 9 0 417 0 38 0 71 526 0 526 Total $ 316,576 $ 173,818 $ 113,711 $ 74,697 $ 23,781 $ 3,418 $ 706,001 $ 11,666 $ 717,667 Current-period gross write-offs $ 0 $ 14 $ 0 $ 0 $ 0 $ 40 $ 54 $ 0 $ 54 Real Estate – Non-Owner Occupied: Grades 1 – 4 $ 109,125 $ 84,912 $ 113,846 $ 102,279 $ 27,664 $ 13,193 $ 451,019 $ 0 $ 451,019 Grades 5 – 7 233,471 118,464 109,238 88,315 6,148 18,135 573,771 0 573,771 Grades 8 – 9 10,894 0 0 0 0 0 10,894 0 10,894 Total $ 353,490 $ 203,376 $ 223,084 $ 190,594 $ 33,812 $ 31,328 $ 1,035,684 $ 0 $ 1,035,684 Current-period gross write-offs $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Real Estate – Multi-Family and Residential Rental: Grades 1 – 4 $ 36,038 $ 28,512 $ 64,244 $ 35,129 $ 4,883 $ 3,649 $ 172,455 $ 0 $ 172,455 Grades 5 – 7 72,916 55,964 4,816 9,372 2,699 2,136 147,903 0 147,903 Grades 8 – 9 11,250 0 0 1,001 0 0 12,251 0 12,251 Total $ 120,204 $ 84,476 $ 69,060 $ 45,502 $ 7,582 $ 5,785 $ 332,609 $ 0 $ 332,609 Current-period gross write-offs $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Total Commercial $ 1,114,823 $ 629,468 $ 517,560 $ 351,843 $ 78,643 $ 50,668 $ 2,743,005 $ 672,294 $ 3,415,299 Current-period gross write-offs $ 0 $ 14 $ 0 $ 0 $ 0 $ 40 $ 54 $ 218 $ 272 Retail: 1-4 Family Mortgages: Performing $ 133,823 $ 332,098 $ 231,842 $ 82,002 $ 10,515 $ 44,003 $ 834,283 $ 27 $ 834,310 Nonperforming 108 1,728 305 0 10 945 3,096 0 3,096 Total $ 133,931 $ 333,826 $ 232,147 $ 82,002 $ 10,525 $ 44,948 $ 837,379 $ 27 $ 837,406 Current-period gross write-offs $ 0 $ 174 $ 0 $ 0 $ 0 $ 240 $ 414 $ 0 $ 414 0 Other Consumer Loans: Performing $ 5,138 $ 2,569 $ 1,664 $ 608 $ 651 $ 716 $ 11,346 $ 39,707 $ 51,053 Nonperforming 0 0 0 0 0 0 0 0 0 Total $ 5,138 $ 2,569 $ 1,664 $ 608 $ 651 $ 716 $ 11,346 $ 39,707 $ 51,053 Current-period gross write-offs $ 3 $ 16 $ 0 $ 0 $ 0 $ 3 $ 22 $ 155 $ 177 Total Retail $ 139,069 $ 336,395 $ 233,811 $ 82,610 $ 11,176 $ 45,664 $ 848,725 $ 39,734 $ 888,459 Current-period gross write-offs $ 3 $ 190 $ 0 $ 0 $ 0 $ 243 $ 436 $ 155 $ 591 Grand Total $ 1,253,892 $ 965,863 $ 751,371 $ 434,453 $ 89,819 $ 96,332 $ 3,591,730 $ 712,028 $ 4,303,758 Current-period gross write-offs $ 3 $ 204 $ 0 $ 0 $ 0 $ 283 $ 490 $ 373 $ 863 There were lines of credit with principal balances of $6.4 million as of December 31, 2022 2023. The following table reflects loan balances as of December 31, 2022 Revolving Grand (Dollars in thousands) 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 $ 152,034 $ 89,125 $ 44,196 $ 10,079 $ 12,018 $ 428,733 $ 0 $ 428,733 Grades 5 – 7 176,216 142,647 133,163 35,200 13,456 37,399 538,081 0 538,081 Grades 8 – 9 6,712 5,688 0 0 0 0 12,400 0 12,400 Total $ 304,209 $ 300,369 $ 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 $ 49,177 $ 36,348 $ 5,306 $ 3,082 $ 4,003 $ 137,258 $ 0 $ 137,258 Grades 5 – 7 56,019 47,473 19,667 3,162 2,557 283 129,161 0 129,161 Grades 8 – 9 0 0 0 0 0 49 49 0 49 Total $ 95,361 $ 96,650 $ 56,015 $ 8,468 $ 5,639 $ 4,335 $ 266,468 $ 0 $ 266,468 Total Commercial $ 1,025,368 $ 770,436 $ 445,327 $ 135,893 $ 64,986 $ 72,100 $ 2,514,110 $ 617,720 $ 3,131,830 Retail: 1-4 Family Mortgages: Performing $ 313,611 $ 242,950 $ 91,936 $ 12,094 $ 14,297 $ 41,622 $ 716,510 $ 37,070 $ 753,580 Nonperforming 142 82 0 0 203 1,029 1,456 0 1,456 Total $ 313,753 $ 243,032 $ 91,936 $ 12,094 $ 14,500 $ 42,651 $ 717,966 $ 37,070 $ 755,036 Other Consumer Loans: Performing $ 4,349 $ 2,870 $ 1,040 $ 1,074 $ 395 $ 430 $ 10,158 $ 19,595 $ 29,753 Nonperforming 0 0 0 0 0 0 0 0 0 Total $ 4,349 $ 2,870 $ 1,040 $ 1,074 $ 395 $ 430 $ 10,158 $ 19,595 $ 29,753 Total Retail $ 318,102 $ 245,902 $ 92,976 $ 13,168 $ 14,895 $ 43,081 $ 728,124 $ 56,665 $ 784,789 Grand Total $ 1,343,470 $ 1,016,338 $ 538,303 $ 149,061 $ 79,881 $ 115,181 $ 3,242,234 $ 674,385 $ 3,916,619 December 31, 2021 2022. We use a migration to loss methodology to determine historical loss rates for commercial loans given the comprehensive loan grading process employed by our bank for over two January 1, 2011 December 31, 2023 2022 Our historical loss rate is then applied to future loan balances at the instrument level based on remaining contractual life adjusted for amortization, prepayment and default to develop a baseline lifetime loss. Our prepayment speed assumptions are developed at the loan segment level based upon the consideration of all relevant data in which we believe to impact anticipated customer behavior including changes in interest rates, economic conditions, and underlying property valuations. For the commercial portfolio segments, we assumed a 2% prepayment speed as of both December 31, 2023 2022 no 1 4 December 31, 2022 December 31, 2023 December 31, 2022 December 31, 2023. December 31, 2023 2022 no During each reporting period, we also consider the need to adjust the historical loss rates as determined to reflect the extent to which we expect current conditions and reasonable and supportable economic forecasts to differ from the conditions that existed for the period over which the historical loss information was determined. These qualitative adjustments may December 31, 2023 2022, one six December 31, 2023 December 31, 2022 Individual loans exhibiting unique risk characteristics which differentiate the loans from other loans within the loan segments and are evaluated for expected credit losses on an individual basis totaled $5.4 million and $13.2 million as of December 31, 2023 2022, December 31, 2023 2022, The allowance for credit losses for the year ended December 31, 2023 Commercial vacant land, Commercial land real estate – development Commercial Commercial multi-family Commercial and real estate – real estate – and 1 4 Other and residential owner non-owner residential family consumer (Dollars in thousands) industrial construction occupied occupied rental mortgages loans Unallocated Total Allowance for credit losses: Beginning balance $ 10,203 $ 490 $ 5,914 $ 9,242 $ 2,191 $ 14,027 $ 160 $ 19 $ 42,246 Credit risk reclassifications 90 0 0 0 0 (697 ) 607 0 0 Balances, December 31, 2022 after reclassifications 10,293 490 5,914 9,242 2,191 13,330 767 19 42,246 Provision for credit losses (2,822 ) (141 ) 1,255 610 967 5,638 2,212 (19 ) 7,700 Charge-offs (218 ) 0 (54 ) 0 0 (414 ) (177 ) 0 (863 ) Recoveries 188 35 71 0 26 432 79 0 831 Ending balance $ 7,441 $ 384 $ 7,186 $ 9,852 $ 3,184 $ 18,986 $ 2,881 $ 0 $ 49,914 The allowance for credit losses for the year ended December 31, 2022 Commercial vacant land, Commercial land real estate – development Commercial Commercial multi-family Commercial and real estate – real estate – and 1-4 Other and residential owner non-owner residential family consumer (Dollars in thousands) industrial construction occupied occupied rental mortgages loans Unallocated Total Allowance for credit losses: Beginning balance $ 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 946 138 378 (1,214 ) 763 5,621 (111 ) 29 6,550 Charge-offs (171 ) (29 ) (38 ) 0 0 (33 ) (21 ) 0 (292 ) Recoveries 217 4 89 0 43 595 77 0 1,025 Ending balance $ 10,203 $ 490 $ 5,914 $ 9,242 $ 2,191 $ 14,027 $ 160 $ 19 $ 42,246 The allowance for loan losses for the year ended December 31, 2021 Commercial vacant land, Commercial land real estate – development Commercial Commercial multi-family Commercial and real estate – real estate – and Home and residential owner non-owner residential equity 1-4 family (Dollars in thousands) industrial construction occupied occupied rental and other mortgages Unallocated Total Allowance for loan losses: Beginning balance $ 9,424 $ 679 $ 8,246 $ 13,611 $ 1,819 $ 889 $ 3,240 $ 59 $ 37,967 Provision for loan losses 2,030 (618 ) (3,308 ) (621 ) 161 (301 ) (1,629 ) (14 ) (4,300 ) Charge-offs (882 ) (15 ) (12 ) 0 0 (43 ) (92 ) 0 (1,044 ) Recoveries 210 374 1,119 0 26 81 930 0 2,740 Ending balance $ 10,782 $ 420 $ 6,045 $ 12,990 $ 2,006 $ 626 $ 2,449 $ 45 $ 35,363 The following table presents the period-end amortized cost basis of modifications to borrowers experiencing financial difficulty by type of modification made during the year ended December 31, 2023: Interest Rate Principal (Dollars in thousands) Reduction Term Extension Forgiveness Commercial: Commercial and industrial $ 0 $ 17,919 $ 0 Vacant land, land development and residential construction 0 0 0 Real estate – owner occupied 0 0 0 Real estate – non-owner occupied 0 10,894 0 Real estate – multi-family and residential rental 0 0 0 Total commercial $ 0 $ 28,813 $ 0 Retail: 1-4 family mortgages 0 0 0 Other consumer loans 0 0 0 Total retail $ 0 $ 0 $ 0 Total loans $ 0 $ 28,813 $ 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 (Dollars in thousands) Current Past Due Past Due Total Commercial: Commercial and industrial $ 17,919 $ 0 $ 0 $ 17,919 Vacant land, land development and residential construction 0 0 0 0 Real estate – owner occupied 0 0 0 0 Real estate – non-owner occupied 10,894 0 0 10,894 Real estate – multi-family and residential rental 0 0 0 0 Total commercial $ 28,813 $ 0 $ 0 $ 28,813 Retail: 1-4 family mortgages 0 0 0 0 Other consumer loans 0 0 0 0 Total retail $ 0 $ 0 $ 0 $ 0 Total loans $ 28,813 $ 0 $ 0 $ 28,813 Loans modified as troubled debt restructurings generally reflect payment extensions and below market interest rates. Loans modified as troubled debt restructurings during the year ended December 31, 2022 Pre- Post- Modification Modification Recorded Recorded Number of Principal Principal (Dollars in thousands) Contracts Balance Balance Commercial: Commercial and industrial 3 $ 6,593 $ 6,593 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 6,593 Retail: Home equity and other 0 0 0 1-4 family mortgages 7 758 757 Total retail 7 758 757 Total 10 $ 7,351 $ 7,350 The following loans, modified as troubled debt restructurings within the previous twelve 30 December 31, 2022 Recorded Number of Principal (Dollars in thousands) Contracts Balance Commercial: Commercial and industrial 2 $ 5,665 Vacant land, land development and residential construction 0 0 Real estate – owner occupied 0 0 Real estate – non-owner occupied 0 0 Real estate – multi-family and residential rental 0 0 Total commercial 2 5,665 Retail: Home equity and other 0 0 1-4 family mortgages 0 0 Total retail 0 0 Total 2 5,665 Activity for loans categorized as troubled debt restructurings during the year ended December 31, 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 (Dollars in thousands) Industrial Construction Occupied Occupied Rental Commercial Loan Portfolio: Beginning Balance $ 4,973 $ 0 $ 10,435 $ 146 $ 91 Charge-Offs (95 ) 0 (39 ) 0 0 Payments (772 ) 0 (9,683 ) (16 ) (91 ) Transfers to ORE 0 0 0 0 0 Net Additions/Deletions 4,566 0 (669 ) 0 0 Ending Balance $ 8,672 $ 0 $ 44 $ 130 $ 0 Retail Retail Home Equity 1-4 Family (Dollars in thousands) and Other Mortgages Retail Loan Portfolio: Beginning Balance $ 1,202 $ 627 Charge-Offs 0 0 Payments (14 ) (317 ) Transfers to ORE 0 0 Net Additions/Deletions (1,187 ) 2,426 Ending Balance $ 1 $ 2,736 |
Note 4 - Premises and Equipment
Note 4 - Premises and Equipment, Net | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 4 Year-end premises and equipment were as follows: (Dollars in thousands) 2023 2022 Land and improvements $ 12,782 $ 13,532 Buildings 56,778 53,865 Furniture and equipment 25,157 22,941 94,717 90,338 Less: accumulated depreciation 43,789 38,862 Total premises and equipment $ 50,928 $ 51,476 Depreciation expense totaled $6.0 million in 2023 2022 2021 We enter into facility leases in the normal course of business. As of December 31, 2023 eleven April, 2024 May, 2048, December 31, 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 5.93% as of December 31, 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 $3.7 million and $ 3.5 December 31, 2023 December 31, 2022 not twelve 2023 2022 2021 Future lease payments were as follows as of December 31, 2023 (Dollars in thousands) 2024 $ 1,127 2025 720 2026 651 2027 570 2028 380 Thereafter 1,316 Total undiscounted lease payments 4,764 Less effect of discounting (1,072 ) Present value of future lease payments (lease liability) 3,692 |
Note 5 - Mortgage Loan Servicin
Note 5 - Mortgage Loan Servicing | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Mortgage Loan Servicing [Text Block] | NOTE 5 MORTGAGE LOAN SERVICING Mortgage loans serviced for others are not (Dollars in thousands) 2023 2022 Mortgage loan portfolios serviced for: Federal Home Loan Mortgage Corporation $ 1,341,602 $ 1,345,312 Federal Home Loan Bank 62,786 30,831 Total mortgage loans serviced for others $ 1,404,388 $ 1,376,143 Custodial escrow balances, which are reported as deposits on the Consolidated Balance Sheets, maintained in connection with serviced loans were $10.1 million and $11.6 million as of December 31, 2023 December 31, 2022 Activity for capitalized mortgage loan servicing rights, which are reported as other assets on the Consolidated Balance Sheets, during 2023 2022 (Dollars in thousands) 2023 2022 Balance at beginning of year $ 11,837 $ 12,248 Additions 2,259 2,773 Amortized to expense (2,753 ) (3,184 ) Balance at end of year $ 11,343 $ 11,837 Mortgage servicing rights result from our mortgage loan origination activities. Late and ancillary fees, included as part of mortgage banking income and reported as noninterest income in the Consolidated Statements of Income, aggregated less than $0.1 million during 2023 2022 We determined that no valuation allowance was necessary as of December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 2023 2022 The weighted average amortization period was 8.6 years and 8.9 years as of December 31, 2023 December 31, 2022 |
Note 6 - Deposits
Note 6 - Deposits | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | NOTE 6 DEPOSITS Deposits at year end are summarized as follows: Percent (Dollars in thousands) December 31, 2023 December 31, 2022 Increase Balance % Balance % (Decrease) Noninterest-bearing checking $ 1,247,640 32.1 % $ 1,604,750 43.3 % (22.3 )% Interest-bearing checking 635,790 16.3 575,028 15.5 10.6 Money market 957,434 24.5 776,723 20.9 23.3 Savings 262,566 6.7 381,602 10.3 (31.2 ) Time, under $100,000 175,741 4.5 113,099 3.0 55.4 Time, $100,000 and over 453,366 11.6 261,609 7.0 73.3 Total local deposits 3,732,537 95.7 3,712,811 100.0 0.5 Out-of-area time, $100,000 and over 168,381 4.3 0 0 0 Total deposits $ 3,900,918 100.0 % $ 3,712,811 100.0 % 5.1 % Out-of-area time deposits consist of deposits obtained from depositors outside of our primary market areas exclusively through deposit brokers. The following table depicts the maturity distribution for time deposits at year end: (Dollars in thousands) 2023 2022 In one year or less $ 657,307 $ 188,887 In one to two years 61,454 68,434 In two to three years 22,830 22,053 In three to four years 54,486 30,761 In four to five years 1,411 64,573 Total certificates of deposit $ 797,488 $ 374,708 NOTE 6 DEPOSITS The following table depicts the maturity distribution for time deposits with balances of $100,000 (Dollars in thousands) 2023 2022 Up to three months $ 167,535 $ 40,538 Three months to six months 127,344 25,141 Six months to twelve months 210,915 54,394 Over twelve months 115,953 141,536 Total certificates of deposit $ 621,747 $ 261,609 Total time deposits of more than $250,000 2023 2022 Deposit overdrafts, which are reported as loans on the Consolidated Balance Sheets, totaled $0.3 million and $0.9 million as of December 31, 2023 December 31, 2022 |
Note 7 - Securities Sold Under
Note 7 - Securities Sold Under Agreements to Repurchase | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Repurchase Agreements, Resale Agreements, Securities Borrowed, and Securities Loaned Disclosure [Text Block] | NOTE 7 SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE Information regarding securities sold under agreements to repurchase at year end is summarized below: (Dollars in thousands) 2023 2022 Outstanding balance at year end $ 229,734 $ 194,340 Weighted average interest rate at year end 3.17 % 0.75 % Average daily balance during the year $ 204,334 $ 200,499 Weighted average interest rate during the year 1.33 % 0.15 % Maximum daily balance during the year $ 269,324 $ 235,577 Securities sold under agreements to repurchase (“repurchase agreements”) generally have original maturities of less than one |
Note 8 - Federal Home Loan Bank
Note 8 - Federal Home Loan Bank of Indianapolis Advances | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Federal Home Loan Bank Advances, Disclosure [Text Block] | NOTE 8 FHLBI bullet advances totaled $440 million at December 31, 2023 January 2024 December 2028, December 31, 2022 January 2023 June 2027, NOTE 8 Maturities of FHLBI bullet advances as of December 31, 2023 (Dollars in thousands) 2024 $ 90,000 2025 80,000 2026 80,000 2027 100,000 2028 90,000 FHLBI amortizing advances totaled $27.9 million and $28.3 million as of December 31, 2023 2022, 2042. Scheduled principal payments on FHLBI amortizing advances as of December 31, 2023 (Dollars in thousands) 2024 $ 827 2025 862 2026 900 2027 938 2028 979 Thereafter 23,404 Each advance is payable at its maturity date, and is subject to a prepayment fee if paid prior to the maturity date. The advances are collateralized by residential mortgage loans, first first December 31, 2023 |
Note 9 - Federal Income Taxes
Note 9 - Federal Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 9 The consolidated income tax expense is as follows: (Dollars in thousands) 2023 2022 2021 Current expense $ 22,518 $ 16,080 $ 12,675 Deferred (benefit) expense (2,036 ) (1,353 ) 2,020 Tax expense $ 20,482 $ 14,727 $ 14,695 NOTE 9 A reconciliation of the differences between the federal income tax expense recorded and the amount computed by applying the federal statutory rate to income before income taxes is as follows: (Dollars in thousands) 2023 2022 2021 Tax at statutory rate $ 21,567 $ 15,915 $ 15,481 Increase (decrease) from Tax-exempt interest (862 ) (695 ) (658 ) Bank owned life insurance (303 ) (334 ) (233 ) Other 80 (159 ) 105 Tax expense $ 20,482 $ 14,727 $ 14,695 The statutory tax rate was 21% for 2023 2022 2021 Significant components of deferred tax assets and liabilities, included in other assets on our Consolidated Balance Sheets, as of December 31, 2023 2022 (Dollars in thousands) 2023 2022 Deferred income tax assets Allowance for credit losses $ 10,482 $ 8,872 Deferred compensation 226 232 Stock compensation 1,005 1,018 Nonaccrual loan interest income 132 136 Unrealized loss on securities 13,420 17,369 Lease liability 775 810 Other 779 494 Deferred tax asset 26,819 28,931 Deferred income tax liabilities Depreciation 337 697 Prepaid expenses 612 504 Core deposit intangible 0 120 Mortgage loan servicing rights 2,382 2,486 Deferred loan fees and costs 509 211 Right of use lease asset 775 810 Business combination adjustments 1,770 1,877 Other 447 326 Deferred tax liability 6,832 7,031 Total net deferred tax asset $ 19,987 $ 21,900 A valuation allowance related to deferred tax assets is required when it is considered more likely than not not 2023 2022 2023 2022 not 2024 2023 2022 no 2020. |
Note 10 - Stock-based Compensat
Note 10 - Stock-based Compensation | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | NOTE 10 STOCK-BASED COMPENSATION Stock-based compensation plans are used to provide directors and employees with an increased incentive to contribute to our long-term performance and growth, to align the interests of directors and employees with the interests of our shareholders through the opportunity for increased stock ownership and to attract and retain directors and employees. Stock-based compensation, reported as noninterest expense in the Consolidated Statements of Income, totaled $3.4 million, $3.4 million and $3.8 million in 2023, 2022 2021, 2006 January 18, 2016, 2016 May, 2016. 2016 2020 May, 2020. 2020 2023 May, 2023. Grants included on the following tables were made under the various Stock Incentive Plans as follows: ● Stock Incentive Plan of 2006 o Stock option grants in 2015 ● Stock Incentive Plan of 2016 o Stock option grants in 2016 o Restricted stock grants in 2018 2019 ● Stock Incentive Plan of 2020 o Restricted stock grants in 2020, 2021 2022 ● Stock Incentive Plan of 2023 o Restricted stock grants in 2023 In addition, stock grants to directors as retainer payments during the years 2020 2022 2020, 2023 2023. Under the Stock Incentive Plan of 2006, 2016, 2020 2023, may not not No 2018 2023 three 2019 2023, 2023, A summary of restricted stock activity during the year ended December 31, 2023 Weighted Average Shares Fair Value Nonvested at beginning of year 374,771 $ 30.49 Granted 95,084 40.23 Vested (109,414 ) 27.01 Forfeited (4,551 ) 28.70 Nonvested at end of year 355,890 $ 34.18 NOTE 10 STOCK-BASED COMPENSATION Of the restricted stock shares granted in 2023 2022 2021 2022, 2021, 2020 2019, 2021, 2020, 2019 2018, three no 2023. Shares issued as a result of the exercise of stock option grants have been authorized and were previously unissued shares. A summary of stock option activity during the year ended December 31, 2023 Weighted Average Exercise Shares Price Outstanding at beginning of year 5,000 $ 36.22 Granted 0 0.00 Exercised 0 0.00 Forfeited or expired (5,000 ) 34.89 Outstanding at end of year 0 $ 0 Options exercisable at year end 0 $ 0 NOTE 10 STOCK-BASED COMPENSATION Information related to options outstanding at year end 2022 2021 2022 2021 Minimum exercise price $ 36.22 $ 27.66 Maximum Exercise Price 36.22 36.22 Average Remaining Option Term 0.9 1.7 Information related to options outstanding at year end 2022 2021 (Dollars in thousands) 2022 2021 Aggregate intrinsic value of stock options exercised $ 16 $ 13 Cash received from stock option exercises 36 50 Tax benefit realized from stock option exercises 0 0 Weighted average per share fair value of stock options granted NA NA We periodically grant shares of common stock to our Corporate and Bank Board Directors for retainer payments with the related expense being recorded over the period of the Directors' service, as summarized below: Total Cost Grant Year Shares Granted (in thousands) Covered Period 2020 17,716 $ 394 June 1, 2020 - May 31, 2021 2021 10,489 344 June 1, 2021 - May 31, 2022 2022 11,166 359 June 1, 2022 - May 31, 2023 2023 11,529 350 June 1, 2023 - May 31, 2024 |
Note 11 - Related Parties
Note 11 - Related Parties | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE 11 RELATED PARTIES Certain directors and executive officers of our bank, including their immediate families and companies in which they are principal owners, were loan customers of our bank. At year-end 2023 2022 2023 2022 (Dollars in thousands) 2023 2022 Beginning balance $ 92,660 $ 87,672 New loans 3,221 10,619 Repayments (5,410 ) (5,631 ) Effect of changes in related parties (964 ) 0 Ending balance $ 89,507 $ 92,660 Related party deposits and repurchase agreements totaled $20.7 million and $21.5 million at year-end 2023 2022 |
Note 12 - Commitments and Off-b
Note 12 - Commitments and Off-balance-sheet Risk | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Commitments Contingencies and Guarantees [Text Block] | NOTE 12 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 period end 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. For commitments to make loans, we determine an allowance by applying the expected loss allocation factor to the amount expected to fund. The calculated allowance aggregated $1.3 million and $0.1 million as of December 31, 2023 December 31, 2022, not one NOTE 12 COMMITMENTS AND OFF-BALANCE-SHEET RISK At year-end 2023 2022 Our maximum exposure to credit losses for loan commitments and standby letters of credit outstanding at year end was as follows: (Dollars in thousands) 2023 2022 Commercial unused lines of credit $ 1,557,429 $ 1,283,703 Unused lines of credit secured by 1 – 4 family residential properties 74,120 71,972 Credit card unused lines of credit 142,096 123,687 Other consumer unused lines of credit 50,063 75,747 Commitments to make loans 270,403 329,646 Standby letters of credit 19,393 23,539 Total commitments $ 2,113,504 $ 1,908,294 Commitments to make commercial loans generally reflect our binding obligations to existing and prospective customers to extend credit, including line of credit facilities secured by accounts receivable and inventory, and term debt secured by either real estate or equipment. In most instances, commercial line of credit facilities have terms ranging from 12 to 24 months with floating rates tied to the Wall Street Journal Prime Rate or 30 30 fourth 2020, not $2.5 $2.5 five 30 three seven January 1, 2022, 30 30 30 June 30, 2023 The following standby letters of credit are considered financial guarantees under current accounting guidance. These instruments are carried at fair value as an other liability on our Consolidated Balance Sheets. Standby letters of credit are generally cross collateralized with the borrowers’ other loans with us, and are included in our borrower collateral analyses. (Dollars in thousands) December 31, 2023 December 31, 2022 Contract Carrying Contract Carrying Amount Value Amount Value Standby letters of credit $ 19,393 $ 99 $ 23,539 $ 108 |
Note 13 - Benefit Plans
Note 13 - Benefit Plans | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | NOTE 13 BENEFIT PLANS We have a 401 401 April 1, 2018. 2023 2022 2021 401 We have a deferred compensation plan in which all persons serving on the Board of Directors may may December 31, 2023 2022, 2023, 2022 2021 The Mercantile Bank Corporation Employee Stock Purchase Plan of 2014 may may 2023 2022 December 31, 2023 |
Note 14 - Derivatives and Hedgi
