Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | May 02, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Document Transition Report | false | |
Entity File Number | 001-38895 | |
Entity Registrant Name | South Plains Financial, Inc. | |
Entity Central Index Key | 0001163668 | |
Entity Incorporation, State or Country Code | TX | |
Entity Tax Identification Number | 75-2453320 | |
Entity Address, Address Line One | 5219 City Bank Parkway | |
Entity Address, City or Town | Lubbock | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 79407 | |
City Area Code | 806 | |
Local Phone Number | 792-7101 | |
Title of 12(b) Security | Common Stock, $1.00 par value per share | |
Trading Symbol | SPFI | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 16,419,362 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
ASSETS | ||
Cash and due from banks | $ 41,273 | $ 62,821 |
Interest-bearing deposits in banks | 330,666 | 267,337 |
Cash and cash equivalents | 371,939 | 330,158 |
Securities available for sale | 599,869 | 622,762 |
Loans held for sale ($9,686 and $6,615 at fair value at March 31, 2024 and December 31, 2023, respectively) | 15,751 | 14,499 |
Loans held for investment | 3,011,799 | 3,014,153 |
Allowance for credit losses on loans | (42,174) | (42,356) |
Loans held for investment, net | 2,969,625 | 2,971,797 |
Accrued interest receivable | 16,605 | 20,881 |
Premises and equipment, net | 54,221 | 55,070 |
Bank-owned life insurance | 74,879 | 74,504 |
Goodwill | 19,315 | 19,315 |
Intangible assets, net | 2,247 | 2,429 |
Mortgage servicing rights | 26,843 | 26,569 |
Deferred tax asset, net | 21,309 | 19,413 |
Other assets | 46,390 | 47,396 |
Total assets | 4,218,993 | 4,204,793 |
Deposits: | ||
Noninterest-bearing | 974,174 | 974,201 |
Interest-bearing | 2,664,397 | 2,651,952 |
Total deposits | 3,638,571 | 3,626,153 |
Accrued expenses and other liabilities | 61,496 | 61,358 |
Subordinated debt | 63,821 | 63,775 |
Junior subordinated deferrable interest debentures | 46,393 | 46,393 |
Total liabilities | 3,810,281 | 3,797,679 |
Stockholders' equity: | ||
Common stock, $1.00 par value per share, 30,000,000 shares authorized; 16,431,755 and 16,417,099 issued and outstanding at March 31, 2024 and December 31, 2023, respectively | 16,432 | 16,417 |
Additional paid-in capital | 97,406 | 97,107 |
Retained earnings | 354,011 | 345,264 |
Accumulated other comprehensive loss | (59,137) | (51,674) |
Total stockholders' equity | 408,712 | 407,114 |
Total liabilities and stockholders' equity | $ 4,218,993 | $ 4,204,793 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
ASSETS | ||
Loans held for sale, fair value | $ 9,686 | $ 6,615 |
Stockholders' equity: | ||
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, shares authorized (in shares) | 30,000,000 | 30,000,000 |
Common stock, shares issued (in shares) | 16,431,755 | 16,417,099 |
Common stock, shares outstanding (in shares) | 16,431,755 | 16,417,099 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Interest income: | ||
Loans, including fees | $ 48,932 | $ 39,597 |
Securities: | ||
Taxable | 5,511 | 5,240 |
Non-taxable | 809 | 1,116 |
Federal funds sold and interest-bearing deposits in banks | 3,475 | 1,495 |
Total interest income | 58,727 | 47,448 |
Interest expense: | ||
Deposits | 21,663 | 11,370 |
Subordinated debt | 835 | 1,012 |
Junior subordinated deferrable interest debentures | 861 | 751 |
Total interest expense | 23,359 | 13,133 |
Net interest income | 35,368 | 34,315 |
Provision for credit losses | 830 | 1,010 |
Net interest income, after provision for credit losses | 34,538 | 33,305 |
Noninterest income: | ||
Service charges on deposit accounts | 1,813 | 1,701 |
Income from insurance activities | 34 | 1,411 |
Net gain on sales of loans | 2,654 | 2,918 |
Bank card services and interchange fees | 3,061 | 2,956 |
Other mortgage banking income (loss) | 1,291 | (633) |
Investment commissions | 434 | 389 |
Fiduciary fees | 754 | 600 |
Other | 1,368 | 1,349 |
Total noninterest income | 11,409 | 10,691 |
Noninterest expense: | ||
Salaries and employee benefits | 18,988 | 19,254 |
Occupancy and equipment, net | 3,920 | 3,832 |
Professional services | 1,483 | 1,648 |
Marketing and development | 754 | 936 |
IT and data services | 990 | 864 |
Bank card expenses | 1,397 | 1,352 |
Appraisal expenses | 227 | 278 |
Other | 4,171 | 4,197 |
Total noninterest expense | 31,930 | 32,361 |
Income before income taxes | 14,017 | 11,635 |
Income tax expense | 3,143 | 2,391 |
Net income | $ 10,874 | $ 9,244 |
Earnings per share: | ||
Basic (in dollars per share) | $ 0.66 | $ 0.54 |
Diluted (in dollars per share) | $ 0.64 | $ 0.53 |
Net income | $ 10,874 | $ 9,244 |
Other comprehensive income (loss): | ||
Unrealized gains (losses) on securities available for sale | (10,832) | 8,624 |
Less: Change in fair value on hedged state and municipal securities | 1,385 | (2,638) |
Tax effect | 1,984 | (1,257) |
Other comprehensive income (loss) | (7,463) | 4,729 |
Comprehensive income | $ 3,411 | $ 13,973 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total | Cumulative Effect, Period of Adoption, Adjustment [Member] Common Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Additional Paid-in Capital [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Accumulated Other Comprehensive Income (Loss) [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] |
Balance at Dec. 31, 2022 | $ 17,027 | $ 112,834 | $ 292,261 | $ (65,108) | $ 357,014 | |||||
Balance (ASU 2016-13 [Member]) at Dec. 31, 2022 | $ 0 | $ 0 | $ (997) | $ 0 | $ (997) | |||||
Balance (in shares) at Dec. 31, 2022 | 17,027,197 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income | $ 0 | 0 | 9,244 | 0 | 9,244 | |||||
Cash dividends declared | 0 | 0 | (2,208) | 0 | (2,208) | |||||
Other comprehensive loss (income) | 0 | 0 | 0 | 4,729 | 4,729 | |||||
Exercise of employee stock options and vesting of restricted stock units, net of shares for cashless exercise and net of shares for taxes | $ 35 | (378) | 0 | 0 | (343) | |||||
Exercise of employee stock options and vesting of restricted stock units, net of shares for cashless exercise and net of shares for taxes (in shares) | 35,375 | |||||||||
Stock-based compensation | $ 0 | 525 | 0 | 0 | 525 | |||||
Balance at Mar. 31, 2023 | $ 17,062 | 112,981 | 298,300 | (60,379) | 367,964 | |||||
Balance (in shares) at Mar. 31, 2023 | 17,062,572 | |||||||||
Balance at Dec. 31, 2023 | $ 16,417 | 97,107 | 345,264 | (51,674) | $ 407,114 | |||||
Balance (in shares) at Dec. 31, 2023 | 16,417,099 | 16,417,099 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income | $ 0 | 0 | 10,874 | 0 | $ 10,874 | |||||
Cash dividends declared | 0 | 0 | (2,127) | 0 | (2,127) | |||||
Other comprehensive loss (income) | 0 | 0 | 0 | (7,463) | (7,463) | |||||
Exercise of employee stock options and vesting of restricted stock units, net of shares for cashless exercise and net of shares for taxes | $ 16 | (148) | 0 | 0 | (132) | |||||
Exercise of employee stock options and vesting of restricted stock units, net of shares for cashless exercise and net of shares for taxes (in shares) | 16,062 | |||||||||
Repurchases of common stock | $ (1) | (34) | 0 | 0 | (35) | |||||
Repurchases of common stock (in shares) | (1,406) | |||||||||
Stock-based compensation | $ 0 | 481 | 0 | 0 | 481 | |||||
Balance at Mar. 31, 2024 | $ 16,432 | $ 97,406 | $ 354,011 | $ (59,137) | $ 408,712 | |||||
Balance (in shares) at Mar. 31, 2024 | 16,431,755 | 16,431,755 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY [Abstract] | ||
Cash dividends, common (in dollars per share) | $ 0.13 | $ 0.13 |
Exercise of employee stock options, shares for cashless exercise (in shares) | 2,606 | 13,573 |
Exercise of employee stock options, shares for taxes (in shares) | 4,675 | 13,892 |
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 | $ 10,874 | $ 9,244 |
Adjustments to reconcile net income to net cash from operating activities: | ||
Provision for credit losses | 830 | 1,010 |
Depreciation and amortization | 1,625 | 1,698 |
Accretion and amortization | 594 | 991 |
Other gains, net | 0 | (79) |
Net gain on sales of loans | (2,654) | (2,918) |
Proceeds from sales of loans held for sale | 69,962 | 86,893 |
Loans originated for sale | (68,779) | (74,291) |
Deferred income tax expense | 88 | 47 |
Earnings on bank-owned life insurance | (375) | (300) |
Stock-based compensation | 481 | 525 |
Change in valuation of mortgage servicing rights | (55) | 1,950 |
Net change in: | ||
Accrued interest receivable and other assets | 6,496 | 609 |
Accrued expenses and other liabilities | 73 | (4) |
Net cash provided by operating activities | 19,160 | 25,375 |
Activity in securities available for sale: | ||
Purchases | (299,849) | 0 |
Maturities, prepayments, and calls | 311,363 | 10,811 |
Loan originations and principal collections, net | 1,027 | (41,634) |
Purchases of premises and equipment | (474) | (1,560) |
Proceeds from sales of premises and equipment | 0 | 642 |
Proceeds from sales of foreclosed assets | 430 | 412 |
Net cash provided by (used in) investing activities | 12,497 | (31,329) |
Cash flows from financing activities: | ||
Net change in deposits | 12,418 | 101,624 |
Payments to tax authorities for stock-based compensation | (132) | (343) |
Cash dividends paid on common stock | (2,127) | (2,208) |
Payments to repurchase common stock | (35) | 0 |
Net cash provided by financing activities | 10,124 | 99,073 |
Net change in cash and cash equivalents | 41,781 | 93,119 |
Beginning cash and cash equivalents | 330,158 | 234,883 |
Ending cash and cash equivalents | 371,939 | 328,002 |
Supplemental disclosures of cash flow information: | ||
Interest paid on deposits and borrowed funds | 24,188 | 13,215 |
Income taxes paid | 0 | 0 |
Supplemental schedule of noncash activities: | ||
Loans transferred to foreclosed assets | 380 | 445 |
Additions to mortgage servicing rights | $ 219 | $ 271 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2024 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations The following were subsidiaries of SPFI as of March 31, 2024: Wholly-Owned, Consolidated Subsidiaries: City Bank Bank subsidiary Ruidoso Retail, Inc. Non-bank subsidiary CB Provence, LLC Non-bank subsidiary CBT Brushy Creek, LLC Non-bank subsidiary CBT Properties, LLC Non-bank subsidiary Wholly-Owned, Equity Method Subsidiaries: South Plains Financial Capital Trusts (“SPFCT”) III-V Non-bank subsidiaries On April 1, 2023, SPFI entered into a Securities Purchase Agreement (“Agreement”) with Alliant Insurance Services, Inc. (“Alliant”), providing for the sale of Windmark Insurance Agency, Inc. (“Windmark”), City Bank’s wholly-owned subsidiary, through a sale of all of the outstanding shares of capital stock of Windmark to Alliant. The transaction was consummated on April 1, 2023. Pursuant to the terms and subject to the conditions of the Agreement, SPFI received an aggregate purchase price of $36.1 million in exchange for Windmark’s common shares, representing a pre-tax gain of $33.8 million. This transaction did not meet the criteria for discontinued operations reporting. Basis of Presentation and Consolidation The consolidated financial statements in this Quarterly Report on Form 10-Q for the three months ended March 31, 2024 (this “Form 10-Q”) include the accounts of SPFI and its wholly-owned consolidated subsidiaries (collectively referred to as the “Company”) identified above. All significant intercompany balances and transactions have been eliminated in consolidation. The interim consolidated financial statements in this Form 10-Q have not been audited by an independent registered public accounting firm, but in the opinion of management, reflect all adjustments necessary for a fair presentation of the Company’s financial position, results of operations, and cash flows. All such adjustments were of a normal and recurring nature. The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q adopted by the Securities and Exchange Commission (“SEC”). Accordingly, the financial statements do not include all of the information and notes required by GAAP for complete financial statements and should be read in conjunction with the Company’s audited consolidated financial statements, and notes thereto in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 as filed with the SEC on March 15, 2024 (the “2023 Annual Report on Form 10-K”). Use of Estimates (“ACL”) Recent Accounting Pronouncements ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative. The amendments in this Update modify the disclosure or presentation requirements of a variety of Topics in the Codification. Certain of the amendments represent clarifications to, or technical corrections of the current requirements. Each amendment in the ASU will only become effective if the SEC removes the related disclosure or presentation requirement from its existing regulations by June 30, 2027. The amendments in this ASU are not expected to have a material impact on the results of operations or financial position. ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments in this Update require public entities to disclose information about reportable segments’ significant expenses on an interim and annual basis. This update is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The adoption of ASU 2023-07 is not expected to have a material effect on the Company’s financial statements. ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in this Update are intended to improve the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the rate reconciliation and income taxes paid disaggregated by jurisdiction. It also includes certain other amendments intended to improve the effectiveness of income tax disclosures. This update is effective for fiscal years beginning after December 15, 2024. The adoption of ASU 2023-09 is not expected to have a material effect on the Company’s financial statements. Subsequent Events – The Company has evaluated subsequent events and transactions from March 31, 2024 through the date this Form 10-Q was filed with the SEC for potential recognition or disclosure as required by GAAP. |
SECURITIES
SECURITIES | 3 Months Ended |
Mar. 31, 2024 | |
SECURITIES [Abstract] | |
SECURITIES | 2. SECURITIES The amortized cost, related gross unrealized gains and losses, : Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Allowance for Credit Losses Fair Value March 31 , 2024 Available for sale: State and municipal $ 201,459 $ 1 $ (23,812 ) $ — $ 177,648 Residential mortgage 344,258 — (59,093 ) — 285,165 Commercial mortgage-backed securities 47,576 — (6,722 ) — 40,854 Commercial collateralized 69,486 — (414 ) — 69,072 Asset-backed and other amortizing securities 17,990 — (1,661 ) — 16,329 Other securities 12,000 — (1,199 ) — 10,801 $ 692,769 $ 1 $ (92,901 ) $ — $ 599,869 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Allowance for Credit Losses Fair Value December 31 , 2023 Available for sale: State and municipal $ 202,814 $ 2 $ (22,241 ) $ — $ 180,575 Residential mortgage 351,251 — (50,547 ) — 300,704 Commercial mortgage-backed securities 47,898 — (6,150 ) — 41,748 Commercial collateralized 72,391 — (461 ) — 71,930 Asset-backed and other amortizing securities 18,476 — (1,436 ) — 17,040 Other securities 12,000 — (1,235 ) — 10,765 $ 704,830 $ 2 $ (82,070 ) $ — $ 622,762 The amortized cost and estimated fair value of securities at March 31, 2024 are presented below by contractual maturity (dollars in thousands). Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Declining-balance securities are shown separately since they are not due at a single maturity date. Available for Sale Amortized Cost Fair Value Within 1 year $ 409 $ 403 After 1 year through 5 years 6,380 6,198 After 5 years through 10 years 16,170 14,940 After 10 years 190,500 166,908 Declining-balance securities 479,310 411,420 $ 692,769 $ 599,869 At both March 31, 2024 and December 31, 2023, there were no holdings of securities of any one issuer, other than the U.S. government, its agencies, or its sponsored enterprises, in an amount greater than 10% of stockholders’ equity. Securities with a carrying value of approximately $425.6 million and $438.9 million at March 31, 2024 and December 31, 2023, respectively, were pledged to collateralize public deposits and for other purposes as required or permitted by law. The following table segregates securities with unrealized losses at the periods indicated, by the duration they have been in a loss position for which an allowance for credit losses has not been recorded (dollars in thousands): Less than 12 Months 12 Months or More Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss March 31 , 2024 State and municipal $ 787 $ 1 $ 175,575 $ 23,811 $ 176,362 $ 23,812 Residential mortgage-backed securities 9 — 285,156 59,093 285,165 59,093 Commercial mortgage-backed securities — — 40,854 6,722 40,854 6,722 Commercial collateralized mortgage obligations — — 69,072 414 69,072 414 Asset-backed and other amortizing securities — — 16,328 1,661 16,328 1,661 Other securities 3,290 210 7,511 989 10,801 1,199 $ 4,086 $ 211 $ 594,496 $ 92,690 $ 598,582 $ 92,901 December 31 , 2023 State and municipal $ 207 $ — $ 177,908 $ 22,241 $ 178,115 $ 22,241 Residential mortgage-backed securities 9 — 300,695 50,547 300,704 50,547 Commercial mortgage-backed securities — — 41,748 6,150 41,748 6,150 Commercial collateralized mortgage obligations — — 71,930 461 71,930 461 Asset-backed and other amortizing securities — — 17,040 1,436 17,040 1,436 Other securities 3,286 214 7,479 1,021 10,765 1,235 $ 3,502 $ 214 $ 616,800 $ 81,856 $ 620,302 $ 82,070 There were 144 securities with an unrealized loss at March 31, 2024, generally due to increases in market rates. Management evaluates AFS securities in unrealized loss positions to determine whether the impairment is due to credit-related factors or non-credit related factors. Consideration is given to the extent to which the fair value is less than cost, the financial condition and near-term prospects of the issuer, and the intent and ability of the Company to retain its investment in the security for a period of time sufficient to allow for the anticipated recovery in fair value. Management does not have the intent to sell any of the securities in an unrealized loss position as there are adequate liquidity sources to meet expected and unexpected funding needs. The fair value of these securities is expected to recover as the securities approach their maturity date or repricing date or if market yields for such investments decline. Accordingly, as of March 31, 2024, management believes the unrealized loss positions detailed in the previous table are due to non-credit related factors, including changes in interest rates and other market conditions, and therefore no ACL or losses have been recognized or realized in the consolidated financial statements. |
LOANS HELD FOR INVESTMENT
LOANS HELD FOR INVESTMENT | 3 Months Ended |
Mar. 31, 2024 | |
LOANS HELD FOR INVESTMENT [Abstract] | |
