Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | Apr. 30, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2024 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | EQBK | |
Entity Registrant Name | EQUITY BANCSHARES, INC. | |
Entity Central Index Key | 0001227500 | |
Entity Current Reporting Status | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Class A Common Stock, Shares Outstanding | 15,252,852 | |
Entity File Number | 001-37624 | |
Entity Tax Identification Number | 72-1532188 | |
Entity Address, Address Line One | 7701 East Kellogg Drive | |
Entity Address, Address Line Two | Suite 300 | |
Entity Address, City or Town | Wichita | |
Entity Address, State or Province | KS | |
Entity Address, Postal Zip Code | 67207 | |
City Area Code | 316 | |
Local Phone Number | 612.6000 | |
Entity Interactive Data Current | Yes | |
Title of 12(b) Security | Class A, Common Stock, par value $0.01 per share | |
Security Exchange Name | NYSE | |
Entity Incorporation, State or Country Code | KS | |
Document Quarterly Report | true | |
Document Transition Report | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
ASSETS | ||
Cash and due from banks | $ 217,611 | $ 363,289 |
Federal funds sold | 17,407 | 15,810 |
Cash and cash equivalents | 235,018 | 379,099 |
Available-for-sale securities | 1,091,717 | 919,648 |
Held-to-maturity securities, fair value of $2,210 and $2,250 | 2,205 | 2,209 |
Loans held for sale | 1,311 | 476 |
Loans, net of allowance for credit losses | 3,437,714 | 3,289,381 |
Other real estate owned, net | 1,465 | 1,833 |
Premises and equipment, net | 116,792 | 112,632 |
Bank-owned life insurance | 125,693 | 124,865 |
Federal Reserve Bank and Federal Home Loan Bank stock | 27,009 | 20,608 |
Interest receivable | 27,082 | 25,497 |
Goodwill | 53,101 | 53,101 |
Core deposit intangibles, net | 17,854 | 7,222 |
Other | 102,075 | 98,021 |
Total assets | 5,239,036 | 5,034,592 |
Deposits | ||
Demand | 981,623 | 898,129 |
Total non-interest-bearing deposits | 981,623 | 898,129 |
Demand, savings and money market | 2,574,871 | 2,483,807 |
Time | 814,532 | 763,519 |
Total interest-bearing deposits | 3,389,403 | 3,247,326 |
Total deposits | 4,371,026 | 4,145,455 |
Federal funds purchased and retail repurchase agreements | 43,811 | 43,582 |
Federal Home Loan Bank advances | 219,931 | 100,000 |
Federal Reserve Bank borrowings | 140,000 | |
Subordinated debt | 97,058 | 96,921 |
Contractual obligations | 18,493 | 19,315 |
Interest payable and other liabilities | 31,941 | 36,459 |
Total liabilities | 4,782,260 | 4,581,732 |
Commitments and contingent liabilities, see Notes 11 and 12 | ||
Stockholders' equity, see Note 7 | ||
Common stock | 208 | 207 |
Additional paid-in capital | 490,533 | 489,187 |
Retained earnings | 153,201 | 141,006 |
Accumulated other comprehensive income (loss) | (60,788) | (57,920) |
Treasury stock | (126,378) | (119,620) |
Total stockholders’ equity | 456,776 | 452,860 |
Total liabilities and stockholders’ equity | $ 5,239,036 | $ 5,034,592 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||||
Held-to-maturity securities, fair value | $ 2,210 | $ 2,250 | ||
Loans, allowance for credit losses | $ 44,449 | $ 43,520 | $ 45,103 | $ 45,847 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Interest and dividend income | ||
Loans, including fees | $ 58,829 | $ 48,381 |
Securities, taxable | 9,877 | 5,947 |
Securities, nontaxable | 391 | 669 |
Federal funds sold and other | 2,670 | 1,126 |
Total interest and dividend income | 71,767 | 56,123 |
Interest expense | ||
Deposits | 22,855 | 13,821 |
Federal funds purchased and retail repurchase agreements | 326 | 195 |
Federal Home Loan Bank advances | 1,144 | 1,018 |
Federal Reserve Bank borrowings | 1,361 | 135 |
Subordinated debt | 1,899 | 1,844 |
Total interest expense | 27,585 | 17,013 |
Net interest income | 44,182 | 39,110 |
Provision (reversal) for credit losses | 1,000 | (366) |
Net interest income after provision (reversal) for credit losses | 43,182 | 39,476 |
Non-interest income | ||
Increase in value of bank-owned life insurance | 828 | 1,583 |
Net gain on acquisition and branch sales | 1,239 | |
Net gain (loss) from securities transactions | 43 | 32 |
Other | 4,417 | 1,798 |
Total non-interest income | 11,731 | 8,600 |
Non-interest expense | ||
Salaries and employee benefits | 18,097 | 16,692 |
Net occupancy and equipment | 3,535 | 2,879 |
Data processing | 4,828 | 3,916 |
Professional fees | 1,392 | 1,384 |
Advertising and business development | 1,238 | 1,159 |
Telecommunications | 655 | 485 |
FDIC insurance | 571 | 360 |
Courier and postage | 606 | 458 |
Free nationwide ATM cost | 494 | 525 |
Amortization of core deposit intangibles | 899 | 918 |
Loan expense | 109 | 117 |
Other real estate owned | (84) | 119 |
Merger expenses | 1,556 | |
Other | 3,256 | 4,217 |
Total non-interest expense | 37,152 | 33,229 |
Income (loss) before income taxes | 17,761 | 14,847 |
Provision (benefit) for income taxes | 3,693 | 2,524 |
Net income (loss) and net income (loss) allocable to common stockholders | $ 14,068 | $ 12,323 |
Basic earnings (loss) per share | $ 0.91 | $ 0.78 |
Diluted earnings (loss) per share | $ 0.9 | $ 0.77 |
Service Charges and Fees [Member] | ||
Non-interest income | ||
Non-interest income | $ 2,569 | $ 2,545 |
Debit Card Income [Member] | ||
Non-interest income | ||
Non-interest income | 2,447 | 2,554 |
Mortgage Banking [Member] | ||
Non-interest income | ||
Non-interest income | $ 188 | $ 88 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Sep. 30, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 14,068 | $ 12,323 |
Other comprehensive income (loss): | ||
Unrealized holding gains (losses) arising during the period on available-for-sale securities | (6,180) | 16,018 |
Reclassification for net (gains) losses included in net income | 252 | |
Unrealized holding gains (losses) arising during the period on cash flow hedges | 2,134 | 799 |
Total other comprehensive income (loss) | (3,794) | 16,817 |
Tax effect | 926 | (4,544) |
Other comprehensive income (loss), net of tax | (2,868) | 12,273 |
Comprehensive income (loss) | $ 11,200 | $ 24,596 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] |
Beginning balance at Dec. 31, 2022 | $ 410,058 | $ 205 | $ 484,989 | $ 140,095 | $ (113,511) | $ (101,720) |
Beginning balance, shares at Dec. 31, 2022 | 15,930,112 | |||||
Net income | 12,323 | 12,323 | ||||
Other comprehensive income (loss), net of tax effects | 12,273 | 12,273 | ||||
Cash dividends - common stock per share | (1,573) | (1,573) | ||||
Dividend equivalents - restricted stock units and restricted stock awards, per share | (35) | (35) | ||||
Stock-based compensation | 1,212 | 1,212 | ||||
Common stock issued under stock-based incentive plan | $ 1 | (1) | ||||
Common stock issued under stock-based incentive plan, shares | 102,687 | |||||
Common stock issued under employee stock purchase plan | 458 | 458 | ||||
Common stock issued under employee stock purchase plan, share | 17,508 | |||||
Treasury stock purchases | (9,593) | (9,593) | ||||
Treasury stock purchases, shares | (320,050) | |||||
Ending balance at Mar. 31, 2023 | 425,123 | $ 206 | 486,658 | 150,810 | (101,238) | (111,313) |
Ending balance, shares at Mar. 31, 2023 | 15,730,257 | |||||
Beginning balance at Dec. 31, 2022 | 410,058 | $ 205 | 484,989 | 140,095 | (113,511) | (101,720) |
Beginning balance, shares at Dec. 31, 2022 | 15,930,112 | |||||
Ending balance at Dec. 31, 2023 | 452,860 | $ 207 | 489,187 | 141,006 | (57,920) | (119,620) |
Ending balance, shares at Dec. 31, 2023 | 15,443,651 | |||||
Net income | 14,068 | 14,068 | ||||
Other comprehensive income (loss), net of tax effects | (2,868) | (2,868) | ||||
Cash dividends - common stock per share | (1,843) | (1,843) | ||||
Dividend equivalents - restricted stock units and restricted stock awards, per share | (30) | (30) | ||||
Stock-based compensation | 950 | 950 | ||||
Common stock issued upon exercise of stock options | 29 | 29 | ||||
Common stock issued upon exercise of stock options, shares | 1,250 | |||||
Common stock issued under stock-based incentive plan | $ 1 | (1) | ||||
Common stock issued under stock-based incentive plan, shares | 91,005 | |||||
Common stock issued under employee stock purchase plan | 368 | 368 | ||||
Common stock issued under employee stock purchase plan, share | 16,884 | |||||
Treasury stock purchases | (6,758) | (6,758) | ||||
Treasury stock purchases, shares | (209,591) | |||||
Ending balance at Mar. 31, 2024 | $ 456,776 | $ 208 | $ 490,533 | $ 153,201 | $ (60,788) | $ (126,378) |
Ending balance, shares at Mar. 31, 2024 | 15,343,199 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Stockholders' Equity [Abstract] | ||
Cash dividends declared per common share | $ 0.12 | $ 0.1 |
Restricted stock units dividend declared per share | 0.12 | $ 0.1 |
Restricted stock awards dividend declared per share | $ 0.12 |
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 | $ 14,068 | $ 12,323 |
Adjustments to reconcile net income to net cash from operating activities: | ||
Stock-based compensation | 950 | 1,212 |
Depreciation | 1,325 | 1,087 |
Amortization of operating lease right-of-use asset | 92 | 166 |
Amortization of cloud computing implementation costs | 35 | 47 |
Provision (reversal) for credit losses | 1,000 | (366) |
Net amortization (accretion) of purchase valuation adjustments | (436) | (163) |
Amortization (accretion) of premiums and discounts on securities | (821) | 1,172 |
Amortization of intangible assets | 935 | 954 |
Deferred income taxes | (1,633) | (255) |
Federal Home Loan Bank stock dividends | (142) | (140) |
Loss (gain) on sales and valuation adjustments on other real estate owned | (109) | 34 |
Net loss (gain) on sales and settlements of securities | 252 | |
Change in unrealized (gains) losses on equity securities | (1) | (32) |
Loss (gain) on disposal of premises and equipment | (7) | (15) |
Loss (gain) on sales of foreclosed assets | 7 | (3) |
Loss (gain) on sales of loans | 565 | (62) |
Originations of loans held for sale | (8,234) | (3,391) |
Proceeds from the sale of loans held for sale | 10,511 | 3,154 |
Increase in the value of bank-owned life insurance | (828) | (1,583) |
Change in fair value of derivatives recognized in earnings | 57 | 176 |
Gain on acquition | (1,239) | |
Payments on operating lease payable | (136) | (262) |
Net change in: | ||
Interest receivable | 493 | 169 |
Other assets | 1,936 | 4,216 |
Interest payable and other liabilities | (6,001) | 694 |
Net cash provided by operating activities | 12,639 | 19,132 |
Cash flows (to) from investing activities | ||
Purchases of available-for-sale securities | (120,451) | (1,840) |
Proceeds from sales, calls, pay-downs and maturities of available-for-sale securities | 107,651 | 17,828 |
Proceeds from calls, pay-downs and maturities of held-to-maturity securities | 5 | 4 |
Net change in loans | (30,566) | (18,019) |
Purchase of USDA guaranteed loans | (4,180) | (802) |
Purchase of premises and equipment | (2,012) | (4,408) |
Proceeds from sale of premises and equipment | 7 | 39 |
Proceeds from sale of foreclosed assets | 228 | 38 |
Net redemptions (purchases) of Federal Home Loan Bank and Federal Reserve Bank stock | (6,259) | (11,524) |
Net redemptions (purchases) of correspondent and miscellaneous other stock | (622) | (1,526) |
Proceeds from sale of other real estate owned | 574 | 172 |
Proceeds from bank-owned life insurance death benefits | 1,794 | |
Net cash (used in) provided by investing activities | 5,289 | (18,244) |
Cash flows (to) from financing activities | ||
Net increase (decrease) in deposits | (124,244) | 45,095 |
Net change in federal funds purchased and retail repurchase agreements | (8,589) | (1,380) |
Net borrowings (repayments) on Federal Home Loan Bank line of credit | 119,931 | (127,642) |
Proceeds from Federal Home Loan Bank term advances | 300,000 | 466,091 |
Principal repayments on Federal Home Loan Bank term advances | (300,000) | (366,091) |
Proceeds from Federal Reserve Bank borrowings | 141,000 | |
Principal payments on Federal Reserve Bank borrowings | (140,000) | (1,000) |
Proceeds from the exercise of employee stock options | 29 | |
Proceeds from employee stock purchase plan | 368 | 458 |
Purchase of treasury stock | (6,758) | (9,593) |
Net change in contractual obligations | (822) | (246) |
Dividends paid on common stock | (1,924) | (1,642) |
Net cash (used in) provided by financing activities | (162,009) | 145,050 |
Net change in cash and cash equivalents | (144,081) | 145,938 |
Cash and cash equivalents, beginning of period | 379,099 | 104,428 |
Ending cash and cash equivalents | 235,018 | 250,366 |
Supplemental cash flow information: | ||
Interest paid | 30,647 | 12,966 |
Income taxes paid, net of refunds | 27 | |
Supplemental noncash disclosures: | ||
Other real estate owned acquired in settlement of loans | 101 | 27 |
Other repossessed assets acquired in settlement of loans | 247 | 46 |
Purchase of investments in tax credit structures and resulting contractual obligations | $ 4,400 | |
Rockhold BanCorp [Member] | ||
Cash flows (to) from investing activities | ||
Purchase of Net Assets of Bank of Kirksville, Net of cash acquired | 60,914 | |
Supplemental noncash disclosures: | ||
Total fair value of assets acquired in purchase of Bank of Kirksville, net of cash | 300,957 | |
Total fair value of liabilities assumed in purchase of Bank of Kirksville | $ 360,632 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Sep. 30, 2023 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | |||
Net Income (Loss) | $ 14,068 | $ 12,323 | $ 12,323 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Rule 10b5-1 Arr Modified Flag | false |
Non Rule 10b5-1 Arr Modified Flag | false |
BASIS OF PRESENTATION AND SUMMA
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 1 – BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The interim consolidated financial statements include the accounts of Equity Bancshares, Inc., its wholly-owned subsidiaries, Equity Bank (“Equity Bank”), EBAC, LLC (“EBAC”) and Equity Risk Management, Inc. ("ERMI"). ERMI provides property and casualty insurance coverage to Equity Bancshares and Equity Bank and reinsurance to other third party insurance captives for which insurance may not be currently available or economically feasible in today's insurance marketplace. The wholly-owned subsidiaries of Equity Bank are comprised of SA Holdings, Inc. ("SA Holdings"), SA Property LLC ("SA Property"), and EQBK Investments, LLC. ("EQBK Investments"). SA Holdings and SA Property were established for the purpose of holding and selling other real estate owned. EQBK Investments was established for the purpose to hold Equity Bank's investment in a real estate investment trust. These entities are collectively referred to as the “Company”. All significant intercompany accounts and transactions have been eliminated in consolidation. The accompanying unaudited condensed interim consolidated financial statements have been prepared in accordance with United States Generally Accepted Accounting Principles (“GAAP”) for interim financial information and in accordance with guidance provided by the Securities and Exchange Commission. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial information. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. In the opinion of management, the interim statements reflect all adjustments necessary for a fair presentation of the financial position, results of operations and cash flows of the Company on a consolidated basis and all such adjustments are of a normal recurring nature. These financial statements and the accompanying notes should be read in conjunction with the Company’s audited financial statements for the year ended December 31, 2023, included in the Company’s Annual Report on Form 10-K filed with the SEC on March 7, 2024. Operating results for the three months ended March 31, 2024, are not necessarily indicative of the results that may be expected for the year ending December 31, 2024, or any other period. Reclassifications Some items in prior financial statements were reclassified to conform to the current presentation. Management determined the items reclassified are immaterial to the consolidated financial statements taken as a whole and did not result in a change in equity or net income for the periods reported. Recent Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures . The amendments in ASU 2023-07 provide for new disclosures which: (1) require that a public entity disclose on an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker ("CODM") and included within each reported measure of segment profit or loss; (2) require that a public entity disclose, on an annual and interim basis, an amount for other segment items by reportable segment and a description of its composition; (3) require that a public entity provide all annual disclosures about a reportable segment's profit or loss and assets currently required by Topic 280 in interim periods; (4) allows more than one measure of segment profit or loss used by the CODM when assessing segment performance and deciding how to allocate resources to be disclosed; (5) require disclosure of title and position of CODM and explain how the CODM uses the disclosed reported measures to assess segment performance; and (6) require that a public entity that has a single reportable segment provide all the disclosures required by the amended Topic 280. The amendments in this update are effective for the Company for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments in this update are required to be applied retrospectively to all prior periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories and the amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. The Company adopted this accounting standard effective January 1, 2024, and the Company's financial condition, results of operations and cash flows were not impacted by this guidance. The Company has provided the required disclosures for its single reportable segment. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740), Improvements to Income Tax Disclosures . The amendments in ASU 2023-09 require public business entities on an annual basis to disclose: (1) specific categories in the rate reconciliation; (2) provide additional information for reconciling items that meet a quantitative threshold of five percent of pretax income multiplied by the statutory rate; (3) provide a qualitative description of the state and local jurisdictions that make up a majority of the state and local income tax category; (4) requires the entity to provide an explanation of the nature, effect and underlying causes of the reconciling items disclosed and the judgment used in categorizing the reconciling items; (5) requires that all entities disclose on an annual basis income taxes paid (net of refunds received) disaggregated by federal, state and foreign taxes, and the amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions in which income taxes paid (net of refunds received) is equal to or greater than five percent of total income taxes paid (net of refunds); (6) requires disclosure of income from continuing operations before income tax expense to be disaggregated between domestic and foreign, and income tax expense disaggregated by federal, state and foreign; and (7) removes the disclosures of estimating the range of reasonably possible change in unrecognized tax benefits balance in the next 12 months and removes the requirement to disclose the cumulative amount of each type of temporary difference when a deferred tax liability is not recognized because of the exceptions to comprehensive recognition of deferred taxes related to subsidiaries and corporate joint ventures. The amendments in this update are effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments in this update should be applied on a prospective basis; however, retrospective application is permitted. The Company's financial condition, results of operations and cash flows will not be impacted by this guidance; however, this guidance will impact the Company's financial statement disclosures. |
INVESTMENTS
INVESTMENTS | 3 Months Ended |
Mar. 31, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
INVESTMENTS | NOTE 2 – INVESTMENTS The amortized cost and fair value of available-for-sale securities and the related gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) are listed below. Amortized Gross Gross Allowance Fair March 31, 2024 Available-for-sale securities U.S. Government-sponsored entities $ 81,606 $ 5 $ ( 6,534 ) $ — $ 75,077 U.S. Treasury securities 121,106 14 ( 871 ) — 120,249 Mortgage-backed securities Government-sponsored residential mortgage-backed securities 661,713 1,929 ( 39,060 ) — 624,582 Private label residential mortgage-backed securities 158,225 — ( 23,167 ) — 135,058 Corporate 56,742 8 ( 5,959 ) — 50,791 Small Business Administration loan pools 7,457 — ( 355 ) — 7,102 State and political subdivisions 88,344 53 ( 9,539 ) — 78,858 $ 1,175,193 $ 2,009 $ ( 85,485 ) $ — $ 1,091,717 Amortized Gross Gross Allowance Fair December 31, 2023 Available-for-sale securities U.S. Government-sponsored entities $ 39,103 $ — $ ( 6,016 ) $ — $ 33,087 U.S. Treasury securities 89,999 28 ( 771 ) — 89,256 Mortgage-backed securities Government-sponsored residential mortgage-backed securities 560,674 3,872 ( 35,403 ) — 529,143 Private label residential mortgage-backed securities 161,174 — ( 23,333 ) — 137,841 Corporate 56,722 — ( 7,039 ) — 49,683 Small Business Administration loan pools 8,066 — ( 339 ) — 7,727 State and political subdivisions 81,458 74 ( 8,621 ) — 72,911 $ 997,196 $ 3,974 $ ( 81,522 ) $ — $ 919,648 The amortized cost and fair value of held-to-maturity securities and the related gross unrecognized gains and losses are listed in the following tables. Amortized Gross Gross Allowance Fair March 31, 2024 Held-to-maturity securities Mortgage-backed securities Government-sponsored residential mortgage-backed securities $ 1,090 $ — $ ( 14 ) $ — $ 1,076 State and political subdivisions 1,115 20 ( 1 ) — 1,134 $ 2,205 $ 20 $ ( 15 ) $ — $ 2,210 Amortized Gross Gross Allowance Fair December 31, 2023 Held-to-maturity securities Mortgage-backed securities Government-sponsored residential mortgage-backed securities $ 1,094 $ 3 $ — $ — $ 1,097 State and political subdivisions 1,115 38 — — 1,153 $ 2,209 $ 41 $ — $ — $ 2,250 The fair value and amortized cost of debt securities at March 31, 2024, by contractual maturity, is shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date, primarily mortgage-backed securities, are shown separately. Available-for-Sale Held-to-Maturity Amortized Fair Amortized Fair Within one year $ 113,506 $ 112,741 $ — $ — One to five years 70,836 70,130 — — Five to ten years 129,232 113,798 1,115 1,134 After ten years 41,681 35,408 — — Mortgage-backed securities 819,938 759,640 1,090 1,076 Total debt securities $ 1,175,193 $ 1,091,717 $ 2,205 $ 2,210 The following table shows the carrying value and fair value of securities pledged as collateral to secure public fund deposits, borrowings from the Federal Home Loan Bank and Federal Reserve Bank and retail repurchase obligations at March 31, 2024, and December 31, 2023. March 31, 2024 December 31, 2023 Book Value Fair Value Book Value Fair Value Public fund deposits $ 545,903 $ 503,619 $ 509,010 $ 488,270 Federal Home Loan Bank pledging 82,606 70,588 84,421 72,293 Federal Reserve Bank borrowings 12,110 11,831 158,382 141,125 Retail repurchase agreements 52,191 47,363 51,548 47,282 Total securities pledged $ 692,810 $ 633,401 $ 803,361 $ 748,970 The following tables show gross unrealized losses or unrecognized losses and fair value, aggregated by investment category, and length of time that individual securities have been in a continuous unrealized loss position or unrecognized loss position at March 31, 2024, and December 31, 2023. Less Than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized March 31, 2024 Available-for-sale securities U.S. Government-sponsored entities $ 35,692 $ ( 201 ) $ 32,566 $ ( 6,333 ) $ 68,258 $ ( 6,534 ) U.S. Treasury securities 64,773 ( 194 ) 19,468 ( 677 ) 84,241 ( 871 ) Mortgage-backed securities Government-sponsored residential mortgage-backed securities 112,236 ( 868 ) 296,481 ( 38,192 ) 408,717 ( 39,060 ) Private label residential mortgage-backed securities — — 135,058 ( 23,167 ) 135,058 ( 23,167 ) Corporate — — 47,882 ( 5,959 ) 47,882 ( 5,959 ) Small Business Administration loan pools 4,631 ( 17 ) 2,471 ( 338 ) 7,102 ( 355 ) State and political subdivisions 14,924 ( 821 ) 58,921 ( 8,718 ) 73,845 ( 9,539 ) Total $ 232,256 $ ( 2,101 ) $ 592,847 $ ( 83,384 ) $ 825,103 $ ( 85,485 ) December 31, 2023 Available-for-sale securities U.S. Government-sponsored entities $ — $ — $ 33,087 $ ( 6,016 ) $ 33,087 $ ( 6,016 ) U.S. Treasury securities — — 19,413 ( 771 ) 19,413 ( 771 ) Mortgage-backed securities Government-sponsored residential mortgage-backed securities 7,799 ( 5 ) 306,858 ( 35,398 ) 314,657 ( 35,403 ) Private label residential mortgage-backed securities — — 137,841 ( 23,333 ) 137,841 ( 23,333 ) Corporate — — 49,683 ( 7,039 ) 49,683 ( 7,039 ) Small Business Administration loan pools 5,097 ( 14 ) 2,630 ( 325 ) 7,727 ( 339 ) State and political subdivisions 11,386 ( 768 ) 57,326 ( 7,853 ) 68,712 ( 8,621 ) Total $ 24,282 $ ( 787 ) $ 606,838 $ ( 80,735 ) $ 631,120 $ ( 81,522 ) Less Than 12 Months 12 Months or More Total Fair Unrecognized Fair Unrecognized Fair Unrecognized March 31, 2024 Held-to-maturity securities Residential mortgage-backed (issued by government-sponsored entities) $ 1,076 $ ( 14 ) $ — $ — $ 1,076 $ ( 14 ) State and political subdivisions 274 ( 1 ) — — 274 ( 1 ) Total $ 1,350 $ ( 15 ) $ — $ — $ 1,350 $ ( 15 ) December 31, 2023 Held-to-maturity securities Residential mortgage-backed (issued by government-sponsored entities) $ — $ — $ — $ — $ — $ — State and political subdivisions — — — — — — Total $ — $ — $ — $ — $ — $ — The tables above present unrealized losses on available-for-sale securities and unrecognized losses on held-to-maturity securities since the date of purchase, independent of the impact associated with changes in cost basis upon transfer from the available-for-sale designation to the held-to-maturity designatio n. As of March 31, 2024, the Company held 524 available-for-sale in an unrealized loss position and two held-to-maturity securities in an unrecognized loss position. Unrealized losses on available-for-sale securities and unrecognized losses on held-to-maturity securities have not been recognized into income because the security issuers are of high credit quality, management does not intend to sell and it is more likely than not that the Company will not be required to sell the securities prior to their anticipated recovery. The decline in fair value is largely due to changes in interest rates and the fair value is expected to recover as the securities approach maturity. The Company's available-for-sale and held-to-maturity investments that carry some form of credit risk are the investments in private label residential mortgage-backed securities, corporate securities and state and political subdivisions securities. All private label residential mortgage-backed securities held by the Company are senior in the capital structure, carry substantial credit enhancement and are 20 % risk weighted by the Simplified Supervisory Formula Approach ("SSFA"). At March 31, 2024, the Company does no t anticipate any credit losses in the private label residential mortgage-backed securities portfolio. The Company's corporate debt exposure consi sts of 14 separate pos itions in U.S. financial institutions, all of which the Company has determined to be investment grade. Substantially all of the positions are subordinated debt issued by bank holding companies. The Company periodically reviews financial data of the issuers to ensure their continued investme nt grade status. At March 31, 2024, the Company does no t anticipate any credit losses in the corporate debt securities portfolio. The Company's portfolio of state and political subdivisions securities is comprised of 174 positions of which 86 % of the positions are rated "A" or better by a Nationally Recognized Statistical Ratings Organization ("NRSRO"), and 62 % of the overall portfolio is made up of general obligation bonds. The Company periodically reviews financial data of the entities and regularly monitors credit ratings changes of the entities. At March 31, 2024, the Company does no t anticipate any credit losses in the state and political subdivisions securities portfolio. The proceeds from sales and the associated gains and losses on available-for-sale securities reclassified from other comprehensive income to income are listed below. Three Months Ended 2024 2023 Proceeds $ 726 $ — Gross gain 3 — Gross losses 255 — Income tax expense/(benefit) ( 62 ) — The Company also invests in several other investments, including investments in stocks and partnerships, which are included in other assets. The following table shows the various investment balances and method of accounting at March 31, 2024, and December 31, 2023. March 31, 2024 December 31, 2023 Investments in stocks Accounted for at fair value through net income $ 675 $ 674 Accounted for at amortized cost assessed for impairment 1,981 1,397 Total investments in stocks 2,656 2,071 Investments in partnerships Accounted for under the equity method 2,369 2,345 Accounted for under the hypothetical liquidation book value 2,424 2,403 Accounted for under proportional amortization 23,372 24,296 Total investments in partnerships 28,165 29,044 Total other investments $ 30,821 $ 31,115 The following table discloses the financial statement impact of tax credit investments for the three month period ended March 31, 2024, and 2023. Income Tax Credits Recognized During Period (a) Other Income Tax Benefits (a) Total Tax Benefits Investment Amortization Included in Income Tax Expense March 31, 2024 Investments and tax credit structures: Included in proportional amortization $ ( 826 ) $ ( 225 ) $ ( 1,051 ) $ 924 Not included in proportional amortization $ — $ 23 $ 23 $ — March 31, 2023 Investments and tax credit structures: Included in proportional amortization $ ( 482 ) $ ( 144 ) $ ( 626 ) $ 587 Not included in proportional amortization $ ( 802 ) $ ( 232 ) $ ( 1,034 ) $ — (a) Reported in income tax expense on statements of income and reported in net change in other assets on statements of cash flows. Contingent contributions for investment tax credit structures not subject to proportional amortization were zero and $ 3.6 million for the three month period ended March 31, 2024, and 2023. |
LOANS AND ALLOWANCE FOR CREDIT
LOANS AND ALLOWANCE FOR CREDIT LOSSES | 3 Months Ended |
Mar. 31, 2024 | |
Receivables [Abstract] | |
Loans and Allowance for Credit Losses | NOTE 3 – LOANS AND ALLOWANCE FOR CREDIT LOSSES Types of loans and normal collateral securing those loans are listed below. Commercial real estate : Commercial real estate loans include all loans secured by non-farm, nonresidential properties and by multifamily residential properties, as well as 1-4 family investment-purpose real estate loans. Commercial and industrial : Commercial and industrial loans include loans used to purchase fixed assets, provide working capital or meet other financing needs of the business. Loans are normally secured by the assets being purchased or already owned by the borrower, inventory or accounts receivable. These may include SBA and other guaranteed or partially guaranteed types of loans. Residential real estate : Residential real estate loans include loans secured by primary or secondary personal residences. Agricultural real estate : Agricultural real estate loans are loans typically secured by farmland. Agricultural : Agricultural loans are primarily operating lines subject to annual farming revenues including productivity/yield of the agricultural commodities produced. These loans may be secured by growing crops, stored crops, livestock, equipment, and miscellaneous receivables. Consumer : Consumer loans may include installment loans, unsecured and secured personal lines of credit, overdraft protection and letters of credit. These loans are generally secured by consumer assets but may be unsecured. The following table lists categories of loans at March 31, 2024, and December 31, 2023. March 31, 2024 December 31, 2023 Commercial real estate $ 1,797,192 $ 1,759,855 Commercial and industrial 649,035 598,327 Residential real estate 581,988 556,328 Agricultural real estate 198,291 196,114 Agricultural 149,312 118,587 Consumer 106,345 103,690 Total loans 3,482,163 3,332,901 Allowance for credit losses ( 44,449 ) ( 43,520 ) Net loans $ 3,437,714 $ 3,289,381 From time to time, the Company has purchased pools of residential real estate loans originated by other financial institutions to hold for investment with the intent to diversify the residential real estate portfoli o. During the quarters ended March 31, 2024, and 2023, the Company did no t purchase any pools of residential loans. As of March 31, 2024, and December 31, 2023, residential real estate loans include $ 288,632 and $ 299,448 of p urchased residential real estate loans. The Company occasionally purchases the government guaranteed portion of loans originated by other financial institutions to hold for investment. During the quarter ended March 31, 2024 the Company purchased $ 4,180 in loans guaranteed by governmental agencies. During the first three months of 2023, the Company purchased $ 802 in loans guaranteed by governmental agencies. The unamortized purchase accounting discounts related to non-purchase credit deteriorated loans included in the loan totals abo ve are $ 5,093 with related loans of $ 311,049 at March 31, 2024, a nd $ 2,424 with related loans of $ 209,662 at December 31, 2023. Overdraft deposit accounts are reclassified and included in consumer loans above. These accounts totaled $ 3,162 at March 31, 2024, and $ 387 at December 31, 2023. The following tables present the activity in the allowance for credit losses by class for the three month periods ended March 31, 2024, and 2023. March 31, 2024 Commercial Commercial Residential Agricultural Agricultural Consumer Total Allowance for credit losses: Beginning balance $ 13,476 $ 17,954 $ 7,784 $ 1,718 $ 995 $ 1,593 $ 43,520 Provision for credit losses 116 67 367 ( 31 ) 359 122 1,000 Initial PCD on Acquired loans — 119 184 — 284 9 596 Loans charged-off ( 17 ) ( 631 ) ( 27 ) — ( 26 ) ( 181 ) ( 882 ) Recoveries 7 142 11 1 — 54 215 Total ending allowance balance $ 13,582 $ 17,651 $ 8,319 $ 1,688 $ 1,612 $ 1,597 $ 44,449 March 31, 2023 Commercial Commercial Residential Agricultural Agricultural Consumer Total Allowance for credit losses: Beginning balance $ 16,731 $ 14,951 $ 8,608 $ 819 $ 2,457 $ 2,281 $ 45,847 Provision for credit losses ( 126 ) 1,100 132 ( 233 ) ( 1,065 ) ( 174 ) ( 366 ) Loans charged-off ( 1 ) ( 435 ) ( 5 ) — — ( 197 ) ( 638 ) Recoveries 7 4 16 — 155 78 260 Total ending allowance balance $ 16,611 $ 15,620 $ 8,751 $ 586 $ 1,547 $ 1,988 $ 45,103 The following tables present the recorded investment in loans and the balance in the allowance for credit losses by portfolio and class based on the method to determine allowance for credit loss as of March 31, 2024, and December 31, 2023. March 31, 2024 Commercial Commercial Residential Agricultural Agricultural Consumer Total Allowance for credit losses: Individually evaluated for credit losses $ 729 $ 1,989 $ 1,148 $ 658 $ 1,112 $ 189 $ 5,825 Collectively evaluated for credit losses 12,853 15,662 7,171 1,030 500 1,408 38,624 Total $ 13,582 $ 17,651 $ 8,319 $ 1,688 $ 1,612 $ 1,597 $ 44,449 Loan Balance: Individually evaluated for credit losses $ 7,192 $ 8,266 $ 5,889 $ 4,888 $ 6,425 $ 904 $ 33,564 Collectively evaluated for credit losses 1,790,000 640,769 576,099 193,403 142,887 105,441 3,448,599 Total $ 1,797,192 $ 649,035 $ 581,988 $ 198,291 $ 149,312 $ 106,345 $ 3,482,163 December 31, 2023 Commercial Commercial Residential Agricultural Agricultural Consumer Total Allowance for credit losses: Individually evaluated for credit losses $ 582 $ 1,644 $ 1,113 $ 674 $ 598 $ 154 $ 4,765 Collectively evaluated for credit losses 12,894 16,310 6,671 1,044 397 1,439 38,755 Total $ 13,476 $ 17,954 $ 7,784 $ 1,718 $ 995 $ 1,593 $ 43,520 Loan Balance: Individually evaluated for credit losses $ 6,031 $ 5,498 $ 7,495 $ 4,672 $ 3,598 $ 669 $ 27,963 Collectively evaluated for credit losses 1,753,824 592,829 548,833 191,442 114,989 103,021 3,304,938 Total $ 1,759,855 $ 598,327 $ 556,328 $ 196,114 $ 118,587 $ 103,690 $ 3,332,901 The following tables present information related to nonaccrual loans at March 31, 2024, and December 31, 2023. March 31, 2024 Unpaid Recorded Allowance for With no related allowance recorded: Commercial real estate $ 3,938 $ 3,368 $ — Commercial and industrial 4,915 1,992 — Residential real estate 20 — — Agricultural real estate 1,332 945 — Agricultural — — — Consumer 40 — — Subtotal 10,245 6,305 — With an allowance recorded: Commercial real estate 2,898 2,666 599 Commercial and industrial 8,352 4,753 1,558 Residential real estate 4,173 3,769 936 Agricultural real estate 4,771 3,282 620 Agricultural 3,154 2,679 476 Consumer 860 772 179 Subtotal 24,208 17,921 4,368 Total $ 34,453 $ 24,226 $ 4,368 December 31, 2023 Unpaid Recorded Allowance for With no related allowance recorded: Commercial real estate $ 3,948 $ 3,376 $ — Commercial and industrial 2,925 — — Residential real estate 21 — — Agricultural real estate 1,342 948 — Agricultural 2,303 — — Consumer 23 — — Subtotal 10,562 4,324 — With an allowance recorded: Commercial real estate 2,297 2,071 455 Commercial and industrial 8,452 5,041 1,335 Residential real estate 7,605 7,251 1,086 Agricultural real estate 4,753 3,266 660 Agricultural 2,946 2,470 481 Consumer 689 603 150 Subtotal 26,742 20,702 4,167 Total $ 37,304 $ 25,026 $ 4,167 The tables below present average recorded investment and interest income related to nonaccrual loans for the three months ended March 31, 2024, and 2023. Interest income recognized in the following table was substantially recognized on the cash basis. The recorded investment in loans excludes accrued interest receivable due to immateriality. As of and for the three months ended March 31, 2024 March 31, 2023 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial real estate $ 3,376 $ — $ 1,855 $ — Commercial and industrial — — — — Residential real estate — — 13 — Agricultural real estate 948 — 573 — Agricultural — — — — Consumer — — — — Subtotal 4,324 — 2,441 — With an allowance recorded: Commercial real estate 2,071 2 841 — Commercial and industrial 5,041 — 5,660 — Residential real estate 7,251 — 3,135 — Agricultural real estate 3,266 — 1,421 1 Agricultural 2,470 — 3,195 — Consumer 603 — 382 — Subtotal 20,702 2 14,634 1 Total $ 25,026 $ 2 $ 17,075 $ 1 The following tables present the aging of the recorded investment in past due loans as of March 31, 2024, and December 31, 2023, by portfolio and class of loans. March 31, 2024 30 - 59 60 - 89 Greater Nonaccrual Loans Not Total Commercial real estate $ 4,254 $ 1,574 $ 413 $ 6,034 $ 1,784,917 $ 1,797,192 Commercial and industrial 1,794 388 — 6,745 640,108 649,035 Residential real estate 2,456 492 — 3,769 575,271 581,988 Agricultural real estate 535 61 — 4,227 193,468 198,291 Agricultural 1,450 42 — 2,679 145,141 149,312 Consumer 554 145 — 772 104,874 106,345 Total $ 11,043 $ 2,702 $ 413 $ 24,226 $ 3,443,779 $ 3,482,163 December 31, 2023 30 - 59 60 - 89 Greater Nonaccrual Loans Not Total Commercial real estate $ 2,397 $ 198 $ 189 $ 5,447 $ 1,751,624 $ 1,759,855 Commercial and industrial 1,853 2,713 71 5,041 588,649 598,327 Residential real estate 1,444 676 — 7,251 546,957 556,328 Agricultural real estate 949 — — 4,214 190,951 196,114 Agricultural 559 65 19 2,470 115,474 118,587 Consumer 443 118 — 603 102,526 103,690 Total $ 7,645 $ 3,770 $ 279 $ 25,026 $ 3,296,181 $ 3,332,901 Credit Quality Indicators The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt, such as current financial information, historical payment experience, credit documentation, public information and current economic trends, among other factors. The Company analyzes loans individually by classifying the loans as to credit risk. Consumer loans are considered pass credits unless downgraded due to payment status or reviewed as part of a larger credit relationship. The Company uses the following definitions for risk ratings. Pass: Loans classified as pass include all loans that do not fall under one of the three following categories. Special Mention : Loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the Company’s credit position at some future date. Substandard : Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. Doubtful : Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. Based on the analysis performed at March 31, 2024, the risk category of loans by type and year of origination is as follows. March 31, 2024 2024 2023 2022 2021 2020 Prior Revolving Loans Revolving Loans Total Commercial real estate Risk rating Pass $ 64,642 $ 215,317 $ 361,943 $ 237,075 $ 169,563 $ 248,288 $ 488,533 $ 735 $ 1,786,096 Special mention — — — 117 — 385 — — 502 Substandard — 207 2,883 3,417 258 3,686 103 40 10,594 Doubtful — — — — — — — — — Total commercial real estate $ 64,642 $ 215,524 $ 364,826 $ 240,609 $ 169,821 $ 252,359 $ 488,636 $ 775 $ 1,797,192 Commercial and industrial Risk rating Pass $ 28,847 $ 113,685 $ 101,217 $ 52,112 $ 49,311 $ 44,371 $ 246,034 $ 1,758 $ 637,335 Special mention — 98 159 253 — 1,147 — — 1,657 Substandard — 1,123 565 349 2,679 2,285 3,042 — 10,043 Doubtful — — — — — — — — — Total commercial and industrial $ 28,847 $ 114,906 $ 101,941 $ 52,714 $ 51,990 $ 47,803 $ 249,076 $ 1,758 $ 649,035 Residential real estate Risk rating Pass $ 5,898 $ 37,547 $ 38,314 $ 278,758 $ 9,215 $ 152,438 $ 54,187 $ 1,040 $ 577,397 Special mention — — — — — 468 — — 468 Substandard — — 209 412 21 2,829 588 64 4,123 Doubtful — — — — — — — — — Total residential real estate $ 5,898 $ 37,547 $ 38,523 $ 279,170 $ 9,236 $ 155,735 $ 54,775 $ 1,104 $ 581,988 Agricultural real estate Risk rating Pass $ 6,461 $ 22,294 $ 25,021 $ 16,874 $ 16,643 $ 29,168 $ 76,119 $ 277 $ 192,857 Special mention — 444 433 — — 127 800 — 1,804 Substandard — 40 18 27 — 3,508 37 — 3,630 Doubtful — — — — — — — — — Total agricultural real estate $ 6,461 $ 22,778 $ 25,472 $ 16,901 $ 16,643 $ 32,803 $ 76,956 $ 277 $ 198,291 Agricultural Risk rating Pass $ 6,381 $ 17,081 $ 12,876 $ 7,403 $ 11,668 $ 16,405 $ 72,651 $ 75 $ 144,540 Special mention — — 150 — — 32 407 — 589 Substandard — 366 167 626 629 2,242 153 — 4,183 Doubtful — — — — — — — — — Total agricultural $ 6,381 $ 17,447 $ 13,193 $ 8,029 $ 12,297 $ 18,679 $ 73,211 $ 75 $ 149,312 Consumer Risk rating Pass $ 29,390 $ 25,046 $ 21,952 $ 9,079 $ 4,207 $ 3,734 $ 12,152 $ 1 $ 105,561 Special mention — — — — — — — — — Substandard — 89 235 220 65 82 — — 691 Doubtful — — — — — 93 — — 93 Total consumer $ 29,390 $ 25,135 $ 22,187 $ 9,299 $ 4,272 $ 3,909 $ 12,152 $ 1 $ 106,345 Total loans Risk rating Pass $ 141,619 $ 430,970 $ 561,323 $ 601,301 $ 260,607 $ 494,404 $ 949,676 $ 3,886 $ 3,443,786 Special mention — 542 742 370 — 2,159 1,207 — 5,020 Substandard — 1,825 4,077 5,051 3,652 14,632 3,923 104 33,264 Doubtful — — — — — 93 — — 93 Total loans $ 141,619 $ 433,337 $ 566,142 $ 606,722 $ 264,259 $ 511,288 $ 954,806 $ 3,990 $ 3,482,163 Based on the analysis performed at December 31, 2023, the risk category of loans by type and year of origination is as follows. December 31, 2023 2023 2022 2021 2020 2019 Prior Revolving Loans Revolving Loans Total Commercial real estate Risk rating Pass $ 212,229 $ 379,233 $ 253,837 $ 179,935 $ 75,472 $ 186,073 $ 461,346 $ 753 $ 1,748,878 Special mention 257 — 119 — — 399 — — 775 Substandard 84 2,501 3,481 256 1,463 2,336 81 — 10,202 Doubtful — — — — — — — — — Total commercial real estate $ 212,570 $ 381,734 $ 257,437 $ 180,191 $ 76,935 $ 188,808 $ 461,427 $ 753 $ 1,759,855 Commercial and industrial Risk rating Pass $ 128,598 $ 110,817 $ 54,416 $ 49,557 $ 29,931 $ 7,293 $ 204,237 $ 1,780 $ 586,629 Special mention — — 15 — — 992 — — 1,007 Substandard 1,317 468 230 2,922 237 2,171 3,346 — 10,691 Doubtful — — — — — — — — — Total commercial and industrial $ 129,915 $ 111,285 $ 54,661 $ 52,479 $ 30,168 $ 10,456 $ 207,583 $ 1,780 $ 598,327 Residential real estate Risk rating Pass $ 35,040 $ 29,766 $ 277,611 $ 5,183 $ 12,506 $ 130,144 $ 57,699 $ 1,065 $ 549,014 Special mention — — — — — — — — — Substandard — 213 187 22 156 1,960 4,710 66 7,314 Doubtful — — — — — — — — — Total residential real estate $ 35,040 $ 29,979 $ 277,798 $ 5,205 $ 12,662 $ 132,104 $ 62,409 $ 1,131 $ 556,328 Agricultural real estate Risk rating Pass $ 22,368 $ 26,762 $ 17,987 $ 18,551 $ 10,653 $ 20,039 $ 74,010 $ 289 $ 190,659 Special mention 903 158 — — — 164 605 — 1,830 Substandard 40 — 24 — 101 3,423 37 — 3,625 Doubtful — — — — — — — — — Total agricultural real estate $ 23,311 $ 26,920 $ 18,011 $ 18,551 $ 10,754 $ 23,626 $ 74,652 $ 289 $ 196,114 Agricultural Risk rating Pass $ 12,424 $ 7,363 $ 4,815 $ 7,148 $ 1,385 $ 3,809 $ 78,285 $ 55 $ 115,284 Special mention — — — — — 33 9 — 42 Substandard 39 10 464 629 1,861 52 206 — 3,261 Doubtful — — — — — — — — — Total agricultural $ 12,463 $ 7,373 $ 5,279 $ 7,777 $ 3,246 $ 3,894 $ 78,500 $ 55 $ 118,587 Consumer Risk rating Pass $ 47,019 $ 24,620 $ 10,384 $ 4,841 $ 1,281 $ 2,885 $ 12,035 $ 1 $ 103,066 Special mention — — — — — — — — — Substandard 50 241 163 98 49 23 — — 624 Doubtful — — — — — — — — — Total consumer $ 47,069 $ 24,861 $ 10,547 $ 4,939 $ 1,330 $ 2,908 $ 12,035 $ 1 $ 103,690 Total loans Risk rating Pass $ 457,678 $ 578,561 $ 619,050 $ 265,215 $ 131,228 $ 350,243 $ 887,612 $ 3,943 $ 3,293,530 Special mention 1,160 158 134 — — 1,588 614 — 3,654 Substandard 1,530 3,433 4,549 3,927 3,867 9,965 8,380 66 35,717 Doubtful — — — — — — — — — Total loans $ 460,368 $ 582,152 $ 623,733 $ 269,142 $ 135,095 $ 361,796 $ 896,606 $ 4,009 $ 3,332,901 The following table discloses the charge-off and recovery activity by loan type and year of origination for the three month period ending March 31, 2024. March 31, 2024 2024 2023 2022 2021 2020 Prior Revolving Loans Revolving Loans Total Commercial real estate Gross charge-offs $ — $ — $ ( 16 ) $ — $ — $ — $ ( 1 ) $ — $ ( 17 ) Gross recoveries — — — — — 7 — — 7 Net charge-offs $ — $ — $ ( 16 ) $ — $ — $ 7 $ ( 1 ) $ — $ ( 10 ) Commercial and industrial Gross charge-offs $ — $ — $ ( 168 ) $ ( 3 ) $ ( 40 ) $ ( 104 ) $ ( 316 ) $ — $ ( 631 ) Gross recoveries — — 104 — — 29 8 1 142 Net charge-offs $ — $ — $ ( 64 ) $ ( 3 ) $ ( 40 ) $ ( 75 ) $ ( 308 ) $ 1 $ ( 489 ) Residential real estate Gross charge-offs $ — $ — $ — $ ( 2 ) $ — $ ( 15 ) $ ( 10 ) $ — $ ( 27 ) Gross recoveries — — — — — 11 — — 11 Net charge-offs $ — $ — $ — $ ( 2 ) $ — $ ( 4 ) $ ( 10 ) $ — $ ( 16 ) Agricultural real estate Gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Gross recoveries — — — — — 1 — — 1 Net charge-offs $ — $ — $ — $ — $ — $ 1 $ — $ — $ 1 Agricultural Gross charge-offs $ — $ — $ ( 25 ) $ ( 1 ) $ — $ — $ — $ — $ ( 26 ) Gross recoveries — — — — — — — — — Net charge-offs $ — $ — $ ( 25 ) $ ( 1 ) $ — $ — $ — $ — $ ( 26 ) Consumer Gross charge-offs $ ( 19 ) $ ( 45 ) $ ( 28 ) $ ( 31 ) $ ( 7 ) $ ( 34 ) $ ( 17 ) $ — $ ( 181 ) Gross recoveries 1 1 6 5 4 34 3 — 54 Net charge-offs $ ( 18 ) $ ( 44 ) $ ( 22 ) $ ( 26 ) $ ( 3 ) $ — $ ( 14 ) $ — $ ( 127 ) Total loans Gross charge-offs $ ( 19 ) $ ( 45 ) $ ( 237 ) $ ( 37 ) $ ( 47 ) $ ( 153 ) $ ( 344 ) $ — $ ( 882 ) Gross recoveries 1 1 110 5 4 82 11 1 215 Net charge-offs $ ( 18 ) $ ( 44 ) $ ( 127 ) $ ( 32 ) $ ( 43 ) $ ( 71 ) $ ( 333 ) $ 1 $ ( 667 ) The following table discloses the charge-off and recovery activity by loan type and year of origination for the three month period ending March 31, 2023. March 31 2023 2023 2022 2021 2020 2019 Prior Revolving Loans Revolving Loans Total Commercial real estate Gross charge-offs $ — $ — $ — $ — $ — $ ( 1 ) $ — $ — $ ( 1 ) Gross recoveries — — — — — 7 — — 7 Net charge-offs $ — $ — $ — $ — $ — $ 6 $ — $ — $ 6 Commercial and industrial Gross charge-offs $ — $ ( 1 ) $ — $ — $ ( 3 ) $ — $ ( 431 ) $ — $ ( 435 ) Gross recoveries — — — — — 4 — — 4 Net charge-offs $ — $ ( 1 ) $ — $ — $ ( 3 ) $ 4 $ ( 431 ) $ — $ ( 431 ) Residential real estate Gross charge-offs $ — $ — $ — $ — $ — $ ( 1 ) $ ( 4 ) $ — $ ( 5 ) Gross recoveries — — — — — 16 — — 16 Net charge-offs $ — $ — $ — $ — $ — $ 15 $ ( 4 ) $ — $ 11 Agricultural real estate Gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Gross recoveries — — — — — — — — — Net charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Agricultural Gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Gross recoveries — — — — — 155 — — 155 Net charge-offs $ — $ — $ — $ — $ — $ 155 $ — $ — $ 155 Consumer Gross charge-offs $ ( 16 ) $ ( 51 ) $ ( 32 ) $ ( 12 ) $ ( 20 ) $ ( 53 ) $ ( 13 ) $ — $ ( 197 ) Gross recoveries — 4 34 5 3 29 3 — 78 Net charge-offs $ ( 16 ) $ ( 47 ) $ 2 $ ( 7 ) $ ( 17 ) $ ( 24 ) $ ( 10 ) $ — $ ( 119 ) Total loans Gross charge-offs $ ( 16 ) $ ( 52 ) $ ( 32 ) $ ( 12 ) $ ( 23 ) $ ( 55 ) $ ( 448 ) $ — $ ( 638 ) Gross recoveries — 4 34 5 3 211 3 — 260 Net charge-offs $ ( 16 ) $ ( 48 ) $ 2 $ ( 7 ) $ ( 20 ) $ 156 $ ( 445 ) $ — $ ( 378 ) Modifications to Debtors Experiencing Financial Difficulty The following table presents the amortized cost basis of loans at March 31, 2024, and 2023, 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. March 31, 2024 Payment Delay Term Extension Combination Rate Change and Term Extension Combination Payment Delay and Term Extension Total Modifications Total Class of Financing Receivable Commercial real estate $ — $ 39 $ — $ 21 $ 60 0.00 % Commercial and industrial — — — — — 0.00 % Residential real estate — — — — — 0.00 % Agricultural real estate — 457 — — 457 0.23 % Agricultural 1,223 — — — 1,223 0.82 % Consumer — — — — — 0.00 % Total $ 1,223 $ 496 $ — $ 21 $ 1,740 0.05 % March 31, 2023 Payment Delay Term Extension Combination Rate Change and Term Extension Combination Payment Delay and Term Extension Total Modifications Total Class of Financing Receivable Commercial real estate $ — $ — $ — $ 14 $ 14 0.00 % Commercial and industrial — 258 — 8,794 9,052 1.49 % Residential real estate — — — — — 0.00 % Agricultural real estate — 23 — — 23 0.01 % Agricultural 122 — — — 122 0.11 % Consumer — — 25 — 25 0.02 % Total $ 122 $ 281 $ 25 $ 8,808 $ 9,236 0.28 % At March 31, 202 4, and 2023, there were $ 235 thousand and $ 129 thousand in commitments to lend additional amounts on these loans. The Company considers loans modified to borrowers in financial distress as loans that do not share similar risk characteristics with collectively evaluated loans at modification date for the purposes of calculating the allowance for credit losses. These loans will be evaluated for credit losses based on either discounted cash flows or the fair value of collateral at modification date; however, subsequent to the modification date these loans will be evaluated for credit losses as part of the collectively evaluated pools after a period of ongoing performance under the terms of the modified loan. 