Note 14 - Derivatives and Hedging Activities | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | NOTE 14 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 NOTE 14 DERIVATIVES AND HEDGING ACTIVITIES The fair values of derivative instruments as of December 31, 2023 (Dollars in thousands) Notional Amount Balance Sheet Location Fair Value Derivative Assets Interest rate swaps $ 676,526 Other Assets $ 27,505 Derivative Liabilities Interest rate swaps 674,499 Other Liabilities 27,964 The effect of interest rate swaps that are not December 31, 2023 not December 31, 2023 Gross Amounts Not Offset on the Consolidated Balance Sheet (Dollars in thousands) Net Amounts Recognized Financial Instruments Cash Collateral Received or posted Net Amount Derivative Assets Interest rate swaps $ 27,505 $ 5,175 $ 14,010 $ 8,320 Derivative Liabilities Interest rate swaps 27,964 $ 5,175 3,120 $ 19,669 NOTE 14 DERIVATIVES AND HEDGING ACTIVITIES The fair values of derivative instruments as of December 31, 2022 (Dollars in thousands) Notional Amount Balance Sheet Location Fair Value Derivative Assets Interest rate swaps $ 401,572 Other Assets $ 26,173 Derivative Liabilities Interest rate swaps 401,572 Other Liabilities 26,377 The effect of interest rate swaps that are not December 31, 2022 December 31, 2022 Gross Amounts Not Offset on the Consolidated Balance Sheet (Dollars in thousands) Net Amounts Recognized Financial Instruments Cash Collateral Received or posted Net Amount Derivative Assets Interest rate swaps $ 26,173 $ 415 $ 24,760 $ 998 Derivative Liabilities Interest rate swaps 26,377 $ 415 0 $ 25,962 |
Note 15 - Fair Values of Financ
Note 15 - Fair Values of Financial Instruments | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 15 FAIR VALUES OF FINANCIAL INSTRUMENTS Carrying amount, estimated fair value and level within the fair value hierarchy of financial instruments were as follows at year end: Level in 2023 2022 Fair Value Carrying Fair Carrying Fair (Dollars in thousands) Hierarchy Amount Value Amount Value Financial assets Cash and cash equivalents Level 1 $ 130,533 $ 130,533 $ 96,772 $ 96,772 Securities available for sale (1) 617,092 617,092 602,936 602,936 Federal Home Loan Bank stock (2) 21,513 21,513 17,721 17,721 Loans, net Level 3 4,253,844 4,191,644 3,874,373 3,800,042 Mortgage loans held for sale Level 2 18,607 19,027 3,565 3,643 Accrued interest receivable Level 2 19,806 19,806 15,476 15,476 Interest rate swaps Level 2 27,505 27,505 26,173 26,173 Financial liabilities Deposits Level 2 3,900,918 3,814,778 3,712,811 3,379,403 Securities sold under agreements to repurchase Level 2 229,734 229,734 194,340 194,340 Federal Home Loan Bank advances Level 2 467,910 454,857 308,263 292,044 Subordinated debentures Level 2 49,644 49,653 48,958 49,531 Subordinated notes Level 2 88,971 77,218 88,628 75,024 Accrued interest payable Level 2 9,012 9,012 3,223 3,223 Interest rate swaps Level 2 27,964 27,964 26,377 26,377 ( 1 See Note 16 ( 2 It is not Carrying amount is the estimated fair value for cash and cash equivalents, FHLBI stock, accrued interest receivable and payable, noninterest-bearing checking accounts and securities sold under agreements to repurchase. Security fair values are based on market prices or dealer quotes, and if no 2016 01, |
Note 16 - Fair Value Measuremen
Note 16 - Fair Value Measurements | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block] | NOTE 16 FAIR VALUE MEASUREMENTS Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability, or in the absence of a principal market, the most advantageous market for the asset or liability. The price of the principal (or most advantageous) market used to measure the fair value of the asset or liability is not not We are required to use valuation techniques that are consistent with the market approach, the income approach and/or the cost approach. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets and liabilities. The income approach uses valuation techniques to convert future amounts, such as cash flows or earnings, to a single present amount on a discounted basis. The cost approach is based on the amount that currently would be required to replace the service capacity of an asset (replacement cost). Valuation techniques should be consistently applied. Inputs to valuation techniques refer to the assumptions that market participants would use in pricing the asset or liability. Inputs may Level 1: Level 2: 1 not Level 3: The following is a description of our valuation methodologies used to measure and disclose the fair values of our financial assets and liabilities on a recurring or nonrecurring basis: Securities available for sale. not 2 3 December 31, 2023 2022 1 NOTE 16 FAIR VALUE MEASUREMENTS Derivatives. Mortgage loans held for sale. December 31, 2023 2022 Loans. not Foreclosed assets. NOTE 16 FAIR VALUE MEASUREMENTS Assets and Liabilities Measured at Fair Value on a Recurring Basi The balances of assets and liabilities measured at fair value on a recurring basis as of December 31, 2023 Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs (Dollars in thousands) Total (Level 1) (Level 2) (Level 3) Available for sale securities U.S. Government agency debt obligations $ 390,496 $ 0 $ 390,496 $ 0 Mortgage-backed securities 29,473 0 29,473 0 Municipal general obligation bonds 167,860 0 167,347 513 Municipal revenue bonds 28,763 0 28,763 0 Other investments 500 0 500 0 Interest rate swaps 27,505 0 27,505 0 Total assets $ 644,597 $ 0 $ 644,084 $ 513 Interest rate swaps 27,964 0 27,964 0 Total liabilities $ 27,964 $ 0 $ 27,964 $ 0 There were no 3 2023 3 2023 The balances of assets and liabilities measured at fair value on a recurring basis as of December 31, 2022 Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs (Dollars in thousands) Total (Level 1) (Level 2) (Level 3) Available for sale securities U.S. Government agency debt obligations $ 388,744 $ 0 $ 388,744 $ 0 Mortgage-backed securities 31,953 0 31,953 0 Municipal general obligation bonds 154,433 0 153,855 578 Municipal revenue bonds 27,306 0 27,306 0 Other investments 500 0 500 0 Interest rate swaps 26,173 0 26,173 0 Total assets $ 629,109 $ 0 $ 628,531 $ 578 Interest rate swaps 26,377 0 26,377 0 Total liabilities $ 26,377 $ 0 $ 26,377 $ 0 NOTE 16 FAIR VALUE MEASUREMENTS 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 December 31, 2023 Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs (Dollars in thousands) Total (Level 1) (Level 2) (Level 3) Collateral dependent loans $ 1,434 $ 0 $ 0 $ 1,434 Foreclosed assets 200 0 0 200 Total $ 1,634 $ 0 $ 0 $ 1,634 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 (Dollars in thousands) Total (Level 1) (Level 2) (Level 3) Collateral dependent loans $ 5,290 $ 0 $ 0 $ 5,290 The carrying values are based on the estimated value of the property or other assets. Fair value estimates of collateral on collateral dependent loans and foreclosed assets are review periodically. Our credit policies establish criteria for obtaining appraisals and determining internal value estimates. We may may |
Note 17 - Earnings Per Share
Note 17 - Earnings Per Share | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 17 EARNINGS PER SHARE Basic earnings per share is based on the weighted average number of common shares and participating securities outstanding during the period. Diluted earnings per share include the dilutive effect of additional potential common shares issuable under our stock-based compensation plans and are determined using the treasury stock method. Our unvested restricted shares, which contain non-forfeitable rights to dividends whether paid or accrued (i.e., participating securities), are included in the number of shares outstanding for both basic and diluted earnings per share calculations. In the event of a net loss, our unvested restricted shares are excluded from the calculation of both basic and diluted earnings per share. Stock options for approximately 5,000 and 7,000 shares of common stock were antidilutive and were not 2022 2021 The factors used in the earnings per share computation follow: (Dollars in thousands, except share and per share amounts) 2023 2022 2021 Basic Net income attributable to common shares $ 82,217 $ 61,063 $ 59,021 Weighted average common shares outstanding 16,015,678 15,859,889 15,986,857 Basic earnings per common share $ 5.13 $ 3.85 $ 3.69 Diluted Net income attributable to common shares $ 82,217 $ 61,063 $ 59,021 Weighted average common shares outstanding for basic earnings per common share 16,015,678 15,859,889 15,986,857 Add: Dilutive effects of share-based awards 0 12 446 Average shares and dilutive potential common shares 16,015,678 15,859,901 15,987,303 Diluted earnings per common share $ 5.13 $ 3.85 $ 3.69 |
Note 18 - Variable Interest Ent
Note 18 - Variable Interest Entities | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Variable Interest Entity Disclosure [Text Block] | NOTE 18 VARIABLE INTEREST ENTITIES Variable interest entities ("VIEs") are entities that either have a total equity investment that is insufficient to permit the entity to finance its activities without additional subordinated financial support or whose equity investors lack the characteristics of a controlling financial interest (i.e., ability to make significant decisions, through voting rights, right to receive the expected residual returns of the entity, and obligations to absorb the expected losses of the entity). Variable interest entities can be structured as corporations, trusts, partnerships, or other legal entities. We have relationships with certain variable interest entities related to the issuance of trust preferred securities and our tax credit investments. We have five business trusts that are wholly-owned subsidiaries of Mercantile, four of which were assumed by Mercantile in conjunction with the Firstbank merger in 2014. 12 NOTE 18 VARIABLE INTEREST ENTITIES The assets, liabilities, operations and cash flows of each trust are solely related to the issuance, administration and repayment of the preferred securities held by third not not not not not The only significant assets of our trusts are the Floating Rate Notes, and the only significant liabilities of our trusts are the Preferred Securities. The Floating Rate Notes are categorized on our Consolidated Balance Sheets as subordinated debentures and the interest expense is recorded on our Consolidated Statements of Income under interest expense on other borrowings. On January 26, 2016, The following table depicts our five December 31, 2023 (Dollars in thousands) Preferred Securities Trust Name Outstanding Interest Rate Maturity Date Mercantile Bank Capital Trust I $ 21,000 3 Month SOFR + 218 bps September 16, 2034 Firstbank Capital Trust I $ 10,000 3 Month SOFR + 199 bps October 18, 2034 Firstbank Capital Trust II $ 10,000 3 Month SOFR + 127 bps April 7, 2036 Firstbank Capital Trust III $ 7,500 3 Month SOFR + 135 bps July 30, 2037 Firstbank Capital Trust IV $ 7,500 3 Month SOFR + 135 bps July 30, 2037 MCP makes equity investments as a limited liability member in affordable housing projects utilizing the Low-Income Housing Tax Credit (“LIHTC”) pursuant to Section 42 47 The LIHTC and HTC investment entities are considered VIEs as MCP, or our bank, whomever is the holder of the equity investment at risk, does not Equity investments as a limited liability member in LIHTC and HTC investment entities, reported as other assets in the Consolidated Balance Sheets, totaled $25.7 million and $3.2 million as of December 31, 2023 December 31, 2022, December 31, 2023 December 31, 2022, The following table summarizes quantitative information about our involvement in unconsolidated variable interest entities at year end: 2023 2022 Aggregate Aggregate Aggregate Aggregate (Dollars in thousands) Assets Liabilities Risk of Loss Assets Liabilities Risk of Loss Trust preferred securities $ 58,074 $ 56,000 $ 2,074 $ 58,100 $ 56,000 $ 2,100 Tax Credit Equity Investments 25,659 21,103 4,556 3,214 1,375 1,839 |
Note 19 - Subordinated Notes
Note 19 - Subordinated Notes | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Subordinated Borrowings Disclosure [Text Block] | NOTE 19 SUBORDINATED NOTES On December 15, 2021, January 30, 2032, January 30, 2027 not January 29, 2027. January 30, 2027 January 30, 2032, December 15, 2021, On January 14, 2022, $75.0 December 15, 2021. January 14, 2022, Our unamortized debt issuance costs were $1.0 million and $1.4 million as of December 31, 2023 2022, |
Note 20 - Regulatory Matters
Note 20 - Regulatory Matters | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | NOTE 20 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 2023 2022 no December 31, 2023 NOTE 20 Our actual capital levels and minimum required levels at year-end 2023 2022 Minimum Required to be Well Minimum Required Capitalized Under for Capital Prompt Corrective Actual Adequacy Purposes Action Regulations (Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio 2023 Total capital (to risk weighted assets) Consolidated $ 710,905 13.7 % $ 415,841 8.0 % $ NA NA % Bank 694,431 13.4 414,019 8.0 517,524 10.0 Tier 1 capital (to risk weighted assets) Consolidated 570,730 11.0 311,881 6.0 NA NA Bank 643,227 12.4 310,514 6.0 414,019 8.0 Common equity (to risk weighted assets) Consolidated 523,160 10.1 233,911 4.5 NA NA Bank 643,227 12.4 232,886 4.5 336,391 6.5 Tier 1 capital (to average assets) Consolidated 570,730 10.8 210,527 4.0 NA NA Bank 643,227 12.2 210,427 4.0 263,034 5.0 2022 Total capital (to risk weighted assets) Consolidated $ 634,729 14.0 % $ 362,675 8.0 % NA NA Bank 618,709 13.7 362,490 8.0 453,112 10.0 Tier 1 capital (to risk weighted assets) Consolidated 503,855 11.1 272,007 6.0 NA NA Bank 576,463 12.7 271,868 6.0 362,490 8.0 Common equity (to risk weighted assets) Consolidated 456,970 10.1 204,005 4.5 NA NA Bank 576,463 12.7 203,901 4.5 294,523 6.5 Tier 1 capital (to average assets) Consolidated 503,855 10.1 199,647 4.0 NA NA Bank 576,463 11.6 199,563 4.0 249,453 5.0 NOTE 20 REGULATORY MATTERS Under the final BASEL III capital rules that became effective on January 1, 2015, 1 not three 2016. 1 1 January 1, 2019. December 31, 2023 Federal and state banking laws and regulations place certain restrictions on the amount of dividends our bank can transfer to Mercantile and on the capital levels that must be maintained. At year-end 2023, 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. October 12, 2023, December 13, 2023 December 1, 2023. As of December 31, 2023 May 2021. 2023 2022. may Our consolidated capital levels as of December 31, 2023 2022 may 1 not 1 not May 19, 2010, December 31, 2009 December 31, 2023 2022 1 |
Note 21 - Mercantile Bank Corpo
Note 21 - Mercantile Bank Corporation (Parent Company Only) Condensed Financial Statements | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | NOTE 21 MERCANTILE BANK CORPORATION (PARENT COMPANY ONLY) CONDENSED FINANCIAL STATEMENTS CONDENSED BALANCE SHEETS (Dollars in thousands) 2023 2022 ASSETS Cash and cash equivalents $ 18,969 $ 18,633 Investments in bank subsidiaries 627,604 543,599 Other assets 17,228 19,786 Total assets $ 663,801 $ 582,018 LIABILITIES AND SHAREHOLDERS’ EQUITY Liabilities $ 3,040 $ 3,024 Subordinated debentures 49,644 48,958 Subordinated notes 88,971 88,628 Shareholders’ equity 522,146 441,408 Total liabilities and shareholders’ equity $ 663,801 $ 582,018 CONDENSED STATEMENTS OF INCOME (Dollars in thousands) 2023 2022 2021 Income Interest and dividends from subsidiaries $ 26,660 $ 26,056 $ 39,058 Total income 26,660 26,056 39,058 Expenses Interest expense 8,091 6,104 1,934 Other operating expenses 5,674 5,645 5,831 Total expenses 13,765 11,749 7,765 Income before income tax benefit and equity in undistributed net income of subsidiary 12,895 14,307 31,293 Federal income tax benefit (2,858 ) (2,535 ) (1,653 ) Equity in undistributed net income of subsidiary 66,464 44,221 26,075 Net income $ 82,217 $ 61,063 $ 59,021 Other comprehensive income (loss) 14,854 (61,612 ) (9,215 ) Comprehensive income (loss) $ 97,071 $ (549 ) $ 49,806 NOTE 21 MERCANTILE BANK CORPORATION (PARENT COMPANY ONLY) CONDENSED FINANCIAL STATEMENTS CONDENSED STATEMENTS OF CASH FLOWS (Dollars in thousands) 2023 2022 2021 Cash flows from operating activities Net income $ 82,217 $ 61,063 $ 59,021 Adjustments to reconcile net income to net cash from operating activities: Equity in undistributed net income of subsidiary (66,464 ) (44,221 ) (26,075 ) Stock-based compensation expense 3,384 3,377 3,784 Stock grants to directors for retainer fees 350 359 344 Change in other assets (128 ) 858 49 Change in other liabilities 1,045 1,636 (5 ) Net cash from operating activities 20,404 23,072 37,118 Cash flows from investing activities Net capital investment into subsidiaries 0 (15,000 ) (70,000 ) Net cash for investing activities 0 (15,000 ) (70,000 ) Cash flows from financing activities Stock option exercises, net of cashless exercises 0 36 50 Employee stock purchase plan 45 45 48 Dividend reinvestment plan 891 867 877 Net proceeds from subordinated notes issuance 0 14,645 73,635 Repurchase of common shares 0 0 (21,380 ) Cash dividends on common stock (21,004 ) (19,602 ) (18,524 ) Net cash (for) from financing activities (20,068 ) (4,009 ) 34,706 Net change in cash and cash equivalents 336 4,063 1,824 Cash and cash equivalents at beginning of period 18,633 14,570 12,746 Cash and cash equivalents at end of period $ 18,969 $ 18,633 $ 14,570 |
Note 22 - Subsequent Events
Note 22 - Subsequent Events | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 22 SUBSEQUENT EVENTS On January 11, 2024 March 13, 2024 March 1, 2024 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation Mercantile has five separate business trusts: Mercantile Bank Capital Trust I, Firstbank Capital Trust I, Firstbank Capital Trust II, Firstbank Capital Trust III and Firstbank Capital Trust IV (“our trusts”). Our trusts were formed to issue trust preferred securities. We issued subordinated debentures to our trusts in return for the proceeds raised from the issuance of the trust preferred securities. Our trusts are not |
Nature of Operation [Policy Text Block] | Nature of Operations July 15, 1997 December 15, 1997. June 1, 2014. Mercantile is a financial holding company whose principal activity is the ownership and management of our bank and operates a single significant business segment. Our bank is a community-based financial institution. Our bank’s primary deposit products are checking, savings, and term certificate accounts, and its primary lending products are commercial loans, residential mortgage loans, and instalment loans. Substantially all loans are secured by specific items of collateral including business assets, real estate or consumer assets. Commercial loans are expected to be repaid from cash flow from operations of businesses. Real estate loans are secured by commercial or residential real estate. We have no one Our insurance company acquired an existing shelf insurance agency effective April 15, 2002. not no We have evaluated subsequent events for potential recognition and/or disclosure through the date these financial statements were issued. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates |
Effect of Covid-19 Pandemic, Policy [Policy Text Block] | Coronavirus Pandemic: 2019 19” 2 March, 2020. March, 2022. 2021 2022 The Paycheck Protection Program (“PPP”) reflected a substantial expansion of the Small Business Administration’s 100% 7 100% 100% 1.00%, August 8, 2020. December 31, 2023 four 2021 $284 May 31, 2021. December 31, 2023 |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents and Cash Flow Reporting 90 |
Marketable Securities, Policy [Policy Text Block] | Debt Securities first not not not Changes in the allowance are recorded as provisions for (or reversal of) credit loss expense. Losses are charged against the allowance when the collectability of an available for sale debt security is confirmed or when either of the criteria regarding intent or requirement to sell is met. At December 31, 2023 no Interest income includes amortization of purchase premiums and accretion of discounts. Premiums and discounts on securities are amortized or accreted on the level-yield method without anticipating prepayments, except for mortgage-backed securities where prepayments are anticipated. Gains and losses on sales are recorded on the trade date and determined using the specific identification method. Accrued interest receivable on available for sale debt securities totaling $2.6 million and $2.5 million at December 31, 2023 2022, |
Federal Home Loan Bank Stock, Policy [Policy Text Block] | Federal Home Loan Bank Stock may |
Financing Receivable, Held-for-Investment [Policy Text Block] | Loans Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized in interest income using the level-yield method without anticipating prepayments. Net unamortized deferred loan costs amounted to $2.4 million and $1.0 million at December 31, 2023 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 not |
Commercial Loan Participations [Policy Text Block] | Commercial Loan Participations no no December 31, 2023 2022 |
Financing Receivable, Held-for-Sale [Policy Text Block] | Loans Held for Sale Year-end mortgage loans held for sale were as follows: (Dollars in thousands) 2023 2022 Mortgage loans held for sale $ 18,607 $ 3,565 Less: Allowance to adjust to lower of cost or market 0 0 Mortgage loans held for sale, net $ 18,607 $ 3,565 |
Mortgage Loan Derivatives, Policy [Policy Text Block] | Mortgage Loan Derivatives not December 31, 2023 December 31, 2022. |
Mortgage Banking Activity [Policy Text Block] | Mortgage Banking Activities Servicing fee income is recorded for fees earned for servicing mortgage loans. The fees are based on a contractual percentage of the outstanding principal or a fixed amount per loan and are recorded as income when earned. Amortization of mortgage loan servicing rights is netted against mortgage loan servicing income and recorded in mortgage banking activities in the Consolidated Statements of Income. Accounting for mortgage servicing rights is based on the class of mortgage servicing rights. We have identified four 10 15 20 30 Interest rate risk, prepayment risk and default risk are inherent in mortgage servicing rights valuation. Interest rate changes largely drive prepayment rates. Refinance activity generally increases as interest rates decline. A significant decrease in interest rates beyond expectation could cause a decline in the value of mortgage servicing rights. On the contrary, borrowers are less likely to refinance or prepay their mortgage loans if interest rates increase, which would extend the duration of the underlying mortgage loans and the associated mortgage servicing rights value would likely rise. Because of these risks, discount rates and prepayment speeds are used to estimate the fair value of mortgage servicing rights. |
Troubled Debt Restructuring [Policy Text Block] | Troubled Debt Restructurings 310 40, No. 2022 02 326 January 1, 2023. No. 2022 02 No. 2022 02 Prior to the adoption of ASU No. 2022 02, not may In accordance with previous accounting guidance, loans modified as troubled debt restructurings were, by definition, considered to be impaired loans. Impairment for these loans were measured on a loan-by-loan basis. Certain loans modified as troubled debt restructurings may may two no |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance for Credit Losses ( “ Allowance ” ) 3 The “remaining life methodology” is utilized for substantially all loan pools. This non-discounted cash flow approach projects an estimated future amortized cost basis based on current loan balance and repayment terms. Our historical loss rate is then applied to future loan balances at the instrument level based on remaining contractual life adjusted for amortization, prepayment and default to develop a baseline lifetime loss. The baseline lifetime loss is adjusted for changes in macroeconomic conditions over the reasonable and supportable forecast and reversion periods via a series of macroeconomic forecast inputs, such as gross domestic product, unemployment rates, interest rates, credit spreads, stock market volatility and property price indices, to quantify the impact of current and forecasted economic conditions on expected loan performance. 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. We are not third During each reporting period, we also consider the need to adjust the historical loss rates as determined to reflect the extent to which we expect current conditions and reasonable and supportable economic forecasts to differ from the conditions that existed for the period over which the historical loss information was determined. These qualitative adjustments may Our 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 o Local or regional conditions that depart from the conditions and forecasts for the entire country The estimation of future credit losses should reflect consideration of all significant factors that affect the collectibility of the loan portfolio at each evaluation date. While our methodology considers both the historical loss rates as well as the traditional qualitative factors, there may January 1, 2022, Accrued interest receivable on loans totaling $16.9 million and $12.8 million as of December 31, 2023 2022, not 90 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. In some cases, we may For individually analyzed loans which are deemed to be collateral dependent loans, we adopted the practical expedient to measure the allowance based on the fair value of collateral. The allowance is calculated on an individual loan basis based on the shortfall between the fair value of the loan’s collateral and the recorded principal balance. If the fair value of the collateral exceeds the recorded principal balance, no may may 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 Sheets and is increased or decreased via other noninterest expense on our Consolidated Statement of Income. The calculation includes consideration of the likelihood that funding will occur and forecasted credit losses on commitments expected to be funded over their estimated lives. The allowance is calculated using the same aggregate reserve rates calculated for the funded portion of loans at the portfolio level applied to the amount of commitments expected to be funded. |
Transfers and Servicing of Financial Assets, Policy [Policy Text Block] | Transfers of Financial Assets 1 2 3 not |
Property, Plant and Equipment, Policy [Policy Text Block] | Premises and Equipment 5 33 3 7 may not |
Financing Receivable, Held-for-Investment, Foreclosed Asset [Policy Text Block] | Foreclosed Assets: December 31, 2023 2022, |
Bank Owned Life Insurance, Policy [Policy Text Block] | Bank Owned Life Insurance: not |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill third October 1 not October 1, October 1, 2023; not |
Repurchase and Resale Agreements Policy [Policy Text Block] | Repurchase Agreements |