LOANS HELD FOR INVESTMENT | 3. LOANS HELD FOR INVESTMENT Loans held for investment are summarized by category as of the periods presented below (dollars in thousands): March 31, 2024 December 31, 2023 Commercial real estate $ 1,110,283 $ 1,081,056 Commercial - specialized 351,546 372,376 Commercial - general 527,576 517,361 Consumer: 1-4 family residential 545,116 534,731 Auto loans 292,389 305,271 Other consumer 71,698 74,168 Construction 113,191 129,190 3,011,799 3,014,153 Allowance for credit on loans (42,174 ) (42,356 ) Loans, net $ 2,969,625 $ 2,971,797 The Company has certain lending policies, underwriting standards, and procedures in place that are designed to maximize loan income with an acceptable level of risk. Management reviews and approves these policies, underwriting standards, and procedures on a regular basis and makes changes as appropriate. Management receives frequent reports related to loan originations, quality, concentrations, delinquencies, non-performing, and potential problem loans. Diversification in the loan portfolio is a means of managing risk associated with fluctuations in economic conditions, both by type of loan and geography. Commercial Real Estate Commercial – General and Specialized Consumer Construction The ACL for loans was $42.2 million at March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 The following tables detail the activity in the ACL for loans for the periods indicated (dollars in thousands). Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories. Beginning Balance Provision for Credit Losses (1) Charge-offs Recoveries Ending Balance For the three months ended March 31 , 2024 Commercial real estate $ 15,808 $ 62 $ (86 ) $ — $ 15,784 Commercial - specialized 4,020 (205 ) — 33 3,848 Commercial - general 6,391 659 (375 ) 33 6,708 Consumer: 1-4 family residential 9,177 273 (172 ) 2 9,280 Auto loans 3,601 (27 ) (224 ) 65 3,415 Other consumer 968 238 (282 ) 59 983 Construction 2,391 (235 ) — — 2,156 $ 42,356 $ 765 $ (1,139 ) $ 192 $ 42,174 (1) Beginning Balance Impact of CECL Adoption Provision for Credit Losses (1) Charge-offs Recoveries Ending Balance For the three months ended March 31 , 2023 Commercial real estate $ 13,029 $ 827 $ (475 ) $ — $ — $ 13,381 Commercial - specialized 3,425 33 (11 ) — 63 3,510 Commercial - general 9,215 (2,574 ) (237 ) (199 ) 62 6,267 Consumer: 1-4 family residential 6,194 1,700 635 — 2 8,531 Auto loans 3,926 (332 ) 298 (254 ) 76 3,714 Other consumer 1,376 (235 ) 68 (214 ) 106 1,101 Construction 2,123 683 522 (272 ) — 3,056 $ 39,288 $ 102 $ 800 $ (939 ) $ 309 $ 39,560 (1) The decrease in the provision for credit losses during the three months ended March 31, 2024, compared to the three months ended March 31, 2023, was primarily due to the change in unfunded loan commitments decreasing during the three months ended March 31, 2024 as compared to the three months ended March 31, 2023. The following tables show the Company’s amortized cost in loans and related ACL for collateral dependent loans by class using the fair value of collateral loss estimation methodology of evaluating expected credit losses at the dates indicated (dollars in thousands). Equipment Real Estate Other Total Loans Individually Evaluated Total ACL for Individually Evaluated Loans March 31, 2024 Commercial real estate $ — $ — $ — $ — $ — Commercial - specialized — — — — — Commercial - general 290 — — 290 62 Consumer: 1-4 family residential — — — — — Auto loans — — — — — Other consumer — — — — — Construction — — — — — $ 290 $ — $ — $ 290 $ 62 Equipment Real Estate Other Total Loans Individually Evaluated Total ACL for Individually Evaluated Loans December 31, 2023 Commercial real estate $ — $ — $ — $ — $ — Commercial - specialized — — — — — Commercial - general 353 691 — 1,044 142 Consumer: 1-4 family residential — 362 — 362 — Auto loans — — — — — Other consumer — — — — — Construction — 218 — 218 — $ 353 $ 1,271 $ — $ 1,624 $ 142 The tables below provides an age analysis on accruing past-due loans and nonaccrual loans at the dates indicated (dollars in thousands): 30-89 Days Past Due 90 Days or More Past Due Nonaccrual Nonaccrual with no ACL March 31 , 2024 Commercial real estate $ 363 $ 16 $ — $ — Commercial - specialized 284 — 698 521 Commercial - general 615 266 474 58 Consumer: 1-4 Family residential 1,502 821 812 — Auto loans 692 136 — — Other consumer 722 129 28 — Construction 96 — — — $ 4,274 $ 1,368 $ 2,012 $ 579 30-89 Days Past Due 90 Days or More Past Due Nonaccrual Nonaccrual with no ACL December 31 , 2023 Commercial real estate $ 499 $ 86 $ — $ — Commercial - specialized 521 — 213 — Commercial - general 1,316 296 953 — Consumer: 1-4 Family residential 793 1,390 1,828 362 Auto loans 1,208 60 — — Other consumer 1,134 103 30 — Construction 759 — 218 218 $ 6,230 $ 1,935 $ 3,242 $ 580 Credit Quality Indicators The Company grades its loans on a thirteen-point grading scale. These grades fit in one of the following categories: (i) pass, (ii) special mention, (iii) substandard, (iv) doubtful, or (v) loss. Loans categorized as loss are charged-off immediately. The grading of loans reflect a judgment by the Company about the risks of default associated with the loan. The Company reviews the grades on loans as part of the Company’s on-going monitoring of the credit quality of the loan portfolio. These risk ratings are assigned based on relevant information about the ability of the borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. Pass loans have financial factors or nature of collateral that are considered reasonable credit risks in the normal course of lending and encompass several grades that are assigned based on varying levels of risk, ranging from credits that are secured by cash or marketable securities, to watch credits which have all the characteristics of an acceptable credit risk but warrant more than the normal level of monitoring. Special mention loans have potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of repayment prospects for the loans at some future date. Substandard loans are inadequately protected by the current net worth and paying capacity of the borrower or by the collateral pledged, if any. These loans have a well-defined weakness or weaknesses that jeopardize collection and present the distinct possibility that some loss will be sustained if the deficiencies are not corrected. A protracted workout on these credits is a distinct possibility. Prompt corrective action is therefore required to strengthen the Company’s position, and/or to reduce exposure and to assure that adequate remedial measures are taken by the borrower. Credit exposure becomes more likely in such credits and a serious evaluation of the secondary support to the credit is performed. Substandard loans can be accruing or can be nonaccrual depending on the circumstances of the individual loans. Doubtful loans have all the weaknesses inherent in substandard loans with the added characteristics that the weaknesses make collection or liquidation in full on the basis of currently existing facts, conditions, and values highly questionable and improbable. All doubtful loans are on nonaccrual. In connection with the review of the Company’s loan portfolio, management considers risk elements attributable to particular loan type or categories in assessing the quality of individual loans. The list of loans to be analyzed for individual evaluation consists of non-accrual loans over $250 thousand with direct exposure. Interest income recognized using a cash-basis method on non-accrual loans for the three months ended March 31, 2024 and 2023 was not significant. In addition, the Company closely monitors substandard accruing loans over $1 million with direct exposure, and past due accruing loans over $100 thousand for possible individual evaluation. All other loans will be evaluated collectively in designated pools unless a loss exposure has been identified. Additional funds committed to be advanced on individually analyzed loans are not significant. The following tables reflect the amortized cost basis in loans held for investment by credit quality indicator and origination year at the dates indicated, and related year-to-date gross charge-offs. 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 and December 31, 2023. Term Loans Amortized Cost Basis by Origination Year March 31, 2024 (Dollars in thousands) 2024 2023 2022 2021 2020 Prior Revolving Loans Total Commercial real estate Pass $ 36,646 $ 269,179 $ 333,666 $ 178,208 $ 48,271 $ 203,508 $ 6,939 $ 1,076,417 Special mention — — — — 454 5,599 — 6,053 Substandard — — — 25,924 1,680 209 — 27,813 Total commercial real estate loans $ 36,646 $ 269,179 $ 333,666 $ 204,132 $ 50,405 $ 209,316 $ 6,939 $ 1,110,283 Year-to-date gross charge-offs $ — $ — $ 64 $ — $ — $ 22 $ — $ 86 Commercial - specialized Pass $ 34,312 $ 86,809 $ 50,711 $ 53,529 $ 18,133 $ 29,576 $ 74,554 $ 347,624 Special mention — — 2,595 — — — — 2,595 Substandard — 212 104 10 370 631 — 1,327 Total commercial - specialized loans $ 34,312 $ 87,021 $ 53,410 $ 53,539 $ 18,503 $ 30,207 $ 74,554 $ 351,546 Year-to-date gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Commercial - general Pass $ 14,247 $ 84,488 $ 123,542 $ 89,825 $ 34,812 $ 99,454 $ 71,815 $ 518,183 Special mention — — — — — — 250 250 Substandard — 106 2,765 4,644 121 1,142 365 9,143 Total commercial - general loans $ 14,247 $ 84,594 $ 126,307 $ 94,469 $ 34,933 $ 100,596 $ 72,430 $ 527,576 Year-to-date gross charge-offs $ — $ 123 $ 210 $ 4 $ — $ 38 $ — $ 375 Consumer 1-4 family residential Pass $ 23,811 $ 110,045 $ 154,624 $ 104,760 $ 50,440 $ 83,667 $ 4,583 $ 531,930 Special mention — — — — — — — — Substandard — 376 350 4,164 680 7,569 47 13,186 Total consumer 1-4 family residential loans $ 23,811 $ 110,421 $ 154,974 $ 108,924 $ 51,120 $ 91,236 $ 4,630 $ 545,116 Year-to-date gross charge-offs $ — $ — $ 121 $ 51 $ — $ — $ — $ 172 Consumer auto loans Pass $ 19,810 98,205 111,516 42,328 13,774 6,236 — 291,869 Special mention — — — — — — — — Substandard — 30 126 246 31 87 — 520 Total consumer auto loans $ 19,810 $ 98,235 $ 111,642 $ 42,574 $ 13,805 $ 6,323 $ — $ 292,389 Year-to-date gross charge-offs $ — $ 65 $ 119 $ 26 $ 8 $ 6 $ — $ 224 Consumer other consumer Pass $ 6,596 $ 20,664 $ 23,499 $ 8,840 $ 2,605 $ 7,653 $ 1,575 $ 71,432 Special mention — — — — — — — — Substandard — 84 53 41 8 79 1 266 Total consumer other consumer loans $ 6,596 $ 20,748 $ 23,552 $ 8,881 $ 2,613 $ 7,732 $ 1,576 $ 71,698 Year-to-date gross charge-offs (1) $ 62 $ 101 $ 61 $ 24 $ — $ 34 $ — $ 282 Construction Pass $ 9,642 $ 62,805 $ 31,707 $ 2,635 $ 331 $ — $ 4,840 $ 111,960 Special mention — 315 — 820 — — — 1,135 Substandard — — 96 — — — — 96 Total construction loans $ 9,642 $ 63,120 $ 31,803 $ 3,455 $ 331 $ — $ 4,840 $ 113,191 Year-to-date gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — (1) Includes $62 thousand in charged-off demand deposit overdrafts reported as 2024 originations. Term Loans Amortized Cost Basis by Origination Year December 31, 2023 (Dollars in thousands) 2023 2022 2021 2020 2019 Prior Revolving Loans Total Commercial real estate Pass $ 254,766 $ 324,601 $ 189,211 $ 50,660 $ 47,988 $ 174,859 $ 3,842 $ 1,045,927 Special mention — — — 11,677 — — — 11,677 Substandard — 82 21,152 1,699 149 370 — 23,452 Total commercial real estate loans $ 254,766 $ 324,683 $ 210,363 $ 64,036 $ 48,137 $ 175,229 $ 3,842 $ 1,081,056 Year-to-date gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Commercial - specialized Pass $ 117,912 $ 56,152 $ 57,839 $ 19,883 $ 10,376 $ 22,758 $ 83,368 $ 368,288 Special mention — 2,938 — — — — 300 3,238 Substandard — 105 196 393 19 137 — 850 Total commercial - specialized loans $ 117,912 $ 59,195 $ 58,035 $ 20,276 $ 10,395 $ 22,895 $ 83,668 $ 372,376 Year-to-date gross charge-offs $ — $ — $ — $ 11 $ — $ — $ — $ 11 Commercial - general Pass $ 88,911 $ 128,627 $ 90,957 $ 35,794 $ 45,660 $ 68,990 $ 44,131 $ 503,070 Special mention — — — — — 1,565 250 1,815 Substandard 201 2,930 4,676 227 2,749 1,442 251 12,476 Total commercial - general loans $ 89,112 $ 131,557 $ 95,633 $ 36,021 $ 48,409 $ 71,997 $ 44,632 $ 517,361 Year-to-date gross charge-offs $ — $ 47 $ 50 $ 33 $ 18 $ 321 $ — $ 469 Consumer 1-4 family residential Pass $ 113,897 $ 156,549 $ 106,619 $ 51,940 $ 31,345 $ 56,666 $ 3,770 $ 520,786 Special mention — — — — — — — — Substandard 376 382 4,238 708 3,758 4,483 — 13,945 Total consumer 1-4 family residential loans $ 114,273 $ 156,931 $ 110,857 $ 52,648 $ 35,103 $ 61,149 $ 3,770 $ 534,731 Year-to-date gross charge-offs $ — $ — $ 1 $ — $ — $ — $ — $ 1 Consumer auto loans Pass $ 106,149 124,588 48,686 16,524 6,812 1,935 — 304,694 Special mention — — — — — — — — Substandard 16 189 199 60 81 32 — 577 Total consumer auto loans $ 106,165 $ 124,777 $ 48,885 $ 16,584 $ 6,893 $ 1,967 $ — $ 305,271 Year-to-date gross charge-offs $ 113 $ 377 $ 254 $ 14 $ 49 $ 81 $ — $ 888 Consumer other consumer Pass $ 23,719 $ 26,899 $ 10,198 $ 3,190 $ 2,539 $ 6,107 $ 1,364 $ 74,016 Special mention — — — — — — — — Substandard — 13 44 10 — 84 1 152 Total consumer other consumer loans $ 23,719 $ 26,912 $ 10,242 $ 3,200 $ 2,539 $ 6,191 $ 1,365 $ 74,168 Year-to-date gross charge-offs (1) $ 624 $ 244 $ 88 $ 32 $ 72 $ 80 $ — $ 1,140 Construction Pass $ 61,903 $ 53,930 $ 5,511 $ 331 $ — $ — $ 6,250 $ 127,925 Special mention 131 — 820 — — — — 951 Substandard — 314 — — — — — 314 Total construction loans $ 62,034 $ 54,244 $ 6,331 $ 331 $ — $ — $ 6,250 $ 129,190 Year-to-date gross charge-offs $ 48 $ — $ 271 $ — $ — $ — $ — $ 319 (1) Includes $574 thousand in charged-off demand deposit overdrafts reported as 2023 originations. Occasionally, the Company modifies loans to borrowers in financial distress by providing principal forgiveness, term extensions, an other than insignificant payment delay, or interest rate reduction. When principal forgiveness is provided, the amount of forgiveness is charged-off against the allowance for credit losses. Typically, one type of concession, such as term extension, is granted initially. If the borrower continues to experience financial difficulty, another concession, such as principal forgiveness, may be granted. In some cases, the Company provides multiple types of concessions on one loan. For the loans included in the “combination” columns below, multiple types of modifications have been made on the same loan within the current reporting period. The following tables present the amortized cost basis of loans at the dates indicated that were both experiencing financial difficulty and modified during the three months ended March 31, 2024 and 2023, by class and by type of modification. The percentage of the amortized cost basis of loans that were modified to borrowers in financial distress as compared to the amortized cost basis of each class of financing receivable is also presented below (dollars in thousands): Payment Delay Term Extension Interest Rate Reduction Term Extension and Interest Rate Reduction Total Class of Financing Receivable March 31, 2024 Commercial real estate $ — $ — $ — $ — 0.00 % Commercial - specialized — — — — 0.00 % Commercial - general — — — 35 0.01 % Consumer: 1-4 family — — — — 0.00 % Auto loans — — — — 0.00 % Other consumer — — — — 0.00 % Construction — — — — 0.00 % $ — $ — $ — $ 35 0.00 % Payment Delay Term Extension Interest Rate Reduction Term Extension and Interest Rate Reduction Total Class of Financing Receivable March 31, 2023 Commercial real estate $ — $ — $ — $ — 0.00 % Commercial - specialized — — — — 0.00 % Commercial - general — 2,999 — 42 0.60 % Consumer: 1-4 family — 199 — — 0.04 % Auto loans — 40 — — 0.01 % Other consumer — — — — 0.00 % Construction — — — — 0.00 % $ — $ 3,238 $ — $ 42 0.12 % The following table presents the financial effects of the loan modifications presented above to borrowers experiencing financial difficulty for the three months ended March 31, 2024 and 2023 Principal Forgiveness Weighted- Average Interest Rate Reduction Weighted- Average Term Extension (Months) March 31, 2024 Commercial real estate $ — 0.00 % — Commercial - specialized — 0.00 % — Commercial - general — 1.75 % 49 Consumer: 1-4 Family residential — 0.00 % — Auto loans — 0.00 % — Other consumer — 0.00 % — Construction — 0.00 % — $ — 1.75 % 49 Principal Forgiveness Weighted- Average Interest Rate Reduction Weighted- Average Term Extension (Months) March 31, 2023 Commercial real estate $ — 0.00 % — Commercial - specialized — 0.00 % — Commercial - general — 0.25 % 43 Consumer: 1-4 Family residential — 0.00 % 10 Auto loans — 0.00 % 15 Other consumer — 0.00 % — Construction — 0.00 % — $ — 0.25 % 41 The Company closely monitors the performance of loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following presents the performance of such loans that have been modified in the last twelve months (dollars in thousands): Current 30-89 Days Past Due 90 Days or More Past Due Nonaccrual March 31, 2024 Commercial real estate $ 2,241 $ — $ — $ — Commercial - specialized 165 — — 16 Commercial - general 1,176 — — 290 Consumer: 1-4 Family residential 484 23 — 11 Auto loans 86 — — — Other consumer — 5 — — Construction 2,399 — — — $ 6,551 $ 28 $ — $ 317 During the three months ended March 31, 2024, the Company had $31 thousand in loans made to borrowers experiencing financial difficulty that were modified during the last twelve months that subsequently defaulted. During the three months ended March 31, 2023, the Company had no loans made to borrowers experiencing financial difficulty that were modified during the last twelve months that subsequently defaulted. Payment default is defined as movement to nonperforming status, foreclosure, or charge-off. |
GOODWILL AND INTANGIBLES
GOODWILL AND INTANGIBLES | 3 Months Ended |
Mar. 31, 2024 | |
GOODWILL AND INTANGIBLES [Abstract] | |
GOODWILL AND INTANGIBLES | 4. GOODWILL AND INTANGIBLES The Company had goodwill of $19.3 million at March 31, 2024 and December 31, 2023, respectively. Other intangible assets, which consisted of core deposit intangibles at the dates indicated are summarized below (dollars in thousands): March 31, 2024 December 31, 2023 Amortized intangible assets Core deposit intangible $ 6,679 $ 6,679 Less: Accumulated amortization (4,432 ) (4,250 ) Other intangible assets, net $ 2,247 $ 2,429 |
MORTGAGE SERVICING RIGHTS
MORTGAGE SERVICING RIGHTS | 3 Months Ended |
Mar. 31, 2024 | |
MORTGAGE SERVICING RIGHTS [Abstract] | |
MORTGAGE SERVICING RIGHTS | 5. The following table reflects the changes in fair value of the Company’s mortgage servicing rights asset included in the Consolidated Balance Sheets, and other information related to the serviced portfolio, for the periods or dates presented (dollars in thousands): Three Months Ended March 31, 2024 2023 Beginning balance $ 26,569 $ 27,474 Additions 219 271 Valuation adjustment 55 (1,950 ) Ending balance $ 26,843 $ 25,795 March 31, December 31, 2024 2023 Mortgage loans serviced for others $ 1,983,974 $ 2,001,476 Mortgage servicing rights assets as a percentage of serviced mortgage loans 1.35 % 1.33 % The following table reflects the key assumptions used in measuring the fair value of the Company’s mortgage servicing rights as of the dates indicated: March 31, December 31, 2024 2023 Weighted average constant prepayment rate 7.38 % 7.46 % Weighted average discount rate 10.16 % 10.66 % Weighted average life in years 8.07 8.09 |
BORROWING ARRANGEMENTS
BORROWING ARRANGEMENTS | 3 Months Ended |
Mar. 31, 2024 | |
BORROWING ARRANGEMENTS [Abstract] | |
BORROWING ARRANGEMENTS | 6. BORROWING ARRANGEMENTS Subordinated Debt In December 2018, the Company issued $14.1 million of notes that have a maturity date of December 2030 Wall Street Journal notes are intended to On September 29, 2020, the Company issued $50.0 million in subordinated debt notes. Pr approximately $926 thousand in debt issuance costs. date of September 2030 will reset quarterly at a variable rate equal to the then current three-month Secured Overnight Financing Rate (“SOFR”), as published by the Federal Reserve Bank of New York, plus 438 basis points. These pay interest semi-annually, are unsecured, and may be called by the Company at any time after the remaining maturity is five years or less. Additionally, qualify for Tier 2 capital treatment, subject to regulatory limitations. As of March 31, 2024, the total amount of subordinated notes outstanding was $64.1 million less approximately $279 thousand of remaining debt issuance costs for a total balance of $63.8 million. As of December 31, 2023 Notes Payable and Other Borrowings As of 31, 2024 |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 3 Months Ended |
Mar. 31, 2024 | |
STOCK-BASED COMPENSATION [Abstract] | |
STOCK-BASED COMPENSATION | 7. STOCK-BASED COMPENSATION Equity Incentive Plan The 2019 Equity Incentive Plan (“Plan”) was approved by the Company’s Board of Directors on January 16, 2019 and by its shareholders on March 6, 2019. The purpose of the Plan is to: (i) attract and retain the best available personnel for positions of substantial responsibility, (ii) provide additional incentive to employees, directors and consultants, and (iii) promote the success of the Company’s business. The Plan permits the grant of incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock, restricted stock units, performance units, performance shares, and other stock-based awards. The maximum aggregate number of shares of common stock that may be issued pursuant to all awards under the Plan was 4,919,505 at March 31, 2024. The maximum aggregate number of shares that may be issued under the Plan may be increased annually by up to 3% of the total issued and outstanding common shares of the Company at the beginning of each fiscal year. The fair value of each option award is estimated on the date of grant using the Black-Scholes model that uses the assumptions noted in the table below. Expected volatilities are based on historical volatilities of the Company’s common stock and similar peer company averages. The Company uses historical data to estimate option exercise and post-vesting termination behavior. The expected term of options granted represents the period of time that options granted are expected to be outstanding, which takes in to account that the options are not transferable. The risk-free interest rate for the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of the grant. Options A summary of activity in the Plan during the period indicated (dollars in thousands, except per share data): Number of Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Life in Years Aggregate Intrinsic Value Three Months Ended March 31 , 2024 Outstanding at beginning of year: 1,280,858 $ 16.91 $ 12,767 Granted 32,465 29.32 — Exercised (3,565 ) 20.01 (24 ) Forfeited — — — Expired — — — Balance, March 31 2024 1,309,758 $ 17.21 4.98 $ 12,743 Exercisable at end of period 1,176,105 $ 16.27 4.61 $ 12,411 Vested at end of period 1,176,105 $ 16.27 4.61 $ 12,411 A summary of assumptions used to calculate the fair values of the awards granted during the periods noted is presented below: Three Months Ended March 31, 2024 2023 Expected volatility 40.45% 39.13% to 39.68% Expected dividend yield 1.80% 1.74% to 1.90% Expected term (years) 6.1 6.1 to 6.3 Risk-free interest rate 3.94% 3.91% to 3.98% Weighted average grant date fair value $ 11.10 $ 10.26 The total intrinsic value of options exercised during the three months ended March 31, 2024 and 2023 was $26 thousand and $275 thousand, respectively. Restricted Stock Awards and Units A summary of activity in the Plan during the period indicated Number of Shares Weighted-Average Grant Date Fair Value Three Months Ended March 31 , 2024 Outstanding at beginning of year: 125,917 $ 26.58 Granted 85,403 26.54 Vested (19,778 ) 27.45 Forfeited (3,169 ) 24.34 Balance, March 31 2024 188,373 $ 26.50 Restricted stock units granted under the Plan typically vest from one For the three months ended March 31, 2024 and 2023 the Company recorded stock-based compensation expense related to the Plan of $481 thousand and $525 thousand, respectively. The total unrecognized compensation cost for the awards outstanding under the Plan at March 31, 2024 was $4.9 million and will be recognized over a weighted average remaining period of 1.86 years. |
OFF-BALANCE-SHEET ACTIVITIES, C
OFF-BALANCE-SHEET ACTIVITIES, COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Mar. 31, 2024 | |
OFF-BALANCE-SHEET ACTIVITIES, COMMITMENTS AND CONTINGENCIES [Abstract] | |
OFF-BALANCE-SHEET ACTIVITIES, COMMITMENTS AND CONTINGENCIES | 8. OFF-BALANCE-SHEET ACTIVITIES, COMMITMENTS AND CONTINGENCIES Financial instruments with off-balance-sheet risk - The Company is a party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit. Such commitments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the Company’s consolidated financial statements. The Company’s exposure to credit loss is represented by the contractual amount of these commitments. The Company follows the same credit policies in making commitments as it does for recorded instruments. Financial instruments whose contract amounts represent credit risk outstanding at the dates indicated follow (dollars in thousands): March 31, 2024 December 31, 2023 Commitments to grant loans and unfunded commitments under lines of credit $ 634,758 $ 598,800 Standby letters of credit 11,943 11,503 Commitments to grant loans and extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. The commitments for lines of credit may expire without being drawn upon. Therefore, the total commitment amounts do not necessarily represent future cash requirements. The amount of collateral obtained, if it is deemed necessary by the Company, is based on management’s credit evaluation of the customer. Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. Those letters of credit are primarily issued to support public and private borrowing arrangements. Essentially all letters of credit issued have expiration dates within one year. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. The Company requires collateral supporting those commitments if deemed necessary. FHLB Letters of Credit - The Company may use FHLB letters of credit to pledge to certain public deposits. There were no FHLB letters of credit outstanding at March 31, 2024 or December 31, 2023. Litigation |