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 table presents the performance of such loans that have been modified during the twelve months ended March 31, 2024, and 2023. March 31, 2024 30 - 59 Days Past Due 60 - 89 Days Past Due Greater Than 89 days Past Due Total Past Due Commercial real estate $ 40 $ — $ — $ 40 Commercial and industrial 25 — 2,224 2,249 Residential real estate — — 12 12 Agricultural real estate — — — — Agricultural — — — — Consumer — — — — Total $ 65 $ — $ 2,236 $ 2,301 March 31, 2023 30 - 59 Days Past Due 60 - 89 Days Past Due Greater Than 89 days Past Due Total Past Due Commercial real estate $ — $ — $ — $ — Commercial and industrial — — — — Residential real estate — — — — Agricultural real estate — 23 — 23 Agricultural — — — — Consumer — — — — Total $ — $ 23 $ — $ 23 The following table presents the financial effect of the loan modifications presented above to borrowers experiencing financial difficulty for the three months ended March 31, 2024, and 2023. March 31, 2024 Principal Forgiveness Weighted Average Interest Rate Reduction Weighted Average Term Extension in Years Commercial real estate $ — — % 0.67 Commercial and industrial — 3.00 % 1.89 Residential real estate — — % — Agricultural real estate — — % — Agricultural — — % 0.88 Consumer — — % — Total loans $ — 3.00 % 0.90 March 31, 2023 Principal Forgiveness Weighted Average Interest Rate Reduction Weighted Average Term Extension Commercial real estate $ — — % 0.25 Commercial and industrial — — % 0.14 Residential real estate — — % — Agricultural real estate — — % 6.20 Agricultural — — % — Consumer — ( 0.24 ) % 2.16 Total loans $ — ( 0.24 ) % 0.16 Allowance for Credit Losses on Off-Balance-Sheet Credit Exposures The Company estimates expected credit losses over the contractual period in which the Company is exposed to credit risk from a contractual obligation to extend credit, unless that obligation is unconditionally cancelable by the Company. The allowance for credit losses on off-balance-sheet credit exposures is adjusted as a provision for credit loss expense recognized within other non-interest expense on the consolidated statements of income and included in other liabilities on the consolidated balance sheets. The estimated credit loss includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life. The estimate of expected credit loss is based on the historical loss rate for the class of loan the commitments would be classified as if funded. The following table lists allowance for credit losses on off-balance-sheet credit exposures as of March 31, 2024, and December 31, 2023. Allowance for March 31, 2024 December 31, 2023 Commercial real estate $ 351 $ 285 Commercial and industrial 1,188 1,053 Agricultural real estate — 2 Residential real estate 43 35 Agricultural 4 3 Consumer 243 247 Total allowance for credit losses $ 1,829 $ 1,625 |
DERIVATIVE FINANCIAL INSTRUMENT
DERIVATIVE FINANCIAL INSTRUMENTS | 3 Months Ended |
Mar. 31, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | NOTE 4 – DERIVATIVE FINANCIAL INSTRUMENTS The Company is exposed to interest-rate risk primarily from the effect of interest rate changes on its interest-earning assets and its sources of funding these assets. The Company will periodically enter into interest rate swaps or interest rate caps/floors to manage certain interest rate risk exposure. Interest Rate Swaps Designated as Fair Value Hedges The Company periodically enters into interest rate swaps to hedge the fair value of certain commercial real estate loans. These transactions are designated as fair value hedges. In this type of transaction, the Company typically receives from the counterparty a variable-rate cash flow based on the one-month LIBOR or one-month SOFR plus a spread to the index and pays a fixed-rate cash flow equal to the customer loan rate. At March 31, 2024, the portfolio of interest rate swaps ha d a weighted average maturity of 6.71 years, a weighted average pay rate of 4.60 % and a weighted average rate received of 8.48 %. At December 31, 2023, the portfolio of interest rate swaps had a weighted average maturity of 6.9 years, a weighted average pay rate of 4.60 % and a weighted average rate received of 8.50 %. Interest Rate Swaps Designated as Cash Flow Hedges The Company has entered into cash flow hedges to hedge future cash flows related to subordinated notes and Federal Home Loan Bank advance interest expense and prime rate adjustable rate loans interest income. These agreements are designated as cash flow hedges and are marked to market through other comprehensive income. The following table lists the cash flow hedges at March 31, 2024, and December 31, 2023. March 31, 2024 December 31, 2023 Weighted average Weighted average pay rate Weighted average rate received Weighted average Weighted average pay rate Weighted average rate received Subordinated note hedges 11.5 2.80 % 7.44 % 11.7 2.80 % 7.43 % Variable rate FHLB advance hedges 2.0 3.60 % 5.60 % 2.2 3.58 % 5.35 % Prime based receivable loan hedges — 8.50 % 5.60 % 0.2 8.50 % 5.60 % Total cash flow hedges 1.1 6.43 % 5.54 % 1.4 6.43 % 5.56 % Stand-Alone Derivatives The Company periodically enters into interest rate swaps with our borrowers and simultaneously enters into swaps with a counterparty with offsetting terms for the purpose of providing our borrowers long-term fixed rate loans, in addition to stand alone interest-rate swaps designed to offset the economic impact of fixed rate loans. Neither swap is designated as a hedge, and both are marked to market through earnings. At March 31, 2024, this portfolio of interest rate swaps had a weighted average maturity of 4.57 years, weighted average pay rate of 8.36 % and a weighted average rate received of 8.51 %. At December 31, 2023, this portfolio of interest rate swaps had a weighted average maturity of 4.6 years, weighted average pay rate of 8.31 % and weighted average rate received of 8.46 %. Reconciliation of Derivative Fair Values and Gains/(Losses) The notional amount of a derivative contract is a factor in determining periodic interest payments or cash flows received or paid. The notional amount of derivatives serves as a level of involvement in various types of derivatives. The notional amount does not represent the Company’s overall exposure to credit or market risk, generally, the exposure is significantly smaller. The following table shows the notional balances and fair values (including net accrued interest) of the derivatives outstanding by derivative type at March 31, 2024, and December 31, 2023. March 31, 2024 December 31, 2023 Notional Derivative Derivative Notional Derivative Derivative Derivatives designated as hedging instruments: Interest rate swaps $ 15,078 $ 1,639 $ — $ 15,461 $ 1,580 $ — Derivatives designated as cash flow hedges: Interest rate swaps 257,500 3,479 — 257,500 1,976 631 Total derivatives designated as hedging relationships 272,578 5,118 — 272,961 3,556 631 Derivatives not designated as hedging instruments: Interest rate swaps 172,570 4,154 3,715 180,911 3,446 3,025 Total derivatives not designated as hedging 172,570 4,154 3,715 180,911 3,446 3,025 Total $ 445,148 9,272 3,715 $ 453,872 7,002 3,656 Cash collateral — 8,708 — 5,952 Netting adjustments ( 8,513 ) ( 8,513 ) ( 6,406 ) ( 6,406 ) Net amount presented in Balance Sheet $ 759 $ 3,910 $ 596 $ 3,202 The table below lists designated and qualifying hedged items in fair value hedges at March 31, 2024, and December 31, 2023. March 31, 2024 December 31, 2023 Carrying Amount Hedging Fair Value Adjustment Fair Value Adjustments on Discontinued Hedges Carrying Amount Hedging Fair Value Adjustment Fair Value Adjustments on Discontinued Hedges Commercial real estate loans $ 15,232 $ ( 1,959 ) $ ( 434 ) $ 15,795 $ ( 1,826 ) $ ( 446 ) Total $ 15,232 $ ( 1,959 ) $ ( 434 ) $ 15,795 $ ( 1,826 ) $ ( 446 ) The Company reports hedging derivative gains (losses) as adjustments to loan interest income and loan interest expense along with the related net interest settlements. The non-hedging derivative gains (losses) and related net interest settlements for economic derivatives are reported in other income. For the three months period ended March 31, 2024, and 2023, the Company recorded net gains (losses) on derivatives and hedging activities as shown in the table below. Three Months Ended 2024 2023 Derivatives designated as hedging instruments: Interest rate swaps $ 1 $ 8 Total net gain (loss) related to derivatives designated as hedging instruments 1 8 Derivatives designated as cash flow hedges: Interest rate swaps — — Total net gain (loss) related to derivatives designated as cash flow hedges — — Total net gains (losses) related to hedging relationships 1 8 Derivatives not designated as hedging instruments: Economic hedges: Interest rate swaps 76 ( 3 ) Total net gains (losses) related to derivatives not 76 ( 3 ) Net gains (losses) on derivatives and hedging activities $ 77 $ 5 The following tables show the recorded net gains (losses) on derivatives and the related hedged items in fair value hedging relationships and the impact of those derivatives on the Company’s net interest income for the three month periods ended March 31, 2024, and 2023. March 31, 2024 Gain/(Loss) Gain/(Loss) Net Fair Value Effect of Commercial real estate loans $ 146 $ ( 145 ) $ 1 $ 161 Total $ 146 $ ( 145 ) $ 1 $ 161 March 31, 2023 Gain/(Loss) Gain/(Loss) Net Fair Value Effect of Commercial real estate loans $ ( 367 ) $ 375 $ 8 $ 149 Total $ ( 367 ) $ 375 $ 8 $ 149 The following tables show the recorded net gains or (losses) on derivatives and the related hedged items in cash flow hedging relationships and the impact of those derivatives on the Company's net interest income for the three month periods ended March 31, 2024, and 2023. March 31, 2024 Gain/(Loss) Gain/(Loss) Effect of Prime based receivable loan hedges $ 992 $ 749 $ ( 1,098 ) FHLB advance hedges 981 741 436 Subordinated note hedges 161 122 88 Total $ 2,134 $ 1,612 $ ( 574 ) March 31, 2023 Gain/(Loss) Gain/(Loss) Effect of Prime based receivable loan hedges $ 923 $ 686 $ ( 780 ) FHLB advance hedges 123 92 33 Subordinated note hedges ( 247 ) ( 185 ) 71 Total $ 799 $ 593 $ ( 676 ) |
LEASE OBLIGATIONS
LEASE OBLIGATIONS | 3 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
LEASE OBLIGATIONS | NOTE 5 – LEASE OBLIGATIONS Right-of-use asset and lease obligations by type of property for the periods ended March 31, 2024, and December 31, 2023, are listed below. March 31, 2024 Right-of-Use Lease Weighted Weighted Operating Leases Land and building leases $ 3,930 $ 3,929 12.7 3.29 % Total operating leases $ 3,930 $ 3,929 12.7 3.29 % December 31, 2023 Right-of-Use Lease Weighted Weighted Operating Leases Land and building leases $ 3,291 $ 3,307 14.8 3.00 % Total operating leases $ 3,291 $ 3,307 14.8 3.00 % Operating lease costs for the three months ended March 31, 2024, and 2023, are listed below. Three Months Ended 2024 2023 Operating lease cost $ 120 $ 196 Short-term lease cost — — Variable lease cost 29 14 Total operating lease cost $ 149 $ 210 There were no sale and leaseback transactions, leverage leases, lease transactions with related parties or leases that had not yet commenced during the three month periods ended March 31, 2024. A maturity analysis of operating lease liabilities and reconciliation of the undiscounted cash flows to the total operating lease liability is listed below. Lease Payments March 31, Due in one year or less $ 572 Due after one year through two years 619 Due after two years through three years 602 Due after three years through four years 536 Due after four years through five years 364 Thereafter 2,156 Total undiscounted cash flows 4,849 Discount on cash flows ( 920 ) Total operating lease liability $ 3,929 |
BORROWINGS
BORROWINGS | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
BORROWINGS | NOTE 6 – BORROWINGS Federal funds purchased and retail repurchase agreements Federal funds purchased and retail repurchase agreements as of March 31, 2024, and December 31, 2023, are listed below. March 31, December 31, Federal funds purchased $ — $ — Retail repurchase agreements 43,811 43,582 Securities sold under agreements to repurchase (retail repurchase agreements) consist of obligations of the Company to other parties. The obligations are secured by residential mortgage-backed securities held by the Company with a fai r value of $ 47,363 and $ 47,282 at March 31, 2024, and December 31, 2023 . The agreements are on a day-to-day basis and can be terminated on demand. The following table presents the borrowing usage and interest rate information for federal funds purchased and retail repurchase agreements at March 31, 2024, and December 31, 2023. March 31, December 31, Average daily balance during the period $ 47,772 $ 43,469 Average interest rate during the period 1.89 % 1.13 % Maximum month-end balance year-to-date $ 47,312 $ 46,798 Weighted average interest rate at period-end 1.66 % 1.69 % Federal Home Loan Bank advances Federal Home Loan Bank advances include both draws against the Company’s line of credit and fixed rate term advances. Federal Home Loan Bank advances as of March 31, 2024, and December 31, 2023, are as follows. March 31, December 31, 2023 Federal Home Loan Bank line of credit advances $ 119,931 $ — Federal Home Loan Bank fixed-rate term advances 100,000 100,000 Total Federal Home Loan Bank advances $ 219,931 $ 100,000 At March 31, 2024, and December 31, 2023, the Company had undisbursed advance commitments (letters of credit ) with the Federal Home Loan Bank of $ 47,861 and $ 39,922 . These letters of credit were obtained in lieu of pledging securities to secure public fund deposits that are over the FDIC insurance limit. The advances, Mortgage Partnership Finance credit enhancement obligations and letters of credit were collateralized by certain qualifying loans of $ 890,390 and securities of $ 63,789 for a total of $ 954,179 at March 31, 2024, and qualifying loans of $ 846,601 and securities of $ 65,209 for a total of $ 911,810 at December 31, 2023. Based on this collateral and the Company’s holdings of Federal Home Loan Bank stock, the Company was eligible to borrow an additional $ 685,211 and $ 770,711 at March 31, 2024, and December 31, 2023. Federal Reserve Bank borrowings At March 31, 2024, and December 31, 2023, the Company had a borrowing capacity of $ 345,460 and $ 471,569 , for which the Company has pledged loans with an outstanding balanc e of $ 393,887 and $ 394,810 and securities with a fair value of $ 147,642 and $ 9,620 . At December 31, 2023 the Company held $ 140,000 in borrowings secured from this facility under the Federal Reserve's Bank Term Funding Program with a rate of 4.38 % and maturity date of March 22, 2024. The Company repaid this borrowing at maturity and there were no outstanding borrowings at March 31, 2024. Bank stock loan The Company entered into an agreement with an unaffiliated financial institution that provided for an initial maximum borrowing facility of $ 40,000 , secured by the Company’s stock in Equity Bank. Each draw of funds on the facility will create a separate note that is repayable over a term of five years . Each note will bear interest at the greater of a variable interest rate equal to the prime rate published in the “Money Rates” section of The Wall Street Journal (or any generally recognized successor), floating daily, or a floor of 3.50 %. Accrued interest and principal payments will be due quarterly with one final payment of unpaid principal and interest due at the end of the five-year term of each separate note. The loan was renewed and amended on February 11, 2022, with a new maturity date of February 11, 2023 . With this amendment, the maximum borrowing amount was decreased from $ 40,000 to $ 25,000 . Each note will bear interest at the greater of a variable interest rate equal to the prime rate published in the “Money Rates” section of The Wall Street Journal (or any generally recognized successor), floating daily, or a floor of 3.25 %. The Company is also required to pay an unused commitment fee in an amount equal to 20 basis points per annum on the unused portion of the maximum borrowing facility due on the maturity date of the renewal. The loan was renewed on February 10, 2023, with a new maturity date of February 10, 2024 . With this renewal, the maximum borrowing amount will remain at $ 25,000 . Each note will bear interest at the greater of a variable interest rate equal to the prime rate published in the “Money Rates” section of The Wall Street Journal (or any generally recognized successor), floating daily, or a floor of 3.25 %. The Company is also required to pay an unused commitment fee in an amount equal to 20 basis points per annum on the unused portion of the maximum borrowing facility due on the maturity date of the renewal. The loan was renewed and amended on February 10, 2024, with the same terms as the previous renewal and a new maturity date of February 10, 2025. There were no outstanding principal balances on the bank stock loan at March 31, 2024, and December 31, 2023 . The terms of the borrowing facility require the Company and Equity Bank to maintain minimum capital ratios and other covenants. In the event of default, the lender has the option to declare all outstanding balances immediately due. The Company believes it is in compliance with the terms of the borrowing facility and has not been otherwise notified of noncompliance. Subordinated debt Subordinated debt as of March 31, 2024, and December 31, 2023, are listed below. March 31, December 31, Subordinated debentures $ 23,681 $ 23,594 Subordinated notes 73,377 73,327 Total $ 97,058 $ 96,921 Subordinated debentures In conjunction with prior acquisitions, the Company assumed certain subordinated debentures owed to special purpose unconsolidated subsidiaries that are controlled by the Company. These subordinated debentures have the same terms as the trust preferred securities issued by the special purpose unconsolidated subsidiaries. FCB Capital Trust II (“CTII”): The trust preferred securities issued by CTII were initially issued to accrue and pay distributions quarterly at three-month LIBOR plus 2.00 %; however on July 12, 2023, after the LIBOR transition it will now accrue and pay distributions quarterly at three-month CME term SOFR plus a tenor spread adjustment of 0.26 % plus 2.00 % on the stated liquidation amount of the trust preferred securities. These trust preferred securities are mandatorily redeemable upon maturity on April 15, 2035 , or upon earlier redemption. FCB Capital Trust III (“CTIII”): The trust preferred securities issued by CTIII were initially issued to accrue and pay distributions quarterly at three-month LIBOR plus 1.89 %; however on September 15, 2023, after the LIBOR transition it will now accrue and pay distributions quarterly at three-month CME term SOFR plus a tenor spread adjustment of 0.26 % plus 1.89 % on the stated liquidation amount of the trust preferred securities . These trust preferred securities are mandatorily redeemable upon maturity on June 15, 2037 , or upon earlier redemption. Community First (AR) Statutory Trust I (“CFSTI”): The trust preferred securities issued by CFSTI were initially issued to accrue and pay distributions quarterly at three-month LIBOR plus 3.25 %; however on September 26, 2023, after the LIBOR transition it will now accrue and pay distributions quarterly at three-month CME term SOFR plus a tenor spread adjustment of 0.26 % plus 3.25 % on the stated liquidation amount of the trust preferred securities. Th ese trust preferred securities are mandatorily redeemable upon maturity on December 26, 2032 , or upon earlier redemption. American State Bank Statutory Trust I (“ASBSTI”): The trust preferred securities issued by ASBSTI were initially issued to accrue and pay distributions quarterly at three-month LIBOR plus 1.80 %; however on September 15, 2023, after the LIBOR transition it will now accrue and pay distributions quarterly at three-month CME term SOFR plus a tenor spread adjustment of 0.26 % plus 1.80 % on the stated liquidation amount of the trust preferred securities. T hese trust preferred securities are mandatorily redeemable upon maturity on September 15, 2035 , or upon earlier redemption. Subordinated debentures as of March 31, 2024, and December 31, 2023, are listed below. March 31, Weighted Average Rate Weighted Average Term in Years CTII subordinated debentures $ 10,310 7.58 % 11.0 CTIII subordinated debentures 5,155 7.48 % 13.2 CFSTI subordinated debentures 5,155 8.82 % 8.7 ASBSTI subordinated debentures 7,732 7.39 % 11.5 Total contractual balance 28,352 Fair market value adjustments ( 4,671 ) Total subordinated debentures $ 23,681 December 31, Weighted Average Rate Weighted Average Term in Years CTII subordinated debentures $ 10,310 7.66 % 11.3 CTIII subordinated debentures 5,155 7.54 % 13.5 CFSTI subordinated debentures 5,155 8.87 % 9.0 ASBSTI subordinated debentures 7,732 7.45 % 11.7 Total contractual balance 28,352 Fair market value adjustments ( 4,758 ) Total subordinated debentures $ 23,594 Subordinated notes On June 29, 2020, the Company entered into Subordinated Note Purchase Agreements with certain qualified institutional buyers and institutional accredited investors pursuant to which the Company issued and sold $ 42,000 in aggregate principal amount of its 7.00% Fixed-to-Floating Rate Subordinated notes due 2030. The notes were issued under an Indenture, dated as of June 29, 2020 (the “Indenture”), by and between the Company and UMB Bank, N.A., as trustee. The notes will mature on June 30, 2030 . From June 29, 2020, through June 29, 2025, the Company will pay interest on the notes semi-annually in arrears on June 30 and December 30 of each year, commencing on December 30, 2020 , at a fixed interest rate of 7.00 %. Beginning June 30, 2025, the notes convert to a floating interest rate, to be reset quarterly, equal to the then-current Three-Month Term SOFR, as defined in the Indenture, plus 688 basis points . Interest payments during the floating-rate period will be paid quarterly in arrears on March 30, June 30, September 30 and December 30 of each year, commencing on September 30, 2025 . On July 23, 2020, the Company closed on an additional $ 33,000 of subordinated notes with the same terms as the June 29, 2020, issue. Subordinated notes as of March 31, 2024, are listed below. March 31, Weighted Average Rate Weighted Average Term in Years Subordinated notes $ 75,000 7.00 % 6.3 Total principal outstanding 75,000 Debt issuance cost ( 1,623 ) Total subordinated notes $ 73,377 Subordinated notes as of December 31, 2023, are listed below. December 31, Weighted Average Rate Weighted Average Term in Years Subordinated notes $ 75,000 7.00 % 6.5 Total principal outstanding 75,000 Debt issuance cost ( 1,673 ) Total subordinated notes $ 73,327 Future principal repayments Future principal repayments of the March 31, 2024, outstanding balances are as follows. Retail Repurchase Agreements FHLB Advances Subordinated Debentures Subordinated Notes FRB Borrowings Total Due in one year or less $ 43,811 $ 219,931 $ — $ — $ — $ 263,742 Due after one year through two years — — — — — — Due after two years through three years — — — — — — Due after three years through four years — — — — — — Due after four years through five years — — — — — — Thereafter — — 28,352 75,000 — 103,352 Total $ 43,811 $ 219,931 $ 28,352 $ 75,000 $ — $ 367,094 |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