Off-Balance-Sheet Credit Exposure, Policy [Policy Text Block] | Financial Instruments and Loan Commitments |
Share-Based Payment Arrangement [Policy Text Block] | Stock-Based Compensation |
Revenue from Contract with Customer [Policy Text Block] | Revenue from Contracts with Customers 606, 606” 606, not Our primary sources of revenue are derived from interest and dividends earned on loans, securities and other financial instruments that are not 606. not We generally satisfy our performance obligations on contracts with customers as services are rendered, and the transaction prices are typically fixed and charged either on a periodic basis (generally monthly) or based on activity. Because performance obligations are satisfied as services are rendered and the transaction prices are fixed, there is little judgment involved in applying Topic 606 The following table depicts our sources of noninterest income presented in the Consolidated Statements of Income for the years ended December 31, 2023, 2022 2021 606: (Dollars in thousands) 2023 2022 2021 Service charges on deposit and sweep accounts $ 4,954 $ 5,952 $ 5,078 Credit and debit card fees 8,914 8,216 7,516 Payroll processing 2,509 2,178 1,815 Customer service fees 801 852 857 Service Charges on Deposit and Sweep Accounts: Credit and Debit Card Fees: Payroll Processing Fees: Customer Service Fees: |
Advertising Cost [Policy Text Block] | Advertising Costs |
Income Tax, Policy [Policy Text Block] | Income Taxes |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Values of Financial Instruments not not |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income (Loss) December 31, 2023, 2022, 2021: (Dollars in thousands) 2023 2022 2021 Unrealized gains (losses) on securities available for sale $ (63,906 ) $ (82,710 ) $ (4,720 ) Tax effect 13,419 17,369 991 Accumulated other comprehensive gain/(loss) $ (50,487 ) $ (65,341 ) $ (3,729 ) |
Derivatives, Policy [Policy Text Block] | Derivatives not not no December 31, 2023 2022 |
Commitments and Contingencies, Policy [Policy Text Block] | Contingencies: not |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Changes Adopted No. 2016 13, Measurement of Credit Losses on Financial Instruments 2018 19 not January 1, 2022 January 1, 2022 ASU No. 2022 02, Troubled Debt Restructurings and Vintage Disclosures 310 40, December 15, 2022. ASU 2023 02 Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method January 1, 2023 December 31, 2022 2021 December 31, 2023, 18, Variable Interest Entities, |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Mortgage Loans Held for Sale [Table Text Block] | (Dollars in thousands) 2023 2022 Mortgage loans held for sale $ 18,607 $ 3,565 Less: Allowance to adjust to lower of cost or market 0 0 Mortgage loans held for sale, net $ 18,607 $ 3,565 |
Revenue from External Customers by Products and Services [Table Text Block] | (Dollars in thousands) 2023 2022 2021 Service charges on deposit and sweep accounts $ 4,954 $ 5,952 $ 5,078 Credit and debit card fees 8,914 8,216 7,516 Payroll processing 2,509 2,178 1,815 Customer service fees 801 852 857 |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | (Dollars in thousands) 2023 2022 2021 Unrealized gains (losses) on securities available for sale $ (63,906 ) $ (82,710 ) $ (4,720 ) Tax effect 13,419 17,369 991 Accumulated other comprehensive gain/(loss) $ (50,487 ) $ (65,341 ) $ (3,729 ) |
Note 2 - Securities (Tables)
Note 2 - Securities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Debt Securities, Available-for-Sale [Table Text Block] | Gross Gross Amortized Unrealized Unrealized Fair (Dollars in thousands) Cost Gains Losses Value 2023 U.S. Government agency debt obligations $ 442,496 $ 0 $ (52,000 ) $ 390,496 Mortgage-backed securities 35,168 20 (5,715 ) 29,473 Municipal general obligation bonds 172,126 1,924 (6,190 ) 167,860 Municipal revenue bonds 30,708 262 (2,207 ) 28,763 Other investments 500 0 0 500 $ 680,998 $ 2,206 $ (66,112 ) $ 617,092 2022 U.S. Government agency debt obligations $ 453,836 $ 0 $ (65,092 ) $ 388,744 Mortgage-backed securities 38,002 19 (6,068 ) 31,953 Municipal general obligation bonds 163,041 450 (9,058 ) 154,433 Municipal revenue bonds 30,267 102 (3,063 ) 27,306 Other investments 500 0 0 500 $ 685,646 $ 571 $ (83,281 ) $ 602,936 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value [Table Text Block] | Less than 12 Months 12 Months or More Total (Dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized Description of Securities Value Loss Value Loss Value Loss 2023 U.S. Government agency debt obligations $ 0 $ 0 $ 390,496 $ 52,000 $ 390,496 $ 52,000 Mortgage-backed securities 114 0 28,749 5,715 28,863 5,715 Municipal general obligation bonds 1,109 6 106,171 6,184 107,280 6,190 Municipal revenue bonds 1,506 8 20,602 2,199 22,108 2,207 Other investments 0 0 0 0 0 0 $ 2,729 $ 14 $ 546,018 $ 66,098 $ 548,747 $ 66,112 2022 U.S. Government agency debt obligations $ 53,019 $ 5,713 $ 335,725 $ 59,379 $ 388,744 $ 65,092 Mortgage-backed securities 31,127 6,068 12 0 31,139 6,068 Municipal general obligation bonds 97,252 4,516 32,870 4,542 130,122 9,058 Municipal revenue bonds 12,532 1,141 10,609 1,922 23,141 3,063 Other investments 0 0 0 0 0 0 $ 193,930 $ 17,438 $ 379,216 $ 65,843 $ 573,146 $ 83,281 |
Investments Classified by Contractual Maturity Date [Table Text Block] | Amortized Fair (Dollars in thousands) Cost Value Due in one year or less $ 57,724 $ 56,289 Due from one to five years 261,591 241,758 Due from five to ten years 279,722 243,791 Due after ten years 46,293 45,281 Mortgage-backed securities 35,168 29,473 Other investments 500 500 $ 680,998 $ 617,092 |
Note 3 - Loans and Allowance _2
Note 3 - Loans and Allowance for Credit Losses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Percent December 31, 2023 December 31, 2022 Increase (Dollars in thousands) Balance % Balance % (Decrease) Commercial: Commercial and industrial (1) $ 1,254,586 29.2 % $ 1,185,083 30.3 % 5.9 % Vacant land, land development, and residential construction 74,753 1.7 61,873 1.6 20.8 Real estate – owner occupied 717,667 16.7 639,192 16.3 12.3 Real estate – non-owner occupied (3) 1,035,684 24.1 979,214 25.0 5.8 Real estate – multi-family and residential rental (3) 332,609 7.7 266,468 6.8 24.8 Total commercial 3,415,299 79.4 3,131,830 80.0 9.1 Retail: 1-4 family mortgages (2) 837,406 19.5 755,036 19.3 10.9 Other consumer loans (1) 51,053 1.1 29,753 0.7 71.6 Total retail 888,459 20.6 784,789 20.0 13.2 Total loans $ 4,303,758 100.0 % $ 3,916,619 100.0 % 9.9 % |
Concentrations Within Loan Portfolio [Table Text Block] | 2023 2022 Percentage Percentage of of Loan Loan (Dollars in thousands) Balance Portfolio Balance Portfolio Commercial real estate loans to lessors of non-residential buildings $ 754,611 17.5 % $ 738,891 18.9 % |
Financing Receivable, Past Due [Table Text Block] | Recorded Greater Balance > 30 59 60 89 Than 89 89 Days Days Days Total Total Days and (Dollars in thousands) Past Due Past Due Past Due Past Due Current Loans Accruing Commercial: Commercial and industrial $ 4 $ 0 $ 249 $ 253 $ 1,254,333 $ 1,254,586 $ 0 Vacant land, land development, and residential construction 0 0 0 0 74,753 74,753 0 Real estate – owner occupied 0 0 70 70 717,597 717,667 0 Real estate – non-owner occupied 0 0 0 0 1,035,684 1,035,684 0 Real estate – multi-family and residential rental 0 0 0 0 332,609 332,609 0 Total commercial 4 0 319 323 3,414,976 3,415,299 0 Retail: 1-4 family mortgages 934 145 38 1,117 836,289 837,406 0 Other consumer loans 97 0 0 97 50,956 51,053 0 Total retail 1,031 145 38 1,214 887,245 888,459 0 Total past due loans $ 1,035 $ 145 $ 357 $ 1,537 $ 4,302,221 $ 4,303,758 $ 0 Recorded Greater Balance > 30 59 60 89 Than 89 89 Days Days Days Total Total Days and (Dollars in thousands) Past Due Past Due Past Due Past Due Current Loans Accruing Commercial: Commercial and industrial $ 0 $ 5,705 $ 249 $ 5,954 $ 1,179,129 $ 1,185,083 $ 0 Vacant land, land development, and residential construction 0 0 0 0 61,873 61,873 0 Real estate – owner occupied 0 248 0 248 638,944 639,192 0 Real estate – non-owner occupied 0 0 0 0 979,214 979,214 0 Real estate – multi-family and residential rental 0 0 0 0 266,468 266,468 0 Total commercial 0 5,953 249 6,202 3,125,628 3,131,830 0 Retail: 1-4 family mortgages 1,334 88 116 1,538 753,498 755,036 0 Other consumer loans 15 1 0 16 29,737 29,753 0 Total retail 1,349 89 116 1,554 783,235 784,789 0 Total past due loans $ 1,349 $ 6,042 $ 365 $ 7,756 $ 3,908,863 $ 3,916,619 $ 0 |
Financing Receivable, Nonaccrual [Table Text Block] | Recorded Principal Related (Dollars in thousands) Balance Allowance With no allowance recorded: Commercial: Commercial and industrial $ 0 $ 0 Vacant land, land development and residential construction 0 0 Real estate – owner occupied 70 0 Real estate – non-owner occupied 0 0 Real estate – multi-family and residential rental 0 0 Total commercial 70 0 Retail: 1-4 family mortgages 2,272 0 Other consumer loans 0 0 Total retail 2,272 0 Total with no allowance recorded $ 2,342 $ 0 With an allowance recorded: Commercial: Commercial and industrial $ 249 $ 1 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 1 Retail: 1-4 family mortgages 824 240 Other consumer loans 0 0 Total retail 824 240 Total with an allowance recorded $ 1,073 $ 241 Total nonaccrual loans: Commercial $ 319 $ 1 Retail 3,096 240 Total nonaccrual loans $ 3,415 $ 241 Recorded Principal Related (Dollars in thousands) Balance Allowance With no allowance recorded: Commercial: Commercial and industrial $ 249 $ 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 0 Retail: 1-4 family mortgages 1,064 0 Other consumer loans 0 0 Total retail 1,064 0 Total with no allowance recorded $ 1,313 $ 0 With an allowance recorded: Commercial: Commercial and industrial $ 5,775 $ 2,051 Vacant land, land development and residential construction 0 0 Real estate – owner occupied 248 32 Real estate – non-owner occupied 0 0 Real estate – multi-family and residential rental 0 0 Total commercial 6,023 2,083 Retail: 1-4 family mortgages 392 200 Other consumer loans 0 0 Total retail 392 200 Total with an allowance recorded $ 6,415 $ 2,283 Total nonaccrual loans: Commercial $ 6,272 $ 2,083 Retail 1,456 200 Total nonaccrual loans $ 7,728 $ 2,283 |
Financing Receivable Credit Quality Indicators [Table Text Block] | Commercial Vacant Land, Commercial Land Commercial Commercial Real Estate - Commercial Development, Real Estate - Real Estate - Multi-Family and and Residential Owner Non-Owner and Residential (Dollars in thousands) Industrial Construction Occupied Occupied Rental Internal credit risk grade groupings: Grades 1 – 4 $ 724,156 $ 34,944 $ 468,339 $ 451,019 $ 172,455 Grades 5 – 7 505,807 39,719 248,802 573,771 147,903 Grades 8 – 9 24,623 90 526 10,894 12,251 Total commercial $ 1,254,586 $ 74,753 $ 717,667 $ 1,035,684 $ 332,609 Commercial Vacant Land, Commercial Land Commercial Commercial Real Estate - Commercial Development, Real Estate - Real Estate - Multi-Family and and Residential Owner Non-Owner and Residential (Dollars in thousands) Industrial Construction Occupied Occupied Rental Internal credit risk grade groupings: Grades 1 – 4 (1) $ 719,583 $ 41,711 $ 406,341 $ 428,733 $ 137,258 Grades 5 – 7 450,405 20,057 229,766 538,081 129,161 Grades 8 – 9 15,095 105 3,085 12,400 49 Total commercial $ 1,185,083 $ 61,873 $ 639,192 $ 979,214 $ 266,468 |
Financing Receivable by Origination Year [Table Text Block] | Revolving Grand (Dollars in thousands) 2023 2022 2021 2020 2019 Prior Term Total Loans Total Commercial: Commercial and Industrial: Grades 1 – 4 $ 103,531 $ 79,883 $ 90,107 $ 20,577 $ 5,978 $ 9,160 $ 309,236 $ 414,920 $ 724,156 Grades 5 – 7 174,668 57,979 20,075 18,361 7,450 119 278,652 227,155 505,807 Grades 8 – 9 3,671 2,122 277 0 0 0 6,070 18,553 24,623 Total $ 281,870 $ 139,984 $ 110,459 $ 38,938 $ 13,428 $ 9,279 $ 593,958 $ 660,628 $ 1,254,586 Current-period gross write-offs $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 218 $ 218 Vacant Land, Land Development and Residential Construction: Grades 1 – 4 $ 24,875 $ 6,570 $ 1,108 $ 2,110 $ 0 $ 281 $ 34,944 $ 0 $ 34,944 Grades 5 – 7 17,799 21,244 138 2 40 496 39,719 0 39,719 Grades 8 – 9 9 0 0 0 0 81 90 0 90 Total $ 42,683 $ 27,814 $ 1,246 $ 2,112 $ 40 $ 858 $ 74,753 $ 0 $ 74,753 Current-period gross write-offs $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Real Estate – Owner Occupied: Grades 1 – 4 $ 205,379 $ 110,130 $ 85,982 $ 47,630 $ 14,362 $ 2,908 $ 466,391 $ 1,948 $ 468,339 Grades 5 – 7 111,197 63,271 27,729 27,029 9,419 439 239,084 9,718 248,802 Grades 8 – 9 0 417 0 38 0 71 526 0 526 Total $ 316,576 $ 173,818 $ 113,711 $ 74,697 $ 23,781 $ 3,418 $ 706,001 $ 11,666 $ 717,667 Current-period gross write-offs $ 0 $ 14 $ 0 $ 0 $ 0 $ 40 $ 54 $ 0 $ 54 Real Estate – Non-Owner Occupied: Grades 1 – 4 $ 109,125 $ 84,912 $ 113,846 $ 102,279 $ 27,664 $ 13,193 $ 451,019 $ 0 $ 451,019 Grades 5 – 7 233,471 118,464 109,238 88,315 6,148 18,135 573,771 0 573,771 Grades 8 – 9 10,894 0 0 0 0 0 10,894 0 10,894 Total $ 353,490 $ 203,376 $ 223,084 $ 190,594 $ 33,812 $ 31,328 $ 1,035,684 $ 0 $ 1,035,684 Current-period gross write-offs $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Real Estate – Multi-Family and Residential Rental: Grades 1 – 4 $ 36,038 $ 28,512 $ 64,244 $ 35,129 $ 4,883 $ 3,649 $ 172,455 $ 0 $ 172,455 Grades 5 – 7 72,916 55,964 4,816 9,372 2,699 2,136 147,903 0 147,903 Grades 8 – 9 11,250 0 0 1,001 0 0 12,251 0 12,251 Total $ 120,204 $ 84,476 $ 69,060 $ 45,502 $ 7,582 $ 5,785 $ 332,609 $ 0 $ 332,609 Current-period gross write-offs $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Total Commercial $ 1,114,823 $ 629,468 $ 517,560 $ 351,843 $ 78,643 $ 50,668 $ 2,743,005 $ 672,294 $ 3,415,299 Current-period gross write-offs $ 0 $ 14 $ 0 $ 0 $ 0 $ 40 $ 54 $ 218 $ 272 Retail: 1-4 Family Mortgages: Performing $ 133,823 $ 332,098 $ 231,842 $ 82,002 $ 10,515 $ 44,003 $ 834,283 $ 27 $ 834,310 Nonperforming 108 1,728 305 0 10 945 3,096 0 3,096 Total $ 133,931 $ 333,826 $ 232,147 $ 82,002 $ 10,525 $ 44,948 $ 837,379 $ 27 $ 837,406 Current-period gross write-offs $ 0 $ 174 $ 0 $ 0 $ 0 $ 240 $ 414 $ 0 $ 414 0 Other Consumer Loans: Performing $ 5,138 $ 2,569 $ 1,664 $ 608 $ 651 $ 716 $ 11,346 $ 39,707 $ 51,053 Nonperforming 0 0 0 0 0 0 0 0 0 Total $ 5,138 $ 2,569 $ 1,664 $ 608 $ 651 $ 716 $ 11,346 $ 39,707 $ 51,053 Current-period gross write-offs $ 3 $ 16 $ 0 $ 0 $ 0 $ 3 $ 22 $ 155 $ 177 Total Retail $ 139,069 $ 336,395 $ 233,811 $ 82,610 $ 11,176 $ 45,664 $ 848,725 $ 39,734 $ 888,459 Current-period gross write-offs $ 3 $ 190 $ 0 $ 0 $ 0 $ 243 $ 436 $ 155 $ 591 Grand Total $ 1,253,892 $ 965,863 $ 751,371 $ 434,453 $ 89,819 $ 96,332 $ 3,591,730 $ 712,028 $ 4,303,758 Current-period gross write-offs $ 3 $ 204 $ 0 $ 0 $ 0 $ 283 $ 490 $ 373 $ 863 Revolving Grand (Dollars in thousands) 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 $ 152,034 $ 89,125 $ 44,196 $ 10,079 $ 12,018 $ 428,733 $ 0 $ 428,733 Grades 5 – 7 176,216 142,647 133,163 35,200 13,456 37,399 538,081 0 538,081 Grades 8 – 9 6,712 5,688 0 0 0 0 12,400 0 12,400 Total $ 304,209 $ 300,369 $ 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 $ 49,177 $ 36,348 $ 5,306 $ 3,082 $ 4,003 $ 137,258 $ 0 $ 137,258 Grades 5 – 7 56,019 47,473 19,667 3,162 2,557 283 129,161 0 129,161 Grades 8 – 9 0 0 0 0 0 49 49 0 49 Total $ 95,361 $ 96,650 $ 56,015 $ 8,468 $ 5,639 $ 4,335 $ 266,468 $ 0 $ 266,468 Total Commercial $ 1,025,368 $ 770,436 $ 445,327 $ 135,893 $ 64,986 $ 72,100 $ 2,514,110 $ 617,720 $ 3,131,830 Retail: 1-4 Family Mortgages: Performing $ 313,611 $ 242,950 $ 91,936 $ 12,094 $ 14,297 $ 41,622 $ 716,510 $ 37,070 $ 753,580 Nonperforming 142 82 0 0 203 1,029 1,456 0 1,456 Total $ 313,753 $ 243,032 $ 91,936 $ 12,094 $ 14,500 $ 42,651 $ 717,966 $ 37,070 $ 755,036 Other Consumer Loans: Performing $ 4,349 $ 2,870 $ 1,040 $ 1,074 $ 395 $ 430 $ 10,158 $ 19,595 $ 29,753 Nonperforming 0 0 0 0 0 0 0 0 0 Total $ 4,349 $ 2,870 $ 1,040 $ 1,074 $ 395 $ 430 $ 10,158 $ 19,595 $ 29,753 Total Retail $ 318,102 $ 245,902 $ 92,976 $ 13,168 $ 14,895 $ 43,081 $ 728,124 $ 56,665 $ 784,789 Grand Total $ 1,343,470 $ 1,016,338 $ 538,303 $ 149,061 $ 79,881 $ 115,181 $ 3,242,234 $ 674,385 $ 3,916,619 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | Commercial vacant land, Commercial land real estate – development Commercial Commercial multi-family Commercial and real estate – real estate – and 1 4 Other and residential owner non-owner residential family consumer (Dollars in thousands) industrial construction occupied occupied rental mortgages loans Unallocated Total Allowance for credit losses: Beginning balance $ 10,203 $ 490 $ 5,914 $ 9,242 $ 2,191 $ 14,027 $ 160 $ 19 $ 42,246 Credit risk reclassifications 90 0 0 0 0 (697 ) 607 0 0 Balances, December 31, 2022 after reclassifications 10,293 490 5,914 9,242 2,191 13,330 767 19 42,246 Provision for credit losses (2,822 ) (141 ) 1,255 610 967 5,638 2,212 (19 ) 7,700 Charge-offs (218 ) 0 (54 ) 0 0 (414 ) (177 ) 0 (863 ) Recoveries 188 35 71 0 26 432 79 0 831 Ending balance $ 7,441 $ 384 $ 7,186 $ 9,852 $ 3,184 $ 18,986 $ 2,881 $ 0 $ 49,914 Commercial vacant land, Commercial land real estate – development Commercial Commercial multi-family Commercial and real estate – real estate – and 1-4 Other and residential owner non-owner residential family consumer (Dollars in thousands) industrial construction occupied occupied rental mortgages loans Unallocated Total Allowance for credit losses: Beginning balance $ 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 946 138 378 (1,214 ) 763 5,621 (111 ) 29 6,550 Charge-offs (171 ) (29 ) (38 ) 0 0 (33 ) (21 ) 0 (292 ) Recoveries 217 4 89 0 43 595 77 0 1,025 Ending balance $ 10,203 $ 490 $ 5,914 $ 9,242 $ 2,191 $ 14,027 $ 160 $ 19 $ 42,246 Commercial vacant land, Commercial land real estate – development Commercial Commercial multi-family Commercial and real estate – real estate – and Home and residential owner non-owner residential equity 1-4 family (Dollars in thousands) industrial construction occupied occupied rental and other mortgages Unallocated Total Allowance for loan losses: Beginning balance $ 9,424 $ 679 $ 8,246 $ 13,611 $ 1,819 $ 889 $ 3,240 $ 59 $ 37,967 Provision for loan losses 2,030 (618 ) (3,308 ) (621 ) 161 (301 ) (1,629 ) (14 ) (4,300 ) Charge-offs (882 ) (15 ) (12 ) 0 0 (43 ) (92 ) 0 (1,044 ) Recoveries 210 374 1,119 0 26 81 930 0 2,740 Ending balance $ 10,782 $ 420 $ 6,045 $ 12,990 $ 2,006 $ 626 $ 2,449 $ 45 $ 35,363 |
Financing Receivable, Modified, Financial Effect [Table Text Block] | Interest Rate Principal (Dollars in thousands) Reduction Term Extension Forgiveness Commercial: Commercial and industrial $ 0 $ 17,919 $ 0 Vacant land, land development and residential construction 0 0 0 Real estate – owner occupied 0 0 0 Real estate – non-owner occupied 0 10,894 0 Real estate – multi-family and residential rental 0 0 0 Total commercial $ 0 $ 28,813 $ 0 Retail: 1-4 family mortgages 0 0 0 Other consumer loans 0 0 0 Total retail $ 0 $ 0 $ 0 Total loans $ 0 $ 28,813 $ 0 |
Financing Receivable, Modified, Amortized Cost [Table Text Block] | 30 – 89 Days 90 + Days (Dollars in thousands) Current Past Due Past Due Total Commercial: Commercial and industrial $ 17,919 $ 0 $ 0 $ 17,919 Vacant land, land development and residential construction 0 0 0 0 Real estate – owner occupied 0 0 0 0 Real estate – non-owner occupied 10,894 0 0 10,894 Real estate – multi-family and residential rental 0 0 0 0 Total commercial $ 28,813 $ 0 $ 0 $ 28,813 Retail: 1-4 family mortgages 0 0 0 0 Other consumer loans 0 0 0 0 Total retail $ 0 $ 0 $ 0 $ 0 Total loans $ 28,813 $ 0 $ 0 $ 28,813 |
Financing Receivable, Modified [Table Text Block] | Pre- Post- Modification Modification Recorded Recorded Number of Principal Principal (Dollars in thousands) Contracts Balance Balance Commercial: Commercial and industrial 3 $ 6,593 $ 6,593 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 6,593 Retail: Home equity and other 0 0 0 1-4 family mortgages 7 758 757 Total retail 7 758 757 Total 10 $ 7,351 $ 7,350 |
Troubled Debt Restructurings on Financing Receivables with in Previous Twelve Months that Became Over Thirty Days Past Due [Table Text Block] | Recorded Number of Principal (Dollars in thousands) Contracts Balance Commercial: Commercial and industrial 2 $ 5,665 Vacant land, land development and residential construction 0 0 Real estate – owner occupied 0 0 Real estate – non-owner occupied 0 0 Real estate – multi-family and residential rental 0 0 Total commercial 2 5,665 Retail: Home equity and other 0 0 1-4 family mortgages 0 0 Total retail 0 0 Total 2 5,665 |
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 (Dollars in thousands) Industrial Construction Occupied Occupied Rental Commercial Loan Portfolio: Beginning Balance $ 4,973 $ 0 $ 10,435 $ 146 $ 91 Charge-Offs (95 ) 0 (39 ) 0 0 Payments (772 ) 0 (9,683 ) (16 ) (91 ) Transfers to ORE 0 0 0 0 0 Net Additions/Deletions 4,566 0 (669 ) 0 0 Ending Balance $ 8,672 $ 0 $ 44 $ 130 $ 0 Retail Retail Home Equity 1-4 Family (Dollars in thousands) and Other Mortgages Retail Loan Portfolio: Beginning Balance $ 1,202 $ 627 Charge-Offs 0 0 Payments (14 ) (317 ) Transfers to ORE 0 0 Net Additions/Deletions (1,187 ) 2,426 Ending Balance $ 1 $ 2,736 |
Retail Portfolio Segment [Member] | |
Notes Tables | |
Financing Receivable Credit Quality Indicators [Table Text Block] | Retail Retail 1-4 Family Other (Dollars in thousands) Mortgages Consumer Loans Performing $ 834,310 $ 51,053 Nonperforming 3,096 0 Total retail $ 837,406 $ 51,053 Retail Retail 1-4 Family Other (Dollars in thousands) Mortgages Consumer Loans Performing $ 753,580 $ 29,753 Nonperforming 1,456 0 Total retail $ 755,036 $ 29,753 |
Note 4 - Premises and Equipme_2
Note 4 - Premises and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | (Dollars in thousands) 2023 2022 Land and improvements $ 12,782 $ 13,532 Buildings 56,778 53,865 Furniture and equipment 25,157 22,941 94,717 90,338 Less: accumulated depreciation 43,789 38,862 Total premises and equipment $ 50,928 $ 51,476 |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | (Dollars in thousands) 2024 $ 1,127 2025 720 2026 651 2027 570 2028 380 Thereafter 1,316 Total undiscounted lease payments 4,764 Less effect of discounting (1,072 ) Present value of future lease payments (lease liability) 3,692 |
Note 5 - Mortgage Loan Servic_2
Note 5 - Mortgage Loan Servicing (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Mortgage Loans Serviced for Others [Table Text Block] | (Dollars in thousands) 2023 2022 Mortgage loan portfolios serviced for: Federal Home Loan Mortgage Corporation $ 1,341,602 $ 1,345,312 Federal Home Loan Bank 62,786 30,831 Total mortgage loans serviced for others $ 1,404,388 $ 1,376,143 |
Servicing Asset at Amortized Cost [Table Text Block] | (Dollars in thousands) 2023 2022 Balance at beginning of year $ 11,837 $ 12,248 Additions 2,259 2,773 Amortized to expense (2,753 ) (3,184 ) Balance at end of year $ 11,343 $ 11,837 |
Note 6 - Deposits (Tables)
Note 6 - Deposits (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Summary of Deposits and Percentage Change in Deposits [Table Text Block] | Percent (Dollars in thousands) December 31, 2023 December 31, 2022 Increase Balance % Balance % (Decrease) Noninterest-bearing checking $ 1,247,640 32.1 % $ 1,604,750 43.3 % (22.3 )% Interest-bearing checking 635,790 16.3 575,028 15.5 10.6 Money market 957,434 24.5 776,723 20.9 23.3 Savings 262,566 6.7 381,602 10.3 (31.2 ) Time, under $100,000 175,741 4.5 113,099 3.0 55.4 Time, $100,000 and over 453,366 11.6 261,609 7.0 73.3 Total local deposits 3,732,537 95.7 3,712,811 100.0 0.5 Out-of-area time, $100,000 and over 168,381 4.3 0 0 0 Total deposits $ 3,900,918 100.0 % $ 3,712,811 100.0 % 5.1 % |
Contractual Maturities of Certificates of Deposits [Table Text Block] | (Dollars in thousands) 2023 2022 In one year or less $ 657,307 $ 188,887 In one to two years 61,454 68,434 In two to three years 22,830 22,053 In three to four years 54,486 30,761 In four to five years 1,411 64,573 Total certificates of deposit $ 797,488 $ 374,708 |
Contractual Maturities of Certificates of Deposits of More than Specified Amount [Table Text Block] | (Dollars in thousands) 2023 2022 Up to three months $ 167,535 $ 40,538 Three months to six months 127,344 25,141 Six months to twelve months 210,915 54,394 Over twelve months 115,953 141,536 Total certificates of deposit $ 621,747 $ 261,609 |
Note 7 - Securities Sold Unde_2
Note 7 - Securities Sold Under Agreements to Repurchase (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Repurchase Agreements [Table Text Block] | (Dollars in thousands) 2023 2022 Outstanding balance at year end $ 229,734 $ 194,340 Weighted average interest rate at year end 3.17 % 0.75 % Average daily balance during the year $ 204,334 $ 200,499 Weighted average interest rate during the year 1.33 % 0.15 % Maximum daily balance during the year $ 269,324 $ 235,577 |
Note 8 - Federal Home Loan Ba_2
Note 8 - Federal Home Loan Bank of Indianapolis Advances (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Amortizing Advances [Member] | |
Notes Tables | |
Maturities of Currently Outstanding FHLB Advances [Table Text Block] | (Dollars in thousands) 2024 $ 827 2025 862 2026 900 2027 938 2028 979 Thereafter 23,404 |
Bullet Advances [member] | |
Notes Tables | |
Maturities of Currently Outstanding FHLB Advances [Table Text Block] | (Dollars in thousands) 2024 $ 90,000 2025 80,000 2026 80,000 2027 100,000 2028 90,000 |
Note 9 - Federal Income Taxes (
Note 9 - Federal Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | (Dollars in thousands) 2023 2022 2021 Current expense $ 22,518 $ 16,080 $ 12,675 Deferred (benefit) expense (2,036 ) (1,353 ) 2,020 Tax expense $ 20,482 $ 14,727 $ 14,695 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | (Dollars in thousands) 2023 2022 2021 Tax at statutory rate $ 21,567 $ 15,915 $ 15,481 Increase (decrease) from Tax-exempt interest (862 ) (695 ) (658 ) Bank owned life insurance (303 ) (334 ) (233 ) Other 80 (159 ) 105 Tax expense $ 20,482 $ 14,727 $ 14,695 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | (Dollars in thousands) 2023 2022 Deferred income tax assets Allowance for credit losses $ 10,482 $ 8,872 Deferred compensation 226 232 Stock compensation 1,005 1,018 Nonaccrual loan interest income 132 136 Unrealized loss on securities 13,420 17,369 Lease liability 775 810 Other 779 494 Deferred tax asset 26,819 28,931 Deferred income tax liabilities Depreciation 337 697 Prepaid expenses 612 504 Core deposit intangible 0 120 Mortgage loan servicing rights 2,382 2,486 Deferred loan fees and costs 509 211 Right of use lease asset 775 810 Business combination adjustments 1,770 1,877 Other 447 326 Deferred tax liability 6,832 7,031 Total net deferred tax asset $ 19,987 $ 21,900 |