CAPITAL AND REGULATORY MATTERS
CAPITAL AND REGULATORY MATTERS | 3 Months Ended |
Mar. 31, 2024 | |
CAPITAL AND REGULATORY MATTERS [Abstract] | |
CAPITAL AND REGULATORY MATTERS | 9. CAPITAL AND REGULATORY MATTERS The Company and its bank subsidiary are subject to various regulatory capital requirements administered by its banking regulators. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s and its bank subsidiary’s financial statements. Under capital guidelines and the regulatory framework for prompt corrective action, the Company and its bank subsidiary must meet specific capital guidelines that involve quantitative measures of their assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. Prompt corrective action provisions are not applicable to bank holding companies. Quantitative measures established by regulation to ensure capital adequacy require the Company and its bank subsidiary to maintain minimum amounts and ratios (set forth in the following table) of total and Tier 1 capital (as defined in the regulations) to risk-weighted assets (as defined) and of Tier 1 capital (as defined) to average assets (as defined). Management believes, as of March 31, 2024 and December 31, 2023, that the Company and its bank subsidiary met all capital adequacy requirements to which they are subject. As of March 31, 2024 and December 31, 2023, the Company met the definition of “well-capitalized” under the applicable regulations of the Board of Governors of the Federal Reserve System and the bank subsidiary was “well capitalized” under the FDIC’s regulatory framework for prompt corrective action and the Basel III capital guidelines. To be categorized as well capitalized, an institution must maintain minimum total risk-based, Tier 1 risk-based and Tier 1 leverage ratios as set forth in the following tables. There are no conditions or events since March 31, 2024 that management believes have changed the bank subsidiary’s category. The Company and its bank subsidiary’s actual capital amounts and ratios at the dates indicated follows (dollars in thousands): Actual Minimum Required Under BASEL III Fully Phased-In To Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio March 31 , 2024 Total Capital to Risk Weighted Assets: Consolidated $ 598,737 17.00 % $ 369,815 10.50 % N/A N/A City Bank 501,116 14.23 % 369,645 10.50 % $ 352,043 10.00 % Tier I Capital to Risk Weighted Assets: Consolidated 491,287 13.95 % 299,374 8.50 % N/A N/A City Bank 457,487 13.00 % 299,237 8.50 % 281,634 8.00 % Common Equity Tier 1 to Risk Weighted Assets: Consolidated 446,287 12.67 % 246,543 7.00 % N/A N/A City Bank 457,487 13.00 % 246,430 7.00 % 228,828 6.50 % Tier I Capital to Average Assets: Consolidated 491,287 11.51 % 171,622 4.00 % N/A N/A City Bank 457,487 10.72 % 171,516 4.00 % 213,318 5.00 % December 31 , 2023 Total Capital to Risk Weighted Assets: Consolidated $ 589,565 16.74 % $ 369,753 10.50 % N/A N/A City Bank 494,353 14.04 % 369,635 10.50 % $ 352,033 10.00 % Tier I Capital to Risk Weighted Assets: Consolidated 482,044 13.69 % 299,324 8.50 % N/A N/A City Bank 450,607 12.80 % 299,228 8.50 % 281,627 8.00 % Common Equity Tier 1 to Risk Weighted Assets: Consolidated 437,044 12.41 % 246,502 7.00 % N/A N/A City Bank 450,607 12.80 % 246,423 7.00 % 228,822 6.50 % Tier I Capital to Average Assets: Consolidated 482,044 11.33 % 171,037 4.00 % N/A N/A City Bank 450,607 10.60 % 170,945 4.00 % 212,594 5.00 % The Company is subject to the Basel III capital ratio requirements which include a “capital conservation buffer” of 2.50% above the regulatory minimum risk-based capital adequacy requirements. This 2.50% capital conservation buffer is reflected in the table above. Both the Company’s and the Bank’s actual ratios, as outlined in the table above, exceeded the Basel III risk-based capital requirement with the capital conservation buffer as of March 31, 2024. State banking regulations place certain restrictions on dividends paid by banks to their shareholders. Dividends paid by the Company’s bank subsidiary would be prohibited if the effect thereof would cause the bank subsidiary’s capital to be reduced below applicable minimum |
DERIVATIVES
DERIVATIVES | 3 Months Ended |
Mar. 31, 2024 | |
DERIVATIVES [Abstract] | |
DERIVATIVES | 10. DERIVATIVES The Company utilizes interest rate swap agreements as part of its asset-liability management strategy to help manage its interest rate risk position. These interest rate swaps are designated and qualify as fair value hedges and are entered into to reduce exposure to changes in fair value of fixed rate financial instruments. The notional amount of the interest rate swaps do not represent amounts exchanged by the parties. The amount exchanged is determined by reference to the notional amounts and the other terms of the individual interest rate swap agreements. The following table reflects the changes in fair value hedges included in the Consolidated Statements of Comprehensive Income (Loss) for the periods indicated (dollars in thousands): Three Months Ended March 31 Interest Rate Contracts Location 2024 2023 Change in fair value of interest rate swaps hedging investment securities Other noninterest expense $ 1,312 $ (2,654 ) Change in fair value of hedged investment securities Other noninterest expense (1,385 ) 2,638 Change in fair value of interest rate swaps hedging fixed rate loans Interest income - Loans $ 237 $ — Change in fair value of hedged fixed rate loans Interest income - Loans (153 ) — The following table reflects the fair value hedges included in the Consolidated Balance Sheets at the dates indicated (dollars in thousands): March 31, 2024 December 31, 2023 Notional Amount Fair Value Notional Amount Fair Value Included in other liabilities: Interest rate swaps related to fixed rate loans $ — $ — $ 987 $ 10 Interest rate swaps related to state and municipal securities — — — — Included in other assets: Interest rate swaps related to fixed rate loans $ 8,602 $ 385 $ 7,796 $ 158 Interest rate swaps related to state and municipal securities 123,760 17,940 123,760 16,628 Mortgage banking derivatives The net gains (losses) relating to free standing derivative instruments used for risk management are summarized below for the periods indicated (dollars in thousands): Three Months Ended March 31, Location 2024 2023 Gain (loss) on mortgage banking derivatives Net gain (loss) on sales of loans $ 308 $ (281 ) The following table reflects the amount and fair value of mortgage banking derivatives in the Consolidated Balance Sheets at the dates indicated (dollars in thousands): March 31, 2024 December 31, 2023 Notional Amount Fair Value Notional Amount Fair Value Included in other assets Forward contracts related to mortgage loans held for sale $ — $ — $ — $ — Interest rate lock commitments 30,678 442 16,887 444 Included in other liabilities Forward contracts related to mortgage loans held for sale $ 26,197 $ 112 $ 19,021 $ 422 The Company had received cash collateral of $18.1 million and $18.3 million to offset asset derivative positions on its interest rate swaps at March 31, 2024 and December 31, 2023, respectively. This amount is reported in other liabilities in the Consolidated Balance Sheets. The Company had advanced $1.1 million to offset liability derivative positions on its interest rate swaps at March 31, 2024 and December 31, 2023, respectively. Additionally, the Company had advanced $440 thousand on its mortgage forward contracts at March 31, 2024 and December 31, 2023, respectively. The advanced cash collateral amounts are reported in cash and due from banks in the Consolidated Balance Sheets. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 3 Months Ended |
Mar. 31, 2024 | |
EARNINGS PER SHARE [Abstract] | |
EARNINGS PER SHARE | 11. EARNINGS PER SHARE The factors used in the earnings per share computation for the periods indicated follow (dollars in thousands, except per share data): Three Months Ended March 31, 2024 2023 Net income $ 10,874 $ 9,244 Weighted average common shares outstanding - basic 16,429,919 17,046,713 Effect of dilutive securities: Stock-based compensation awards 508,938 514,043 Weighted average common shares outstanding - diluted 16,938,857 17,560,756 Basic earnings per share $ 0.66 $ 0.54 Diluted earnings per share $ 0.64 $ 0.53 |
FAIR VALUE DISCLOSURES
FAIR VALUE DISCLOSURES | 3 Months Ended |
Mar. 31, 2024 | |
FAIR VALUE DISCLOSURES [Abstract] | |
FAIR VALUE DISCLOSURES | 12. FAIR VALUE DISCLOSURES Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability. The price in the principal (or most advantageous) market used to measure the fair value of the asset or liability is not adjusted for transaction costs. An orderly transaction is a transaction that assumes exposure to the market for a period prior to the measurement date to allow for marketing activities that are usual and customary for transactions involving such assets and liabilities; it is not a forced transaction. Market participants are buyers and sellers in the principal market that are (i) independent, (ii) knowledgeable, (iii) able to transact and (iv) willing to transact. Valuation techniques that are consistent with the market approach, the income approach and/or the cost approach are required by GAAP. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets and liabilities. The income approach uses valuation techniques to convert future amounts, such as cash flows or earnings, to a single present amount on a discounted basis. The cost approach is based on the amount that currently would be required to replace the service capacity of an asset. Valuation techniques should be consistently applied. Inputs to valuation techniques refer to the assumptions that market participants would use in pricing the asset or liability. Inputs may be observable, meaning those that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from independent sources, or unobservable, meaning those that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The fair value hierarchy for valuation inputs gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair value hierarchy is as follows: ● Level 1 Inputs ● Level 2 Inputs ● Level 3 Inputs The following table summarizes fair value measurements as of the dates indicated below (dollars in thousands): Level 1 Level 2 Level 3 Total March 31 , 2024 Assets (liabilities) measured at fair value on a recurring basis: Securities available for sale: State and municipal $ — $ 177,648 $ — $ 177,648 Residential mortgage-backed securities — 285,165 — 285,165 Commercial mortgage-backed securities — 40,854 — 40,854 Commercial collateralized mortgage obligations — 69,072 — 69,072 Asset-backed and other amortizing securities — 16,329 — 16,329 Other securities — 10,801 — 10,801 Loans held for sale (mandatory) — 9,686 — 9,686 Mortgage servicing rights — — 26,843 26,843 Asset derivatives — 18,767 — 18,767 Liability derivatives — (112 ) — (112 ) Assets measured at fair value on a non-recurring basis: Loans held for investment — — 228 228 December 31, 2023 Assets (liabilities) measured at fair value on a recurring basis: Securities available for sale: State and municipal $ — $ 180,575 $ — $ 180,575 Residential mortgage-backed securities — 300,704 — 300,704 Commercial mortgage-backed securities — 41,748 — 41,748 Commercial collateralized mortgage obligations — 71,930 — 71,930 Asset-backed and other amortizing securities — 17,040 — 17,040 Other securities — 10,765 — 10,765 Loans held for sale (mandatory) — 6,615 — 6,615 Mortgage servicing rights — — 26,569 26,569 Asset derivatives — 17,230 — 17,230 Liability derivatives — (432 ) — (432 ) Assets measured at fair value on a non-recurring basis: Loans held for investment — — 1,482 1,482 Securities Mortgage servicing rights speeds, default rates, . Mortgage servicing rights are the only Level 3 asset measured at fair value on a recurring basis, see Note 5 for the Level 3 change activity for the three months ended March 31, 2024 and 2023 Derivatives Loans held for investment Fair Values of Assets Recorded on a Recurring Basis for which the Fair Value Option has been Elected Loans held for sale (mandatory) Loans held for sale originated for mandatory delivery are reported at fair value on a recurring basis due to the Company’s election to adopt fair value accounting treatment for these assets. This election allows for a more effective offset of the changes in fair values of the assets and the derivative instruments used to economically hedge them without the burden of complying with the requirements for hedge accounting under ASC Topic 815, Derivatives and Hedging. For assets for which the fair value option has been elected, the earned current contractual interest payment is recognized in interest income, loan origination costs and fees on fair value option loans are recognized in earnings as incurred and not deferred. At March 31, 2024, and December 31, 2023, there were no gains or losses recorded attributable to changes in instrument-specific credit risk. Fair value is determined using quoted prices for similar assets, adjusted for specific attributes of that loan. At March each of March The total fair value option impact on noninterest income for loans held for sale for mandatory delivery is included in Net gain on sales of loans in the consolidated statements of comprehensive income (loss). For the three months ended March The following table presents quantitative information about recurring and non-recurring Level 3 fair value measurements at the dates indicated (dollars in thousands): Fair Value Valuation Techniques Unobservable Inputs Range of Discounts March 31, 2024 Non-recurring: Loans held for investment $ 228 Third party appraisals or inspections Collateral discounts and selling costs 20%-25 % Recurring: Mortgage servicing rights 26,843 Discounted cash flows Constant prepayment rate 7.38 % Discount rate 10.16 % December 31, 2023 Non-recurring: Loans held for investment $ 1,482 Third party appraisals or inspections Collateral discounts and selling costs 20%-100 % Recurring: Mortgage servicing rights 26,569 Discounted cash flows Constant prepayment rate 7.46 % Discount rate 10.66 % The estimated fair values, and related carrying amounts, of the Company’s financial instruments that are not previously disclosed in the recurring fair values section are as follows (dollars in thousands): Carrying Amount Level 1 Level 2 Level 3 Total Fair Value March 31 , 2024 Financial assets: Cash and cash equivalents $ 371,939 $ 371,939 $ — $ — $ 371,939 Loans held for investment, net 2,969,625 — — 2,857,552 2,857,552 Loans held for sale (best efforts) 6,065 — 6,172 — 6,172 Accrued interest receivable 16,605 — 16,605 — 16,605 Financial liabilities: Deposits $ 3,638,571 $ — $ 3,638,349 $ — $ 3,638,349 Accrued interest payable 4,229 — 4,229 — 4,229 Junior subordinated deferrable interest debentures 46,393 — 33,530 — 33,530 Subordinated debt 63,821 — 57,050 — 57,050 Carrying Amount Level 1 Level 2 Level 3 Total Fair Value December 31, 2023 Financial assets: Cash and cash equivalents $ 330,158 $ 330,158 $ — $ — $ 330,158 Loans held for investment, net 2,971,797 — — 2,848,536 2,848,536 Loans held for sale (best efforts) 7,884 — 7,977 — 7,977 Accrued interest receivable 20,881 — 20,881 — 20,881 Financial liabilities: Deposits $ 3,626,153 $ — $ 3,625,321 $ — $ 3,625,321 Accrued interest payable 5,057 — 5,057 — 5,057 Junior subordinated deferrable interest debentures 46,393 — 33,098 — 33,098 Subordinated debt 63,775 — 57,497 — 57,497 |
IMMATERIAL CORRECTION OF PRIOR
IMMATERIAL CORRECTION OF PRIOR PERIOD ERROR | 3 Months Ended |
Mar. 31, 2024 | |
IMMATERIAL CORRECTION OF PRIOR PERIOD ERROR [Abstract] | |
IMMATERIAL CORRECTION OF PRIOR PERIOD ERROR | 13. IMMATERIAL CORRECTION OF PRIOR PERIOD ERROR The Company identified an immaterial prior period error in the Consolidated Statements of Cash Flows related to cash flow activity of certain of the Company’s portfolio mortgage loans and third-party brokered loans erroneously being included in the cash flow activity for loans held for sale. The Company assessed the materiality of this change in presentation on prior period consolidated financial statements in accordance with SEC Staff Accounting Bulletin No. 99, “Materiality,” (ASC Topic 250, Accounting Changes and Error Corrections). Based on this assessment, the Company concluded that these error corrections in its Consolidated Statements of Cash Flows are not material to any previously presented consolidated financial statements. The corrections had no impact on the Consolidated Balance Sheets, Consolidated Statements of Comprehensive Income (Loss), or Consolidated Statements of Changes in Stockholders’ Equity, or notes to these consolidated financial statements, for any previously presented interim or annual consolidated financial statements. The financial reporting periods affected by this error include the Company’s previously reported interim unaudited consolidated financial statements for each of the fiscal year-to-date periods ended March 31, 2023; June 30, 2023; and September 30, 2023. A summary of the immaterial corrections to the Company’s previously reported unaudited consolidated financial statements follows. Corrected Consolidated Statement of Cash Flows for Three Months Ended March 31, 2023 (in thousands): As Reported Immaterial Correction As Corrected Proceeds from sales of loans held for sale $ 101,266 $ (14,373 ) $ 86,893 Loans originated for sale $ (88,664 ) $ 14,373 $ (74,291 ) |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Mar. 31, 2024 | |
SUBSEQUENT EVENTS [Abstract] | |
SUBSEQUENT EVENTS | 14. SUBSEQUENT EVENTS Dividend Declaration On April 18, 2024, the Company declared a cash dividend of $0.14 per share of common stock to be paid on May 13, 2024 to all shareholders of record as of April 29, 2024. |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Insider Trading Arrangements [Line Items] | |
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 |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
Nature of Operations | Nature of Operations The following were subsidiaries of SPFI as of March 31, 2024: Wholly-Owned, Consolidated Subsidiaries: City Bank Bank subsidiary Ruidoso Retail, Inc. Non-bank subsidiary CB Provence, LLC Non-bank subsidiary CBT Brushy Creek, LLC Non-bank subsidiary CBT Properties, LLC Non-bank subsidiary Wholly-Owned, Equity Method Subsidiaries: South Plains Financial Capital Trusts (“SPFCT”) III-V Non-bank subsidiaries |
Consolidation | The consolidated financial statements in this Quarterly Report on Form 10-Q for the three months ended March 31, 2024 (this “Form 10-Q”) include the accounts of SPFI and its wholly-owned consolidated subsidiaries (collectively referred to as the “Company”) identified above. All significant intercompany balances and transactions have been eliminated in consolidation. |
Basis of Presentation | The interim consolidated financial statements in this Form 10-Q have not been audited by an independent registered public accounting firm, but in the opinion of management, reflect all adjustments necessary for a fair presentation of the Company’s financial position, results of operations, and cash flows. All such adjustments were of a normal and recurring nature. The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q adopted by the Securities and Exchange Commission (“SEC”). Accordingly, the financial statements do not include all of the information and notes required by GAAP for complete financial statements and should be read in conjunction with the Company’s audited consolidated financial statements, and notes thereto in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 as filed with the SEC on March 15, 2024 (the “2023 Annual Report on Form 10-K”). |
Use of Estimates | Use of Estimates (“ACL”) |
Recent Accounting Pronouncements | Recent Accounting Pronouncements ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative. The amendments in this Update modify the disclosure or presentation requirements of a variety of Topics in the Codification. Certain of the amendments represent clarifications to, or technical corrections of the current requirements. Each amendment in the ASU will only become effective if the SEC removes the related disclosure or presentation requirement from its existing regulations by June 30, 2027. The amendments in this ASU are not expected to have a material impact on the results of operations or financial position. ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments in this Update require public entities to disclose information about reportable segments’ significant expenses on an interim and annual basis. This update is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The adoption of ASU 2023-07 is not expected to have a material effect on the Company’s financial statements. ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in this Update are intended to improve the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the rate reconciliation and income taxes paid disaggregated by jurisdiction. It also includes certain other amendments intended to improve the effectiveness of income tax disclosures. This update is effective for fiscal years beginning after December 15, 2024. The adoption of ASU 2023-09 is not expected to have a material effect on the Company’s financial statements. |
Subsequent Events | Subsequent Events – The Company has evaluated subsequent events and transactions from March 31, 2024 through the date this Form 10-Q was filed with the SEC for potential recognition or disclosure as required by GAAP. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