STOCKHOLDERS' EQUITY | NOTE 7 – STOCKHOLDERS’ EQUITY Preferred stock The Company’s articles of incorporation provide for the issuance of shares of preferred stock. At March 31, 2024, and December 31, 2023, th ere was no preferred stock outstanding. Common stock The Company’s articles of incorporation provide for the issuance of 45,000,000 shares of Class A voting common stock (“Class A common stock”) and 5,000,000 shares of Class B non-voting common stock (“Class B common stock”), both of which have a par value of $ 0.01 per share. The following table presents shares that were issued, held in treasury or were outstanding at March 31, 2024, and December 31, 2023. March 31, December 31, Class A common stock – issued 20,569,754 20,460,615 Class A common stock – held in treasury ( 5,226,555 ) ( 5,016,964 ) Class A common stock – outstanding 15,343,199 15,443,651 Class B common stock – issued 234,903 234,903 Class B common stock – held in treasury ( 234,903 ) ( 234,903 ) Class B common stock – outstanding — — Treasury stock is stated at cost, determined by the first-in first-out method. In 2019, the Company’s Board of Directors adopted the Equity Bancshares, Inc. 2019 Employee Stock Purchase Plan (“ESPP”). The ESPP enables eligible employees to purchase the Company’s common stock at a price per share equal to 85 % of the lower of the fair market value of the common stock at the beginning or end of each offering period. ESPP compensation expense of $ 35 and $ 39 was recorded for the three months ended March 31, 2024, and 2023. The following table presents the offering periods and costs associated with this program during the reporting period. Offering Period Shares Purchased Cost Per Share Compensation Expense August 15, 2021 to February 14, 2022 14,274 $ 27.37 $ 69 February 15, 2022 to August 14, 2022 14,555 27.61 71 August 15, 2022 to February 14, 2023 17,508 26.18 81 February 15, 2023 to August 14, 2023 14,548 22.34 57 August 15, 2023 to February 14, 2024 16,884 21.79 65 In September of 2021, the Company’s Board of Directors authorized the repurchase of up to 1,000,000 shares of the Company’s outstanding common stock, from time to time, beginning October 29, 2021, and concluding October 28, 2022. The repurchase program did not obligate the Company to acquire a specific dollar amount or number of shares and it may be extended, modified or discontinued at any time without notice. Under this program, during the years ended December 31, 2022 and 2021, the Company repurchased a total of 1,000,000 shares of the Company’s outstanding common stock at an average price paid of $ 32.11 per share. In September of 2022, the Company's Board of Directors authorized the repurchase of up to 1,000,000 shares of the Company's outstanding common stock, from time to time, beginning October 1, 2022, and concluding on September 30, 2023. The repurchase program does not obligate the Company to acquire a specific dollar amount or number of shares and it could be extended, modified or discontinued at any time without notice. Under this program, during the years ended December 31, 2023, and 2022, the Company repurchased a total of 832,893 shares of the Company’s outstanding common stock at an average price paid of $ 27.89 per share. On July 26, 2023, the Company’s Board of Directors approved a share repurchase plan for up to 1,000,000 shares of outstanding common stock beginning on October 1, 2023, and concluding on September 30, 2024. The repurchase program does not obligate the Company to acquire a specific dollar amount or number of shares, and it may be extended, modified or discontinued at any time without notice. Non-objection from the Federal Reserve Bank of Kansas City related to this repurchase plan was received September 27, 2023. Under this program, during the quarter ended March 31, 2024, the Company repurchased a total of 209,591 shares of the Company’s outstanding common stock at an average price paid of $ 32.24 per share. At March 31, 2024, there are 790,409 shares remaining available for repurchase under the program. Accumulated other comprehensive income (loss) At March 31, 2024, and December 31, 2023, accumulated other comprehensive income (loss) consisted of (i) the after-tax effect of unrealized gains (losses) on available-for-sale securities and (ii) unrealized gains (losses) on cash flow hedges. Components of accumulated other comprehensive income as of March 31, 2024, and December 31, 2023, are listed below. Available-for- Cash Flow Hedges Accumulated March 31, 2024 Net unrealized or unamortized gains (losses) $ ( 83,476 ) $ 2,973 $ ( 80,503 ) Tax effect 20,443 ( 728 ) 19,715 $ ( 63,033 ) $ 2,245 $ ( 60,788 ) December 31, 2023 Net unrealized or unamortized gains (losses) $ ( 77,548 ) $ 839 $ ( 76,709 ) Tax effect 18,995 ( 206 ) 18,789 $ ( 58,553 ) $ 633 $ ( 57,920 ) |
REGULATORY MATTERS
REGULATORY MATTERS | 3 Months Ended |
Mar. 31, 2024 | |
Banking And Thrift Disclosure [Abstract] | |
REGULATORY MATTERS | NOTE 8 – REGULATORY MATTERS Banks and bank holding companies (on a consolidated basis) are subject to regulatory capital requirements administered by federal banking agencies. Capital adequacy guidelines and, additionally for banks, prompt corrective action regulations, involve quantitative measures of assets, liabilities, and certain off-balance-sheet items calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgments by regulators. Failure to meet capital requirements can initiate regulatory action. The Basel III rules require banks to maintain a Common Equity Tier 1 capital ratio of 6.5 %, a total Tier 1 capital ratio of 8 %, a total capital ratio of 10 % and a leverage ratio of 5 % to be deemed “well capitalized” for purposes of certain rules and prompt corrective action requirements. The risk-based ratios include a “capital conservation buffer” of 2.5 % which can limit certain activities of an institution, including pa yment of dividends, share repurchases and discretionary bonuses to executive officers, if its capital level is below the buffer amount. Management believes as of March 31, 2024, the Company and Bank meet all capital adequacy requirements to which they are subject. Prompt corrective action regulations provide five classifications: well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized, and critically undercapitalized, although these terms are not used to represent overall financial condition. If adequately capitalized, regulatory approval is required to accept brokered deposits. If undercapitalized, capital distributions are limited, as are asset growth and acquisitions, and capital restoration plans are required. As of March 31, 2024, the most recent notifications from the federal regulatory agencies categorized Equity Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized, Equity Bank must maintain minimum total risk-based, Tier 1 risk-based, and Tier 1 leverage ratios as set forth in the table below. There are no conditions or events since that notification that management believes have changed Equity Bank’s category. The Company’s and Equity Bank’s capital amounts and ratios at March 31, 2024, and December 31, 2023, are presented in the table below. The Company was able to take advantage of the accumulated other comprehensive income exception on capital calculations that was made available by regulators in order to maintain strong regulatory ratios. Ratios provided for Equity Bancshares, Inc. represent the ratios of the Company on a consolidated basis. Actual Minimum Required for To Be Well Amount Ratio Amount Ratio Amount Ratio March 31, 2024 Total capital to risk weighted assets Equity Bancshares, Inc. $ 589,681 14.71 % $ 420,797 10.50 % $ N/A N/A Equity Bank 572,236 14.30 % 420,102 10.50 % 400,097 10.00 % Tier 1 capital to risk weighted assets Equity Bancshares, Inc. 470,026 11.73 % 340,645 8.50 % N/A N/A Equity Bank 525,958 13.15 % 340,083 8.50 % 320,078 8.00 % Common equity Tier 1 capital to risk weighted assets Equity Bancshares, Inc. 446,345 11.14 % 280,531 7.00 % N/A N/A Equity Bank 525,958 13.15 % 280,068 7.00 % 260,063 6.50 % Tier 1 leverage to average assets Equity Bancshares, Inc. 470,026 9.10 % 206,687 4.00 % N/A N/A Equity Bank 525,958 10.20 % 206,242 4.00 % 257,802 5.00 % December 31, 2023 Total capital to risk weighted assets Equity Bancshares, Inc. $ 589,131 15.48 % $ 399,729 10.50 % $ N/A N/A Equity Bank 571,938 15.05 % 399,006 10.50 % 380,006 10.00 % Tier 1 capital to risk weighted assets Equity Bancshares, Inc. 470,659 12.36 % 323,590 8.50 % N/A N/A Equity Bank 526,793 13.86 % 323,005 8.50 % 304,004 8.00 % Common equity Tier 1 capital to risk weighted assets Equity Bancshares, Inc. 447,064 11.74 % 266,486 7.00 % N/A N/A Equity Bank 526,793 13.86 % 266,004 7.00 % 247,004 6.50 % Tier 1 leverage to average assets Equity Bancshares, Inc. 470,659 9.46 % 199,112 4.00 % N/A N/A Equity Bank 526,793 10.60 % 198,782 4.00 % 248,477 5.00 % Equity Bank is subject to certain restrictions on the amount of dividends that it may declare without prior regulatory approval. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | NOTE 9 – EARNINGS PER SHARE The following table presents earnings per share for the three months ended March 31, 2024, and 2023. Three months ended March 31, March 31, Basic: Net income (loss) allocable to common stockholders $ 14,068 $ 12,323 Weighted average common shares outstanding 15,416,060 15,843,147 Weighted average vested restricted stock units 9,649 15,661 Weighted average shares 15,425,709 15,858,808 Basic earnings (loss) per common share $ 0.91 $ 0.78 Diluted: Net income (loss) allocable to common stockholders $ 14,068 $ 12,323 Weighted average common shares outstanding for: Basic earnings per common share 15,425,709 15,858,808 Dilutive effects of the assumed exercise of stock options 52,609 54,491 Dilutive effects of the assumed vesting of restricted stock units 89,685 110,526 Dilutive effects of the assumed exercise of ESPP purchases 1,222 4,226 Average shares and dilutive potential common shares 15,569,225 16,028,051 Diluted earnings (loss) per common share $ 0.90 $ 0.77 Average shares not included in the computation of diluted earnings per share because they were antidilutive are shown in the following table as of March 31, 2024, and 2023. Three months ended March 31, March 31, Stock options 177,563 255,510 Restricted stock units 5,177 9,980 Total antidilutive shares 182,740 265,490 |
FAIR VALUE
FAIR VALUE | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE | NOTE 10 – FAIR VALUE The Company uses fair value measurements to record fair value adjustments to certain assets and liabilities and to disclose the fair value of its financial instruments. Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. For disclosure purposes, the Company groups its financial and non-financial assets and liabilities into three different levels based on the nature of the instrument and the availability and reliability of the information that is used to determine fair value. The three levels of inputs that may be used to measure fair values are defined as follows. Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3: Significant unobservable inputs that reflect a reporting entity’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. Level 1 inputs are considered to be the most transparent and reliable. The Company assumes the use of the principal market to conduct a transaction of each particular asset or liability being measured and then considers the assumptions that market participants would use when pricing the asset or liability. Whenever possible, the Company first looks for quoted prices for identical assets or liabilities in active markets (Level 1 inputs) to value each asset or liability. However, when inputs from identical assets or liabilities on active markets are not available, the Company utilizes market observable data for similar assets and liabilities. The Company maximizes the use of observable inputs and limits the use of unobservable inputs to occasions when observable inputs are not available. The need to use unobservable inputs generally results from the lack of market liquidity of the actual financial instrument or of the underlying collateral. Although, in some instances, third party price indications may be available, limited trading activity can challenge the implied value of those quotations. The following is a description of the valuation methodologies used for assets and liabilities measured at fair value, as well as the general classification of each instrument under the hierarchy. Fair Value of Assets and Liabilities Measured on a Recurring Basis The fair values of securities available-for-sale and equity securities with readily determinable fair value are carried at fair value on a recurring basis. To the extent possible, observable quoted prices in an active market are used to determine fair value and, as such, these securities are classified as Level 1. For securities where quoted prices are not available, fair values are calculated based on market prices of similar securities, generally determined by matrix pricing, which is a mathematical technique widely used in the industry to value securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted securities (Level 2 inputs). The Company’s available-for-sale securities, including U.S. Government sponsored entity securities, residential mortgage-backed securities (all of which are issued or guaranteed by government sponsored agencies), private-label residential mortgage-backed securities, corporate securities, Small Business Administration securities, and State and Political Subdivision securities are classified as Level 2. The fair values of derivatives are determined based on a valuation pricing model using readily available observable market parameters such as interest rate yield curves (Level 2 inputs) adjusted for credit risk attributable to the seller of the interest rate derivative. Cash collateral received from or delivered to a derivative counterparty is classified as Level 1. Assets and liabilities measured at fair value on a recurring basis are summarized in the following tables as of March 31, 2024, and December 31, 2023. March 31. 2024 (Level 1) (Level 2) (Level 3) Assets: Available-for-sale securities: U.S. Government-sponsored entities $ — $ 75,077 $ — U.S. Treasury securities 120,249 — — Mortgage-backed securities Government-sponsored residential mortgage-backed securities — 624,582 — Private label residential mortgage-backed securities — 135,058 — Corporate — 50,791 — Small Business Administration loan pools — 7,102 — State and political subdivisions — 78,858 — Derivative assets: Derivative assets (included in other assets) — 9,272 — Cash collateral held by counterparty and netting adjustments ( 8,513 ) — — Total derivative assets ( 8,513 ) 9,272 — Other assets: Equity securities with readily determinable fair value 675 — — Total other assets 675 — — Total assets $ 112,411 $ 980,740 $ — Liabilities: Derivative liabilities: Derivative liabilities (included in other liabilities) $ — $ 3,715 $ — Cash collateral held by counterparty and netting adjustments 195 — — Total derivative liabilities 195 3,715 — Total liabilities $ 195 $ 3,715 $ — December 31, 2023 (Level 1) (Level 2) (Level 3) Assets: Available-for-sale securities: U.S. Government-sponsored entities $ — $ 33,087 $ — U.S. Treasury securities 89,256 — — Mortgage-backed securities Government-sponsored residential mortgage- — 529,143 — Private label residential mortgage-backed securities — 137,841 — Corporate — 49,683 — Small Business Administration loan pools — 7,727 — State and political subdivisions — 72,911 — Derivative assets: Derivative assets (included in other assets) — 7,002 — Cash collateral held by counterparty and netting adjustments ( 6,406 ) — — Total derivative assets ( 6,406 ) 7,002 — Other assets: Equity securities with readily determinable fair value 674 — — Total other assets 674 — — Total assets $ 83,524 $ 837,394 $ — Liabilities: Derivative liabilities: Derivative liabilities (included in other liabilities) $ — $ 3,656 $ — Cash collateral held by counterparty and netting adjustments ( 454 ) — — Total derivative liabilities ( 454 ) 3,656 — Total liabilities $ ( 454 ) $ 3,656 $ — There were no material transfers between levels during the three months ended March 31, 2024, or the year ended December 31, 2023. The Company’s policy is to recognize transfers into or out of a level as of the end of a reporting period. Fair Value of Assets and Liabilities Measured on a Non-recurring Basis Certain assets are measured at fair value on a non-recurring basis when there is evidence of loans individually assessed for credit losses. The fair value of loans individually assessed for credit losses with specific allowance for credit losses are generally based on recent real estate appraisals of the collateral. Declines in the fair values of other real estate owned, subsequent to their initial acquisitions, are also based on recent real estate appraisals less estimated selling costs. Real estate appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the appraisers to adjust for differences between the comparable sales and income data available. Such adjustments made to real estate appraisals and other loan valuations are typically significant and result in a Level 3 classification of the inputs for determining fair value. Assets measured at fair value on a non-recurring basis are summarized below as of March 31, 2024, and December 31, 2023. March 31. 2024 (Level 1) (Level 2) (Level 3) Loans individually evaluated for credit losses: Commercial real estate $ — $ — $ 2,067 Commercial and industrial — — 3,195 Residential real estate — — 2,833 Agricultural real estate — — 2,662 Other — — 2,796 Other real estate owned: Commercial real estate — — 1,061 Residential real estate — — 170 December 31, 2023 (Level 1) (Level 2) (Level 3) Loans individually evaluated for credit losses: Commercial real estate $ — $ — $ 1,616 Commercial and industrial — — 3,706 Residential real estate — — 6,165 Agricultural real estate — — 2,606 Other — — 2,442 Other real estate owned: Commercial real estate — — 1,061 Residential real estate — — 170 The Company did no t record any liabilities for which the fair value was measured on a non-recurring basis at March 31, 2024, or December 31, 2023. Valuations of individually evaluated loans and other real estate owned utilize third party appraisals or broker price opinions and were classified as Level 3 due to the significant judgment involved. Appraisals may include the utilization of unobservable inputs, subjective factors and utilize quantitative data to estimate fair market value. The following table presents additional information about the unobservable inputs used in the fair value measurement of financial assets measured on a nonrecurring basis that were categorized with Level 3 of the fair value hierarchy as of March 31, 2024, and December 31, 2023. Fair Value Valuation Unobservable Range average) or Multiple of Earnings March 31, 2024 Individually evaluated real estate loans $ 13,553 Sales Adjustments for 5 % - 56 % 30 %) Individually evaluated other real estate owned $ 1,231 Sales Adjustments for 5 % - 23 % 14 %) December 31, 2023 Individually evaluated real estate loans $ 16,535 Sales Adjustments for between 3 % - 34 % 19 %) Individually evaluated other real estate owned $ 1,231 Sales Adjustments for between 7 % - 28 % 18 %) Carrying amount and estimated fair values of financial instruments at period end were as follows for March 31, 2024, and December 31, 2023. March 31, 2024 Carrying Estimated (Level 1) (Level 2) (Level 3) Financial assets: Cash and cash equivalents $ 235,018 $ 235,018 $ 235,018 $ — $ — Available-for-sale securities 1,091,717 1,091,717 120,249 971,468 — Held-to-maturity securities 2,205 2,210 — 2,210 — Loans held for sale 1,311 1,311 — 1,311 — Loans, net of allowance for credit losses 3,437,714 3,375,009 — — 3,375,009 Federal Reserve Bank and Federal Home 27,009 27,009 — 27,009 — Interest receivable 27,082 27,082 — 27,082 — Derivative assets 9,272 9,272 — 9,272 — Cash collateral held by derivative counterparty ( 8,513 ) ( 8,513 ) ( 8,513 ) — — Total derivative assets 759 759 ( 8,513 ) 9,272 — Equity securities with readily determinable fair value 675 675 675 — — Total assets $ 4,823,490 $ 4,760,790 $ 347,429 $ 1,038,352 $ 3,375,009 Financial liabilities: Deposits $ 4,371,026 $ 4,365,528 $ — $ 4,365,528 $ — Federal funds purchased and retail 43,811 43,811 — 43,811 — Federal Home Loan Bank advances 219,931 219,931 — 219,931 — Subordinated debentures 23,681 23,681 — 23,681 — Subordinated notes 73,377 72,064 — 72,064 — Contractual obligations 18,493 18,493 — 18,493 — Interest payable 6,525 6,525 — 6,525 — Derivative liabilities 3,715 3,715 — 3,715 — Cash collateral held by derivative counterparty 195 195 195 — — Total derivative liabilities 3,910 3,910 195 3,715 — Total liabilities $ 4,760,754 $ 4,753,943 $ 195 $ 4,753,748 $ — December 31, 2023 Carrying Estimated (Level 1) (Level 2) (Level 3) Financial assets: Cash and cash equivalents $ 379,099 $ 379,099 $ 379,099 $ — $ — Available-for-sale securities 919,648 919,648 89,256 830,392 — Held-to-maturity securities 2,209 2,250 — 2,250 — Loans held for sale 476 476 — 476 — Loans, net of allowance for credit losses 3,289,381 3,227,789 — — 3,227,789 Federal Reserve Bank and Federal Home 20,608 20,608 — 20,608 — Interest receivable 25,497 25,497 — 25,497 — Derivative assets 7,002 7,002 — 7,002 — Cash collateral held by derivative counterparty ( 6,406 ) ( 6,406 ) ( 6,406 ) — — Total derivative assets 596 596 ( 6,406 ) 7,002 — Equity securities with readily determinable fair value 674 674 674 — — Total assets $ 4,638,188 $ 4,576,637 $ 462,623 $ 886,225 $ 3,227,789 Financial liabilities: Deposits $ 4,145,455 $ 4,140,501 $ — $ 4,140,501 $ — Federal funds purchased and retail 43,582 43,582 — 43,582 — Federal Home Loan Bank advances 100,000 100,000 — 100,000 — Federal Reserve Bank Borrowings 140,000 140,000 — 140,000 — Subordinated debentures 23,594 23,594 — 23,594 — Subordinated notes 73,327 71,827 — 71,827 — Contractual obligations 19,315 19,315 — 19,315 — Interest payable 9,180 9,180 — 9,180 — Derivative liabilities 3,656 3,656 — 3,656 — Cash collateral held by derivative counterparty ( 454 ) ( 454 ) ( 454 ) — — Total derivative liabilities 3,202 3,202 ( 454 ) 3,656 — Total liabilities $ 4,557,655 $ 4,551,201 $ ( 454 ) $ 4,551,655 $ — The fair value of off-balance-sheet items is not considered material. |
COMMITMENTS AND CREDIT RISK
COMMITMENTS AND CREDIT RISK | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CREDIT RISK | NOTE 11 – COMMITMENTS AND CREDIT RISK The Company extends credit for commercial real estate mortgages, residential mortgages, working capital financing and loans to businesses and consumers. Commitments to Originate Loans and Available Lines of Credit Commitments to originate loans and available lines of credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments and lines of credit generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since a portion of the commitments and lines of credit may expire without being drawn upon, the total commitment and lines of credit amounts do not necessarily represent future cash requirements. Each customer’s creditworthiness is evaluated on a case-by-case basis. The amount of collateral obtained, if deemed necessary, is based on management’s credit evaluation of the counterparty. Collateral held varies, but may include accounts receivable, inventory, property, plant and equipment, commercial real estate and residential real estate. Mortgage loans in the process of origination represent amounts that the Company plans to fund within a normal period of 60 to 90 days, and which are intended for sale to investors in the secondary market. The contractual amounts of commitments to originate loans and available lines of credit as of March 31, 2024, and December 31, 2023, were as follows. March 31, 2024 December 31, 2023 Fixed Variable Fixed Variable Commitments to make loans $ 50,859 $ 364,978 $ 47,465 $ 343,715 Mortgage loans in the process of origination 3,223 1,079 4,574 357 Unused lines of credit 154,247 372,769 124,893 355,270 At March 31, 2024, the fixed rate loan commitments have interest rates ranging from 3.95 % to 18.00 % and maturities ranging from 1 month to 129 months. Standby Letters of Credit Standby letters of credit are irrevocable commitments issued by the Company to guarantee the performance of a customer to a third party once specified pre-conditions are met. Financial standby letters of credit are primarily issued to support public and private borrowing arrangements, including commercial paper, bond financing, and similar transactions. Performance standby letters of credit are issued to guarantee performance of certain customers under non-financial contractual obligations. The credit risk involved in issuing standby letters of credit is essentially the same as that involved in extending loans to customers. The contractual amounts of standby letters of credit as of March 31, 2024, and December 31, 2023, were as follows. March 31, 2024 December 31, 2023 Fixed Variable Fixed Variable Standby letters of credit $ 16,905 $ 29,196 $ 18,145 $ 30,680 |