Note 10 - Stock-based Compens_2
Note 10 - Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Share-Based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | Weighted Average Shares Fair Value Nonvested at beginning of year 374,771 $ 30.49 Granted 95,084 40.23 Vested (109,414 ) 27.01 Forfeited (4,551 ) 28.70 Nonvested at end of year 355,890 $ 34.18 |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Weighted Average Exercise Shares Price Outstanding at beginning of year 5,000 $ 36.22 Granted 0 0.00 Exercised 0 0.00 Forfeited or expired (5,000 ) 34.89 Outstanding at end of year 0 $ 0 Options exercisable at year end 0 $ 0 |
Schedule of Share-based Compensation Shares Authorized Under Stock Option Plans Information Related to Option Outstanding [Table Text Block] | 2022 2021 Minimum exercise price $ 36.22 $ 27.66 Maximum Exercise Price 36.22 36.22 Average Remaining Option Term 0.9 1.7 |
Schedule of Share Based Compensation Arrangement by Share Based Payment Award Options Information Related to Stock Option Grants and Exercised [Table Text Block] | (Dollars in thousands) 2022 2021 Aggregate intrinsic value of stock options exercised $ 16 $ 13 Cash received from stock option exercises 36 50 Tax benefit realized from stock option exercises 0 0 Weighted average per share fair value of stock options granted NA NA |
Corporate and Bank Board Members [Member] | |
Notes Tables | |
Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award [Table Text Block] | Total Cost Grant Year Shares Granted (in thousands) Covered Period 2020 17,716 $ 394 June 1, 2020 - May 31, 2021 2021 10,489 344 June 1, 2021 - May 31, 2022 2022 11,166 359 June 1, 2022 - May 31, 2023 2023 11,529 350 June 1, 2023 - May 31, 2024 |
Note 11 - Related Parties (Tabl
Note 11 - Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Related Party Transactions [Table Text Block] | (Dollars in thousands) 2023 2022 Beginning balance $ 92,660 $ 87,672 New loans 3,221 10,619 Repayments (5,410 ) (5,631 ) Effect of changes in related parties (964 ) 0 Ending balance $ 89,507 $ 92,660 |
Note 12 - Commitments and Off_2
Note 12 - Commitments and Off-balance-sheet Risk (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Summary of Contractual Amounts of Financial Instruments With Off Balance Sheet Risk [Table Text Block] | (Dollars in thousands) 2023 2022 Commercial unused lines of credit $ 1,557,429 $ 1,283,703 Unused lines of credit secured by 1 – 4 family residential properties 74,120 71,972 Credit card unused lines of credit 142,096 123,687 Other consumer unused lines of credit 50,063 75,747 Commitments to make loans 270,403 329,646 Standby letters of credit 19,393 23,539 Total commitments $ 2,113,504 $ 1,908,294 |
Schedule of Fair Value, off-Balance-Sheet Risks [Table Text Block] | (Dollars in thousands) December 31, 2023 December 31, 2022 Contract Carrying Contract Carrying Amount Value Amount Value Standby letters of credit $ 19,393 $ 99 $ 23,539 $ 108 |
Note 14 - Derivatives and Hed_2
Note 14 - Derivatives and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Derivative Instruments [Table Text Block] | (Dollars in thousands) Notional Amount Balance Sheet Location Fair Value Derivative Assets Interest rate swaps $ 676,526 Other Assets $ 27,505 Derivative Liabilities Interest rate swaps 674,499 Other Liabilities 27,964 (Dollars in thousands) Notional Amount Balance Sheet Location Fair Value Derivative Assets Interest rate swaps $ 401,572 Other Assets $ 26,173 Derivative Liabilities Interest rate swaps 401,572 Other Liabilities 26,377 |
Offsetting Assets and Liabilities [Table Text Block] | Gross Amounts Not Offset on the Consolidated Balance Sheet (Dollars in thousands) Net Amounts Recognized Financial Instruments Cash Collateral Received or posted Net Amount Derivative Assets Interest rate swaps $ 27,505 $ 5,175 $ 14,010 $ 8,320 Derivative Liabilities Interest rate swaps 27,964 $ 5,175 3,120 $ 19,669 Gross Amounts Not Offset on the Consolidated Balance Sheet (Dollars in thousands) Net Amounts Recognized Financial Instruments Cash Collateral Received or posted Net Amount Derivative Assets Interest rate swaps $ 26,173 $ 415 $ 24,760 $ 998 Derivative Liabilities Interest rate swaps 26,377 $ 415 0 $ 25,962 |
Note 15 - Fair Values of Fina_2
Note 15 - Fair Values of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Level in 2023 2022 Fair Value Carrying Fair Carrying Fair (Dollars in thousands) Hierarchy Amount Value Amount Value Financial assets Cash and cash equivalents Level 1 $ 130,533 $ 130,533 $ 96,772 $ 96,772 Securities available for sale (1) 617,092 617,092 602,936 602,936 Federal Home Loan Bank stock (2) 21,513 21,513 17,721 17,721 Loans, net Level 3 4,253,844 4,191,644 3,874,373 3,800,042 Mortgage loans held for sale Level 2 18,607 19,027 3,565 3,643 Accrued interest receivable Level 2 19,806 19,806 15,476 15,476 Interest rate swaps Level 2 27,505 27,505 26,173 26,173 Financial liabilities Deposits Level 2 3,900,918 3,814,778 3,712,811 3,379,403 Securities sold under agreements to repurchase Level 2 229,734 229,734 194,340 194,340 Federal Home Loan Bank advances Level 2 467,910 454,857 308,263 292,044 Subordinated debentures Level 2 49,644 49,653 48,958 49,531 Subordinated notes Level 2 88,971 77,218 88,628 75,024 Accrued interest payable Level 2 9,012 9,012 3,223 3,223 Interest rate swaps Level 2 27,964 27,964 26,377 26,377 |
Note 16 - Fair Value Measurem_2
Note 16 - Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs (Dollars in thousands) Total (Level 1) (Level 2) (Level 3) Available for sale securities U.S. Government agency debt obligations $ 390,496 $ 0 $ 390,496 $ 0 Mortgage-backed securities 29,473 0 29,473 0 Municipal general obligation bonds 167,860 0 167,347 513 Municipal revenue bonds 28,763 0 28,763 0 Other investments 500 0 500 0 Interest rate swaps 27,505 0 27,505 0 Total assets $ 644,597 $ 0 $ 644,084 $ 513 Interest rate swaps 27,964 0 27,964 0 Total liabilities $ 27,964 $ 0 $ 27,964 $ 0 Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs (Dollars in thousands) Total (Level 1) (Level 2) (Level 3) Available for sale securities U.S. Government agency debt obligations $ 388,744 $ 0 $ 388,744 $ 0 Mortgage-backed securities 31,953 0 31,953 0 Municipal general obligation bonds 154,433 0 153,855 578 Municipal revenue bonds 27,306 0 27,306 0 Other investments 500 0 500 0 Interest rate swaps 26,173 0 26,173 0 Total assets $ 629,109 $ 0 $ 628,531 $ 578 Interest rate swaps 26,377 0 26,377 0 Total liabilities $ 26,377 $ 0 $ 26,377 $ 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 (Dollars in thousands) Total (Level 1) (Level 2) (Level 3) Collateral dependent loans $ 1,434 $ 0 $ 0 $ 1,434 Foreclosed assets 200 0 0 200 Total $ 1,634 $ 0 $ 0 $ 1,634 Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs (Dollars in thousands) Total (Level 1) (Level 2) (Level 3) Collateral dependent loans $ 5,290 $ 0 $ 0 $ 5,290 |
Note 17 - Earnings Per Share (T
Note 17 - Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | (Dollars in thousands, except share and per share amounts) 2023 2022 2021 Basic Net income attributable to common shares $ 82,217 $ 61,063 $ 59,021 Weighted average common shares outstanding 16,015,678 15,859,889 15,986,857 Basic earnings per common share $ 5.13 $ 3.85 $ 3.69 Diluted Net income attributable to common shares $ 82,217 $ 61,063 $ 59,021 Weighted average common shares outstanding for basic earnings per common share 16,015,678 15,859,889 15,986,857 Add: Dilutive effects of share-based awards 0 12 446 Average shares and dilutive potential common shares 16,015,678 15,859,901 15,987,303 Diluted earnings per common share $ 5.13 $ 3.85 $ 3.69 |
Note 18 - Variable Interest E_2
Note 18 - Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Subordinated Borrowing [Table Text Block] | (Dollars in thousands) Preferred Securities Trust Name Outstanding Interest Rate Maturity Date Mercantile Bank Capital Trust I $ 21,000 3 Month SOFR + 218 bps September 16, 2034 Firstbank Capital Trust I $ 10,000 3 Month SOFR + 199 bps October 18, 2034 Firstbank Capital Trust II $ 10,000 3 Month SOFR + 127 bps April 7, 2036 Firstbank Capital Trust III $ 7,500 3 Month SOFR + 135 bps July 30, 2037 Firstbank Capital Trust IV $ 7,500 3 Month SOFR + 135 bps July 30, 2037 |
Schedule of Variable Interest Entities [Table Text Block] | 2023 2022 Aggregate Aggregate Aggregate Aggregate (Dollars in thousands) Assets Liabilities Risk of Loss Assets Liabilities Risk of Loss Trust preferred securities $ 58,074 $ 56,000 $ 2,074 $ 58,100 $ 56,000 $ 2,100 Tax Credit Equity Investments 25,659 21,103 4,556 3,214 1,375 1,839 |
Note 20 - Regulatory Matters (T
Note 20 - Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 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 (Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio 2023 Total capital (to risk weighted assets) Consolidated $ 710,905 13.7 % $ 415,841 8.0 % $ NA NA % Bank 694,431 13.4 414,019 8.0 517,524 10.0 Tier 1 capital (to risk weighted assets) Consolidated 570,730 11.0 311,881 6.0 NA NA Bank 643,227 12.4 310,514 6.0 414,019 8.0 Common equity (to risk weighted assets) Consolidated 523,160 10.1 233,911 4.5 NA NA Bank 643,227 12.4 232,886 4.5 336,391 6.5 Tier 1 capital (to average assets) Consolidated 570,730 10.8 210,527 4.0 NA NA Bank 643,227 12.2 210,427 4.0 263,034 5.0 2022 Total capital (to risk weighted assets) Consolidated $ 634,729 14.0 % $ 362,675 8.0 % NA NA Bank 618,709 13.7 362,490 8.0 453,112 10.0 Tier 1 capital (to risk weighted assets) Consolidated 503,855 11.1 272,007 6.0 NA NA Bank 576,463 12.7 271,868 6.0 362,490 8.0 Common equity (to risk weighted assets) Consolidated 456,970 10.1 204,005 4.5 NA NA Bank 576,463 12.7 203,901 4.5 294,523 6.5 Tier 1 capital (to average assets) Consolidated 503,855 10.1 199,647 4.0 NA NA Bank 576,463 11.6 199,563 4.0 249,453 5.0 |
Note 21 - Mercantile Bank Cor_2
Note 21 - Mercantile Bank Corporation (Parent Company Only) Condensed Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | (Dollars in thousands) 2023 2022 ASSETS Cash and cash equivalents $ 18,969 $ 18,633 Investments in bank subsidiaries 627,604 543,599 Other assets 17,228 19,786 Total assets $ 663,801 $ 582,018 LIABILITIES AND SHAREHOLDERS’ EQUITY Liabilities $ 3,040 $ 3,024 Subordinated debentures 49,644 48,958 Subordinated notes 88,971 88,628 Shareholders’ equity 522,146 441,408 Total liabilities and shareholders’ equity $ 663,801 $ 582,018 |
Condensed Income Statement [Table Text Block] | (Dollars in thousands) 2023 2022 2021 Income Interest and dividends from subsidiaries $ 26,660 $ 26,056 $ 39,058 Total income 26,660 26,056 39,058 Expenses Interest expense 8,091 6,104 1,934 Other operating expenses 5,674 5,645 5,831 Total expenses 13,765 11,749 7,765 Income before income tax benefit and equity in undistributed net income of subsidiary 12,895 14,307 31,293 Federal income tax benefit (2,858 ) (2,535 ) (1,653 ) Equity in undistributed net income of subsidiary 66,464 44,221 26,075 Net income $ 82,217 $ 61,063 $ 59,021 Other comprehensive income (loss) 14,854 (61,612 ) (9,215 ) Comprehensive income (loss) $ 97,071 $ (549 ) $ 49,806 |
Condensed Cash Flow Statement [Table Text Block] | (Dollars in thousands) 2023 2022 2021 Cash flows from operating activities Net income $ 82,217 $ 61,063 $ 59,021 Adjustments to reconcile net income to net cash from operating activities: Equity in undistributed net income of subsidiary (66,464 ) (44,221 ) (26,075 ) Stock-based compensation expense 3,384 3,377 3,784 Stock grants to directors for retainer fees 350 359 344 Change in other assets (128 ) 858 49 Change in other liabilities 1,045 1,636 (5 ) Net cash from operating activities 20,404 23,072 37,118 Cash flows from investing activities Net capital investment into subsidiaries 0 (15,000 ) (70,000 ) Net cash for investing activities 0 (15,000 ) (70,000 ) Cash flows from financing activities Stock option exercises, net of cashless exercises 0 36 50 Employee stock purchase plan 45 45 48 Dividend reinvestment plan 891 867 877 Net proceeds from subordinated notes issuance 0 14,645 73,635 Repurchase of common shares 0 0 (21,380 ) Cash dividends on common stock (21,004 ) (19,602 ) (18,524 ) Net cash (for) from financing activities (20,068 ) (4,009 ) 34,706 Net change in cash and cash equivalents 336 4,063 1,824 Cash and cash equivalents at beginning of period 18,633 14,570 12,746 Cash and cash equivalents at end of period $ 18,969 $ 18,633 $ 14,570 |
Note 1 - Summary of Significa_3
Note 1 - Summary of Significant Accounting Policies (Details Textual) $ in Thousands | 12 Months Ended | |||||||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jan. 01, 2022 USD ($) | May 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Aug. 08, 2020 USD ($) | Jun. 01, 2014 USD ($) | |
Number of Unconsolidated Business Trusts Formed to Issue Trust Preferred Securities | 5 | |||||||
Financing Receivable, before Allowance for Credit Loss, Total | $ 4,303,758 | $ 3,916,619 | ||||||
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Ending Balance | 0 | |||||||
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss | 2,600 | 2,500 | ||||||
Financing Receivable, Unamortized Loan Cost (Fee) | $ 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 | |||||||
Financing Receivable, Accrued Interest, after Allowance for Credit Loss | $ 16,900 | 12,800 | ||||||
Repossessed Assets | 200 | 0 | ||||||
Financing Receivable, Allowance for Credit Loss | 49,914 | 42,246 | $ 35,363 | $ 37,967 | ||||
Retained Earnings (Accumulated Deficit) | 277,526 | 216,313 | ||||||
Other Expense [Member] | ||||||||
Income (Loss) from Affordable Housing Projects, Equity Method Investments | (300) | (200) | ||||||
Federal Income Tax Expense [Member] | ||||||||
Amortization Method Qualified Affordable Housing Project Investments, Amortization | 500 | |||||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | ||||||||
Financing Receivable, Allowance for Credit Loss | $ (400) | $ (400) | ||||||
Retained Earnings (Accumulated Deficit) | 300 | |||||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | Other Assets [Member] | ||||||||
Deferred Income Tax Assets, Net | $ 100 | |||||||
Not Designated as Hedging Instrument [Member] | Mortgage Loan Derivative [Member] | ||||||||
Derivative Liability | 100 | |||||||
Derivative Asset | 100 | |||||||
Commercial Loan [Member] | ||||||||
Loan Participation, Amount | 46,700 | $ 33,500 | ||||||
SBA, CARES Act, Paycheck Protection Program [Member] | ||||||||
Number of Loans Originated Under the Paycheck Protection Program | 2,200 | |||||||
Financing Receivable, before Allowance for Credit Loss, Total | $ 554,000 | |||||||
Financing Receivable, Not Yet Forgiven | 100 | |||||||
SBA, CARES Act, Paycheck Protection Program, Round Two [Member] | ||||||||
Number of Loans Originated Under the Paycheck Protection Program | 1,200 | |||||||
Financing Receivable, before Allowance for Credit Loss, Total | $ 209,000 | |||||||
Financing Receivable, Not Yet Forgiven | $ 200 | |||||||
Financing Receivable, Not Yet Forgiven, Number of Loans | 5 | |||||||
Firstbank Corporation [Member] | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets, Total | $ 1,500,000 | |||||||
Business Combination Branches Acquired | 46 |
Note 1 - Summary of Significa_4
Note 1 - Summary of Significant Accounting Policies - Year-end Mortgage Loans Held for Sale (Details) - Mortgage Loans [Member] - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Mortgage loans held for sale | $ 18,607 | $ 3,565 |
Less: Allowance to adjust to lower of cost or market | 0 | 0 |
Mortgage loans held for sale, net | $ 18,607 | $ 3,565 |
Note 1 - Significant Accounting
Note 1 - Significant Accounting Policies - Noninterest Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Service Charges on Deposit and Sweep Accounts [Member] | |||
Noninterest revenue | $ 4,954 | $ 5,952 | $ 5,078 |
Credit and Debit Card [Member] | |||
Noninterest revenue | 8,914 | 8,216 | 7,516 |
Payroll Processing [Member] | |||
Noninterest revenue | 2,509 | 2,178 | 1,815 |
Customer Service [Member] | |||
Noninterest revenue | $ 801 | $ 852 | $ 857 |
Note 1 - Summary of Significa_5
Note 1 - Summary of Significant Accounting Policies - Summary of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Accumulated other comprehensive gain/(loss) | $ (50,487) | $ (65,341) | $ (3,729) |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Parent [Member] | |||
Unrealized gains (losses) on securities available for sale | (63,906) | (82,710) | (4,720) |
Tax effect | $ 13,419 | $ 17,369 | $ 991 |
Note 2 - Securities (Details Te
Note 2 - Securities (Details Textual) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | 641 | 732 | |
Debt Securities, Available-for-Sale, Unrealized Loss Position | $ 548,747 | $ 573,146 | |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss | 66,112 | 83,281 | |
Proceeds from Sale of Debt Securities, Available-for-Sale | 0 | 0 | $ 0 |
Debt Securities, Available-for-Sale, Amortized Cost | 680,998 | 685,646 | |
Debt Securities, Available-for-Sale | 617,092 | 602,936 | |
Bonds Issued or Guaranteed by Agencies of the U.S. Federal Government [Member] | |||
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss | 57,700 | ||
Bonds Issued by State-based Municipalities [Member] | |||
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss | 8,400 | ||
State of Michigan and All Its Political Subdivisions [Member] | |||
Debt Securities, Available-for-Sale, Amortized Cost | 203,000 | 193,000 | |
Debt Securities, Available-for-Sale | 197,000 | 182,000 | |
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 | $ 230,000 | $ 194,000 |
Note 2 - Securities - Available
Note 2 - Securities - Available-for-sale Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Total, amortized cost | $ 680,998 | $ 685,646 |
Securities available for sale, gross unrealized gains | 2,206 | 571 |
Securities available for sale, gross unrealized losses | (66,112) | (83,281) |
Fair value | 617,092 | 602,936 |
US Government Agencies Debt Securities [Member] | ||
Total, amortized cost | 442,496 | 453,836 |
Securities available for sale, gross unrealized gains | 0 | 0 |
Securities available for sale, gross unrealized losses | (52,000) | (65,092) |
Fair value | 390,496 | 388,744 |
Collateralized Mortgage-Backed Securities [Member] | ||
Total, amortized cost | 35,168 | 38,002 |
Securities available for sale, gross unrealized gains | 20 | 19 |
Securities available for sale, gross unrealized losses | (5,715) | (6,068) |
Fair value | 29,473 | 31,953 |
Municipal General Obligation Bonds [Member] | ||
Total, amortized cost | 172,126 | 163,041 |
Securities available for sale, gross unrealized gains | 1,924 | 450 |
Securities available for sale, gross unrealized losses | (6,190) | (9,058) |
Fair value | 167,860 | 154,433 |
Municipal Revenue Bonds [Member] | ||
Total, amortized cost | 30,708 | 30,267 |
Securities available for sale, gross unrealized gains | 262 | 102 |
Securities available for sale, gross unrealized losses | (2,207) | (3,063) |
Fair value | 28,763 | 27,306 |
Other Debt and Equity Securities [Member] | ||
Total, amortized cost | 500 | 500 |
Securities available for sale, gross unrealized gains | 0 | 0 |
Securities available for sale, gross unrealized losses | 0 | 0 |
Fair value | $ 500 | $ 500 |
Note 2 - Securities - Securitie
Note 2 - Securities - Securities in a Continuous Loss Position (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Securities available for sale, continuous unrealized loss position, less than 12 months | $ 2,729 | $ 193,930 |
Securities available for sale, continuous unrealized loss position, less than 12 months, unrealized loss | 14 | 17,438 |
Securities available for sale, continuous unrealized loss position, 12 months or more | 546,018 | 379,216 |
Securities available for sale, continuous unrealized loss position, 12 months or more, unrealized loss | 66,098 | 65,843 |
Securities available for sale, continuous unrealized loss position | 548,747 | 573,146 |
Securities available for sale, continuous unrealized loss position, unrealized loss | 66,112 | 83,281 |
US Government Agencies Debt Securities [Member] | ||
Securities available for sale, continuous unrealized loss position, less than 12 months | 0 | 53,019 |
Securities available for sale, continuous unrealized loss position, less than 12 months, unrealized loss | 0 | 5,713 |
Securities available for sale, continuous unrealized loss position, 12 months or more | 390,496 | 335,725 |
Securities available for sale, continuous unrealized loss position, 12 months or more, unrealized loss | 52,000 | 59,379 |
Securities available for sale, continuous unrealized loss position | 390,496 | 388,744 |
Securities available for sale, continuous unrealized loss position, unrealized loss | 52,000 | 65,092 |
Collateralized Mortgage-Backed Securities [Member] | ||
Securities available for sale, continuous unrealized loss position, less than 12 months | 114 | 31,127 |
Securities available for sale, continuous unrealized loss position, less than 12 months, unrealized loss | 0 | 6,068 |
Securities available for sale, continuous unrealized loss position, 12 months or more | 28,749 | 12 |
Securities available for sale, continuous unrealized loss position, 12 months or more, unrealized loss | 5,715 | 0 |
Securities available for sale, continuous unrealized loss position | 28,863 | 31,139 |
Securities available for sale, continuous unrealized loss position, unrealized loss | 5,715 | 6,068 |
Municipal General Obligation Bonds [Member] | ||
Securities available for sale, continuous unrealized loss position, less than 12 months | 1,109 | 97,252 |
Securities available for sale, continuous unrealized loss position, less than 12 months, unrealized loss | 6 | 4,516 |
Securities available for sale, continuous unrealized loss position, 12 months or more | 106,171 | 32,870 |
Securities available for sale, continuous unrealized loss position, 12 months or more, unrealized loss | 6,184 | 4,542 |
Securities available for sale, continuous unrealized loss position | 107,280 | 130,122 |
Securities available for sale, continuous unrealized loss position, unrealized loss | 6,190 | 9,058 |
Municipal Revenue Bonds [Member] | ||
Securities available for sale, continuous unrealized loss position, less than 12 months | 1,506 | 12,532 |
Securities available for sale, continuous unrealized loss position, less than 12 months, unrealized loss | 8 | 1,141 |
Securities available for sale, continuous unrealized loss position, 12 months or more | 20,602 | 10,609 |
Securities available for sale, continuous unrealized loss position, 12 months or more, unrealized loss | 2,199 | 1,922 |
Securities available for sale, continuous unrealized loss position | 22,108 | 23,141 |
Securities available for sale, continuous unrealized loss position, unrealized loss | 2,207 | 3,063 |
Other Debt and Equity Securities [Member] | ||
Securities available for sale, continuous unrealized loss position, less than 12 months | 0 | 0 |
Securities available for sale, continuous unrealized loss position, less than 12 months, unrealized loss | 0 | 0 |
Securities available for sale, continuous unrealized loss position, 12 months or more | 0 | 0 |
Securities available for sale, continuous unrealized loss position, 12 months or more, unrealized loss | 0 | 0 |
Securities available for sale, continuous unrealized loss position | 0 | 0 |
Securities available for sale, continuous unrealized loss position, unrealized loss | $ 0 | $ 0 |
Note 2 - Securities - Debt Secu
Note 2 - Securities - Debt Securities by Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Due in one year or less, amortized cost | $ 57,724 | |
Due in one year or less, fair value | 56,289 | |
Due from one to five years, amortized cost | 261,591 | |
Due from one to five years, fair value | 241,758 | |
Due from five to ten years, amortized cost | 279,722 | |
Due from five to ten years, fair value | 243,791 | |
Due after ten years, amortized cost | 46,293 | |
Due after ten years, fair value | 45,281 | |
Total, amortized cost | 680,998 | $ 685,646 |
Fair value | 617,092 | 602,936 |
Collateralized Mortgage-Backed Securities [Member] | ||
No single maturity, amortized cost | 35,168 | |
No single maturity, fair value | 29,473 | |
Total, amortized cost | 35,168 | 38,002 |
Fair value | 29,473 | 31,953 |
Other Debt and Equity Securities [Member] | ||
No single maturity, amortized cost | 500 | |
No single maturity, fair value | 500 | |
Total, amortized cost | 500 | 500 |
Fair value | $ 500 | $ 500 |
Note 3 - Loans and Allowance _3
Note 3 - Loans and Allowance for Credit Losses (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Financing Receivable, before Allowance for Credit Loss, Total | $ 4,303,758 | $ 3,916,619 | ||
Financing Receivable, Nonaccrual, Interest Income | 200 | 100 | $ 100 | |
Financing Receivable, Revolving, Converted to Term Loan During Period | 6,400 | 1,300 | ||
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | (2,000) | (1,700) | ||
Financing Receivable, Individually Evaluated for Impairment | 5,400 | 13,200 | ||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 400 | 2,600 | ||
Commercial Portfolio Segment [Member] | ||||
Financing Receivable, before Allowance for Credit Loss, Total | $ 3,415,299 | $ 3,131,830 | ||
Financing Receivables, Prepayment Speed Assumed | 2% | 2% | ||
Commercial Portfolio Segment [Member] | Commercial and Industrial, Credit Cards to Business Customers [Member] | ||||
Financing Receivable, before Allowance for Credit Loss, Total | $ 17,800 | $ 16,600 | ||
Commercial Portfolio Segment [Member] | Real Estate Multi Family and Residential Rental Loan [Member] | ||||
Financing Receivable, before Allowance for Credit Loss, Total | [1] | 332,609 | 266,468 | |
Commercial Portfolio Segment [Member] | Real Estate Non Owner Occupied Loan [Member] | ||||
Financing Receivable, before Allowance for Credit Loss, Total | [1] | 1,035,684 | 979,214 | |
