Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2024 | May 03, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
Document Transition Report | false | |
Entity File Number | 333-236022 | |
Entity Registrant Name | BANCPLUS CORPORATION | |
Entity Incorporation, State or Country Code | MS | |
Entity Tax Identification Number | 64-0655312 | |
Entity Address, Address Line One | 1068 Highland Colony Parkway | |
Entity Address, City or Town | Ridgeland | |
Entity Address, State or Province | MS | |
Entity Address, Postal Zip Code | 39157 | |
City Area Code | 601 | |
Local Phone Number | 898-8300 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 11,688,124 | |
Entity Central Index Key | 0001118004 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2024 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Assets: | ||
Cash and due from banks | $ 80,511 | $ 94,868 |
Interest bearing deposits with banks | 309,361 | 171,723 |
Total cash and cash equivalents | 389,872 | 266,591 |
Securities available for sale, net of allowance for credit losses of zero and $2.0 million at March 31, 2024 and December 31, 2023, respectively | 888,504 | 856,021 |
Securities held to maturity - fair value: $54,061 - 2024; $55,045 - 2023 | 54,241 | 55,170 |
Loans held for sale | 7,119 | 6,525 |
Loans | 6,066,426 | 6,082,011 |
Less: Allowance for credit losses | 66,840 | 65,872 |
Net loans | 5,999,586 | 6,016,139 |
Premises and equipment, net | 138,714 | 123,145 |
Operating lease right-of-use assets | 32,237 | 32,603 |
Accrued interest receivable | 32,134 | 30,086 |
Goodwill | 62,772 | 62,772 |
Other assets | 188,938 | 193,459 |
Total assets | 7,794,117 | 7,642,511 |
Liabilities: | ||
Deposits | 6,571,266 | 6,325,736 |
Advances from Federal Home Loan Bank and other borrowings | 280,056 | 375,059 |
Subordinated debentures | 133,725 | 133,677 |
Operating lease liabilities | 34,046 | 34,424 |
Accrued interest payable | 12,609 | 10,539 |
Other liabilities | 26,707 | 38,025 |
Total liabilities | 7,058,409 | 6,917,460 |
Redeemable common stock owned by the ESOP | 84,998 | 84,998 |
Senior Non-Cumulative Perpetual Preferred Stock, Series ECIP, no par value | ||
250,000 authorized, issued and outstanding at March 31, 2024 and December 31, 2023; aggregate liquidation preference of $250,000 | 250,000 | 250,000 |
Common Stock, par value $1.00 per share. | ||
100,000,000 authorized at March 31, 2024 and December 31, 2023; 11,611,732 and 11,613,221 issued and outstanding at March 31, 2024 and December 31, 2023, respectively | 11,612 | 11,613 |
Additional paid-in capital | 124,776 | 123,611 |
Retained earnings | 382,452 | 370,955 |
Accumulated other comprehensive loss, net | (33,132) | (31,128) |
Stockholders' equity before redeemable common stock owned by employee stock ownership plan | 735,708 | 725,051 |
Less: Redeemable common stock owned by the ESOP | (84,998) | (84,998) |
Total shareholders' equity | 650,710 | 640,053 |
Liabilities and equity | $ 7,794,117 | $ 7,642,511 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Securities available for sale, allowance for credit losses | $ 0 | $ 2,035 |
Preferred stock, authorized (in shares) | 250,000 | 250,000 |
Preferred stock, shares issued (in shares) | 250,000 | 250,000 |
Preferred stock, shares outstanding (in shares) | 250,000 | 250,000 |
Preferred stock, liquidation value (in USD per share) | $ 250,000 | $ 250,000 |
Common stock, par value per share (in USD per share) | $ 1 | $ 1 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares, issued (in shares) | 11,611,732 | 11,613,221 |
Common stock outstanding (in shares) | 11,611,732 | 11,613,221 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Interest income: | ||
Interest and fees on loans | $ 91,227 | $ 76,747 |
Taxable securities | 6,893 | 3,066 |
Tax-exempt securities | 342 | 380 |
Interest bearing bank balances and other | 2,020 | 578 |
Total interest income | 100,482 | 80,771 |
Interest expense: | ||
Deposits | 37,942 | 17,160 |
Short-term borrowings | 8 | 79 |
Advances from Federal Home Loan Bank | 3,902 | 3,215 |
Other borrowings | 2,356 | 2,164 |
Total interest expense | 44,208 | 22,618 |
Net interest income | 56,274 | 58,153 |
Provision for credit losses | 36 | 523 |
Net interest income after provision for credit losses | 56,238 | 57,630 |
Other operating income: | ||
Service charges on deposit accounts | 5,829 | 6,666 |
Mortgage origination income | 968 | 687 |
Debit card interchange | 2,536 | 2,566 |
Other income | 8,043 | 5,920 |
Total other operating income | 17,376 | 15,839 |
Other operating expenses: | ||
Salaries and employee benefits expenses | 30,703 | 30,991 |
Net occupancy expenses | 4,505 | 4,472 |
Furniture, equipment and data processing expenses | 7,282 | 7,316 |
Other expenses | 9,637 | 8,863 |
Total other operating expenses | 52,127 | 51,642 |
Income before income taxes | 21,487 | 21,827 |
Income tax expense | 4,532 | 4,748 |
Net income | $ 16,955 | $ 17,079 |
Earnings per common share - basic (in USD per share) | $ 1.48 | $ 1.50 |
Earnings per common share - diluted (in USD per share) | $ 1.48 | $ 1.49 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 16,955 | $ 17,079 |
Other comprehensive loss, net of tax: | ||
Unrealized gains (losses) on securities available for sale | (2,668) | 7,039 |
Tax effect | 664 | (1,753) |
Total other comprehensive income (loss), net of tax | (2,004) | 5,286 |
Comprehensive income | $ 14,951 | $ 22,365 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders’ Equity - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Cumulative Effect, Period of Adoption, Adjusted Balance | Preferred Stock | Preferred Stock Cumulative Effect, Period of Adoption, Adjustment | Preferred Stock Cumulative Effect, Period of Adoption, Adjusted Balance | Common Stock | Common Stock Cumulative Effect, Period of Adoption, Adjustment | Common Stock Cumulative Effect, Period of Adoption, Adjusted Balance | Additional Paid-In Capital | Additional Paid-In Capital Cumulative Effect, Period of Adoption, Adjustment | Additional Paid-In Capital Cumulative Effect, Period of Adoption, Adjusted Balance | Retained Earnings | Retained Earnings Cumulative Effect, Period of Adoption, Adjustment | Retained Earnings Cumulative Effect, Period of Adoption, Adjusted Balance | Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) Cumulative Effect, Period of Adoption, Adjustment | Accumulated Other Comprehensive Income (Loss) Cumulative Effect, Period of Adoption, Adjusted Balance | Less: Redeemable Common Stock Owned by the ESOP | Less: Redeemable Common Stock Owned by the ESOP Cumulative Effect, Period of Adoption, Adjustment | Less: Redeemable Common Stock Owned by the ESOP Cumulative Effect, Period of Adoption, Adjusted Balance |
Preferred stock, beginning balance (in shares) at Dec. 31, 2022 | 250,000 | 0 | 250,000 | ||||||||||||||||||
Shares outstanding, beginning balance (in shares) at Dec. 31, 2022 | 11,599,595 | 0 | 11,599,595 | ||||||||||||||||||
Shareholders' equity, beginning balance at Dec. 31, 2022 | $ 601,116 | $ (24,953) | $ 576,163 | $ 250,000 | $ 0 | $ 250,000 | $ 11,599 | $ 0 | $ 11,599 | $ 122,890 | $ 0 | $ 122,890 | $ 356,685 | $ (24,953) | $ 331,732 | $ (43,074) | $ 0 | $ (43,074) | $ (96,984) | $ 0 | $ (96,984) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||
Net income | 17,079 | 17,079 | |||||||||||||||||||
Other comprehensive income (loss), net | 5,286 | 5,286 | |||||||||||||||||||
Shares withheld to satisfy withholding obligation in the vesting of restricted stock (in shares) | (241) | ||||||||||||||||||||
Shares withheld to satisfy withholding obligation in the vesting of restricted stock | (16) | (16) | |||||||||||||||||||
Stock based compensation | 1,004 | 1,004 | |||||||||||||||||||
Dividends paid | (5,220) | (5,220) | |||||||||||||||||||
Preferred stock, ending balance (in shares) at Mar. 31, 2023 | 250,000 | ||||||||||||||||||||
Shares outstanding, ending balance (in shares) at Mar. 31, 2023 | 11,599,354 | ||||||||||||||||||||
Shareholders' equity, ending balance at Mar. 31, 2023 | $ 594,296 | $ 250,000 | $ 11,599 | 123,878 | 343,591 | (37,788) | (96,984) | ||||||||||||||
Preferred stock, beginning balance (in shares) at Dec. 31, 2023 | 250,000 | 250,000 | |||||||||||||||||||
Shares outstanding, beginning balance (in shares) at Dec. 31, 2023 | 11,613,221 | ||||||||||||||||||||
Shareholders' equity, beginning balance at Dec. 31, 2023 | $ 640,053 | $ 250,000 | $ 11,613 | 123,611 | 370,955 | (31,128) | (84,998) | ||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||
Net income | 16,955 | 16,955 | |||||||||||||||||||
Other comprehensive income (loss), net | (2,004) | (2,004) | |||||||||||||||||||
Issuance of restricted stock (in shares) | (1,240) | ||||||||||||||||||||
Issuance of restricted stock | 0 | $ (1) | 1 | ||||||||||||||||||
Shares withheld to satisfy withholding obligation in the vesting of restricted stock (in shares) | (249) | ||||||||||||||||||||
Shares withheld to satisfy withholding obligation in the vesting of restricted stock | (14) | (14) | |||||||||||||||||||
Stock based compensation | 1,178 | 1,178 | |||||||||||||||||||
Net change fair value of ESOP shares | 0 | 0 | |||||||||||||||||||
Dividends paid | $ (5,458) | (5,458) | |||||||||||||||||||
Preferred stock, ending balance (in shares) at Mar. 31, 2024 | 250,000 | 250,000 | |||||||||||||||||||
Shares outstanding, ending balance (in shares) at Mar. 31, 2024 | 11,611,732 | ||||||||||||||||||||
Shareholders' equity, ending balance at Mar. 31, 2024 | $ 650,710 | $ 250,000 | $ 11,612 | $ 124,776 | $ 382,452 | $ (33,132) | $ (84,998) |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders’ Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Stockholders' Equity [Abstract] | ||
Dividends paid (in USD per share) | $ 0.47 | $ 0.45 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash flows from operating activities: | ||
Net income per consolidated statements of income | $ 16,955 | $ 17,079 |
Adjustments to reconcile net income to net cash from operating activities: | ||
Provision for credit losses | 36 | 523 |
Depreciation and amortization | 2,544 | 2,440 |
Net (gain) loss on disposal of premises and equipment | (1,644) | 201 |
Net gain on sales of other real estate owned | (15) | 0 |
Write-downs of other real estate-owned | 166 | 2 |
Deferred income tax (benefit) expense | 2,465 | (186) |
Federal Home Loan Bank stock dividends | (421) | (221) |
Stock based compensation expense | 1,178 | 1,004 |
Origination of loans held for sale | (51,230) | (47,764) |
Proceeds from loans held for sale | 50,636 | 44,780 |
Earnings on bank-owned life insurance | (853) | (656) |
Net change in: | ||
Accrued interest receivable and other assets | (5,767) | (1,188) |
Accrued interest payable and other liabilities | (7,372) | 1,020 |
Net cash from operating activities | 6,678 | 17,034 |
Cash flows from investing activities: | ||
Purchases of securities available for sale | (295,481) | (33,505) |
Maturities and calls of securities available for sale | 262,352 | 4,885 |
Maturities, prepayments and calls of securities held to maturity | 915 | 990 |
Net (increase) decrease in loans | 14,357 | (128,754) |
Purchases of premises and equipment | (23,390) | (7,015) |
Proceeds from sales of premises and equipment | 7,267 | 0 |
Proceeds from sales of other real estate owned | 41 | 976 |
Investment in unconsolidated entities | (348) | (77) |
Distributions from unconsolidated entities | 0 | 483 |
Proceeds from bank-owned life insurance | 644 | 0 |
Purchases of Federal Home Loan Bank stock | 0 | (9,135) |
Redemptions of Federal Home Loan Bank stock | 5,191 | 8,943 |
Net cash used in investing activities | (28,452) | (162,209) |
Net increase (decrease) in: | ||
Noninterest-bearing deposits | (17,562) | (72,106) |
Money market, negotiable order of withdrawal, and savings deposits | 36,177 | 129,308 |
Certificates of deposit | 226,915 | 84,550 |
Proceeds from Federal Home Loan Bank advances | 215,000 | 2,545,000 |
Payments on Federal Home Loan Bank advances | (310,003) | (2,553,016) |
Proceeds from other borrowings | 345,004 | 0 |
Payments on other borrowings | (345,004) | 0 |
Cash dividends paid on common stock | (5,458) | (5,220) |
Purchase of Company stock | 0 | 0 |
Shares withheld to pay taxes on restricted stock vesting | (14) | (16) |
Net cash from financing activities | 145,055 | 128,500 |
Net change in cash and cash equivalents | 123,281 | (16,675) |
Cash and cash equivalents at beginning of period | 266,591 | 137,895 |
Cash and cash equivalents at end of period | 389,872 | 121,220 |
Supplemental cash flow information: | ||
Interest paid | 42,138 | 20,545 |
Federal and state income tax payments | 0 | 0 |
Acquisition of real estate in non-cash foreclosures | $ 285 | $ 705 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation BancPlus Corporation (the “Company”) is a bank holding company headquartered in Ridgeland, Mississippi operating in one reportable segment. BankPlus (the “Bank”), the principal operating subsidiary and sole banking subsidiary of the Company, is a commercial bank primarily engaged in the business of commercial and consumer banking. In addition to general and consumer banking, other products and services offered though the Bank’s subsidiaries include certain insurance and annuity services, asset and investment management and financial planning services. Oakhurst Development, Inc. (“Oakhurst”) is a real estate subsidiary originally formed by the Company to liquidate a real estate development that was acquired by the Bank through foreclosure in 2002. Oakhurst became active again in March 2009 and holds loans. The unaudited interim consolidated financial statements include the accounts of the Company and all other entities in which the Company has a controlling financial interest, and reflect all adjustments (consisting of normal recurring adjustments) that are necessary in the opinion of the Company’s management to fairly present the financial position, results of operations and cash flows of the Company. They have been derived from the audited consolidated financial statements for the fiscal year ended December 31, 2023; however, certain notes and information have been omitted from the interim periods. Therefore, these unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2023. All significant intercompany balances and transactions have been eliminated in consolidation. Certain reclassifications have been made to prior period amounts to conform to the current period presentation. The accounting and financial reporting policies followed by the Company conform, in all material respects, to the accounting principles generally accepted in the United States (“GAAP”) and to general practices within the financial services industry. The results of operations for the interim periods are not necessarily indicative of the results to be expected for future interim periods or for the entire year. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The allowance/provision for credit losses, the fair value of financial instruments and the status of contingencies are particularly subject to change. Material estimates that are subject to significant change in the near term are the allowance for credit losses, provision for credit losses, valuation of other real estate owned and fair values of financial instruments. Actual results could differ from these estimates. Unless otherwise indicated, references to “BancPlus” refer to BancPlus Corporation and its subsidiaries, on a consolidated basis, and reference to “BankPlus” refer to BankPlus, our wholly-owned subsidiary, as applicable. Effect of Recently Adopted Accounting Standards Accounting Standards Update 2023-02 (“ASU 2023-02”), “Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method.” In March 2023, the FASB issued ASU 2023-02 which allows entities to elect to account for tax equity investments using the proportional amortization method, regardless of the tax credit program from which the income tax credits are received, if certain conditions are met. ASU 2023-02 is effective for the Company for annual and interim periods beginning on January 1, 2024. The adoption of ASU 2023-02 did not materially impact the Company’s consolidated financial statements. Accounting Standards Update 2023-07 (“ASU 2023-07”), “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ” In November 2023, the FASB issued ASU 2023-07 which expands segment disclosure requirements for public entities to require disclosure of significant segment expenses and other segment items on an annual and interim basis and to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. ASU 2023-07 is effective for the Company for annual and interim periods beginning on January 1, 2024. The adoption of ASU 2023-07 did not materially impact the Company’s consolidated financial statements. Effect of Recently Issued, But Not Yet Effective Accounting Standards Accounting Standards Update 2023-09 (“ASU 2023-09”), “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” In December 2023, the FASB issued ASU 2023-09 which requires entities to disclose in their rate reconciliation table additional categories of information about federal, state and foreign income taxes and to provide more details about the reconciling items in some categories if items meet a quantitative threshold. ASU 2023-09 also requires entities to disclose income taxes paid, net of refunds, disaggregated by federal, state and foreign taxes for annual periods and to disaggregate the information by jurisdiction based on a quantitative threshold, among other things. ASU 2023-09 is effective for the Company for annual and interim periods beginning on January 1, 2025, though early adoption is permitted. The adoption of ASU 2023-09 is not expected to materially impact the Company’s consolidated financial statements. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Basic earnings per share is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing net income available to common shareholders by the weighted number of common shares outstanding during the period and the number of common shares that would have been outstanding assuming the issuance of common shares for all dilutive potential common shares outstanding during the reporting period. Three Months Ended March 31, (In thousands except per share data) 2024 2023 Net income $ 16,955 $ 17,079 Weighted average common shares outstanding 11,422 11,415 Diluted effect of unallocated stock — — Diluted effect of stock-based awards 56 73 Diluted common shares 11,478 11,488 Basic earnings per common share $ 1.48 $ 1.50 Diluted earnings per common share $ 1.48 $ 1.49 |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment Securities The following is a summary of the amortized cost and fair value of securities available for sale. Amortized Gross Unrealized Allowance for Credit Losses Fair (In thousands) Cost Gains Losses Value March 31, 2024: U.S. Treasuries $ 229,442 $ 130 $ 770 $ — $ 228,802 U.S. Government agency obligations 505,672 847 23,451 — 483,068 Residential mortgage-backed securities 84,951 6 10,875 — 74,082 Commercial mortgage-backed securities 13,640 — 1,429 — 12,211 Corporate investments 53,383 — 6,827 — 46,556 State and political subdivisions 45,533 115 1,863 — 43,785 Total available for sale $ 932,621 $ 1,098 $ 45,215 $ — $ 888,504 December 31, 2023: U.S. Treasuries $ 210,213 $ 356 $ 451 $ — $ 210,118 U.S. Government agency obligations 475,747 2,433 23,257 — 454,923 Residential mortgage-backed securities 91,994 25 9,991 — 82,028 Commercial mortgage-backed securities 13,675 — 1,402 — 12,273 Asset backed securities 6,913 84 48 — 6,949 Corporate investments 53,380 — 7,841 — 45,539 State and political subdivisions 47,583 133 1,490 (2,035) 44,191 Total available for sale $ 899,505 $ 3,031 $ 44,480 $ (2,035) $ 856,021 Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific identification method. All mortgage-backed securities in the above tables were issued or guaranteed by U.S. government agencies or sponsored agencies. At March 31, 2024, the Company had an allowance for credit losses on available for sale securities of zero. The following table provides a roll-forward of the allowance for credit losses on available for sale securities for the periods presented. Three Months Ended March 31, (In thousands) 2024 2023 Beginning balance $ 2,035 $ — Impact of adopting CECL — — (Recovery of) provision for credit losses on available for sale securities — — Available for sale security charged off (2,035) — Ending Balance $ — $ — The following is a summary of the amortized cost and fair value of securities held to maturity. Amortized Gross Unrealized Fair (In thousands) Cost Gains Losses Value March 31, 2024: States and political subdivisions $ 54,241 $ — $ 180 $ 54,061 Total held to maturity $ 54,241 $ — $ 180 $ 54,061 December 31, 2023: States and political subdivisions $ 55,170 $ 1 $ 126 $ 55,045 Total held to maturity $ 55,170 $ 1 $ 126 $ 55,045 Provided below is a summary of investment securities without an allowance for credit losses that were in an unrealized loss position and the length of time that individual securities have been in a continuous loss position. Less Than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (In thousands) March 31, 2024: Available for sale: U.S. Treasuries $ 56,580 $ 338 $ 9,547 $ 432 $ 66,127 $ 770 U.S. Government agencies 88,288 503 297,054 22,948 385,342 23,451 Residential mortgage-backed securities 115 3 73,521 10,872 73,636 10,875 Commercial mortgage-backed securities — — 12,211 1,429 12,211 1,429 Asset backed securities — — — — — — Corporate investments 391 28 46,164 6,799 46,555 6,827 States and political subdivisions 5,328 68 33,121 1,795 38,449 1,863 $ 150,702 $ 940 $ 471,618 $ 44,275 $ 622,320 $ 45,215 Held to maturity: States and political subdivisions $ 767 $ 10 $ 4,829 $ 170 $ 5,596 $ 180 $ 767 $ 10 $ 4,829 $ 170 $ 5,596 $ 180 December 31, 2023: Available for sale: U.S. Treasuries $ — $ — $ 9,534 $ 451 $ 9,534 $ 451 U.S. Government agencies 4,983 17 315,605 23,240 320,588 23,257 Residential mortgage-backed securities 118 1 80,621 9,990 80,739 9,991 Commercial mortgage-backed securities — — 12,273 1,402 12,273 1,402 Asset backed securities — — 1,477 48 1,477 48 Corporate investments 4,045 335 41,493 7,506 45,538 7,841 States and political subdivisions 5,154 50 31,549 1,440 36,703 1,490 $ 14,300 $ 403 $ 492,552 $ 44,077 $ 506,852 $ 44,480 Held to maturity: States and political subdivisions $ 378 $ 1 $ 5,675 $ 125 $ 6,053 $ 126 $ 378 $ 1 $ 5,675 $ 125 $ 6,053 $ 126 The number of debt securities in an unrealized loss position increased from 317 at December 31, 2023 to 325 at March 31, 2024. The unrealized losses shown above are due to increases in market rates over the yields available at the time of purchase of the underlying securities and not credit quality. The unrealized losses on debt securities have not been recognized into income because the Company does not intend to sell these securities and it is more likely than not that the Company will not be required to sell the investments before recovery of their amortized cost bases, which may be at maturity. The amortized cost and fair value of debt securities, by contractual maturity, are shown below. Actual maturities may differ from contractual maturities because borrowers have the right to call or prepay certain obligations with, or without, call or prepayment penalties. Available for Sale Held to Maturity Amortized Fair Amortized Fair (In thousands) Cost Value Cost Value March 31, 2024: One year or less $ 267,944 $ 265,365 $ 12,858 $ 12,845 After one through five years 461,224 442,246 35,066 34,935 After five through ten years 120,453 108,827 5,092 5,055 After ten years 83,000 72,066 1,225 1,225 $ 932,621 $ 888,504 $ 54,241 $ 54,060 The following is a summary of the amortized cost and fair value for investment securities which were pledged to secure public deposits and for other purposes required or permitted by law. Available for Sale Held to Maturity Amortized Fair Amortized Fair (In thousands) Cost Value Cost Value March 31, 2024 $ 112,794 $ 106,216 $ — $ — December 31, 2023 $ 128,675 $ 122,105 $ — $ — The Company monitors the credit quality of held-to-maturity debt securities through the use of credit ratings. The Company monitors the credit rating on a quarterly basis. The following table summarizes the amortized cost basis of held-to-maturity debt securities at March 31, 2024 by credit rating: (In thousands) March 31, 2024 State and political subdivisions held-to-maturity: S&P: AA+, AA, AA- / Moody's: Aa1, Aa2, Aa3 $ 3,991 S&P: A+, A, A- / Moody's: A1, A2, A3 927 S&P: BBB+, BBB, BBB- / Moody's: Baa, Ba, B 497 Not rated 48,826 $ 54,241 |