LEGAL MATTERS
LEGAL MATTERS | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
LEGAL MATTERS | NOTE 12 – LEGAL MATTERS The Company is party to various matters of litigation in the ordinary course of business. The Company periodically reviews all outstanding pending or threatened legal proceedings and determines if such matters will have an adverse effect on the business, financial condition, results of operations or cash flows. A loss contingency is recorded when the outcome is probable and reasonably able to be estimated. Any loss contingency described below has been identified by the Company as reasonably possible to result in an unfavorable outcome for the Company or the Bank. Equity Bank is party to a lawsuit filed on January 28, 2022, in the Sedgwick County Kansas District Court on behalf of one of our customers alleging improperly collected overdraft fees. The plaintiff seeks to have the case certified as a class action. The Bank has filed a motion to dismiss this claim on its merits and on the grounds that the defendant must litigate any such claims in arbitration. The trial court ruling denying the requirement of arbitration is currently on appeal. The Company believes that the lawsuit is without merit, and it intends to vigorously defend against the claim asserted. At this time, the Company is unable to reasonably estimate the loss amount of this litigation. Equity Bank is party to a lawsuit filed on February 2, 2022, in Jackson County, Missouri District Court against the Bank on behalf of one of our Missouri customers alleging improperly collected overdraft fees. The plaintiff seeks to have the case certified as a class action of Missouri customers only. The Company believes that the lawsuit is without merit, and it intends to vigorously defend against the claims now asserted. At this time, the Company is unable to reasonably estimate the loss amount of this litigation. Equity Bank is party to a lawsuit filed on February 28, 2023, in Saline County, Missouri District Court against the Bank on behalf of one of our Missouri customers alleging improperly collected overdraft fees. The plaintiff seeks to have the case certified as a class action for Missouri customers only. The Company believes that the lawsuit is without merit, and it intends to vigorously defend against the claims now asserted. At this time, the Company is unable to reasonably estimate the loss amount of this litigation. |
REVENUE RECOGNITION
REVENUE RECOGNITION | 3 Months Ended |
Mar. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE RECOGNITION | NOTE 13 – REVENUE RECOGNITION The majority of the Company’s revenues come from interest income on financial instruments, including loans, leases, securities and derivatives, which are outside the scope of ASC 606. The Company’s services that fall within the scope of ASC 606 are presented with non-interest income and are recognized as revenue as the Company satisfies its obligation to the customer. Services within the scope of ASC 606 include service charges and fees on deposits, debit card income, investment referral income, insurance sales commissions and other non-interest income related to loans and deposits. Except for gains or losses from the sale of other real estate owned, all of the Company’s revenue from contracts with customers within the scope of ASC 606 are recognized in non-interest income. The following table presents the Company’s sources of non-interest income for the three months ended March 31, 2024, and 2023. Three Months Ended 2024 2023 Non-interest income Service charges and fees $ 2,569 $ 2,545 Debit card income 2,447 2,554 Mortgage banking (a) 188 88 Increase in bank-owned life insurance (a) 828 1,583 Net gain (loss) on acquisitions (a) 1,239 — Net gain (loss) from securities transactions (a) 43 32 Other Investment referral income 138 89 Trust income 319 240 Insurance sales commissions 36 113 Recovery on zero-basis purchased loans (a) 3,345 6 Income (loss) from equity method investments (a) ( 56 ) ( 55 ) Other non-interest income related to loans — 1,362 Other non-interest income not related to (a) 635 532 Total other non-interest income 4,417 2,287 Total $ 11,731 $ 9,089 (a) Not within the scope of ASC 606. |
BUSINESS COMBINATIONS AND BRANC
BUSINESS COMBINATIONS AND BRANCH SALES | 3 Months Ended |
Mar. 31, 2024 | |
Business Combinations [Abstract] | |
BUSINESS COMBINATIONS AND BRANCH SALES | NOTE 14 – BUSINESS COMBINATI ONS AND BRANCH SALES At close of business on February 9, 2024, the Company acquired 100 % of the outstanding common shares of Rockhold BanCorp ("Rockhold"), the holding company of the Bank of Kirksville (“BOK”), based in Kirksville, Mi ssouri. Results of operations of BOK were included in the Company’s results of operations beginning February 10, 2024. Acquisition-related costs associated with this acquisition were $ 1,556 ($ 1,233 on an after-tax basis) and are included in merger expense in the Company’s income statement for the year quarter March 31, 2024. Information necessary to recognize the fair value of assets acquired and liabilities assumed is currently still on-going. The acquisition was an expansion to the Company’s current footprint in Missouri with the addition of eight branch locations in the Kirksville area. The following table summarizes the amounts of assets acquired and liabilities assumed recognized at the acquisition date. Fair value of consideration: Cash $ 44,304 $ 44,304 Recognized amounts of identifiable assets acquired and liabilities assumed: Cash and due from banks $ 105,218 Available-for-sale securities 164,629 Loans 118,131 Premises and equipment 3,473 Core deposit intangible 11,530 Other assets 3,194 Total assets acquired 406,175 Deposits 349,777 Federal funds purchased and retail repurchase agreements 8,818 Interest payable and other liabilities 2,037 Total liabilities assumed 360,632 Total identifiable net assets 45,543 Bargain purchase gain ( 1,239 ) $ 44,304 The following tables reconcile the par value of BOK loan portfolio as of the purchase date to the fair value indicated in the table above. For non-purchase credit deteriorated assets, the entire fair value adjustment including both interest and credit related components is recorded as an adjustment to par (“Fair Value Marks”) and reflected as an adjustment to the carrying value of that asset within the Consolidated Balance Sheet. Following purchase, an ACL is also established for these non-purchase credit deteriorated assets which is not reflected in this table as it is accounted for outside of the business combination. For purchase-credit deteriorated assets, as required by CECL, the difference between par value and purchase price is divided between a (discount)/premium related to all other factors except ACL referred to as ("Discounts from Other Factors Excluding ACL") and an ACL at the acquisition date referred to as (“Credit Marks in ACL”). The addition to ACL is based on the application of management’s CECL methodology to the individual loans. Non-Purchase Credit Deteriorated Loans Loan Par Value Fair Value Marks Purchase Price Commercial real estate $ 1,959 $ ( 85 ) $ 1,874 Commercial and industrial 32,300 ( 578 ) 31,722 Residential real estate 42,318 ( 1,182 ) 41,136 Agricultural 37,641 ( 949 ) 36,692 Consumer 1,373 ( 36 ) 1,337 Total non-PCD loans $ 115,591 $ ( 2,830 ) $ 112,761 Purchase Credit Deteriorated Loans Loan Par Value Discounts from Other Factors Excluding ACL Credit Marks Purchase Price Commercial and industrial $ 1,366 $ ( 178 ) $ ( 119 ) $ 1,069 Residential real estate 2,044 ( 210 ) ( 183 ) 1,651 Agricultural 3,316 ( 472 ) ( 284 ) 2,560 Consumer 115 ( 15 ) ( 10 ) 90 Total PCD loans $ 6,841 $ ( 875 ) $ ( 596 ) $ 5,370 Total Purchased Loans Purchase Price Non-Purchase Credit Deteriorated Loans $ 112,761 Purchase Credit Deteriorated Loans 5,370 Total loans $ 118,131 Assuming the Rockhold acquisition would have taken place on January 1, 2023, total combined revenue would have been $ 86,834 for the quarter ended March 31, 2024, and $ 244,365 for the year ended December 31, 2023. Net income would have been $ 18,230 at March 31, 2024, and $ 20,850 at December 31, 2023. The pro forma amounts disclosed exclude merger expense from non-interest expense, which is considered a non-recurring adjustment. Separate revenue and earnings of the for mer Rockhold locatio ns are not available subsequent to the acquisition. |
SEGMENT REPORTING
SEGMENT REPORTING | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
SEGMENT REPORTING | NOTE 15 – SEGMENT REPORTING Equity Bancshares, Inc. is a financial holding company, whose principal activity is the ownership and management of its wholly-owned subsidiaries, including Equity Bank (“Equity Bank”). As a community-oriented financial institution, substantially all of the Company’s operations involve the delivery of loan and deposit products to customers. Management makes operating decisions and assesses performance based on an ongoing review of these banking operations, which constitute the Company’s only operating segment for financial reporting purposes. The Company’s chief operating decision maker is comprised of the executive leadership team. For Equity Bancshares Inc., the executive leadership team uses gross profit and profit or loss from operations before interest and income taxes to allocate resources for in the annual budget and forecasting process. The chief operating decision maker considers budget-to-actual variances on a monthly basis for profit measures when making decisions about allocating capital and personnel to the operating segment. For Equity Bank, the executive leadership team uses net-interest income and non-interest income to allocate resources (including employees, financial, or capital resources) to that segment in the annual budget and forecasting process and uses that measure as a basis for evaluating lending terms for customer loans. The following tables present information about reported segment revenue, measures of a segment’s profit or loss, significant segment expenses, and measure of a segment’s assets for the three months ended March 31, 2024, and March 31, 2023. The Company does not allocate all holding company expenses, income taxes or unusual items to the reportable segment. The following tables present the reconciliations of reportable segment revenues and measures of profit or loss and line item reconciliation to the Company’s consolidated financial statement totals. Unallocated Holding Company Equity Bank Amounts Eliminations Total March 31, 2024 Interest and dividend income $ 71,590 $ 177 $ — $ 71,767 Interest expense 25,662 1,923 — 27,585 Net interest income 45,928 ( 1,746 ) — 44,182 Provision (reversal) for credit losses 1,000 — — 1,000 Net interest income after provision (reversal) for credit losses 44,928 ( 1,746 ) — 43,182 Non-interest income Service charges and fees 2,569 — — 2,569 Debit card income 2,447 — — 2,447 Mortgage banking 188 — — 188 Increase in value of bank-owned life insurance 828 — — 828 Net gain on acquisition and branch sales 1,239 — — 1,239 Net gain (loss) from securities transactions ( 251 ) 294 — 43 Other 4,417 16,303 ( 16,303 ) (a) 4,417 Total non-interest income 11,437 16,597 ( 16,303 ) 11,731 Non-interest expense Salaries and employee benefits 18,049 48 — 18,097 Net occupancy and equipment 3,535 — — 3,535 Data processing 4,828 — — 4,828 Professional fees 1,230 162 — 1,392 Advertising and business development 1,237 1 — 1,238 Telecommunications 655 — — 655 FDIC insurance 571 — — 571 Courier and postage 606 — — 606 Free nationwide ATM cost 494 — — 494 Amortization of core deposit intangibles 899 — — 899 Loan expense 109 — — 109 Other real estate owned ( 84 ) — — ( 84 ) Merger expenses 996 560 — 1,556 Other 2,555 701 — 3,256 Intersegment service charges 345 ( 345 ) — — Total non-interest expense 36,025 1,127 — 37,152 Income (loss) before income tax 20,340 13,724 ( 16,303 ) 17,761 Provision (benefit) for income taxes 4,171 ( 478 ) — 3,693 Total segment profit/(loss) $ 16,169 $ 14,202 $ ( 16,303 ) $ 14,068 (a) Elimination of equity in earnings of subsidiary Unallocated Holding Company Equity Bank Amounts Eliminations Total March 31, 2023 Interest and dividend income $ 56,105 $ 18 $ — $ 56,123 Interest expense 15,133 1,880 — 17,013 Net interest income 40,972 ( 1,862 ) — 39,110 Provision (reversal) for credit losses ( 366 ) — — ( 366 ) Net interest income after provision (reversal) for credit losses 41,338 ( 1,862 ) — 39,476 Non-interest income Service charges and fees 2,545 — — 2,545 Debit card income 2,554 — — 2,554 Mortgage banking 88 — — 88 Increase in value of bank-owned life insurance 1,583 — — 1,583 Net gain (loss) from securities transactions 32 — — 32 Other 1,310 14,785 ( 14,297 ) (a) 1,798 Total non-interest income 8,112 14,785 ( 14,297 ) 8,600 Non-interest expense Salaries and employee benefits 16,649 43 — 16,692 Net occupancy and equipment 2,879 — — 2,879 Data processing 3,916 — — 3,916 Professional fees 1,279 105 — 1,384 Advertising and business development 1,159 — — 1,159 Telecommunications 485 — — 485 FDIC insurance 360 — — 360 Courier and postage 458 — — 458 Free nationwide ATM cost 525 — — 525 Amortization of core deposit intangibles 918 — — 918 Loan expense 117 — — 117 Other real estate owned 119 — — 119 Other 3,955 262 — 4,217 Intersegment service charges 324 ( 324 ) — — Total non-interest expense 33,143 86 — 33,229 Income (loss) before income tax 16,307 12,837 ( 14,297 ) 14,847 Provision (benefit) for income taxes 2,804 ( 280 ) — 2,524 Total segment profit/(loss) $ 13,503 $ 13,117 $ ( 14,297 ) $ 12,323 (a) Elimination of equity in earnings of subsidiary Administrative Equity Bank Adjustments Total March 31, 2024 Depreciation $ 1,329 $ 45 $ 1,374 Amortization of operating lease right-of-use-asset 92 — 92 Amortization of cloud computing implementation costs 35 — 35 Amortization of intangible assets 935 — 935 Purchase of long lived assets 5,464 — 5,464 Provision (benefit) for income taxes 4,171 ( 478 ) 3,693 Administrative Equity Bank Adjustments Total March 31, 2023 Depreciation $ 1,094 $ 38 $ 1,132 Amortization of operating lease right-of-use-asset 166 — 166 Amortization of cloud computing implementation costs 47 — 47 Amortization of intangible assets 954 — 954 Purchase of long lived assets 4,414 — 4,414 Provision (benefit) for income taxes 2,804 ( 280 ) 2,524 March 31, March 31, 2024 2023 Assets Total assets for reportable segments $ 5,228,133 $ 5,148,761 Holding company administrative adjustments 565,381 531,376 Elimination of bank cash and equity in earnings of subsidiaries ( 13,813 ) ( 10,970 ) Elimination of investment in subsidiaries ( 540,665 ) ( 512,451 ) Consolidated total $ 5,239,036 $ 5,156,716 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Mar. 31, 2024 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 16 – SUBSEQUENT EVENTS On April 18, 2024 , the Company entered into an agreement and plan of reorganization with KansasLand Bancshares, Inc. ("KansasLand"). KansasLand is the holding company of KansasLand Bank, which has two branch locations in Quinter and Americus, Kansas. This transaction is subject to approval by regulators. Assuming approval it is expected to close in the second quarter of 2024. In their December 31, 2023, unaudited Consolidated Report of Condition, KansasLand reported total assets of $ 54,457 , which included total loans of $ 28,803 . At December 31, 2023, total liabilities of $ 51,499 were reported by KansasLand, which included deposits of $ 43,376 . KansasLand reported $ 611 in net loss before income taxes for the year ended December 31, 2023. The Company anticipates there will be core deposit intangible recorded with this acquisition. |
BASIS OF PRESENTATION AND SUM_2
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Reclassifications | Reclassifications Some items in prior financial statements were reclassified to conform to the current presentation. Management determined the items reclassified are immaterial to the consolidated financial statements taken as a whole and did not result in a change in equity or net income for the periods reported. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures . The amendments in ASU 2023-07 provide for new disclosures which: (1) require that a public entity disclose on an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker ("CODM") and included within each reported measure of segment profit or loss; (2) require that a public entity disclose, on an annual and interim basis, an amount for other segment items by reportable segment and a description of its composition; (3) require that a public entity provide all annual disclosures about a reportable segment's profit or loss and assets currently required by Topic 280 in interim periods; (4) allows more than one measure of segment profit or loss used by the CODM when assessing segment performance and deciding how to allocate resources to be disclosed; (5) require disclosure of title and position of CODM and explain how the CODM uses the disclosed reported measures to assess segment performance; and (6) require that a public entity that has a single reportable segment provide all the disclosures required by the amended Topic 280. The amendments in this update are effective for the Company for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments in this update are required to be applied retrospectively to all prior periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories and the amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. The Company adopted this accounting standard effective January 1, 2024, and the Company's financial condition, results of operations and cash flows were not impacted by this guidance. The Company has provided the required disclosures for its single reportable segment. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740), Improvements to Income Tax Disclosures . The amendments in ASU 2023-09 require public business entities on an annual basis to disclose: (1) specific categories in the rate reconciliation; (2) provide additional information for reconciling items that meet a quantitative threshold of five percent of pretax income multiplied by the statutory rate; (3) provide a qualitative description of the state and local jurisdictions that make up a majority of the state and local income tax category; (4) requires the entity to provide an explanation of the nature, effect and underlying causes of the reconciling items disclosed and the judgment used in categorizing the reconciling items; (5) requires that all entities disclose on an annual basis income taxes paid (net of refunds received) disaggregated by federal, state and foreign taxes, and the amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions in which income taxes paid (net of refunds received) is equal to or greater than five percent of total income taxes paid (net of refunds); (6) requires disclosure of income from continuing operations before income tax expense to be disaggregated between domestic and foreign, and income tax expense disaggregated by federal, state and foreign; and (7) removes the disclosures of estimating the range of reasonably possible change in unrecognized tax benefits balance in the next 12 months and removes the requirement to disclose the cumulative amount of each type of temporary difference when a deferred tax liability is not recognized because of the exceptions to comprehensive recognition of deferred taxes related to subsidiaries and corporate joint ventures. The amendments in this update are effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments in this update should be applied on a prospective basis; however, retrospective application is permitted. The Company's financial condition, results of operations and cash flows will not be impacted by this guidance; however, this guidance will impact the Company's financial statement disclosures. |
Revenue Recognition | The majority of the Company’s revenues come from interest income on financial instruments, including loans, leases, securities and derivatives, which are outside the scope of ASC 606. The Company’s services that fall within the scope of ASC 606 are presented with non-interest income and are recognized as revenue as the Company satisfies its obligation to the customer. Services within the scope of ASC 606 include service charges and fees on deposits, debit card income, investment referral income, insurance sales commissions and other non-interest income related to loans and deposits. Except for gains or losses from the sale of other real estate owned, all of the Company’s revenue from contracts with customers within the scope of ASC 606 are recognized in non-interest income. The following table presents the Company’s sources of non-interest income for the three months ended March 31, 2024, and 2023. Three Months Ended 2024 2023 Non-interest income Service charges and fees $ 2,569 $ 2,545 Debit card income 2,447 2,554 Mortgage banking (a) 188 88 Increase in bank-owned life insurance (a) 828 1,583 Net gain (loss) on acquisitions (a) 1,239 — Net gain (loss) from securities transactions (a) 43 32 Other Investment referral income 138 89 Trust income 319 240 Insurance sales commissions 36 113 Recovery on zero-basis purchased loans (a) 3,345 6 Income (loss) from equity method investments (a) ( 56 ) ( 55 ) Other non-interest income related to loans — 1,362 Other non-interest income not related to (a) 635 532 Total other non-interest income 4,417 2,287 Total $ 11,731 $ 9,089 (a) Not within the scope of ASC 606. |
INVESTMENTS (Tables)
INVESTMENTS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Amortized Cost and Fair Value of Securities Available-for-Sale | The amortized cost and fair value of available-for-sale securities and the related gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) are listed below. Amortized Gross Gross Allowance Fair March 31, 2024 Available-for-sale securities U.S. Government-sponsored entities $ 81,606 $ 5 $ ( 6,534 ) $ — $ 75,077 U.S. Treasury securities 121,106 14 ( 871 ) — 120,249 Mortgage-backed securities Government-sponsored residential mortgage-backed securities 661,713 1,929 ( 39,060 ) — 624,582 Private label residential mortgage-backed securities 158,225 — ( 23,167 ) — 135,058 Corporate 56,742 8 ( 5,959 ) — 50,791 Small Business Administration loan pools 7,457 — ( 355 ) — 7,102 State and political subdivisions 88,344 53 ( 9,539 ) — 78,858 $ 1,175,193 $ 2,009 $ ( 85,485 ) $ — $ 1,091,717 Amortized Gross Gross Allowance Fair December 31, 2023 Available-for-sale securities U.S. Government-sponsored entities $ 39,103 $ — $ ( 6,016 ) $ — $ 33,087 U.S. Treasury securities 89,999 28 ( 771 ) — 89,256 Mortgage-backed securities Government-sponsored residential mortgage-backed securities 560,674 3,872 ( 35,403 ) — 529,143 Private label residential mortgage-backed securities 161,174 — ( 23,333 ) — 137,841 Corporate 56,722 — ( 7,039 ) — 49,683 Small Business Administration loan pools 8,066 — ( 339 ) — 7,727 State and political subdivisions 81,458 74 ( 8,621 ) — 72,911 $ 997,196 $ 3,974 $ ( 81,522 ) $ — $ 919,648 |
Amortized Cost and Fair Value of Securities Held-to-Maturity | The amortized cost and fair value of held-to-maturity securities and the related gross unrecognized gains and losses are listed in the following tables. Amortized Gross Gross Allowance Fair March 31, 2024 Held-to-maturity securities Mortgage-backed securities Government-sponsored residential mortgage-backed securities $ 1,090 $ — $ ( 14 ) $ — $ 1,076 State and political subdivisions 1,115 20 ( 1 ) — 1,134 $ 2,205 $ 20 $ ( 15 ) $ — $ 2,210 Amortized Gross Gross Allowance Fair December 31, 2023 Held-to-maturity securities Mortgage-backed securities Government-sponsored residential mortgage-backed securities $ 1,094 $ 3 $ — $ — $ 1,097 State and political subdivisions 1,115 38 — — 1,153 $ 2,209 $ 41 $ — $ — $ 2,250 |