Subsidiaries Information | The following were subsidiaries of SPFI as of March 31, 2024: Wholly-Owned, Consolidated Subsidiaries: City Bank Bank subsidiary Ruidoso Retail, Inc. Non-bank subsidiary CB Provence, LLC Non-bank subsidiary CBT Brushy Creek, LLC Non-bank subsidiary CBT Properties, LLC Non-bank subsidiary Wholly-Owned, Equity Method Subsidiaries: South Plains Financial Capital Trusts (“SPFCT”) III-V Non-bank subsidiaries |
SECURITIES (Tables)
SECURITIES (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
SECURITIES [Abstract] | |
Amortized Cost and Fair Value of Securities with Gross Unrealized Gains and Losses | The amortized cost, related gross unrealized gains and losses, : Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Allowance for Credit Losses Fair Value March 31 , 2024 Available for sale: State and municipal $ 201,459 $ 1 $ (23,812 ) $ — $ 177,648 Residential mortgage 344,258 — (59,093 ) — 285,165 Commercial mortgage-backed securities 47,576 — (6,722 ) — 40,854 Commercial collateralized 69,486 — (414 ) — 69,072 Asset-backed and other amortizing securities 17,990 — (1,661 ) — 16,329 Other securities 12,000 — (1,199 ) — 10,801 $ 692,769 $ 1 $ (92,901 ) $ — $ 599,869 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Allowance for Credit Losses Fair Value December 31 , 2023 Available for sale: State and municipal $ 202,814 $ 2 $ (22,241 ) $ — $ 180,575 Residential mortgage 351,251 — (50,547 ) — 300,704 Commercial mortgage-backed securities 47,898 — (6,150 ) — 41,748 Commercial collateralized 72,391 — (461 ) — 71,930 Asset-backed and other amortizing securities 18,476 — (1,436 ) — 17,040 Other securities 12,000 — (1,235 ) — 10,765 $ 704,830 $ 2 $ (82,070 ) $ — $ 622,762 |
Amortized Cost and Fair Value of Securities by Contractual Maturity | The amortized cost and estimated fair value of securities at March 31, 2024 are presented below by contractual maturity (dollars in thousands). Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Declining-balance securities are shown separately since they are not due at a single maturity date. Available for Sale Amortized Cost Fair Value Within 1 year $ 409 $ 403 After 1 year through 5 years 6,380 6,198 After 5 years through 10 years 16,170 14,940 After 10 years 190,500 166,908 Declining-balance securities 479,310 411,420 $ 692,769 $ 599,869 |
Securities with Unrealized Losses Segregated by the Period in a Loss Position | The following table segregates securities with unrealized losses at the periods indicated, by the duration they have been in a loss position for which an allowance for credit losses has not been recorded (dollars in thousands): Less than 12 Months 12 Months or More Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss March 31 , 2024 State and municipal $ 787 $ 1 $ 175,575 $ 23,811 $ 176,362 $ 23,812 Residential mortgage-backed securities 9 — 285,156 59,093 285,165 59,093 Commercial mortgage-backed securities — — 40,854 6,722 40,854 6,722 Commercial collateralized mortgage obligations — — 69,072 414 69,072 414 Asset-backed and other amortizing securities — — 16,328 1,661 16,328 1,661 Other securities 3,290 210 7,511 989 10,801 1,199 $ 4,086 $ 211 $ 594,496 $ 92,690 $ 598,582 $ 92,901 December 31 , 2023 State and municipal $ 207 $ — $ 177,908 $ 22,241 $ 178,115 $ 22,241 Residential mortgage-backed securities 9 — 300,695 50,547 300,704 50,547 Commercial mortgage-backed securities — — 41,748 6,150 41,748 6,150 Commercial collateralized mortgage obligations — — 71,930 461 71,930 461 Asset-backed and other amortizing securities — — 17,040 1,436 17,040 1,436 Other securities 3,286 214 7,479 1,021 10,765 1,235 $ 3,502 $ 214 $ 616,800 $ 81,856 $ 620,302 $ 82,070 |
LOANS HELD FOR INVESTMENT (Tabl
LOANS HELD FOR INVESTMENT (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
LOANS HELD FOR INVESTMENT [Abstract] | |
Summary of Loans Held for Investment by Category | Loans held for investment are summarized by category as of the periods presented below (dollars in thousands): March 31, 2024 December 31, 2023 Commercial real estate $ 1,110,283 $ 1,081,056 Commercial - specialized 351,546 372,376 Commercial - general 527,576 517,361 Consumer: 1-4 family residential 545,116 534,731 Auto loans 292,389 305,271 Other consumer 71,698 74,168 Construction 113,191 129,190 3,011,799 3,014,153 Allowance for credit on loans (42,174 ) (42,356 ) Loans, net $ 2,969,625 $ 2,971,797 |
Activity in ACL for Loans and Investment in Loans Disaggregated Based on Method of Evaluating Impairment | The following tables detail the activity in the ACL for loans for the periods indicated (dollars in thousands). Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories. Beginning Balance Provision for Credit Losses (1) Charge-offs Recoveries Ending Balance For the three months ended March 31 , 2024 Commercial real estate $ 15,808 $ 62 $ (86 ) $ — $ 15,784 Commercial - specialized 4,020 (205 ) — 33 3,848 Commercial - general 6,391 659 (375 ) 33 6,708 Consumer: 1-4 family residential 9,177 273 (172 ) 2 9,280 Auto loans 3,601 (27 ) (224 ) 65 3,415 Other consumer 968 238 (282 ) 59 983 Construction 2,391 (235 ) — — 2,156 $ 42,356 $ 765 $ (1,139 ) $ 192 $ 42,174 (1) Beginning Balance Impact of CECL Adoption Provision for Credit Losses (1) Charge-offs Recoveries Ending Balance For the three months ended March 31 , 2023 Commercial real estate $ 13,029 $ 827 $ (475 ) $ — $ — $ 13,381 Commercial - specialized 3,425 33 (11 ) — 63 3,510 Commercial - general 9,215 (2,574 ) (237 ) (199 ) 62 6,267 Consumer: 1-4 family residential 6,194 1,700 635 — 2 8,531 Auto loans 3,926 (332 ) 298 (254 ) 76 3,714 Other consumer 1,376 (235 ) 68 (214 ) 106 1,101 Construction 2,123 683 522 (272 ) — 3,056 $ 39,288 $ 102 $ 800 $ (939 ) $ 309 $ 39,560 (1) The decrease in the provision for credit losses during the three months ended March 31, 2024, compared to the three months ended March 31, 2023, was primarily due to the change in unfunded loan commitments decreasing during the three months ended March 31, 2024 as compared to the three months ended March 31, 2023. The following tables show the Company’s amortized cost in loans and related ACL for collateral dependent loans by class using the fair value of collateral loss estimation methodology of evaluating expected credit losses at the dates indicated (dollars in thousands). Equipment Real Estate Other Total Loans Individually Evaluated Total ACL for Individually Evaluated Loans March 31, 2024 Commercial real estate $ — $ — $ — $ — $ — Commercial - specialized — — — — — Commercial - general 290 — — 290 62 Consumer: 1-4 family residential — — — — — Auto loans — — — — — Other consumer — — — — — Construction — — — — — $ 290 $ — $ — $ 290 $ 62 Equipment Real Estate Other Total Loans Individually Evaluated Total ACL for Individually Evaluated Loans December 31, 2023 Commercial real estate $ — $ — $ — $ — $ — Commercial - specialized — — — — — Commercial - general 353 691 — 1,044 142 Consumer: 1-4 family residential — 362 — 362 — Auto loans — — — — — Other consumer — — — — — Construction — 218 — 218 — $ 353 $ 1,271 $ — $ 1,624 $ 142 |
Age Analysis on Accruing Past-due Loans and Nonaccrual Loans | The tables below provides an age analysis on accruing past-due loans and nonaccrual loans at the dates indicated (dollars in thousands): 30-89 Days Past Due 90 Days or More Past Due Nonaccrual Nonaccrual with no ACL March 31 , 2024 Commercial real estate $ 363 $ 16 $ — $ — Commercial - specialized 284 — 698 521 Commercial - general 615 266 474 58 Consumer: 1-4 Family residential 1,502 821 812 — Auto loans 692 136 — — Other consumer 722 129 28 — Construction 96 — — — $ 4,274 $ 1,368 $ 2,012 $ 579 30-89 Days Past Due 90 Days or More Past Due Nonaccrual Nonaccrual with no ACL December 31 , 2023 Commercial real estate $ 499 $ 86 $ — $ — Commercial - specialized 521 — 213 — Commercial - general 1,316 296 953 — Consumer: 1-4 Family residential 793 1,390 1,828 362 Auto loans 1,208 60 — — Other consumer 1,134 103 30 — Construction 759 — 218 218 $ 6,230 $ 1,935 $ 3,242 $ 580 |
Amortized Cost Basis in Loans by Credit Quality Indicator and Origination Year and Gross Charge-offs | The following tables reflect the amortized cost basis in loans held for investment by credit quality indicator and origination year at the dates indicated, and related year-to-date gross charge-offs. 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 and December 31, 2023. Term Loans Amortized Cost Basis by Origination Year March 31, 2024 (Dollars in thousands) 2024 2023 2022 2021 2020 Prior Revolving Loans Total Commercial real estate Pass $ 36,646 $ 269,179 $ 333,666 $ 178,208 $ 48,271 $ 203,508 $ 6,939 $ 1,076,417 Special mention — — — — 454 5,599 — 6,053 Substandard — — — 25,924 1,680 209 — 27,813 Total commercial real estate loans $ 36,646 $ 269,179 $ 333,666 $ 204,132 $ 50,405 $ 209,316 $ 6,939 $ 1,110,283 Year-to-date gross charge-offs $ — $ — $ 64 $ — $ — $ 22 $ — $ 86 Commercial - specialized Pass $ 34,312 $ 86,809 $ 50,711 $ 53,529 $ 18,133 $ 29,576 $ 74,554 $ 347,624 Special mention — — 2,595 — — — — 2,595 Substandard — 212 104 10 370 631 — 1,327 Total commercial - specialized loans $ 34,312 $ 87,021 $ 53,410 $ 53,539 $ 18,503 $ 30,207 $ 74,554 $ 351,546 Year-to-date gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Commercial - general Pass $ 14,247 $ 84,488 $ 123,542 $ 89,825 $ 34,812 $ 99,454 $ 71,815 $ 518,183 Special mention — — — — — — 250 250 Substandard — 106 2,765 4,644 121 1,142 365 9,143 Total commercial - general loans $ 14,247 $ 84,594 $ 126,307 $ 94,469 $ 34,933 $ 100,596 $ 72,430 $ 527,576 Year-to-date gross charge-offs $ — $ 123 $ 210 $ 4 $ — $ 38 $ — $ 375 Consumer 1-4 family residential Pass $ 23,811 $ 110,045 $ 154,624 $ 104,760 $ 50,440 $ 83,667 $ 4,583 $ 531,930 Special mention — — — — — — — — Substandard — 376 350 4,164 680 7,569 47 13,186 Total consumer 1-4 family residential loans $ 23,811 $ 110,421 $ 154,974 $ 108,924 $ 51,120 $ 91,236 $ 4,630 $ 545,116 Year-to-date gross charge-offs $ — $ — $ 121 $ 51 $ — $ — $ — $ 172 Consumer auto loans Pass $ 19,810 98,205 111,516 42,328 13,774 6,236 — 291,869 Special mention — — — — — — — — Substandard — 30 126 246 31 87 — 520 Total consumer auto loans $ 19,810 $ 98,235 $ 111,642 $ 42,574 $ 13,805 $ 6,323 $ — $ 292,389 Year-to-date gross charge-offs $ — $ 65 $ 119 $ 26 $ 8 $ 6 $ — $ 224 Consumer other consumer Pass $ 6,596 $ 20,664 $ 23,499 $ 8,840 $ 2,605 $ 7,653 $ 1,575 $ 71,432 Special mention — — — — — — — — Substandard — 84 53 41 8 79 1 266 Total consumer other consumer loans $ 6,596 $ 20,748 $ 23,552 $ 8,881 $ 2,613 $ 7,732 $ 1,576 $ 71,698 Year-to-date gross charge-offs (1) $ 62 $ 101 $ 61 $ 24 $ — $ 34 $ — $ 282 Construction Pass $ 9,642 $ 62,805 $ 31,707 $ 2,635 $ 331 $ — $ 4,840 $ 111,960 Special mention — 315 — 820 — — — 1,135 Substandard — — 96 — — — — 96 Total construction loans $ 9,642 $ 63,120 $ 31,803 $ 3,455 $ 331 $ — $ 4,840 $ 113,191 Year-to-date gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — (1) Includes $62 thousand in charged-off demand deposit overdrafts reported as 2024 originations. Term Loans Amortized Cost Basis by Origination Year December 31, 2023 (Dollars in thousands) 2023 2022 2021 2020 2019 Prior Revolving Loans Total Commercial real estate Pass $ 254,766 $ 324,601 $ 189,211 $ 50,660 $ 47,988 $ 174,859 $ 3,842 $ 1,045,927 Special mention — — — 11,677 — — — 11,677 Substandard — 82 21,152 1,699 149 370 — 23,452 Total commercial real estate loans $ 254,766 $ 324,683 $ 210,363 $ 64,036 $ 48,137 $ 175,229 $ 3,842 $ 1,081,056 Year-to-date gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Commercial - specialized Pass $ 117,912 $ 56,152 $ 57,839 $ 19,883 $ 10,376 $ 22,758 $ 83,368 $ 368,288 Special mention — 2,938 — — — — 300 3,238 Substandard — 105 196 393 19 137 — 850 Total commercial - specialized loans $ 117,912 $ 59,195 $ 58,035 $ 20,276 $ 10,395 $ 22,895 $ 83,668 $ 372,376 Year-to-date gross charge-offs $ — $ — $ — $ 11 $ — $ — $ — $ 11 Commercial - general Pass $ 88,911 $ 128,627 $ 90,957 $ 35,794 $ 45,660 $ 68,990 $ 44,131 $ 503,070 Special mention — — — — — 1,565 250 1,815 Substandard 201 2,930 4,676 227 2,749 1,442 251 12,476 Total commercial - general loans $ 89,112 $ 131,557 $ 95,633 $ 36,021 $ 48,409 $ 71,997 $ 44,632 $ 517,361 Year-to-date gross charge-offs $ — $ 47 $ 50 $ 33 $ 18 $ 321 $ — $ 469 Consumer 1-4 family residential Pass $ 113,897 $ 156,549 $ 106,619 $ 51,940 $ 31,345 $ 56,666 $ 3,770 $ 520,786 Special mention — — — — — — — — Substandard 376 382 4,238 708 3,758 4,483 — 13,945 Total consumer 1-4 family residential loans $ 114,273 $ 156,931 $ 110,857 $ 52,648 $ 35,103 $ 61,149 $ 3,770 $ 534,731 Year-to-date gross charge-offs $ — $ — $ 1 $ — $ — $ — $ — $ 1 Consumer auto loans Pass $ 106,149 124,588 48,686 16,524 6,812 1,935 — 304,694 Special mention — — — — — — — — Substandard 16 189 199 60 81 32 — 577 Total consumer auto loans $ 106,165 $ 124,777 $ 48,885 $ 16,584 $ 6,893 $ 1,967 $ — $ 305,271 Year-to-date gross charge-offs $ 113 $ 377 $ 254 $ 14 $ 49 $ 81 $ — $ 888 Consumer other consumer Pass $ 23,719 $ 26,899 $ 10,198 $ 3,190 $ 2,539 $ 6,107 $ 1,364 $ 74,016 Special mention — — — — — — — — Substandard — 13 44 10 — 84 1 152 Total consumer other consumer loans $ 23,719 $ 26,912 $ 10,242 $ 3,200 $ 2,539 $ 6,191 $ 1,365 $ 74,168 Year-to-date gross charge-offs (1) $ 624 $ 244 $ 88 $ 32 $ 72 $ 80 $ — $ 1,140 Construction Pass $ 61,903 $ 53,930 $ 5,511 $ 331 $ — $ — $ 6,250 $ 127,925 Special mention 131 — 820 — — — — 951 Substandard — 314 — — — — — 314 Total construction loans $ 62,034 $ 54,244 $ 6,331 $ 331 $ — $ — $ 6,250 $ 129,190 Year-to-date gross charge-offs $ 48 $ — $ 271 $ — $ — $ — $ — $ 319 (1) Includes $574 thousand in charged-off demand deposit overdrafts reported as 2023 originations. |
Amortized Cost Basis of Loans Modified to Borrowers Experiencing Financial Difficulty and Financial Effects of Loan Modifications | The following tables present the amortized cost basis of loans at the dates indicated that were both experiencing financial difficulty and modified during the three months ended March 31, 2024 and 2023, by class and by type of modification. The percentage of the amortized cost basis of loans that were modified to borrowers in financial distress as compared to the amortized cost basis of each class of financing receivable is also presented below (dollars in thousands): Payment Delay Term Extension Interest Rate Reduction Term Extension and Interest Rate Reduction Total Class of Financing Receivable March 31, 2024 Commercial real estate $ — $ — $ — $ — 0.00 % Commercial - specialized — — — — 0.00 % Commercial - general — — — 35 0.01 % Consumer: 1-4 family — — — — 0.00 % Auto loans — — — — 0.00 % Other consumer — — — — 0.00 % Construction — — — — 0.00 % $ — $ — $ — $ 35 0.00 % Payment Delay Term Extension Interest Rate Reduction Term Extension and Interest Rate Reduction Total Class of Financing Receivable March 31, 2023 Commercial real estate $ — $ — $ — $ — 0.00 % Commercial - specialized — — — — 0.00 % Commercial - general — 2,999 — 42 0.60 % Consumer: 1-4 family — 199 — — 0.04 % Auto loans — 40 — — 0.01 % Other consumer — — — — 0.00 % Construction — — — — 0.00 % $ — $ 3,238 $ — $ 42 0.12 % The following table presents the financial effects of the loan modifications presented above to borrowers experiencing financial difficulty for the three months ended March 31, 2024 and 2023 Principal Forgiveness Weighted- Average Interest Rate Reduction Weighted- Average Term Extension (Months) March 31, 2024 Commercial real estate $ — 0.00 % — Commercial - specialized — 0.00 % — Commercial - general — 1.75 % 49 Consumer: 1-4 Family residential — 0.00 % — Auto loans — 0.00 % — Other consumer — 0.00 % — Construction — 0.00 % — $ — 1.75 % 49 Principal Forgiveness Weighted- Average Interest Rate Reduction Weighted- Average Term Extension (Months) March 31, 2023 Commercial real estate $ — 0.00 % — Commercial - specialized — 0.00 % — Commercial - general — 0.25 % 43 Consumer: 1-4 Family residential — 0.00 % 10 Auto loans — 0.00 % 15 Other consumer — 0.00 % — Construction — 0.00 % — $ — 0.25 % 41 The Company closely monitors the performance of loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following presents the performance of such loans that have been modified in the last twelve months (dollars in thousands): Current 30-89 Days Past Due 90 Days or More Past Due Nonaccrual March 31, 2024 Commercial real estate $ 2,241 $ — $ — $ — Commercial - specialized 165 — — 16 Commercial - general 1,176 — — 290 Consumer: 1-4 Family residential 484 23 — 11 Auto loans 86 — — — Other consumer — 5 — — Construction 2,399 — — — $ 6,551 $ 28 $ — $ 317 |
GOODWILL AND INTANGIBLES (Table
GOODWILL AND INTANGIBLES (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
GOODWILL AND INTANGIBLES [Abstract] | |
Other Intangible Assets | Other intangible assets, which consisted of core deposit intangibles at the dates indicated are summarized below (dollars in thousands): March 31, 2024 December 31, 2023 Amortized intangible assets Core deposit intangible $ 6,679 $ 6,679 Less: Accumulated amortization (4,432 ) (4,250 ) Other intangible assets, net $ 2,247 $ 2,429 |
MORTGAGE SERVICING RIGHTS (Tabl
MORTGAGE SERVICING RIGHTS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
MORTGAGE SERVICING RIGHTS [Abstract] | |
Change in Fair Value of Mortgage Servicing Rights Asset and Other Information | The following table reflects the changes in fair value of the Company’s mortgage servicing rights asset included in the Consolidated Balance Sheets, and other information related to the serviced portfolio, for the periods or dates presented (dollars in thousands): Three Months Ended March 31, 2024 2023 Beginning balance $ 26,569 $ 27,474 Additions 219 271 Valuation adjustment 55 (1,950 ) Ending balance $ 26,843 $ 25,795 March 31, December 31, 2024 2023 Mortgage loans serviced for others $ 1,983,974 $ 2,001,476 Mortgage servicing rights assets as a percentage of serviced mortgage loans 1.35 % 1.33 % |
Key Assumptions Used in Measuring Fair Value of Mortgage Servicing Rights | The following table reflects the key assumptions used in measuring the fair value of the Company’s mortgage servicing rights as of the dates indicated: March 31, December 31, 2024 2023 Weighted average constant prepayment rate 7.38 % 7.46 % Weighted average discount rate 10.16 % 10.66 % Weighted average life in years 8.07 8.09 |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
STOCK-BASED COMPENSATION [Abstract] | |
Summary of Stock Option Activity | A summary of activity in the Plan during the period indicated (dollars in thousands, except per share data): Number of Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Life in Years Aggregate Intrinsic Value Three Months Ended March 31 , 2024 Outstanding at beginning of year: 1,280,858 $ 16.91 $ 12,767 Granted 32,465 29.32 — Exercised (3,565 ) 20.01 (24 ) Forfeited — — — Expired — — — Balance, March 31 2024 1,309,758 $ 17.21 4.98 $ 12,743 Exercisable at end of period 1,176,105 $ 16.27 4.61 $ 12,411 Vested at end of period 1,176,105 $ 16.27 4.61 $ 12,411 |
Summary of Assumptions Used to Calculate Fair Value of Awards | A summary of assumptions used to calculate the fair values of the awards granted during the periods noted is presented below: Three Months Ended March 31, 2024 2023 Expected volatility 40.45% 39.13% to 39.68% Expected dividend yield 1.80% 1.74% to 1.90% Expected term (years) 6.1 6.1 to 6.3 Risk-free interest rate 3.94% 3.91% to 3.98% Weighted average grant date fair value $ 11.10 $ 10.26 |
Summary of Activity of Restricted Stock Units | A summary of activity in the Plan during the period indicated Number of Shares Weighted-Average Grant Date Fair Value Three Months Ended March 31 , 2024 Outstanding at beginning of year: 125,917 $ 26.58 Granted 85,403 26.54 Vested (19,778 ) 27.45 Forfeited (3,169 ) 24.34 Balance, March 31 2024 188,373 $ 26.50 |
OFF-BALANCE-SHEET ACTIVITIES,_2
OFF-BALANCE-SHEET ACTIVITIES, COMMITMENTS AND CONTINGENCIES (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
OFF-BALANCE-SHEET ACTIVITIES, COMMITMENTS AND CONTINGENCIES [Abstract] | |
Financial Instruments Whose Contract Amounts Represent Credit Risk Outstanding | Financial instruments whose contract amounts represent credit risk outstanding at the dates indicated follow (dollars in thousands): March 31, 2024 December 31, 2023 Commitments to grant loans and unfunded commitments under lines of credit $ 634,758 $ 598,800 Standby letters of credit 11,943 11,503 |
CAPITAL AND REGULATORY MATTERS
CAPITAL AND REGULATORY MATTERS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
CAPITAL AND REGULATORY MATTERS [Abstract] | |
Actual Capital Amounts and Ratios | The Company and its bank subsidiary’s actual capital amounts and ratios at the dates indicated follows (dollars in thousands): Actual Minimum Required Under BASEL III Fully Phased-In To Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio March 31 , 2024 Total Capital to Risk Weighted Assets: Consolidated $ 598,737 17.00 % $ 369,815 10.50 % N/A N/A City Bank 501,116 14.23 % 369,645 10.50 % $ 352,043 10.00 % Tier I Capital to Risk Weighted Assets: Consolidated 491,287 13.95 % 299,374 8.50 % N/A N/A City Bank 457,487 13.00 % 299,237 8.50 % 281,634 8.00 % Common Equity Tier 1 to Risk Weighted Assets: Consolidated 446,287 12.67 % 246,543 7.00 % N/A N/A City Bank 457,487 13.00 % 246,430 7.00 % 228,828 6.50 % Tier I Capital to Average Assets: Consolidated 491,287 11.51 % 171,622 4.00 % N/A N/A City Bank 457,487 10.72 % 171,516 4.00 % 213,318 5.00 % December 31 , 2023 Total Capital to Risk Weighted Assets: Consolidated $ 589,565 16.74 % $ 369,753 10.50 % N/A N/A City Bank 494,353 14.04 % 369,635 10.50 % $ 352,033 10.00 % Tier I Capital to Risk Weighted Assets: Consolidated 482,044 13.69 % 299,324 8.50 % N/A N/A City Bank 450,607 12.80 % 299,228 8.50 % 281,627 8.00 % Common Equity Tier 1 to Risk Weighted Assets: Consolidated 437,044 12.41 % 246,502 7.00 % N/A N/A City Bank 450,607 12.80 % 246,423 7.00 % 228,822 6.50 % Tier I Capital to Average Assets: Consolidated 482,044 11.33 % 171,037 4.00 % N/A N/A City Bank 450,607 10.60 % 170,945 4.00 % 212,594 5.00 % |
DERIVATIVES (Tables)
DERIVATIVES (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Mortgage Banking [Member] | |
Derivative [Line Items] | |