Loans
Loans | 3 Months Ended |
Mar. 31, 2024 | |
Receivables [Abstract] | |
Loans | Loans The following is a summary of the Company’s loan portfolio by loan class. (In thousands) March 31, 2024 December 31, 2023 Secured by real estate: Residential properties $ 1,583,986 $ 1,551,777 Construction and land development 676,847 731,449 Farmland 308,577 309,840 Other commercial 2,687,048 2,666,956 Total real estate 5,256,458 5,260,022 Commercial and industrial loans 624,795 631,528 Agricultural production and other loans to farmers 88,289 91,976 Consumer and other loans 96,884 98,485 Total loans before allowance for credit losses $ 6,066,426 $ 6,082,011 Loans are stated at the amount of unpaid principal net of discounts and premiums on acquired loans, before allowance for credit losses. Interest on loans is calculated using the simple interest method on daily balances of the principal amount outstanding. Loan Origination/Risk Management/Credit Concentration – The Company has certain lending policies and procedures in place that are designed to maximize loan income within an acceptable level of risk. The Company’s Board of Directors reviews and approves these policies and procedures on a regular basis. Although the Company has a diversified loan portfolio, the Company has concentrations of credit risks related to the real estate market, including residential, commercial, and construction and land development lending. Most of the Company’s lending activity occurs within Mississippi, Alabama, Louisiana, and Florida. The risk characteristics of the Company’s material portfolio segments are as follows: Residential Real Estate Loans – The residential real estate loan portfolio consists of residential loans for single and multifamily properties. Residential loans are generally secured by owner occupied 1-4 family residences. Repayment of these loans is primarily dependent on the personal income and credit rating of the borrowers and can be impacted by economic conditions within their market area. Risk is mitigated by the fact that the loans are of smaller individual amounts and spread over a large number of borrowers. Commercial Real Estate Loans – Commercial real estate loans include construction and land development loans, loans secured by farmland and other commercial real estate loans. Construction and land development loans are usually based upon estimates of costs and estimated value of the completed project and include independent appraisal reviews and a financial analysis of the developers and property owners. Sources of repayment of these loans may include permanent loans, sales of developed property or an interim loan commitment from the Company until permanent financing is obtained. These loans are considered to be higher risk than other real estate loans due to their ultimate repayment being sensitive to interest rate changes, general economic conditions and the availability of long-term financing. Farmland loans are generally made for the purpose of acquiring land devoted to crop production or livestock, the propagation of timber or the operation of a similar type of business on the secured property. Sources of repayment for these loans generally include income generated from operations of a business on the property, rental income, or sales of timber. Repayment may be impacted by changes in economic conditions which affect underlying collateral values. Commercial real estate loans typically involve larger principal amounts and repayment of these loans is generally dependent on the successful operations of the property securing the loan or the business conducted on the property securing the loan. These loans are viewed primarily as cash flow loans and secondarily as loans secured by real estate. Management monitors and evaluates commercial real estate loans based on collateral and risk grade criteria. Commercial and Industrial Loans – The commercial and industrial loan portfolio consists of loans to commercial customers for use in normal business operations to finance working capital needs, equipment purchase or other expansion projects. Commercial loan underwriting standards are designed to promote relationship banking rather than transactional banking and are underwritten based on the borrower’s expected ability to profitably operate its business. The cash flows of borrowers, however, may not be as expected and collateral securing these loans may fluctuate in value. Most commercial loans are secured by assets being financed or other business assets such as accounts receivable or inventory and may incorporate a personal guarantee. In the case of loans secured by accounts receivable, the availability of funds for repayment of these loans may be substantially dependent on the ability of the borrower to collect amounts due from its customers. Agricultural production and other loans to farmers - The agricultural production and other loans to farmers portfolio consists of loans for the purpose of financing agricultural production, the growing and storing of crops, the marketing, and the carrying of agricultural products. This portfolio also includes loans for the purposes of breeding, raising, fattening, or marketing livestock, fish production, and forest and timber production as well as any other loans to made to farmers not secured by real estate. Sources of repayment for these loans generally include income generated from the operations of the business. Consumer and Other Loans – The consumer and other loan portfolio consists of various term and line of credit loans such as automobile loans and loans for other personal purposes. Repayment for these types of loans will come from a borrower’s income sources that are typically independent of the loan purpose. Credit risk is driven by consumer economic factors (such as unemployment and general economic conditions in the Company’s market area) and the creditworthiness of a borrower. Loans that are 30 days or more past due based on payments received and applied to the loan are considered delinquent. Accrual of interest is discontinued on a loan when management believes, after considering economic and business conditions and collection efforts, that a borrower's financial condition is such that collection of interest, but not necessarily principal, is doubtful. A loan is typically placed on non-accrual when the contractual payment of principal or interest becomes 90 days past due unless the loan is well-secured and in the process of collection. Loans may be placed on non-accrual status regardless of whether or not such loans are considered past due. When a loan is placed on non-accrual status, any interest that is accrued, but not collected, is reversed against interest income. Payments subsequently received on non-accrual loans are applied to principal. Interest income is recognized to the extent that cash payments are received in excess of principal due. A loan may return to accrual status when principal and interest payments are no longer past due and collectability is reasonably assured. The following table presents the amortized cost basis of nonaccrual loans, segregated by class as of March 31, 2024 and December 31, 2023. (In thousands) Total Nonaccrual Nonaccrual with no Allowance for Credit Loss Past Due 90 days or more and Accruing March 31, 2024 Secured by real estate: Residential properties $ 4,360 $ — $ 110 Construction and land development 233 — 1,288 Farmland 343 — — Other commercial 6,393 — 150 Total real estate 11,329 — 1,548 Commercial and industrial loans 1,820 — 10 Agricultural production and other loans to farmers — — — Consumer and other loans 59 — 4 Total $ 13,208 $ — $ 1,562 December 31, 2023 Secured by real estate: Residential properties $ 3,180 $ — $ 270 Construction and land development 239 — — Farmland 642 — — Other commercial 1,613 — 124 Total real estate 5,674 — 394 Commercial and industrial loans 1,523 — 339 Agricultural production and other loans to farmers — — — Consumer and other loans 17 — 28 Total $ 7,214 $ — $ 761 A loan is considered collateral-dependent when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral. During the three months ended March 31, 2024, there were no significant changes to the collateral which secures the collateral-dependent loans, whether due to general deterioration or other reason. The following table presents the amortized cost basis of collateral-dependent loans by class and collateral type as of March 31, 2024 and December 31, 2023. (In thousands) Real Estate Enterprise Value Accounts Receivable & Inventory Stock March 31, 2024 Secured by real estate: Residential properties $ 1,276 $ — $ — $ — Construction and land development — — — — Farmland — — — — Other commercial 5,930 14,208 — 1,375 Total real estate 7,206 14,208 — 1,375 Commercial and industrial loans — — 8,560 — Agricultural production and other loans to farmers — — — — Consumer loans — — — — Total $ 7,206 $ 14,208 $ 8,560 $ 1,375 (In thousands) Real Estate Enterprise Value Accounts Receivable & Inventory Stock December 31, 2023 Secured by real estate: Residential properties $ 1,276 $ — $ — $ — Construction and land development — — — — Farmland — — — — Other commercial 3,226 — — — Total real estate 4,502 — — — Commercial and industrial loans — 1,349 8,706 1,375 Agricultural production and other loans to farmers — — — — Consumer loans — — — — Total $ 4,502 $ 1,349 $ 8,706 $ 1,375 An age analysis of past due loans (including both accruing and non-accruing loans) segregated by class of loans is as follows: (In thousands) Past Due 30-89 Days Past Due 90 Days or More Total Past Due Current Total Loans March 31, 2024 Secured by real estate: Residential properties $ 11,405 $ 1,944 $ 13,349 $ 1,570,637 $ 1,583,986 Construction and land development 1,141 1,288 2,429 674,418 676,847 Farmland — 140 140 308,437 308,577 Other commercial 7,703 3,542 11,245 2,675,803 2,687,048 Total real estate 20,249 6,914 27,163 5,229,295 5,256,458 Commercial and industrial loans 1,490 317 1,807 622,988 624,795 Agricultural production and other loans to farmers 14 — 14 88,275 88,289 Consumer loans 502 34 536 96,348 96,884 Total $ 22,255 $ 7,265 $ 29,520 $ 6,036,906 $ 6,066,426 (In thousands) Past Due 30-89 Days Past Due 90 Days or More Total Past Due Current Total Loans December 31, 2023 Secured by real estate: Residential properties $ 9,867 $ 2,144 $ 12,011 $ 1,539,766 $ 1,551,777 Construction and land development 1,609 — 1,609 729,840 731,449 Farmland 88 380 468 309,372 309,840 Other commercial 4,159 1,320 5,479 2,661,477 2,666,956 Total real estate 15,723 3,844 19,567 5,240,455 5,260,022 Commercial and industrial loans 2,868 441 3,309 628,219 631,528 Agricultural production and other loans to farmers 192 — 192 91,784 91,976 Consumer loans 708 39 747 97,738 98,485 Total $ 19,491 $ 4,324 $ 23,815 $ 6,058,196 $ 6,082,011 Modifications to Borrowers Experiencing Financial Difficulty – From time to time, the Company may modify certain loans to borrowers who are experiencing financial difficulty. In some cases, these modifications result in new loans. Loan modifications to borrowers experiencing financial difficulty may be in the form of principal forgiveness, interest rate reduction, term extension, other-than-insignificant payment delay or a combination thereof, among other things. There were zero loan modifications to borrowers experiencing financial difficulty during the three months ended March 31, 2024 and 2023. |
Allowance for Credit Losses
Allowance for Credit Losses | 3 Months Ended |
Mar. 31, 2024 | |
Receivables [Abstract] | |
Allowance for Credit Losses | Allowance for Credit Losses As management evaluates the allowance for credit losses, it is categorized based on specific allocations and general allocations for each major loan category for loans not individually evaluated or deemed collateral-dependent or classified, segmented by loan class based on historical loss experience and other risk factors. In assessing general economic conditions, management monitors several factors, including regional and national economic conditions, real estate market conditions and recently enacted regulations with potential economic effects. Credit Quality Indicators – The Company utilizes a risk grading matrix to assign a grade to each of its commercial and real estate loans. Loans are rated on a scale of 1 to 10. A description of the general characteristics of the 10 risk ratings is as follows: • Risk Grades 1, 2, 3, 4 and 5 – These grades include loans to borrowers of solid credit quality with no higher than normal risk of loss. Borrowers in these categories have satisfactory financial strength and adequate cash flow coverage to service debt requirements. Collateral type and quality, as well as protection, are adequate. The borrower’s management is strong and capable, financial information is timely and accurate, and guarantor support is strong. • Risk Grade 6 – Pass and Watch – Loans in this category are currently protected, but risks are emerging that warrant more than normal attention and have above average risk of loss. These factors require a higher level of monitoring and may include emerging balance sheet weaknesses, strained liquidity, increased leverage ratio, and weakening management. Collateral support is less marketable or limited use and, although the protection is sufficient, the loan-to-value ratio may not meet policy guidelines. Guarantors may have a limited ability and willingness to provide intermediate support. Also, considerations surrounding industry deterioration, increased competition and minor policy exceptions concerning structure or amortization may affect the rating of these loans. • Risk Grade 7 – Special Mention – The Company’s special mention rating is intended to closely align with the regulatory definition. A special mention asset has potential weaknesses that deserve management’s close attention. If left uncorrected, these weaknesses may result in deterioration of repayment prospects. These weaknesses may include deteriorating balance sheets, strained liquidity and elevated leverage ratios. Cash flow and profitability are marginally sufficient to service debt and collateral is exhibiting signs of decline in value; however, protection is currently sufficient. Limited management experience or weaknesses have emerged requiring more than normal supervision and uncertainties regarding the quality of the financials are not explained. Guarantor has very limited ability and willingness to provide short-term support. Moderate policy exceptions concerning structure or amortization may be considered in order to provide relief to the borrower. Special mention assets are not adversely classified and do not expose an institution to sufficient risk to warrant adverse classification. • Risk Grade 8 – Substandard – A loan in this category is inadequately protected by the current net worth and paying capacity of the borrower or of the collateral pledged. Assets so classified have a well-defined weakness that jeopardizes the liquidation of the debt. Factors affecting these loans may include balance sheet deterioration that has resulted in illiquid, highly leveraged or deficit net worth, cash flow that is not able to service debts as structured, collateral protection that may be inadequate, guarantor support that may be virtually non-existent, and management that is poor. Loans may require a major policy exception concerning structure or amortization. They are characterized by the distinct possibility that the Company will incur some loss if the deficiencies are not corrected. • Risk Grade 9 – Doubtful – Loans classified doubtful have all the weaknesses inherent in those classified substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently known facts, conditions and values, highly questionable and improbable. • Risk Grade 10 – Loss – Loans are considered uncollectible and of such little value that continuing to carry them as an active asset is not warranted. It does not mean that there will be no recovery, but, rather, it is not practical or desirable to defer writing off these assets even though a partial recovery may be possible in the future. Pass loans for the Company include loans in Risk Grades 1 - 6. Special mention loans for the Company include loans in Risk Grade 7. Classified loans for the Company include loans in Risk Grades 8, 9 and 10. Loans may be classified but not considered individually evaluated or collateral-dependent, due to one of the following reasons: (i) the loan falls below the established minimum dollar thresholds for individual evaluation or (ii) the loan was individually evaluated, but not deemed to be collateral-dependent. The following table reflects loans by credit quality indicator and origination year at March 31, 2024. Loans acquired are shown in the table by origination year. The Company had an immaterial amount of revolving loans converted to term loans at March 31, 2024. Term Loans Amortized Cost Basis by Origination Year (Dollars in thousands) 2024 2023 2022 2021 2020 Prior Revolving Loans Amortized Cost Basis Total Residential real estate: Pass $ 43,856 $ 262,355 $ 402,732 $ 294,657 $ 120,750 $ 112,703 $ 324,799 $ 1,561,852 Special mention — — — — — — — — Classified — 1,415 4,313 4,505 2,703 7,830 1,368 22,134 Total residential real estate $ 43,856 $ 263,770 $ 407,045 $ 299,162 $ 123,453 $ 120,533 $ 326,167 $ 1,583,986 Current period gross write offs $ — $ 16 $ — $ — $ 11 $ 69 $ 18 $ 114 Construction & land development: Pass $ 15,190 $ 50,855 $ 51,246 $ 10,583 $ 3,541 $ 11,480 $ 530,018 $ 672,913 Special mention — — 246 — — — — 246 Classified — — 429 434 954 1,259 612 3,688 Total construction & land development $ 15,190 $ 50,855 $ 51,921 $ 11,017 $ 4,495 $ 12,739 $ 530,630 $ 676,847 Current period gross write offs $ — $ — $ — $ — $ — $ — $ — $ — Farmland: Pass $ 13,229 $ 39,729 $ 73,744 $ 30,601 $ 26,441 $ 28,079 $ 94,236 $ 306,059 Special mention — — — — — — — — Term Loans Amortized Cost Basis by Origination Year (Dollars in thousands) 2024 2023 2022 2021 2020 Prior Revolving Loans Amortized Cost Basis Total Classified 69 495 148 528 67 999 212 2,518 Total farmland $ 13,298 $ 40,224 $ 73,892 $ 31,129 $ 26,508 $ 29,078 $ 94,448 $ 308,577 Current period gross write offs $ — $ — $ — $ — $ — $ — $ — $ — Other commercial real estate: Pass $ 16,533 $ 192,870 $ 498,918 $ 405,736 $ 244,814 $ 290,923 $ 1,021,581 $ 2,671,375 Special mention — — — — — — — — Classified 21 102 575 6,096 1,176 4,779 2,924 15,673 Total other commercial real estate $ 16,554 $ 192,972 $ 499,493 $ 411,832 $ 245,990 $ 295,702 $ 1,024,505 $ 2,687,048 Current period gross write offs $ — $ 7 $ — $ 22 $ — $ — $ — $ 29 Commercial & industrial loans: Pass $ 16,818 $ 104,010 $ 116,089 $ 35,129 $ 27,143 $ 25,850 $ 267,195 $ 592,234 Special mention — — 5,794 — — — — 5,794 Classified 18 9,018 13,827 1,243 460 1,828 373 26,767 Total commercial & industrial loans $ 16,836 $ 113,028 $ 135,710 $ 36,372 $ 27,603 $ 27,678 $ 267,568 $ 624,795 Current period gross write offs $ — $ 78 $ 203 $ — $ — $ — $ 387 $ 668 Agricultural production & other loans to farmers: Pass $ 6,462 $ 13,423 $ 6,276 $ 3,809 $ 3,045 $ 1,079 $ 53,280 $ 87,374 Special mention — — — — — — — — Classified — 206 14 — 38 3 654 915 Total agricultural production & other loans to farmers $ 6,462 $ 13,629 $ 6,290 $ 3,809 $ 3,083 $ 1,082 $ 53,934 $ 88,289 Current period gross write offs $ — $ — $ — $ — $ — $ — $ — $ — Consumer & other loans: Pass $ 11,176 $ 34,028 $ 12,104 $ 3,730 $ 3,356 $ 566 $ 31,787 $ 96,747 Special mention — — — — — — — — Classified — 26 51 5 — 1 54 137 Total consumer & other loans $ 11,176 $ 34,054 $ 12,155 $ 3,735 $ 3,356 $ 567 $ 31,841 $ 96,884 Current period gross write offs $ 512 $ 36 $ 45 $ 26 $ — $ — $ 10 $ 629 The following table reflects loans by credit quality indicator and origination year at December 31, 2023. Loans acquired are shown in the table by origination year. The Company had an immaterial amount of revolving loans converted to term loans at December 31, 2023. Term Loans Amortized Cost Basis by Origination Year (Dollars in thousands) 2023 2022 2021 2020 2019 Prior Revolving Loans Amortized Cost Basis Total Residential real estate: Pass $ 273,190 $ 417,855 $ 305,097 $ 125,236 $ 51,299 $ 74,212 $ 284,488 $ 1,531,377 Special mention — — — — — — — — Classified 1,203 3,473 4,661 2,838 2,509 4,785 931 20,400 Total residential real estate $ 274,393 $ 421,328 $ 309,758 $ 128,074 $ 53,808 $ 78,997 $ 285,419 $ 1,551,777 Current period gross write offs $ — $ 32 $ 11 $ 36 $ 3 $ 173 $ — $ 255 Construction & land development: Pass $ 58,243 $ 57,699 $ 17,349 $ 3,802 $ 6,354 $ 6,323 $ 578,723 $ 728,493 Special mention — 246 — — — — — 246 Classified — 416 71 960 1,255 8 — 2,710 Total construction & land development $ 58,243 $ 58,361 $ 17,420 $ 4,762 $ 7,609 $ 6,331 $ 578,723 $ 731,449 Current period gross write offs $ — $ 68 $ — $ — $ — $ 60 $ — $ 128 Farmland: Pass $ 41,629 $ 74,359 $ 32,270 $ 27,928 $ 13,295 $ 19,374 $ 98,061 $ 306,916 Special mention — — — — — — — — Classified 425 150 529 116 65 1,300 339 2,924 Total farmland $ 42,054 $ 74,509 $ 32,799 $ 28,044 $ 13,360 $ 20,674 $ 98,400 $ 309,840 Current period gross write offs $ — $ — $ — $ — $ — $ — $ 114 $ — $ 114 $ 114 Other commercial real estate: Pass $ 200,328 $ 505,748 $ 393,612 $ 245,990 $ 115,642 $ 189,852 $ 1,003,206 $ 2,654,378 Special mention — — — — — — — — Classified 127 74 5,823 456 1,234 3,365 1,499 12,578 Total other commercial real estate $ 200,455 $ 505,822 $ 399,435 $ 246,446 $ 116,876 $ 193,217 $ 1,004,705 $ 2,666,956 Current period gross write offs $ 8 $ — $ 193 $ — $ — $ 198 $ — $ 399 Commercial & industrial loans: Pass $ 109,708 $ 140,536 $ 41,974 $ 36,486 $ 25,063 $ 8,052 $ 256,077 $ 617,896 Special mention — — — — — — — — Classified 8,954 666 1,169 458 124 1,722 539 13,632 Total commercial & industrial loans $ 118,662 $ 141,202 $ 43,143 $ 36,944 $ 25,187 $ 9,774 $ 256,616 $ 631,528 Current period gross write offs $ 67 $ 434 $ 63 $ 13 $ 16 $ 9 $ 233 $ 835 Term Loans Amortized Cost Basis by Origination Year (Dollars in thousands) 2023 2022 2021 2020 2019 Prior Revolving Loans Amortized Cost Basis Total Agricultural production & other loans to farmers: Pass $ 16,315 $ 7,336 $ 4,342 $ 3,493 $ 1,137 $ 581 $ 58,689 $ 91,893 Special mention — — — — — — — — Classified 35 — — 44 4 — — 83 Total agricultural production & other loans to farmers $ 16,350 $ 7,336 $ 4,342 $ 3,537 $ 1,141 $ 581 $ 58,689 $ 91,976 Current period gross write offs $ 34 $ 12 $ — $ — $ — $ — $ 7 $ 53 Consumer & other loans: Pass $ 41,346 $ 15,080 $ 4,770 $ 4,213 $ 596 $ 128 $ 32,199 $ 98,332 Special mention — — — — — — — — Classified 14 69 24 1 — — 45 153 Total consumer & other loans $ 41,360 $ 15,149 $ 4,794 $ 4,214 $ 596 $ 128 $ 32,244 $ 98,485 Current period gross write offs $ 2,720 $ 175 $ 98 $ 38 $ 12 $ 30 $ 97 $ 3,170 Allowance for Credit Losses on Loans Held for Investment (“LHFI”) The allowance for credit loss represents the estimated amount considered necessary to cover lifetime expected credit losses inherent in financial assets at the balance sheet date. The lifetime estimate also considers economic conditions. Although management strives to maintain an allowance it deems adequate, future economic changes, deterioration of borrowers' creditworthiness, and the impact of examinations by regulatory agencies all could cause changes to BancPlus' allowance for credit losses. Transactions in the allowance for credit losses and balances in the loan portfolio by loan segment are as follows: (In thousands) Commercial Commercial Residential Consumer Total Three Months Ended March 31, 2024 Allowance for loan losses: Beginning balance $ 6,556 $ 37,767 $ 20,487 $ 1,062 $ 65,872 Provision for credit losses 2,310 (1,323) 697 227 1,911 Recoveries on loans 23 54 59 361 497 Loans charged off (668) (29) (114) (629) (1,440) Ending balance $ 8,221 $ 36,469 $ 21,129 $ 1,021 $ 66,840 Period End Allowance Balance Allocated To: Individually evaluated $ 592 $ 321 $ — $ — $ 913 Collectively evaluated 7,629 36,148 21,129 1,021 65,927 Ending balance $ 8,221 $ 36,469 $ 21,129 $ 1,021 $ 66,840 The allowance for credit losses on LHFI increased for the three months ended March 31, 2024 primarily as a result of provision for credit losses on commercial and industrial loans. Accrued interest receivable on loans, reported as a component of accrued interest receivable on the balance sheet, totaled approximately $27.1 million at March 31, 2024 and is excluded from the estimate of credit losses. (In thousands) Commercial and Industrial Commercial Real Estate Residential Consumer and other Total Three Months Ended March 31, 2023 Allowance for loan losses: Beginning balance $ 4,750 $ 26,701 $ 9,958 $ 1,466 $ 42,875 Impact of adopting ASU 2016-13 2,166 12,770 6,464 (656) 20,744 Provision for loan losses (312) 979 113 640 1,420 Recoveries on loans 88 115 58 591 852 Loans charged off (288) (71) (173) (956) (1,488) Ending balance $ 6,404 $ 40,494 $ 16,420 $ 1,085 $ 64,403 Period End Allowance Balance Allocated To: Individually evaluated for impairment $ — $ — $ — $ — $ — Collectively evaluated for impairment 6,404 40,494 16,420 1,085 64,403 Ending balance $ 6,404 $ 40,494 $ 16,420 $ 1,085 $ 64,403 Allowance for Credit Losses on Unfunded Loan Commitments The Company maintains a separate allowance for credit losses on unfunded loan commitments, which is included in Other liabilities in the Company’s Consolidated Balance Sheets. The following table provides a roll-forward of the allowance for credit losses on unfunded loan commitments for the periods presented. Three Months Ended March 31, (In thousands) 2024 2023 Beginning balance $ 8,951 $ — Impact of adopting CECL — 12,505 (Recovery of) provision for credit losses on unfunded loan commitments (1,875) (897) Ending balance $ 7,076 $ 11,608 |