Retail Portfolio Segment [Member] | ||||
Financing Receivable, before Allowance for Credit Loss, Total | 888,459 | 784,789 | ||
Retail Portfolio Segment [Member] | Home Equity Loan [Member] | ||||
Financing Receivable, before Allowance for Credit Loss, Total | 38,100 | 37,400 | ||
Retail Portfolio Segment [Member] | One to Four Family Mortgages [Member] | ||||
Financing Receivable, before Allowance for Credit Loss, Total | [2] | $ 837,406 | $ 755,036 | |
Financing Receivables, Prepayment Speed Assumed | 9% | 16.10% | ||
Financing Receivables, Allowance for Credit Loss, Increase From Decrease of Prepayment Speed Assumed | $ 5,300 | |||
Retail Portfolio Segment [Member] | Other Consumer Loans [Member] | ||||
Financing Receivable, before Allowance for Credit Loss, Total | [3] | $ 51,053 | $ 29,753 | |
Financing Receivables, Prepayment Speed Assumed | 9% | 9% | ||
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 | |||
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) | |||
[1]We have reclassified multi-family construction loans from real estate - non-owner occupied loans to real estate - multi-family and residential rental loans. The table above reflects a classification change of $54.5 million as of December 31, 2022. All the tables that follow have been adjusted to reflect the reclassifications as of the applicable dates.[2]Home equity lines of credit were reclassified from 1-4 family mortgage loans to other consumer loans during the year ended December 31, 2023. Home equity lines of credit totaled $38.1 million and $37.4 million as of December 31, 2023, and 2022, respectively.[3]Credit cards to business customers were reclassified from other consumer loans to commercial and industrial during the year ended December 31, 2023. Credit cards to business customers totaled $17.8 million and $16.6 million as of December 31, 2023, and 2022, respectively. |
Note 3 - Loans and Allowance _4
Note 3 - Loans and Allowance for Credit Losses - Components of Loan Portfolio (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
Loans | $ 4,303,758 | $ 3,916,619 | |
Percent of portfolio | 100% | 100% | |
Period increase (decrease) | 9.90% | ||
Commercial Portfolio Segment [Member] | |||
Loans | $ 3,415,299 | $ 3,131,830 | |
Percent of portfolio | 79.40% | 80% | |
Period increase (decrease) | 9.10% | ||
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | |||
Loans | [1] | $ 1,254,586 | $ 1,185,083 |
Percent of portfolio | 29.20% | 30.30% | |
Period increase (decrease) | 5.90% | ||
Commercial Portfolio Segment [Member] | Vacant Land and Land Development and Residential Construction Loan [Member] | |||
Loans | $ 74,753 | $ 61,873 | |
Percent of portfolio | 1.70% | 1.60% | |
Period increase (decrease) | 20.80% | ||
Commercial Portfolio Segment [Member] | Real Estate Owner Occupied Loan [Member] | |||
Loans | $ 717,667 | $ 639,192 | |
Percent of portfolio | 16.70% | 16.30% | |
Period increase (decrease) | 12.30% | ||
Commercial Portfolio Segment [Member] | Real Estate Non Owner Occupied Loan [Member] | |||
Loans | [2] | $ 1,035,684 | $ 979,214 |
Percent of portfolio | 24.10% | 25% | |
Period increase (decrease) | 5.80% | ||
Commercial Portfolio Segment [Member] | Real Estate Multi Family and Residential Rental Loan [Member] | |||
Loans | [2] | $ 332,609 | $ 266,468 |
Percent of portfolio | 7.70% | 6.80% | |
Period increase (decrease) | 24.80% | ||
Retail Portfolio Segment [Member] | |||
Loans | $ 888,459 | $ 784,789 | |
Percent of portfolio | 20.60% | 20% | |
Period increase (decrease) | 13.20% | ||
Retail Portfolio Segment [Member] | One to Four Family Mortgages [Member] | |||
Loans | [3] | $ 837,406 | $ 755,036 |
Percent of portfolio | 19.50% | 19.30% | |
Period increase (decrease) | 10.90% | ||
Retail Portfolio Segment [Member] | Other Consumer Loans [Member] | |||
Loans | [1] | $ 51,053 | $ 29,753 |
Percent of portfolio | 1.10% | 0.70% | |
Period increase (decrease) | 71.60% | ||
[1]Credit cards to business customers were reclassified from other consumer loans to commercial and industrial during the year ended December 31, 2023. Credit cards to business customers totaled $17.8 million and $16.6 million as of December 31, 2023, and 2022, respectively.[2]We have reclassified multi-family construction loans from real estate - non-owner occupied loans to real estate - multi-family and residential rental loans. The table above reflects a classification change of $54.5 million as of December 31, 2022. All the tables that follow have been adjusted to reflect the reclassifications as of the applicable dates.[3]Home equity lines of credit were reclassified from 1-4 family mortgage loans to other consumer loans during the year ended December 31, 2023. Home equity lines of credit totaled $38.1 million and $37.4 million as of December 31, 2023, and 2022, respectively. |
Note 3 - Loans and Allowance _5
Note 3 - Loans and Allowance for Loan Losses - Concentrations Within the Loan Portfolio (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, before Allowance for Credit Loss, Total | $ 4,303,758 | $ 3,916,619 |
Commercial Real Estate Loans to Lessors of Non Residential Buildings [Member] | ||
Financing Receivable, before Allowance for Credit Loss, Total | $ 754,611 | $ 738,891 |
Percent of portfolio | 17.50% | 18.90% |
Note 3 - Loans and Allowance _6
Note 3 - Loans and Allowance for Credit Losses - Age Analysis of Past Due Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Financing Receivable, before Allowance for Credit Loss, Total | $ 4,303,758 | $ 3,916,619 | |
Recorded Balance 89 Days and Accruing | 0 | 0 | |
Commercial Portfolio Segment [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 3,415,299 | 3,131,830 | |
Recorded Balance 89 Days and Accruing | 0 | 0 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | [1] | 1,254,586 | 1,185,083 |
Recorded Balance 89 Days and Accruing | 0 | 0 | |
Commercial Portfolio Segment [Member] | Vacant Land and Land Development and Residential Construction Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 74,753 | 61,873 | |
Recorded Balance 89 Days and Accruing | 0 | 0 | |
Commercial Portfolio Segment [Member] | Real Estate Owner Occupied Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 717,667 | 639,192 | |
Recorded Balance 89 Days and Accruing | 0 | 0 | |
Commercial Portfolio Segment [Member] | Real Estate Non Owner Occupied Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | [2] | 1,035,684 | 979,214 |
Recorded Balance 89 Days and Accruing | 0 | 0 | |
Commercial Portfolio Segment [Member] | Real Estate Multi Family and Residential Rental Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | [2] | 332,609 | 266,468 |
Recorded Balance 89 Days and Accruing | 0 | 0 | |
Retail Portfolio Segment [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 888,459 | 784,789 | |
Recorded Balance 89 Days and Accruing | 0 | 0 | |
Retail Portfolio Segment [Member] | One to Four Family Mortgages [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | [3] | 837,406 | 755,036 |
Recorded Balance 89 Days and Accruing | 0 | 0 | |
Retail Portfolio Segment [Member] | Other Consumer Loans [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | [1] | 51,053 | 29,753 |
Recorded Balance 89 Days and Accruing | 0 | 0 | |
Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 1,035 | 1,349 | |
Financial Asset, 30 to 59 Days Past Due [Member] | Commercial Portfolio Segment [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 4 | 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, Total | 4 | 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, Total | 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, Total | 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, Total | 0 | 0 | |
Financial Asset, 30 to 59 Days Past Due [Member] | Commercial Portfolio Segment [Member] | Real Estate Multi Family and Residential Rental Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 0 | 0 | |
Financial Asset, 30 to 59 Days Past Due [Member] | Retail Portfolio Segment [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 1,031 | 1,349 | |
Financial Asset, 30 to 59 Days Past Due [Member] | Retail Portfolio Segment [Member] | One to Four Family Mortgages [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 934 | 1,334 | |
Financial Asset, 30 to 59 Days Past Due [Member] | Retail Portfolio Segment [Member] | Other Consumer Loans [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 97 | 15 | |
Financial Asset, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 145 | 6,042 | |
Financial Asset, 60 to 89 Days Past Due [Member] | Commercial Portfolio Segment [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 0 | 5,953 | |
Financial Asset, 60 to 89 Days Past Due [Member] | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 0 | 5,705 | |
Financial Asset, 60 to 89 Days Past Due [Member] | Commercial Portfolio Segment [Member] | Vacant Land and Land Development and Residential Construction Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 0 | 0 | |
Financial Asset, 60 to 89 Days Past Due [Member] | Commercial Portfolio Segment [Member] | Real Estate Owner Occupied Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 0 | 248 | |
Financial Asset, 60 to 89 Days Past Due [Member] | Commercial Portfolio Segment [Member] | Real Estate Non Owner Occupied Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 0 | 0 | |
Financial Asset, 60 to 89 Days Past Due [Member] | Commercial Portfolio Segment [Member] | Real Estate Multi Family and Residential Rental Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 0 | 0 | |
Financial Asset, 60 to 89 Days Past Due [Member] | Retail Portfolio Segment [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 145 | 89 | |
Financial Asset, 60 to 89 Days Past Due [Member] | Retail Portfolio Segment [Member] | One to Four Family Mortgages [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 145 | 88 | |
Financial Asset, 60 to 89 Days Past Due [Member] | Retail Portfolio Segment [Member] | Other Consumer Loans [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 0 | 1 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 357 | 365 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Commercial Portfolio Segment [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 319 | 249 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 249 | 249 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Commercial Portfolio Segment [Member] | Vacant Land and Land Development and Residential Construction Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 0 | 0 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Commercial Portfolio Segment [Member] | Real Estate Owner Occupied Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 70 | 0 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Commercial Portfolio Segment [Member] | Real Estate Non Owner Occupied Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 0 | 0 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Commercial Portfolio Segment [Member] | Real Estate Multi Family and Residential Rental Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 0 | 0 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Retail Portfolio Segment [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 38 | 116 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Retail Portfolio Segment [Member] | One to Four Family Mortgages [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 38 | 116 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Retail Portfolio Segment [Member] | Other Consumer Loans [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 0 | 0 | |
Financial Asset, Past Due [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 1,537 | 7,756 | |
Financial Asset, Past Due [Member] | Commercial Portfolio Segment [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 323 | 6,202 | |
Financial Asset, Past Due [Member] | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 253 | 5,954 | |
Financial Asset, Past Due [Member] | Commercial Portfolio Segment [Member] | Vacant Land and Land Development and Residential Construction Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 0 | 0 | |
Financial Asset, Past Due [Member] | Commercial Portfolio Segment [Member] | Real Estate Owner Occupied Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 70 | 248 | |
Financial Asset, Past Due [Member] | Commercial Portfolio Segment [Member] | Real Estate Non Owner Occupied Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 0 | 0 | |
Financial Asset, Past Due [Member] | Commercial Portfolio Segment [Member] | Real Estate Multi Family and Residential Rental Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 0 | 0 | |
Financial Asset, Past Due [Member] | Retail Portfolio Segment [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 1,214 | 1,554 | |
Financial Asset, Past Due [Member] | Retail Portfolio Segment [Member] | One to Four Family Mortgages [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 1,117 | 1,538 | |
Financial Asset, Past Due [Member] | Retail Portfolio Segment [Member] | Other Consumer Loans [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 97 | 16 | |
Financial Asset, Not Past Due [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 4,302,221 | 3,908,863 | |
Financial Asset, Not Past Due [Member] | Commercial Portfolio Segment [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 3,414,976 | 3,125,628 | |
Financial Asset, Not Past Due [Member] | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 1,254,333 | 1,179,129 | |
Financial Asset, Not Past Due [Member] | Commercial Portfolio Segment [Member] | Vacant Land and Land Development and Residential Construction Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 74,753 | 61,873 | |
Financial Asset, Not Past Due [Member] | Commercial Portfolio Segment [Member] | Real Estate Owner Occupied Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 717,597 | 638,944 | |
Financial Asset, Not Past Due [Member] | Commercial Portfolio Segment [Member] | Real Estate Non Owner Occupied Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 1,035,684 | 979,214 | |
Financial Asset, Not Past Due [Member] | Commercial Portfolio Segment [Member] | Real Estate Multi Family and Residential Rental Loan [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 332,609 | 266,468 | |
Financial Asset, Not Past Due [Member] | Retail Portfolio Segment [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 887,245 | 783,235 | |
Financial Asset, Not Past Due [Member] | Retail Portfolio Segment [Member] | One to Four Family Mortgages [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 836,289 | 753,498 | |
Financial Asset, Not Past Due [Member] | Retail Portfolio Segment [Member] | Other Consumer Loans [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | $ 50,956 | $ 29,737 | |
[1]Credit cards to business customers were reclassified from other consumer loans to commercial and industrial during the year ended December 31, 2023. Credit cards to business customers totaled $17.8 million and $16.6 million as of December 31, 2023, and 2022, respectively.[2]We have reclassified multi-family construction loans from real estate - non-owner occupied loans to real estate - multi-family and residential rental loans. The table above reflects a classification change of $54.5 million as of December 31, 2022. All the tables that follow have been adjusted to reflect the reclassifications as of the applicable dates.[3]Home equity lines of credit were reclassified from 1-4 family mortgage loans to other consumer loans during the year ended December 31, 2023. Home equity lines of credit totaled $38.1 million and $37.4 million as of December 31, 2023, and 2022, respectively. |
Note 3 - Loans and Allowance _7
Note 3 - Loans and Allowance for Loan Losses - Nonaccrual Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
With no related allowance recorded, principal balance | $ 2,342 | $ 1,313 |
With related allowance recorded, principal balance | 1,073 | 6,415 |
Related allowance | 241 | 2,283 |
Total principal balance | 3,415 | 7,728 |
Commercial Portfolio Segment [Member] | ||
With no related allowance recorded, principal balance | 70 | 249 |
With related allowance recorded, principal balance | 249 | 6,023 |
Related allowance | 1 | 2,083 |
Total principal balance | 319 | 6,272 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
With no related allowance recorded, principal balance | 0 | 249 |
With related allowance recorded, principal balance | 249 | 5,775 |
Related allowance | 1 | 2,051 |
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 | 70 | 0 |
With related allowance recorded, principal balance | 0 | 248 |
Related allowance | 0 | 32 |
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 | 2,272 | 1,064 |
With related allowance recorded, principal balance | 824 | 392 |
Related allowance | 240 | 200 |
Total principal balance | 3,096 | 1,456 |
Retail Portfolio Segment [Member] | One to Four Family Mortgages [Member] | ||
With no related allowance recorded, principal balance | 2,272 | 1,064 |
With related allowance recorded, principal balance | 824 | 392 |
Related allowance | 240 | 200 |
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 - Loans by Credit Quality Indicators (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Loans | $ 4,303,758 | $ 3,916,619 | |
Commercial Portfolio Segment [Member] | |||
Loans | 3,415,299 | 3,131,830 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | |||
Loans | [1] | 1,254,586 | 1,185,083 |
Commercial Portfolio Segment [Member] | Vacant Land and Land Development and Residential Construction Loan [Member] | |||
Loans | 74,753 | 61,873 | |
Commercial Portfolio Segment [Member] | Real Estate Owner Occupied Loan [Member] | |||
Loans | 717,667 | 639,192 | |
Commercial Portfolio Segment [Member] | Real Estate Non Owner Occupied Loan [Member] | |||
Loans | [2] | 1,035,684 | 979,214 |
Commercial Portfolio Segment [Member] | Real Estate Multi Family and Residential Rental Loan [Member] | |||
Loans | [2] | 332,609 | 266,468 |
Grades 1-4 [Member] | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | |||
Loans | [3] | 724,156 | 719,583 |
Grades 1-4 [Member] | Commercial Portfolio Segment [Member] | Vacant Land and Land Development and Residential Construction Loan [Member] | |||
Loans | 34,944 | 41,711 | |
Grades 1-4 [Member] | Commercial Portfolio Segment [Member] | Real Estate Owner Occupied Loan [Member] | |||
Loans | 468,339 | 406,341 | |
Grades 1-4 [Member] | Commercial Portfolio Segment [Member] | Real Estate Non Owner Occupied Loan [Member] | |||
Loans | 451,019 | 428,733 | |
Grades 1-4 [Member] | Commercial Portfolio Segment [Member] | Real Estate Multi Family and Residential Rental Loan [Member] | |||
Loans | 172,455 | 137,258 | |
Grades 5-7 [Member] | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | |||
Loans | 505,807 | 450,405 | |
Grades 5-7 [Member] | Commercial Portfolio Segment [Member] | Vacant Land and Land Development and Residential Construction Loan [Member] | |||
Loans | 39,719 | 20,057 | |
Grades 5-7 [Member] | Commercial Portfolio Segment [Member] | Real Estate Owner Occupied Loan [Member] | |||
Loans | 248,802 | 229,766 | |
Grades 5-7 [Member] | Commercial Portfolio Segment [Member] | Real Estate Non Owner Occupied Loan [Member] | |||
Loans | 573,771 | 538,081 | |
Grades 5-7 [Member] | Commercial Portfolio Segment [Member] | Real Estate Multi Family and Residential Rental Loan [Member] | |||
Loans | 147,903 | 129,161 | |
Grades 8-9 [Member] | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | |||
Loans | 24,623 | 15,095 | |
Grades 8-9 [Member] | Commercial Portfolio Segment [Member] | Vacant Land and Land Development and Residential Construction Loan [Member] | |||
Loans | 90 | 105 | |
Grades 8-9 [Member] | Commercial Portfolio Segment [Member] | Real Estate Owner Occupied Loan [Member] | |||
Loans | 526 | 3,085 | |
Grades 8-9 [Member] | Commercial Portfolio Segment [Member] | Real Estate Non Owner Occupied Loan [Member] | |||
Loans | 10,894 | 12,400 | |
Grades 8-9 [Member] | Commercial Portfolio Segment [Member] | Real Estate Multi Family and Residential Rental Loan [Member] | |||
Loans | $ 12,251 | $ 49 | |
[1]Credit cards to business customers were reclassified from other consumer loans to commercial and industrial during the year ended December 31, 2023. Credit cards to business customers totaled $17.8 million and $16.6 million as of December 31, 2023, and 2022, respectively.[2]We have reclassified multi-family construction loans from real estate - non-owner occupied loans to real estate - multi-family and residential rental loans. The table above reflects a classification change of $54.5 million as of December 31, 2022. All the tables that follow have been adjusted to reflect the reclassifications as of the applicable dates.[3]Included in Commercial and Industrial Loans Grades 1 – 4 are $40.1 million of loans originated under the Paycheck Protection Program. |
Note 3 - Loans and Allowance _9
Note 3 - Loans and Allowance for Credit Losses - Retail Credit Exposure (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Loans | $ 4,303,758 | $ 3,916,619 | |
Retail Portfolio Segment [Member] | |||
Loans | 888,459 | 784,789 | |
Retail Portfolio Segment [Member] | One to Four Family Mortgages [Member] | |||
Loans | [1] | 837,406 | 755,036 |
Retail Portfolio Segment [Member] | Other Consumer Loans [Member] | |||
Loans | [2] | 51,053 | 29,753 |
Retail Portfolio Segment [Member] | Performing Financial Instruments [Member] | One to Four Family Mortgages [Member] | |||
Loans | 834,310 | 753,580 | |
Retail Portfolio Segment [Member] | Performing Financial Instruments [Member] | Other Consumer Loans [Member] | |||
Loans | 51,053 | 29,753 | |
Retail Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | One to Four Family Mortgages [Member] | |||
Loans | 3,096 | 1,456 | |
Retail Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | Other Consumer Loans [Member] | |||
Loans | $ 0 | $ 0 | |
[1]Home equity lines of credit were reclassified from 1-4 family mortgage loans to other consumer loans during the year ended December 31, 2023. Home equity lines of credit totaled $38.1 million and $37.4 million as of December 31, 2023, and 2022, respectively.[2]Credit cards to business customers were reclassified from other consumer loans to commercial and industrial during the year ended December 31, 2023. Credit cards to business customers totaled $17.8 million and $16.6 million as of December 31, 2023, and 2022, respectively. |
Note 3 - Loans and Allowance_10
Note 3 - Loans and Allowance for Credit Losses - Loan Vintage (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | $ 1,253,892 | $ 1,343,470 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 965,863 | 1,016,338 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 751,371 | 538,303 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 434,453 | 149,061 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 89,819 | 79,881 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 96,332 | 115,181 | |
Financing Receivable, Term Loan | 3,591,730 | 3,242,234 | |
Financing Receivable, Revolving | 712,028 | 674,385 | |
Loans | 4,303,758 | 3,916,619 | |
Current-period gross write-offs, year one | 3 | ||
Current-period gross write-offs, year two | 204 | ||
Current-period gross write-offs, year three | 0 | ||
Current-period gross write-offs, year four | 0 | ||
Current-period gross write-offs, year five | 0 | ||
Current-period gross write-offs, prior | 283 | ||
Current-period gross write-offs, term loan | 490 | ||
Current-period gross write-offs, revolving | 373 | ||
Current-period gross write-offs | 863 | ||
Commercial Portfolio Segment [Member] | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 1,114,823 | 1,025,368 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 629,468 | 770,436 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 517,560 | 445,327 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 351,843 | 135,893 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 78,643 | 64,986 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 50,668 | 72,100 | |
Financing Receivable, Term Loan | 2,743,005 | 2,514,110 | |
Financing Receivable, Revolving | 672,294 | 617,720 | |
Loans | 3,415,299 | 3,131,830 | |
Current-period gross write-offs, year one | 0 | ||
Current-period gross write-offs, year two | 14 | ||
Current-period gross write-offs, year three | 0 | ||
Current-period gross write-offs, year four | 0 | ||
Current-period gross write-offs, year five | 0 | ||
Current-period gross write-offs, prior | 40 | ||
Current-period gross write-offs, term loan | 54 | ||
Current-period gross write-offs, revolving | 218 | ||
Current-period gross write-offs | 272 | ||
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 281,870 | 271,061 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 139,984 | 188,760 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 110,459 | 75,658 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 38,938 | 18,064 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 13,428 | 3,847 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 9,279 | 9,973 | |
Financing Receivable, Term Loan | 593,958 | 567,363 | |
Financing Receivable, Revolving | 660,628 | 617,720 | |
Loans | [1] | 1,254,586 | 1,185,083 |
Current-period gross write-offs, year one | 0 | ||
Current-period gross write-offs, year two | 0 | ||
Current-period gross write-offs, year three | 0 | ||
Current-period gross write-offs, year four | 0 | ||
Current-period gross write-offs, year five | 0 | ||
Current-period gross write-offs, prior | 0 | ||
Current-period gross write-offs, term loan | 0 | ||
Current-period gross write-offs, revolving | 218 | ||
Current-period gross write-offs | 218 | ||
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Grades 1-4 [Member] | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 103,531 | 115,494 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 79,883 | 141,481 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 90,107 | 43,961 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 20,577 | 9,194 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 5,978 | 3,230 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 9,160 | 9,851 | |
Financing Receivable, Term Loan | 309,236 | 323,211 | |
Financing Receivable, Revolving | 414,920 | 396,372 | |