Net Gains (Losses) Relating to Derivative Instruments | The net gains (losses) relating to free standing derivative instruments used for risk management are summarized below for the periods indicated (dollars in thousands): Three Months Ended March 31, Location 2024 2023 Gain (loss) on mortgage banking derivatives Net gain (loss) on sales of loans $ 308 $ (281 ) |
Fair Value of Derivatives in Consolidated Balance Sheets | The following table reflects the amount and fair value of mortgage banking derivatives in the Consolidated Balance Sheets at the dates indicated (dollars in thousands): March 31, 2024 December 31, 2023 Notional Amount Fair Value Notional Amount Fair Value Included in other assets Forward contracts related to mortgage loans held for sale $ — $ — $ — $ — Interest rate lock commitments 30,678 442 16,887 444 Included in other liabilities Forward contracts related to mortgage loans held for sale $ 26,197 $ 112 $ 19,021 $ 422 |
Fair Value Hedging [Member] | |
Derivative [Line Items] | |
Fair Value of Derivatives in Consolidated Balance Sheets | The following table reflects the fair value hedges included in the Consolidated Balance Sheets at the dates indicated (dollars in thousands): March 31, 2024 December 31, 2023 Notional Amount Fair Value Notional Amount Fair Value Included in other liabilities: Interest rate swaps related to fixed rate loans $ — $ — $ 987 $ 10 Interest rate swaps related to state and municipal securities — — — — Included in other assets: Interest rate swaps related to fixed rate loans $ 8,602 $ 385 $ 7,796 $ 158 Interest rate swaps related to state and municipal securities 123,760 17,940 123,760 16,628 |
Interest Rate Contracts [Member] | Fair Value Hedging [Member] | |
Derivative [Line Items] | |
Net Gains (Losses) Relating to Derivative Instruments | The following table reflects the changes in fair value hedges included in the Consolidated Statements of Comprehensive Income (Loss) for the periods indicated (dollars in thousands): Three Months Ended March 31 Interest Rate Contracts Location 2024 2023 Change in fair value of interest rate swaps hedging investment securities Other noninterest expense $ 1,312 $ (2,654 ) Change in fair value of hedged investment securities Other noninterest expense (1,385 ) 2,638 Change in fair value of interest rate swaps hedging fixed rate loans Interest income - Loans $ 237 $ — Change in fair value of hedged fixed rate loans Interest income - Loans (153 ) — |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
EARNINGS PER SHARE [Abstract] | |
Factors Used in Earnings Per Share Computation | The factors used in the earnings per share computation for the periods indicated follow (dollars in thousands, except per share data): Three Months Ended March 31, 2024 2023 Net income $ 10,874 $ 9,244 Weighted average common shares outstanding - basic 16,429,919 17,046,713 Effect of dilutive securities: Stock-based compensation awards 508,938 514,043 Weighted average common shares outstanding - diluted 16,938,857 17,560,756 Basic earnings per share $ 0.66 $ 0.54 Diluted earnings per share $ 0.64 $ 0.53 |
FAIR VALUE DISCLOSURES (Tables)
FAIR VALUE DISCLOSURES (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
FAIR VALUE DISCLOSURES [Abstract] | |
Assets (Liabilities) Measured at Fair Value on Recurring and Non-Recurring Basis | The following table summarizes fair value measurements as of the dates indicated below (dollars in thousands): Level 1 Level 2 Level 3 Total March 31 , 2024 Assets (liabilities) measured at fair value on a recurring basis: Securities available for sale: State and municipal $ — $ 177,648 $ — $ 177,648 Residential mortgage-backed securities — 285,165 — 285,165 Commercial mortgage-backed securities — 40,854 — 40,854 Commercial collateralized mortgage obligations — 69,072 — 69,072 Asset-backed and other amortizing securities — 16,329 — 16,329 Other securities — 10,801 — 10,801 Loans held for sale (mandatory) — 9,686 — 9,686 Mortgage servicing rights — — 26,843 26,843 Asset derivatives — 18,767 — 18,767 Liability derivatives — (112 ) — (112 ) Assets measured at fair value on a non-recurring basis: Loans held for investment — — 228 228 December 31, 2023 Assets (liabilities) measured at fair value on a recurring basis: Securities available for sale: State and municipal $ — $ 180,575 $ — $ 180,575 Residential mortgage-backed securities — 300,704 — 300,704 Commercial mortgage-backed securities — 41,748 — 41,748 Commercial collateralized mortgage obligations — 71,930 — 71,930 Asset-backed and other amortizing securities — 17,040 — 17,040 Other securities — 10,765 — 10,765 Loans held for sale (mandatory) — 6,615 — 6,615 Mortgage servicing rights — — 26,569 26,569 Asset derivatives — 17,230 — 17,230 Liability derivatives — (432 ) — (432 ) Assets measured at fair value on a non-recurring basis: Loans held for investment — — 1,482 1,482 |
Quantitative Information about Recurring and Non-Recurring Level 3 Fair Value Measurements | The following table presents quantitative information about recurring and non-recurring Level 3 fair value measurements at the dates indicated (dollars in thousands): Fair Value Valuation Techniques Unobservable Inputs Range of Discounts March 31, 2024 Non-recurring: Loans held for investment $ 228 Third party appraisals or inspections Collateral discounts and selling costs 20%-25 % Recurring: Mortgage servicing rights 26,843 Discounted cash flows Constant prepayment rate 7.38 % Discount rate 10.16 % December 31, 2023 Non-recurring: Loans held for investment $ 1,482 Third party appraisals or inspections Collateral discounts and selling costs 20%-100 % Recurring: Mortgage servicing rights 26,569 Discounted cash flows Constant prepayment rate 7.46 % Discount rate 10.66 % |
Estimated Fair Values, and Related Carrying Amounts of Financial Instruments | The estimated fair values, and related carrying amounts, of the Company’s financial instruments that are not previously disclosed in the recurring fair values section are as follows (dollars in thousands): Carrying Amount Level 1 Level 2 Level 3 Total Fair Value March 31 , 2024 Financial assets: Cash and cash equivalents $ 371,939 $ 371,939 $ — $ — $ 371,939 Loans held for investment, net 2,969,625 — — 2,857,552 2,857,552 Loans held for sale (best efforts) 6,065 — 6,172 — 6,172 Accrued interest receivable 16,605 — 16,605 — 16,605 Financial liabilities: Deposits $ 3,638,571 $ — $ 3,638,349 $ — $ 3,638,349 Accrued interest payable 4,229 — 4,229 — 4,229 Junior subordinated deferrable interest debentures 46,393 — 33,530 — 33,530 Subordinated debt 63,821 — 57,050 — 57,050 Carrying Amount Level 1 Level 2 Level 3 Total Fair Value December 31, 2023 Financial assets: Cash and cash equivalents $ 330,158 $ 330,158 $ — $ — $ 330,158 Loans held for investment, net 2,971,797 — — 2,848,536 2,848,536 Loans held for sale (best efforts) 7,884 — 7,977 — 7,977 Accrued interest receivable 20,881 — 20,881 — 20,881 Financial liabilities: Deposits $ 3,626,153 $ — $ 3,625,321 $ — $ 3,625,321 Accrued interest payable 5,057 — 5,057 — 5,057 Junior subordinated deferrable interest debentures 46,393 — 33,098 — 33,098 Subordinated debt 63,775 — 57,497 — 57,497 |
IMMATERIAL CORRECTION OF PRIO_2
IMMATERIAL CORRECTION OF PRIOR PERIOD ERROR (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
IMMATERIAL CORRECTION OF PRIOR PERIOD ERROR [Abstract] | |
Summary of Immaterial Corrections to Previously Reported Unaudited Consolidated Financial Statements | A summary of the immaterial corrections to the Company’s previously reported unaudited consolidated financial statements follows. Corrected Consolidated Statement of Cash Flows for Three Months Ended March 31, 2023 (in thousands): As Reported Immaterial Correction As Corrected Proceeds from sales of loans held for sale $ 101,266 $ (14,373 ) $ 86,893 Loans originated for sale $ (88,664 ) $ 14,373 $ (74,291 ) |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 01, 2023 | Mar. 31, 2024 | |
City Bank [Member] | Bank Subsidiary [Member] | ||
Subsidiaries Information [Abstract] | ||
Wholly-Owned, Consolidated Subsidiaries | City Bank | |
Ruidoso Retail, Inc. [Member] | Non-bank Subsidiary [Member] | ||
Subsidiaries Information [Abstract] | ||
Wholly-Owned, Consolidated Subsidiaries | Ruidoso Retail, Inc. | |
CB Provence, LLC [Member] | Non-bank Subsidiary [Member] | ||
Subsidiaries Information [Abstract] | ||
Wholly-Owned, Consolidated Subsidiaries | CB Provence, LLC | |
CBT Brushy Creek, LLC [Member] | Non-bank Subsidiary [Member] | ||
Subsidiaries Information [Abstract] | ||
Wholly-Owned, Consolidated Subsidiaries | CBT Brushy Creek, LLC | |
CBT Properties, LLC [Member] | Non-bank Subsidiary [Member] | ||
Subsidiaries Information [Abstract] | ||
Wholly-Owned, Consolidated Subsidiaries | CBT Properties, LLC | |
South Plains Financial Capital Trusts (SPFCT) III-V [Member] | Non-bank Subsidiary [Member] | ||
Subsidiaries Information [Abstract] | ||
Wholly-Owned, Equity Method Subsidiaries | South Plains Financial Capital Trusts (“SPFCT”) III-V | |
Windmark [Member] | ||
Windmark Sale [Abstract] | ||
Aggregate purchase price | $ 36.1 | |
Pre-tax gain on sale of subsidiary | $ 33.8 |
SECURITIES, Amortized Cost and
SECURITIES, Amortized Cost and Fair Value of Securities with Gross Unrealized Gains and Losses (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Available for sale [Abstract] | ||
Amortized cost | $ 692,769 | $ 704,830 |
Gross unrealized gains | 1 | 2 |
Gross unrealized losses | (92,901) | (82,070) |
Allowance for credit losses | 0 | 0 |
Fair value | 599,869 | 622,762 |
State and Municipal [Member] | ||
Available for sale [Abstract] | ||
Amortized cost | 201,459 | 202,814 |
Gross unrealized gains | 1 | 2 |
Gross unrealized losses | (23,812) | (22,241) |
Allowance for credit losses | 0 | 0 |
Fair value | 177,648 | 180,575 |
Residential Mortgage-backed Securities [Member] | ||
Available for sale [Abstract] | ||
Amortized cost | 344,258 | 351,251 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | (59,093) | (50,547) |
Allowance for credit losses | 0 | 0 |
Fair value | 285,165 | 300,704 |
Commercial Mortgage-backed Securities [Member] | ||
Available for sale [Abstract] | ||
Amortized cost | 47,576 | 47,898 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | (6,722) | (6,150) |
Allowance for credit losses | 0 | 0 |
Fair value | 40,854 | 41,748 |
Commercial Collateralized Mortgage Obligations [Member] | ||
Available for sale [Abstract] | ||
Amortized cost | 69,486 | 72,391 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | (414) | (461) |
Allowance for credit losses | 0 | 0 |
Fair value | 69,072 | 71,930 |
Asset-backed and Other Amortizing Securities [Member] | ||
Available for sale [Abstract] | ||
Amortized cost | 17,990 | 18,476 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | (1,661) | (1,436) |
Allowance for credit losses | 0 | 0 |
Fair value | 16,329 | 17,040 |
Other Securities [Member] | ||
Available for sale [Abstract] | ||
Amortized cost | 12,000 | 12,000 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | (1,199) | (1,235) |
Allowance for credit losses | 0 | 0 |
Fair value | $ 10,801 | $ 10,765 |
SECURITIES, Amortized Cost an_2
SECURITIES, Amortized Cost and Fair Value of Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Available for Sale, Amortized Cost [Abstract] | ||
Within 1 year | $ 409 | |
After 1 year through 5 years | 6,380 | |
After 5 years through 10 years | 16,170 | |
After 10 years | 190,500 | |
Declining-balance securities | 479,310 | |
Amortized cost | 692,769 | $ 704,830 |
Available for Sale, Fair Value [Abstract] | ||
Within 1 year | 403 | |
After 1 year through 5 years | 6,198 | |
After 5 years through 10 years | 14,940 | |
After 10 years | 166,908 | |
Other | 411,420 | |
Fair value | $ 599,869 | $ 622,762 |
SECURITIES, Securities Transfer
SECURITIES, Securities Transferred and Securities Pledged (Details) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 USD ($) Security | Dec. 31, 2023 USD ($) Security | |
SECURITIES [Abstract] | ||
Holdings of securities of any one issuer, other than the U.S. government and its agencies, in an amount greater than 10% of stockholders' equity | Security | 0 | 0 |
Carrying value of securities pledged to collateralize public deposits and for other purposes | $ | $ 425.6 | $ 438.9 |
SECURITIES, Securities with Unr
SECURITIES, Securities with Unrealized Losses, Available for Sale (Details) $ in Thousands | Mar. 31, 2024 USD ($) Security | Dec. 31, 2023 USD ($) |
Available for sale, Fair Value [Abstract] | ||
Less than 12 months | $ 4,086 | $ 3,502 |
12 months or more | 594,496 | 616,800 |
Total | 598,582 | 620,302 |
Available for sale, Unrealized Loss [Abstract] | ||
Less than 12 months | 211 | 214 |
12 months or more | 92,690 | 81,856 |
Total | $ 92,901 | 82,070 |
Number of securities with an unrealized loss | Security | 144 | |
State and Municipal [Member] | ||
Available for sale, Fair Value [Abstract] | ||
Less than 12 months | $ 787 | 207 |
12 months or more | 175,575 | 177,908 |
Total | 176,362 | 178,115 |
Available for sale, Unrealized Loss [Abstract] | ||
Less than 12 months | 1 | 0 |
12 months or more | 23,811 | 22,241 |
Total | 23,812 | 22,241 |
Residential Mortgage-backed Securities [Member] | ||
Available for sale, Fair Value [Abstract] | ||
Less than 12 months | 9 | 9 |
12 months or more | 285,156 | 300,695 |
Total | 285,165 | 300,704 |
Available for sale, Unrealized Loss [Abstract] | ||
Less than 12 months | 0 | 0 |
12 months or more | 59,093 | 50,547 |
Total | 59,093 | 50,547 |
Commercial Mortgage-backed Securities [Member] | ||
Available for sale, Fair Value [Abstract] | ||
Less than 12 months | 0 | 0 |
12 months or more | 40,854 | 41,748 |
Total | 40,854 | 41,748 |
Available for sale, Unrealized Loss [Abstract] | ||
Less than 12 months | 0 | 0 |
12 months or more | 6,722 | 6,150 |
Total | 6,722 | 6,150 |
Commercial Collateralized Mortgage Obligations [Member] | ||
Available for sale, Fair Value [Abstract] | ||
Less than 12 months | 0 | 0 |
12 months or more | 69,072 | 71,930 |
Total | 69,072 | 71,930 |
Available for sale, Unrealized Loss [Abstract] | ||
Less than 12 months | 0 | 0 |
12 months or more | 414 | 461 |
Total | 414 | 461 |
Asset-backed and Other Amortizing Securities [Member] | ||
Available for sale, Fair Value [Abstract] | ||
Less than 12 months | 0 | 0 |
12 months or more | 16,328 | 17,040 |
Total | 16,328 | 17,040 |
Available for sale, Unrealized Loss [Abstract] | ||
Less than 12 months | 0 | 0 |
12 months or more | 1,661 | 1,436 |
Total | 1,661 | 1,436 |
Other Securities [Member] | ||
Available for sale, Fair Value [Abstract] | ||
Less than 12 months | 3,290 | 3,286 |
12 months or more | 7,511 | 7,479 |
Total | 10,801 | 10,765 |
Available for sale, Unrealized Loss [Abstract] | ||
Less than 12 months | 210 | 214 |
12 months or more | 989 | 1,021 |
Total | $ 1,199 | $ 1,235 |
LOANS HELD FOR INVESTMENT, Summ
LOANS HELD FOR INVESTMENT, Summary of Loans Held for Investment by Category (Details) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2024 USD ($) Category | Dec. 31, 2023 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Summary of Loans Held for Investment by Category [Abstract] | ||||
Loans, gross | $ 3,011,799 | $ 3,014,153 | ||
Allowance for credit losses on loans | (42,174) | (42,356) | $ (39,560) | $ (39,288) |
Loans held for investment, net | 2,969,625 | 2,971,797 | ||
Commercial Real Estate [Member] | ||||
Summary of Loans Held for Investment by Category [Abstract] | ||||
Loans, gross | 1,110,283 | 1,081,056 | ||
Allowance for credit losses on loans | $ (15,784) | (15,808) | (13,381) | (13,029) |
Commercial [Member] | ||||
Summary of Loans Held for Investment by Category [Abstract] | ||||
Number of sub-categories of loans | Category | 2 | |||
Commercial [Member] | Specialized [Member] | ||||
Summary of Loans Held for Investment by Category [Abstract] | ||||
Loans, gross | $ 351,546 | 372,376 | ||
Allowance for credit losses on loans | (3,848) | (4,020) | (3,510) | (3,425) |
Commercial [Member] | General [Member] | ||||
Summary of Loans Held for Investment by Category [Abstract] | ||||
Loans, gross | 527,576 | 517,361 | ||
Allowance for credit losses on loans | (6,708) | (6,391) | (6,267) | (9,215) |
Consumer [Member] | 1-4 Family Residential [Member] | ||||
Summary of Loans Held for Investment by Category [Abstract] | ||||
Loans, gross | 545,116 | 534,731 | ||
Allowance for credit losses on loans | (9,280) | (9,177) | (8,531) | (6,194) |
Consumer [Member] | Auto Loans [Member] | ||||
Summary of Loans Held for Investment by Category [Abstract] | ||||
Loans, gross | 292,389 | 305,271 | ||
Allowance for credit losses on loans | (3,415) | (3,601) | (3,714) | (3,926) |
Consumer [Member] | Other Consumer [Member] | ||||
Summary of Loans Held for Investment by Category [Abstract] | ||||
Loans, gross | 71,698 | 74,168 | ||
Allowance for credit losses on loans | (983) | (968) | (1,101) | (1,376) |
Construction [Member] | ||||
Summary of Loans Held for Investment by Category [Abstract] | ||||
Loans, gross | 113,191 | 129,190 | ||
Allowance for credit losses on loans | $ (2,156) | $ (2,391) | $ (3,056) | $ (2,123) |
LOANS HELD FOR INVESTMENT, Acti
LOANS HELD FOR INVESTMENT, Activity in ACL for Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | ||||
LOANS HELD FOR INVESTMENT [Abstract] | ||||||
Ratio of ACL for loans to loans held for investment | 1.40% | 1.41% | ||||
Allowance for Credit Losses [Roll Forward] | ||||||
Beginning Balance | $ 42,356 | $ 39,288 | $ 39,288 | |||
Provision for credit losses | 765 | [1] | 800 | [2] | ||
Charge-offs | (1,139) | (939) | ||||
Recoveries | 192 | 309 | ||||
Ending Balance | 42,174 | 39,560 | 42,356 | |||
Provision for credit losses | 830 | 1,010 | ||||
Provision for off-balance sheet credit exposures | 65 | 210 | ||||
Impact of CECL Adoption [Member] | ||||||
Allowance for Credit Losses [Roll Forward] | ||||||
Beginning Balance | 102 | 102 | ||||
Commercial Real Estate [Member] | ||||||
Allowance for Credit Losses [Roll Forward] | ||||||
Beginning Balance | 15,808 | 13,029 | 13,029 | |||
Provision for credit losses | 62 | [1] | (475) | [2] | ||
Charge-offs | (86) | 0 | 0 | |||
Recoveries | 0 | 0 | ||||
Ending Balance | 15,784 | 13,381 | 15,808 | |||
Commercial Real Estate [Member] | Impact of CECL Adoption [Member] | ||||||
Allowance for Credit Losses [Roll Forward] | ||||||
Beginning Balance | 827 | 827 | ||||
Commercial [Member] | Specialized [Member] | ||||||
Allowance for Credit Losses [Roll Forward] | ||||||
Beginning Balance | 4,020 | 3,425 | 3,425 | |||
Provision for credit losses | (205) | [1] | (11) | [2] | ||
Charge-offs | 0 | 0 | (11) | |||
Recoveries | 33 | 63 | ||||
Ending Balance | 3,848 | 3,510 | 4,020 | |||
Commercial [Member] | Specialized [Member] | Impact of CECL Adoption [Member] | ||||||
Allowance for Credit Losses [Roll Forward] | ||||||
Beginning Balance | 33 | 33 | ||||
Commercial [Member] | General [Member] | ||||||
Allowance for Credit Losses [Roll Forward] | ||||||
Beginning Balance | 6,391 | 9,215 | 9,215 | |||
Provision for credit losses | 659 | [1] | (237) | [2] | ||
Charge-offs | (375) | (199) | (469) | |||
Recoveries | 33 | 62 | ||||
Ending Balance | 6,708 | 6,267 | 6,391 | |||
Commercial [Member] | General [Member] | Impact of CECL Adoption [Member] | ||||||
Allowance for Credit Losses [Roll Forward] | ||||||
Beginning Balance | (2,574) | (2,574) | ||||
Consumer [Member] | 1-4 Family Residential [Member] | ||||||
Allowance for Credit Losses [Roll Forward] | ||||||
Beginning Balance | 9,177 | 6,194 | 6,194 | |||
Provision for credit losses | 273 | [1] | 635 | [2] | ||
Charge-offs | (172) | 0 | (1) | |||
Recoveries | 2 | 2 | ||||
Ending Balance | 9,280 | 8,531 | 9,177 | |||
Consumer [Member] | 1-4 Family Residential [Member] | Impact of CECL Adoption [Member] | ||||||
Allowance for Credit Losses [Roll Forward] | ||||||
Beginning Balance | 1,700 | 1,700 | ||||
Consumer [Member] | Auto Loans [Member] | ||||||
Allowance for Credit Losses [Roll Forward] | ||||||
Beginning Balance | 3,601 | 3,926 | 3,926 | |||
Provision for credit losses | (27) | [1] | 298 | [2] | ||
Charge-offs | (224) | (254) | (888) | |||
Recoveries | 65 | 76 | ||||
Ending Balance | 3,415 | 3,714 | 3,601 | |||
Consumer [Member] | Auto Loans [Member] | Impact of CECL Adoption [Member] | ||||||
Allowance for Credit Losses [Roll Forward] | ||||||
Beginning Balance | (332) | (332) | ||||
Consumer [Member] | Other Consumer [Member] | ||||||
Allowance for Credit Losses [Roll Forward] | ||||||
Beginning Balance | 968 | 1,376 | 1,376 | |||
Provision for credit losses | 238 | [1] | 68 | [2] | ||
Charge-offs | (282) | [3] | (214) | (1,140) | [4] | |
Recoveries | 59 | 106 | ||||
Ending Balance | 983 | 1,101 | 968 | |||
Consumer [Member] | Other Consumer [Member] | Impact of CECL Adoption [Member] | ||||||
Allowance for Credit Losses [Roll Forward] | ||||||
Beginning Balance | (235) | (235) | ||||
Construction [Member] | ||||||
Allowance for Credit Losses [Roll Forward] | ||||||
Beginning Balance | 2,391 | 2,123 | 2,123 | |||
Provision for credit losses | (235) | [1] | 522 | [2] | ||
Charge-offs | 0 | (272) | (319) | |||
Recoveries | 0 | 0 | ||||
Ending Balance | $ 2,156 | 3,056 | 2,391 | |||
Construction [Member] | Impact of CECL Adoption [Member] | ||||||
Allowance for Credit Losses [Roll Forward] | ||||||
Beginning Balance | $ 683 | $ 683 | ||||
[1]The $830 thousand provision for credit loss on the consolidated statement of comprehensive income (loss) includes a $765 thousand provision for credit losses on loans and a $65 thousand provision for off-balance sheet credit exposures for the three months ended March 31, 2024.[2]The $1.0 million provision for credit loss on the consolidated statement of comprehensive income (loss) includes a $800 thousand provision for credit losses on loans and a $210 thousand provision for off-balance sheet credit exposures for the three months ended March 31, 2023.[3]Includes $62 thousand in charged-off demand deposit overdrafts reported as 2024 originations.[4]Includes $574 thousand in charged-off demand deposit overdrafts reported as 2023 originations. |
LOANS HELD FOR INVESTMENT, Reco
LOANS HELD FOR INVESTMENT, Recorded Investment in Loans and Related ACL on Loans Recorded Disaggregated (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Recorded Investment [Abstract] | ||