Regulatory Matters
Regulatory Matters | 3 Months Ended |
Mar. 31, 2024 | |
Regulatory Matters [Abstract] | |
Regulatory Matters | Regulatory Matters The Company (on a consolidated basis) and the Bank are subject to various regulatory capital requirements administered by state and federal banking agencies. Failure to meet minimum capital requirements triggers certain mandatory, and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the consolidated financial statements. In 2019, the federal bank regulatory agencies finalized a rule that simplifies capital requirements for qualifying community banks by providing an option to use a simple leverage ratio to measure capital adequacy and to not calculate risk-based capital ratios. A qualifying community bank has less than $10 billion in total consolidated assets, limited amounts of off-balance-sheet exposures and trading assets and liabilities, and a leverage ratio greater than 9.0%. The community bank leverage ratio (“CBLR”) framework was effective on January 1, 2020, and the Company and the Bank elected to adopt the optional CBLR framework in the third quarter of 2022, as an alternative to the generally applicable capital rules. A final rule adopted by the federal banking agencies in February 2019 provides banking organizations with the option to phase in, over a three-year period, the adverse day-one regulatory capital effects of the adoption of CECL. The Company adopted CECL in the first quarter of 2023 and has elected to utilize the three-year transition period. The Bank is also subject to capital requirements under the prompt corrective action regime. The prompt corrective action framework applies only to insured depository institutions, such as the Bank, and not to their holding companies, such as the Company. As of March 31, 2024, the Bank maintained a leverage ratio of more than 9.0% and, as an institution that has elected to adopt the CBLR framework, the Bank was therefore categorized as well capitalized under the regulatory framework for prompt corrective action. The following table presents actual and required capital ratios for the Company and the Bank under the CBLR and prompt corrective action regulations for the relevant periods. Actual Minimum Requirement to be Well Capitalized (In thousands) Capital Amount Ratio Capital Amount Ratio March 31, 2024: Company: Community Bank Leverage Ratio $ 762,928 10.01 % $ 685,626 9.00 % Bank: Community Bank Leverage Ratio $ 762,467 10.01 % $ 685,296 9.00 % Actual Minimum Requirement to be Well Capitalized (In thousands) Capital Amount Ratio Capital Amount Ratio December 31, 2023: Company: Community Bank Leverage Ratio $ 756,155 10.02 % $ 679,472 9.00 % Bank: Community Bank Leverage Ratio $ 755,482 10.01 % $ 679,129 9.00 % |
Fair Value
Fair Value | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Fair Value Financial Instruments Measured at Fair Value Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company groups its assets and liabilities measured at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. Valuations within these levels are based upon: Level 1 Unadjusted quoted prices in active markets for identical assets or liabilities that the entity has the ability to access as of the measurement date Level 2 Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities Level 3 Unobservable inputs that are significant to the fair value of the assets or liabilities that reflect a company’s own assumptions about the assumptions that market participants would use in pricing assets or liabilities Management monitors the availability of observable market data to assess the appropriate classification of assets and liabilities within the fair value hierarchy. Changes in economic conditions or model-based valuation techniques may require the transfer of financial instruments from one fair value level to another. In such instances, the transfer is reported at the beginning of the reporting period. There were no transfers of financial instruments between fair value levels for any period presented. The Company used the following methods and significant assumptions to estimate fair value. Securities – The Company utilizes an independent pricing service to advise it on the value of the securities portfolio. Where quoted market prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy. If quoted market prices are not available, then fair values are estimated by using pricing models, quoted prices of securities with similar characteristics or discounted cash flows. For these investments, the inputs used by the pricing service to determine fair value may include one, or a combination of several, observable inputs such as benchmark yields, reported trades, benchmark securities, bids, offers and reference data market research publications and are classified within Level 2 of the valuation hierarchy. In certain cases where Level 1 or Level 2 inputs are not available, securities are classified within Level 3 of the hierarchy. For Level 3 securities, in addition to the inputs noted above, inputs used by the pricing service to determine fair value may also include estimated duration, municipal bond interest rate curve, and tax effected yield. There were no Level 3 securities as of March 31, 2024 or December 31, 2023. The Company’s treasury department and Asset Liability Management Committee review the aggregate fair values of the securities portfolio. Collateral-dependent Loans with Credit Losses – Loans for which it is probable that the Company will not collect all principal and interest due according to contractual terms are measured to determine if any credit loss exists on a non-recurring basis. Allowable methods for determining the amount of the credit loss include estimating fair value using the fair value of the collateral for collateral-dependent loans. Specific allowances for these loans are based on comparisons of the recorded carrying values of the loans to the present value of the estimated cash flows of these loans at each loan’s effective interest rate or the fair value of the collateral net of selling costs if the loan is collateral-dependent. Loans that are primarily collateral dependent loans are assessed using a fair value approach. Fair value estimates for collateral-dependent loans are derived from appraised values based on the current market value or as-is value of the property being appraised. Appraisals are based on certain assumptions, which may include construction or development status and the highest and best use of the property. The appraisals are reviewed by the Company’s appraisal department to ensure they are acceptable. Loans that have experienced a credit loss are classified within Level 3 of the fair value hierarchy. Other Real Estate Owned – Other real estate owned is initially recorded at fair value less cost to sell at the date of foreclosure, establishing a new cost basis. These assets are subsequently accounted for at lower of cost or fair value less estimated cost to sell. Fair value estimates begin with obtaining a current independent appraisal or internal evaluation of the collateral value. Subsequent to foreclosure, valuations are performed periodically by the Company’s appraisal department and any subsequent reduction in value is recognized by a charge to income. Appraisals for both collateral-dependent loans and other real estate owned are performed by certified appraisers whose qualifications and licenses have been reviewed by the Company. These appraisals are reviewed by a member of the Company’s appraisal department to ensure they are acceptable. Appraised values are adjusted down for costs associated with asset disposal. The significant unobservable inputs (Level 3) used in the fair value measurement of collateral for collateral-dependent loans and other real estate owned are primarily based on appraisals, observable market conditions, and other factors which may affect collectability. The appraisals use marketability and comparability discounts, which generally range from 5% to 15%. Assessment of the significance of a specific input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset. It is reasonably possible that a change in the estimated fair value for assets measured using Level 3 inputs could occur in the future. Assets and liabilities measured at fair value on a recurring basis are summarized below: Fair Fair Value Measurements Using (In thousands) Value Level 1 Level 2 Level 3 March 31, 2024 U.S. Treasuries $ 228,802 $ — $ 228,802 $ — U.S. Government agency obligations 483,068 — 483,068 — Residential mortgage-backed securities 74,082 — 74,082 — Commercial mortgage-backed securities 12,211 — 12,211 — Asset-backed securities — — — — Corporate investments 46,556 — 46,556 — State and political subdivisions 43,785 — 43,785 — Total securities available for sale $ 888,504 $ — $ 888,504 $ — December 31, 2023 U.S. Treasuries $ 210,118 $ — $ 210,118 $ — U.S. Government agency obligations 454,923 — 454,923 — Residential mortgage-backed securities 82,028 — 82,028 — Commercial mortgage-backed securities 12,273 — 12,273 — Asset backed securities 6,949 — 6,949 — Corporate investments 45,539 — 45,539 — State and political subdivisions 44,191 — 44,191 — Total securities available for sale $ 856,021 $ — $ 856,021 $ — There were no transfers between Level 1, 2 or 3 during the periods shown above. Assets measured at fair value on a non-recurring basis are summarized below. Fair Fair Value Measurements Using (In thousands) Value Level 1 Level 2 Level 3 Collateral-dependent loans, net of allowance for credit losses: March 31, 2024 $ 30,476 $ — $ — $ 30,476 December 31, 2023 $ 15,224 $ — $ — $ 15,224 Other real estate owned: March 31, 2024 $ 2,460 $ — $ — $ 2,460 December 31, 2023 $ 2,368 $ — $ — $ 2,368 The following table presents quantitative information about Level 3 fair value measurements for assets measured at fair value on a non-recurring basis. Qualitative Information about Level 3 Fair Value Measurements (In thousands) Carrying Valuation Unobservable Range Weighted Average March 31, 2024 Collateral-dependent loans, net of specific allowance $ 30,476 Third-party appraisals Selling costs 5% - 10% 6% Other real estate owned $ 2,460 Third-party appraisals and internal evaluations Selling costs 5% - 10% 6% Qualitative Information about Level 3 Fair Value Measurements (In thousands) Carrying Valuation Unobservable Range Weighted Average December 31, 2023 Collateral-dependent loans, net of specific allowance $ 15,224 Third-party appraisals Selling costs 5% - 10% 6% Other real estate owned $ 2,368 Third-party appraisals and internal evaluations Selling costs 5% - 10% 6% Fair Value of Financial Instruments GAAP requires disclosure of fair value information about financial instruments, whether or not recognized on the balance sheet, that are not measured and reported at fair value on a recurring or non-recurring basis. Because no market exists for a significant portion of the Company’s financial instruments, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions significantly affect the estimates and, as such, the derived fair value may not be indicative of the value negotiated in an actual sale and may not be comparable to that reported by other financial institutions. In addition, the fair value estimates are based on existing financial instruments without attempting to estimate the value of anticipated business and the value of assets and liabilities that are not considered financial instruments. In addition, the tax ramifications related to the realization of unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in the estimates. The following table presents estimated fair values of the Company’s financial instruments that are not recorded at fair value: March 31, 2024 December 31, 2023 (In thousands) Carrying Fair Carrying Fair Financial assets: Level 1 inputs: Cash and cash equivalents $ 389,872 $ 389,872 $ 266,591 $ 266,591 Level 2 inputs: Securities held to maturity 54,241 54,061 55,170 55,045 FHLB stock 18,865 18,865 23,634 23,634 Accrued interest receivable 32,134 32,134 30,086 30,086 Level 3 inputs: Loans held for sale 7,119 7,119 6,525 6,525 Loans, net 5,999,586 5,790,660 6,016,139 5,804,169 Financial liabilities: Level 2 inputs: Deposits 6,571,266 6,197,102 6,325,736 6,318,082 FHLB and other borrowings 280,056 277,123 375,059 374,325 Subordinated debentures 133,725 140,212 133,677 137,428 Accrued interest payable 12,609 12,609 10,539 10,539 |
Subordinated Debentures and Tru
Subordinated Debentures and Trust Preferred Securities | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Subordinated Debentures and Trust Preferred Securities | Subordinated Debentures and Trust Preferred Securities Subordinated Debentures On June 4, 2020, the Company entered into a Subordinated Note Purchase Agreement with certain qualified institutional buyers and institutional accredited investors pursuant to which the Company issued and sold $60.0 million in aggregate principal amount of its 6.000% Fixed-to-Floating Rate Subordinated Notes due June 15, 2030 (the “Notes”). The Company incurred issuance costs of $1.4 million in conjunction with the issuance of the Notes. These issuance costs are netted with the balance of the Notes on the Company’s Consolidated Balance Sheets and will be amortized over the life of the Notes. At March 31, 2024 and December 31, 2023, the remaining unamortized balance of these issuance costs was $892,000 and $928,000, respectively. The Notes initially bear interest at a rate of 6.000% per annum from and including June 4, 2020, to but excluding June 15, 2025 or the early redemption date, with interest during this period payable semiannually in arrears. From and including June 15, 2025, to but excluding the maturity date or early redemption date, the interest rate will reset quarterly to an annual floating rate equal to Three-Month Term Secured Overnight Financing Rate (“SOFR”) plus 586 basis points, with interest during this period payable quarterly in arrears. The Company used the proceeds of the private placement for general corporate purposes, including improving the Company’s liquidity and capital position. The Notes are not redeemable by the Company, in whole or in part, prior to the fifth anniversary of the original date of issue, except that the Notes may be redeemed at any time in whole but not in part in the event of a Tier 2 Capital Event, a Tax Event, or an Investment Company Event, each as defined and described in the Notes. On or after the fifth anniversary of the original date of issue, the Notes are redeemable on any interest payment date at the option of the Company, in whole or in part in integral multiples of $1,000, at an amount equal to 100% of the outstanding principal amount redeemed plus accrued but unpaid interest thereon. Any partial redemption will be made on a pro rata basis as to the holders of the Notes. Any redemption of the Notes is subject to any applicable regulatory requirements and approvals. Effective March 1, 2022, in conjunction with the merger (the “FTC Merger”) with First Trust Corporation (“FTC”), the Company assumed FTC’s obligations under its Subordinated Note Purchase Agreement, dated as of December 23, 2020, and the several purchasers of the $21.0 million aggregate principal amount of 5.50% Fixed-to-Floating Rate Subordinated Notes due 2030 issued thereunder (the “FTC Subordinated Notes”). The FTC Subordinated Notes will mature on December 30, 2030 and bear interest at an initial fixed rate of 5.50% per annum, payable semi-annually in arrears. From and including December 30, 2025, to but excluding the maturity date or early redemption date, the interest rate will reset quarterly to a Three-Month Term SOFR plus 527 basis points, payable quarterly in arrears. BancPlus will be entitled to redeem the FTC Subordinated Notes, in whole or in part, on any interest payment date on or after December 30, 2025, and to redeem the FTC Subordinated Notes in whole upon certain other events. The FTC Subordinated Notes are not subject to redemption at the option of the holder. The FTC Subordinated Notes are unsecured, subordinated obligations of BancPlus only and are not obligations of, and are not guaranteed by, any subsidiary of BancPlus. The FTC Subordinated Notes rank junior in right to payment to BancPlus’ current and future senior indebtedness. The FTC Subordinated Notes have been structured to qualify as Tier 2 capital for regulatory capital purposes. The FTC Subordinated Notes vary from the amount carried on the Consolidated Balance Sheets at March 31, 2024 due to the remaining purchase premium of $348,000, which was established upon closing of the FTC Merger and is being amortized over the remaining life of the debentures. Trust Preferred Securities The Company also owns the outstanding common stock of business trusts that have issued preferred capital securities to third parties. Under a grandfathering provision in the Basel III capital rules that applies to bank holding companies with less than $15 billion in total consolidated assets, these preferred capital securities have qualified as Tier 1 capital for the Company, subject to regulatory rules and limits. These trusts used the proceeds from the issuance of the common stock and the preferred capital securities to purchase subordinated debentures issued by the Company. These subordinated debentures are these trusts’ only assets, and quarterly interest payments on these subordinated debentures are the sole source of cash for these trusts to pay quarterly distributions on the common stock and preferred capital securities. The Company has fully and unconditionally guaranteed the trusts’ obligations with respect to the preferred capital securities. The Company has the right to defer the payment of interest on the subordinated debentures at any time, or from time to time, for periods not exceeding five years. If interest payments on the subordinated debentures are deferred, the distributions on the trust preferred securities are also deferred. Interest on the subordinated debentures and distributions on the trust preferred securities are cumulative. The following is a summary of subordinated debentures payable to statutory trusts. (In thousands) Year of Interest March 31, December 31, First Bancshares of Baton Rouge Statutory Trust I 2034 3 month CME Term SOFR, plus 2.50% $ 4,124 $ 4,124 State Capital Statutory Trust IV 2035 3 month CME Term SOFR, plus 1.99% 5,155 5,155 BancPlus Statutory Trust II 2036 3 month CME Term SOFR, plus 1.50% 20,619 20,619 BancPlus Statutory Trust III 2037 3 month CME Term SOFR, plus 1.35% 20,619 20,619 State Capital Master Trust 2037 3 month CME Term SOFR, plus 1.46% 6,186 6,186 $ 56,703 $ 56,703 The subordinated debentures payable to statutory trusts vary from the amount carried on the Consolidated Balance Sheets at March 31, 2024 due to the remaining purchase discount of $3.4 million, which was established upon the merger (the “SCC Merger”) with State Capital Corp. (“SCC”), in which BancPlus acquired SCC, the holding company of State Bank & Trust Company (“State Bank”) by a statutory share exchange and SCC was merged with and into BancPlus and State Bank was merged with and into BankPlus, with BancPlus and BankPlus surviving the mergers, which closed on April 1, 2020, and is being amortized over the remaining life of the debentures. Interest rates adjust quarterly for the subordinated debentures with rates that were nominally indexed with LIBOR. Following the LIBOR cessation date of June 30, 2023, the interest rate on the subordinated notes was replaced with SOFR pursuant to the Adjustable Interest Rate (LIBOR) Act. The Company has the right to redeem the subordinated debentures prior to maturity. Upon redemption of the subordinated debentures payable to a statutory trust, the trust will also liquidate its common stock and preferred capital securities. |
Employee Benefits
Employee Benefits | 3 Months Ended |
Mar. 31, 2024 | |
Postemployment Benefits [Abstract] | |
Employee Benefits | Employee Benefits The Company has an Employee Stock Ownership Plan (“ESOP”) that covers all employees of the Bank who are at least 21 years of age and work in a position requiring at least one thousand hours of service annually. The plan also has 401(k) provisions that allow for employee tax deferred contributions. Participants may make contributions to the ESOP in accordance with applicable regulations and the ESOP’s provisions. The Company makes a “safe harbor” matching contribution on the first 3% of an employee’s salary deferral contributions, plus an additional matching contribution equal to 50% of the next 2% of an employee’s salary deferral contributions in excess of 3%. Additional contributions are made to the ESOP at the discretion of the Company’s Board of Directors. The ESOP owned 1,452,950 shares of the Company's common stock at both March 31, 2024 and December 31, 2023. The ESOP can enter into loans, collateralized by ESOP shares, with the Company in connection with the repurchase of shares of Company stock sold by participants in accordance with diversification provisions of the ESOP. These unallocated shares would be released to participants proportionately as the loans are repaid. Dividends on allocated shares are recorded as dividends and charged to retained earnings. Dividends on unallocated shares, if any, that are used to repay the loan would be treated as compensation expense. As of March 31, 2024, the ESOP had zero outstanding loans with the Company. Distributions of the ESOP may be either in cash or Company common stock. The allocated shares are subject to a put option, whereby the Company will provide a market for a specified period of time for shares distributed to participants. The put price is the appraised value of the stock. The fair value of allocated shares of common stock held by the ESOP are deducted from permanent shareholders’ equity in the Consolidated Balance Sheets and reflected in a line item below liabilities and above shareholders’ equity. This presentation is necessary in order to recognize the put option within the ESOP-owned shares, consistent with U.S. Securities and Exchange Commission guidelines, that is present as long as the Company is not publicly traded. The Company uses a valuation by an external third party to determine the maximum possible cash obligation related to these securities. Increases or decreases in the value of the cash obligation are included in a separate line item in the Consolidated Statements of Shareholders’ Equity. The fair value of allocated shares held by the ESOP at March 31, 2024 was $85.0 million, based on the Company’s previously disclosed appraised value of $58.50 per share of common stock. The fair value at December 31, 2023 was $85.0 million, based on the Company’s previously disclosed appraised value of $58.50 per share of common stock. As previously disclosed, these appraised values were determined solely for purposes of the ESOP’s administration and are therefore subject to certain limitations, qualifications and assumptions and may not reflect the fair value of the Company’s common stock and should not be relied on for any reason. Neither the Company nor the ESOP has any obligation to seek an adjusted valuation, to use these appraised values for any other purpose or, if the Company or the ESOP obtains a new appraised value, to disclose such new appraised value. |