Fair Value and Amortized Cost of Debt Securities by Contractual Maturity | The fair value and amortized cost of debt securities at March 31, 2024, by contractual maturity, is shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date, primarily mortgage-backed securities, are shown separately. Available-for-Sale Held-to-Maturity Amortized Fair Amortized Fair Within one year $ 113,506 $ 112,741 $ — $ — One to five years 70,836 70,130 — — Five to ten years 129,232 113,798 1,115 1,134 After ten years 41,681 35,408 — — Mortgage-backed securities 819,938 759,640 1,090 1,076 Total debt securities $ 1,175,193 $ 1,091,717 $ 2,205 $ 2,210 |
Carrying Value of Securities Pledged as Collateral to Secure Public Fund Deposits | The following table shows the carrying value and fair value of securities pledged as collateral to secure public fund deposits, borrowings from the Federal Home Loan Bank and Federal Reserve Bank and retail repurchase obligations at March 31, 2024, and December 31, 2023. March 31, 2024 December 31, 2023 Book Value Fair Value Book Value Fair Value Public fund deposits $ 545,903 $ 503,619 $ 509,010 $ 488,270 Federal Home Loan Bank pledging 82,606 70,588 84,421 72,293 Federal Reserve Bank borrowings 12,110 11,831 158,382 141,125 Retail repurchase agreements 52,191 47,363 51,548 47,282 Total securities pledged $ 692,810 $ 633,401 $ 803,361 $ 748,970 |
Summary of Gross Unrealized Losses or Unrecognized Losses and Fair Value of Securities | The following tables show gross unrealized losses or unrecognized losses and fair value, aggregated by investment category, and length of time that individual securities have been in a continuous unrealized loss position or unrecognized loss position at March 31, 2024, and December 31, 2023. Less Than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized March 31, 2024 Available-for-sale securities U.S. Government-sponsored entities $ 35,692 $ ( 201 ) $ 32,566 $ ( 6,333 ) $ 68,258 $ ( 6,534 ) U.S. Treasury securities 64,773 ( 194 ) 19,468 ( 677 ) 84,241 ( 871 ) Mortgage-backed securities Government-sponsored residential mortgage-backed securities 112,236 ( 868 ) 296,481 ( 38,192 ) 408,717 ( 39,060 ) Private label residential mortgage-backed securities — — 135,058 ( 23,167 ) 135,058 ( 23,167 ) Corporate — — 47,882 ( 5,959 ) 47,882 ( 5,959 ) Small Business Administration loan pools 4,631 ( 17 ) 2,471 ( 338 ) 7,102 ( 355 ) State and political subdivisions 14,924 ( 821 ) 58,921 ( 8,718 ) 73,845 ( 9,539 ) Total $ 232,256 $ ( 2,101 ) $ 592,847 $ ( 83,384 ) $ 825,103 $ ( 85,485 ) December 31, 2023 Available-for-sale securities U.S. Government-sponsored entities $ — $ — $ 33,087 $ ( 6,016 ) $ 33,087 $ ( 6,016 ) U.S. Treasury securities — — 19,413 ( 771 ) 19,413 ( 771 ) Mortgage-backed securities Government-sponsored residential mortgage-backed securities 7,799 ( 5 ) 306,858 ( 35,398 ) 314,657 ( 35,403 ) Private label residential mortgage-backed securities — — 137,841 ( 23,333 ) 137,841 ( 23,333 ) Corporate — — 49,683 ( 7,039 ) 49,683 ( 7,039 ) Small Business Administration loan pools 5,097 ( 14 ) 2,630 ( 325 ) 7,727 ( 339 ) State and political subdivisions 11,386 ( 768 ) 57,326 ( 7,853 ) 68,712 ( 8,621 ) Total $ 24,282 $ ( 787 ) $ 606,838 $ ( 80,735 ) $ 631,120 $ ( 81,522 ) Less Than 12 Months 12 Months or More Total Fair Unrecognized Fair Unrecognized Fair Unrecognized March 31, 2024 Held-to-maturity securities Residential mortgage-backed (issued by government-sponsored entities) $ 1,076 $ ( 14 ) $ — $ — $ 1,076 $ ( 14 ) State and political subdivisions 274 ( 1 ) — — 274 ( 1 ) Total $ 1,350 $ ( 15 ) $ — $ — $ 1,350 $ ( 15 ) December 31, 2023 Held-to-maturity securities Residential mortgage-backed (issued by government-sponsored entities) $ — $ — $ — $ — $ — $ — State and political subdivisions — — — — — — Total $ — $ — $ — $ — $ — $ — |
Summary of Proceeds from Sales and Associated Gains and Losses | The proceeds from sales and the associated gains and losses on available-for-sale securities reclassified from other comprehensive income to income are listed below. Three Months Ended 2024 2023 Proceeds $ 726 $ — Gross gain 3 — Gross losses 255 — Income tax expense/(benefit) ( 62 ) — |
Summary of Various Investment Balances and Method of Accounting | The Company also invests in several other investments, including investments in stocks and partnerships, which are included in other assets. The following table shows the various investment balances and method of accounting at March 31, 2024, and December 31, 2023. March 31, 2024 December 31, 2023 Investments in stocks Accounted for at fair value through net income $ 675 $ 674 Accounted for at amortized cost assessed for impairment 1,981 1,397 Total investments in stocks 2,656 2,071 Investments in partnerships Accounted for under the equity method 2,369 2,345 Accounted for under the hypothetical liquidation book value 2,424 2,403 Accounted for under proportional amortization 23,372 24,296 Total investments in partnerships 28,165 29,044 Total other investments $ 30,821 $ 31,115 |
Impact of Tax Credit Investments | The following table discloses the financial statement impact of tax credit investments for the three month period ended March 31, 2024, and 2023. Income Tax Credits Recognized During Period (a) Other Income Tax Benefits (a) Total Tax Benefits Investment Amortization Included in Income Tax Expense March 31, 2024 Investments and tax credit structures: Included in proportional amortization $ ( 826 ) $ ( 225 ) $ ( 1,051 ) $ 924 Not included in proportional amortization $ — $ 23 $ 23 $ — March 31, 2023 Investments and tax credit structures: Included in proportional amortization $ ( 482 ) $ ( 144 ) $ ( 626 ) $ 587 Not included in proportional amortization $ ( 802 ) $ ( 232 ) $ ( 1,034 ) $ — (a) Reported in income tax expense on statements of income and reported in net change in other assets on statements of cash flows. |
LOANS AND ALLOWANCE FOR CREDI_2
LOANS AND ALLOWANCE FOR CREDIT LOSSES (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Receivables [Abstract] | |
Categories of Loans | The following table lists categories of loans at March 31, 2024, and December 31, 2023. March 31, 2024 December 31, 2023 Commercial real estate $ 1,797,192 $ 1,759,855 Commercial and industrial 649,035 598,327 Residential real estate 581,988 556,328 Agricultural real estate 198,291 196,114 Agricultural 149,312 118,587 Consumer 106,345 103,690 Total loans 3,482,163 3,332,901 Allowance for credit losses ( 44,449 ) ( 43,520 ) Net loans $ 3,437,714 $ 3,289,381 |
Schedule of Allowance for Loan Losses by Portfolio Segment Allowance | The following tables present the activity in the allowance for credit losses by class for the three month periods ended March 31, 2024, and 2023. March 31, 2024 Commercial Commercial Residential Agricultural Agricultural Consumer Total Allowance for credit losses: Beginning balance $ 13,476 $ 17,954 $ 7,784 $ 1,718 $ 995 $ 1,593 $ 43,520 Provision for credit losses 116 67 367 ( 31 ) 359 122 1,000 Initial PCD on Acquired loans — 119 184 — 284 9 596 Loans charged-off ( 17 ) ( 631 ) ( 27 ) — ( 26 ) ( 181 ) ( 882 ) Recoveries 7 142 11 1 — 54 215 Total ending allowance balance $ 13,582 $ 17,651 $ 8,319 $ 1,688 $ 1,612 $ 1,597 $ 44,449 March 31, 2023 Commercial Commercial Residential Agricultural Agricultural Consumer Total Allowance for credit losses: Beginning balance $ 16,731 $ 14,951 $ 8,608 $ 819 $ 2,457 $ 2,281 $ 45,847 Provision for credit losses ( 126 ) 1,100 132 ( 233 ) ( 1,065 ) ( 174 ) ( 366 ) Loans charged-off ( 1 ) ( 435 ) ( 5 ) — — ( 197 ) ( 638 ) Recoveries 7 4 16 — 155 78 260 Total ending allowance balance $ 16,611 $ 15,620 $ 8,751 $ 586 $ 1,547 $ 1,988 $ 45,103 |
Schedule of Loans Evaluated for Impairment | The following tables present the recorded investment in loans and the balance in the allowance for credit losses by portfolio and class based on the method to determine allowance for credit loss as of March 31, 2024, and December 31, 2023. March 31, 2024 Commercial Commercial Residential Agricultural Agricultural Consumer Total Allowance for credit losses: Individually evaluated for credit losses $ 729 $ 1,989 $ 1,148 $ 658 $ 1,112 $ 189 $ 5,825 Collectively evaluated for credit losses 12,853 15,662 7,171 1,030 500 1,408 38,624 Total $ 13,582 $ 17,651 $ 8,319 $ 1,688 $ 1,612 $ 1,597 $ 44,449 Loan Balance: Individually evaluated for credit losses $ 7,192 $ 8,266 $ 5,889 $ 4,888 $ 6,425 $ 904 $ 33,564 Collectively evaluated for credit losses 1,790,000 640,769 576,099 193,403 142,887 105,441 3,448,599 Total $ 1,797,192 $ 649,035 $ 581,988 $ 198,291 $ 149,312 $ 106,345 $ 3,482,163 December 31, 2023 Commercial Commercial Residential Agricultural Agricultural Consumer Total Allowance for credit losses: Individually evaluated for credit losses $ 582 $ 1,644 $ 1,113 $ 674 $ 598 $ 154 $ 4,765 Collectively evaluated for credit losses 12,894 16,310 6,671 1,044 397 1,439 38,755 Total $ 13,476 $ 17,954 $ 7,784 $ 1,718 $ 995 $ 1,593 $ 43,520 Loan Balance: Individually evaluated for credit losses $ 6,031 $ 5,498 $ 7,495 $ 4,672 $ 3,598 $ 669 $ 27,963 Collectively evaluated for credit losses 1,753,824 592,829 548,833 191,442 114,989 103,021 3,304,938 Total $ 1,759,855 $ 598,327 $ 556,328 $ 196,114 $ 118,587 $ 103,690 $ 3,332,901 |
Non-Accrual Loans, Segregated by Class of Loans | The following tables present information related to nonaccrual loans at March 31, 2024, and December 31, 2023. March 31, 2024 Unpaid Recorded Allowance for With no related allowance recorded: Commercial real estate $ 3,938 $ 3,368 $ — Commercial and industrial 4,915 1,992 — Residential real estate 20 — — Agricultural real estate 1,332 945 — Agricultural — — — Consumer 40 — — Subtotal 10,245 6,305 — With an allowance recorded: Commercial real estate 2,898 2,666 599 Commercial and industrial 8,352 4,753 1,558 Residential real estate 4,173 3,769 936 Agricultural real estate 4,771 3,282 620 Agricultural 3,154 2,679 476 Consumer 860 772 179 Subtotal 24,208 17,921 4,368 Total $ 34,453 $ 24,226 $ 4,368 December 31, 2023 Unpaid Recorded Allowance for With no related allowance recorded: Commercial real estate $ 3,948 $ 3,376 $ — Commercial and industrial 2,925 — — Residential real estate 21 — — Agricultural real estate 1,342 948 — Agricultural 2,303 — — Consumer 23 — — Subtotal 10,562 4,324 — With an allowance recorded: Commercial real estate 2,297 2,071 455 Commercial and industrial 8,452 5,041 1,335 Residential real estate 7,605 7,251 1,086 Agricultural real estate 4,753 3,266 660 Agricultural 2,946 2,470 481 Consumer 689 603 150 Subtotal 26,742 20,702 4,167 Total $ 37,304 $ 25,026 $ 4,167 The tables below present average recorded investment and interest income related to nonaccrual loans for the three months ended March 31, 2024, and 2023. Interest income recognized in the following table was substantially recognized on the cash basis. The recorded investment in loans excludes accrued interest receivable due to immateriality. As of and for the three months ended March 31, 2024 March 31, 2023 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial real estate $ 3,376 $ — $ 1,855 $ — Commercial and industrial — — — — Residential real estate — — 13 — Agricultural real estate 948 — 573 — Agricultural — — — — Consumer — — — — Subtotal 4,324 — 2,441 — With an allowance recorded: Commercial real estate 2,071 2 841 — Commercial and industrial 5,041 — 5,660 — Residential real estate 7,251 — 3,135 — Agricultural real estate 3,266 — 1,421 1 Agricultural 2,470 — 3,195 — Consumer 603 — 382 — Subtotal 20,702 2 14,634 1 Total $ 25,026 $ 2 $ 17,075 $ 1 |
Schedule of Aging of Recorded Investment in Past Due Loans by Segment and Class of Loans | The following tables present the aging of the recorded investment in past due loans as of March 31, 2024, and December 31, 2023, by portfolio and class of loans. March 31, 2024 30 - 59 60 - 89 Greater Nonaccrual Loans Not Total Commercial real estate $ 4,254 $ 1,574 $ 413 $ 6,034 $ 1,784,917 $ 1,797,192 Commercial and industrial 1,794 388 — 6,745 640,108 649,035 Residential real estate 2,456 492 — 3,769 575,271 581,988 Agricultural real estate 535 61 — 4,227 193,468 198,291 Agricultural 1,450 42 — 2,679 145,141 149,312 Consumer 554 145 — 772 104,874 106,345 Total $ 11,043 $ 2,702 $ 413 $ 24,226 $ 3,443,779 $ 3,482,163 December 31, 2023 30 - 59 60 - 89 Greater Nonaccrual Loans Not Total Commercial real estate $ 2,397 $ 198 $ 189 $ 5,447 $ 1,751,624 $ 1,759,855 Commercial and industrial 1,853 2,713 71 5,041 588,649 598,327 Residential real estate 1,444 676 — 7,251 546,957 556,328 Agricultural real estate 949 — — 4,214 190,951 196,114 Agricultural 559 65 19 2,470 115,474 118,587 Consumer 443 118 — 603 102,526 103,690 Total $ 7,645 $ 3,770 $ 279 $ 25,026 $ 3,296,181 $ 3,332,901 |
Summary of Risk Category of Loans by Class of Loans | Based on the analysis performed at March 31, 2024, the risk category of loans by type and year of origination is as follows. March 31, 2024 2024 2023 2022 2021 2020 Prior Revolving Loans Revolving Loans Total Commercial real estate Risk rating Pass $ 64,642 $ 215,317 $ 361,943 $ 237,075 $ 169,563 $ 248,288 $ 488,533 $ 735 $ 1,786,096 Special mention — — — 117 — 385 — — 502 Substandard — 207 2,883 3,417 258 3,686 103 40 10,594 Doubtful — — — — — — — — — Total commercial real estate $ 64,642 $ 215,524 $ 364,826 $ 240,609 $ 169,821 $ 252,359 $ 488,636 $ 775 $ 1,797,192 Commercial and industrial Risk rating Pass $ 28,847 $ 113,685 $ 101,217 $ 52,112 $ 49,311 $ 44,371 $ 246,034 $ 1,758 $ 637,335 Special mention — 98 159 253 — 1,147 — — 1,657 Substandard — 1,123 565 349 2,679 2,285 3,042 — 10,043 Doubtful — — — — — — — — — Total commercial and industrial $ 28,847 $ 114,906 $ 101,941 $ 52,714 $ 51,990 $ 47,803 $ 249,076 $ 1,758 $ 649,035 Residential real estate Risk rating Pass $ 5,898 $ 37,547 $ 38,314 $ 278,758 $ 9,215 $ 152,438 $ 54,187 $ 1,040 $ 577,397 Special mention — — — — — 468 — — 468 Substandard — — 209 412 21 2,829 588 64 4,123 Doubtful — — — — — — — — — Total residential real estate $ 5,898 $ 37,547 $ 38,523 $ 279,170 $ 9,236 $ 155,735 $ 54,775 $ 1,104 $ 581,988 Agricultural real estate Risk rating Pass $ 6,461 $ 22,294 $ 25,021 $ 16,874 $ 16,643 $ 29,168 $ 76,119 $ 277 $ 192,857 Special mention — 444 433 — — 127 800 — 1,804 Substandard — 40 18 27 — 3,508 37 — 3,630 Doubtful — — — — — — — — — Total agricultural real estate $ 6,461 $ 22,778 $ 25,472 $ 16,901 $ 16,643 $ 32,803 $ 76,956 $ 277 $ 198,291 Agricultural Risk rating Pass $ 6,381 $ 17,081 $ 12,876 $ 7,403 $ 11,668 $ 16,405 $ 72,651 $ 75 $ 144,540 Special mention — — 150 — — 32 407 — 589 Substandard — 366 167 626 629 2,242 153 — 4,183 Doubtful — — — — — — — — — Total agricultural $ 6,381 $ 17,447 $ 13,193 $ 8,029 $ 12,297 $ 18,679 $ 73,211 $ 75 $ 149,312 Consumer Risk rating Pass $ 29,390 $ 25,046 $ 21,952 $ 9,079 $ 4,207 $ 3,734 $ 12,152 $ 1 $ 105,561 Special mention — — — — — — — — — Substandard — 89 235 220 65 82 — — 691 Doubtful — — — — — 93 — — 93 Total consumer $ 29,390 $ 25,135 $ 22,187 $ 9,299 $ 4,272 $ 3,909 $ 12,152 $ 1 $ 106,345 Total loans Risk rating Pass $ 141,619 $ 430,970 $ 561,323 $ 601,301 $ 260,607 $ 494,404 $ 949,676 $ 3,886 $ 3,443,786 Special mention — 542 742 370 — 2,159 1,207 — 5,020 Substandard — 1,825 4,077 5,051 3,652 14,632 3,923 104 33,264 Doubtful — — — — — 93 — — 93 Total loans $ 141,619 $ 433,337 $ 566,142 $ 606,722 $ 264,259 $ 511,288 $ 954,806 $ 3,990 $ 3,482,163 Based on the analysis performed at December 31, 2023, the risk category of loans by type and year of origination is as follows. December 31, 2023 2023 2022 2021 2020 2019 Prior Revolving Loans Revolving Loans Total Commercial real estate Risk rating Pass $ 212,229 $ 379,233 $ 253,837 $ 179,935 $ 75,472 $ 186,073 $ 461,346 $ 753 $ 1,748,878 Special mention 257 — 119 — — 399 — — 775 Substandard 84 2,501 3,481 256 1,463 2,336 81 — 10,202 Doubtful — — — — — — — — — Total commercial real estate $ 212,570 $ 381,734 $ 257,437 $ 180,191 $ 76,935 $ 188,808 $ 461,427 $ 753 $ 1,759,855 Commercial and industrial Risk rating Pass $ 128,598 $ 110,817 $ 54,416 $ 49,557 $ 29,931 $ 7,293 $ 204,237 $ 1,780 $ 586,629 Special mention — — 15 — — 992 — — 1,007 Substandard 1,317 468 230 2,922 237 2,171 3,346 — 10,691 Doubtful — — — — — — — — — Total commercial and industrial $ 129,915 $ 111,285 $ 54,661 $ 52,479 $ 30,168 $ 10,456 $ 207,583 $ 1,780 $ 598,327 Residential real estate Risk rating Pass $ 35,040 $ 29,766 $ 277,611 $ 5,183 $ 12,506 $ 130,144 $ 57,699 $ 1,065 $ 549,014 Special mention — — — — — — — — — Substandard — 213 187 22 156 1,960 4,710 66 7,314 Doubtful — — — — — — — — — Total residential real estate $ 35,040 $ 29,979 $ 277,798 $ 5,205 $ 12,662 $ 132,104 $ 62,409 $ 1,131 $ 556,328 Agricultural real estate Risk rating Pass $ 22,368 $ 26,762 $ 17,987 $ 18,551 $ 10,653 $ 20,039 $ 74,010 $ 289 $ 190,659 Special mention 903 158 — — — 164 605 — 1,830 Substandard 40 — 24 — 101 3,423 37 — 3,625 Doubtful — — — — — — — — — Total agricultural real estate $ 23,311 $ 26,920 $ 18,011 $ 18,551 $ 10,754 $ 23,626 $ 74,652 $ 289 $ 196,114 Agricultural Risk rating Pass $ 12,424 $ 7,363 $ 4,815 $ 7,148 $ 1,385 $ 3,809 $ 78,285 $ 55 $ 115,284 Special mention — — — — — 33 9 — 42 Substandard 39 10 464 629 1,861 52 206 — 3,261 Doubtful — — — — — — — — — Total agricultural $ 12,463 $ 7,373 $ 5,279 $ 7,777 $ 3,246 $ 3,894 $ 78,500 $ 55 $ 118,587 Consumer Risk rating Pass $ 47,019 $ 24,620 $ 10,384 $ 4,841 $ 1,281 $ 2,885 $ 12,035 $ 1 $ 103,066 Special mention — — — — — — — — — Substandard 50 241 163 98 49 23 — — 624 Doubtful — — — — — — — — — Total consumer $ 47,069 $ 24,861 $ 10,547 $ 4,939 $ 1,330 $ 2,908 $ 12,035 $ 1 $ 103,690 Total loans Risk rating Pass $ 457,678 $ 578,561 $ 619,050 $ 265,215 $ 131,228 $ 350,243 $ 887,612 $ 3,943 $ 3,293,530 Special mention 1,160 158 134 — — 1,588 614 — 3,654 Substandard 1,530 3,433 4,549 3,927 3,867 9,965 8,380 66 35,717 Doubtful — — — — — — — — — Total loans $ 460,368 $ 582,152 $ 623,733 $ 269,142 $ 135,095 $ 361,796 $ 896,606 $ 4,009 $ 3,332,901 |
Schedule of Charge-off and Recovery Activity by Loan Type and Year of Origination | The following table discloses the charge-off and recovery activity by loan type and year of origination for the three month period ending March 31, 2024. March 31, 2024 2024 2023 2022 2021 2020 Prior Revolving Loans Revolving Loans Total Commercial real estate Gross charge-offs $ — $ — $ ( 16 ) $ — $ — $ — $ ( 1 ) $ — $ ( 17 ) Gross recoveries — — — — — 7 — — 7 Net charge-offs $ — $ — $ ( 16 ) $ — $ — $ 7 $ ( 1 ) $ — $ ( 10 ) Commercial and industrial Gross charge-offs $ — $ — $ ( 168 ) $ ( 3 ) $ ( 40 ) $ ( 104 ) $ ( 316 ) $ — $ ( 631 ) Gross recoveries — — 104 — — 29 8 1 142 Net charge-offs $ — $ — $ ( 64 ) $ ( 3 ) $ ( 40 ) $ ( 75 ) $ ( 308 ) $ 1 $ ( 489 ) Residential real estate Gross charge-offs $ — $ — $ — $ ( 2 ) $ — $ ( 15 ) $ ( 10 ) $ — $ ( 27 ) Gross recoveries — — — — — 11 — — 11 Net charge-offs $ — $ — $ — $ ( 2 ) $ — $ ( 4 ) $ ( 10 ) $ — $ ( 16 ) Agricultural real estate Gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Gross recoveries — — — — — 1 — — 1 Net charge-offs $ — $ — $ — $ — $ — $ 1 $ — $ — $ 1 Agricultural Gross charge-offs $ — $ — $ ( 25 ) $ ( 1 ) $ — $ — $ — $ — $ ( 26 ) Gross recoveries — — — — — — — — — Net charge-offs $ — $ — $ ( 25 ) $ ( 1 ) $ — $ — $ — $ — $ ( 26 ) Consumer Gross charge-offs $ ( 19 ) $ ( 45 ) $ ( 28 ) $ ( 31 ) $ ( 7 ) $ ( 34 ) $ ( 17 ) $ — $ ( 181 ) Gross recoveries 1 1 6 5 4 34 3 — 54 Net charge-offs $ ( 18 ) $ ( 44 ) $ ( 22 ) $ ( 26 ) $ ( 3 ) $ — $ ( 14 ) $ — $ ( 127 ) Total loans Gross charge-offs $ ( 19 ) $ ( 45 ) $ ( 237 ) $ ( 37 ) $ ( 47 ) $ ( 153 ) $ ( 344 ) $ — $ ( 882 ) Gross recoveries 1 1 110 5 4 82 11 1 215 Net charge-offs $ ( 18 ) $ ( 44 ) $ ( 127 ) $ ( 32 ) $ ( 43 ) $ ( 71 ) $ ( 333 ) $ 1 $ ( 667 ) The following table discloses the charge-off and recovery activity by loan type and year of origination for the three month period ending March 31, 2023. March 31 2023 2023 2022 2021 2020 2019 Prior Revolving Loans Revolving Loans Total Commercial real estate Gross charge-offs $ — $ — $ — $ — $ — $ ( 1 ) $ — $ — $ ( 1 ) Gross recoveries — — — — — 7 — — 7 Net charge-offs $ — $ — $ — $ — $ — $ 6 $ — $ — $ 6 Commercial and industrial Gross charge-offs $ — $ ( 1 ) $ — $ — $ ( 3 ) $ — $ ( 431 ) $ — $ ( 435 ) Gross recoveries — — — — — 4 — — 4 Net charge-offs $ — $ ( 1 ) $ — $ — $ ( 3 ) $ 4 $ ( 431 ) $ — $ ( 431 ) Residential real estate Gross charge-offs $ — $ — $ — $ — $ — $ ( 1 ) $ ( 4 ) $ — $ ( 5 ) Gross recoveries — — — — — 16 — — 16 Net charge-offs $ — $ — $ — $ — $ — $ 15 $ ( 4 ) $ — $ 11 Agricultural real estate Gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Gross recoveries — — — — — — — — — Net charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Agricultural Gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Gross recoveries — — — — — 155 — — 155 Net charge-offs $ — $ — $ — $ — $ — $ 155 $ — $ — $ 155 Consumer Gross charge-offs $ ( 16 ) $ ( 51 ) $ ( 32 ) $ ( 12 ) $ ( 20 ) $ ( 53 ) $ ( 13 ) $ — $ ( 197 ) Gross recoveries — 4 34 5 3 29 3 — 78 Net charge-offs $ ( 16 ) $ ( 47 ) $ 2 $ ( 7 ) $ ( 17 ) $ ( 24 ) $ ( 10 ) $ — $ ( 119 ) Total loans Gross charge-offs $ ( 16 ) $ ( 52 ) $ ( 32 ) $ ( 12 ) $ ( 23 ) $ ( 55 ) $ ( 448 ) $ — $ ( 638 ) Gross recoveries — 4 34 5 3 211 3 — 260 Net charge-offs $ ( 16 ) $ ( 48 ) $ 2 $ ( 7 ) $ ( 20 ) $ 156 $ ( 445 ) $ — $ ( 378 ) |
Summary of Amortized Cost Basis of Loans Modified | The following table presents the amortized cost basis of loans at March 31, 2024, and 2023, 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. March 31, 2024 Payment Delay Term Extension Combination Rate Change and Term Extension Combination Payment Delay and Term Extension Total Modifications Total Class of Financing Receivable Commercial real estate $ — $ 39 $ — $ 21 $ 60 0.00 % Commercial and industrial — — — — — 0.00 % Residential real estate — — — — — 0.00 % Agricultural real estate — 457 — — 457 0.23 % Agricultural 1,223 — — — 1,223 0.82 % Consumer — — — — — 0.00 % Total $ 1,223 $ 496 $ — $ 21 $ 1,740 0.05 % March 31, 2023 Payment Delay Term Extension Combination Rate Change and Term Extension Combination Payment Delay and Term Extension Total Modifications Total Class of Financing Receivable Commercial real estate $ — $ — $ — $ 14 $ 14 0.00 % Commercial and industrial — 258 — 8,794 9,052 1.49 % Residential real estate — — — — — 0.00 % Agricultural real estate — 23 — — 23 0.01 % Agricultural 122 — — — 122 0.11 % Consumer — — 25 — 25 0.02 % Total $ 122 $ 281 $ 25 $ 8,808 $ 9,236 0.28 % |
Summary of Performance of Loans Modified | The following table presents the performance of such loans that have been modified during the twelve months ended March 31, 2024, and 2023. March 31, 2024 30 - 59 Days Past Due 60 - 89 Days Past Due Greater Than 89 days Past Due Total Past Due Commercial real estate $ 40 $ — $ — $ 40 Commercial and industrial 25 — 2,224 2,249 Residential real estate — — 12 12 Agricultural real estate — — — — Agricultural — — — — Consumer — — — — Total $ 65 $ — $ 2,236 $ 2,301 March 31, 2023 30 - 59 Days Past Due 60 - 89 Days Past Due Greater Than 89 days Past Due Total Past Due Commercial real estate $ — $ — $ — $ — Commercial and industrial — — — — Residential real estate — — — — Agricultural real estate — 23 — 23 Agricultural — — — — Consumer — — — — Total $ — $ 23 $ — $ 23 |
Schedule of Financial Effect of Loan Modifications to Borrowers Experiencing Financial Difficulty | The following table presents the financial effect of the loan modifications presented above to borrowers experiencing financial difficulty for the three months ended March 31, 2024, and 2023. March 31, 2024 Principal Forgiveness Weighted Average Interest Rate Reduction Weighted Average Term Extension in Years Commercial real estate $ — — % 0.67 Commercial and industrial — 3.00 % 1.89 Residential real estate — — % — Agricultural real estate — — % — Agricultural — — % 0.88 Consumer — — % — Total loans $ — 3.00 % 0.90 March 31, 2023 Principal Forgiveness Weighted Average Interest Rate Reduction Weighted Average Term Extension Commercial real estate $ — — % 0.25 Commercial and industrial — — % 0.14 Residential real estate — — % — Agricultural real estate — — % 6.20 Agricultural — — % — Consumer — ( 0.24 ) % 2.16 Total loans $ — ( 0.24 ) % 0.16 |