Loans | [2] | 724,156 | 719,583 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Grades 5-7 [Member] | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 174,668 | 151,783 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 57,979 | 47,030 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 20,075 | 31,697 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 18,361 | 8,870 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 7,450 | 569 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 119 | 93 | |
Financing Receivable, Term Loan | 278,652 | 240,042 | |
Financing Receivable, Revolving | 227,155 | 210,363 | |
Loans | 505,807 | 450,405 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Grades 8-9 [Member] | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 3,671 | 3,784 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 2,122 | 249 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 277 | 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 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | 29 | |
Financing Receivable, Term Loan | 6,070 | 4,110 | |
Financing Receivable, Revolving | 18,553 | 10,985 | |
Loans | 24,623 | 15,095 | |
Commercial Portfolio Segment [Member] | Vacant Land and Land Development and Residential Construction Loan [Member] | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 42,683 | 42,026 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 27,814 | 14,956 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 1,246 | 3,779 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 2,112 | 50 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 40 | 14 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 858 | 1,048 | |
Financing Receivable, Term Loan | 74,753 | 61,873 | |
Financing Receivable, Revolving | 0 | 0 | |
Loans | 74,753 | 61,873 | |
Current-period gross write-offs, year one | 0 | ||
Current-period gross write-offs, year two | 0 | ||
Current-period gross write-offs, year three | 0 | ||
Current-period gross write-offs, year four | 0 | ||
Current-period gross write-offs, year five | 0 | ||
Current-period gross write-offs, prior | 0 | ||
Current-period gross write-offs, term loan | 0 | ||
Current-period gross write-offs, revolving | 0 | ||
Current-period 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 | 24,875 | 31,756 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 6,570 | 6,196 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 1,108 | 3,428 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 2,110 | 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 | 281 | 331 | |
Financing Receivable, Term Loan | 34,944 | 41,711 | |
Financing Receivable, Revolving | 0 | 0 | |
Loans | 34,944 | 41,711 | |
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 | 17,799 | 10,270 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 21,244 | 8,760 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 138 | 351 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 2 | 50 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 40 | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 496 | 626 | |
Financing Receivable, Term Loan | 39,719 | 20,057 | |
Financing Receivable, Revolving | 0 | 0 | |
Loans | 39,719 | 20,057 | |
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 | 9 | 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 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 81 | 91 | |
Financing Receivable, Term Loan | 90 | 105 | |
Financing Receivable, Revolving | 0 | 0 | |
Loans | 90 | 105 | |
Commercial Portfolio Segment [Member] | Real Estate Owner Occupied Loan [Member] | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 316,576 | 312,711 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 173,818 | 169,701 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 113,711 | 87,587 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 74,697 | 29,915 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 23,781 | 31,951 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 3,418 | 7,327 | |
Financing Receivable, Term Loan | 706,001 | 639,192 | |
Financing Receivable, Revolving | 11,666 | 0 | |
Loans | 717,667 | 639,192 | |
Current-period gross write-offs, year one | 0 | ||
Current-period gross write-offs, year two | 14 | ||
Current-period gross write-offs, year three | 0 | ||
Current-period gross write-offs, year four | 0 | ||
Current-period gross write-offs, year five | 0 | ||
Current-period gross write-offs, prior | 40 | ||
Current-period gross write-offs, term loan | 54 | ||
Current-period gross write-offs, revolving | 0 | ||
Current-period gross write-offs | 54 | ||
Commercial Portfolio Segment [Member] | Real Estate Owner Occupied Loan [Member] | Grades 1-4 [Member] | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 205,379 | 194,072 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 110,130 | 113,528 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 85,982 | 53,630 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 47,630 | 19,670 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 14,362 | 19,279 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 2,908 | 6,162 | |
Financing Receivable, Term Loan | 466,391 | 406,341 | |
Financing Receivable, Revolving | 1,948 | 0 | |
Loans | 468,339 | 406,341 | |
Commercial Portfolio Segment [Member] | Real Estate Owner Occupied Loan [Member] | Grades 5-7 [Member] | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 111,197 | 115,720 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 63,271 | 56,173 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 27,729 | 33,913 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 27,029 | 10,245 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 9,419 | 12,550 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 439 | 1,165 | |
Financing Receivable, Term Loan | 239,084 | 229,766 | |
Financing Receivable, Revolving | 9,718 | 0 | |
Loans | 248,802 | 229,766 | |
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 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 417 | 0 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 44 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 38 | 0 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 122 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 71 | 0 | |
Financing Receivable, Term Loan | 526 | 3,085 | |
Financing Receivable, Revolving | 0 | 0 | |
Loans | 526 | 3,085 | |
Commercial Portfolio Segment [Member] | Real Estate Non Owner Occupied Loan [Member] | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 353,490 | 304,209 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 203,376 | 300,369 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 223,084 | 222,288 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 190,594 | 79,396 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 33,812 | 23,535 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 31,328 | 49,417 | |
Financing Receivable, Term Loan | 1,035,684 | 979,214 | |
Financing Receivable, Revolving | 0 | 0 | |
Loans | [3] | 1,035,684 | 979,214 |
Current-period gross write-offs, year one | 0 | ||
Current-period gross write-offs, year two | 0 | ||
Current-period gross write-offs, year three | 0 | ||
Current-period gross write-offs, year four | 0 | ||
Current-period gross write-offs, year five | 0 | ||
Current-period gross write-offs, prior | 0 | ||
Current-period gross write-offs, term loan | 0 | ||
Current-period gross write-offs, revolving | 0 | ||
Current-period 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 | 109,125 | 121,281 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 84,912 | 152,034 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 113,846 | 89,125 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 102,279 | 44,196 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 27,664 | 10,079 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 13,193 | 12,018 | |
Financing Receivable, Term Loan | 451,019 | 428,733 | |
Financing Receivable, Revolving | 0 | 0 | |
Loans | 451,019 | 428,733 | |
Commercial Portfolio Segment [Member] | Real Estate Non Owner Occupied Loan [Member] | Grades 5-7 [Member] | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 233,471 | 176,216 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 118,464 | 142,647 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 109,238 | 133,163 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 88,315 | 35,200 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 6,148 | 13,456 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 18,135 | 37,399 | |
Financing Receivable, Term Loan | 573,771 | 538,081 | |
Financing Receivable, Revolving | 0 | 0 | |
Loans | 573,771 | 538,081 | |
Commercial Portfolio Segment [Member] | Real Estate Non Owner Occupied Loan [Member] | Grades 8-9 [Member] | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 10,894 | 6,712 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 5,688 | |
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 | 10,894 | 12,400 | |
Financing Receivable, Revolving | 0 | 0 | |
Loans | 10,894 | 12,400 | |
Commercial Portfolio Segment [Member] | Real Estate Multi Family and Residential Rental Loan [Member] | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 120,204 | 95,361 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 84,476 | 96,650 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 69,060 | 56,015 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 45,502 | 8,468 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 7,582 | 5,639 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 5,785 | 4,335 | |
Financing Receivable, Term Loan | 332,609 | 266,468 | |
Financing Receivable, Revolving | 0 | 0 | |
Loans | [3] | 332,609 | 266,468 |
Current-period gross write-offs, year one | 0 | ||
Current-period gross write-offs, year two | 0 | ||
Current-period gross write-offs, year three | 0 | ||
Current-period gross write-offs, year four | 0 | ||
Current-period gross write-offs, year five | 0 | ||
Current-period gross write-offs, prior | 0 | ||
Current-period gross write-offs, term loan | 0 | ||
Current-period gross write-offs, revolving | 0 | ||
Current-period 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 | 36,038 | 39,342 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 28,512 | 49,177 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 64,244 | 36,348 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 35,129 | 5,306 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 4,883 | 3,082 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 3,649 | 4,003 | |
Financing Receivable, Term Loan | 172,455 | 137,258 | |
Financing Receivable, Revolving | 0 | 0 | |
Loans | 172,455 | 137,258 | |
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 | 72,916 | 56,019 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 55,964 | 47,473 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 4,816 | 19,667 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 9,372 | 3,162 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 2,699 | 2,557 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 2,136 | 283 | |
Financing Receivable, Term Loan | 147,903 | 129,161 | |
Financing Receivable, Revolving | 0 | 0 | |
Loans | 147,903 | 129,161 | |
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 | 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 | 1,001 | 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 | |
Financing Receivable, Term Loan | 12,251 | 49 | |
Financing Receivable, Revolving | 0 | 0 | |
Loans | 12,251 | 49 | |
Retail Portfolio Segment [Member] | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 139,069 | 318,102 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 336,395 | 245,902 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 233,811 | 92,976 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 82,610 | 13,168 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 11,176 | 14,895 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 45,664 | 43,081 | |
Financing Receivable, Term Loan | 848,725 | 728,124 | |
Financing Receivable, Revolving | 39,734 | 56,665 | |
Loans | 888,459 | 784,789 | |
Current-period gross write-offs, year one | 3 | ||
Current-period gross write-offs, year two | 190 | ||
Current-period gross write-offs, year three | 0 | ||
Current-period gross write-offs, year four | 0 | ||
Current-period gross write-offs, year five | 0 | ||
Current-period gross write-offs, prior | 243 | ||
Current-period gross write-offs, term loan | 436 | ||
Current-period gross write-offs, revolving | 155 | ||
Current-period gross write-offs | 591 | ||
Retail Portfolio Segment [Member] | One to Four Family Mortgages [Member] | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 133,931 | 313,753 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 333,826 | 243,032 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 232,147 | 91,936 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 82,002 | 12,094 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 10,525 | 14,500 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 44,948 | 42,651 | |
Financing Receivable, Term Loan | 837,379 | 717,966 | |
Financing Receivable, Revolving | 27 | 37,070 | |
Loans | [4] | 837,406 | 755,036 |
Current-period gross write-offs, year one | 0 | ||
Current-period gross write-offs, year two | 174 | ||
Current-period gross write-offs, year three | 0 | ||
Current-period gross write-offs, year four | 0 | ||
Current-period gross write-offs, year five | 0 | ||
Current-period gross write-offs, prior | 240 | ||
Current-period gross write-offs, term loan | 414 | ||
Current-period gross write-offs, revolving | 0 | ||
Current-period gross write-offs | 414 | ||
Retail Portfolio Segment [Member] | One to Four Family Mortgages [Member] | Performing Financial Instruments [Member] | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 133,823 | 313,611 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 332,098 | 242,950 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 231,842 | 91,936 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 82,002 | 12,094 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 10,515 | 14,297 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 44,003 | 41,622 | |
Financing Receivable, Term Loan | 834,283 | 716,510 | |
Financing Receivable, Revolving | 27 | 37,070 | |
Loans | 834,310 | 753,580 | |
Retail Portfolio Segment [Member] | One to Four Family Mortgages [Member] | Nonperforming Financial Instruments [Member] | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 108 | 142 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 1,728 | 82 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 305 | 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 | 10 | 203 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 945 | 1,029 | |
Financing Receivable, Term Loan | 3,096 | 1,456 | |
Financing Receivable, Revolving | 0 | 0 | |
Loans | 3,096 | 1,456 | |
Retail Portfolio Segment [Member] | Other Consumer Loans [Member] | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 5,138 | 4,349 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 2,569 | 2,870 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 1,664 | 1,040 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 608 | 1,074 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 651 | 395 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 716 | 430 | |
Financing Receivable, Term Loan | 11,346 | 10,158 | |
Financing Receivable, Revolving | 39,707 | 19,595 | |
Loans | [1] | 51,053 | 29,753 |
Current-period gross write-offs, year one | 3 | ||
Current-period gross write-offs, year two | 16 | ||
Current-period gross write-offs, year three | 0 | ||
Current-period gross write-offs, year four | 0 | ||
Current-period gross write-offs, year five | 0 | ||
Current-period gross write-offs, prior | 3 | ||
Current-period gross write-offs, term loan | 22 | ||
Current-period gross write-offs, revolving | 155 | ||
Current-period gross write-offs | 177 | ||
Retail Portfolio Segment [Member] | Other Consumer Loans [Member] | Performing Financial Instruments [Member] | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 5,138 | 4,349 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 2,569 | 2,870 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 1,664 | 1,040 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 608 | 1,074 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 651 | 395 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 716 | 430 | |
Financing Receivable, Term Loan | 11,346 | 10,158 | |
Financing Receivable, Revolving | 39,707 | 19,595 | |
Loans | 51,053 | 29,753 | |
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 | |
[1]Credit cards to business customers were reclassified from other consumer loans to commercial and industrial during the year ended December 31, 2023. Credit cards to business customers totaled $17.8 million and $16.6 million as of December 31, 2023, and 2022, respectively.[2]Included in Commercial and Industrial Loans Grades 1 – 4 are $40.1 million of loans originated under the Paycheck Protection Program.[3]We have reclassified multi-family construction loans from real estate - non-owner occupied loans to real estate - multi-family and residential rental loans. The table above reflects a classification change of $54.5 million as of December 31, 2022. All the tables that follow have been adjusted to reflect the reclassifications as of the applicable dates.[4]Home equity lines of credit were reclassified from 1-4 family mortgage loans to other consumer loans during the year ended December 31, 2023. Home equity lines of credit totaled $38.1 million and $37.4 million as of December 31, 2023, and 2022, respectively. |
Note 3 - Loans and Allowance_11
Note 3 - Loans and Allowance for Credit Losses - Activity in Allowance for Loan Losses and the Recorded Investments in Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Balance | $ 42,246 | $ 35,363 | $ 37,967 |
Provision for credit losses | 7,700 | 6,550 | (4,300) |
Charge-offs | (863) | (292) | (1,044) |
Recoveries | 831 | 1,025 | 2,740 |
Balance | 49,914 | 42,246 | 35,363 |
Revision of Prior Period, Reclassification, Adjustment [Member] | |||
Balance | 0 | ||
Balance | 0 | ||
Revision of Prior Period, After Reclassification [Member] | |||
Balance | 42,246 | ||
Balance | 42,246 | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | |||
Balance | (400) | ||
Balance | (400) | ||
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | |||
Balance | 10,203 | 10,782 | 9,424 |
Provision for credit losses | (2,822) | 946 | 2,030 |
Charge-offs | (218) | (171) | (882) |
Recoveries | 188 | 217 | 210 |
Balance | 7,441 | 10,203 | 10,782 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Revision of Prior Period, Reclassification, Adjustment [Member] | |||
Balance | 90 | ||
Balance | 90 | ||
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Revision of Prior Period, After Reclassification [Member] | |||
Balance | 10,293 | ||
Balance | 10,293 | ||
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | |||
Balance | (1,571) | ||
Balance | (1,571) | ||
Commercial Portfolio Segment [Member] | Vacant Land and Land Development and Residential Construction Loan [Member] | |||
Balance | 490 | 420 | 679 |
Provision for credit losses | (141) | 138 | (618) |
Charge-offs | 0 | (29) | (15) |
Recoveries | 35 | 4 | 374 |
Balance | 384 | 490 | 420 |
Commercial Portfolio Segment [Member] | Vacant Land and Land Development and Residential Construction Loan [Member] | Revision of Prior Period, Reclassification, Adjustment [Member] | |||
Balance | 0 | ||
Balance | 0 | ||
Commercial Portfolio Segment [Member] | Vacant Land and Land Development and Residential Construction Loan [Member] | Revision of Prior Period, After Reclassification [Member] | |||
Balance | 490 | ||
Balance | 490 | ||
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) | ||
Balance | (43) | ||
Commercial Portfolio Segment [Member] | Real Estate Owner Occupied Loan [Member] | |||
Balance | 5,914 | 6,045 | 8,246 |
Provision for credit losses | 1,255 | 378 | (3,308) |
Charge-offs | (54) | (38) | (12) |
Recoveries | 71 | 89 | 1,119 |
Balance | 7,186 | 5,914 | 6,045 |
Commercial Portfolio Segment [Member] | Real Estate Owner Occupied Loan [Member] | Revision of Prior Period, Reclassification, Adjustment [Member] | |||
Balance | 0 | ||
Balance | 0 | ||
Commercial Portfolio Segment [Member] | Real Estate Owner Occupied Loan [Member] | Revision of Prior Period, After Reclassification [Member] | |||
Balance | 5,914 | ||
Balance | 5,914 | ||
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) | ||
Balance | (560) | ||
Commercial Portfolio Segment [Member] | Real Estate Non Owner Occupied Loan [Member] | |||
Balance | 9,242 | 12,990 | 13,611 |
Provision for credit losses | 610 | (1,214) | (621) |
Charge-offs | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 |
Balance | 9,852 | 9,242 | 12,990 |
Commercial Portfolio Segment [Member] | Real Estate Non Owner Occupied Loan [Member] | Revision of Prior Period, Reclassification, Adjustment [Member] | |||
Balance | 0 | ||
Balance | 0 | ||
Commercial Portfolio Segment [Member] | Real Estate Non Owner Occupied Loan [Member] | Revision of Prior Period, After Reclassification [Member] | |||
Balance | 9,242 | ||
Balance | 9,242 | ||
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) | ||
Balance | (2,534) | ||
Commercial Portfolio Segment [Member] | Real Estate Multi Family and Residential Rental Loan [Member] | |||
Balance | 2,191 | 2,006 | 1,819 |
Provision for credit losses | 967 | 763 | 161 |
Charge-offs | 0 | 0 | 0 |
Recoveries | 26 | 43 | 26 |
Balance | 3,184 | 2,191 | 2,006 |
Commercial Portfolio Segment [Member] | Real Estate Multi Family and Residential Rental Loan [Member] | Revision of Prior Period, Reclassification, Adjustment [Member] | |||
Balance | 0 | ||
Balance | 0 | ||
Commercial Portfolio Segment [Member] | Real Estate Multi Family and Residential Rental Loan [Member] | Revision of Prior Period, After Reclassification [Member] | |||
Balance | 2,191 | ||
Balance | 2,191 | ||
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) | ||
Balance | (621) | ||
Retail Portfolio Segment [Member] | One to Four Family Mortgages [Member] | |||
Balance | 14,027 | 2,449 | 3,240 |
Provision for credit losses | 5,638 | 5,621 | (1,629) |
Charge-offs | (414) | (33) | (92) |
Recoveries | 432 | 595 | 930 |
Balance | 18,986 | 14,027 | 2,449 |
Retail Portfolio Segment [Member] | One to Four Family Mortgages [Member] | Revision of Prior Period, Reclassification, Adjustment [Member] | |||
Balance | (697) | ||
Balance | (697) | ||
Retail Portfolio Segment [Member] | One to Four Family Mortgages [Member] | Revision of Prior Period, After Reclassification [Member] | |||
Balance | 13,330 | ||
Balance | 13,330 | ||
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 | ||
Balance | 5,395 | ||
Retail Portfolio Segment [Member] | Other Consumer Loans [Member] | |||
Balance | 160 | 626 | |
Provision for credit losses | 2,212 | (111) | |
Charge-offs | (177) | (21) | |
Recoveries | 79 | 77 | |
Balance | 2,881 | 160 | 626 |
Retail Portfolio Segment [Member] | Other Consumer Loans [Member] | Revision of Prior Period, Reclassification, Adjustment [Member] | |||
Balance | 607 | ||
Balance | 607 | ||
Retail Portfolio Segment [Member] | Other Consumer Loans [Member] | Revision of Prior Period, After Reclassification [Member] | |||
Balance | 767 | ||
Balance | 767 | ||
Retail Portfolio Segment [Member] | Other Consumer Loans [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | |||
Balance | (411) | ||
Balance | (411) | ||
Retail Portfolio Segment [Member] | Home Equity and Other [Member] | |||
Balance | 626 | 889 | |
Provision for credit losses | (301) | ||
Charge-offs | (43) | ||
Recoveries | 81 | ||
Balance | 626 | ||
Unallocated Financing Receivables [Member] | |||
Balance | 19 | 45 | 59 |
Provision for credit losses | (19) | 29 | (14) |
Charge-offs | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 |
Balance | 0 | 19 | 45 |
Unallocated Financing Receivables [Member] | Revision of Prior Period, Reclassification, Adjustment [Member] | |||
Balance | 0 | ||
Balance | 0 | ||
Unallocated Financing Receivables [Member] | Revision of Prior Period, After Reclassification [Member] | |||
Balance | $ 19 | ||
Balance | 19 | ||
Unallocated Financing Receivables [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | |||
Balance | $ (55) | ||
Balance | $ (55) |
Note 3 - Loans and Allowance_12
Note 3 - Loans and Allowance for Credit Losses - Financial Effect by Type of Modification (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Modified in period | $ 7,350 | |
Commercial Portfolio Segment [Member] | ||
Modified in period | 6,593 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Modified in period | 6,593 | |
Commercial Portfolio Segment [Member] | Vacant Land and Land Development and Residential Construction Loan [Member] | ||
Modified in period | 0 | |
Commercial Portfolio Segment [Member] | Real Estate Owner Occupied Loan [Member] | ||
Modified in period | 0 | |
Commercial Portfolio Segment [Member] | Real Estate Non Owner Occupied Loan [Member] | ||
Modified in period | 0 | |
Commercial Portfolio Segment [Member] | Real Estate Multi Family and Residential Rental Loan [Member] | ||
Modified in period | 0 | |
Retail Portfolio Segment [Member] | ||
Modified in period | $ 757 | |
Contractual Interest Rate Reduction [Member] | ||
Modified in period | $ 0 | |
Contractual Interest Rate Reduction [Member] | Commercial Portfolio Segment [Member] | ||
Modified in period | 0 | |
Contractual Interest Rate Reduction [Member] | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Modified in period | 0 | |
Contractual Interest Rate Reduction [Member] | Commercial Portfolio Segment [Member] | Vacant Land and Land Development and Residential Construction Loan [Member] | ||
Modified in period | 0 | |
Contractual Interest Rate Reduction [Member] | Commercial Portfolio Segment [Member] | Real Estate Owner Occupied Loan [Member] | ||
Modified in period | 0 | |
Contractual Interest Rate Reduction [Member] | Commercial Portfolio Segment [Member] | Real Estate Non Owner Occupied Loan [Member] | ||
Modified in period | 0 | |
Contractual Interest Rate Reduction [Member] | Commercial Portfolio Segment [Member] | Real Estate Multi Family and Residential Rental Loan [Member] | ||