Equity
Equity | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Equity | Equity Preferred Stock The Company’s Articles of Incorporation authorize 10,000,000 shares of preferred stock with no par value, which may be issued from time to time and in one or more classes or series upon authorization of the Board of Directors. On June 22, 2022, the Company entered into a Letter Agreement (including annexes thereto, collectively, the “Purchase Agreement”) with the U.S. Department of Treasury (the “Treasury”) under the Emergency Capital Investment Program (“ECIP”). Pursuant to the Purchase Agreement, the Company agreed to issue and sell 250,000 shares of the Company’s preferred stock designated as Senior Non-Cumulative Perpetual Preferred Stock, Series ECIP (the “Preferred Stock”) for an aggregate purchase price of $250.0 million in cash. The Preferred Stock was issued in a private placement exempt from registration pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. The Preferred Stock bears no dividend for the first two years following the issuance of the Preferred Stock. Thereafter, the annual dividend rate will be adjusted, not lower than 0.5% and not higher than 2.0%, based on our extensions of credit for qualified lending as defined in the terms of the ECIP Interim Final Rule, the Purchase Agreement and the Certificate of Designations (the “Certificate of Designations”) and the investment amount. After the tenth anniversary of the issuance of the Preferred Stock, the dividend rate will be fixed based on the average annual amount of lending in years 2 through 10 compared to the baseline qualified lending and the average investment amount. The dividends will be payable quarterly in arrears on March 15, June 15, September 15, and December 15. The Preferred Stock may be redeemed at the option of the Company on or after September 15, 2027 (or earlier in the event of loss of regulatory capital treatment), subject to the approval of the appropriate federal banking regulator and in accordance with the federal banking agencies’ regulatory capital regulations. The restrictions on redemption are set forth in the Certificate of Designations filed with the Mississippi Secretary of State for the purpose of amending its Articles of Incorporation to fix the designations, preferences, limitations and relative rights of the Preferred Stock as described in Item 5.03 of our Current Report on Form 8-K filed with the SEC on June 23, 2022. In the Purchase Agreement, the Company also agreed to, upon the future written request of the Treasury, comply with the terms of a Registration Rights Agreement included as an annex to the Purchase Agreement and incorporated by reference therein (the “Registration Rights Agreement”), providing for certain registration rights of the Treasury. As long as the Company is not eligible to file on Form S-3, upon written request of the Treasury, the Company would be required to prepare and file a shelf registration statement covering the potential resale of the Preferred Stock as promptly as practicable. Once the Company is eligible to file on Form S-3, the Company agreed to prepare and file such shelf registration statement within 30 days. The Registration Rights Agreement also includes customary “piggyback” registration rights, suspension rights, indemnification, contribution, and assignment provisions. |
Stock Based Compensation
Stock Based Compensation | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Stock Based Compensation | Stock Based Compensation Under the Company’s long-term incentive program, certain officers, employees and directors are eligible to receive equity-based awards under the 2018 Long-Term Incentive Plan (“LTIP”). Restricted stock awards (“RSAs”) granted under the LTIP generally vest over one Stock based compensation that has been charged against income was $1.2 million for the three months ended March 31, 2024 and $1.0 million for the same period of 2023. There were 1,240 and zero shares forfeited during the three months ended March 31, 2024 and 2023, respectively. As of March 31, 2024, there was $7.3 million of total unrecognized compensation cost related to unvested RSAs. The cost is expected to be recognized over a remaining weighted average period of 2.7 years. A summary of the Company’s equity-based award activity and related information for the Company’s RSAs is as follows: Three Months Ended March 31, 2024 March 31, 2023 Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Beginning of period 191,700 $ 63.16 184,284 $ 59.36 Granted — — — — Vested (1,224) 50.00 (1,396) 50.00 Forfeited (1,240) 57.99 — — End of period 189,236 $ 63.28 182,888 $ 59.43 |
Contingencies
Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Contingencies The Company, including subsidiaries, is party to various legal proceedings arising in the ordinary course of business. The Company does not believe that loss contingencies, if any, arising from pending litigation and regulatory matters will have a material adverse effect on our consolidated financial position or liquidity. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net income | $ 16,955 | $ 17,079 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Consolidation | The unaudited interim consolidated financial statements include the accounts of the Company and all other entities in which the Company has a controlling financial interest, and reflect all adjustments (consisting of normal recurring adjustments) that are necessary in the opinion of the Company’s management to fairly present the financial position, results of operations and cash flows of the Company. They have been derived from the audited consolidated financial statements for the fiscal year ended December 31, 2023; however, certain notes and information have been omitted from the interim periods. Therefore, these unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2023. All significant intercompany balances and transactions have been eliminated in consolidation. Certain reclassifications have been made to prior period amounts to conform to the current period presentation. The accounting and financial reporting policies followed by the Company conform, in all material respects, to the accounting principles generally accepted in the United States (“GAAP”) and to general practices within the financial services industry. The results of operations for the interim periods are not necessarily indicative of the results to be expected for future interim periods or for the entire year. |
Basis of Accounting | The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The allowance/provision for credit losses, the fair value of financial instruments and the status of contingencies are particularly subject to change. Material estimates that are subject to significant change in the near term are the allowance for credit losses, provision for credit losses, valuation of other real estate owned and fair values of financial instruments. Actual results could differ from these estimates. |
Effect of Recently Adopted Accounting Standards and Effect of Recently Issued But Not Yet Effective Accounting Standards | Effect of Recently Adopted Accounting Standards Accounting Standards Update 2023-02 (“ASU 2023-02”), “Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method.” In March 2023, the FASB issued ASU 2023-02 which allows entities to elect to account for tax equity investments using the proportional amortization method, regardless of the tax credit program from which the income tax credits are received, if certain conditions are met. ASU 2023-02 is effective for the Company for annual and interim periods beginning on January 1, 2024. The adoption of ASU 2023-02 did not materially impact the Company’s consolidated financial statements. Accounting Standards Update 2023-07 (“ASU 2023-07”), “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ” In November 2023, the FASB issued ASU 2023-07 which expands segment disclosure requirements for public entities to require disclosure of significant segment expenses and other segment items on an annual and interim basis and to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. ASU 2023-07 is effective for the Company for annual and interim periods beginning on January 1, 2024. The adoption of ASU 2023-07 did not materially impact the Company’s consolidated financial statements. Effect of Recently Issued, But Not Yet Effective Accounting Standards Accounting Standards Update 2023-09 (“ASU 2023-09”), “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” In December 2023, the FASB issued ASU 2023-09 which requires entities to disclose in their rate reconciliation table additional categories of information about federal, state and foreign income taxes and to provide more details about the reconciling items in some categories if items meet a quantitative threshold. ASU 2023-09 also requires entities to disclose income taxes paid, net of refunds, disaggregated by federal, state and foreign taxes for annual periods and to disaggregate the information by jurisdiction based on a quantitative threshold, among other things. ASU 2023-09 is effective for the Company for annual and interim periods beginning on January 1, 2025, though early adoption is permitted. The adoption of ASU 2023-09 is not expected to materially impact the Company’s consolidated financial statements. |
Allowance for Credit Losses | Loans are stated at the amount of unpaid principal net of discounts and premiums on acquired loans, before allowance for credit losses. Interest on loans is calculated using the simple interest method on daily balances of the principal amount outstanding. Loan Origination/Risk Management/Credit Concentration – The Company has certain lending policies and procedures in place that are designed to maximize loan income within an acceptable level of risk. The Company’s Board of Directors reviews and approves these policies and procedures on a regular basis. Although the Company has a diversified loan portfolio, the Company has concentrations of credit risks related to the real estate market, including residential, commercial, and construction and land development lending. Most of the Company’s lending activity occurs within Mississippi, Alabama, Louisiana, and Florida. The risk characteristics of the Company’s material portfolio segments are as follows: Residential Real Estate Loans – The residential real estate loan portfolio consists of residential loans for single and multifamily properties. Residential loans are generally secured by owner occupied 1-4 family residences. Repayment of these loans is primarily dependent on the personal income and credit rating of the borrowers and can be impacted by economic conditions within their market area. Risk is mitigated by the fact that the loans are of smaller individual amounts and spread over a large number of borrowers. Commercial Real Estate Loans – Commercial real estate loans include construction and land development loans, loans secured by farmland and other commercial real estate loans. Construction and land development loans are usually based upon estimates of costs and estimated value of the completed project and include independent appraisal reviews and a financial analysis of the developers and property owners. Sources of repayment of these loans may include permanent loans, sales of developed property or an interim loan commitment from the Company until permanent financing is obtained. These loans are considered to be higher risk than other real estate loans due to their ultimate repayment being sensitive to interest rate changes, general economic conditions and the availability of long-term financing. Farmland loans are generally made for the purpose of acquiring land devoted to crop production or livestock, the propagation of timber or the operation of a similar type of business on the secured property. Sources of repayment for these loans generally include income generated from operations of a business on the property, rental income, or sales of timber. Repayment may be impacted by changes in economic conditions which affect underlying collateral values. Commercial real estate loans typically involve larger principal amounts and repayment of these loans is generally dependent on the successful operations of the property securing the loan or the business conducted on the property securing the loan. These loans are viewed primarily as cash flow loans and secondarily as loans secured by real estate. Management monitors and evaluates commercial real estate loans based on collateral and risk grade criteria. Commercial and Industrial Loans – The commercial and industrial loan portfolio consists of loans to commercial customers for use in normal business operations to finance working capital needs, equipment purchase or other expansion projects. Commercial loan underwriting standards are designed to promote relationship banking rather than transactional banking and are underwritten based on the borrower’s expected ability to profitably operate its business. The cash flows of borrowers, however, may not be as expected and collateral securing these loans may fluctuate in value. Most commercial loans are secured by assets being financed or other business assets such as accounts receivable or inventory and may incorporate a personal guarantee. In the case of loans secured by accounts receivable, the availability of funds for repayment of these loans may be substantially dependent on the ability of the borrower to collect amounts due from its customers. Agricultural production and other loans to farmers - The agricultural production and other loans to farmers portfolio consists of loans for the purpose of financing agricultural production, the growing and storing of crops, the marketing, and the carrying of agricultural products. This portfolio also includes loans for the purposes of breeding, raising, fattening, or marketing livestock, fish production, and forest and timber production as well as any other loans to made to farmers not secured by real estate. Sources of repayment for these loans generally include income generated from the operations of the business. Consumer and Other Loans – The consumer and other loan portfolio consists of various term and line of credit loans such as automobile loans and loans for other personal purposes. Repayment for these types of loans will come from a borrower’s income sources that are typically independent of the loan purpose. Credit risk is driven by consumer economic factors (such as unemployment and general economic conditions in the Company’s market area) and the creditworthiness of a borrower. Loans that are 30 days or more past due based on payments received and applied to the loan are considered delinquent. Accrual of interest is discontinued on a loan when management believes, after considering economic and business conditions and collection efforts, that a borrower's financial condition is such that collection of interest, but not necessarily principal, is doubtful. A loan is typically placed on non-accrual when the contractual payment of principal or interest becomes 90 days past due unless the loan is well-secured and in the process of collection. Loans may be placed on non-accrual status regardless of whether or not such loans are considered past due. When a loan is placed on non-accrual status, any interest that is accrued, but not collected, is reversed against interest income. Payments subsequently received on non-accrual loans are applied to principal. Interest income is recognized to the extent that cash payments are received in excess of principal due. A loan may return to accrual status when principal and interest payments are no longer past due and collectability is reasonably assured. As management evaluates the allowance for credit losses, it is categorized based on specific allocations and general allocations for each major loan category for loans not individually evaluated or deemed collateral-dependent or classified, segmented by loan class based on historical loss experience and other risk factors. In assessing general economic conditions, management monitors several factors, including regional and national economic conditions, real estate market conditions and recently enacted regulations with potential economic effects. Credit Quality Indicators – The Company utilizes a risk grading matrix to assign a grade to each of its commercial and real estate loans. Loans are rated on a scale of 1 to 10. A description of the general characteristics of the 10 risk ratings is as follows: • Risk Grades 1, 2, 3, 4 and 5 – These grades include loans to borrowers of solid credit quality with no higher than normal risk of loss. Borrowers in these categories have satisfactory financial strength and adequate cash flow coverage to service debt requirements. Collateral type and quality, as well as protection, are adequate. The borrower’s management is strong and capable, financial information is timely and accurate, and guarantor support is strong. • Risk Grade 6 – Pass and Watch – Loans in this category are currently protected, but risks are emerging that warrant more than normal attention and have above average risk of loss. These factors require a higher level of monitoring and may include emerging balance sheet weaknesses, strained liquidity, increased leverage ratio, and weakening management. Collateral support is less marketable or limited use and, although the protection is sufficient, the loan-to-value ratio may not meet policy guidelines. Guarantors may have a limited ability and willingness to provide intermediate support. Also, considerations surrounding industry deterioration, increased competition and minor policy exceptions concerning structure or amortization may affect the rating of these loans. • Risk Grade 7 – Special Mention – The Company’s special mention rating is intended to closely align with the regulatory definition. A special mention asset has potential weaknesses that deserve management’s close attention. If left uncorrected, these weaknesses may result in deterioration of repayment prospects. These weaknesses may include deteriorating balance sheets, strained liquidity and elevated leverage ratios. Cash flow and profitability are marginally sufficient to service debt and collateral is exhibiting signs of decline in value; however, protection is currently sufficient. Limited management experience or weaknesses have emerged requiring more than normal supervision and uncertainties regarding the quality of the financials are not explained. Guarantor has very limited ability and willingness to provide short-term support. Moderate policy exceptions concerning structure or amortization may be considered in order to provide relief to the borrower. Special mention assets are not adversely classified and do not expose an institution to sufficient risk to warrant adverse classification. • Risk Grade 8 – Substandard – A loan in this category is inadequately protected by the current net worth and paying capacity of the borrower or of the collateral pledged. Assets so classified have a well-defined weakness that jeopardizes the liquidation of the debt. Factors affecting these loans may include balance sheet deterioration that has resulted in illiquid, highly leveraged or deficit net worth, cash flow that is not able to service debts as structured, collateral protection that may be inadequate, guarantor support that may be virtually non-existent, and management that is poor. Loans may require a major policy exception concerning structure or amortization. They are characterized by the distinct possibility that the Company will incur some loss if the deficiencies are not corrected. • Risk Grade 9 – Doubtful – Loans classified doubtful have all the weaknesses inherent in those classified substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently known facts, conditions and values, highly questionable and improbable. • Risk Grade 10 – Loss – Loans are considered uncollectible and of such little value that continuing to carry them as an active asset is not warranted. It does not mean that there will be no recovery, but, rather, it is not practical or desirable to defer writing off these assets even though a partial recovery may be possible in the future. Pass loans for the Company include loans in Risk Grades 1 - 6. Special mention loans for the Company include loans in Risk Grade 7. Classified loans for the Company include loans in Risk Grades 8, 9 and 10. Loans may be classified but not considered individually evaluated or collateral-dependent, due to one of the following reasons: (i) the loan falls below the established minimum dollar thresholds for individual evaluation or (ii) the loan was individually evaluated, but not deemed to be collateral-dependent. |