Off Balance Sheet Credit Exposure | The following table lists allowance for credit losses on off-balance-sheet credit exposures as of March 31, 2024, and December 31, 2023. Allowance for March 31, 2024 December 31, 2023 Commercial real estate $ 351 $ 285 Commercial and industrial 1,188 1,053 Agricultural real estate — 2 Residential real estate 43 35 Agricultural 4 3 Consumer 243 247 Total allowance for credit losses $ 1,829 $ 1,625 |
DERIVATIVE FINANCIAL INSTRUME_2
DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of Interest Rate Swaps Designated as Cash Flow Hedges | The following table lists the cash flow hedges at March 31, 2024, and December 31, 2023. March 31, 2024 December 31, 2023 Weighted average Weighted average pay rate Weighted average rate received Weighted average Weighted average pay rate Weighted average rate received Subordinated note hedges 11.5 2.80 % 7.44 % 11.7 2.80 % 7.43 % Variable rate FHLB advance hedges 2.0 3.60 % 5.60 % 2.2 3.58 % 5.35 % Prime based receivable loan hedges — 8.50 % 5.60 % 0.2 8.50 % 5.60 % Total cash flow hedges 1.1 6.43 % 5.54 % 1.4 6.43 % 5.56 % |
Summary of Notional Balance and Fair Values of Derivatives Outstanding | The following table shows the notional balances and fair values (including net accrued interest) of the derivatives outstanding by derivative type at March 31, 2024, and December 31, 2023. March 31, 2024 December 31, 2023 Notional Derivative Derivative Notional Derivative Derivative Derivatives designated as hedging instruments: Interest rate swaps $ 15,078 $ 1,639 $ — $ 15,461 $ 1,580 $ — Derivatives designated as cash flow hedges: Interest rate swaps 257,500 3,479 — 257,500 1,976 631 Total derivatives designated as hedging relationships 272,578 5,118 — 272,961 3,556 631 Derivatives not designated as hedging instruments: Interest rate swaps 172,570 4,154 3,715 180,911 3,446 3,025 Total derivatives not designated as hedging 172,570 4,154 3,715 180,911 3,446 3,025 Total $ 445,148 9,272 3,715 $ 453,872 7,002 3,656 Cash collateral — 8,708 — 5,952 Netting adjustments ( 8,513 ) ( 8,513 ) ( 6,406 ) ( 6,406 ) Net amount presented in Balance Sheet $ 759 $ 3,910 $ 596 $ 3,202 |
Summary of Designated and Qualifying Hedged Items in Fair Value Hedges | The table below lists designated and qualifying hedged items in fair value hedges at March 31, 2024, and December 31, 2023. March 31, 2024 December 31, 2023 Carrying Amount Hedging Fair Value Adjustment Fair Value Adjustments on Discontinued Hedges Carrying Amount Hedging Fair Value Adjustment Fair Value Adjustments on Discontinued Hedges Commercial real estate loans $ 15,232 $ ( 1,959 ) $ ( 434 ) $ 15,795 $ ( 1,826 ) $ ( 446 ) Total $ 15,232 $ ( 1,959 ) $ ( 434 ) $ 15,795 $ ( 1,826 ) $ ( 446 ) |
Summary of Net Gains/ (Losses) on Derivatives and Hedging Activities | For the three months period ended March 31, 2024, and 2023, the Company recorded net gains (losses) on derivatives and hedging activities as shown in the table below. Three Months Ended 2024 2023 Derivatives designated as hedging instruments: Interest rate swaps $ 1 $ 8 Total net gain (loss) related to derivatives designated as hedging instruments 1 8 Derivatives designated as cash flow hedges: Interest rate swaps — — Total net gain (loss) related to derivatives designated as cash flow hedges — — Total net gains (losses) related to hedging relationships 1 8 Derivatives not designated as hedging instruments: Economic hedges: Interest rate swaps 76 ( 3 ) Total net gains (losses) related to derivatives not 76 ( 3 ) Net gains (losses) on derivatives and hedging activities $ 77 $ 5 |
Summary of Recorded Net Gains (Losses) on Derivatives and Related Hedged Items in Fair Value Hedging Relationships | The following tables show the recorded net gains (losses) on derivatives and the related hedged items in fair value hedging relationships and the impact of those derivatives on the Company’s net interest income for the three month periods ended March 31, 2024, and 2023. March 31, 2024 Gain/(Loss) Gain/(Loss) Net Fair Value Effect of Commercial real estate loans $ 146 $ ( 145 ) $ 1 $ 161 Total $ 146 $ ( 145 ) $ 1 $ 161 March 31, 2023 Gain/(Loss) Gain/(Loss) Net Fair Value Effect of Commercial real estate loans $ ( 367 ) $ 375 $ 8 $ 149 Total $ ( 367 ) $ 375 $ 8 $ 149 The following tables show the recorded net gains or (losses) on derivatives and the related hedged items in cash flow hedging relationships and the impact of those derivatives on the Company's net interest income for the three month periods ended March 31, 2024, and 2023. March 31, 2024 Gain/(Loss) Gain/(Loss) Effect of Prime based receivable loan hedges $ 992 $ 749 $ ( 1,098 ) FHLB advance hedges 981 741 436 Subordinated note hedges 161 122 88 Total $ 2,134 $ 1,612 $ ( 574 ) March 31, 2023 Gain/(Loss) Gain/(Loss) Effect of Prime based receivable loan hedges $ 923 $ 686 $ ( 780 ) FHLB advance hedges 123 92 33 Subordinated note hedges ( 247 ) ( 185 ) 71 Total $ 799 $ 593 $ ( 676 ) |
Summary of Net Gains or Losses on Derivatives and Related Hedged Items in Cash Flow Hedging Relationships | The following tables show the recorded net gains or (losses) on derivatives and the related hedged items in cash flow hedging relationships and the impact of those derivatives on the Company's net interest income for the three month periods ended March 31, 2024, and 2023. March 31, 2024 Gain/(Loss) Gain/(Loss) Effect of Prime based receivable loan hedges $ 992 $ 749 $ ( 1,098 ) FHLB advance hedges 981 741 436 Subordinated note hedges 161 122 88 Total $ 2,134 $ 1,612 $ ( 574 ) March 31, 2023 Gain/(Loss) Gain/(Loss) Effect of Prime based receivable loan hedges $ 923 $ 686 $ ( 780 ) FHLB advance hedges 123 92 33 Subordinated note hedges ( 247 ) ( 185 ) 71 Total $ 799 $ 593 $ ( 676 ) |
LEASE OBLIGATIONS (Tables)
LEASE OBLIGATIONS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
Schedule of Right-of-use Asset and Lease Obligations by Type of Property | Right-of-use asset and lease obligations by type of property for the periods ended March 31, 2024, and December 31, 2023, are listed below. March 31, 2024 Right-of-Use Lease Weighted Weighted Operating Leases Land and building leases $ 3,930 $ 3,929 12.7 3.29 % Total operating leases $ 3,930 $ 3,929 12.7 3.29 % December 31, 2023 Right-of-Use Lease Weighted Weighted Operating Leases Land and building leases $ 3,291 $ 3,307 14.8 3.00 % Total operating leases $ 3,291 $ 3,307 14.8 3.00 % |
Schedule of Operating Lease Costs | Operating lease costs for the three months ended March 31, 2024, and 2023, are listed below. Three Months Ended 2024 2023 Operating lease cost $ 120 $ 196 Short-term lease cost — — Variable lease cost 29 14 Total operating lease cost $ 149 $ 210 |
Schedule of Maturity Analysis of Operating Lease Liabilities and Reconciliation of Undiscounted Cash Flows to Total Operating Lease Liability | A maturity analysis of operating lease liabilities and reconciliation of the undiscounted cash flows to the total operating lease liability is listed below. Lease Payments March 31, Due in one year or less $ 572 Due after one year through two years 619 Due after two years through three years 602 Due after three years through four years 536 Due after four years through five years 364 Thereafter 2,156 Total undiscounted cash flows 4,849 Discount on cash flows ( 920 ) Total operating lease liability $ 3,929 |
BORROWINGS (Tables)
BORROWINGS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Schedule of Federal Funds Purchased and Retail Repurchase Agreements | Federal funds purchased and retail repurchase agreements as of March 31, 2024, and December 31, 2023, are listed below. March 31, December 31, Federal funds purchased $ — $ — Retail repurchase agreements 43,811 43,582 |
Schedule of Borrowing Usage and Interest Rate Information for Federal Funds Purchased and Retail Repurchase Agreements | The following table presents the borrowing usage and interest rate information for federal funds purchased and retail repurchase agreements at March 31, 2024, and December 31, 2023. March 31, December 31, Average daily balance during the period $ 47,772 $ 43,469 Average interest rate during the period 1.89 % 1.13 % Maximum month-end balance year-to-date $ 47,312 $ 46,798 Weighted average interest rate at period-end 1.66 % 1.69 % |
Summary of Federal Home Loan Bank Advances | Federal Home Loan Bank advances as of March 31, 2024, and December 31, 2023, are as follows. March 31, December 31, 2023 Federal Home Loan Bank line of credit advances $ 119,931 $ — Federal Home Loan Bank fixed-rate term advances 100,000 100,000 Total Federal Home Loan Bank advances $ 219,931 $ 100,000 |
Schedule of Subordinated Debt | Subordinated debt as of March 31, 2024, and December 31, 2023, are listed below. March 31, December 31, Subordinated debentures $ 23,681 $ 23,594 Subordinated notes 73,377 73,327 Total $ 97,058 $ 96,921 |
Schedule of Subordinated Notes | Subordinated notes as of March 31, 2024, are listed below. March 31, Weighted Average Rate Weighted Average Term in Years Subordinated notes $ 75,000 7.00 % 6.3 Total principal outstanding 75,000 Debt issuance cost ( 1,623 ) Total subordinated notes $ 73,377 Subordinated notes as of December 31, 2023, are listed below. December 31, Weighted Average Rate Weighted Average Term in Years Subordinated notes $ 75,000 7.00 % 6.5 Total principal outstanding 75,000 Debt issuance cost ( 1,673 ) Total subordinated notes $ 73,327 |
Summary of Future Principal Repayments | Future principal repayments of the March 31, 2024, outstanding balances are as follows. Retail Repurchase Agreements FHLB Advances Subordinated Debentures Subordinated Notes FRB Borrowings Total Due in one year or less $ 43,811 $ 219,931 $ — $ — $ — $ 263,742 Due after one year through two years — — — — — — Due after two years through three years — — — — — — Due after three years through four years — — — — — — Due after four years through five years — — — — — — Thereafter — — 28,352 75,000 — 103,352 Total $ 43,811 $ 219,931 $ 28,352 $ 75,000 $ — $ 367,094 |
Trust Preferred Securities [Member] | |
Schedule of Subordinated Debt | Subordinated debentures as of March 31, 2024, and December 31, 2023, are listed below. March 31, Weighted Average Rate Weighted Average Term in Years CTII subordinated debentures $ 10,310 7.58 % 11.0 CTIII subordinated debentures 5,155 7.48 % 13.2 CFSTI subordinated debentures 5,155 8.82 % 8.7 ASBSTI subordinated debentures 7,732 7.39 % 11.5 Total contractual balance 28,352 Fair market value adjustments ( 4,671 ) Total subordinated debentures $ 23,681 December 31, Weighted Average Rate Weighted Average Term in Years CTII subordinated debentures $ 10,310 7.66 % 11.3 CTIII subordinated debentures 5,155 7.54 % 13.5 CFSTI subordinated debentures 5,155 8.87 % 9.0 ASBSTI subordinated debentures 7,732 7.45 % 11.7 Total contractual balance 28,352 Fair market value adjustments ( 4,758 ) Total subordinated debentures $ 23,594 |
STOCKHOLDERS' EQUITY (Tables)
STOCKHOLDERS' EQUITY (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Summary of Shares Issued and Held in Treasury or Outstanding | The following table presents shares that were issued, held in treasury or were outstanding at March 31, 2024, and December 31, 2023. March 31, December 31, Class A common stock – issued 20,569,754 20,460,615 Class A common stock – held in treasury ( 5,226,555 ) ( 5,016,964 ) Class A common stock – outstanding 15,343,199 15,443,651 Class B common stock – issued 234,903 234,903 Class B common stock – held in treasury ( 234,903 ) ( 234,903 ) Class B common stock – outstanding — — |
Summary of Offering Periods and Costs | In 2019, the Company’s Board of Directors adopted the Equity Bancshares, Inc. 2019 Employee Stock Purchase Plan (“ESPP”). The ESPP enables eligible employees to purchase the Company’s common stock at a price per share equal to 85 % of the lower of the fair market value of the common stock at the beginning or end of each offering period. ESPP compensation expense of $ 35 and $ 39 was recorded for the three months ended March 31, 2024, and 2023. The following table presents the offering periods and costs associated with this program during the reporting period. Offering Period Shares Purchased Cost Per Share Compensation Expense August 15, 2021 to February 14, 2022 14,274 $ 27.37 $ 69 February 15, 2022 to August 14, 2022 14,555 27.61 71 August 15, 2022 to February 14, 2023 17,508 26.18 81 February 15, 2023 to August 14, 2023 14,548 22.34 57 August 15, 2023 to February 14, 2024 16,884 21.79 65 |
Components of Accumulated Other Comprehensive Income | Components of accumulated other comprehensive income as of March 31, 2024, and December 31, 2023, are listed below. Available-for- Cash Flow Hedges Accumulated March 31, 2024 Net unrealized or unamortized gains (losses) $ ( 83,476 ) $ 2,973 $ ( 80,503 ) Tax effect 20,443 ( 728 ) 19,715 $ ( 63,033 ) $ 2,245 $ ( 60,788 ) December 31, 2023 Net unrealized or unamortized gains (losses) $ ( 77,548 ) $ 839 $ ( 76,709 ) Tax effect 18,995 ( 206 ) 18,789 $ ( 58,553 ) $ 633 $ ( 57,920 ) |
REGULATORY MATTERS (Tables)
REGULATORY MATTERS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Banking And Thrift Disclosure [Abstract] | |
Summary of Company's and Equity Bank's Capital Amounts and Ratios | The Company’s and Equity Bank’s capital amounts and ratios at March 31, 2024, and December 31, 2023, are presented in the table below. The Company was able to take advantage of the accumulated other comprehensive income exception on capital calculations that was made available by regulators in order to maintain strong regulatory ratios. Ratios provided for Equity Bancshares, Inc. represent the ratios of the Company on a consolidated basis. Actual Minimum Required for To Be Well Amount Ratio Amount Ratio Amount Ratio March 31, 2024 Total capital to risk weighted assets Equity Bancshares, Inc. $ 589,681 14.71 % $ 420,797 10.50 % $ N/A N/A Equity Bank 572,236 14.30 % 420,102 10.50 % 400,097 10.00 % Tier 1 capital to risk weighted assets Equity Bancshares, Inc. 470,026 11.73 % 340,645 8.50 % N/A N/A Equity Bank 525,958 13.15 % 340,083 8.50 % 320,078 8.00 % Common equity Tier 1 capital to risk weighted assets Equity Bancshares, Inc. 446,345 11.14 % 280,531 7.00 % N/A N/A Equity Bank 525,958 13.15 % 280,068 7.00 % 260,063 6.50 % Tier 1 leverage to average assets Equity Bancshares, Inc. 470,026 9.10 % 206,687 4.00 % N/A N/A Equity Bank 525,958 10.20 % 206,242 4.00 % 257,802 5.00 % December 31, 2023 Total capital to risk weighted assets Equity Bancshares, Inc. $ 589,131 15.48 % $ 399,729 10.50 % $ N/A N/A Equity Bank 571,938 15.05 % 399,006 10.50 % 380,006 10.00 % Tier 1 capital to risk weighted assets Equity Bancshares, Inc. 470,659 12.36 % 323,590 8.50 % N/A N/A Equity Bank 526,793 13.86 % 323,005 8.50 % 304,004 8.00 % Common equity Tier 1 capital to risk weighted assets Equity Bancshares, Inc. 447,064 11.74 % 266,486 7.00 % N/A N/A Equity Bank 526,793 13.86 % 266,004 7.00 % 247,004 6.50 % Tier 1 leverage to average assets Equity Bancshares, Inc. 470,659 9.46 % 199,112 4.00 % N/A N/A Equity Bank 526,793 10.60 % 198,782 4.00 % 248,477 5.00 % |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Summary of Earnings Per Share | The following table presents earnings per share for the three months ended March 31, 2024, and 2023. Three months ended March 31, March 31, Basic: Net income (loss) allocable to common stockholders $ 14,068 $ 12,323 Weighted average common shares outstanding 15,416,060 15,843,147 Weighted average vested restricted stock units 9,649 15,661 Weighted average shares 15,425,709 15,858,808 Basic earnings (loss) per common share $ 0.91 $ 0.78 Diluted: Net income (loss) allocable to common stockholders $ 14,068 $ 12,323 Weighted average common shares outstanding for: Basic earnings per common share 15,425,709 15,858,808 Dilutive effects of the assumed exercise of stock options 52,609 54,491 Dilutive effects of the assumed vesting of restricted stock units 89,685 110,526 Dilutive effects of the assumed exercise of ESPP purchases 1,222 4,226 Average shares and dilutive potential common shares 15,569,225 16,028,051 Diluted earnings (loss) per common share $ 0.90 $ 0.77 |
Schedule of Average Shares Not Included In the Computation of Diluted Earnings Per Share | Average shares not included in the computation of diluted earnings per share because they were antidilutive are shown in the following table as of March 31, 2024, and 2023. Three months ended March 31, March 31, Stock options 177,563 255,510 Restricted stock units 5,177 9,980 Total antidilutive shares 182,740 265,490 |
FAIR VALUE (Tables)
FAIR VALUE (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on Recurring Basis | Assets and liabilities measured at fair value on a recurring basis are summarized in the following tables as of March 31, 2024, and December 31, 2023. March 31. 2024 (Level 1) (Level 2) (Level 3) Assets: Available-for-sale securities: U.S. Government-sponsored entities $ — $ 75,077 $ — U.S. Treasury securities 120,249 — — Mortgage-backed securities Government-sponsored residential mortgage-backed securities — 624,582 — Private label residential mortgage-backed securities — 135,058 — Corporate — 50,791 — Small Business Administration loan pools — 7,102 — State and political subdivisions — 78,858 — Derivative assets: Derivative assets (included in other assets) — 9,272 — Cash collateral held by counterparty and netting adjustments ( 8,513 ) — — Total derivative assets ( 8,513 ) 9,272 — Other assets: Equity securities with readily determinable fair value 675 — — Total other assets 675 — — Total assets $ 112,411 $ 980,740 $ — Liabilities: Derivative liabilities: Derivative liabilities (included in other liabilities) $ — $ 3,715 $ — Cash collateral held by counterparty and netting adjustments 195 — — Total derivative liabilities 195 3,715 — Total liabilities $ 195 $ 3,715 $ — December 31, 2023 (Level 1) (Level 2) (Level 3) Assets: Available-for-sale securities: U.S. Government-sponsored entities $ — $ 33,087 $ — U.S. Treasury securities 89,256 — — Mortgage-backed securities Government-sponsored residential mortgage- — 529,143 — Private label residential mortgage-backed securities — 137,841 — Corporate — 49,683 — Small Business Administration loan pools — 7,727 — State and political subdivisions — 72,911 — Derivative assets: Derivative assets (included in other assets) — 7,002 — Cash collateral held by counterparty and netting adjustments ( 6,406 ) — — Total derivative assets ( 6,406 ) 7,002 — Other assets: Equity securities with readily determinable fair value 674 — — Total other assets 674 — — Total assets $ 83,524 $ 837,394 $ — Liabilities: Derivative liabilities: Derivative liabilities (included in other liabilities) $ — $ 3,656 $ — Cash collateral held by counterparty and netting adjustments ( 454 ) — — Total derivative liabilities ( 454 ) 3,656 — Total liabilities $ ( 454 ) $ 3,656 $ — |
Summary of Assets Measured at Fair Value on Non-recurring Basis | Assets measured at fair value on a non-recurring basis are summarized below as of March 31, 2024, and December 31, 2023. March 31. 2024 (Level 1) (Level 2) (Level 3) Loans individually evaluated for credit losses: Commercial real estate $ — $ — $ 2,067 Commercial and industrial — — 3,195 Residential real estate — — 2,833 Agricultural real estate — — 2,662 Other — — 2,796 Other real estate owned: Commercial real estate — — 1,061 Residential real estate — — 170 December 31, 2023 (Level 1) (Level 2) (Level 3) Loans individually evaluated for credit losses: Commercial real estate $ — $ — $ 1,616 Commercial and industrial — — 3,706 Residential real estate — — 6,165 Agricultural real estate — — 2,606 Other — — 2,442 Other real estate owned: Commercial real estate — — 1,061 Residential real estate — — 170 |
Summary of Additional Information about Unobservable Inputs Used in Fair Value Measurement | The following table presents additional information about the unobservable inputs used in the fair value measurement of financial assets measured on a nonrecurring basis that were categorized with Level 3 of the fair value hierarchy as of March 31, 2024, and December 31, 2023. Fair Value Valuation Unobservable Range average) or Multiple of Earnings March 31, 2024 Individually evaluated real estate loans $ 13,553 Sales Adjustments for 5 % - 56 % 30 %) Individually evaluated other real estate owned $ 1,231 Sales Adjustments for 5 % - 23 % 14 %) December 31, 2023 Individually evaluated real estate loans $ 16,535 Sales Adjustments for between 3 % - 34 % 19 %) Individually evaluated other real estate owned $ 1,231 Sales Adjustments for between 7 % - 28 % 18 %) |
Carrying Amount and Estimated Fair Values of Financial Instrument | Carrying amount and estimated fair values of financial instruments at period end were as follows for March 31, 2024, and December 31, 2023. March 31, 2024 Carrying Estimated (Level 1) (Level 2) (Level 3) Financial assets: Cash and cash equivalents $ 235,018 $ 235,018 $ 235,018 $ — $ — Available-for-sale securities 1,091,717 1,091,717 120,249 971,468 — Held-to-maturity securities 2,205 2,210 — 2,210 — Loans held for sale 1,311 1,311 — 1,311 — Loans, net of allowance for credit losses 3,437,714 3,375,009 — — 3,375,009 Federal Reserve Bank and Federal Home 27,009 27,009 — 27,009 — Interest receivable 27,082 27,082 — 27,082 — Derivative assets 9,272 9,272 — 9,272 — Cash collateral held by derivative counterparty ( 8,513 ) ( 8,513 ) ( 8,513 ) — — Total derivative assets 759 759 ( 8,513 ) 9,272 — Equity securities with readily determinable fair value 675 675 675 — — Total assets $ 4,823,490 $ 4,760,790 $ 347,429 $ 1,038,352 $ 3,375,009 Financial liabilities: Deposits $ 4,371,026 $ 4,365,528 $ — $ 4,365,528 $ — Federal funds purchased and retail 43,811 43,811 — 43,811 — Federal Home Loan Bank advances 219,931 219,931 — 219,931 — Subordinated debentures 23,681 23,681 — 23,681 — Subordinated notes 73,377 72,064 — 72,064 — Contractual obligations 18,493 18,493 — 18,493 — Interest payable 6,525 6,525 — 6,525 — Derivative liabilities 3,715 3,715 — 3,715 — Cash collateral held by derivative counterparty 195 195 195 — — Total derivative liabilities 3,910 3,910 195 3,715 — Total liabilities $ 4,760,754 $ 4,753,943 $ 195 $ 4,753,748 $ — December 31, 2023 Carrying Estimated (Level 1) (Level 2) (Level 3) Financial assets: Cash and cash equivalents $ 379,099 $ 379,099 $ 379,099 $ — $ — Available-for-sale securities 919,648 919,648 89,256 830,392 — Held-to-maturity securities 2,209 2,250 — 2,250 — Loans held for sale 476 476 — 476 — Loans, net of allowance for credit losses 3,289,381 3,227,789 — — 3,227,789 Federal Reserve Bank and Federal Home 20,608 20,608 — 20,608 — Interest receivable 25,497 25,497 — 25,497 — Derivative assets 7,002 7,002 — 7,002 — Cash collateral held by derivative counterparty ( 6,406 ) ( 6,406 ) ( 6,406 ) — — Total derivative assets 596 596 ( 6,406 ) 7,002 — Equity securities with readily determinable fair value 674 674 674 — — Total assets $ 4,638,188 $ 4,576,637 $ 462,623 $ 886,225 $ 3,227,789 Financial liabilities: Deposits $ 4,145,455 $ 4,140,501 $ — $ 4,140,501 $ — Federal funds purchased and retail 43,582 43,582 — 43,582 — Federal Home Loan Bank advances 100,000 100,000 — 100,000 — Federal Reserve Bank Borrowings 140,000 140,000 — 140,000 — Subordinated debentures 23,594 23,594 — 23,594 — Subordinated notes 73,327 71,827 — 71,827 — Contractual obligations 19,315 19,315 — 19,315 — Interest payable 9,180 9,180 — 9,180 — Derivative liabilities 3,656 3,656 — 3,656 — Cash collateral held by derivative counterparty ( 454 ) ( 454 ) ( 454 ) — — Total derivative liabilities 3,202 3,202 ( 454 ) 3,656 — Total liabilities $ 4,557,655 $ 4,551,201 $ ( 454 ) $ 4,551,655 $ — |
COMMITMENTS AND CREDIT RISK (Ta
COMMITMENTS AND CREDIT RISK (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Contractual Amounts of Commitments and Standby Letters of Credit to Originate Loans and Available Lines of Credit | The contractual amounts of commitments to originate loans and available lines of credit as of March 31, 2024, and December 31, 2023, were as follows. March 31, 2024 December 31, 2023 Fixed Variable Fixed Variable Commitments to make loans $ 50,859 $ 364,978 $ 47,465 $ 343,715 Mortgage loans in the process of origination 3,223 1,079 4,574 357 Unused lines of credit 154,247 372,769 124,893 355,270 The contractual amounts of standby letters of credit as of March 31, 2024, and December 31, 2023, were as follows. March 31, 2024 December 31, 2023 Fixed Variable Fixed Variable Standby letters of credit $ 16,905 $ 29,196 $ 18,145 $ 30,680 |
REVENUE RECOGNITION (Tables)
REVENUE RECOGNITION (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Standards Update 2014-09 [Member] | |
Disaggregation Of Revenue [Line Items] | |