Individually Evaluated - Fair Value of Collateral | $ 290 | $ 1,624 |
ACL for Loans [Abstract] | ||
Individually Evaluated - Fair Value of Collateral | 62 | 142 |
Real Estate [Member] | ||
Recorded Investment [Abstract] | ||
Individually Evaluated - Fair Value of Collateral | 0 | 1,271 |
Equipment [Member] | ||
Recorded Investment [Abstract] | ||
Individually Evaluated - Fair Value of Collateral | 290 | 353 |
Other [Member] | ||
Recorded Investment [Abstract] | ||
Individually Evaluated - Fair Value of Collateral | 0 | 0 |
Commercial Real Estate [Member] | ||
Recorded Investment [Abstract] | ||
Individually Evaluated - Fair Value of Collateral | 0 | 0 |
ACL for Loans [Abstract] | ||
Individually Evaluated - Fair Value of Collateral | 0 | 0 |
Commercial Real Estate [Member] | Real Estate [Member] | ||
Recorded Investment [Abstract] | ||
Individually Evaluated - Fair Value of Collateral | 0 | 0 |
Commercial Real Estate [Member] | Equipment [Member] | ||
Recorded Investment [Abstract] | ||
Individually Evaluated - Fair Value of Collateral | 0 | 0 |
Commercial Real Estate [Member] | Other [Member] | ||
Recorded Investment [Abstract] | ||
Individually Evaluated - Fair Value of Collateral | 0 | 0 |
Commercial [Member] | Specialized [Member] | ||
Recorded Investment [Abstract] | ||
Individually Evaluated - Fair Value of Collateral | 0 | 0 |
ACL for Loans [Abstract] | ||
Individually Evaluated - Fair Value of Collateral | 0 | 0 |
Commercial [Member] | Specialized [Member] | Real Estate [Member] | ||
Recorded Investment [Abstract] | ||
Individually Evaluated - Fair Value of Collateral | 0 | 0 |
Commercial [Member] | Specialized [Member] | Equipment [Member] | ||
Recorded Investment [Abstract] | ||
Individually Evaluated - Fair Value of Collateral | 0 | 0 |
Commercial [Member] | Specialized [Member] | Other [Member] | ||
Recorded Investment [Abstract] | ||
Individually Evaluated - Fair Value of Collateral | 0 | 0 |
Commercial [Member] | General [Member] | ||
Recorded Investment [Abstract] | ||
Individually Evaluated - Fair Value of Collateral | 290 | 1,044 |
ACL for Loans [Abstract] | ||
Individually Evaluated - Fair Value of Collateral | 62 | 142 |
Commercial [Member] | General [Member] | Real Estate [Member] | ||
Recorded Investment [Abstract] | ||
Individually Evaluated - Fair Value of Collateral | 0 | 691 |
Commercial [Member] | General [Member] | Equipment [Member] | ||
Recorded Investment [Abstract] | ||
Individually Evaluated - Fair Value of Collateral | 290 | 353 |
Commercial [Member] | General [Member] | Other [Member] | ||
Recorded Investment [Abstract] | ||
Individually Evaluated - Fair Value of Collateral | 0 | 0 |
Consumer [Member] | 1-4 Family Residential [Member] | ||
Recorded Investment [Abstract] | ||
Individually Evaluated - Fair Value of Collateral | 0 | 362 |
ACL for Loans [Abstract] | ||
Individually Evaluated - Fair Value of Collateral | 0 | 0 |
Consumer [Member] | 1-4 Family Residential [Member] | Real Estate [Member] | ||
Recorded Investment [Abstract] | ||
Individually Evaluated - Fair Value of Collateral | 0 | 362 |
Consumer [Member] | 1-4 Family Residential [Member] | Equipment [Member] | ||
Recorded Investment [Abstract] | ||
Individually Evaluated - Fair Value of Collateral | 0 | 0 |
Consumer [Member] | 1-4 Family Residential [Member] | Other [Member] | ||
Recorded Investment [Abstract] | ||
Individually Evaluated - Fair Value of Collateral | 0 | 0 |
Consumer [Member] | Auto Loans [Member] | ||
Recorded Investment [Abstract] | ||
Individually Evaluated - Fair Value of Collateral | 0 | 0 |
ACL for Loans [Abstract] | ||
Individually Evaluated - Fair Value of Collateral | 0 | 0 |
Consumer [Member] | Auto Loans [Member] | Real Estate [Member] | ||
Recorded Investment [Abstract] | ||
Individually Evaluated - Fair Value of Collateral | 0 | 0 |
Consumer [Member] | Auto Loans [Member] | Equipment [Member] | ||
Recorded Investment [Abstract] | ||
Individually Evaluated - Fair Value of Collateral | 0 | 0 |
Consumer [Member] | Auto Loans [Member] | Other [Member] | ||
Recorded Investment [Abstract] | ||
Individually Evaluated - Fair Value of Collateral | 0 | 0 |
Consumer [Member] | Other Consumer [Member] | ||
Recorded Investment [Abstract] | ||
Individually Evaluated - Fair Value of Collateral | 0 | 0 |
ACL for Loans [Abstract] | ||
Individually Evaluated - Fair Value of Collateral | 0 | 0 |
Consumer [Member] | Other Consumer [Member] | Real Estate [Member] | ||
Recorded Investment [Abstract] | ||
Individually Evaluated - Fair Value of Collateral | 0 | 0 |
Consumer [Member] | Other Consumer [Member] | Equipment [Member] | ||
Recorded Investment [Abstract] | ||
Individually Evaluated - Fair Value of Collateral | 0 | 0 |
Consumer [Member] | Other Consumer [Member] | Other [Member] | ||
Recorded Investment [Abstract] | ||
Individually Evaluated - Fair Value of Collateral | 0 | 0 |
Construction [Member] | ||
Recorded Investment [Abstract] | ||
Individually Evaluated - Fair Value of Collateral | 0 | 218 |
ACL for Loans [Abstract] | ||
Individually Evaluated - Fair Value of Collateral | 0 | 0 |
Construction [Member] | Real Estate [Member] | ||
Recorded Investment [Abstract] | ||
Individually Evaluated - Fair Value of Collateral | 0 | 218 |
Construction [Member] | Equipment [Member] | ||
Recorded Investment [Abstract] | ||
Individually Evaluated - Fair Value of Collateral | 0 | 0 |
Construction [Member] | Other [Member] | ||
Recorded Investment [Abstract] | ||
Individually Evaluated - Fair Value of Collateral | $ 0 | $ 0 |
LOANS HELD FOR INVESTMENT, Age
LOANS HELD FOR INVESTMENT, Age Analysis on Accruing Past-due Loans and Nonaccrual Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Age Analysis on Accruing Past-due Loans and Nonaccrual Loans [Abstract] | ||
Past Due | $ 3,011,799 | $ 3,014,153 |
Total Nonaccrual | 2,012 | 3,242 |
Nonaccrual with no ACL | 579 | 580 |
30-89 Days Past Due [Member] | ||
Age Analysis on Accruing Past-due Loans and Nonaccrual Loans [Abstract] | ||
Past Due | 4,274 | 6,230 |
90 Days or More Past Due and Still Accruing [Member] | ||
Age Analysis on Accruing Past-due Loans and Nonaccrual Loans [Abstract] | ||
Past Due | 1,368 | 1,935 |
Commercial Real Estate [Member] | ||
Age Analysis on Accruing Past-due Loans and Nonaccrual Loans [Abstract] | ||
Past Due | 1,110,283 | 1,081,056 |
Total Nonaccrual | 0 | 0 |
Nonaccrual with no ACL | 0 | 0 |
Commercial Real Estate [Member] | 30-89 Days Past Due [Member] | ||
Age Analysis on Accruing Past-due Loans and Nonaccrual Loans [Abstract] | ||
Past Due | 363 | 499 |
Commercial Real Estate [Member] | 90 Days or More Past Due and Still Accruing [Member] | ||
Age Analysis on Accruing Past-due Loans and Nonaccrual Loans [Abstract] | ||
Past Due | 16 | 86 |
Commercial [Member] | Specialized [Member] | ||
Age Analysis on Accruing Past-due Loans and Nonaccrual Loans [Abstract] | ||
Past Due | 351,546 | 372,376 |
Total Nonaccrual | 698 | 213 |
Nonaccrual with no ACL | 521 | 0 |
Commercial [Member] | Specialized [Member] | 30-89 Days Past Due [Member] | ||
Age Analysis on Accruing Past-due Loans and Nonaccrual Loans [Abstract] | ||
Past Due | 284 | 521 |
Commercial [Member] | Specialized [Member] | 90 Days or More Past Due and Still Accruing [Member] | ||
Age Analysis on Accruing Past-due Loans and Nonaccrual Loans [Abstract] | ||
Past Due | 0 | 0 |
Commercial [Member] | General [Member] | ||
Age Analysis on Accruing Past-due Loans and Nonaccrual Loans [Abstract] | ||
Past Due | 527,576 | 517,361 |
Total Nonaccrual | 474 | 953 |
Nonaccrual with no ACL | 58 | 0 |
Commercial [Member] | General [Member] | 30-89 Days Past Due [Member] | ||
Age Analysis on Accruing Past-due Loans and Nonaccrual Loans [Abstract] | ||
Past Due | 615 | 1,316 |
Commercial [Member] | General [Member] | 90 Days or More Past Due and Still Accruing [Member] | ||
Age Analysis on Accruing Past-due Loans and Nonaccrual Loans [Abstract] | ||
Past Due | 266 | 296 |
Consumer [Member] | 1-4 Family Residential [Member] | ||
Age Analysis on Accruing Past-due Loans and Nonaccrual Loans [Abstract] | ||
Past Due | 545,116 | 534,731 |
Total Nonaccrual | 812 | 1,828 |
Nonaccrual with no ACL | 0 | 362 |
Consumer [Member] | 1-4 Family Residential [Member] | 30-89 Days Past Due [Member] | ||
Age Analysis on Accruing Past-due Loans and Nonaccrual Loans [Abstract] | ||
Past Due | 1,502 | 793 |
Consumer [Member] | 1-4 Family Residential [Member] | 90 Days or More Past Due and Still Accruing [Member] | ||
Age Analysis on Accruing Past-due Loans and Nonaccrual Loans [Abstract] | ||
Past Due | 821 | 1,390 |
Consumer [Member] | Auto Loans [Member] | ||
Age Analysis on Accruing Past-due Loans and Nonaccrual Loans [Abstract] | ||
Past Due | 292,389 | 305,271 |
Total Nonaccrual | 0 | 0 |
Nonaccrual with no ACL | 0 | 0 |
Consumer [Member] | Auto Loans [Member] | 30-89 Days Past Due [Member] | ||
Age Analysis on Accruing Past-due Loans and Nonaccrual Loans [Abstract] | ||
Past Due | 692 | 1,208 |
Consumer [Member] | Auto Loans [Member] | 90 Days or More Past Due and Still Accruing [Member] | ||
Age Analysis on Accruing Past-due Loans and Nonaccrual Loans [Abstract] | ||
Past Due | 136 | 60 |
Consumer [Member] | Other Consumer [Member] | ||
Age Analysis on Accruing Past-due Loans and Nonaccrual Loans [Abstract] | ||
Past Due | 71,698 | 74,168 |
Total Nonaccrual | 28 | 30 |
Nonaccrual with no ACL | 0 | 0 |
Consumer [Member] | Other Consumer [Member] | 30-89 Days Past Due [Member] | ||
Age Analysis on Accruing Past-due Loans and Nonaccrual Loans [Abstract] | ||
Past Due | 722 | 1,134 |
Consumer [Member] | Other Consumer [Member] | 90 Days or More Past Due and Still Accruing [Member] | ||
Age Analysis on Accruing Past-due Loans and Nonaccrual Loans [Abstract] | ||
Past Due | 129 | 103 |
Construction [Member] | ||
Age Analysis on Accruing Past-due Loans and Nonaccrual Loans [Abstract] | ||
Past Due | 113,191 | 129,190 |
Total Nonaccrual | 0 | 218 |
Nonaccrual with no ACL | 0 | 218 |
Construction [Member] | 30-89 Days Past Due [Member] | ||
Age Analysis on Accruing Past-due Loans and Nonaccrual Loans [Abstract] | ||
Past Due | 96 | 759 |
Construction [Member] | 90 Days or More Past Due and Still Accruing [Member] | ||
Age Analysis on Accruing Past-due Loans and Nonaccrual Loans [Abstract] | ||
Past Due | $ 0 | $ 0 |
LOANS HELD FOR INVESTMENT, Amor
LOANS HELD FOR INVESTMENT, Amortized Cost Basis of Loans by Credit Quality Indicator and Origination Year and Gross Charge-offs (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2024 USD ($) Point | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | |||
Credit Quality Indicators [Abstract] | |||||
Number of points on a grading scale for loans | Point | 13 | ||||
Amortized Cost Basis in Loans by Credit Quality Indicator and Origination Year [Abstract] | |||||
Loans | $ 3,011,799 | $ 3,014,153 | |||
Current Period Gross Charge-offs [Abstract] | |||||
2024 | 62 | 574 | |||
Current period gross charge-offs | 1,139 | $ 939 | |||
Minimum [Member] | |||||
Credit Quality Indicators [Abstract] | |||||
Non-accrual loans with direct exposure analyzed for individual evaluation | 250 | ||||
Past due accruing loans closely monitored | 100 | ||||
Substandard [Member] | Minimum [Member] | |||||
Credit Quality Indicators [Abstract] | |||||
Accruing loans with direct exposure that are closely monitored | 1,000 | ||||
Commercial Real Estate [Member] | |||||
Amortized Cost Basis in Loans by Credit Quality Indicator and Origination Year [Abstract] | |||||
2024 | 36,646 | 254,766 | |||
2023 | 269,179 | 324,683 | |||
2022 | 333,666 | 210,363 | |||
2021 | 204,132 | 64,036 | |||
2020 | 50,405 | 48,137 | |||
2019 | 209,316 | 175,229 | |||
Revolving loans | 6,939 | 3,842 | |||
Loans | 1,110,283 | 1,081,056 | |||
Current Period Gross Charge-offs [Abstract] | |||||
2024 | 0 | 0 | |||
2023 | 0 | 0 | |||
2022 | 64 | 0 | |||
2021 | 0 | 0 | |||
2020 | 0 | 0 | |||
2019 | 22 | 0 | |||
Revolving loans | 0 | 0 | |||
Current period gross charge-offs | 86 | 0 | 0 | ||
Commercial Real Estate [Member] | Pass [Member] | |||||
Amortized Cost Basis in Loans by Credit Quality Indicator and Origination Year [Abstract] | |||||
2024 | 36,646 | 254,766 | |||
2023 | 269,179 | 324,601 | |||
2022 | 333,666 | 189,211 | |||
2021 | 178,208 | 50,660 | |||
2020 | 48,271 | 47,988 | |||
2019 | 203,508 | 174,859 | |||
Revolving loans | 6,939 | 3,842 | |||
Loans | 1,076,417 | 1,045,927 | |||
Commercial Real Estate [Member] | Special Mention [Member] | |||||
Amortized Cost Basis in Loans by Credit Quality Indicator and Origination Year [Abstract] | |||||
2024 | 0 | 0 | |||
2023 | 0 | 0 | |||
2022 | 0 | 0 | |||
2021 | 0 | 11,677 | |||
2020 | 454 | 0 | |||
2019 | 5,599 | 0 | |||
Revolving loans | 0 | 0 | |||
Loans | 6,053 | 11,677 | |||
Commercial Real Estate [Member] | Substandard [Member] | |||||
Amortized Cost Basis in Loans by Credit Quality Indicator and Origination Year [Abstract] | |||||
2024 | 0 | 0 | |||
2023 | 0 | 82 | |||
2022 | 0 | 21,152 | |||
2021 | 25,924 | 1,699 | |||
2020 | 1,680 | 149 | |||
2019 | 209 | 370 | |||
Revolving loans | 0 | 0 | |||
Loans | 27,813 | 23,452 | |||
Commercial [Member] | Specialized [Member] | |||||
Amortized Cost Basis in Loans by Credit Quality Indicator and Origination Year [Abstract] | |||||
2024 | 34,312 | 117,912 | |||
2023 | 87,021 | 59,195 | |||
2022 | 53,410 | 58,035 | |||
2021 | 53,539 | 20,276 | |||
2020 | 18,503 | 10,395 | |||
2019 | 30,207 | 22,895 | |||
Revolving loans | 74,554 | 83,668 | |||
Loans | 351,546 | 372,376 | |||
Current Period Gross Charge-offs [Abstract] | |||||
2024 | 0 | 0 | |||
2023 | 0 | 0 | |||
2022 | 0 | 0 | |||
2021 | 0 | 11 | |||
2020 | 0 | 0 | |||
2019 | 0 | 0 | |||
Revolving loans | 0 | 0 | |||
Current period gross charge-offs | 0 | 0 | 11 | ||
Commercial [Member] | Specialized [Member] | Pass [Member] | |||||
Amortized Cost Basis in Loans by Credit Quality Indicator and Origination Year [Abstract] | |||||
2024 | 34,312 | 117,912 | |||
2023 | 86,809 | 56,152 | |||
2022 | 50,711 | 57,839 | |||
2021 | 53,529 | 19,883 | |||
2020 | 18,133 | 10,376 | |||
2019 | 29,576 | 22,758 | |||
Revolving loans | 74,554 | 83,368 | |||
Loans | 347,624 | 368,288 | |||
Commercial [Member] | Specialized [Member] | Special Mention [Member] | |||||
Amortized Cost Basis in Loans by Credit Quality Indicator and Origination Year [Abstract] | |||||
2024 | 0 | 0 | |||
2023 | 0 | 2,938 | |||
2022 | 2,595 | 0 | |||
2021 | 0 | 0 | |||
2020 | 0 | 0 | |||
2019 | 0 | 0 | |||
Revolving loans | 0 | 300 | |||
Loans | 2,595 | 3,238 | |||
Commercial [Member] | Specialized [Member] | Substandard [Member] | |||||
Amortized Cost Basis in Loans by Credit Quality Indicator and Origination Year [Abstract] | |||||
2024 | 0 | 0 | |||
2023 | 212 | 105 | |||
2022 | 104 | 196 | |||
2021 | 10 | 393 | |||
2020 | 370 | 19 | |||
2019 | 631 | 137 | |||
Revolving loans | 0 | 0 | |||
Loans | 1,327 | 850 | |||
Commercial [Member] | General [Member] | |||||
Amortized Cost Basis in Loans by Credit Quality Indicator and Origination Year [Abstract] | |||||
2024 | 14,247 | 89,112 | |||
2023 | 84,594 | 131,557 | |||
2022 | 126,307 | 95,633 | |||
2021 | 94,469 | 36,021 | |||
2020 | 34,933 | 48,409 | |||
2019 | 100,596 | 71,997 | |||
Revolving loans | 72,430 | 44,632 | |||
Loans | 527,576 | 517,361 | |||
Current Period Gross Charge-offs [Abstract] | |||||
2024 | 0 | 0 | |||
2023 | 123 | 47 | |||
2022 | 210 | 50 | |||
2021 | 4 | 33 | |||
2020 | 0 | 18 | |||
2019 | 38 | 321 | |||
Revolving loans | 0 | 0 | |||
Current period gross charge-offs | 375 | 199 | 469 | ||
Commercial [Member] | General [Member] | Pass [Member] | |||||
Amortized Cost Basis in Loans by Credit Quality Indicator and Origination Year [Abstract] | |||||
2024 | 14,247 | 88,911 | |||
2023 | 84,488 | 128,627 | |||
2022 | 123,542 | 90,957 | |||
2021 | 89,825 | 35,794 | |||
2020 | 34,812 | 45,660 | |||
2019 | 99,454 | 68,990 | |||
Revolving loans | 71,815 | 44,131 | |||
Loans | 518,183 | 503,070 | |||
Commercial [Member] | General [Member] | Special Mention [Member] | |||||
Amortized Cost Basis in Loans by Credit Quality Indicator and Origination Year [Abstract] | |||||
2024 | 0 | 0 | |||
2023 | 0 | 0 | |||
2022 | 0 | 0 | |||
2021 | 0 | 0 | |||
2020 | 0 | 0 | |||
2019 | 0 | 1,565 | |||
Revolving loans | 250 | 250 | |||
Loans | 250 | 1,815 | |||
Commercial [Member] | General [Member] | Substandard [Member] | |||||
Amortized Cost Basis in Loans by Credit Quality Indicator and Origination Year [Abstract] | |||||
2024 | 0 | 201 | |||
2023 | 106 | 2,930 | |||
2022 | 2,765 | 4,676 | |||
2021 | 4,644 | 227 | |||
2020 | 121 | 2,749 | |||
2019 | 1,142 | 1,442 | |||
Revolving loans | 365 | 251 | |||
Loans | 9,143 | 12,476 | |||
Consumer [Member] | 1-4 Family Residential [Member] | |||||
Amortized Cost Basis in Loans by Credit Quality Indicator and Origination Year [Abstract] | |||||
2024 | 23,811 | 114,273 | |||
2023 | 110,421 | 156,931 | |||
2022 | 154,974 | 110,857 | |||
2021 | 108,924 | 52,648 | |||
2020 | 51,120 | 35,103 | |||
2019 | 91,236 | 61,149 | |||
Revolving loans | 4,630 | 3,770 | |||
Loans | 545,116 | 534,731 | |||
Current Period Gross Charge-offs [Abstract] | |||||
2024 | 0 | 0 | |||
2023 | 0 | 0 | |||
2022 | 121 | 1 | |||
2021 | 51 | 0 | |||
2020 | 0 | 0 | |||
2019 | 0 | 0 | |||
Revolving loans | 0 | 0 | |||
Current period gross charge-offs | 172 | 0 | 1 | ||
Consumer [Member] | 1-4 Family Residential [Member] | Pass [Member] | |||||
Amortized Cost Basis in Loans by Credit Quality Indicator and Origination Year [Abstract] | |||||
2024 | 23,811 | 113,897 | |||
2023 | 110,045 | 156,549 | |||
2022 | 154,624 | 106,619 | |||
2021 | 104,760 | 51,940 | |||
2020 | 50,440 | 31,345 | |||
2019 | 83,667 | 56,666 | |||
Revolving loans | 4,583 | 3,770 | |||
Loans | 531,930 | 520,786 | |||
Consumer [Member] | 1-4 Family Residential [Member] | Special Mention [Member] | |||||
Amortized Cost Basis in Loans by Credit Quality Indicator and Origination Year [Abstract] | |||||
2024 | 0 | 0 | |||
2023 | 0 | 0 | |||
2022 | 0 | 0 | |||
2021 | 0 | 0 | |||
2020 | 0 | 0 | |||
2019 | 0 | 0 | |||
Revolving loans | 0 | 0 | |||
Loans | 0 | 0 | |||
Consumer [Member] | 1-4 Family Residential [Member] | Substandard [Member] | |||||
Amortized Cost Basis in Loans by Credit Quality Indicator and Origination Year [Abstract] | |||||
2024 | 0 | 376 | |||
2023 | 376 | 382 | |||
2022 | 350 | 4,238 | |||
2021 | 4,164 | 708 | |||
2020 | 680 | 3,758 | |||
2019 | 7,569 | 4,483 | |||
Revolving loans | 47 | 0 | |||
Loans | 13,186 | 13,945 | |||
Consumer [Member] | Auto Loans [Member] | |||||
Amortized Cost Basis in Loans by Credit Quality Indicator and Origination Year [Abstract] | |||||
2024 | 19,810 | 106,165 | |||
2023 | 98,235 | 124,777 | |||
2022 | 111,642 | 48,885 | |||
2021 | 42,574 | 16,584 | |||
2020 | 13,805 | 6,893 | |||
2019 | 6,323 | 1,967 | |||
Revolving loans | 0 | 0 | |||
Loans | 292,389 | 305,271 | |||
Current Period Gross Charge-offs [Abstract] | |||||
2024 | 0 | 113 | |||
2023 | 65 | 377 | |||
2022 | 119 | 254 | |||
2021 | 26 | 14 | |||
2020 | 8 | 49 | |||
2019 | 6 | 81 | |||
Revolving loans | 0 | 0 | |||
Current period gross charge-offs | 224 | 254 | 888 | ||
Consumer [Member] | Auto Loans [Member] | Pass [Member] | |||||
Amortized Cost Basis in Loans by Credit Quality Indicator and Origination Year [Abstract] | |||||
2024 | 19,810 | 106,149 | |||
2023 | 98,205 | 124,588 | |||
2022 | 111,516 | 48,686 | |||
2021 | 42,328 | 16,524 | |||
2020 | 13,774 | 6,812 | |||
2019 | 6,236 | 1,935 | |||
Revolving loans | 0 | 0 | |||
Loans | 291,869 | 304,694 | |||
Consumer [Member] | Auto Loans [Member] | Special Mention [Member] | |||||
Amortized Cost Basis in Loans by Credit Quality Indicator and Origination Year [Abstract] | |||||
2024 | 0 | 0 | |||
2023 | 0 | 0 | |||
2022 | 0 | 0 | |||
2021 | 0 | 0 | |||
2020 | 0 | 0 | |||
2019 | 0 | 0 | |||
Revolving loans | 0 | 0 | |||
Loans | 0 | 0 | |||
Consumer [Member] | Auto Loans [Member] | Substandard [Member] | |||||
Amortized Cost Basis in Loans by Credit Quality Indicator and Origination Year [Abstract] | |||||
2024 | 0 | 16 | |||
2023 | 30 | 189 | |||
2022 | 126 | 199 | |||
2021 | 246 | 60 | |||
2020 | 31 | 81 | |||
2019 | 87 | 32 | |||
Revolving loans | 0 | 0 | |||
Loans | 520 | 577 | |||
Consumer [Member] | Other Consumer [Member] | |||||
Amortized Cost Basis in Loans by Credit Quality Indicator and Origination Year [Abstract] | |||||
2024 | 6,596 | 23,719 | |||
2023 | 20,748 | 26,912 | |||
2022 | 23,552 | 10,242 | |||
2021 | 8,881 | 3,200 | |||
2020 | 2,613 | 2,539 | |||
2019 | 7,732 | 6,191 | |||
Revolving loans | 1,576 | 1,365 | |||
Loans | 71,698 | 74,168 | |||
Current Period Gross Charge-offs [Abstract] | |||||
2024 | 62 | [1] | 624 | [2] | |
2023 | 101 | [1] | 244 | [2] | |
2022 | 61 | [1] | 88 | [2] | |
2021 | 24 | [1] | 32 | [2] | |
2020 | 0 | [1] | 72 | [2] | |
2019 | 34 | [1] | 80 | [2] | |
Revolving loans | 0 | [1] | 0 | [2] | |
Current period gross charge-offs | 282 | [1] | 214 | 1,140 | [2] |
Consumer [Member] | Other Consumer [Member] | Pass [Member] | |||||
Amortized Cost Basis in Loans by Credit Quality Indicator and Origination Year [Abstract] | |||||
2024 | 6,596 | 23,719 | |||
2023 | 20,664 | 26,899 | |||
2022 | 23,499 | 10,198 | |||
2021 | 8,840 | 3,190 | |||
2020 | 2,605 | 2,539 | |||
2019 | 7,653 | 6,107 | |||
Revolving loans | 1,575 | 1,364 | |||
Loans | 71,432 | 74,016 | |||
Consumer [Member] | Other Consumer [Member] | Special Mention [Member] | |||||
Amortized Cost Basis in Loans by Credit Quality Indicator and Origination Year [Abstract] | |||||
2024 | 0 | 0 | |||
2023 | 0 | 0 | |||
2022 | 0 | 0 | |||
2021 | 0 | 0 | |||
2020 | 0 | 0 | |||
2019 | 0 | 0 | |||
Revolving loans | 0 | 0 | |||
Loans | 0 | 0 | |||
Consumer [Member] | Other Consumer [Member] | Substandard [Member] | |||||
Amortized Cost Basis in Loans by Credit Quality Indicator and Origination Year [Abstract] | |||||
2024 | 0 | 0 | |||
2023 | 84 | 13 | |||
2022 | 53 | 44 | |||
2021 | 41 | 10 | |||
2020 | 8 | 0 | |||
2019 | 79 | 84 | |||
Revolving loans | 1 | 1 | |||
Loans | 266 | 152 | |||
Construction [Member] | |||||
Amortized Cost Basis in Loans by Credit Quality Indicator and Origination Year [Abstract] | |||||
2024 | 9,642 | 62,034 | |||
2023 | 63,120 | 54,244 | |||
2022 | 31,803 | 6,331 | |||
2021 | 3,455 | 331 | |||
2020 | 331 | 0 | |||
2019 | 0 | 0 | |||
Revolving loans | 4,840 | 6,250 | |||
Loans | 113,191 | 129,190 | |||
Current Period Gross Charge-offs [Abstract] | |||||