Financial Instruments Measured at Fair Value | Financial Instruments Measured at Fair Value Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company groups its assets and liabilities measured at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. Valuations within these levels are based upon: Level 1 Unadjusted quoted prices in active markets for identical assets or liabilities that the entity has the ability to access as of the measurement date Level 2 Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities Level 3 Unobservable inputs that are significant to the fair value of the assets or liabilities that reflect a company’s own assumptions about the assumptions that market participants would use in pricing assets or liabilities Management monitors the availability of observable market data to assess the appropriate classification of assets and liabilities within the fair value hierarchy. Changes in economic conditions or model-based valuation techniques may require the transfer of financial instruments from one fair value level to another. In such instances, the transfer is reported at the beginning of the reporting period. There were no transfers of financial instruments between fair value levels for any period presented. The Company used the following methods and significant assumptions to estimate fair value. Securities – The Company utilizes an independent pricing service to advise it on the value of the securities portfolio. Where quoted market prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy. If quoted market prices are not available, then fair values are estimated by using pricing models, quoted prices of securities with similar characteristics or discounted cash flows. For these investments, the inputs used by the pricing service to determine fair value may include one, or a combination of several, observable inputs such as benchmark yields, reported trades, benchmark securities, bids, offers and reference data market research publications and are classified within Level 2 of the valuation hierarchy. In certain cases where Level 1 or Level 2 inputs are not available, securities are classified within Level 3 of the hierarchy. For Level 3 securities, in addition to the inputs noted above, inputs used by the pricing service to determine fair value may also include estimated duration, municipal bond interest rate curve, and tax effected yield. There were no Level 3 securities as of March 31, 2024 or December 31, 2023. The Company’s treasury department and Asset Liability Management Committee review the aggregate fair values of the securities portfolio. Collateral-dependent Loans with Credit Losses – Loans for which it is probable that the Company will not collect all principal and interest due according to contractual terms are measured to determine if any credit loss exists on a non-recurring basis. Allowable methods for determining the amount of the credit loss include estimating fair value using the fair value of the collateral for collateral-dependent loans. Specific allowances for these loans are based on comparisons of the recorded carrying values of the loans to the present value of the estimated cash flows of these loans at each loan’s effective interest rate or the fair value of the collateral net of selling costs if the loan is collateral-dependent. Loans that are primarily collateral dependent loans are assessed using a fair value approach. Fair value estimates for collateral-dependent loans are derived from appraised values based on the current market value or as-is value of the property being appraised. Appraisals are based on certain assumptions, which may include construction or development status and the highest and best use of the property. The appraisals are reviewed by the Company’s appraisal department to ensure they are acceptable. Loans that have experienced a credit loss are classified within Level 3 of the fair value hierarchy. Other Real Estate Owned – Other real estate owned is initially recorded at fair value less cost to sell at the date of foreclosure, establishing a new cost basis. These assets are subsequently accounted for at lower of cost or fair value less estimated cost to sell. Fair value estimates begin with obtaining a current independent appraisal or internal evaluation of the collateral value. Subsequent to foreclosure, valuations are performed periodically by the Company’s appraisal department and any subsequent reduction in value is recognized by a charge to income. Appraisals for both collateral-dependent loans and other real estate owned are performed by certified appraisers whose qualifications and licenses have been reviewed by the Company. These appraisals are reviewed by a member of the Company’s appraisal department to ensure they are acceptable. Appraised values are adjusted down for costs associated with asset disposal. The significant unobservable inputs (Level 3) used in the fair value measurement of collateral for collateral-dependent loans and other real estate owned are primarily based on appraisals, observable market conditions, and other factors which may affect collectability. The appraisals use marketability and comparability discounts, which generally range from 5% to 15%. Assessment of the significance of a specific input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset. It is reasonably possible that a change in the estimated fair value for assets measured using Level 3 inputs could occur in the future. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of earnings per share | Three Months Ended March 31, (In thousands except per share data) 2024 2023 Net income $ 16,955 $ 17,079 Weighted average common shares outstanding 11,422 11,415 Diluted effect of unallocated stock — — Diluted effect of stock-based awards 56 73 Diluted common shares 11,478 11,488 Basic earnings per common share $ 1.48 $ 1.50 Diluted earnings per common share $ 1.48 $ 1.49 |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of the amortized cost and fair value of securities available for sale | The following is a summary of the amortized cost and fair value of securities available for sale. Amortized Gross Unrealized Allowance for Credit Losses Fair (In thousands) Cost Gains Losses Value March 31, 2024: U.S. Treasuries $ 229,442 $ 130 $ 770 $ — $ 228,802 U.S. Government agency obligations 505,672 847 23,451 — 483,068 Residential mortgage-backed securities 84,951 6 10,875 — 74,082 Commercial mortgage-backed securities 13,640 — 1,429 — 12,211 Corporate investments 53,383 — 6,827 — 46,556 State and political subdivisions 45,533 115 1,863 — 43,785 Total available for sale $ 932,621 $ 1,098 $ 45,215 $ — $ 888,504 December 31, 2023: U.S. Treasuries $ 210,213 $ 356 $ 451 $ — $ 210,118 U.S. Government agency obligations 475,747 2,433 23,257 — 454,923 Residential mortgage-backed securities 91,994 25 9,991 — 82,028 Commercial mortgage-backed securities 13,675 — 1,402 — 12,273 Asset backed securities 6,913 84 48 — 6,949 Corporate investments 53,380 — 7,841 — 45,539 State and political subdivisions 47,583 133 1,490 (2,035) 44,191 Total available for sale $ 899,505 $ 3,031 $ 44,480 $ (2,035) $ 856,021 |
Summary of allowance for credit loss on debt securities activity | The following table provides a roll-forward of the allowance for credit losses on available for sale securities for the periods presented. Three Months Ended March 31, (In thousands) 2024 2023 Beginning balance $ 2,035 $ — Impact of adopting CECL — — (Recovery of) provision for credit losses on available for sale securities — — Available for sale security charged off (2,035) — Ending Balance $ — $ — |
Summary of the amortized cost and fair value of securities held to maturity | The following is a summary of the amortized cost and fair value of securities held to maturity. Amortized Gross Unrealized Fair (In thousands) Cost Gains Losses Value March 31, 2024: States and political subdivisions $ 54,241 $ — $ 180 $ 54,061 Total held to maturity $ 54,241 $ — $ 180 $ 54,061 December 31, 2023: States and political subdivisions $ 55,170 $ 1 $ 126 $ 55,045 Total held to maturity $ 55,170 $ 1 $ 126 $ 55,045 |
Summary of investment securities that were in an unrealized loss position | Provided below is a summary of investment securities without an allowance for credit losses that were in an unrealized loss position and the length of time that individual securities have been in a continuous loss position. Less Than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (In thousands) March 31, 2024: Available for sale: U.S. Treasuries $ 56,580 $ 338 $ 9,547 $ 432 $ 66,127 $ 770 U.S. Government agencies 88,288 503 297,054 22,948 385,342 23,451 Residential mortgage-backed securities 115 3 73,521 10,872 73,636 10,875 Commercial mortgage-backed securities — — 12,211 1,429 12,211 1,429 Asset backed securities — — — — — — Corporate investments 391 28 46,164 6,799 46,555 6,827 States and political subdivisions 5,328 68 33,121 1,795 38,449 1,863 $ 150,702 $ 940 $ 471,618 $ 44,275 $ 622,320 $ 45,215 Held to maturity: States and political subdivisions $ 767 $ 10 $ 4,829 $ 170 $ 5,596 $ 180 $ 767 $ 10 $ 4,829 $ 170 $ 5,596 $ 180 December 31, 2023: Available for sale: U.S. Treasuries $ — $ — $ 9,534 $ 451 $ 9,534 $ 451 U.S. Government agencies 4,983 17 315,605 23,240 320,588 23,257 Residential mortgage-backed securities 118 1 80,621 9,990 80,739 9,991 Commercial mortgage-backed securities — — 12,273 1,402 12,273 1,402 Asset backed securities — — 1,477 48 1,477 48 Corporate investments 4,045 335 41,493 7,506 45,538 7,841 States and political subdivisions 5,154 50 31,549 1,440 36,703 1,490 $ 14,300 $ 403 $ 492,552 $ 44,077 $ 506,852 $ 44,480 Held to maturity: States and political subdivisions $ 378 $ 1 $ 5,675 $ 125 $ 6,053 $ 126 $ 378 $ 1 $ 5,675 $ 125 $ 6,053 $ 126 |
Schedule of investments classified by contractual maturity date | The amortized cost and fair value of debt securities, by contractual maturity, are shown below. Actual maturities may differ from contractual maturities because borrowers have the right to call or prepay certain obligations with, or without, call or prepayment penalties. Available for Sale Held to Maturity Amortized Fair Amortized Fair (In thousands) Cost Value Cost Value March 31, 2024: One year or less $ 267,944 $ 265,365 $ 12,858 $ 12,845 After one through five years 461,224 442,246 35,066 34,935 After five through ten years 120,453 108,827 5,092 5,055 After ten years 83,000 72,066 1,225 1,225 $ 932,621 $ 888,504 $ 54,241 $ 54,060 |
Summary of the amortized cost and fair value for investment securities which were pledged to secure public deposits and for other purposes | The following is a summary of the amortized cost and fair value for investment securities which were pledged to secure public deposits and for other purposes required or permitted by law. Available for Sale Held to Maturity Amortized Fair Amortized Fair (In thousands) Cost Value Cost Value March 31, 2024 $ 112,794 $ 106,216 $ — $ — December 31, 2023 $ 128,675 $ 122,105 $ — $ — |
Summary of amortized cost basis of held-to-maturity debt securities by credit rating | The following table summarizes the amortized cost basis of held-to-maturity debt securities at March 31, 2024 by credit rating: (In thousands) March 31, 2024 State and political subdivisions held-to-maturity: S&P: AA+, AA, AA- / Moody's: Aa1, Aa2, Aa3 $ 3,991 S&P: A+, A, A- / Moody's: A1, A2, A3 927 S&P: BBB+, BBB, BBB- / Moody's: Baa, Ba, B 497 Not rated 48,826 $ 54,241 |
Loans (Tables)
Loans (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Receivables [Abstract] | |
Summary of the Company’s loan portfolio by loan class | The following is a summary of the Company’s loan portfolio by loan class. (In thousands) March 31, 2024 December 31, 2023 Secured by real estate: Residential properties $ 1,583,986 $ 1,551,777 Construction and land development 676,847 731,449 Farmland 308,577 309,840 Other commercial 2,687,048 2,666,956 Total real estate 5,256,458 5,260,022 Commercial and industrial loans 624,795 631,528 Agricultural production and other loans to farmers 88,289 91,976 Consumer and other loans 96,884 98,485 Total loans before allowance for credit losses $ 6,066,426 $ 6,082,011 |
Summary of the recorded investment in non-accrual loans, segregated by class | The following table presents the amortized cost basis of nonaccrual loans, segregated by class as of March 31, 2024 and December 31, 2023. (In thousands) Total Nonaccrual Nonaccrual with no Allowance for Credit Loss Past Due 90 days or more and Accruing March 31, 2024 Secured by real estate: Residential properties $ 4,360 $ — $ 110 Construction and land development 233 — 1,288 Farmland 343 — — Other commercial 6,393 — 150 Total real estate 11,329 — 1,548 Commercial and industrial loans 1,820 — 10 Agricultural production and other loans to farmers — — — Consumer and other loans 59 — 4 Total $ 13,208 $ — $ 1,562 December 31, 2023 Secured by real estate: Residential properties $ 3,180 $ — $ 270 Construction and land development 239 — — Farmland 642 — — Other commercial 1,613 — 124 Total real estate 5,674 — 394 Commercial and industrial loans 1,523 — 339 Agricultural production and other loans to farmers — — — Consumer and other loans 17 — 28 Total $ 7,214 $ — $ 761 |
Summary of collateral dependent loans by class and collateral type | The following table presents the amortized cost basis of collateral-dependent loans by class and collateral type as of March 31, 2024 and December 31, 2023. (In thousands) Real Estate Enterprise Value Accounts Receivable & Inventory Stock March 31, 2024 Secured by real estate: Residential properties $ 1,276 $ — $ — $ — Construction and land development — — — — Farmland — — — — Other commercial 5,930 14,208 — 1,375 Total real estate 7,206 14,208 — 1,375 Commercial and industrial loans — — 8,560 — Agricultural production and other loans to farmers — — — — Consumer loans — — — — Total $ 7,206 $ 14,208 $ 8,560 $ 1,375 (In thousands) Real Estate Enterprise Value Accounts Receivable & Inventory Stock December 31, 2023 Secured by real estate: Residential properties $ 1,276 $ — $ — $ — Construction and land development — — — — Farmland — — — — Other commercial 3,226 — — — Total real estate 4,502 — — — Commercial and industrial loans — 1,349 8,706 1,375 Agricultural production and other loans to farmers — — — — Consumer loans — — — — Total $ 4,502 $ 1,349 $ 8,706 $ 1,375 |
Summary of age analysis of past due loans | An age analysis of past due loans (including both accruing and non-accruing loans) segregated by class of loans is as follows: (In thousands) Past Due 30-89 Days Past Due 90 Days or More Total Past Due Current Total Loans March 31, 2024 Secured by real estate: Residential properties $ 11,405 $ 1,944 $ 13,349 $ 1,570,637 $ 1,583,986 Construction and land development 1,141 1,288 2,429 674,418 676,847 Farmland — 140 140 308,437 308,577 Other commercial 7,703 3,542 11,245 2,675,803 2,687,048 Total real estate 20,249 6,914 27,163 5,229,295 5,256,458 Commercial and industrial loans 1,490 317 1,807 622,988 624,795 Agricultural production and other loans to farmers 14 — 14 88,275 88,289 Consumer loans 502 34 536 96,348 96,884 Total $ 22,255 $ 7,265 $ 29,520 $ 6,036,906 $ 6,066,426 (In thousands) Past Due 30-89 Days Past Due 90 Days or More Total Past Due Current Total Loans December 31, 2023 Secured by real estate: Residential properties $ 9,867 $ 2,144 $ 12,011 $ 1,539,766 $ 1,551,777 Construction and land development 1,609 — 1,609 729,840 731,449 Farmland 88 380 468 309,372 309,840 Other commercial 4,159 1,320 5,479 2,661,477 2,666,956 Total real estate 15,723 3,844 19,567 5,240,455 5,260,022 Commercial and industrial loans 2,868 441 3,309 628,219 631,528 Agricultural production and other loans to farmers 192 — 192 91,784 91,976 Consumer loans 708 39 747 97,738 98,485 Total $ 19,491 $ 4,324 $ 23,815 $ 6,058,196 $ 6,082,011 |
Allowance for Credit Losses (Ta
Allowance for Credit Losses (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Receivables [Abstract] | |
Summary of the Company’s loan portfolio by loan class | The following is a summary of the Company’s loan portfolio by loan class. (In thousands) March 31, 2024 December 31, 2023 Secured by real estate: Residential properties $ 1,583,986 $ 1,551,777 Construction and land development 676,847 731,449 Farmland 308,577 309,840 Other commercial 2,687,048 2,666,956 Total real estate 5,256,458 5,260,022 Commercial and industrial loans 624,795 631,528 Agricultural production and other loans to farmers 88,289 91,976 Consumer and other loans 96,884 98,485 Total loans before allowance for credit losses $ 6,066,426 $ 6,082,011 |
Summary of the credit quality of the Company’s loan portfolio by loan class | The following table reflects loans by credit quality indicator and origination year at March 31, 2024. Loans acquired are shown in the table by origination year. The Company had an immaterial amount of revolving loans converted to term loans at March 31, 2024. Term Loans Amortized Cost Basis by Origination Year (Dollars in thousands) 2024 2023 2022 2021 2020 Prior Revolving Loans Amortized Cost Basis Total Residential real estate: Pass $ 43,856 $ 262,355 $ 402,732 $ 294,657 $ 120,750 $ 112,703 $ 324,799 $ 1,561,852 Special mention — — — — — — — — Classified — 1,415 4,313 4,505 2,703 7,830 1,368 22,134 Total residential real estate $ 43,856 $ 263,770 $ 407,045 $ 299,162 $ 123,453 $ 120,533 $ 326,167 $ 1,583,986 Current period gross write offs $ — $ 16 $ — $ — $ 11 $ 69 $ 18 $ 114 Construction & land development: Pass $ 15,190 $ 50,855 $ 51,246 $ 10,583 $ 3,541 $ 11,480 $ 530,018 $ 672,913 Special mention — — 246 — — — — 246 Classified — — 429 434 954 1,259 612 3,688 Total construction & land development $ 15,190 $ 50,855 $ 51,921 $ 11,017 $ 4,495 $ 12,739 $ 530,630 $ 676,847 Current period gross write offs $ — $ — $ — $ — $ — $ — $ — $ — Farmland: Pass $ 13,229 $ 39,729 $ 73,744 $ 30,601 $ 26,441 $ 28,079 $ 94,236 $ 306,059 Special mention — — — — — — — — Term Loans Amortized Cost Basis by Origination Year (Dollars in thousands) 2024 2023 2022 2021 2020 Prior Revolving Loans Amortized Cost Basis Total Classified 69 495 148 528 67 999 212 2,518 Total farmland $ 13,298 $ 40,224 $ 73,892 $ 31,129 $ 26,508 $ 29,078 $ 94,448 $ 308,577 Current period gross write offs $ — $ — $ — $ — $ — $ — $ — $ — Other commercial real estate: Pass $ 16,533 $ 192,870 $ 498,918 $ 405,736 $ 244,814 $ 290,923 $ 1,021,581 $ 2,671,375 Special mention — — — — — — — — Classified 21 102 575 6,096 1,176 4,779 2,924 15,673 Total other commercial real estate $ 16,554 $ 192,972 $ 499,493 $ 411,832 $ 245,990 $ 295,702 $ 1,024,505 $ 2,687,048 Current period gross write offs $ — $ 7 $ — $ 22 $ — $ — $ — $ 29 Commercial & industrial loans: Pass $ 16,818 $ 104,010 $ 116,089 $ 35,129 $ 27,143 $ 25,850 $ 267,195 $ 592,234 Special mention — — 5,794 — — — — 5,794 Classified 18 9,018 13,827 1,243 460 1,828 373 26,767 Total commercial & industrial loans $ 16,836 $ 113,028 $ 135,710 $ 36,372 $ 27,603 $ 27,678 $ 267,568 $ 624,795 Current period gross write offs $ — $ 78 $ 203 $ — $ — $ — $ 387 $ 668 Agricultural production & other loans to farmers: Pass $ 6,462 $ 13,423 $ 6,276 $ 3,809 $ 3,045 $ 1,079 $ 53,280 $ 87,374 Special mention — — — — — — — — Classified — 206 14 — 38 3 654 915 Total agricultural production & other loans to farmers $ 6,462 $ 13,629 $ 6,290 $ 3,809 $ 3,083 $ 1,082 $ 53,934 $ 88,289 Current period gross write offs $ — $ — $ — $ — $ — $ — $ — $ — Consumer & other loans: Pass $ 11,176 $ 34,028 $ 12,104 $ 3,730 $ 3,356 $ 566 $ 31,787 $ 96,747 Special mention — — — — — — — — Classified — 26 51 5 — 1 54 137 Total consumer & other loans $ 11,176 $ 34,054 $ 12,155 $ 3,735 $ 3,356 $ 567 $ 31,841 $ 96,884 Current period gross write offs $ 512 $ 36 $ 45 $ 26 $ — $ — $ 10 $ 629 The following table reflects loans by credit quality indicator and origination year at December 31, 2023. Loans acquired are shown in the table by origination year. The Company had an immaterial amount of revolving loans converted to term loans at December 31, 2023. Term Loans Amortized Cost Basis by Origination Year (Dollars in thousands) 2023 2022 2021 2020 2019 Prior Revolving Loans Amortized Cost Basis Total Residential real estate: Pass $ 273,190 $ 417,855 $ 305,097 $ 125,236 $ 51,299 $ 74,212 $ 284,488 $ 1,531,377 Special mention — — — — — — — — Classified 1,203 3,473 4,661 2,838 2,509 4,785 931 20,400 Total residential real estate $ 274,393 $ 421,328 $ 309,758 $ 128,074 $ 53,808 $ 78,997 $ 285,419 $ 1,551,777 Current period gross write offs $ — $ 32 $ 11 $ 36 $ 3 $ 173 $ — $ 255 Construction & land development: Pass $ 58,243 $ 57,699 $ 17,349 $ 3,802 $ 6,354 $ 6,323 $ 578,723 $ 728,493 Special mention — 246 — — — — — 246 Classified — 416 71 960 1,255 8 — 2,710 Total construction & land development $ 58,243 $ 58,361 $ 17,420 $ 4,762 $ 7,609 $ 6,331 $ 578,723 $ 731,449 Current period gross write offs $ — $ 68 $ — $ — $ — $ 60 $ — $ 128 Farmland: Pass $ 41,629 $ 74,359 $ 32,270 $ 27,928 $ 13,295 $ 19,374 $ 98,061 $ 306,916 Special mention — — — — — — — — Classified 425 150 529 116 65 1,300 339 2,924 Total farmland $ 42,054 $ 74,509 $ 32,799 $ 28,044 $ 13,360 $ 20,674 $ 98,400 $ 309,840 Current period gross write offs $ — $ — $ — $ — $ — $ — $ 114 $ — $ 114 $ 114 Other commercial real estate: Pass $ 200,328 $ 505,748 $ 393,612 $ 245,990 $ 115,642 $ 189,852 $ 1,003,206 $ 2,654,378 Special mention — — — — — — — — Classified 127 74 5,823 456 1,234 3,365 1,499 12,578 Total other commercial real estate $ 200,455 $ 505,822 $ 399,435 $ 246,446 $ 116,876 $ 193,217 $ 1,004,705 $ 2,666,956 Current period gross write offs $ 8 $ — $ 193 $ — $ — $ 198 $ — $ 399 Commercial & industrial loans: Pass $ 109,708 $ 140,536 $ 41,974 $ 36,486 $ 25,063 $ 8,052 $ 256,077 $ 617,896 Special mention — — — — — — — — Classified 8,954 666 1,169 458 124 1,722 539 13,632 Total commercial & industrial loans $ 118,662 $ 141,202 $ 43,143 $ 36,944 $ 25,187 $ 9,774 $ 256,616 $ 631,528 Current period gross write offs $ 67 $ 434 $ 63 $ 13 $ 16 $ 9 $ 233 $ 835 Term Loans Amortized Cost Basis by Origination Year (Dollars in thousands) 2023 2022 2021 2020 2019 Prior Revolving Loans Amortized Cost Basis Total Agricultural production & other loans to farmers: Pass $ 16,315 $ 7,336 $ 4,342 $ 3,493 $ 1,137 $ 581 $ 58,689 $ 91,893 Special mention — — — — — — — — Classified 35 — — 44 4 — — 83 Total agricultural production & other loans to farmers $ 16,350 $ 7,336 $ 4,342 $ 3,537 $ 1,141 $ 581 $ 58,689 $ 91,976 Current period gross write offs $ 34 $ 12 $ — $ — $ — $ — $ 7 $ 53 Consumer & other loans: Pass $ 41,346 $ 15,080 $ 4,770 $ 4,213 $ 596 $ 128 $ 32,199 $ 98,332 Special mention — — — — — — — — Classified 14 69 24 1 — — 45 153 Total consumer & other loans $ 41,360 $ 15,149 $ 4,794 $ 4,214 $ 596 $ 128 $ 32,244 $ 98,485 Current period gross write offs $ 2,720 $ 175 $ 98 $ 38 $ 12 $ 30 $ 97 $ 3,170 |
Summary of allowance for loan losses and balances in the loan portfolio by loan segment | Transactions in the allowance for credit losses and balances in the loan portfolio by loan segment are as follows: (In thousands) Commercial Commercial Residential Consumer Total Three Months Ended March 31, 2024 Allowance for loan losses: Beginning balance $ 6,556 $ 37,767 $ 20,487 $ 1,062 $ 65,872 Provision for credit losses 2,310 (1,323) 697 227 1,911 Recoveries on loans 23 54 59 361 497 Loans charged off (668) (29) (114) (629) (1,440) Ending balance $ 8,221 $ 36,469 $ 21,129 $ 1,021 $ 66,840 Period End Allowance Balance Allocated To: Individually evaluated $ 592 $ 321 $ — $ — $ 913 Collectively evaluated 7,629 36,148 21,129 1,021 65,927 Ending balance $ 8,221 $ 36,469 $ 21,129 $ 1,021 $ 66,840 The allowance for credit losses on LHFI increased for the three months ended March 31, 2024 primarily as a result of provision for credit losses on commercial and industrial loans. Accrued interest receivable on loans, reported as a component of accrued interest receivable on the balance sheet, totaled approximately $27.1 million at March 31, 2024 and is excluded from the estimate of credit losses. (In thousands) Commercial and Industrial Commercial Real Estate Residential Consumer and other Total Three Months Ended March 31, 2023 Allowance for loan losses: Beginning balance $ 4,750 $ 26,701 $ 9,958 $ 1,466 $ 42,875 Impact of adopting ASU 2016-13 2,166 12,770 6,464 (656) 20,744 Provision for loan losses (312) 979 113 640 1,420 Recoveries on loans 88 115 58 591 852 Loans charged off (288) (71) (173) (956) (1,488) Ending balance $ 6,404 $ 40,494 $ 16,420 $ 1,085 $ 64,403 Period End Allowance Balance Allocated To: Individually evaluated for impairment $ — $ — $ — $ — $ — Collectively evaluated for impairment 6,404 40,494 16,420 1,085 64,403 Ending balance $ 6,404 $ 40,494 $ 16,420 $ 1,085 $ 64,403 Allowance for Credit Losses on Unfunded Loan Commitments The Company maintains a separate allowance for credit losses on unfunded loan commitments, which is included in Other liabilities in the Company’s Consolidated Balance Sheets. The following table provides a roll-forward of the allowance for credit losses on unfunded loan commitments for the periods presented. Three Months Ended March 31, (In thousands) 2024 2023 Beginning balance $ 8,951 $ — Impact of adopting CECL — 12,505 (Recovery of) provision for credit losses on unfunded loan commitments (1,875) (897) Ending balance $ 7,076 $ 11,608 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Regulatory Matters [Abstract] | |