Modified in period | 0 | |
Contractual Interest Rate Reduction [Member] | Retail Portfolio Segment [Member] | ||
Modified in period | 0 | |
Contractual Interest Rate Reduction [Member] | Retail Portfolio Segment [Member] | Loans Categorized as 1-4 Family Mortgages [Member] | ||
Modified in period | 0 | |
Contractual Interest Rate Reduction [Member] | Retail Portfolio Segment [Member] | Other Consumer Loans [Member] | ||
Modified in period | 0 | |
Extended Maturity [Member] | ||
Modified in period | 28,813 | |
Extended Maturity [Member] | Commercial Portfolio Segment [Member] | ||
Modified in period | 28,813 | |
Extended Maturity [Member] | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Modified in period | 17,919 | |
Extended Maturity [Member] | Commercial Portfolio Segment [Member] | Vacant Land and Land Development and Residential Construction Loan [Member] | ||
Modified in period | 0 | |
Extended Maturity [Member] | Commercial Portfolio Segment [Member] | Real Estate Owner Occupied Loan [Member] | ||
Modified in period | 0 | |
Extended Maturity [Member] | Commercial Portfolio Segment [Member] | Real Estate Non Owner Occupied Loan [Member] | ||
Modified in period | 10,894 | |
Extended Maturity [Member] | Commercial Portfolio Segment [Member] | Real Estate Multi Family and Residential Rental Loan [Member] | ||
Modified in period | 0 | |
Extended Maturity [Member] | Retail Portfolio Segment [Member] | ||
Modified in period | 0 | |
Extended Maturity [Member] | Retail Portfolio Segment [Member] | Loans Categorized as 1-4 Family Mortgages [Member] | ||
Modified in period | 0 | |
Extended Maturity [Member] | Retail Portfolio Segment [Member] | Other Consumer Loans [Member] | ||
Modified in period | 0 | |
Principal Forgiveness [Member] | ||
Modified in period | 0 | |
Principal Forgiveness [Member] | Commercial Portfolio Segment [Member] | ||
Modified in period | 0 | |
Principal Forgiveness [Member] | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Modified in period | 0 | |
Principal Forgiveness [Member] | Commercial Portfolio Segment [Member] | Vacant Land and Land Development and Residential Construction Loan [Member] | ||
Modified in period | 0 | |
Principal Forgiveness [Member] | Commercial Portfolio Segment [Member] | Real Estate Owner Occupied Loan [Member] | ||
Modified in period | 0 | |
Principal Forgiveness [Member] | Commercial Portfolio Segment [Member] | Real Estate Non Owner Occupied Loan [Member] | ||
Modified in period | 0 | |
Principal Forgiveness [Member] | Commercial Portfolio Segment [Member] | Real Estate Multi Family and Residential Rental Loan [Member] | ||
Modified in period | 0 | |
Principal Forgiveness [Member] | Retail Portfolio Segment [Member] | ||
Modified in period | 0 | |
Principal Forgiveness [Member] | Retail Portfolio Segment [Member] | Loans Categorized as 1-4 Family Mortgages [Member] | ||
Modified in period | 0 | |
Principal Forgiveness [Member] | Retail Portfolio Segment [Member] | Other Consumer Loans [Member] | ||
Modified in period | $ 0 |
Note 3 - Loans and Allowance_13
Note 3 - Loans and Allowance for Credit Losses - Amortized Cost of Modified Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Modified | $ 28,813 | ||
Financial Asset, Not Past Due [Member] | |||
Modified | 28,813 | ||
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 | 28,813 | ||
Commercial Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | |||
Modified | 28,813 | ||
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 | 17,919 | $ 8,672 | $ 4,973 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Financial Asset, Not Past Due [Member] | |||
Modified | 17,919 | ||
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 |
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 | 44 | 10,435 |
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 | 10,894 | 130 | 146 |
Commercial Portfolio Segment [Member] | Real Estate Non Owner Occupied Loan [Member] | Financial Asset, Not Past Due [Member] | |||
Modified | 10,894 | ||
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 | 91 |
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 | $ 2,736 | $ 627 |
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 | ||
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_14
Note 3 - Loans and Allowance for Credit Losses - Loans Modified as Troubled Debt Restructurings (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Number of Contracts | 10 |
Pre- Modification Recorded Principal Balance | $ 7,351 |
Post- Modification Recorded Principal Balance | $ 7,350 |
Commercial Portfolio Segment [Member] | |
Number of Contracts | 3 |
Pre- Modification Recorded Principal Balance | $ 6,593 |
Post- Modification Recorded Principal Balance | $ 6,593 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | |
Number of Contracts | 3 |
Pre- Modification Recorded Principal Balance | $ 6,593 |
Post- Modification Recorded Principal Balance | $ 6,593 |
Commercial Portfolio Segment [Member] | Vacant Land and Land Development and Residential Construction Loan [Member] | |
Number of Contracts | 0 |
Pre- Modification Recorded Principal Balance | $ 0 |
Post- Modification Recorded Principal Balance | $ 0 |
Commercial Portfolio Segment [Member] | Real Estate Owner Occupied Loan [Member] | |
Number of Contracts | 0 |
Pre- Modification Recorded Principal Balance | $ 0 |
Post- Modification Recorded Principal Balance | $ 0 |
Commercial Portfolio Segment [Member] | Real Estate Non Owner Occupied Loan [Member] | |
Number of Contracts | 0 |
Pre- Modification Recorded Principal Balance | $ 0 |
Post- Modification Recorded Principal Balance | $ 0 |
Commercial Portfolio Segment [Member] | Real Estate Multi Family and Residential Rental Loan [Member] | |
Number of Contracts | 0 |
Pre- Modification Recorded Principal Balance | $ 0 |
Post- Modification Recorded Principal Balance | $ 0 |
Retail Portfolio Segment [Member] | |
Number of Contracts | 7 |
Pre- Modification Recorded Principal Balance | $ 758 |
Post- Modification Recorded Principal Balance | $ 757 |
Retail Portfolio Segment [Member] | Home Equity Loan [Member] | |
Number of Contracts | 0 |
Pre- Modification Recorded Principal Balance | $ 0 |
Post- Modification Recorded Principal Balance | $ 0 |
Retail Portfolio Segment [Member] | One to Four Family Mortgages [Member] | |
Number of Contracts | 7 |
Pre- Modification Recorded Principal Balance | $ 758 |
Post- Modification Recorded Principal Balance | $ 757 |
Note 3 - Loans and Allowance_15
Note 3 - Loans and Allowance for Loan Losses - Loans Modified As Troubled Debt Restructurings Within the Previous Twelve Months That Became Over 30 Days Past Due (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Number of Contracts | 2 |
Recorded Principal Balance | $ 5,665 |
Commercial Portfolio Segment [Member] | |
Number of Contracts | 2 |
Recorded Principal Balance | $ 5,665 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | |
Number of Contracts | 2 |
Recorded Principal Balance | $ 5,665 |
Commercial Portfolio Segment [Member] | Vacant Land and Land Development and Residential Construction Loan [Member] | |
Number of Contracts | 0 |
Recorded Principal Balance | $ 0 |
Commercial Portfolio Segment [Member] | Real Estate Owner Occupied Loan [Member] | |
Number of Contracts | 0 |
Recorded Principal Balance | $ 0 |
Commercial Portfolio Segment [Member] | Real Estate Non Owner Occupied Loan [Member] | |
Number of Contracts | 0 |
Recorded Principal Balance | $ 0 |
Commercial Portfolio Segment [Member] | Real Estate Multi Family and Residential Rental Loan [Member] | |
Number of Contracts | 0 |
Recorded Principal Balance | $ 0 |
Retail Portfolio Segment [Member] | |
Number of Contracts | 0 |
Recorded Principal Balance | $ 0 |
Retail Portfolio Segment [Member] | Home Equity and Other [Member] | |
Number of Contracts | 0 |
Recorded Principal Balance | $ 0 |
Retail Portfolio Segment [Member] | One to Four Family Mortgages [Member] | |
Number of Contracts | 0 |
Recorded Principal Balance | $ 0 |
Note 3 - Loans and Allowance_16
Note 3 - Loans and Allowance for Loan Losses - Activity for Troubled Debt Restructurings (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 USD ($) | ||
Retail Portfolio Segment [Member] | Home Equity and Other [Member] | ||
Beginning Balance | $ 1,202 | |
Charge-Offs | 0 | |
Payments | (14) | |
Transfers to ORE | 0 | |
Net Additions/Deletions | (1,187) | [1] |
Ending Balance | 1 | |
Retail Portfolio Segment [Member] | One to Four Family Mortgages [Member] | ||
Beginning Balance | 627 | |
Charge-Offs | 0 | |
Payments | (317) | |
Transfers to ORE | 0 | |
Net Additions/Deletions | 2,426 | [1] |
Ending Balance | 2,736 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Beginning Balance | 4,973 | |
Charge-Offs | (95) | |
Payments | (772) | |
Transfers to ORE | 0 | |
Net Additions/Deletions | 4,566 | |
Ending Balance | 8,672 | |
Commercial Portfolio Segment [Member] | Vacant Land and Land Development and Residential Construction Loan [Member] | ||
Beginning Balance | 0 | |
Charge-Offs | 0 | |
Payments | 0 | |
Transfers to ORE | 0 | |
Net Additions/Deletions | 0 | |
Ending Balance | 0 | |
Commercial Portfolio Segment [Member] | Real Estate Owner Occupied Loan [Member] | ||
Beginning Balance | 10,435 | |
Charge-Offs | (39) | |
Payments | (9,683) | |
Transfers to ORE | 0 | |
Net Additions/Deletions | (669) | |
Ending Balance | 44 | |
Commercial Portfolio Segment [Member] | Real Estate Non Owner Occupied Loan [Member] | ||
Beginning Balance | 146 | |
Charge-Offs | 0 | |
Payments | (16) | |
Transfers to ORE | 0 | |
Net Additions/Deletions | 0 | |
Ending Balance | 130 | |
Commercial Portfolio Segment [Member] | Real Estate Multi Family and Residential Rental Loan [Member] | ||
Beginning Balance | 91 | |
Charge-Offs | 0 | |
Payments | (91) | |
Transfers to ORE | 0 | |
Net Additions/Deletions | 0 | |
Ending Balance | $ 0 | |
[1]Includes $1.2 million in the transfer of home equity lines of credit from other consumer loans to 1-4 family mortgages in association with the adoption of the CECL methodology effective January 1, 2022. |
Note 4 - Premises and Equipme_3
Note 4 - Premises and Equipment, Net (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Depreciation | $ 6,000 | $ 6,000 | $ 5,800 |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 10 years 10 months 24 days | ||
Operating Lease, Weighted Average Discount Rate, Percent | 5.93% | ||
Operating Lease, Expense | $ 2,000 | 1,300 | $ 1,200 |
Premises and Equipment, Net [Member] | |||
Operating Lease, Right-of-Use Asset | 3,700 | 3,500 | |
Other Liabilities [Member] | |||
Operating Lease, Liability | $ 3,692 | $ 3,500 | |
Minimum [Member] | |||
Lessee, Operating Lease, Renewal Term (Year) | 3 years | ||
Maximum [Member] | |||
Lessee, Operating Lease, Renewal Term (Year) | 5 years |
Note 4 - Premises and Equipme_4
Note 4 - Premises and Equipment, Net - Summary of Premises and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Property, plant and equipment, gross | $ 94,717 | $ 90,338 |
Less: accumulated depreciation | 43,789 | 38,862 |
Total premises and equipment | 50,928 | 51,476 |
Land and Land Improvements [Member] | ||
Property, plant and equipment, gross | 12,782 | 13,532 |
Building [Member] | ||
Property, plant and equipment, gross | 56,778 | 53,865 |
Furniture and Fixtures [Member] | ||
Property, plant and equipment, gross | $ 25,157 | $ 22,941 |
Note 4 - Premises and Equipme_5
Note 4 - Premises and Equipment, Net - Future Lease Payments (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
2024 | $ 1,127 | |
2025 | 720 | |
2026 | 651 | |
2027 | 570 | |
2028 | 380 | |
Thereafter | 1,316 | |
Total undiscounted lease payments | 4,764 | |
Less effect of discounting | (1,072) | |
Other Liabilities [Member] | ||
Present value of future lease payments (lease liability) | $ 3,692 | $ 3,500 |
Note 5 - Mortgage Loan Servic_3
Note 5 - Mortgage Loan Servicing (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Continuing Involvement with Transferred Financial Assets Custodial Escrow Balance | $ 10,100 | $ 11,600 |
Valuation Allowance for Impairment of Recognized Servicing Assets, Balance | 0 | 0 |
Servicing Asset at Fair Value, Amount | $ 19,300 | $ 17,700 |
Servicing Assets and Servicing Liabilities at Fair Value, Assumptions Used to Estimate Fair Value, Discount Rate | 11% | 11.25% |
Servicing Assets and Servicing Liabilities at Fair Value, Assumptions Used to Estimate Fair Value, Prepayment Speed | 7.44% | 6.60% |
Servicing Assets and Servicing Liabilities at Fair Value, Assumptions Used to Estimate Fair Value, Expected Credit Losses | 0.29% | 0.28% |
Servicing Assets and Servicing Liabilities at Fair Value, Assumptions Used to Estimate Fair Value, Weighted Average Life (Year) | 8 years 7 months 6 days | 8 years 10 months 24 days |
Maximum [Member] | ||
Late and Ancillary Fee Income Generated by Servicing Financial Assets, Amount | $ 100 | $ 100 |
Note 5 - Mortgage Loan Servic_4
Note 5 - Mortgage Loan Servicing - Mortgage Loans Serviced for Others (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Mortgage loans serviced for others | $ 1,404,388 | $ 1,376,143 |
Federal Home Loan Mortgage Corporation [Member] | ||
Mortgage loans serviced for others | 1,341,602 | 1,345,312 |
Federa lHome Loan Bank [Member] | ||
Mortgage loans serviced for others | $ 62,786 | $ 30,831 |
Note 5 - Mortgage Loan Servic_5
Note 5 - Mortgage Loan Servicing - Activity for Capitalized Mortgage Loan Servicing Rights (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Balance at beginning of year | $ 11,837 | $ 12,248 |
Additions | 2,259 | 2,773 |
Amortized to expense | (2,753) | (3,184) |
Balance at end of year | $ 11,343 | $ 11,837 |
Note 6 - Deposits (Details Text
Note 6 - Deposits (Details Textual) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Time Deposits, at or Above FDIC Insurance Limit | $ 477 | $ 187 |
Loans [Member] | ||
Deposit Overdrafts | $ 0.3 | $ 0.9 |
Note 6 - Deposits - Summary of
Note 6 - Deposits - Summary of Deposits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Noninterest-bearing | $ 1,247,640 | $ 1,604,750 |
Noninterest-bearing checking | 32.10% | 43.30% |
Noninterest-bearing checking | (22.30%) | |
Interest-bearing checking | $ 635,790 | $ 575,028 |
Interest-bearing checking, percentage | 16.30% | 15.50% |
Interest-bearing checking, percent increase (decrease) | 10.60% | |
Money market | $ 957,434 | $ 776,723 |
Money market, percentage | 24.50% | 20.90% |
Money market, percent increase (decrease) | 23.30% | |
Savings | $ 262,566 | $ 381,602 |
Savings, percentage | 6.70% | 10.30% |
Savings, percent increase (decrease) | (31.20%) | |
Local Time, under $100,000 | $ 175,741 | $ 113,099 |
Local Time, under $100,000, percentage | 4.50% | 3% |
Local Time, under $100,000, percent increase (decrease) | 55.40% | |
Local Time, $100,000 and over | $ 453,366 | $ 261,609 |
Local Time, $100,000 and over, percentage | 11.60% | 7% |
Local Time, $100,000 and over, percent increase (decrease) | 73.30% | |
Total local deposits | $ 3,732,537 | $ 3,712,811 |
Total local deposits, percentage | 95.70% | 100% |
Total local deposits | 0.50% | |
Out-of-area time, $100,000 and over | $ 168,381 | $ 0 |
Out-of-area time, $100,000 and over, percentage | 4.30% | 0% |
Total deposits | $ 3,900,918 | $ 3,712,811 |
Total deposits, percentage | 100% | 100% |
Total deposits, percent increase (decrease) | 5.10% |
Note 6 - Deposits - Maturity Di
Note 6 - Deposits - Maturity Distribution for Certificate of Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
In one year or less | $ 657,307 | $ 188,887 |
In one to two years | 61,454 | 68,434 |
In two to three years | 22,830 | 22,053 |
In three to four years | 54,486 | 30,761 |
In four to five years | 1,411 | 64,573 |
Total certificates of deposit | $ 797,488 | $ 374,708 |
Note 6 - Deposits - Certificate
Note 6 - Deposits - Certificates of Deposit with Balances of $100,000 or More (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Up to three months | $ 167,535 | $ 40,538 |
Three months to six months | 127,344 | 25,141 |
Six months to twelve months | 210,915 | 54,394 |
Over twelve months | 115,953 | 141,536 |
Total certificates of deposit | $ 621,747 | $ 261,609 |
Note 7 - Securities Sold Unde_3
Note 7 - Securities Sold Under Agreements to Repurchase (Details Textual) | 6 Months Ended |
Dec. 31, 2023 | |
Repurchase Agreement Counterparty, Weighted Average Maturity of Agreements (Day) | 1 day |
Note 7 - Securities Sold Unde_4
Note 7 - Securities Sold Under Agreements to Repurchase - Securities Sold Under Agreement to Repurchase (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Securities sold under agreements to repurchase | $ 229,734 | $ 194,340 |
Average daily balance during the year | 204,334 | 200,499 |
Maximum daily balance during the year | $ 269,324 | $ 235,577 |
Securities Sold under Agreements to Repurchase [Member] | ||
Weighted average interest rate at year end | 3.17% | 0.75% |
Weighted average interest rate during the year | 1.33% | 0.15% |
Note 8 - Federal Home Loan Ba_3
Note 8 - Federal Home Loan Bank of Indianapolis Advances (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Long-Term Federal Home Loan Bank Advances | $ 467,910 | $ 308,263 |
Line of Credit Facility, Maximum Borrowing Capacity | 903,000 | |
Line of Credit Facility, Remaining Borrowing Capacity | 429,000 | |
Federal Home Loan Bank of Indianapolis [Member] | Bullet Advances [member] | ||
Long-Term Federal Home Loan Bank Advances | $ 440,000 | $ 280,000 |
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 | 2.93% | 1.84% |
Federal Home Loan Bank of Indianapolis [Member] | Amortizing Advances [Member] | ||
Long-Term Federal Home Loan Bank Advances | $ 27,900 | $ 28,300 |
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 8 - Federal Home Loan Ba_4
Note 8 - Federal Home Loan Bank of Indianapolis Advances - Maturities of Currently Outstanding FHLBI Bullet Advances (Details) - Bullet Advances [member] - Federal Home Loan Bank of Indianapolis [Member] $ in Millions | Dec. 31, 2023 USD ($) |
2024 | $ 90 |
2025 | 80 |
2026 | 80 |
2027 | 100 |
2028 | $ 90 |
Note 8 - Federal Home Loan Ba_5
Note 8 - 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] $ in Thousands | Dec. 31, 2023 USD ($) |
2024 | $ 827 |
2025 | 862 |
2026 | 900 |
2027 | 938 |
2028 | 979 |
Thereafter | $ 23,404 |
Note 9 - Federal Income Taxes_2
Note 9 - Federal Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | 21% | 21% |
Deferred Tax Assets, Valuation Allowance | $ 0 | $ 0 | |
Unrecognized Tax Benefits | 0 | 0 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $ 0 | $ 0 |
Note 9 - Federal Income Taxes -
Note 9 - Federal Income Taxes - Consolidated Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Current expense | $ 22,518 | $ 16,080 | $ 12,675 |
Deferred (benefit) expense | (2,036) | (1,353) | 2,020 |
Tax expense | $ 20,482 | $ 14,727 | $ 14,695 |
Note 9 - Federal Income Taxes_3
Note 9 - Federal Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Tax at statutory rate | $ 21,567 | $ 15,915 | $ 15,481 |
Tax-exempt interest | (862) | (695) | (658) |
Bank owned life insurance | (303) | (334) | (233) |
Other | 80 | (159) | 105 |
Tax expense | $ 20,482 | $ 14,727 | $ 14,695 |
Note 9 - Federal Income Taxes_4
Note 9 - Federal Income Taxes - Significant Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Allowance for credit losses | $ 10,482 | $ 8,872 |
Deferred compensation | 226 | 232 |
Stock compensation | 1,005 | 1,018 |
Nonaccrual loan interest income | 132 | 136 |
Unrealized loss on securities | 13,420 | 17,369 |
Lease liability | 775 | 810 |
Other | 779 | 494 |
Deferred tax asset | 26,819 | 28,931 |
Depreciation | 337 | 697 |
Prepaid expenses | 612 | 504 |
Core deposit intangible | 0 | 120 |
Mortgage loan servicing rights | 2,382 | 2,486 |
Deferred loan fees and costs | 509 | 211 |
Right of use lease asset | 775 | 810 |
Business combination adjustments | 1,770 | 1,877 |
Other | 447 | 326 |
Deferred tax liability | 6,832 | 7,031 |
Total net deferred tax asset | $ 19,987 | $ 21,900 |
Note 10 - Stock-based Compens_3
Note 10 - Stock-based Compensation (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 393,000 | ||
Performance Shares [Member] | Executive Officer [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 25,239 | 26,112 | 22,703 |
Performance Shares [Member] | Executive Officer [Member] | The 2021 Award [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 11,350 | ||
Performance Shares [Member] | Executive Officer [Member] | The 2020 Awards [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 2,778 | 11,454 | |
Performance Shares [Member] | Executive Officer [Member] | The 2019 Awards [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 690 | 23,053 | |
Performance Shares [Member] | Executive Officer [Member] | The 2018 Awards [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 22,836 | ||
Noninterest Expense [Member] | |||
Share-Based Payment Arrangement, Expense | $ 3.4 | $ 3.4 | $ 3.8 |
Note 10 - Stock-based Compens_4
Note 10 - Stock-based Compensation - Summary of Restricted Stock Activity (Details) - Restricted Stock [Member] - Mercantile Plans [Member] | 12 Months Ended |
Dec. 31, 2023 $ / shares shares | |
Nonvested at beginning of year (in shares) | shares | 374,771 |
Nonvested at beginning of year (in dollars per share) | $ / shares | $ 30.49 |
Granted (in shares) | shares | 95,084 |
Granted (in dollars per share) | $ / shares | $ 40.23 |
Vested (in shares) | shares | (109,414) |
Vested (in dollars per share) | $ / shares | $ 27.01 |
Forfeited (in shares) | shares | (4,551) |
Forfeited (in dollars per share) | $ / shares | $ 28.7 |
Nonvested at end of year (in shares) | shares | 355,890 |
Nonvested at end of year (in dollars per share) | $ / shares | $ 34.18 |
Note 10 - Stock-based Compens_5
Note 10 - Stock-based Compensation - Summary of Stock Option Activity (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Exercised (in shares) | (1,355) | (2,000) | |
Mercantile Plans [Member] | |||
Outstanding at beginning of year (in shares) | 5,000 | ||
Outstanding at beginning of year, weighted average exercise price (in dollars per share) | $ 36.22 | ||
Granted (in shares) | 0 | ||
Exercised (in shares) | 0 | ||
Forfeited or expired (in shares) | (5,000) | ||
Forfeited or expired, weighted average exercise price (in dollars per share) | $ 34.89 | ||
Outstanding at end of year (in shares) | 0 | 5,000 | |
Outstanding at end of year, weighted average exercise price (in dollars per share) | $ 0 | $ 36.22 | |
Options exercisable at year end (in shares) | 0 | ||
Options exercisable at year-end, weighted average exercise price (in dollars per share) | $ 0 |
Note 10 - Stock-based Compens_6
Note 10 - Stock-based Compensation - Summary of Information Related to Options Outstanding (Details) - Mercantile Plans [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Minimum exercise price (in dollars per share) | $ 36.22 | $ 27.66 |
Maximum Exercise Price (in dollars per share) | $ 36.22 | $ 36.22 |
Average remaining option term (Year) | 10 months 24 days | 1 year 8 months 12 days |
Note 10 - Stock-based Compens_7
Note 10 - Stock-based Compensation - Summary of Stock Option Grants and Exercises (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Proceeds from stock option exercises, net of cashless exercises | $ 0 | $ 36 | $ 50 |
Mercantile Plans [Member] | |||
Aggregate intrinsic value of stock options exercised | 16 | 13 | |
Proceeds from stock option exercises, net of cashless exercises | 36 | 50 | |
Tax benefit realized from stock option exercises | $ 0 | $ 0 |
Note 10 - Stock-based Compens_8
Note 10 - Stock-based Compensation - Shares Grant to Board Directors (Details) - Corporate and Bank Board Directors [Member] - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Shares Granted (in shares) | 11,529 | 11,166 | 10,489 | 17,716 |
Total Cost | $ 350 | $ 359 | $ 344 | $ 394 |
Note 11 - Related Parties (Deta
Note 11 - Related Parties (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Related Party Deposits and Repurchase Agreements | $ 20,700 | $ 21,500 | |
Directors and Executive Officers [Member] | |||
Loan Commitments to Related Parties | 124,000 | 116,000 | |
Loans and Leases Receivable, Related Parties | $ 89,507 | $ 92,660 | $ 87,672 |
Note 11 - Related Parties - Loa
Note 11 - Related Parties - Loans Outstanding to Directors and Executive Officers (Details) - Directors and Executive Officers [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Beginning balance | $ 92,660 | $ 87,672 |
New loans | 3,221 | 10,619 |
Repayments | (5,410) | (5,631) |
Effect of changes in related parties | (964) | 0 |
Ending balance | $ 89,507 | $ 92,660 |
Note 12 - Commitments and Off_3
Note 12 - Commitments and Off-balance-sheet Risk (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Financing Receivable, Allowance for Credit Loss | $ 49,914 | $ 42,246 | $ 35,363 | $ 37,967 |
Term Debt, Secured by Real Estate Balloon Payment, Period (Year) | 5 years | |||
Minimum [Member] | ||||
Amortization Period for Term Debt, Secured by Real Estate (Year) | 10 years | |||
Term Debt Secured, by Non-real Estate Collateral Maturity Period (Year) | 3 years | |||
Maximum [Member] | ||||
Amortization Period for Term Debt, Secured by Real Estate (Year) | 25 years | |||
Term Debt Secured, by Non-real Estate Collateral Maturity Period (Year) | 7 years | |||
Retail and Commercial Lines of Credit and Credit Card Receivables [Member] | ||||
Financing Receivable, Allowance for Credit Loss | $ 1,300 | $ 100 | ||
Commercial Line of Credit Facilities [Member] | Minimum [Member] | ||||
Line of Credit Facility, Expiration Period (Month) | 12 months | |||
Commercial Line of Credit Facilities [Member] | Maximum [Member] | ||||
Line of Credit Facility, Expiration Period (Month) | 24 months |
Note 12 - Commitments and Off_4
Note 12 - Commitments and Off-balance Sheet Risk - Exposure to Credit Losses (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Contractual amounts of financial instruments with off-balance sheet risk | $ 2,113,504 | $ 1,908,294 |
Standby Letters of Credit [Member] | ||
Contractual amounts of financial instruments with off-balance sheet risk | 19,393 | 23,539 |
Unused lines of Credit [Member] | Commercial Portfolio Segment [Member] | ||