2024 | 0 | 48 | |||
2023 | 0 | 0 | |||
2022 | 0 | 271 | |||
2021 | 0 | 0 | |||
2020 | 0 | 0 | |||
2019 | 0 | 0 | |||
Revolving loans | 0 | 0 | |||
Current period gross charge-offs | 0 | $ 272 | 319 | ||
Construction [Member] | Pass [Member] | |||||
Amortized Cost Basis in Loans by Credit Quality Indicator and Origination Year [Abstract] | |||||
2024 | 9,642 | 61,903 | |||
2023 | 62,805 | 53,930 | |||
2022 | 31,707 | 5,511 | |||
2021 | 2,635 | 331 | |||
2020 | 331 | 0 | |||
2019 | 0 | 0 | |||
Revolving loans | 4,840 | 6,250 | |||
Loans | 111,960 | 127,925 | |||
Construction [Member] | Special Mention [Member] | |||||
Amortized Cost Basis in Loans by Credit Quality Indicator and Origination Year [Abstract] | |||||
2024 | 0 | 131 | |||
2023 | 315 | 0 | |||
2022 | 0 | 820 | |||
2021 | 820 | 0 | |||
2020 | 0 | 0 | |||
2019 | 0 | 0 | |||
Revolving loans | 0 | 0 | |||
Loans | 1,135 | 951 | |||
Construction [Member] | Substandard [Member] | |||||
Amortized Cost Basis in Loans by Credit Quality Indicator and Origination Year [Abstract] | |||||
2024 | 0 | 0 | |||
2023 | 0 | 314 | |||
2022 | 96 | 0 | |||
2021 | 0 | 0 | |||
2020 | 0 | 0 | |||
2019 | 0 | 0 | |||
Revolving loans | 0 | 0 | |||
Loans | $ 96 | $ 314 | |||
[1]Includes $62 thousand in charged-off demand deposit overdrafts reported as 2024 originations.[2]Includes $574 thousand in charged-off demand deposit overdrafts reported as 2023 originations. |
LOANS HELD FOR INVESTMENT, Am_2
LOANS HELD FOR INVESTMENT, Amortized Cost Basis of Loans Modified to Borrowers Experiencing Financial Difficulty (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Financing Receivable Modification [Abstract] | ||
Total class of financing receivable | 0% | 0.12% |
Payment Delay [Member] | ||
Financing Receivable Modification [Abstract] | ||
Loans modified | $ 0 | $ 0 |
Term Extension [Member] | ||
Financing Receivable Modification [Abstract] | ||
Loans modified | 0 | 3,238 |
Interest Rate Reduction [Member] | ||
Financing Receivable Modification [Abstract] | ||
Loans modified | 0 | 0 |
Term Extension and Interest Rate Reduction [Member] | ||
Financing Receivable Modification [Abstract] | ||
Loans modified | $ 35 | $ 42 |
Commercial Real Estate [Member] | ||
Financing Receivable Modification [Abstract] | ||
Total class of financing receivable | 0% | 0% |
Commercial Real Estate [Member] | Payment Delay [Member] | ||
Financing Receivable Modification [Abstract] | ||
Loans modified | $ 0 | $ 0 |
Commercial Real Estate [Member] | Term Extension [Member] | ||
Financing Receivable Modification [Abstract] | ||
Loans modified | 0 | 0 |
Commercial Real Estate [Member] | Interest Rate Reduction [Member] | ||
Financing Receivable Modification [Abstract] | ||
Loans modified | 0 | 0 |
Commercial Real Estate [Member] | Term Extension and Interest Rate Reduction [Member] | ||
Financing Receivable Modification [Abstract] | ||
Loans modified | $ 0 | $ 0 |
Commercial [Member] | Specialized [Member] | ||
Financing Receivable Modification [Abstract] | ||
Total class of financing receivable | 0% | 0% |
Commercial [Member] | Specialized [Member] | Payment Delay [Member] | ||
Financing Receivable Modification [Abstract] | ||
Loans modified | $ 0 | $ 0 |
Commercial [Member] | Specialized [Member] | Term Extension [Member] | ||
Financing Receivable Modification [Abstract] | ||
Loans modified | 0 | 0 |
Commercial [Member] | Specialized [Member] | Interest Rate Reduction [Member] | ||
Financing Receivable Modification [Abstract] | ||
Loans modified | 0 | 0 |
Commercial [Member] | Specialized [Member] | Term Extension and Interest Rate Reduction [Member] | ||
Financing Receivable Modification [Abstract] | ||
Loans modified | $ 0 | $ 0 |
Commercial [Member] | General [Member] | ||
Financing Receivable Modification [Abstract] | ||
Total class of financing receivable | 0.01% | 0.60% |
Commercial [Member] | General [Member] | Payment Delay [Member] | ||
Financing Receivable Modification [Abstract] | ||
Loans modified | $ 0 | $ 0 |
Commercial [Member] | General [Member] | Term Extension [Member] | ||
Financing Receivable Modification [Abstract] | ||
Loans modified | 0 | 2,999 |
Commercial [Member] | General [Member] | Interest Rate Reduction [Member] | ||
Financing Receivable Modification [Abstract] | ||
Loans modified | 0 | 0 |
Commercial [Member] | General [Member] | Term Extension and Interest Rate Reduction [Member] | ||
Financing Receivable Modification [Abstract] | ||
Loans modified | $ 35 | $ 42 |
Consumer [Member] | 1-4 Family [Member] | ||
Financing Receivable Modification [Abstract] | ||
Total class of financing receivable | 0% | 0.04% |
Consumer [Member] | 1-4 Family [Member] | Payment Delay [Member] | ||
Financing Receivable Modification [Abstract] | ||
Loans modified | $ 0 | $ 0 |
Consumer [Member] | 1-4 Family [Member] | Term Extension [Member] | ||
Financing Receivable Modification [Abstract] | ||
Loans modified | 0 | 199 |
Consumer [Member] | 1-4 Family [Member] | Interest Rate Reduction [Member] | ||
Financing Receivable Modification [Abstract] | ||
Loans modified | 0 | 0 |
Consumer [Member] | 1-4 Family [Member] | Term Extension and Interest Rate Reduction [Member] | ||
Financing Receivable Modification [Abstract] | ||
Loans modified | $ 0 | $ 0 |
Consumer [Member] | Auto Loans [Member] | ||
Financing Receivable Modification [Abstract] | ||
Total class of financing receivable | 0% | 0.01% |
Consumer [Member] | Auto Loans [Member] | Payment Delay [Member] | ||
Financing Receivable Modification [Abstract] | ||
Loans modified | $ 0 | $ 0 |
Consumer [Member] | Auto Loans [Member] | Term Extension [Member] | ||
Financing Receivable Modification [Abstract] | ||
Loans modified | 0 | 40 |
Consumer [Member] | Auto Loans [Member] | Interest Rate Reduction [Member] | ||
Financing Receivable Modification [Abstract] | ||
Loans modified | 0 | 0 |
Consumer [Member] | Auto Loans [Member] | Term Extension and Interest Rate Reduction [Member] | ||
Financing Receivable Modification [Abstract] | ||
Loans modified | $ 0 | $ 0 |
Consumer [Member] | Other Consumer [Member] | ||
Financing Receivable Modification [Abstract] | ||
Total class of financing receivable | 0% | 0% |
Consumer [Member] | Other Consumer [Member] | Payment Delay [Member] | ||
Financing Receivable Modification [Abstract] | ||
Loans modified | $ 0 | $ 0 |
Consumer [Member] | Other Consumer [Member] | Term Extension [Member] | ||
Financing Receivable Modification [Abstract] | ||
Loans modified | 0 | 0 |
Consumer [Member] | Other Consumer [Member] | Interest Rate Reduction [Member] | ||
Financing Receivable Modification [Abstract] | ||
Loans modified | 0 | 0 |
Consumer [Member] | Other Consumer [Member] | Term Extension and Interest Rate Reduction [Member] | ||
Financing Receivable Modification [Abstract] | ||
Loans modified | $ 0 | $ 0 |
Construction [Member] | ||
Financing Receivable Modification [Abstract] | ||
Total class of financing receivable | 0% | 0% |
Construction [Member] | Payment Delay [Member] | ||
Financing Receivable Modification [Abstract] | ||
Loans modified | $ 0 | $ 0 |
Construction [Member] | Term Extension [Member] | ||
Financing Receivable Modification [Abstract] | ||
Loans modified | 0 | 0 |
Construction [Member] | Interest Rate Reduction [Member] | ||
Financing Receivable Modification [Abstract] | ||
Loans modified | 0 | 0 |
Construction [Member] | Term Extension and Interest Rate Reduction [Member] | ||
Financing Receivable Modification [Abstract] | ||
Loans modified | $ 0 | $ 0 |
LOANS HELD FOR INVESTMENT, Perf
LOANS HELD FOR INVESTMENT, Performance of Loans Modified (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
Performance of Loans Modified [Abstract] | |
Nonaccrual | $ 317 |
Current [Member] | |
Performance of Loans Modified [Abstract] | |
Loans modified | 6,551 |
30-89 Days Past Due [Member] | |
Performance of Loans Modified [Abstract] | |
Loans modified | 28 |
90 Days or More Past Due [Member] | |
Performance of Loans Modified [Abstract] | |
Loans modified | 0 |
Commercial Real Estate [Member] | |
Performance of Loans Modified [Abstract] | |
Nonaccrual | 0 |
Commercial Real Estate [Member] | Current [Member] | |
Performance of Loans Modified [Abstract] | |
Loans modified | 2,241 |
Commercial Real Estate [Member] | 30-89 Days Past Due [Member] | |
Performance of Loans Modified [Abstract] | |
Loans modified | 0 |
Commercial Real Estate [Member] | 90 Days or More Past Due [Member] | |
Performance of Loans Modified [Abstract] | |
Loans modified | 0 |
Commercial [Member] | Specialized [Member] | |
Performance of Loans Modified [Abstract] | |
Nonaccrual | 16 |
Commercial [Member] | Specialized [Member] | Current [Member] | |
Performance of Loans Modified [Abstract] | |
Loans modified | 165 |
Commercial [Member] | Specialized [Member] | 30-89 Days Past Due [Member] | |
Performance of Loans Modified [Abstract] | |
Loans modified | 0 |
Commercial [Member] | Specialized [Member] | 90 Days or More Past Due [Member] | |
Performance of Loans Modified [Abstract] | |
Loans modified | 0 |
Commercial [Member] | General [Member] | |
Performance of Loans Modified [Abstract] | |
Nonaccrual | 290 |
Commercial [Member] | General [Member] | Current [Member] | |
Performance of Loans Modified [Abstract] | |
Loans modified | 1,176 |
Commercial [Member] | General [Member] | 30-89 Days Past Due [Member] | |
Performance of Loans Modified [Abstract] | |
Loans modified | 0 |
Commercial [Member] | General [Member] | 90 Days or More Past Due [Member] | |
Performance of Loans Modified [Abstract] | |
Loans modified | 0 |
Consumer [Member] | 1-4 Family Residential [Member] | |
Performance of Loans Modified [Abstract] | |
Nonaccrual | 11 |
Consumer [Member] | 1-4 Family Residential [Member] | Current [Member] | |
Performance of Loans Modified [Abstract] | |
Loans modified | 484 |
Consumer [Member] | 1-4 Family Residential [Member] | 30-89 Days Past Due [Member] | |
Performance of Loans Modified [Abstract] | |
Loans modified | 23 |
Consumer [Member] | 1-4 Family Residential [Member] | 90 Days or More Past Due [Member] | |
Performance of Loans Modified [Abstract] | |
Loans modified | 0 |
Consumer [Member] | Auto Loans [Member] | |
Performance of Loans Modified [Abstract] | |
Nonaccrual | 0 |
Consumer [Member] | Auto Loans [Member] | Current [Member] | |
Performance of Loans Modified [Abstract] | |
Loans modified | 86 |
Consumer [Member] | Auto Loans [Member] | 30-89 Days Past Due [Member] | |
Performance of Loans Modified [Abstract] | |
Loans modified | 0 |
Consumer [Member] | Auto Loans [Member] | 90 Days or More Past Due [Member] | |
Performance of Loans Modified [Abstract] | |
Loans modified | 0 |
Consumer [Member] | Other Consumer [Member] | |
Performance of Loans Modified [Abstract] | |
Nonaccrual | 0 |
Consumer [Member] | Other Consumer [Member] | Current [Member] | |
Performance of Loans Modified [Abstract] | |
Loans modified | 0 |
Consumer [Member] | Other Consumer [Member] | 30-89 Days Past Due [Member] | |
Performance of Loans Modified [Abstract] | |
Loans modified | 5 |
Consumer [Member] | Other Consumer [Member] | 90 Days or More Past Due [Member] | |
Performance of Loans Modified [Abstract] | |
Loans modified | 0 |
Construction [Member] | |
Performance of Loans Modified [Abstract] | |
Nonaccrual | 0 |
Construction [Member] | Current [Member] | |
Performance of Loans Modified [Abstract] | |
Loans modified | 2,399 |
Construction [Member] | 30-89 Days Past Due [Member] | |
Performance of Loans Modified [Abstract] | |
Loans modified | 0 |
Construction [Member] | 90 Days or More Past Due [Member] | |
Performance of Loans Modified [Abstract] | |
Loans modified | $ 0 |
LOANS HELD FOR INVESTMENT, Fina
LOANS HELD FOR INVESTMENT, Financial Effects of Loan Modifications (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Financial Effects of Loan Modifications [Abstract] | ||
Weighted-average interest rate reduction | 1.75% | 0.25% |
Weighted-average term extension | 49 months | 41 months |
Principal Forgiveness [Member] | ||
Financial Effects of Loan Modifications [Abstract] | ||
Loans modified | $ 0 | $ 0 |
Commercial Real Estate [Member] | ||
Financial Effects of Loan Modifications [Abstract] | ||
Weighted-average interest rate reduction | 0% | 0% |
Commercial Real Estate [Member] | Principal Forgiveness [Member] | ||
Financial Effects of Loan Modifications [Abstract] | ||
Loans modified | $ 0 | $ 0 |
Commercial [Member] | Specialized [Member] | ||
Financial Effects of Loan Modifications [Abstract] | ||
Weighted-average interest rate reduction | 0% | 0% |
Commercial [Member] | Specialized [Member] | Principal Forgiveness [Member] | ||
Financial Effects of Loan Modifications [Abstract] | ||
Loans modified | $ 0 | $ 0 |
Commercial [Member] | General [Member] | ||
Financial Effects of Loan Modifications [Abstract] | ||
Weighted-average interest rate reduction | 1.75% | 0.25% |
Weighted-average term extension | 49 months | 43 months |
Commercial [Member] | General [Member] | Principal Forgiveness [Member] | ||
Financial Effects of Loan Modifications [Abstract] | ||
Loans modified | $ 0 | $ 0 |
Consumer [Member] | 1-4 Family Residential [Member] | ||
Financial Effects of Loan Modifications [Abstract] | ||
Weighted-average interest rate reduction | 0% | 0% |
Weighted-average term extension | 10 months | |
Consumer [Member] | 1-4 Family Residential [Member] | Principal Forgiveness [Member] | ||
Financial Effects of Loan Modifications [Abstract] | ||
Loans modified | $ 0 | $ 0 |
Consumer [Member] | Auto Loans [Member] | ||
Financial Effects of Loan Modifications [Abstract] | ||
Weighted-average interest rate reduction | 0% | 0% |
Weighted-average term extension | 15 months | |
Consumer [Member] | Auto Loans [Member] | Principal Forgiveness [Member] | ||
Financial Effects of Loan Modifications [Abstract] | ||
Loans modified | $ 0 | $ 0 |
Consumer [Member] | Other Consumer [Member] | ||
Financial Effects of Loan Modifications [Abstract] | ||
Weighted-average interest rate reduction | 0% | 0% |
Consumer [Member] | Other Consumer [Member] | Principal Forgiveness [Member] | ||
Financial Effects of Loan Modifications [Abstract] | ||
Loans modified | $ 0 | $ 0 |
Construction [Member] | ||
Financial Effects of Loan Modifications [Abstract] | ||
Weighted-average interest rate reduction | 0% | 0% |
Construction [Member] | Principal Forgiveness [Member] | ||
Financial Effects of Loan Modifications [Abstract] | ||
Loans modified | $ 0 | $ 0 |
LOANS HELD FOR INVESTMENT, Loan
LOANS HELD FOR INVESTMENT, Loans Modifications (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
LOANS HELD FOR INVESTMENT [Abstract] | ||
Loans modified for borrowers experiencing financial difficulty that subsequently defaulted | $ 31 | $ 0 |
GOODWILL AND INTANGIBLES (Detai
GOODWILL AND INTANGIBLES (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Goodwill [Abstract] | ||
Goodwill | $ 19,315 | $ 19,315 |
Amortized Intangible Assets [Abstract] | ||
Other intangible assets, net | 2,247 | 2,429 |
Core Deposit Intangible [Member] | ||
Amortized Intangible Assets [Abstract] | ||
Other intangible assets, gross | 6,679 | 6,679 |
Less: Accumulated amortization | (4,432) | (4,250) |
Other intangible assets, net | $ 2,247 | $ 2,429 |
MORTGAGE SERVICING RIGHTS (Deta
MORTGAGE SERVICING RIGHTS (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Mortgage Servicing Rights Asset [Roll Forward] | |||
Beginning balance | $ 26,569 | $ 27,474 | $ 27,474 |
Additions | 219 | 271 | |
Valuation adjustment | 55 | (1,950) | |
Ending balance | 26,843 | $ 25,795 | 26,569 |
Mortgage Servicing Rights Other Information [Abstract] | |||
Mortgage loans serviced for others | $ 1,983,974 | $ 2,001,476 | |
Mortgage servicing rights asset as a percentage of serviced mortgage loans | 1.35% | 1.33% | |
Key Assumptions Used in Measuring Fair Value of Mortgage Servicing Rights [Abstract] | |||
Weighted average constant prepayment rate | 7.38% | 7.46% | |
Weighted average discount rate | 10.16% | 10.66% | |
Weighted average life in years | 8 years 25 days | 8 years 1 month 2 days |
BORROWING ARRANGEMENTS, Subordi
BORROWING ARRANGEMENTS, Subordinated Debt (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2024 | Dec. 31, 2023 | Sep. 29, 2020 | Dec. 31, 2018 | |
Subordinated Debt Securities [Abstract] | ||||
Subordinated debt | $ 63,821 | $ 63,775 | ||
Subordinated Debt [Member] | ||||
Subordinated Debt Securities [Abstract] | ||||
Debt instrument, face amount | 64,100 | 64,100 | ||
Debt issuance cost | 279 | 325 | ||
Subordinated debt | $ 63,800 | $ 63,800 | ||
Subordinated Debt [Member] | Subordinated Debt Securities Issued in December 2018 [Member] | ||||
Subordinated Debt Securities [Abstract] | ||||
Debt instrument, face amount | $ 14,100 | |||
Debt instrument, maturity date | Dec. 31, 2030 | |||
Debt instrument, weighted average interest rate | 6.41% | |||
Debt instrument, period of fixed interest rate | 7 years | |||
Debt instrument, variable interest rate, floor | 4% | |||
Debt instrument, variable interest rate, ceiling | 7.50% | |||
Subordinated Debt [Member] | Subordinated Debt Securities Issued in December 2018 [Member] | Maximum [Member] | ||||
Subordinated Debt Securities [Abstract] | ||||
Remaining maturity period during which debt can be called | 5 years | |||
Subordinated Debt [Member] | Subordinated Debt Securities Issued in September 29, 2020 [Member] | ||||
Subordinated Debt Securities [Abstract] | ||||
Debt instrument, face amount | $ 50,000 | |||
Debt issuance cost | $ 926 | |||
Debt instrument, maturity date | Sep. 30, 2030 | |||
Debt instrument, weighted average interest rate | 4.50% | |||
Debt instrument, period of fixed interest rate | 5 years | |||
Subordinated Debt [Member] | Subordinated Debt Securities Issued in September 29, 2020 [Member] | SOFR [Member] | ||||
Subordinated Debt Securities [Abstract] | ||||
Term of variable rate | 3 months | |||
Basis spread on variable rate | 4.38% | |||
Subordinated Debt [Member] | Subordinated Debt Securities Issued in September 29, 2020 [Member] | Maximum [Member] | ||||
Subordinated Debt Securities [Abstract] | ||||
Remaining maturity period during which debt can be called | 5 years |
BORROWING ARRANGEMENTS, Notes P
BORROWING ARRANGEMENTS, Notes Payable and Other Borrowings (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Federal Home Loan Bank Advance [Member] | Federal Home Loan Bank of Dallas [Member] | City Bank [Member] | ||
Detail of Advances from FHLB [Abstract] | ||
Original amount of advances | $ 0 | $ 0 |
STOCK-BASED COMPENSATION, Equit
STOCK-BASED COMPENSATION, Equity Incentive Plan (Details) - 2019 Equity Incentive Plan [Member] - shares | Mar. 06, 2019 | Mar. 31, 2024 |
Equity Incentive Plan [Abstract] | ||
Maximum aggregate number of shares of common stock that may be issued (in shares) | 4,919,505 | |
Maximum [Member] | ||
Equity Incentive Plan [Abstract] | ||
Annual increase in number of shares that may be issued | 3% |
STOCK-BASED COMPENSATION, Stock
STOCK-BASED COMPENSATION, Stock Options Activity (Details) - 2019 Equity Incentive Plan [Member] - Stock Option [Member] $ / shares in Units, $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) $ / shares shares | |
Number of Shares [Roll Forward] | |
Outstanding at beginning of year (in shares) | shares | 1,280,858 |
Granted (in shares) | shares | 32,465 |
Exercised (in shares) | shares | (3,565) |
Forfeited (in shares) | shares | 0 |
Expired (in shares) | shares | 0 |
Balance at end of period (in shares) | shares | 1,309,758 |
Exercisable at end of period (in shares) | shares | 1,176,105 |
Vested at end of period (in shares) | shares | 1,176,105 |
Weighted-Average Exercise Price [Abstract] | |
Outstanding at beginning of year (in dollars per share) | $ / shares | $ 16.91 |
Granted (in dollars per share) | $ / shares | 29.32 |
Exercised (in dollars per share) | $ / shares | 20.01 |
Forfeited (in dollars per share) | $ / shares | 0 |
Expired (in dollars per share) | $ / shares | 0 |
Balance at end of period (in dollars per share) | $ / shares | 17.21 |
Exercisable at end of period (in dollars per share) | $ / shares | 16.27 |
Vested at end of period (in dollars per share) | $ / shares | $ 16.27 |
Weighted Average Remaining Contractual Life in Years [Abstract] | |
Options Outstanding | 4 years 11 months 23 days |
Exercisable at end of period | 4 years 7 months 9 days |
Vested at end of period | 4 years 7 months 9 days |
Aggregate Intrinsic Value [Abstract] | |
Outstanding at beginning of year | $ | $ 12,767 |
Granted | $ | 0 |
Exercised | $ | (24) |
Forfeited | $ | 0 |
Expired | $ | 0 |
Balance at end of period | $ | 12,743 |
Exercisable at end of period | $ | 12,411 |
Vested at end of period | $ | $ 12,411 |
STOCK-BASED COMPENSATION, Fair
STOCK-BASED COMPENSATION, Fair Value Assumptions (Details) - Stock Option [Member] - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Summary of Assumptions Used to Calculate Fair Value of Awards [Abstract] | ||
Expected volatility | 40.45% | |
Expected dividend yield | 1.80% | |
Expected term | 6 years 1 month 6 days | |
Risk-free interest rate | 3.94% | |
Weighted average grant date fair value (in dollars per share) | $ 11.1 | $ 10.26 |
Minimum [Member] | ||
Summary of Assumptions Used to Calculate Fair Value of Awards [Abstract] | ||
Expected volatility | 39.13% | |
Expected dividend yield | 1.74% | |
Expected term | 6 years 1 month 6 days | |
Risk-free interest rate | 3.91% | |
Maximum [Member] | ||
Summary of Assumptions Used to Calculate Fair Value of Awards [Abstract] | ||
Expected volatility | 39.68% | |
Expected dividend yield | 1.90% | |
Expected term | 6 years 3 months 18 days | |
Risk-free interest rate | 3.98% | |
2019 Equity Incentive Plan [Member] | ||
Equity Incentive Plan [Abstract] | ||
Intrinsic value of options exercised | $ 26 | $ 275 |
STOCK-BASED COMPENSATION, Restr
STOCK-BASED COMPENSATION, Restricted Stock Awards and Units (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Weighted-Average Exercise Price [Abstract] | ||
Stock-based compensation | $ 481 | $ 525 |
Restricted Stock Units [Member] | ||
Number of Shares [Roll Forward] | ||
Outstanding at beginning of year (in shares) | 125,917 | |
Granted (in shares) | 85,403 | |
Vested (in shares) | (19,778) | |
Forfeited (in shares) | (3,169) | |
Balance at ending of period (in shares) | 188,373 | |
Weighted-Average Exercise Price [Abstract] | ||