Schedule of actual and required capital ratios | The following table presents actual and required capital ratios for the Company and the Bank under the CBLR and prompt corrective action regulations for the relevant periods. Actual Minimum Requirement to be Well Capitalized (In thousands) Capital Amount Ratio Capital Amount Ratio March 31, 2024: Company: Community Bank Leverage Ratio $ 762,928 10.01 % $ 685,626 9.00 % Bank: Community Bank Leverage Ratio $ 762,467 10.01 % $ 685,296 9.00 % Actual Minimum Requirement to be Well Capitalized (In thousands) Capital Amount Ratio Capital Amount Ratio December 31, 2023: Company: Community Bank Leverage Ratio $ 756,155 10.02 % $ 679,472 9.00 % Bank: Community Bank Leverage Ratio $ 755,482 10.01 % $ 679,129 9.00 % |
Fair Value (Tables)
Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Schedule assets and liabilities measured on recurring basis | Assets and liabilities measured at fair value on a recurring basis are summarized below: Fair Fair Value Measurements Using (In thousands) Value Level 1 Level 2 Level 3 March 31, 2024 U.S. Treasuries $ 228,802 $ — $ 228,802 $ — U.S. Government agency obligations 483,068 — 483,068 — Residential mortgage-backed securities 74,082 — 74,082 — Commercial mortgage-backed securities 12,211 — 12,211 — Asset-backed securities — — — — Corporate investments 46,556 — 46,556 — State and political subdivisions 43,785 — 43,785 — Total securities available for sale $ 888,504 $ — $ 888,504 $ — December 31, 2023 U.S. Treasuries $ 210,118 $ — $ 210,118 $ — U.S. Government agency obligations 454,923 — 454,923 — Residential mortgage-backed securities 82,028 — 82,028 — Commercial mortgage-backed securities 12,273 — 12,273 — Asset backed securities 6,949 — 6,949 — Corporate investments 45,539 — 45,539 — State and political subdivisions 44,191 — 44,191 — Total securities available for sale $ 856,021 $ — $ 856,021 $ — |
Schedule of assets measured at fair value on a non-recurring basis | Assets measured at fair value on a non-recurring basis are summarized below. Fair Fair Value Measurements Using (In thousands) Value Level 1 Level 2 Level 3 Collateral-dependent loans, net of allowance for credit losses: March 31, 2024 $ 30,476 $ — $ — $ 30,476 December 31, 2023 $ 15,224 $ — $ — $ 15,224 Other real estate owned: March 31, 2024 $ 2,460 $ — $ — $ 2,460 December 31, 2023 $ 2,368 $ — $ — $ 2,368 |
Schedule of quantitative information about Level 3 fair value measurements for assets measured at fair value on a non-recurring basis | The following table presents quantitative information about Level 3 fair value measurements for assets measured at fair value on a non-recurring basis. Qualitative Information about Level 3 Fair Value Measurements (In thousands) Carrying Valuation Unobservable Range Weighted Average March 31, 2024 Collateral-dependent loans, net of specific allowance $ 30,476 Third-party appraisals Selling costs 5% - 10% 6% Other real estate owned $ 2,460 Third-party appraisals and internal evaluations Selling costs 5% - 10% 6% Qualitative Information about Level 3 Fair Value Measurements (In thousands) Carrying Valuation Unobservable Range Weighted Average December 31, 2023 Collateral-dependent loans, net of specific allowance $ 15,224 Third-party appraisals Selling costs 5% - 10% 6% Other real estate owned $ 2,368 Third-party appraisals and internal evaluations Selling costs 5% - 10% 6% |
Schedule of estimated fair values of the Company’s financial instruments not previously disclosed | The following table presents estimated fair values of the Company’s financial instruments that are not recorded at fair value: March 31, 2024 December 31, 2023 (In thousands) Carrying Fair Carrying Fair Financial assets: Level 1 inputs: Cash and cash equivalents $ 389,872 $ 389,872 $ 266,591 $ 266,591 Level 2 inputs: Securities held to maturity 54,241 54,061 55,170 55,045 FHLB stock 18,865 18,865 23,634 23,634 Accrued interest receivable 32,134 32,134 30,086 30,086 Level 3 inputs: Loans held for sale 7,119 7,119 6,525 6,525 Loans, net 5,999,586 5,790,660 6,016,139 5,804,169 Financial liabilities: Level 2 inputs: Deposits 6,571,266 6,197,102 6,325,736 6,318,082 FHLB and other borrowings 280,056 277,123 375,059 374,325 Subordinated debentures 133,725 140,212 133,677 137,428 Accrued interest payable 12,609 12,609 10,539 10,539 |
Subordinated Debentures and T_2
Subordinated Debentures and Trust Preferred Securities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Summary of debentures payable to statutory trusts | The following is a summary of subordinated debentures payable to statutory trusts. (In thousands) Year of Interest March 31, December 31, First Bancshares of Baton Rouge Statutory Trust I 2034 3 month CME Term SOFR, plus 2.50% $ 4,124 $ 4,124 State Capital Statutory Trust IV 2035 3 month CME Term SOFR, plus 1.99% 5,155 5,155 BancPlus Statutory Trust II 2036 3 month CME Term SOFR, plus 1.50% 20,619 20,619 BancPlus Statutory Trust III 2037 3 month CME Term SOFR, plus 1.35% 20,619 20,619 State Capital Master Trust 2037 3 month CME Term SOFR, plus 1.46% 6,186 6,186 $ 56,703 $ 56,703 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of restricted stock activity | A summary of the Company’s equity-based award activity and related information for the Company’s RSAs is as follows: Three Months Ended March 31, 2024 March 31, 2023 Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Beginning of period 191,700 $ 63.16 184,284 $ 59.36 Granted — — — — Vested (1,224) 50.00 (1,396) 50.00 Forfeited (1,240) 57.99 — — End of period 189,236 $ 63.28 182,888 $ 59.43 |
Basis of Presentation - Narrati
Basis of Presentation - Narrative (Details) | 3 Months Ended |
Mar. 31, 2024 segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of reportable segments | 1 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Earnings Per Share [Abstract] | ||
Net income | $ 16,955 | $ 17,079 |
Weighted average common shares outstanding (in shares) | 11,422 | 11,415 |
Dilutive effect of unallocated stock (in shares) | 0 | 0 |
Diluted effect of stock-based awards (in shares) | 56 | 73 |
Diluted common shares (in shares) | 11,478 | 11,488 |
Basic earnings per common share (in USD per share) | $ 1.48 | $ 1.50 |
Diluted earnings per common share (in USD per share) | $ 1.48 | $ 1.49 |
Investment Securities - Summary
Investment Securities - Summary of Amortized Cost and Fair Value of the Securities Available for Sale (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | $ 932,621 | $ 899,505 | ||
Gross Unrealized Gains | 1,098 | 3,031 | ||
Gross Unrealized Losses | 45,215 | 44,480 | ||
Allowance for Credit Losses | 0 | (2,035) | $ 0 | $ 0 |
Fair Value | 888,504 | 856,021 | ||
U.S. Treasuries | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | 229,442 | 210,213 | ||
Gross Unrealized Gains | 130 | 356 | ||
Gross Unrealized Losses | 770 | 451 | ||
Allowance for Credit Losses | 0 | 0 | ||
Fair Value | 228,802 | 210,118 | ||
U.S. Government agency obligations | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | 505,672 | 475,747 | ||
Gross Unrealized Gains | 847 | 2,433 | ||
Gross Unrealized Losses | 23,451 | 23,257 | ||
Allowance for Credit Losses | 0 | 0 | ||
Fair Value | 483,068 | 454,923 | ||
Residential mortgage-backed securities | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | 84,951 | 91,994 | ||
Gross Unrealized Gains | 6 | 25 | ||
Gross Unrealized Losses | 10,875 | 9,991 | ||
Allowance for Credit Losses | 0 | 0 | ||
Fair Value | 74,082 | 82,028 | ||
Commercial mortgage-backed securities | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | 13,640 | 13,675 | ||
Gross Unrealized Gains | 0 | 0 | ||
Gross Unrealized Losses | 1,429 | 1,402 | ||
Allowance for Credit Losses | 0 | 0 | ||
Fair Value | 12,211 | 12,273 | ||
Asset-backed securities | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | 6,913 | |||
Gross Unrealized Gains | 84 | |||
Gross Unrealized Losses | 48 | |||
Allowance for Credit Losses | 0 | |||
Fair Value | 0 | 6,949 | ||
Corporate investments | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | 53,383 | 53,380 | ||
Gross Unrealized Gains | 0 | 0 | ||
Gross Unrealized Losses | 6,827 | 7,841 | ||
Allowance for Credit Losses | 0 | 0 | ||
Fair Value | 46,556 | 45,539 | ||
State and political subdivisions | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | 45,533 | 47,583 | ||
Gross Unrealized Gains | 115 | 133 | ||
Gross Unrealized Losses | 1,863 | 1,490 | ||
Allowance for Credit Losses | 0 | (2,035) | ||
Fair Value | $ 43,785 | $ 44,191 |
Investment Securities - Summa_2
Investment Securities - Summary of Rollforward of Allowance for Credit Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | $ 2,035 | $ 0 |
Impact of adopting CECL | 0 | 0 |
(Recovery of) provision for credit losses on available for sale securities | 0 | 0 |
Available for sale security charged off | (2,035) | 0 |
Ending Balance | 0 | 0 |
Cumulative Effect, Period of Adoption, Adjustment | ||
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | $ 0 | $ 0 |
Impact of adopting CECL |
Investment Securities - Summa_3
Investment Securities - Summary of Amortized Cost and Fair Value of Securities Held to Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | $ 54,241 | $ 55,170 |
Gross unrealized gains | 0 | 1 |
Gross unrealized losses | 180 | 126 |
Fair value | 54,061 | 55,045 |
State and political subdivisions | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 54,241 | 55,170 |
Gross unrealized gains | 0 | 1 |
Gross unrealized losses | 180 | 126 |
Fair value | $ 54,061 | $ 55,045 |
Investment Securities - Summa_4
Investment Securities - Summary of Investment Securities that were in an Unrealized Loss Position (Details) $ in Thousands | Mar. 31, 2024 USD ($) debtPosition | Dec. 31, 2023 USD ($) debtPosition |
Available for Sale | ||
Fair value, less than 12 months | $ 150,702 | $ 14,300 |
Unrealized losses, less than 12 months | 940 | 403 |
Fair value, 12 months or more | 471,618 | 492,552 |
Unrealized losses, 12 months or more | 44,275 | 44,077 |
Fair value, total | 622,320 | 506,852 |
Unrealized losses, total | 45,215 | 44,480 |
Held to maturity: | ||
Fair value, less than 12 months | 767 | 378 |
Unrealized losses, less than 12 months | 10 | 1 |
Fair value, 12 months or more | 4,829 | 5,675 |
Unrealized losses, 12 months or more | 170 | 125 |
Fair value, total | 5,596 | 6,053 |
Unrealized losses, total | $ 180 | $ 126 |
Unrealized loss position, number of positions | debtPosition | 325 | 317 |
U.S. Treasuries | ||
Available for Sale | ||
Fair value, less than 12 months | $ 56,580 | $ 0 |
Unrealized losses, less than 12 months | 338 | 0 |
Fair value, 12 months or more | 9,547 | 9,534 |
Unrealized losses, 12 months or more | 432 | 451 |
Fair value, total | 66,127 | 9,534 |
Unrealized losses, total | 770 | 451 |
U.S. Government agencies | ||
Available for Sale | ||
Fair value, less than 12 months | 88,288 | 4,983 |
Unrealized losses, less than 12 months | 503 | 17 |
Fair value, 12 months or more | 297,054 | 315,605 |
Unrealized losses, 12 months or more | 22,948 | 23,240 |
Fair value, total | 385,342 | 320,588 |
Unrealized losses, total | 23,451 | 23,257 |
Residential mortgage-backed securities | ||
Available for Sale | ||
Fair value, less than 12 months | 115 | 118 |
Unrealized losses, less than 12 months | 3 | 1 |
Fair value, 12 months or more | 73,521 | 80,621 |
Unrealized losses, 12 months or more | 10,872 | 9,990 |
Fair value, total | 73,636 | 80,739 |
Unrealized losses, total | 10,875 | 9,991 |
Commercial mortgage-backed securities | ||
Available for Sale | ||
Fair value, less than 12 months | 0 | 0 |
Unrealized losses, less than 12 months | 0 | 0 |
Fair value, 12 months or more | 12,211 | 12,273 |
Unrealized losses, 12 months or more | 1,429 | 1,402 |
Fair value, total | 12,211 | 12,273 |
Unrealized losses, total | 1,429 | 1,402 |
Asset-backed securities | ||
Available for Sale | ||
Fair value, less than 12 months | 0 | 0 |
Unrealized losses, less than 12 months | 0 | 0 |
Fair value, 12 months or more | 0 | 1,477 |
Unrealized losses, 12 months or more | 0 | 48 |
Fair value, total | 0 | 1,477 |
Unrealized losses, total | 0 | 48 |
Corporate investments | ||
Available for Sale | ||
Fair value, less than 12 months | 391 | 4,045 |
Unrealized losses, less than 12 months | 28 | 335 |
Fair value, 12 months or more | 46,164 | 41,493 |
Unrealized losses, 12 months or more | 6,799 | 7,506 |
Fair value, total | 46,555 | 45,538 |
Unrealized losses, total | 6,827 | 7,841 |
State and political subdivisions | ||
Available for Sale | ||
Fair value, less than 12 months | 5,328 | 5,154 |
Unrealized losses, less than 12 months | 68 | 50 |
Fair value, 12 months or more | 33,121 | 31,549 |
Unrealized losses, 12 months or more | 1,795 | 1,440 |
Fair value, total | 38,449 | 36,703 |
Unrealized losses, total | 1,863 | 1,490 |
Held to maturity: | ||
Fair value, less than 12 months | 767 | 378 |
Unrealized losses, less than 12 months | 10 | 1 |
Fair value, 12 months or more | 4,829 | 5,675 |
Unrealized losses, 12 months or more | 170 | 125 |
Fair value, total | 5,596 | 6,053 |
Unrealized losses, total | $ 180 | $ 126 |
Investment Securities - Summa_5
Investment Securities - Summary of Amortized Cost and Fair Value of Debt Securities by Contractual Maturity (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
Amortized cost | |
One year or less | $ 267,944 |
After one through five years | 461,224 |
After five through ten years | 120,453 |
After ten years | 83,000 |
Allocated and single maturity date, total | 932,621 |
Fair value | |
One year or less | 265,365 |
After one through five years | 442,246 |
After five through ten years | 108,827 |
After ten years | 72,066 |
Allocated and single maturity date, total | 888,504 |
Amortized Cost | |
One year or less | 12,858 |
After one through five years | 35,066 |
After five through ten years | 5,092 |
After ten years | 1,225 |
Allocated and single maturity date, total | 54,241 |
Fair Value | |
One year or less | 12,845 |
After one through five years | 34,935 |
After five through ten years | 5,055 |
After ten years | 1,225 |
Allocated and single maturity date, total | $ 54,060 |
Investment Securities - Summa_6
Investment Securities - Summary of the Amortized Cost and Fair Value for Investment Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Held to Maturity | ||
Securities held to maturity | $ 54,241 | $ 55,170 |
Pledged to secure public deposits and for other purposes required or permitted by law | ||
Available for Sale | ||
Amortized cost | 112,794 | 128,675 |
Fair value | 106,216 | 122,105 |
Held to Maturity | ||
Securities held to maturity | 0 | 0 |
Fair value | $ 0 | $ 0 |
Investment Securities - Schedul
Investment Securities - Schedule of Securities by Credit Rating (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
Schedule of Held-to-maturity Securities [Line Items] | |
State and political subdivisions held-to-maturity: | $ 54,241 |
S&P AA plus, AA, AA minus / Moody's Aa1, Aa2, Aa3 | |
Schedule of Held-to-maturity Securities [Line Items] | |
State and political subdivisions held-to-maturity: | 3,991 |
S&P A plus, A, A minus / Moody's A1, A2, A3 | |
Schedule of Held-to-maturity Securities [Line Items] | |
State and political subdivisions held-to-maturity: | 927 |
S&P BBB Plus, BBB, BBB minus / Moody's Baa, Ba, B | |
Schedule of Held-to-maturity Securities [Line Items] | |
State and political subdivisions held-to-maturity: | 497 |
Not rated | |
Schedule of Held-to-maturity Securities [Line Items] | |
State and political subdivisions held-to-maturity: | $ 48,826 |
Loans - Summary of the Company'
Loans - Summary of the Company's Loan Portfolio by Loan Class (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans before allowance for loan losses | $ 6,066,426 | $ 6,082,011 |
Real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans before allowance for loan losses | 5,256,458 | 5,260,022 |
Real estate | Residential properties | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans before allowance for loan losses | 1,583,986 | 1,551,777 |
Real estate | Construction and land development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans before allowance for loan losses | 676,847 | 731,449 |
Real estate | Farmland | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans before allowance for loan losses | 308,577 | 309,840 |
Real estate | Other commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans before allowance for loan losses | 2,687,048 | 2,666,956 |
Commercial and industrial loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans before allowance for loan losses | 624,795 | 631,528 |
Commercial and industrial loans | Construction and land development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans before allowance for loan losses | 676,847 | 731,449 |
Commercial and industrial loans | Other commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans before allowance for loan losses | 2,687,048 | 2,666,956 |
Agricultural production and other loans to farmers | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans before allowance for loan losses | 88,289 | 91,976 |
Agricultural production and other loans to farmers | Farmland | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans before allowance for loan losses | 308,577 | 309,840 |
Consumer and other loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans before allowance for loan losses | $ 96,884 | $ 98,485 |
Loans - Summary of Non-accrual
Loans - Summary of Non-accrual Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Nonaccrual | $ 13,208 | $ 7,214 |
Nonaccrual with no Allowance for Credit Loss | 0 | 0 |
Past Due 90 days or more and Accruing | 1,562 | 761 |
Real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Nonaccrual | 11,329 | 5,674 |
Nonaccrual with no Allowance for Credit Loss | 0 | 0 |
Past Due 90 days or more and Accruing | 1,548 | 394 |
Real estate | Residential properties | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Nonaccrual | 4,360 | 3,180 |
Nonaccrual with no Allowance for Credit Loss | 0 | 0 |
Past Due 90 days or more and Accruing | 110 | 270 |
Real estate | Construction and land development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Nonaccrual | 233 | 239 |
Nonaccrual with no Allowance for Credit Loss | 0 | 0 |
Past Due 90 days or more and Accruing | 1,288 | 0 |
Real estate | Farmland | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Nonaccrual | 343 | 642 |
Nonaccrual with no Allowance for Credit Loss | 0 | 0 |
Past Due 90 days or more and Accruing | 0 | 0 |
Real estate | Other commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Nonaccrual | 6,393 | 1,613 |
Nonaccrual with no Allowance for Credit Loss | 0 | 0 |
Past Due 90 days or more and Accruing | 150 | 124 |
Commercial and industrial loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Nonaccrual | 1,820 | 1,523 |
Nonaccrual with no Allowance for Credit Loss | 0 | 0 |
Past Due 90 days or more and Accruing | 10 | 339 |
Agricultural production and other loans to farmers | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Nonaccrual | 0 | 0 |
Nonaccrual with no Allowance for Credit Loss | 0 | 0 |
Past Due 90 days or more and Accruing | 0 | 0 |
Consumer and other loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Nonaccrual | 59 | 17 |
Nonaccrual with no Allowance for Credit Loss | 0 | 0 |
Past Due 90 days or more and Accruing | $ 4 | $ 28 |
Loans - Summary of the Credit Q
Loans - Summary of the Credit Quality of the Company's Loan Portfolio by Loan Class (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Real Estate | $ 5,999,586 | $ 6,016,139 |
Enterprise Value | 14,208 | 1,349 |
Real Estate | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Real Estate | 7,206 | 4,502 |
Accounts Receivable and Inventory | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Real Estate | 8,560 | 8,706 |
Equity Securities | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Real Estate | 1,375 | 1,375 |
Real estate | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Enterprise Value | 14,208 | 0 |
Real estate | Real Estate | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Real Estate | 7,206 | 4,502 |
Real estate | Accounts Receivable and Inventory | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Real Estate | 0 | 0 |
Real estate | Equity Securities | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Real Estate | 1,375 | 0 |
Real estate | Residential properties | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Enterprise Value | 0 | 0 |
Real estate | Residential properties | Real Estate | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Real Estate | 1,276 | 1,276 |
Real estate | Residential properties | Accounts Receivable and Inventory | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Real Estate | 0 | 0 |
Real estate | Residential properties | Equity Securities | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Real Estate | 0 | 0 |
Real estate | Construction and land development | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Enterprise Value | 0 | 0 |
Real estate | Construction and land development | Real Estate | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Real Estate | 0 | 0 |
Real estate | Construction and land development | Accounts Receivable and Inventory | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Real Estate | 0 | 0 |
Real estate | Construction and land development | Equity Securities | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Real Estate | 0 | 0 |
Real estate | Farmland | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Enterprise Value | 0 | 0 |
Real estate | Farmland | Real Estate | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Real Estate | 0 | 0 |
Real estate | Farmland | Accounts Receivable and Inventory | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Real Estate | 0 | 0 |
Real estate | Farmland | Equity Securities | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Real Estate | 0 | 0 |
Real estate | Other commercial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Enterprise Value | 14,208 | 0 |
Real estate | Other commercial | Real Estate | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Real Estate | 5,930 | 3,226 |
Real estate | Other commercial | Accounts Receivable and Inventory | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Real Estate | 0 | 0 |
Real estate | Other commercial | Equity Securities | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Real Estate | 1,375 | 0 |
Commercial and industrial loans | Commercial and industrial loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Enterprise Value | 0 | 1,349 |
Commercial and industrial loans | Commercial and industrial loans | Real Estate | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Real Estate | 0 | 0 |
Commercial and industrial loans | Commercial and industrial loans | Accounts Receivable and Inventory | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Real Estate | 8,560 | 8,706 |
Commercial and industrial loans | Commercial and industrial loans | Equity Securities | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Real Estate | 0 | 1,375 |
Agricultural production and other loans to farmers | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Enterprise Value | 0 | 0 |
Agricultural production and other loans to farmers | Real Estate | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Real Estate | 0 | 0 |
Agricultural production and other loans to farmers | Accounts Receivable and Inventory | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Real Estate | 0 | 0 |
Agricultural production and other loans to farmers | Equity Securities | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Real Estate | 0 | 0 |
Consumer and other loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Enterprise Value | 0 | 0 |
Consumer and other loans | Real Estate | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Real Estate | 0 | 0 |
Consumer and other loans | Accounts Receivable and Inventory | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Real Estate | 0 | 0 |
Consumer and other loans | Equity Securities | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Real Estate | $ 0 | $ 0 |
Loans - Summary of Past Due Loa