Contractual amounts of financial instruments with off-balance sheet risk | 1,557,429 | 1,283,703 |
Unused lines of Credit [Member] | One to Four Family Mortgages [Member] | ||
Contractual amounts of financial instruments with off-balance sheet risk | 74,120 | 71,972 |
Unused lines of Credit [Member] | Consumer Credit Card [Member] | ||
Contractual amounts of financial instruments with off-balance sheet risk | 142,096 | 123,687 |
Unused lines of Credit [Member] | Consumer Other Financing Receivable 1 [Member] | ||
Contractual amounts of financial instruments with off-balance sheet risk | 50,063 | 75,747 |
Loan Origination Commitments [Member] | ||
Contractual amounts of financial instruments with off-balance sheet risk | $ 270,403 | $ 329,646 |
Note 12 - Commitments and Off_5
Note 12 - Commitments and Off-balance-sheet Risk - Instruments Carried at Fair Values (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Contractual amounts of financial instruments with off-balance sheet risk | $ 2,113,504 | $ 1,908,294 |
Standby Letters of Credit [Member] | ||
Standby letters of credit, contract amount | 19,393 | 23,539 |
Contractual amounts of financial instruments with off-balance sheet risk | $ 99 | $ 108 |
Note 13 - Benefit Plans (Detail
Note 13 - Benefit Plans (Details Textual) - USD ($) $ in Millions | 12 Months Ended | 69 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2023 | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 5% | |||
Defined Contribution Plan, Cost | $ 2.3 | $ 2.2 | $ 2.1 | |
Interest Expense, Deferred Compensation Plan | $ 0.1 | $ 0.1 | $ 0.1 | |
Stock Issued During Period, Shares, Employee Stock Purchase Plans (in shares) | 1,410 | 1,388 | 1,481 | |
Common Stock Including Additional Paid in Capital [Member] | ||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans (in shares) | 1,410 | 1,388 | ||
Stock Purchase Plan [Member] | ||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 250,000 | 250,000 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 234,500 | 234,500 | ||
Other Liabilities [Member] | ||||
Deferred Compensation Liability, Current and Noncurrent | $ 1.1 | $ 1.1 | $ 1.1 |
Note 14 - Derivatives and Hed_3
Note 14 - Derivatives and Hedging Activities (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other Noninterest Expense | $ 17,767 | $ 14,324 | $ 14,558 |
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | |||
Other Noninterest Expense | $ 300 | $ 100 |
Note 14 - Derivatives and Hed_4
Note 14 - Derivatives and Hedging Activities - Fair Value of Derivative Instruments (Details) - Interest Rate Swap [Member] - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Derivative Assets Interest rate swaps | $ 27,505 | $ 26,173 |
Derivative Liabilities Interest rate swaps | 27,964 | 26,377 |
Other Assets [Member] | ||
Notional Amount | 676,526 | 401,572 |
Derivative Assets Interest rate swaps | 27,505 | 26,173 |
Other Liabilities [Member] | ||
Notional Amount | 674,499 | 401,572 |
Derivative Liabilities Interest rate swaps | $ 27,964 | $ 26,377 |
Note 14 - Derivatives and Hed_5
Note 14 - Derivatives and Hedging Activities - The Netting Arrangement of Derivative Instruments (Details) - Interest Rate Swap [Member] - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Derivative Assets Interest rate swaps | $ 27,505 | $ 26,173 |
Financial instruments, derivative assets | 5,175 | 415 |
Cash collaterl, derivative assets | 14,010 | 24,760 |
Net amount, derivative assets | 8,320 | 998 |
Derivative Liabilities Interest rate swaps | 27,964 | 26,377 |
Financial instruments, derivative liability | 5,175 | 415 |
Cash collaterl, derivative liability | 3,120 | 0 |
Net amount, derivative liability | $ 19,669 | $ 25,962 |
Note 15 - Fair Values of Fina_3
Note 15 - Fair Values of Financial Instruments - Fair Value Hierarchy of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Securities available for sale | $ 617,092 | $ 602,936 | |
Loan, Mortgage, Held-for-Sale, Fair Value Disclosure | 19,000 | 3,600 | |
Interest Rate Swap [Member] | |||
Derivative Asset | 27,505 | 26,173 | |
Derivative Liability | 27,964 | 26,377 | |
Fair Value, Inputs, Level 1 [Member] | |||
Securities available for sale | 0 | 0 | |
Reported Value Measurement [Member] | |||
Securities available for sale | [1] | 617,092 | 602,936 |
Federal Home Loan Bank stock | [2] | 21,513 | 17,721 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Cash and cash equivalents | 130,533 | 96,772 | |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Loans, net | 4,253,844 | 3,874,373 | |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Loan, Mortgage, Held-for-Sale, Fair Value Disclosure | 18,607 | 3,565 | |
Accrued interest receivable | 19,806 | 15,476 | |
Deposits | 3,900,918 | 3,712,811 | |
Securities sold under agreements to repurchase | 229,734 | 194,340 | |
Federal Home Loan Bank advances | 467,910 | 308,263 | |
Accrued interest payable | 9,012 | 3,223 | |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Subordinated Debentures [Member] | |||
Subordinated debt | 49,644 | 48,958 | |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Subordinated Notes [Member] | |||
Subordinated debt | 88,971 | 88,628 | |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | |||
Derivative Asset | 27,505 | 26,173 | |
Derivative Liability | 27,964 | 26,377 | |
Estimate of Fair Value Measurement [Member] | |||
Securities available for sale | [1] | 617,092 | 602,936 |
Federal Home Loan Bank stock | [2] | 21,513 | 17,721 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Cash and cash equivalents | 130,533 | 96,772 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Loans, net | 4,191,644 | 3,800,042 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Loan, Mortgage, Held-for-Sale, Fair Value Disclosure | 19,027 | 3,643 | |
Accrued interest receivable | 19,806 | 15,476 | |
Deposits | 3,814,778 | 3,379,403 | |
Securities sold under agreements to repurchase | 229,734 | 194,340 | |
Federal Home Loan Bank advances | 454,857 | 292,044 | |
Accrued interest payable | 9,012 | 3,223 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Subordinated Debentures [Member] | |||
Subordinated debt | 49,653 | 49,531 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Subordinated Notes [Member] | |||
Subordinated debt | 77,218 | 75,024 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | |||
Derivative Asset | 27,505 | 26,173 | |
Derivative Liability | $ 27,964 | $ 26,377 | |
[1]See Note 16 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 16 - Fair Value Measurem_3
Note 16 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Debt Securities, Available-for-Sale | $ 617,092 | $ 602,936 |
Loan, Mortgage, Held-for-Sale, Fair Value Disclosure | $ 19,000 | 3,600 |
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 | 50% | |
Maximum [Member] | Real Estate Dependent Loans and Foreclosed Assets [Member] | Residential Real Estate [Member] | ||
Fair Value Inputs, Discount Factor | 50% | |
Minimum [Member] | Real Estate Dependent Loans and Foreclosed Assets [Member] | Commercial Real Estate [Member] | ||
Fair Value Inputs, Discount Factor | 25% | |
Minimum [Member] | Real Estate Dependent Loans and Foreclosed Assets [Member] | Residential Real Estate [Member] | ||
Fair Value Inputs, Discount Factor | 25% | |
Weighted Average [Member] | Real Estate Dependent Loans and Foreclosed Assets [Member] | Commercial Real Estate [Member] | ||
Fair Value Inputs, Discount Factor | 44.50% | |
Weighted Average [Member] | Real Estate Dependent Loans and Foreclosed Assets [Member] | Residential Real Estate [Member] | ||
Fair Value Inputs, Discount Factor | 25.90% | |
Municipal General Obligation Bonds [Member] | ||
Debt Securities, Available-for-Sale | $ 167,860 | 154,433 |
Fair Value, Inputs, Level 1 [Member] | ||
Debt Securities, Available-for-Sale | 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 | 100 |
Available-for-Sale Securities [Member] | ||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount | $ 0 | $ 0 |
Note 16 - Fair Value Measurem_4
Note 16 - Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-Sale | $ 617,092 | $ 602,936 |
Fair Value, Inputs, Level 1 [Member] | ||
Debt Securities, Available-for-Sale | 0 | 0 |
US Government Agencies Debt Securities [Member] | ||
Debt Securities, Available-for-Sale | 390,496 | 388,744 |
Collateralized Mortgage-Backed Securities [Member] | ||
Debt Securities, Available-for-Sale | 29,473 | 31,953 |
Municipal General Obligation Bonds [Member] | ||
Debt Securities, Available-for-Sale | 167,860 | 154,433 |
Municipal Revenue Bonds [Member] | ||
Debt Securities, Available-for-Sale | 28,763 | 27,306 |
Other Debt and Equity Securities [Member] | ||
Debt Securities, Available-for-Sale | 500 | 500 |
Fair Value, Recurring [Member] | ||
Total assets | 644,597 | 629,109 |
Total liabilities | 27,964 | 26,377 |
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 | 644,084 | 628,531 |
Total liabilities | 27,964 | 26,377 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Total assets | 513 | 578 |
Total liabilities | 0 | 0 |
Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member] | ||
Debt Securities, Available-for-Sale | 390,496 | 388,744 |
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 | 390,496 | 388,744 |
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 | 29,473 | 31,953 |
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 | 29,473 | 31,953 |
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 | 167,860 | 154,433 |
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 | 167,347 | 153,855 |
Fair Value, Recurring [Member] | Municipal General Obligation Bonds [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Debt Securities, Available-for-Sale | 513 | 578 |
Fair Value, Recurring [Member] | Municipal Revenue Bonds [Member] | ||
Debt Securities, Available-for-Sale | 28,763 | 27,306 |
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 | 28,763 | 27,306 |
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 | 500 |
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 | 500 |
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] | ||
Derivative Asset | 27,505 | 26,173 |
Derivative Liability | 27,964 | 26,377 |
Fair Value, Recurring [Member] | Interest Rate Swap [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Derivative Asset | 0 | 0 |
Derivative Liability | 0 | 0 |
Fair Value, Recurring [Member] | Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Derivative Asset | 27,505 | 26,173 |
Derivative Liability | 27,964 | 26,377 |
Fair Value, Recurring [Member] | Interest Rate Swap [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Derivative Asset | 0 | 0 |
Derivative Liability | $ 0 | $ 0 |
Note 16 - Fair Value Measurem_5
Note 16 - Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis (Details) - Fair Value, Nonrecurring [Member] - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Collateral dependent loans | $ 1,434 | $ 5,290 |
Foreclosed assets | 200 | |
Total | 1,634 | |
Fair Value, Inputs, Level 1 [Member] | ||
Collateral dependent loans | 0 | 0 |
Foreclosed assets | 0 | |
Total | 0 | |
Fair Value, Inputs, Level 2 [Member] | ||
Collateral dependent loans | 0 | 0 |
Foreclosed assets | 0 | |
Total | 0 | |
Fair Value, Inputs, Level 3 [Member] | ||
Collateral dependent loans | 1,434 | $ 5,290 |
Foreclosed assets | 200 | |
Total | $ 1,634 |
Note 17 - Earnings Per Share (D
Note 17 - Earnings Per Share (Details Textual) - shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Restricted Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 5,000 | 7,000 |
Note 17 - Earnings Per Share -
Note 17 - Earnings Per Share - Computation of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net income attributable to common shares | $ 82,217 | $ 61,063 | $ 59,021 |
Weighted average common shares outstanding (in shares) | 16,015,678 | 15,859,889 | 15,986,857 |
Basic earnings per common share (in dollars per share) | $ 5.13 | $ 3.85 | $ 3.69 |
Net income | $ 82,217 | $ 61,063 | $ 59,021 |
Weighted average common shares outstanding for basic earnings per common share (in shares) | 16,015,678 | 15,859,889 | 15,986,857 |
Add: Dilutive effects of share-based awards (in shares) | 0 | 12 | 446 |
Average shares and dilutive potential common shares (in shares) | 16,015,678 | 15,859,901 | 15,987,303 |
Diluted earnings per common share (in dollars per share) | $ 5.13 | $ 3.85 | $ 3.69 |
Note 18 - Variable Interest E_3
Note 18 - Variable Interest Entities (Details Textual) $ in Thousands | 12 Months Ended | |||
Jan. 26, 2016 USD ($) | Jun. 01, 2014 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Number of Business Trusts | 5 | |||
Business Combination Debt Assumed Number of Trusts | 4 | |||
Fair Value Discount of Subordinated Debentures Related to Assumed Business Trusts at Time af Merger | $ 15,000 | |||
Amortization of Fair Value Discount Related to Subordinated Debentures of Assumed Business Trusts | $ 700 | |||
Amortization Period of Fair Value Discount Related to Subordinated Debentures of Assumed Business Trusts (Year) | 21 years 6 months | |||
Preferred Securities of Subsidiary Trust | $ 47,600 | $ 46,900 | ||
Junior Subordinated Debenture Owed to Unconsolidated Subsidiary Trust, Total | 49,644 | 48,958 | ||
Other Assets [Member] | ||||
Low-Income Housing Tax Credit and Historic Tax Credits, Investment | 25,700 | 3,200 | ||
Other Liabilities [Member] | ||||
Low-Income Housing Tax Credit and Historic Tax Credits, Commitment | 21,100 | $ 1,400 | ||
Mercantile Bank Capital Trust I [Member] | ||||
Preferred Securities of Subsidiary Trust | $ 32,000 | $ 21,000 | ||
Payments for Repurchase of Trust Preferred Securities | 11,000 | |||
Junior Subordinated Debenture Owed to Unconsolidated Subsidiary Trust, Total | 21,000 | |||
Fund [Member] | Mercantile Bank Capital Trust I [Member] | ||||
Preferred Securities of Subsidiary Trust | $ 11,000 | |||
Five Business Trusts [Member] | ||||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 100% |
Note 18 - Variable Interest E_4
Note 18 - Variable Interest Entities - Business Trusts (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Jan. 26, 2016 | |
Preferred securities outstanding | $ 47.6 | $ 46.9 | |
Mercantile Bank Capital Trust I [Member] | |||
Preferred securities outstanding | $ 21 | $ 32 | |
Mercantile Bank Capital Trust I [Member] | Secured Overnight Financing Rate (SOFR) [Member] | |||
Interest rate margin | 2.18% | ||
Firstbank Capital Trust I [Member] | |||
Preferred securities outstanding | $ 10 | ||
Firstbank Capital Trust I [Member] | Secured Overnight Financing Rate (SOFR) [Member] | |||
Interest rate margin | 1.99% | ||
Firstbank Capital Trust II [Member] | |||
Preferred securities outstanding | $ 10 | ||
Firstbank Capital Trust II [Member] | Secured Overnight Financing Rate (SOFR) [Member] | |||
Interest rate margin | 1.27% | ||
Firstbank Capital Trust III [Member] | |||
Preferred securities outstanding | $ 7.5 | ||
Firstbank Capital Trust III [Member] | Secured Overnight Financing Rate (SOFR) [Member] | |||
Interest rate margin | 1.35% | ||
Firstbank Capital Trust IV [Member] | |||
Preferred securities outstanding | $ 7.5 | ||
Firstbank Capital Trust IV [Member] | Secured Overnight Financing Rate (SOFR) [Member] | |||
Interest rate margin | 1.35% |
Note 18 - Variable Interest E_5
Note 18 - Variable Interest Entities - Unconsolidated Variable Interest Entities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Aggregate Assets | $ 5,353,224 | $ 4,872,619 |
Aggregate Liabilities | 4,831,079 | 4,431,211 |
Variable Interest Entity, Not Primary Beneficiary [Member] | ||
Aggregate Assets | 58,074 | 58,100 |
Aggregate Liabilities | 56,000 | 56,000 |
Risk of Loss | 2,074 | 2,100 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Aggregate Assets | 25,659 | 3,214 |
Aggregate Liabilities | 21,103 | 1,375 |
Risk of Loss | $ 4,556 | $ 1,839 |
Note 19 - Subordinated Notes (D
Note 19 - Subordinated Notes (Details Textual) - Subordinated Notes [Member] - USD ($) $ in Millions | Jan. 14, 2022 | Dec. 15, 2021 | Dec. 31, 2023 | Dec. 31, 2022 |
Subordinated Debt, Principal Amount | $ 15 | $ 75 | ||
Subordinated Borrowing, Interest Rate | 3.25% | |||
Subordinated Borrowing, Redemption Price, Percentage of Principal Amount | 100% | |||
Increase to Equity Capital From Issuance of Subordinated Long-term Debt | $ 15 | $ 70 | ||
Debt Issuance Costs, Gross | $ 1 | $ 1.4 | ||
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.12% |
Note 20 - Regulatory Matters (D
Note 20 - Regulatory Matters (Details Textual) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | |||||||
Oct. 12, 2023 | Jul. 13, 2023 | Apr. 13, 2023 | Jan. 12, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | May 31, 2021 | Dec. 31, 2009 | |
Capital Conservation Buffer | 2.50% | |||||||
Common Equity Tier 1 Risk Based Capital Required For Capital Adequacy to Risk Weighted Assets | 0.07 | |||||||
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 0.085 | |||||||
Capital Required for Capital Adequacy to Risk Weighted Assets | 0.105 | |||||||
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments without Regulatory Approval | $ 151 | |||||||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 0.34 | $ 0.34 | $ 0.33 | $ 0.33 | ||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 6.8 | |||||||
Stock Repurchase Program, Authorized Amount | $ 20 | |||||||
Stock Repurchased During Period, Shares (in shares) | 0 | 0 | ||||||
Preferred Securities of Subsidiary Trust | $ 47.6 | $ 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 | $ 47.6 | $ 46.9 |
Note 20 - Regulatory Matters -
Note 20 - Regulatory Matters - Actual Capital Levels and Minimum Levels (Details) $ in Thousands | Dec. 31, 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 | $ 710,905 | $ 634,729 |
Total capital, ratio | 0.137 | 0.14 |
Total capital minimum required for capital adequacy, amount | $ 415,841 | $ 362,675 |
Total capital minimum required for capital adequacy, ratio | 0.08 | 0.08 |
Tier 1 capital, amount | $ 570,730 | $ 503,855 |
Tier 1 capital, ratio | 0.11 | 0.111 |
Tier 1 capital minimum required for capital adequacy, amount | $ 311,881 | $ 272,007 |
Tier 1 capital minimum required for capital adequacy, ratio | 0.06 | 0.06 |
Common equity tier 1, amount | $ 523,160 | $ 456,970 |
Common equity tier 1, ratio | 0.101 | 0.101 |
Common equity tier 1 minimum required for capital adequacy, amount | $ 233,911 | $ 204,005 |
Common equity tier 1 capital minimum required for capital adequacy, ratio | 0.045 | 0.045 |
Tier 1 capital to average assets, amount | $ 570,730 | $ 503,855 |
Tier 1 capital to average assets, ratio | 0.108 | 0.101 |
Tier 1 capital to average assets, minimum required for capital adequacy, amount | $ 210,527 | $ 199,647 |
Tier 1 capital to average assets minimum required for capital adequacy, ratio | 0.04 | 0.04 |
Bank [Member] | ||
Total capital, amount | $ 694,431 | $ 618,709 |
Total capital, ratio | 0.134 | 0.137 |
Total capital minimum required for capital adequacy, amount | $ 414,019 | $ 362,490 |
Total capital minimum required for capital adequacy, ratio | 0.08 | 0.08 |
Total capital to be well capitalized, amount | $ 517,524 | $ 453,112 |
Total capital to be well capitalized, ratio | 0.10 | 0.10 |
Tier 1 capital, amount | $ 643,227 | $ 576,463 |
Tier 1 capital, ratio | 0.124 | 0.127 |
Tier 1 capital minimum required for capital adequacy, amount | $ 310,514 | $ 271,868 |
Tier 1 capital minimum required for capital adequacy, ratio | 0.06 | 0.06 |
Tier 1 capital to be well capitalized, amount | $ 414,019 | $ 362,490 |
Tier 1 capital to be well capitalized, ratio | 0.08 | 0.08 |
Common equity tier 1, amount | $ 643,227 | $ 576,463 |
Common equity tier 1, ratio | 0.124 | 0.127 |
Common equity tier 1 minimum required for capital adequacy, amount | $ 232,886 | $ 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 | $ 336,391 | $ 294,523 |
Common equity tier 1 capital to be well capitalized, ratio | 0.065 | 0.065 |
Tier 1 capital to average assets, amount | $ 643,227 | $ 576,463 |
Tier 1 capital to average assets, ratio | 0.122 | 0.116 |
Tier 1 capital to average assets, minimum required for capital adequacy, amount | $ 210,427 | $ 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 | $ 263,034 | $ 249,453 |
Tier 1 capital to average assets to be well capitalized, ratio | 0.05 | 0.05 |
Note 21 - Mercantile Bank Cor_3
Note 21 - Mercantile Bank Corporation (Parent Company Only) Condensed Financial Statements - Condensed Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
ASSETS | ||||
Other assets | $ 125,566 | $ 95,576 | ||
Total assets | 5,353,224 | 4,872,619 | ||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
Liabilities | 4,831,079 | 4,431,211 | ||
Subordinated debentures | 49,644 | 48,958 | ||
Subordinated notes | 88,971 | 88,628 | ||
Shareholders’ equity | 522,145 | 441,408 | $ 456,559 | $ 441,554 |
Total liabilities and shareholders’ equity | 5,353,224 | 4,872,619 | ||
Parent Company [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 18,969 | 18,633 | ||
Investments in bank subsidiaries | 627,604 | 543,599 | ||
Other assets | 17,228 | 19,786 | ||
Total assets | 663,801 | 582,018 | ||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
Liabilities | 3,040 | 3,024 | ||
Subordinated debentures | 49,644 | 48,958 | ||
Subordinated notes | 88,971 | 88,628 | ||
Shareholders’ equity | 522,146 | 441,408 | ||
Total liabilities and shareholders’ equity | $ 663,801 | $ 582,018 |
Note 21 - Mercantile Bank Cor_4
Note 21 - Mercantile Bank Corporation (Parent Company Only) Condensed Financial Statements - Condensed Statements of Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income | |||
Interest and dividends from subsidiaries | $ 271,358 | $ 181,839 | $ 143,494 |
Expenses | |||
Interest expense | 77,813 | 23,595 | 19,432 |
Federal income tax benefit | 20,482 | 14,727 | 14,695 |
Net income | 82,217 | 61,063 | 59,021 |
Other comprehensive income (loss) | 14,854 | (61,612) | (9,215) |
Comprehensive income (loss) | 97,071 | (549) | 49,806 |
Parent Company [Member] | |||
Income | |||
Interest and dividends from subsidiaries | 26,660 | 26,056 | 39,058 |
Total income | 26,660 | 26,056 | 39,058 |
Expenses | |||
Interest expense | 8,091 | 6,104 | 1,934 |
Other operating expenses | 5,674 | 5,645 | 5,831 |
Total expenses | 13,765 | 11,749 | 7,765 |
Income before income tax benefit and equity in undistributed net income of subsidiary | 12,895 | 14,307 | 31,293 |
Federal income tax benefit | (2,858) | (2,535) | (1,653) |
Equity in undistributed net income of subsidiary | 66,464 | 44,221 | 26,075 |
Net income | 82,217 | 61,063 | 59,021 |
Other comprehensive income (loss) | 14,854 | (61,612) | (9,215) |
Comprehensive income (loss) | $ 97,071 | $ (549) | $ 49,806 |
Note 21 - Mercantile Bank Cor_5
Note 21 - Mercantile Bank Corporation (Parent Company Only) Condensed Financial Statements - Condensed Statement of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities | |||
Net income | $ 82,217 | $ 61,063 | $ 59,021 |
Adjustments to reconcile net income to net cash from operating activities: | |||
Stock-based compensation expense | 3,384 | 3,377 | 3,784 |
Stock grants to directors for retainer fee | 350 | 359 | 344 |
Other assets | (30,189) | (437) | (12,655) |
Accrued interest and other liabilities | 14,252 | 32,524 | (3,513) |
Cash flows from investing activities | |||
Net cash for investing activities | (395,932) | (554,999) | (495,507) |
Cash flows from financing activities | |||
Proceeds from stock option exercises, net of cashless exercises | 0 | 36 | 50 |
Employee stock purchase plan | 45 | 45 | 48 |
Dividend reinvestment plan | 891 | 867 | 877 |
Net proceeds from subordinated notes issuance | 0 | 14,645 | 73,635 |
Repurchases of common stock | 0 | 0 | (21,380) |
Payment of cash dividends to common shareholders | (21,004) | (19,602) | (18,524) |
Net cash (for) from financing activities | 363,080 | (443,251) | 780,088 |
Net change in cash and cash equivalents | 33,761 | (878,388) | 349,154 |
Cash and cash equivalents at beginning of period | 96,772 | 975,160 | 626,006 |
Cash and cash equivalents at end of period | 130,533 | 96,772 | 975,160 |
Parent Company [Member] | |||
Cash flows from operating activities | |||
Net income | 82,217 | 61,063 | 59,021 |
Adjustments to reconcile net income to net cash from operating activities: | |||
Equity in undistributed net income of subsidiary | (66,464) | (44,221) | (26,075) |
Stock-based compensation expense | 3,384 | 3,377 | 3,784 |
Stock grants to directors for retainer fee | 350 | 359 | 344 |
Other assets | (128) | 858 | 49 |
Accrued interest and other liabilities | 1,045 | 1,636 | (5) |
Net cash from operating activities | 20,404 | 23,072 | 37,118 |
Cash flows from investing activities | |||
Net capital investment into subsidiaries | 0 | (15,000) | (70,000) |
Net cash for investing activities | 0 | (15,000) | (70,000) |
Cash flows from financing activities | |||
Proceeds from stock option exercises, net of cashless exercises | 0 | 36 | 50 |
Employee stock purchase plan | 45 | 45 | 48 |
Dividend reinvestment plan | 891 | 867 | 877 |
Net proceeds from subordinated notes issuance | 0 | 14,645 | 73,635 |
Repurchases of common stock | 0 | 0 | (21,380) |
Payment of cash dividends to common shareholders | (21,004) | (19,602) | (18,524) |
Net cash (for) from financing activities | (20,068) | (4,009) | 34,706 |
Net change in cash and cash equivalents | 336 | 4,063 | 1,824 |
Cash and cash equivalents at beginning of period | 18,633 | 14,570 | 12,746 |
Cash and cash equivalents at end of period | $ 18,969 | $ 18,633 | $ 14,570 |
Note 22 - Subsequent Events (De
Note 22 - Subsequent Events (Details Textual) - $ / shares | 12 Months Ended | ||||||||
Mar. 13, 2024 | Jan. 11, 2024 | Oct. 12, 2023 | Jul. 13, 2023 | Apr. 13, 2023 | Jan. 12, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Common Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 1.34 | $ 1.26 | $ 1.18 | ||||||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 0.34 | $ 0.34 | $ 0.33 | $ 0.33 | |||||
Forecast [Member] | |||||||||
Common Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 0.35 | ||||||||
Subsequent Event [Member] | |||||||||
Dividends Payable, Date Declared | Jan. 11, 2024 | ||||||||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 0.35 | ||||||||
Dividends Payable, Date to be Paid | Mar. 13, 2024 | ||||||||
Dividends Payable, Date of Record | Mar. 01, 2024 |