Outstanding at beginning of year (in dollars per share) | $ 26.58 | |
Granted (in dollars per share) | 26.54 | |
Vested (in dollars per share) | 27.45 | |
Forfeited (in dollars per share) | 24.34 | |
Balance at ending of period (in dollars per share) | $ 26.5 | |
Fair value of restricted stock units vested | $ 543 | 907 |
Stock-based compensation | 481 | $ 525 |
Unrecognized compensation cost | $ 4,900 | |
Weighted average remaining period, recognition of compensation cost | 1 year 10 months 9 days | |
Restricted Stock Units [Member] | Minimum [Member] | ||
Weighted-Average Exercise Price [Abstract] | ||
Award vesting period | 1 year | |
Restricted Stock Units [Member] | Maximum [Member] | ||
Weighted-Average Exercise Price [Abstract] | ||
Award vesting period | 4 years |
OFF-BALANCE-SHEET ACTIVITIES,_3
OFF-BALANCE-SHEET ACTIVITIES, COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
FHLB Letters of Credit [Abstract] | ||
Letters of credit outstanding balance | $ 0 | $ 0 |
Commitments to Grant Loans and Unfunded Commitments Under Lines of Credit [Member] | ||
Financial instruments with off-balance sheet risk [Abstract] | ||
Financial instruments whose contract amounts represent credit risk outstanding | 634,758 | 598,800 |
Standby Letters of Credit [Member] | ||
Financial instruments with off-balance sheet risk [Abstract] | ||
Financial instruments whose contract amounts represent credit risk outstanding | $ 11,943 | $ 11,503 |
CAPITAL AND REGULATORY MATTER_2
CAPITAL AND REGULATORY MATTERS (Details) $ in Thousands | Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) |
Consolidated [Member] | ||
Total Capital to Risk Weighted Assets [Abstract] | ||
Actual, Amount | $ 598,737 | $ 589,565 |
Actual, Ratio | 0.17 | 0.1674 |
Minimum Required Under BASEL III Fully Phased-In, Amount | $ 369,815 | $ 369,753 |
Minimum Required Under BASEL III Fully Phased-In, Ratio | 0.105 | 0.105 |
Tier I Capital to Risk Weighted Assets [Abstract] | ||
Actual, Amount | $ 491,287 | $ 482,044 |
Actual, Ratio | 0.1395 | 0.1369 |
Minimum Required Under BASEL III Fully Phased-In, Amount | $ 299,374 | $ 299,324 |
Minimum Required Under BASEL III Fully Phased-In, Ratio | 0.085 | 0.085 |
Common Equity Tier 1 to Risk Weighted Assets [Abstract] | ||
Actual, Amount | $ 446,287 | $ 437,044 |
Actual, Ratio | 0.1267 | 0.1241 |
Minimum Required Under BASEL III Fully Phased-In, Amount | $ 246,543 | $ 246,502 |
Minimum Required Under BASEL III Fully Phased-In, Ratio | 0.07 | 0.07 |
Tier I Capital to Average Assets [Abstract] | ||
Actual, Amount | $ 491,287 | $ 482,044 |
Actual, Ratio | 0.1151 | 0.1133 |
Minimum Required Under BASEL III Fully Phased-In, Amount | $ 171,622 | $ 171,037 |
Minimum Required Under BASEL III Fully Phased-In, Ratio | 0.04 | 0.04 |
City Bank [Member] | ||
Total Capital to Risk Weighted Assets [Abstract] | ||
Actual, Amount | $ 501,116 | $ 494,353 |
Actual, Ratio | 0.1423 | 0.1404 |
Minimum Required Under BASEL III Fully Phased-In, Amount | $ 369,645 | $ 369,635 |
Minimum Required Under BASEL III Fully Phased-In, Ratio | 0.105 | 0.105 |
To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 352,043 | $ 352,033 |
To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 0.10 | 0.10 |
Tier I Capital to Risk Weighted Assets [Abstract] | ||
Actual, Amount | $ 457,487 | $ 450,607 |
Actual, Ratio | 0.13 | 0.128 |
Minimum Required Under BASEL III Fully Phased-In, Amount | $ 299,237 | $ 299,228 |
Minimum Required Under BASEL III Fully Phased-In, Ratio | 0.085 | 0.085 |
To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 281,634 | $ 281,627 |
To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 0.08 | 0.08 |
Common Equity Tier 1 to Risk Weighted Assets [Abstract] | ||
Actual, Amount | $ 457,487 | $ 450,607 |
Actual, Ratio | 0.13 | 0.128 |
Minimum Required Under BASEL III Fully Phased-In, Amount | $ 246,430 | $ 246,423 |
Minimum Required Under BASEL III Fully Phased-In, Ratio | 0.07 | 0.07 |
To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 228,828 | $ 228,822 |
To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 0.065 | 0.065 |
Tier I Capital to Average Assets [Abstract] | ||
Actual, Amount | $ 457,487 | $ 450,607 |
Actual, Ratio | 0.1072 | 0.106 |
Minimum Required Under BASEL III Fully Phased-In, Amount | $ 171,516 | $ 170,945 |
Minimum Required Under BASEL III Fully Phased-In, Ratio | 0.04 | 0.04 |
To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 213,318 | $ 212,594 |
To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 0.05 | 0.05 |
DERIVATIVES, Fair Value Hedges
DERIVATIVES, Fair Value Hedges in Consolidated Balance Sheets (Details) - Fair Value Hedging [Member] - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Interest Rate Swaps [Member] | Other Liabilities [Member] | |||
Fair value hedges included in Consolidated Balance Sheets [Abstract] | |||
Derivative liability, notional amount | $ 0 | $ 987 | |
Derivative liability, fair value | 0 | 10 | |
Interest Rate Swaps [Member] | Other Assets [Member] | |||
Fair value hedges included in Consolidated Balance Sheets [Abstract] | |||
Derivative asset, notional amount | 8,602 | 7,796 | |
Derivative asset, fair value | 385 | 158 | |
Interest Rate Swaps [Member] | Interest Income [Member] | |||
Changes in fair value hedges included in Consolidated Statements of Comprehensive Income [Abstract] | |||
Interest rate swaps - fair value hedges | 237 | $ 0 | |
Fair value hedge ineffectiveness | (153) | 0 | |
Interest Rate Swaps [Member] | Other Noninterest Expense [Member] | |||
Changes in fair value hedges included in Consolidated Statements of Comprehensive Income [Abstract] | |||
Interest rate swaps - fair value hedges | 1,312 | (2,654) | |
Fair value hedge ineffectiveness | (1,385) | $ 2,638 | |
Cash Flow Swaps [Member] | Other Liabilities [Member] | |||
Fair value hedges included in Consolidated Balance Sheets [Abstract] | |||
Derivative liability, notional amount | 0 | 0 | |
Derivative liability, fair value | 0 | 0 | |
Cash Flow Swaps [Member] | Other Assets [Member] | |||
Fair value hedges included in Consolidated Balance Sheets [Abstract] | |||
Derivative asset, notional amount | 123,760 | 123,760 | |
Derivative asset, fair value | $ 17,940 | $ 16,628 |
DERIVATIVES, Mortgage Banking D
DERIVATIVES, Mortgage Banking Derivatives (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Other Assets [Member] | Interest Rate Swap [Member] | |||
Notional amount and fair value of mortgage banking derivatives in Consolidated Balance Sheets [Abstract] | |||
Cash collateral advanced to offset liability position | $ 1,100 | $ 1,100 | |
Other Liabilities [Member] | Interest Rate Swap [Member] | |||
Notional amount and fair value of mortgage banking derivatives in Consolidated Balance Sheets [Abstract] | |||
Cash collateral received to offset asset derivative positions | 18,100 | 18,300 | |
Mortgage Forward Contracts [Member] | Other Assets [Member] | |||
Notional amount and fair value of mortgage banking derivatives in Consolidated Balance Sheets [Abstract] | |||
Cash collateral advanced to offset liability position | 440 | 440 | |
Mortgage Banking [Member] | Mortgage Banking Derivatives [Member] | Net Gain (Loss) on Sales of Loans [Member] | |||
Derivative instruments impact on results of operations [Abstract] | |||
Gain (loss) on mortgage banking derivatives | 308 | $ (281) | |
Mortgage Banking [Member] | Forward Contracts [Member] | Other Assets [Member] | |||
Notional amount and fair value of mortgage banking derivatives in Consolidated Balance Sheets [Abstract] | |||
Derivative asset, notional amount | 0 | 0 | |
Derivative asset, fair value | 0 | 0 | |
Mortgage Banking [Member] | Forward Contracts [Member] | Other Liabilities [Member] | |||
Notional amount and fair value of mortgage banking derivatives in Consolidated Balance Sheets [Abstract] | |||
Derivative liability, notional amount | 26,197 | 19,021 | |
Derivative liability, fair value | 112 | 422 | |
Mortgage Banking [Member] | Interest Rate Lock Commitments [Member] | Other Assets [Member] | |||
Notional amount and fair value of mortgage banking derivatives in Consolidated Balance Sheets [Abstract] | |||
Derivative asset, notional amount | 30,678 | 16,887 | |
Derivative asset, fair value | $ 442 | $ 444 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
EARNINGS PER SHARE [Abstract] | ||
Net income | $ 10,874 | $ 9,244 |
Weighted average common shares outstanding - basic (in shares) | 16,429,919 | 17,046,713 |
Effect of dilutive securities [Abstract] | ||
Stock-based compensation awards (in shares) | 508,938 | 514,043 |
Weighted average common shares outstanding - diluted (in shares) | 16,938,857 | 17,560,756 |
Basic earnings per share (in dollars per share) | $ 0.66 | $ 0.54 |
Diluted earnings per share (in dollars per share) | $ 0.64 | $ 0.53 |
FAIR VALUE DISCLOSURES, Assets
FAIR VALUE DISCLOSURES, Assets (Liabilities) Measured at Fair Value on Recurring and Non-Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Securities available for sale [Abstract] | ||||
Securities available for sale | $ 599,869 | $ 622,762 | ||
Mortgage servicing rights | 26,843 | 26,569 | $ 25,795 | $ 27,474 |
State and Municipal [Member] | ||||
Securities available for sale [Abstract] | ||||
Securities available for sale | 177,648 | 180,575 | ||
Residential Mortgage-backed Securities [Member] | ||||
Securities available for sale [Abstract] | ||||
Securities available for sale | 285,165 | 300,704 | ||
Commercial Mortgage-backed Securities [Member] | ||||
Securities available for sale [Abstract] | ||||
Securities available for sale | 40,854 | 41,748 | ||
Commercial Collateralized Mortgage Obligations [Member] | ||||
Securities available for sale [Abstract] | ||||
Securities available for sale | 69,072 | 71,930 | ||
Other Securities [Member] | ||||
Securities available for sale [Abstract] | ||||
Securities available for sale | 10,801 | 10,765 | ||
Recurring [Member] | ||||
Securities available for sale [Abstract] | ||||
Asset-backed and other amortizing securities | 16,329 | 17,040 | ||
Loans held for sale (mandatory) | 9,686 | 6,615 | ||
Mortgage servicing rights | 26,843 | 26,569 | ||
Asset derivatives | $ 18,767 | $ 17,230 | ||
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other assets | Other assets | ||
Liability derivatives | $ (112) | $ (432) | ||
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Accrued expenses and other liabilities | Accrued expenses and other liabilities | ||
Recurring [Member] | State and Municipal [Member] | ||||
Securities available for sale [Abstract] | ||||
Securities available for sale | $ 177,648 | $ 180,575 | ||
Recurring [Member] | Residential Mortgage-backed Securities [Member] | ||||
Securities available for sale [Abstract] | ||||
Securities available for sale | 285,165 | 300,704 | ||
Recurring [Member] | Commercial Mortgage-backed Securities [Member] | ||||
Securities available for sale [Abstract] | ||||
Securities available for sale | 40,854 | 41,748 | ||
Recurring [Member] | Commercial Collateralized Mortgage Obligations [Member] | ||||
Securities available for sale [Abstract] | ||||
Securities available for sale | 69,072 | 71,930 | ||
Recurring [Member] | Other Securities [Member] | ||||
Securities available for sale [Abstract] | ||||
Securities available for sale | 10,801 | 10,765 | ||
Recurring [Member] | Level 1 [Member] | ||||
Securities available for sale [Abstract] | ||||
Asset-backed and other amortizing securities | 0 | 0 | ||
Loans held for sale (mandatory) | 0 | 0 | ||
Mortgage servicing rights | 0 | 0 | ||
Asset derivatives | 0 | 0 | ||
Liability derivatives | 0 | 0 | ||
Recurring [Member] | Level 1 [Member] | State and Municipal [Member] | ||||
Securities available for sale [Abstract] | ||||
Securities available for sale | 0 | 0 | ||
Recurring [Member] | Level 1 [Member] | Residential Mortgage-backed Securities [Member] | ||||
Securities available for sale [Abstract] | ||||
Securities available for sale | 0 | 0 | ||
Recurring [Member] | Level 1 [Member] | Commercial Mortgage-backed Securities [Member] | ||||
Securities available for sale [Abstract] | ||||
Securities available for sale | 0 | 0 | ||
Recurring [Member] | Level 1 [Member] | Commercial Collateralized Mortgage Obligations [Member] | ||||
Securities available for sale [Abstract] | ||||
Securities available for sale | 0 | 0 | ||
Recurring [Member] | Level 1 [Member] | Other Securities [Member] | ||||
Securities available for sale [Abstract] | ||||
Securities available for sale | 0 | 0 | ||
Recurring [Member] | Level 2 [Member] | ||||
Securities available for sale [Abstract] | ||||
Asset-backed and other amortizing securities | 16,329 | 17,040 | ||
Loans held for sale (mandatory) | 9,686 | 6,615 | ||
Mortgage servicing rights | 0 | 0 | ||
Asset derivatives | 18,767 | 17,230 | ||
Liability derivatives | (112) | (432) | ||
Recurring [Member] | Level 2 [Member] | State and Municipal [Member] | ||||
Securities available for sale [Abstract] | ||||
Securities available for sale | 177,648 | 180,575 | ||
Recurring [Member] | Level 2 [Member] | Residential Mortgage-backed Securities [Member] | ||||
Securities available for sale [Abstract] | ||||
Securities available for sale | 285,165 | 300,704 | ||
Recurring [Member] | Level 2 [Member] | Commercial Mortgage-backed Securities [Member] | ||||
Securities available for sale [Abstract] | ||||
Securities available for sale | 40,854 | 41,748 | ||
Recurring [Member] | Level 2 [Member] | Commercial Collateralized Mortgage Obligations [Member] | ||||
Securities available for sale [Abstract] | ||||
Securities available for sale | 69,072 | 71,930 | ||
Recurring [Member] | Level 2 [Member] | Other Securities [Member] | ||||
Securities available for sale [Abstract] | ||||
Securities available for sale | 10,801 | 10,765 | ||
Recurring [Member] | Level 3 [Member] | ||||
Securities available for sale [Abstract] | ||||
Asset-backed and other amortizing securities | 0 | 0 | ||
Loans held for sale (mandatory) | 0 | 0 | ||
Mortgage servicing rights | 26,843 | 26,569 | ||
Asset derivatives | 0 | 0 | ||
Liability derivatives | 0 | 0 | ||
Recurring [Member] | Level 3 [Member] | State and Municipal [Member] | ||||
Securities available for sale [Abstract] | ||||
Securities available for sale | 0 | 0 | ||
Recurring [Member] | Level 3 [Member] | Residential Mortgage-backed Securities [Member] | ||||
Securities available for sale [Abstract] | ||||
Securities available for sale | 0 | 0 | ||
Recurring [Member] | Level 3 [Member] | Commercial Mortgage-backed Securities [Member] | ||||
Securities available for sale [Abstract] | ||||
Securities available for sale | 0 | 0 | ||
Recurring [Member] | Level 3 [Member] | Commercial Collateralized Mortgage Obligations [Member] | ||||
Securities available for sale [Abstract] | ||||
Securities available for sale | 0 | 0 | ||
Recurring [Member] | Level 3 [Member] | Other Securities [Member] | ||||
Securities available for sale [Abstract] | ||||
Securities available for sale | 0 | 0 | ||
Non-recurring [Member] | ||||
Assets measured at fair value on a non-recurring basis [Abstract] | ||||
Loans held for investment | 228 | 1,482 | ||
Non-recurring [Member] | Level 1 [Member] | ||||
Assets measured at fair value on a non-recurring basis [Abstract] | ||||
Loans held for investment | 0 | 0 | ||
Non-recurring [Member] | Level 2 [Member] | ||||
Assets measured at fair value on a non-recurring basis [Abstract] | ||||
Loans held for investment | 0 | 0 | ||
Non-recurring [Member] | Level 3 [Member] | ||||
Assets measured at fair value on a non-recurring basis [Abstract] | ||||
Loans held for investment | $ 228 | $ 1,482 |
FAIR VALUE DISCLOSURES, Fair Va
FAIR VALUE DISCLOSURES, Fair Values of Assets Recorded on a Recurring Basis (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Fair Values of Assets Recorded on a Recurring Basis for which the Fair Value Option has been Elected [Abstract] | |||
Aggregate fair value of loans held for sale for mandatory delivery | $ 9,686 | $ 6,615 | |
Recurring [Member] | |||
Fair Values of Assets Recorded on a Recurring Basis for which the Fair Value Option has been Elected [Abstract] | |||
Gains or losses recorded attributable to changes in instrument-specific credit risk | 0 | 0 | |
Aggregate fair value of loans held for sale for mandatory delivery | 9,700 | 6,600 | |
Aggregate fair value of unpaid principal balance | 9,400 | 6,400 | |
Fair value and unpaid principal balance difference amount | 255 | 190 | |
Loans held for sale for mandatory delivery designated as nonaccrual | 0 | 0 | |
Loans held for sale for mandatory delivery 90 days or more past due | 0 | $ 0 | |
Impact of fair value options on noninterest income for loans held for sale for mandatory delivery | $ (372) | $ (261) |
FAIR VALUE DISCLOSURES, Quantit
FAIR VALUE DISCLOSURES, Quantitative Information about Recurring and Non-Recurring Level 3 Fair Value Measurements (Details) $ in Thousands | Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||||
Mortgage servicing rights | $ 26,843 | $ 26,569 | $ 25,795 | $ 27,474 |
Non-recurring [Member] | ||||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||||
Loans held for investment | 228 | 1,482 | ||
Non-recurring [Member] | Third Party Appraisals or Inspections [Member] | ||||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||||
Loans held for investment | $ 228 | $ 1,482 | ||
Non-recurring [Member] | Third Party Appraisals or Inspections [Member] | Collateral Discounts and Selling Costs [Member] | Minimum [Member] | ||||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||||
Loans held for investment, measurement input | 0.20 | 0.20 | ||
Non-recurring [Member] | Third Party Appraisals or Inspections [Member] | Collateral Discounts and Selling Costs [Member] | Maximum [Member] | ||||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||||
Loans held for investment, measurement input | 0.25 | 1 | ||
Recurring [Member] | ||||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||||
Mortgage servicing rights | $ 26,843 | $ 26,569 | ||
Recurring [Member] | Discounted Cash Flows [Member] | ||||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||||
Mortgage servicing rights | $ 26,843 | $ 26,569 | ||
Recurring [Member] | Discounted Cash Flows [Member] | Constant Prepayment Rate [Member] | ||||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||||
Mortgage servicing rights, measurement input | 0.0738 | 0.0746 | ||
Recurring [Member] | Discounted Cash Flows [Member] | Discount Rate [Member] | ||||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||||
Mortgage servicing rights, measurement input | 0.1016 | 0.1066 |
FAIR VALUE DISCLOSURES, Estimat
FAIR VALUE DISCLOSURES, Estimated Fair Values, and Related Carrying Amounts (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Carrying Amount [Member] | ||
Financial assets [Abstract] | ||
Cash and cash equivalents | $ 371,939 | $ 330,158 |
Loans held for investment, net | 2,969,625 | 2,971,797 |
Loans held for sale (best efforts) | 6,065 | 7,884 |
Accrued interest receivable | 16,605 | 20,881 |
Financial liabilities [Abstract] | ||
Deposits | 3,638,571 | 3,626,153 |
Accrued interest payable | 4,229 | 5,057 |
Junior subordinated deferrable interest debentures | 46,393 | 46,393 |
Subordinated debt | 63,821 | 63,775 |
Fair Value [Member] | ||
Financial assets [Abstract] | ||
Cash and cash equivalents | 371,939 | 330,158 |
Loans held for investment, net | 2,857,552 | 2,848,536 |
Loans held for sale (best efforts) | 6,172 | 7,977 |
Accrued interest receivable | 16,605 | 20,881 |
Financial liabilities [Abstract] | ||
Deposits | 3,638,349 | 3,625,321 |
Accrued interest payable | 4,229 | 5,057 |
Junior subordinated deferrable interest debentures | 33,530 | 33,098 |
Subordinated debt | 57,050 | 57,497 |
Level 1 [Member] | Fair Value [Member] | ||
Financial assets [Abstract] | ||
Cash and cash equivalents | 371,939 | 330,158 |
Loans held for investment, net | 0 | 0 |
Loans held for sale (best efforts) | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Financial liabilities [Abstract] | ||
Deposits | 0 | 0 |
Accrued interest payable | 0 | 0 |
Junior subordinated deferrable interest debentures | 0 | 0 |
Subordinated debt | 0 | 0 |
Level 2 [Member] | Fair Value [Member] | ||
Financial assets [Abstract] | ||
Cash and cash equivalents | 0 | 0 |
Loans held for investment, net | 0 | 0 |
Loans held for sale (best efforts) | 6,172 | 7,977 |
Accrued interest receivable | 16,605 | 20,881 |
Financial liabilities [Abstract] | ||
Deposits | 3,638,349 | 3,625,321 |
Accrued interest payable | 4,229 | 5,057 |
Junior subordinated deferrable interest debentures | 33,530 | 33,098 |
Subordinated debt | 57,050 | 57,497 |
Level 3 [Member] | Fair Value [Member] | ||
Financial assets [Abstract] | ||
Cash and cash equivalents | 0 | 0 |
Loans held for investment, net | 2,857,552 | 2,848,536 |
Loans held for sale (best efforts) | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Financial liabilities [Abstract] | ||
Deposits | 0 | 0 |
Accrued interest payable | 0 | 0 |
Junior subordinated deferrable interest debentures | 0 | 0 |
Subordinated debt | $ 0 | $ 0 |
IMMATERIAL CORRECTION OF PRIO_3
IMMATERIAL CORRECTION OF PRIOR PERIOD ERROR (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Corrected Consolidated Statement of Cash Flows[Abstract] | ||
Proceeds from sales of loans held for sale | $ 69,962 | $ 86,893 |
Loans originated for sale | $ (68,779) | (74,291) |
As Reported [Member] | ||
Corrected Consolidated Statement of Cash Flows[Abstract] | ||
Proceeds from sales of loans held for sale | 101,266 | |
Loans originated for sale | (88,664) | |
Immaterial Correction [Member] | ||
Corrected Consolidated Statement of Cash Flows[Abstract] | ||
Proceeds from sales of loans held for sale | (14,373) | |
Loans originated for sale | $ 14,373 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - $ / shares | 3 Months Ended | ||
Apr. 18, 2024 | Mar. 31, 2024 | Mar. 31, 2023 | |
Dividend Declaration [Abstract] | |||
Dividends declared per share (in dollars per share) | $ 0.13 | $ 0.13 | |
Subsequent Event [Member] | 2024 Q1 Dividend [Member] | |||
Dividend Declaration [Abstract] | |||
Dividends declared date | Apr. 18, 2024 | ||
Dividends declared per share (in dollars per share) | $ 0.14 | ||
Dividends payable date | May 13, 2024 | ||
Dividends record date | Apr. 29, 2024 |