Loans - Summary of Past Due Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 6,066,426 | $ 6,082,011 |
Past Due 90 days or more and Accruing | 1,562 | 761 |
Financial Asset, Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 29,520 | 23,815 |
Past Due 30-89 Days | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 22,255 | 19,491 |
Past Due 90 Days or More | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 7,265 | 4,324 |
Current | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 6,036,906 | 6,058,196 |
Real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 5,256,458 | 5,260,022 |
Past Due 90 days or more and Accruing | 1,548 | 394 |
Real estate | Financial Asset, Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 27,163 | 19,567 |
Real estate | Past Due 30-89 Days | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 20,249 | 15,723 |
Real estate | Past Due 90 Days or More | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 6,914 | 3,844 |
Real estate | Current | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 5,229,295 | 5,240,455 |
Real estate | Residential properties | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,583,986 | 1,551,777 |
Past Due 90 days or more and Accruing | 110 | 270 |
Real estate | Residential properties | Financial Asset, Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 13,349 | 12,011 |
Real estate | Residential properties | Past Due 30-89 Days | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 11,405 | 9,867 |
Real estate | Residential properties | Past Due 90 Days or More | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,944 | 2,144 |
Real estate | Residential properties | Current | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,570,637 | 1,539,766 |
Real estate | Construction and land development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 676,847 | 731,449 |
Past Due 90 days or more and Accruing | 1,288 | 0 |
Real estate | Construction and land development | Financial Asset, Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 2,429 | 1,609 |
Real estate | Construction and land development | Past Due 30-89 Days | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,141 | 1,609 |
Real estate | Construction and land development | Past Due 90 Days or More | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,288 | 0 |
Real estate | Construction and land development | Current | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 674,418 | 729,840 |
Real estate | Farmland | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 308,577 | 309,840 |
Past Due 90 days or more and Accruing | 0 | 0 |
Real estate | Farmland | Financial Asset, Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 140 | 468 |
Real estate | Farmland | Past Due 30-89 Days | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 0 | 88 |
Real estate | Farmland | Past Due 90 Days or More | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 140 | 380 |
Real estate | Farmland | Current | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 308,437 | 309,372 |
Real estate | Other commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 2,687,048 | 2,666,956 |
Past Due 90 days or more and Accruing | 150 | 124 |
Real estate | Other commercial | Financial Asset, Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 11,245 | 5,479 |
Real estate | Other commercial | Past Due 30-89 Days | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 7,703 | 4,159 |
Real estate | Other commercial | Past Due 90 Days or More | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 3,542 | 1,320 |
Real estate | Other commercial | Current | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 2,675,803 | 2,661,477 |
Commercial and industrial loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 624,795 | 631,528 |
Past Due 90 days or more and Accruing | 10 | 339 |
Commercial and industrial loans | Financial Asset, Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,807 | 3,309 |
Commercial and industrial loans | Past Due 30-89 Days | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,490 | 2,868 |
Commercial and industrial loans | Past Due 90 Days or More | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 317 | 441 |
Commercial and industrial loans | Current | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 622,988 | 628,219 |
Commercial and industrial loans | Construction and land development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 676,847 | 731,449 |
Commercial and industrial loans | Other commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 2,687,048 | 2,666,956 |
Agricultural production and other loans to farmers | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 88,289 | 91,976 |
Past Due 90 days or more and Accruing | 0 | 0 |
Agricultural production and other loans to farmers | Financial Asset, Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 14 | 192 |
Agricultural production and other loans to farmers | Past Due 30-89 Days | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 14 | 192 |
Agricultural production and other loans to farmers | Past Due 90 Days or More | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 0 | 0 |
Agricultural production and other loans to farmers | Current | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 88,275 | 91,784 |
Agricultural production and other loans to farmers | Farmland | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 308,577 | 309,840 |
Consumer and other loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 96,884 | 98,485 |
Past Due 90 days or more and Accruing | 4 | 28 |
Consumer and other loans | Financial Asset, Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 536 | 747 |
Consumer and other loans | Past Due 30-89 Days | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 502 | 708 |
Consumer and other loans | Past Due 90 Days or More | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 34 | 39 |
Consumer and other loans | Current | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 96,348 | $ 97,738 |
Loans - Narrative (Details)
Loans - Narrative (Details) | 3 Months Ended |
Mar. 31, 2024 loan | |
Commercial and industrial loans | Commercial & industrial loans: | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Number of borrowers with modified loan | 0 |
Allowance for Credit Losses - N
Allowance for Credit Losses - Narrative (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for credit losses, adjustment for adoption of ASU | $ 66,840 | $ 65,872 | $ 64,403 | $ 42,875 |
Accrued interest receivable | $ 27,100 | |||
Cumulative Effect, Period of Adoption, Adjustment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for credit losses, adjustment for adoption of ASU | $ 20,744 |
Allowance for Credit Losses - S
Allowance for Credit Losses - Summary of the Company's Loan Portfolio by Loan Class (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Total | $ 6,066,426 | $ 6,082,011 | |
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year, Writoff [Abstract] | |||
Total | 1,440 | $ 1,488 | |
Commercial and industrial loans | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Total | 624,795 | 631,528 | |
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year, Writoff [Abstract] | |||
Total | 668 | 288 | |
Commercial and industrial loans | Construction and land development | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Financing receivable, year one, originated current fiscal year | 15,190 | 58,243 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 50,855 | 58,361 | |
Financing receivable, year three, originated, two years before current fiscal year | 51,921 | 17,420 | |
Financing receivable, year four, originated, three years before current fiscal year | 11,017 | 4,762 | |
Financing receivable, year five, originated, four years before current fiscal year | 4,495 | 7,609 | |
Prior | 12,739 | 6,331 | |
Revolving Loans Amortized Cost Basis | 530,630 | 578,723 | |
Total | 676,847 | 731,449 | |
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year, Writoff [Abstract] | |||
Financing receivable, year one, originated, current fiscal year, write-off | 0 | 0 | |
Financing receivable, year two, originated, fiscal year before current fiscal year, write-off | 0 | 68 | |
Financing receivable, year three, originated, two years before current fiscal year, write-off | 0 | 0 | |
Financing receivable, year four, originated, three years before current fiscal year, write-off | 0 | 0 | |
Financing receivable, year five, originated, four years before current fiscal year, write-off | 0 | 0 | |
Prior | 0 | 60 | |
Revolving Loans Amortized Cost Basis | 0 | 0 | |
Total | 0 | 128 | |
Commercial and industrial loans | Construction and land development | Pass | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Financing receivable, year one, originated current fiscal year | 15,190 | 58,243 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 50,855 | 57,699 | |
Financing receivable, year three, originated, two years before current fiscal year | 51,246 | 17,349 | |
Financing receivable, year four, originated, three years before current fiscal year | 10,583 | 3,802 | |
Financing receivable, year five, originated, four years before current fiscal year | 3,541 | 6,354 | |
Prior | 11,480 | 6,323 | |
Revolving Loans Amortized Cost Basis | 530,018 | 578,723 | |
Total | 672,913 | 728,493 | |
Commercial and industrial loans | Construction and land development | Special Mention | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Financing receivable, year one, originated current fiscal year | 0 | 0 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 0 | 246 | |
Financing receivable, year three, originated, two years before current fiscal year | 246 | 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 | |
Prior | 0 | 0 | |
Revolving Loans Amortized Cost Basis | 0 | 0 | |
Total | 246 | 246 | |
Commercial and industrial loans | Construction and land development | Classified | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Financing receivable, year one, originated current fiscal year | 0 | 0 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 0 | 416 | |
Financing receivable, year three, originated, two years before current fiscal year | 429 | 71 | |
Financing receivable, year four, originated, three years before current fiscal year | 434 | 960 | |
Financing receivable, year five, originated, four years before current fiscal year | 954 | 1,255 | |
Prior | 1,259 | 8 | |
Revolving Loans Amortized Cost Basis | 612 | 0 | |
Total | 3,688 | 2,710 | |
Commercial and industrial loans | Other commercial | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Financing receivable, year one, originated current fiscal year | 16,554 | 200,455 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 192,972 | 505,822 | |
Financing receivable, year three, originated, two years before current fiscal year | 499,493 | 399,435 | |
Financing receivable, year four, originated, three years before current fiscal year | 411,832 | 246,446 | |
Financing receivable, year five, originated, four years before current fiscal year | 245,990 | 116,876 | |
Prior | 295,702 | 193,217 | |
Revolving Loans Amortized Cost Basis | 1,024,505 | 1,004,705 | |
Total | 2,687,048 | 2,666,956 | |
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year, Writoff [Abstract] | |||
Financing receivable, year one, originated, current fiscal year, write-off | 0 | 8 | |
Financing receivable, year two, originated, fiscal year before current fiscal year, write-off | 7 | 0 | |
Financing receivable, year three, originated, two years before current fiscal year, write-off | 0 | 193 | |
Financing receivable, year four, originated, three years before current fiscal year, write-off | 22 | 0 | |
Financing receivable, year five, originated, four years before current fiscal year, write-off | 0 | 0 | |
Prior | 0 | 198 | |
Revolving Loans Amortized Cost Basis | 0 | 0 | |
Total | 29 | 399 | |
Commercial and industrial loans | Other commercial | Pass | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Financing receivable, year one, originated current fiscal year | 16,533 | 200,328 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 192,870 | 505,748 | |
Financing receivable, year three, originated, two years before current fiscal year | 498,918 | 393,612 | |
Financing receivable, year four, originated, three years before current fiscal year | 405,736 | 245,990 | |
Financing receivable, year five, originated, four years before current fiscal year | 244,814 | 115,642 | |
Prior | 290,923 | 189,852 | |
Revolving Loans Amortized Cost Basis | 1,021,581 | 1,003,206 | |
Total | 2,671,375 | 2,654,378 | |
Commercial and industrial loans | Other commercial | Special Mention | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
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 | |
Prior | 0 | 0 | |
Revolving Loans Amortized Cost Basis | 0 | 0 | |
Total | 0 | 0 | |
Commercial and industrial loans | Other commercial | Classified | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Financing receivable, year one, originated current fiscal year | 21 | 127 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 102 | 74 | |
Financing receivable, year three, originated, two years before current fiscal year | 575 | 5,823 | |
Financing receivable, year four, originated, three years before current fiscal year | 6,096 | 456 | |
Financing receivable, year five, originated, four years before current fiscal year | 1,176 | 1,234 | |
Prior | 4,779 | 3,365 | |
Revolving Loans Amortized Cost Basis | 2,924 | 1,499 | |
Total | 15,673 | 12,578 | |
Commercial and industrial loans | Commercial and industrial loans | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Financing receivable, year one, originated current fiscal year | 16,836 | 118,662 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 113,028 | 141,202 | |
Financing receivable, year three, originated, two years before current fiscal year | 135,710 | 43,143 | |
Financing receivable, year four, originated, three years before current fiscal year | 36,372 | 36,944 | |
Financing receivable, year five, originated, four years before current fiscal year | 27,603 | 25,187 | |
Prior | 27,678 | 9,774 | |
Revolving Loans Amortized Cost Basis | 267,568 | 256,616 | |
Total | 624,795 | 631,528 | |
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year, Writoff [Abstract] | |||
Financing receivable, year one, originated, current fiscal year, write-off | 0 | 67 | |
Financing receivable, year two, originated, fiscal year before current fiscal year, write-off | 78 | 434 | |
Financing receivable, year three, originated, two years before current fiscal year, write-off | 203 | 63 | |
Financing receivable, year four, originated, three years before current fiscal year, write-off | 0 | 13 | |
Financing receivable, year five, originated, four years before current fiscal year, write-off | 0 | 16 | |
Prior | 0 | 9 | |
Revolving Loans Amortized Cost Basis | 387 | 233 | |
Total | 668 | 835 | |
Commercial and industrial loans | Commercial and industrial loans | Pass | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Financing receivable, year one, originated current fiscal year | 16,818 | 109,708 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 104,010 | 140,536 | |
Financing receivable, year three, originated, two years before current fiscal year | 116,089 | 41,974 | |
Financing receivable, year four, originated, three years before current fiscal year | 35,129 | 36,486 | |
Financing receivable, year five, originated, four years before current fiscal year | 27,143 | 25,063 | |
Prior | 25,850 | 8,052 | |
Revolving Loans Amortized Cost Basis | 267,195 | 256,077 | |
Total | 592,234 | 617,896 | |
Commercial and industrial loans | Commercial and industrial loans | Special Mention | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
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 | 5,794 | 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 | |
Prior | 0 | 0 | |
Revolving Loans Amortized Cost Basis | 0 | 0 | |
Total | 5,794 | 0 | |
Commercial and industrial loans | Commercial and industrial loans | Classified | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Financing receivable, year one, originated current fiscal year | 18 | 8,954 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 9,018 | 666 | |
Financing receivable, year three, originated, two years before current fiscal year | 13,827 | 1,169 | |
Financing receivable, year four, originated, three years before current fiscal year | 1,243 | 458 | |
Financing receivable, year five, originated, four years before current fiscal year | 460 | 124 | |
Prior | 1,828 | 1,722 | |
Revolving Loans Amortized Cost Basis | 373 | 539 | |
Total | 26,767 | 13,632 | |
Residential | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year, Writoff [Abstract] | |||
Total | 114 | 173 | |
Residential | Residential properties | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Financing receivable, year one, originated current fiscal year | 43,856 | 274,393 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 263,770 | 421,328 | |
Financing receivable, year three, originated, two years before current fiscal year | 407,045 | 309,758 | |
Financing receivable, year four, originated, three years before current fiscal year | 299,162 | 128,074 | |
Financing receivable, year five, originated, four years before current fiscal year | 123,453 | 53,808 | |
Prior | 120,533 | 78,997 | |
Revolving Loans Amortized Cost Basis | 326,167 | 285,419 | |
Total | 1,583,986 | 1,551,777 | |
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year, Writoff [Abstract] | |||
Financing receivable, year one, originated, current fiscal year, write-off | 0 | 0 | |
Financing receivable, year two, originated, fiscal year before current fiscal year, write-off | 16 | 32 | |
Financing receivable, year three, originated, two years before current fiscal year, write-off | 0 | 11 | |
Financing receivable, year four, originated, three years before current fiscal year, write-off | 0 | 36 | |
Financing receivable, year five, originated, four years before current fiscal year, write-off | 11 | 3 | |
Prior | 69 | 173 | |
Revolving Loans Amortized Cost Basis | 18 | 0 | |
Total | 114 | 255 | |
Residential | Residential properties | Pass | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Financing receivable, year one, originated current fiscal year | 43,856 | 273,190 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 262,355 | 417,855 | |
Financing receivable, year three, originated, two years before current fiscal year | 402,732 | 305,097 | |
Financing receivable, year four, originated, three years before current fiscal year | 294,657 | 125,236 | |
Financing receivable, year five, originated, four years before current fiscal year | 120,750 | 51,299 | |
Prior | 112,703 | 74,212 | |
Revolving Loans Amortized Cost Basis | 324,799 | 284,488 | |
Total | 1,561,852 | 1,531,377 | |
Residential | Residential properties | Special Mention | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
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 | |
Prior | 0 | 0 | |
Revolving Loans Amortized Cost Basis | 0 | 0 | |
Total | 0 | 0 | |
Residential | Residential properties | Classified | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Financing receivable, year one, originated current fiscal year | 0 | 1,203 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 1,415 | 3,473 | |
Financing receivable, year three, originated, two years before current fiscal year | 4,313 | 4,661 | |
Financing receivable, year four, originated, three years before current fiscal year | 4,505 | 2,838 | |
Financing receivable, year five, originated, four years before current fiscal year | 2,703 | 2,509 | |
Prior | 7,830 | 4,785 | |
Revolving Loans Amortized Cost Basis | 1,368 | 931 | |
Total | 22,134 | 20,400 | |
Agricultural production and other loans to farmers | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Total | 88,289 | 91,976 | |
Agricultural production and other loans to farmers | Farmland | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Financing receivable, year one, originated current fiscal year | 13,298 | 42,054 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 40,224 | 74,509 | |
Financing receivable, year three, originated, two years before current fiscal year | 73,892 | 32,799 | |
Financing receivable, year four, originated, three years before current fiscal year | 31,129 | 28,044 | |
Financing receivable, year five, originated, four years before current fiscal year | 26,508 | 13,360 | |
Prior | 29,078 | 20,674 | |
Revolving Loans Amortized Cost Basis | 94,448 | 98,400 | |
Total | 308,577 | 309,840 | |
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year, Writoff [Abstract] | |||
Financing receivable, year one, originated, current fiscal year, write-off | 0 | 0 | |
Financing receivable, year two, originated, fiscal year before current fiscal year, write-off | 0 | 0 | |
Financing receivable, year three, originated, two years before current fiscal year, write-off | 0 | 0 | |
Financing receivable, year four, originated, three years before current fiscal year, write-off | 0 | 0 | |
Financing receivable, year five, originated, four years before current fiscal year, write-off | 0 | 0 | |
Prior | 0 | 114 | |
Revolving Loans Amortized Cost Basis | 0 | 0 | |
Total | 0 | 114 | |
Agricultural production and other loans to farmers | Farmland | Pass | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Financing receivable, year one, originated current fiscal year | 13,229 | 41,629 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 39,729 | 74,359 | |
Financing receivable, year three, originated, two years before current fiscal year | 73,744 | 32,270 | |
Financing receivable, year four, originated, three years before current fiscal year | 30,601 | 27,928 | |
Financing receivable, year five, originated, four years before current fiscal year | 26,441 | 13,295 | |
Prior | 28,079 | 19,374 | |
Revolving Loans Amortized Cost Basis | 94,236 | 98,061 | |
Total | 306,059 | 306,916 | |
Agricultural production and other loans to farmers | Farmland | Special Mention | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
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 | |
Prior | 0 | 0 | |
Revolving Loans Amortized Cost Basis | 0 | 0 | |
Total | 0 | 0 | |
Agricultural production and other loans to farmers | Farmland | Classified | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Financing receivable, year one, originated current fiscal year | 69 | 425 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 495 | 150 | |
Financing receivable, year three, originated, two years before current fiscal year | 148 | 529 | |
Financing receivable, year four, originated, three years before current fiscal year | 528 | 116 | |
Financing receivable, year five, originated, four years before current fiscal year | 67 | 65 | |
Prior | 999 | 1,300 | |
Revolving Loans Amortized Cost Basis | 212 | 339 | |
Total | 2,518 | 2,924 | |
Agricultural production and other loans to farmers | Agricultural production and other loans to farmers | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Financing receivable, year one, originated current fiscal year | 6,462 | 16,350 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 13,629 | 7,336 | |
Financing receivable, year three, originated, two years before current fiscal year | 6,290 | 4,342 | |
Financing receivable, year four, originated, three years before current fiscal year | 3,809 | 3,537 | |
Financing receivable, year five, originated, four years before current fiscal year | 3,083 | 1,141 | |
Prior | 1,082 | 581 | |
Revolving Loans Amortized Cost Basis | 53,934 | 58,689 | |
Total | 88,289 | 91,976 | |
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year, Writoff [Abstract] | |||
Financing receivable, year one, originated, current fiscal year, write-off | 0 | 34 | |
Financing receivable, year two, originated, fiscal year before current fiscal year, write-off | 0 | 12 | |
Financing receivable, year three, originated, two years before current fiscal year, write-off | 0 | 0 | |
Financing receivable, year four, originated, three years before current fiscal year, write-off | 0 | 0 | |
Financing receivable, year five, originated, four years before current fiscal year, write-off | 0 | 0 | |
Prior | 0 | 0 | |
Revolving Loans Amortized Cost Basis | 0 | 7 | |
Total | 0 | 53 | |
Agricultural production and other loans to farmers | Agricultural production and other loans to farmers | Pass | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Financing receivable, year one, originated current fiscal year | 6,462 | 16,315 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 13,423 | 7,336 | |
Financing receivable, year three, originated, two years before current fiscal year | 6,276 | 4,342 | |
Financing receivable, year four, originated, three years before current fiscal year | 3,809 | 3,493 | |
Financing receivable, year five, originated, four years before current fiscal year | 3,045 | 1,137 | |
Prior | 1,079 | 581 | |
Revolving Loans Amortized Cost Basis | 53,280 | 58,689 | |
Total | 87,374 | 91,893 | |
Agricultural production and other loans to farmers | Agricultural production and other loans to farmers | Special Mention | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
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 | |
Prior | 0 | 0 | |
Revolving Loans Amortized Cost Basis | 0 | 0 | |
Total | 0 | 0 | |
Agricultural production and other loans to farmers | Agricultural production and other loans to farmers | Classified | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Financing receivable, year one, originated current fiscal year | 0 | 35 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 206 | 0 | |
Financing receivable, year three, originated, two years before current fiscal year | 14 | 0 | |
Financing receivable, year four, originated, three years before current fiscal year | 0 | 44 | |
Financing receivable, year five, originated, four years before current fiscal year | 38 | 4 | |
Prior | 3 | 0 | |
Revolving Loans Amortized Cost Basis | 654 | 0 | |
Total | 915 | 83 | |
Consumer and other loans | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Total | 96,884 | 98,485 | |
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year, Writoff [Abstract] | |||
Total | 629 | $ 956 | |
Consumer and other loans | Consumer loans | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Financing receivable, year one, originated current fiscal year | 11,176 | 41,360 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 34,054 | 15,149 | |
Financing receivable, year three, originated, two years before current fiscal year | 12,155 | 4,794 | |
Financing receivable, year four, originated, three years before current fiscal year | 3,735 | 4,214 | |
Financing receivable, year five, originated, four years before current fiscal year | 3,356 | 596 | |
Prior | 567 | 128 | |
Revolving Loans Amortized Cost Basis | 31,841 | 32,244 | |
Total | 96,884 | 98,485 | |
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year, Writoff [Abstract] | |||
Financing receivable, year one, originated, current fiscal year, write-off | 512 | 2,720 | |
Financing receivable, year two, originated, fiscal year before current fiscal year, write-off | 36 | 175 | |
Financing receivable, year three, originated, two years before current fiscal year, write-off | 45 | 98 | |
Financing receivable, year four, originated, three years before current fiscal year, write-off | 26 | 38 | |
Financing receivable, year five, originated, four years before current fiscal year, write-off | 0 | 12 | |
Prior | 0 | 30 | |
Revolving Loans Amortized Cost Basis | 10 | 97 | |
Total | 629 | 3,170 | |
Consumer and other loans | Consumer loans | Pass | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Financing receivable, year one, originated current fiscal year | 11,176 | 41,346 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 34,028 | 15,080 | |
Financing receivable, year three, originated, two years before current fiscal year | 12,104 | 4,770 | |
Financing receivable, year four, originated, three years before current fiscal year | 3,730 | 4,213 | |
Financing receivable, year five, originated, four years before current fiscal year | 3,356 | 596 | |
Prior | 566 | 128 | |
Revolving Loans Amortized Cost Basis | 31,787 | 32,199 | |
Total | 96,747 | 98,332 | |
Consumer and other loans | Consumer loans | Special Mention | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
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 | |
Prior | 0 | 0 | |
Revolving Loans Amortized Cost Basis | 0 | 0 | |
Total | 0 | 0 | |
Consumer and other loans | Consumer loans | Classified | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Financing receivable, year one, originated current fiscal year | 0 | 14 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 26 | 69 | |
Financing receivable, year three, originated, two years before current fiscal year | 51 | 24 | |
Financing receivable, year four, originated, three years before current fiscal year | 5 | 1 | |
Financing receivable, year five, originated, four years before current fiscal year | 0 | 0 | |
Prior | 1 | 0 | |
Revolving Loans Amortized Cost Basis | 54 | 45 | |
Total | $ 137 | $ 153 |
Allowance for Credit Losses -_2
Allowance for Credit Losses - Schedule of Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | $ 65,872 | $ 42,875 | $ 42,875 |
Provision for credit losses | 1,911 | 1,420 | |
Recoveries on loans | 497 | 852 | |
Loans charged off | (1,440) | (1,488) | |
Ending balance | 66,840 | 64,403 | 65,872 |
Period End Allowance Balance Allocated To: | |||
Individually evaluated | 913 | 0 | |
Collectively evaluated | 65,927 | 64,403 | |
Ending balance | 66,840 | 64,403 | 65,872 |
Cumulative Effect, Period of Adoption, Adjustment | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 20,744 | 20,744 | |
Period End Allowance Balance Allocated To: | |||
Ending balance | |||
Commercial and industrial loans | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 6,556 | 4,750 | 4,750 |
Provision for credit losses | 2,310 | (312) | |
Recoveries on loans | 23 | 88 | |
Loans charged off | (668) | (288) | |
Ending balance | 8,221 | 6,404 | 6,556 |
Period End Allowance Balance Allocated To: | |||
Individually evaluated | 592 | 0 | |
Collectively evaluated | 7,629 | 6,404 | |
Ending balance | 8,221 | 6,404 | 6,556 |
Commercial and industrial loans | Construction and land development | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Loans charged off | 0 | (128) | |
Commercial and industrial loans | Cumulative Effect, Period of Adoption, Adjustment | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 2,166 | 2,166 | |
Period End Allowance Balance Allocated To: | |||
Ending balance | |||
Commercial real estate | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 37,767 | 26,701 | 26,701 |
Provision for credit losses | (1,323) | 979 | |
Recoveries on loans | 54 | 115 | |
Loans charged off | (29) | (71) | |
Ending balance | 36,469 | 40,494 | 37,767 |
Period End Allowance Balance Allocated To: | |||
Individually evaluated | 321 | 0 | |
Collectively evaluated | 36,148 | 40,494 | |
Ending balance | 36,469 | 40,494 | 37,767 |
Commercial real estate | Cumulative Effect, Period of Adoption, Adjustment | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 12,770 | 12,770 | |
Period End Allowance Balance Allocated To: | |||
Ending balance | |||
Residential | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 20,487 | 9,958 | 9,958 |
Provision for credit losses | 697 | 113 | |
Recoveries on loans | 59 | 58 | |
Loans charged off | (114) | (173) | |
Ending balance | 21,129 | 16,420 | 20,487 |
Period End Allowance Balance Allocated To: | |||
Individually evaluated | 0 | 0 | |
Collectively evaluated | 21,129 | 16,420 | |
Ending balance | 21,129 | 16,420 | 20,487 |
Residential | Cumulative Effect, Period of Adoption, Adjustment | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 6,464 | 6,464 | |
Period End Allowance Balance Allocated To: | |||
Ending balance | |||
Consumer and other loans | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 1,062 | 1,466 | 1,466 |
Provision for credit losses | 227 | 640 | |
Recoveries on loans | 361 | 591 | |
Loans charged off | (629) | (956) | |
Ending balance | 1,021 | 1,085 | 1,062 |
Period End Allowance Balance Allocated To: | |||
Individually evaluated | 0 | 0 | |
Collectively evaluated | 1,021 | 1,085 | |
Ending balance | 1,021 | 1,085 | 1,062 |
Consumer and other loans | Cumulative Effect, Period of Adoption, Adjustment | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | $ (656) | (656) | |
Period End Allowance Balance Allocated To: | |||
Ending balance | |||
Agricultural production and other loans to farmers | Agricultural production and other loans to farmers | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Loans charged off | $ 0 | $ (53) |
Allowance for Credit Losses -_3
Allowance for Credit Losses - Schedule of Allowance For Credit Losses On Unfunded Loan Commitments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
(Recovery of) provision for credit losses on unfunded loan commitments | $ 36 | $ 523 |
Unfunded Loan Commitment | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 8,951 | 0 |
(Recovery of) provision for credit losses on unfunded loan commitments | (1,875) | (897) |
Ending balance | 7,076 | 11,608 |
Unfunded Loan Commitment | Cumulative Effect, Period of Adoption, Adjustment | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | $ 0 | $ 12,505 |
Regulatory Matters - Summary of
Regulatory Matters - Summary of Capital Requirements (Details) $ in Thousands | Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) |
BancPlus Corporation | ||
Actual | ||
Tier 1 Capital to Average Assets | $ 762,928 | $ 756,155 |
Tier 1 Capital to Average Assets, ratio (as a percentage) | 0.1001 | 0.1002 |
Minimum Requirement to be Well Capitalized | ||
Tier 1 Capital to Average Assets | $ 685,626 | $ 679,472 |
Tier 1 Capital to Average Assets, ratio (as a percentage) | 0.0900 | 0.0900 |
Subsidiaries | ||
Actual | ||
Tier 1 Capital to Average Assets | $ 762,467 | $ 755,482 |
Tier 1 Capital to Average Assets, ratio (as a percentage) | 0.1001 | 0.1001 |
Minimum Requirement to be Well Capitalized | ||
Tier 1 Capital to Average Assets | $ 685,296 | $ 679,129 |
Tier 1 Capital to Average Assets, ratio (as a percentage) | 0.0900 | 0.0900 |
Fair Value - Schedule of Assets
Fair Value - Schedule of Assets and Liabilities Measured on Recurring Basis (Details) $ in Thousands | Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for-sale | $ 888,504 | $ 856,021 |
Minimum | Marketability and comparability discounts | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Measurement input (as a percent) | 0.05 | |
Maximum | Marketability and comparability discounts | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Measurement input (as a percent) | 0.15 | |
Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for-sale | $ 0 | 0 |
Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for-sale | 888,504 | 856,021 |
Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for-sale | 0 | 0 |
U.S. Treasuries | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for-sale | 228,802 | 210,118 |
U.S. Treasuries | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for-sale | 0 | 0 |
U.S. Treasuries | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for-sale | 228,802 | 210,118 |
U.S. Treasuries | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for-sale | 0 | 0 |
U.S. Government agency obligations | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for-sale | 483,068 | 454,923 |
U.S. Government agency obligations | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for-sale | 0 | 0 |
U.S. Government agency obligations | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for-sale | 483,068 | 454,923 |
U.S. Government agency obligations | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for-sale | 0 | 0 |
Residential mortgage-backed securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for-sale | 74,082 | 82,028 |
Residential mortgage-backed securities | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for-sale | 0 | 0 |
Residential mortgage-backed securities | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for-sale | 74,082 | 82,028 |
Residential mortgage-backed securities | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for-sale | 0 | 0 |
Commercial mortgage-backed securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for-sale | 12,211 | 12,273 |
Commercial mortgage-backed securities | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for-sale | 0 | 0 |
Commercial mortgage-backed securities | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for-sale | 12,211 | 12,273 |
Commercial mortgage-backed securities | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for-sale | 0 | 0 |
Asset-backed securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for-sale | 0 | 6,949 |
Asset-backed securities | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for-sale | 0 | 0 |
Asset-backed securities | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for-sale | 0 | 6,949 |
Asset-backed securities | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for-sale | 0 | 0 |
Corporate investments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for-sale | 46,556 | 45,539 |
Corporate investments | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for-sale | 0 | 0 |
Corporate investments | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for-sale | 46,556 | 45,539 |
Corporate investments | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for-sale | 0 | 0 |
State and political subdivisions | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for-sale | 43,785 | 44,191 |
State and political subdivisions | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for-sale | 0 | 0 |
State and political subdivisions | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for-sale | 43,785 | 44,191 |
State and political subdivisions | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for-sale | $ 0 | $ 0 |
Fair Value - Schedule of Asse_2
Fair Value - Schedule of Assets Measured at Fair Value on a Non-recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral-dependent loans, net of allowance for credit losses: | $ 30,476 | $ 15,224 |
Other real estate owned: | 2,460 | 2,368 |
Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral-dependent loans, net of allowance for credit losses: | 30,476 | 15,224 |
Other real estate owned: | 2,460 | 2,368 |
Nonrecurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral-dependent loans, net of allowance for credit losses: | 0 | 0 |
Other real estate owned: | 0 | 0 |
Nonrecurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral-dependent loans, net of allowance for credit losses: | 0 | 0 |
Other real estate owned: | 0 | 0 |
Nonrecurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral-dependent loans, net of allowance for credit losses: | 30,476 | 15,224 |
Other real estate owned: | $ 2,460 | $ 2,368 |
Fair Value - Qualitative Inform
Fair Value - Qualitative Information About Level 3 Fair Value Measurement (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Collateral-dependent loans, net of allowance for credit losses: | $ 30,476 | $ 15,224 |
Other real estate owned: | $ 2,460 | $ 2,368 |
Selling costs | Third-party appraisals | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Individually evaluated loans with credit losses, net of allowance for credit losses: (as a percentage) | 6% | 6% |
Other real estate owned, weighted average measurement input (as a percentage) | 6% | 6% |
Minimum | Selling costs | Third-party appraisals | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Individually evaluated loans with credit losses, net of allowance for credit losses: (as a percentage) | 5% | 5% |
Other real estate owned, measurement input (as a percentage) | 0.05 | 0.05 |
Maximum | Selling costs | Third-party appraisals | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Individually evaluated loans with credit losses, net of allowance for credit losses: (as a percentage) | 10% | 10% |
Other real estate owned, measurement input (as a percentage) | 0.10 | 0.10 |
Fair Value - Summary of Estimat
Fair Value - Summary of Estimated Fair Values of the Company’s Financial Instruments Not Previously Disclosed (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Level 2 inputs: | ||
Securities held to maturity | $ 54,241 | $ 55,170 |
Accrued interest receivable | 32,134 | 30,086 |
Carrying Value | Level 1 | ||
Level 1 inputs: | ||
Cash and cash equivalents | 389,872 | 266,591 |
Carrying Value | Level 2 | ||
Level 2 inputs: | ||
Securities held to maturity | 54,241 | 55,170 |
FHLB stock | 18,865 | 23,634 |
Accrued interest receivable | 32,134 | 30,086 |
Level 2 inputs: | ||
Deposits | 6,571,266 | 6,325,736 |
FHLB and other borrowings | 280,056 | 375,059 |
Subordinated debentures | 133,725 | 133,677 |
Accrued interest payable | 12,609 | 10,539 |
Carrying Value | Level 3 | ||
Level 2 inputs: | ||
Loans held for sale | 7,119 | 6,525 |
Level 3 inputs: | ||
Loans, net | 5,999,586 | 6,016,139 |
Fair Value | Level 1 | ||
Level 1 inputs: | ||
Cash and cash equivalents | 389,872 | 266,591 |
Fair Value | Level 2 | ||
Level 2 inputs: | ||
Securities held to maturity | 54,061 | 55,045 |
FHLB stock | 18,865 | 23,634 |
Accrued interest receivable | 32,134 | 30,086 |
Level 2 inputs: | ||
Deposits | 6,197,102 | 6,318,082 |
FHLB and other borrowings | 277,123 | 374,325 |
Subordinated debentures | 140,212 | 137,428 |
Accrued interest payable | 12,609 | 10,539 |
Fair Value | Level 3 | ||
Level 2 inputs: | ||
Loans held for sale | 7,119 | 6,525 |
Level 3 inputs: | ||
Loans, net | $ 5,790,660 | $ 5,804,169 |
Subordinated Debentures and T_3
Subordinated Debentures and Trust Preferred Securities - Narrative (Details) - USD ($) | Jun. 04, 2025 | Mar. 01, 2022 | Jun. 04, 2020 | Mar. 31, 2024 | Dec. 31, 2023 |
Subordinated Debt | The Notes | |||||
Debt Instrument [Line Items] | |||||
Face amount of debt issued and sold | $ 60,000,000 | ||||
Issuance costs | $ 1,400,000 | ||||
Unamortized debt issuance costs | $ 892,000 | $ 928,000 | |||
Period to defer payment of interest (not exceeding) | 5 years | ||||
Remaining purchase discount | 3,400,000 | ||||
Subordinated Debt | The Notes | Forecast | |||||
Debt Instrument [Line Items] | |||||
Multiples allowed to be redeemed | $ 1,000 | ||||
Redemption price (as a percent) | 100% | ||||
Subordinated Debt | The Notes | From and including June 4, 2020, to but excluding June 15, 2025 or early redemption date | |||||
Debt Instrument [Line Items] | |||||
Fixed interest rate | 6% | ||||
Subordinated Debt | The Notes | From and including June 15, 2025, to but excluding the maturity date or early redemption date | SOFR | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 5.86% | ||||
Junior Subordinated Debt | 5.50% Fixed to Floating Rate Subordinated Notes Due 2030 | |||||
Debt Instrument [Line Items] | |||||
Fixed interest rate | 5.50% | ||||
Junior Subordinated Debt | 5.50% Fixed to Floating Rate Subordinated Notes Due 2030 | First Trust Corporation ("FTC") Merger Agreement | |||||
Debt Instrument [Line Items] | |||||
Aggregate obligation assumed in conjunction with FTC merger | $ 21,000,000 | ||||
Remaining purchase premium | $ 348,000 | ||||
Junior Subordinated Debt | 5.50% Fixed to Floating Rate Subordinated Notes Due 2030 | SOFR | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 5.27% |
Subordinated Debentures and T_4
Subordinated Debentures and Trust Preferred Securities - Summary of Debentures Payable to Statutory Trusts (Details) - Subordinated Debt - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Debt Instrument [Line Items] | ||
Debentures payable | $ 56,703 | $ 56,703 |
First Bancshares of Baton Rouge Statutory Trust I | ||
Debt Instrument [Line Items] | ||
Debentures payable | 4,124 | 4,124 |
State Capital Statutory Trust IV | ||
Debt Instrument [Line Items] | ||
Debentures payable | 5,155 | 5,155 |
BancPlus Statutory Trust II | ||
Debt Instrument [Line Items] | ||
Debentures payable | 20,619 | 20,619 |
BancPlus Statutory Trust III | ||
Debt Instrument [Line Items] | ||
Debentures payable | 20,619 | 20,619 |
State Capital Master Trust | ||
Debt Instrument [Line Items] | ||
Debentures payable | $ 6,186 | $ 6,186 |
SOFR | First Bancshares of Baton Rouge Statutory Trust I | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 2.50% | |
SOFR | State Capital Statutory Trust IV | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.99% | |
SOFR | BancPlus Statutory Trust II | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.50% | |
SOFR | BancPlus Statutory Trust III | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.35% | |
SOFR | State Capital Master Trust | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.46% |
Employee Benefits - Narrative (
Employee Benefits - Narrative (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 USD ($) hour $ / shares shares | Dec. 31, 2023 USD ($) $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Required annual hours of service for participation in ESOP (in hours) | hour | 1,000 | |
Employers matching contribution, annual vesting percentage (as a percentage) | 3% | |
Employer matching contribution, percent of match (as a percentage) | 50% | |
Employer matching contribution, percent of employees' gross pay (as a percentage) | 2% | |
ESOP owned shares (in shares) | shares | 1,452,950 | 1,452,950 |
Redeemable common stock owned by the ESOP | $ 84,998 | $ 84,998 |
Employee Stock Ownership Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Redeemable common stock owned by the ESOP | $ 85,000 | $ 85,000 |
Temporary equity (in USD per share) | $ / shares | $ 58.50 | $ 58.50 |
Equity (Details)
Equity (Details) - USD ($) $ / shares in Units, $ in Millions | Jun. 22, 2022 | Mar. 31, 2024 | Dec. 31, 2023 |
Class of Stock [Line Items] | |||
Preferred stock, shares authorized (in shares) | 10,000,000 | ||
Preferred stock, par value (in dollars per share) | $ 0 | ||
Dividends paid initial two years | 0% | ||
Period of no dividends paid (in years) | 2 years | ||
Review lookback period after year 10, beginning of period | 2 years | ||
Review lookback period after year 10, end of period | 10 years | ||
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 | |
Minimum | |||
Class of Stock [Line Items] | |||
Dividend rate after initial two years | 0.50% | ||
Maximum | |||
Class of Stock [Line Items] | |||
Dividend rate after initial two years | 2% | ||
Noncumulative Preferred Stock | Private Placement | |||
Class of Stock [Line Items] | |||
Shares issued in sale (in shares) | 250,000 | ||
Aggregate purchase price of shares | $ 250 |
Stock Based Compensation - Narr
Stock Based Compensation - Narrative (Details) - Restricted stock awards - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock based compensation expense | $ 1.2 | $ 1 |
Forfeited (in shares) | 1,240 | 0 |
Unrecognized compensation cost related to nonvested RSAs | $ 7.3 | |
Unrecognized compensation cost related to nonvested RSAs, period for recognition | 2 years 8 months 12 days | |
Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period (in years) | 1 year | |
Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period (in years) | 5 years |
Stock Based Compensation - Summ
Stock Based Compensation - Summary of Restricted Stock Activity (Details) - Restricted stock awards - $ / shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Number of Shares | ||
Beginning of period (in shares) | 191,700 | 184,284 |
Granted (in shares) | 0 | 0 |
Vested (in shares) | (1,224) | (1,396) |
Forfeited (in shares) | (1,240) | 0 |
End of period (in shares) | 189,236 | 182,888 |
Weighted Average Grant Date Fair Value | ||
Beginning of period (in dollars per share) | $ 63.16 | $ 59.36 |
Granted (in dollars per share) | 0 | 0 |
Vested (in dollars per share) | 50 | 50 |
Forfeited (in dollars per share) | 57.99 | 0 |
Ending of period (in dollars per share) | $ 63.28 | $ 59.43 |