Summary of Company's Source of Non-interest Income | Except for gains or losses from the sale of other real estate owned, all of the Company’s revenue from contracts with customers within the scope of ASC 606 are recognized in non-interest income. The following table presents the Company’s sources of non-interest income for the three months ended March 31, 2024, and 2023. Three Months Ended 2024 2023 Non-interest income Service charges and fees $ 2,569 $ 2,545 Debit card income 2,447 2,554 Mortgage banking (a) 188 88 Increase in bank-owned life insurance (a) 828 1,583 Net gain (loss) on acquisitions (a) 1,239 — Net gain (loss) from securities transactions (a) 43 32 Other Investment referral income 138 89 Trust income 319 240 Insurance sales commissions 36 113 Recovery on zero-basis purchased loans (a) 3,345 6 Income (loss) from equity method investments (a) ( 56 ) ( 55 ) Other non-interest income related to loans — 1,362 Other non-interest income not related to (a) 635 532 Total other non-interest income 4,417 2,287 Total $ 11,731 $ 9,089 (a) Not within the scope of ASC 606. |
BUSINESS COMBINATIONS AND BRA_2
BUSINESS COMBINATIONS AND BRANCH SALES (Tables) - Bank Of Kirksville [Member] | 3 Months Ended |
Mar. 31, 2024 | |
Business Acquisition [Line Items] | |
Summary of the Amounts of Assets Sold/Acquired and Liabilities Assumed Recognized at the Merger/Acquisition Date | The following table summarizes the amounts of assets acquired and liabilities assumed recognized at the acquisition date. Fair value of consideration: Cash $ 44,304 $ 44,304 Recognized amounts of identifiable assets acquired and liabilities assumed: Cash and due from banks $ 105,218 Available-for-sale securities 164,629 Loans 118,131 Premises and equipment 3,473 Core deposit intangible 11,530 Other assets 3,194 Total assets acquired 406,175 Deposits 349,777 Federal funds purchased and retail repurchase agreements 8,818 Interest payable and other liabilities 2,037 Total liabilities assumed 360,632 Total identifiable net assets 45,543 Bargain purchase gain ( 1,239 ) $ 44,304 |
Schedule Of Business Acquisitions By Acquisition At Merger Date Table Text Block | The following tables reconcile the par value of BOK loan portfolio as of the purchase date to the fair value indicated in the table above. For non-purchase credit deteriorated assets, the entire fair value adjustment including both interest and credit related components is recorded as an adjustment to par (“Fair Value Marks”) and reflected as an adjustment to the carrying value of that asset within the Consolidated Balance Sheet. Following purchase, an ACL is also established for these non-purchase credit deteriorated assets which is not reflected in this table as it is accounted for outside of the business combination. For purchase-credit deteriorated assets, as required by CECL, the difference between par value and purchase price is divided between a (discount)/premium related to all other factors except ACL referred to as ("Discounts from Other Factors Excluding ACL") and an ACL at the acquisition date referred to as (“Credit Marks in ACL”). The addition to ACL is based on the application of management’s CECL methodology to the individual loans. Non-Purchase Credit Deteriorated Loans Loan Par Value Fair Value Marks Purchase Price Commercial real estate $ 1,959 $ ( 85 ) $ 1,874 Commercial and industrial 32,300 ( 578 ) 31,722 Residential real estate 42,318 ( 1,182 ) 41,136 Agricultural 37,641 ( 949 ) 36,692 Consumer 1,373 ( 36 ) 1,337 Total non-PCD loans $ 115,591 $ ( 2,830 ) $ 112,761 Purchase Credit Deteriorated Loans Loan Par Value Discounts from Other Factors Excluding ACL Credit Marks Purchase Price Commercial and industrial $ 1,366 $ ( 178 ) $ ( 119 ) $ 1,069 Residential real estate 2,044 ( 210 ) ( 183 ) 1,651 Agricultural 3,316 ( 472 ) ( 284 ) 2,560 Consumer 115 ( 15 ) ( 10 ) 90 Total PCD loans $ 6,841 $ ( 875 ) $ ( 596 ) $ 5,370 Total Purchased Loans Purchase Price Non-Purchase Credit Deteriorated Loans $ 112,761 Purchase Credit Deteriorated Loans 5,370 Total loans $ 118,131 Assuming the Rockhold acquisition would have taken place on January 1, 2023, total combined revenue would have been $ 86,834 for the quarter ended March 31, 2024, and $ 244,365 for the year ended December 31, 2023. Net income would have been $ 18,230 at March 31, 2024, and $ 20,850 at December 31, 2023. The pro forma amounts disclosed exclude merger expense from non-interest expense, which is considered a non-recurring adjustment. Separate revenue and earnings of the for mer Rockhold locatio ns are not available subsequent to the acquisition. |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Reconciliations of Reportable Segment Revenues and Measures of Profit or Loss | The following tables present the reconciliations of reportable segment revenues and measures of profit or loss and line item reconciliation to the Company’s consolidated financial statement totals. Unallocated Holding Company Equity Bank Amounts Eliminations Total March 31, 2024 Interest and dividend income $ 71,590 $ 177 $ — $ 71,767 Interest expense 25,662 1,923 — 27,585 Net interest income 45,928 ( 1,746 ) — 44,182 Provision (reversal) for credit losses 1,000 — — 1,000 Net interest income after provision (reversal) for credit losses 44,928 ( 1,746 ) — 43,182 Non-interest income Service charges and fees 2,569 — — 2,569 Debit card income 2,447 — — 2,447 Mortgage banking 188 — — 188 Increase in value of bank-owned life insurance 828 — — 828 Net gain on acquisition and branch sales 1,239 — — 1,239 Net gain (loss) from securities transactions ( 251 ) 294 — 43 Other 4,417 16,303 ( 16,303 ) (a) 4,417 Total non-interest income 11,437 16,597 ( 16,303 ) 11,731 Non-interest expense Salaries and employee benefits 18,049 48 — 18,097 Net occupancy and equipment 3,535 — — 3,535 Data processing 4,828 — — 4,828 Professional fees 1,230 162 — 1,392 Advertising and business development 1,237 1 — 1,238 Telecommunications 655 — — 655 FDIC insurance 571 — — 571 Courier and postage 606 — — 606 Free nationwide ATM cost 494 — — 494 Amortization of core deposit intangibles 899 — — 899 Loan expense 109 — — 109 Other real estate owned ( 84 ) — — ( 84 ) Merger expenses 996 560 — 1,556 Other 2,555 701 — 3,256 Intersegment service charges 345 ( 345 ) — — Total non-interest expense 36,025 1,127 — 37,152 Income (loss) before income tax 20,340 13,724 ( 16,303 ) 17,761 Provision (benefit) for income taxes 4,171 ( 478 ) — 3,693 Total segment profit/(loss) $ 16,169 $ 14,202 $ ( 16,303 ) $ 14,068 (a) Elimination of equity in earnings of subsidiary Unallocated Holding Company Equity Bank Amounts Eliminations Total March 31, 2023 Interest and dividend income $ 56,105 $ 18 $ — $ 56,123 Interest expense 15,133 1,880 — 17,013 Net interest income 40,972 ( 1,862 ) — 39,110 Provision (reversal) for credit losses ( 366 ) — — ( 366 ) Net interest income after provision (reversal) for credit losses 41,338 ( 1,862 ) — 39,476 Non-interest income Service charges and fees 2,545 — — 2,545 Debit card income 2,554 — — 2,554 Mortgage banking 88 — — 88 Increase in value of bank-owned life insurance 1,583 — — 1,583 Net gain (loss) from securities transactions 32 — — 32 Other 1,310 14,785 ( 14,297 ) (a) 1,798 Total non-interest income 8,112 14,785 ( 14,297 ) 8,600 Non-interest expense Salaries and employee benefits 16,649 43 — 16,692 Net occupancy and equipment 2,879 — — 2,879 Data processing 3,916 — — 3,916 Professional fees 1,279 105 — 1,384 Advertising and business development 1,159 — — 1,159 Telecommunications 485 — — 485 FDIC insurance 360 — — 360 Courier and postage 458 — — 458 Free nationwide ATM cost 525 — — 525 Amortization of core deposit intangibles 918 — — 918 Loan expense 117 — — 117 Other real estate owned 119 — — 119 Other 3,955 262 — 4,217 Intersegment service charges 324 ( 324 ) — — Total non-interest expense 33,143 86 — 33,229 Income (loss) before income tax 16,307 12,837 ( 14,297 ) 14,847 Provision (benefit) for income taxes 2,804 ( 280 ) — 2,524 Total segment profit/(loss) $ 13,503 $ 13,117 $ ( 14,297 ) $ 12,323 (a) Elimination of equity in earnings of subsidiary Administrative Equity Bank Adjustments Total March 31, 2024 Depreciation $ 1,329 $ 45 $ 1,374 Amortization of operating lease right-of-use-asset 92 — 92 Amortization of cloud computing implementation costs 35 — 35 Amortization of intangible assets 935 — 935 Purchase of long lived assets 5,464 — 5,464 Provision (benefit) for income taxes 4,171 ( 478 ) 3,693 Administrative Equity Bank Adjustments Total March 31, 2023 Depreciation $ 1,094 $ 38 $ 1,132 Amortization of operating lease right-of-use-asset 166 — 166 Amortization of cloud computing implementation costs 47 — 47 Amortization of intangible assets 954 — 954 Purchase of long lived assets 4,414 — 4,414 Provision (benefit) for income taxes 2,804 ( 280 ) 2,524 |
Schedule of Segment Assets | March 31, March 31, 2024 2023 Assets Total assets for reportable segments $ 5,228,133 $ 5,148,761 Holding company administrative adjustments 565,381 531,376 Elimination of bank cash and equity in earnings of subsidiaries ( 13,813 ) ( 10,970 ) Elimination of investment in subsidiaries ( 540,665 ) ( 512,451 ) Consolidated total $ 5,239,036 $ 5,156,716 |
Investments - Amortized Cost an
Investments - Amortized Cost and Fair Value of Securities Available-for-Sale (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-Sale, Amortized Cost | $ 1,175,193 | $ 997,196 |
Available-for-Sale, Gross Unrealized Gains | 2,009 | 3,974 |
Available-for-Sale, Gross Unrealized Losses | (85,485) | (81,522) |
Available-for-Sale, Fair Value | 1,091,717 | 919,648 |
U.S. Government Sponsored Entities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-Sale, Amortized Cost | 81,606 | 39,103 |
Available-for-Sale, Gross Unrealized Gains | 5 | |
Available-for-Sale, Gross Unrealized Losses | (6,534) | (6,016) |
Available-for-Sale, Fair Value | 75,077 | 33,087 |
U.S. Treasury securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-Sale, Amortized Cost | 121,106 | 89,999 |
Available-for-Sale, Gross Unrealized Gains | 14 | 28 |
Available-for-Sale, Gross Unrealized Losses | (871) | (771) |
Available-for-Sale, Fair Value | 120,249 | 89,256 |
Government-Sponsored Residential Mortgage-Backed Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-Sale, Amortized Cost | 661,713 | 560,674 |
Available-for-Sale, Gross Unrealized Gains | 1,929 | 3,872 |
Available-for-Sale, Gross Unrealized Losses | (39,060) | (35,403) |
Available-for-Sale, Fair Value | 624,582 | 529,143 |
Private Label Residential Mortgage-Backed Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-Sale, Amortized Cost | 158,225 | 161,174 |
Available-for-Sale, Gross Unrealized Losses | (23,167) | (23,333) |
Available-for-Sale, Fair Value | 135,058 | 137,841 |
Corporate [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-Sale, Amortized Cost | 56,742 | 56,722 |
Available-for-Sale, Gross Unrealized Gains | 8 | |
Available-for-Sale, Gross Unrealized Losses | (5,959) | (7,039) |
Available-for-Sale, Fair Value | 50,791 | 49,683 |
Small Business Administration Loan Pools [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-Sale, Amortized Cost | 7,457 | 8,066 |
Available-for-Sale, Gross Unrealized Losses | (355) | (339) |
Available-for-Sale, Fair Value | 7,102 | 7,727 |
State and Political Subdivisions [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-Sale, Amortized Cost | 88,344 | 81,458 |
Available-for-Sale, Gross Unrealized Gains | 53 | 74 |
Available-for-Sale, Gross Unrealized Losses | (9,539) | (8,621) |
Available-for-Sale, Fair Value | $ 78,858 | $ 72,911 |
Investments - Amortized Cost _2
Investments - Amortized Cost and Fair Value of Securities Held-to-Maturity (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Schedule of Held-to-Maturity Securities [Line Items] | ||
Held-to-Maturity, Amortized Cost | $ 2,205 | $ 2,209 |
Held-to-Maturity, Gross Unrecognized Gains | 20 | 41 |
Held-to-Maturity, Gross Unrecognized Losses | (15) | |
Held-to-maturity securities | 2,210 | 2,250 |
Government-Sponsored Residential Mortgage-Backed Securities [Member] | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Held-to-Maturity, Amortized Cost | 1,090 | 1,094 |
Held-to-Maturity, Gross Unrecognized Gains | 3 | |
Held-to-Maturity, Gross Unrecognized Losses | (14) | |
Held-to-maturity securities | 1,076 | 1,097 |
State and Political Subdivisions [Member] | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Held-to-Maturity, Amortized Cost | 1,115 | 1,115 |
Held-to-Maturity, Gross Unrecognized Gains | 20 | 38 |
Held-to-Maturity, Gross Unrecognized Losses | (1) | |
Held-to-maturity securities | $ 1,134 | $ 1,153 |
Investments - Fair Value and Am
Investments - Fair Value and Amortized Cost of Debt Securities by Contractual Maturity (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Investments, Debt and Equity Securities [Abstract] | ||
Available-for-Sale, Amortized Cost, Within one year | $ 113,506 | |
Available-for-Sale, Amortized Cost, One to five years | 70,836 | |
Available-for-Sale, Amortized Cost, Five to ten years | 129,232 | |
Available-for-Sale, Amortized Cost, After ten years | 41,681 | |
Available-for-Sale, Amortized Cost, Mortgage-backed securities | 819,938 | |
Available-for-Sale, Amortized Cost | 1,175,193 | $ 997,196 |
Available-for-Sale, Fair Value, Within one year | 112,741 | |
Available-for-Sale, Fair Value, One to five years | 70,130 | |
Available-for-Sale, Fair Value, Five to ten years | 113,798 | |
Available-for-Sale, Fair Value, After ten years | 35,408 | |
Available-for-Sale, Fair Value, Mortgage-backed securities | 759,640 | |
Available-for-Sale, Fair Value, Total debt securities | 1,091,717 | 919,648 |
Held-to-Maturity, Amortized Cost, Five to ten years | 1,115 | |
Held-to-Maturity, Amortized Cost, Mortgage-backed securities | 1,090 | |
Held-to-Maturity, Amortized Cost | 2,205 | 2,209 |
Held-to-Maturity, Fair Value, Five to ten years | 1,134 | |
Held-to-Maturity, Fair Value, Mortgage-backed securities | 1,076 | |
Held-to-Maturity, Fair Value, Total debt securities | $ 2,210 | $ 2,250 |
Investments - Carrying Value of
Investments - Carrying Value of Securities Pledged as Collateral to Secure Public Fund Deposits (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Debt Securities, Available-for-Sale [Line Items] | ||
Carrying value of securities pledged as collateral | $ 633,401 | $ 748,970 |
Book Value | 692,810 | 803,361 |
Fair Value | 633,401 | 748,970 |
Public Fund Deposits [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Carrying value of securities pledged as collateral | 503,619 | 488,270 |
Book Value | 545,903 | 509,010 |
Fair Value | 503,619 | 488,270 |
Federal Home Loan Bank Pledging [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Carrying value of securities pledged as collateral | 70,588 | 72,293 |
Book Value | 82,606 | 84,421 |
Fair Value | 70,588 | 72,293 |
Federal Reserve Bank Borrowings [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Carrying value of securities pledged as collateral | 11,831 | 141,125 |
Book Value | 12,110 | 158,382 |
Fair Value | 11,831 | 141,125 |
Retail Repurchase Agreements [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Carrying value of securities pledged as collateral | 47,363 | 47,282 |
Book Value | 52,191 | 51,548 |
Fair Value | $ 47,363 | $ 47,282 |
Investments - Additional Inform
Investments - Additional Information (Detail) | 3 Months Ended | ||
Mar. 31, 2024 USD ($) Security | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | |
Schedule Of Available For Sale Securities [Line Items] | |||
Carrying value of securities pledged as collateral | $ 633,401,000 | $ 748,970,000 | |
Number of unrealized loss position, available-for-sale securities | Security | 524 | ||
Number of unrecognized loss position, held-to-maturity securities | Security | 2 | ||
Private Label Residential Mortgage-Backed Securities [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Allowance for credit losses | $ 0 | ||
Corporate [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Number of unrealized loss position, available-for-sale securities | Security | 14 | ||
Allowance for credit losses | $ 0 | ||
State and Political Subdivisions [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Number of unrealized loss position, available-for-sale securities | Security | 174 | ||
Allowance for credit losses | $ 0 | ||
Not Included in Proportional Amortization [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Contingent contributions for investment tax credit | $ 0 | $ 3,600,000 | |
Simplified Supervisory Formula Approach [Member] | Private Label Residential Mortgage-Backed Securities [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Percentage of risk | 20% | ||
Nationally Recognized Statistical Ratings Organization [Member] | State and Political Subdivisions [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Percentage of risk | 86% | ||
General Obligation Bonds [Member] | State and Political Subdivisions [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Percentage of risk | 62% |
Investments - Summary of Gross
Investments - Summary of Gross Unrealized Losses or Unrecognized Losses and Fair Value of Securities (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Schedule of Investments [Line Items] | ||
Total, Available-for-sale securities, Less Than 12 Months, Fair Value | $ 232,256 | $ 24,282 |
Total, Available-for-sale securities, Less Than 12 Months, Unrealized Loss | (2,101) | (787) |
Total, Available-for-sale securities, 12 Months or More, Fair Value | 592,847 | 606,838 |
Total, Available-for-sale securities, 12 Months or More, Unrealized Loss | (83,384) | (80,735) |
Total, Available-for-sale securities, Fair Value | 825,103 | 631,120 |
Total, Available-for-sale securities, Unrealized Loss | (85,485) | (81,522) |
Total, Held-to-maturity securities, Less Than 12 Months, Fair Value | 1,350 | |
Total, Held-to-maturity securities, Less Than 12 Months, Unrecognized Loss | (15) | |
Total, Held-to-maturity securities, Fair Value | 1,350 | |
Total, Held-to-maturity securities, Unrecognized Loss | (15) | |
U.S. Government Sponsored Entities [Member] | ||
Schedule of Investments [Line Items] | ||
Total, Available-for-sale securities, Less Than 12 Months, Fair Value | 35,692 | |
Total, Available-for-sale securities, Less Than 12 Months, Unrealized Loss | (201) | |
Total, Available-for-sale securities, 12 Months or More, Fair Value | 32,566 | 33,087 |
Total, Available-for-sale securities, 12 Months or More, Unrealized Loss | (6,333) | (6,016) |
Total, Available-for-sale securities, Fair Value | 68,258 | 33,087 |
Total, Available-for-sale securities, Unrealized Loss | (6,534) | (6,016) |
U.S. Treasury securities [Member] | ||
Schedule of Investments [Line Items] | ||
Total, Available-for-sale securities, Less Than 12 Months, Fair Value | 64,773 | 0 |
Total, Available-for-sale securities, Less Than 12 Months, Unrealized Loss | (194) | |
Total, Available-for-sale securities, 12 Months or More, Fair Value | 19,468 | 19,413 |
Total, Available-for-sale securities, 12 Months or More, Unrealized Loss | (677) | (771) |
Total, Available-for-sale securities, Fair Value | 84,241 | 19,413 |
Total, Available-for-sale securities, Unrealized Loss | (871) | (771) |
Government-Sponsored Residential Mortgage-Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Total, Available-for-sale securities, Less Than 12 Months, Fair Value | 112,236 | 7,799 |
Total, Available-for-sale securities, Less Than 12 Months, Unrealized Loss | (868) | (5) |
Total, Available-for-sale securities, 12 Months or More, Fair Value | 296,481 | 306,858 |
Total, Available-for-sale securities, 12 Months or More, Unrealized Loss | (38,192) | (35,398) |
Total, Available-for-sale securities, Fair Value | 408,717 | 314,657 |
Total, Available-for-sale securities, Unrealized Loss | (39,060) | (35,403) |
Total, Held-to-maturity securities, Less Than 12 Months, Fair Value | 1,076 | |
Total, Held-to-maturity securities, Less Than 12 Months, Unrecognized Loss | (14) | |
Total, Held-to-maturity securities, Fair Value | 1,076 | |
Total, Held-to-maturity securities, Unrecognized Loss | (14) | |
Private Label Residential Mortgage-Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Total, Available-for-sale securities, 12 Months or More, Fair Value | 135,058 | 137,841 |
Total, Available-for-sale securities, 12 Months or More, Unrealized Loss | (23,167) | (23,333) |
Total, Available-for-sale securities, Fair Value | 135,058 | 137,841 |
Total, Available-for-sale securities, Unrealized Loss | (23,167) | (23,333) |
Corporate [Member] | ||
Schedule of Investments [Line Items] | ||
Total, Available-for-sale securities, 12 Months or More, Fair Value | 47,882 | 49,683 |
Total, Available-for-sale securities, 12 Months or More, Unrealized Loss | (5,959) | (7,039) |
Total, Available-for-sale securities, Fair Value | 47,882 | 49,683 |
Total, Available-for-sale securities, Unrealized Loss | (5,959) | (7,039) |
Small Business Administration Loan Pools [Member] | ||
Schedule of Investments [Line Items] | ||
Total, Available-for-sale securities, Less Than 12 Months, Fair Value | 4,631 | 5,097 |
Total, Available-for-sale securities, Less Than 12 Months, Unrealized Loss | (17) | (14) |
Total, Available-for-sale securities, 12 Months or More, Fair Value | 2,471 | 2,630 |
Total, Available-for-sale securities, 12 Months or More, Unrealized Loss | (338) | (325) |
Total, Available-for-sale securities, Fair Value | 7,102 | 7,727 |
Total, Available-for-sale securities, Unrealized Loss | (355) | (339) |
State and Political Subdivisions [Member] | ||
Schedule of Investments [Line Items] | ||
Total, Available-for-sale securities, Less Than 12 Months, Fair Value | 14,924 | 11,386 |
Total, Available-for-sale securities, Less Than 12 Months, Unrealized Loss | (821) | (768) |
Total, Available-for-sale securities, 12 Months or More, Fair Value | 58,921 | 57,326 |
Total, Available-for-sale securities, 12 Months or More, Unrealized Loss | (8,718) | (7,853) |
Total, Available-for-sale securities, Fair Value | 73,845 | 68,712 |
Total, Available-for-sale securities, Unrealized Loss | (9,539) | $ (8,621) |
Total, Held-to-maturity securities, Less Than 12 Months, Fair Value | 274 | |
Total, Held-to-maturity securities, Less Than 12 Months, Unrecognized Loss | (1) | |
Total, Held-to-maturity securities, Fair Value | 274 | |
Total, Held-to-maturity securities, Unrecognized Loss | $ (1) |
Investments - Summary of Procee
Investments - Summary of Proceeds from Sales and Associated Gains and Losses (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Investments, Debt and Equity Securities [Abstract] | |
Proceeds | $ 726 |
Gross gain | 3 |
Gross losses | 255 |
Income tax expense/(benefit) | $ (62) |
Investments - Summary of Variou
Investments - Summary of Various Investment Balances and Method of Accounting (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Summary of Investment Holdings [Line Items] | ||
Accounted for at fair value through net income | $ 675 | $ 674 |
Accounted for at amortized cost assessed for impairment | 1,981 | 1,397 |
Total investments in stocks | 2,656 | 2,071 |
Accounted for under the equity method | 2,369 | 2,345 |
Accounted for under the hypothetical liquidation book value | 2,424 | 2,403 |
Accounted for under proportional amortization | 23,372 | 24,296 |
Total investments in partnerships | 28,165 | 29,044 |
Total other investments | $ 30,821 | $ 31,115 |
Investments - Impact of Tax Cre
Investments - Impact of Tax Credit Investments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Included in Proportional Amortization [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Income Tax Credits Recognized During Period | $ (826) | $ (482) |
Other Income Tax Benefits | (225) | (144) |
Total Tax Benefits | (1,051) | (626) |
Investment Amortization Included in Income Tax Expense | 924 | 587 |
Not Included in Proportional Amortization [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Income Tax Credits Recognized During Period | (802) | |
Other Income Tax Benefits | 23 | (232) |
Total Tax Benefits | $ 23 | $ (1,034) |
Loans and Allowance for Credi_3
Loans and Allowance for Credit Losses - Categories of Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans | $ 3,482,163 | $ 3,332,901 | ||
Allowance for credit losses | (44,449) | (43,520) | $ (45,103) | $ (45,847) |
Net loans | 3,437,714 | 3,289,381 | ||
Commercial Real Estate [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans | 1,797,192 | 1,759,855 | ||
Allowance for credit losses | (13,582) | (13,476) | (16,611) | (16,731) |
Commercial and Industrial [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans | 649,035 | 598,327 | ||
Allowance for credit losses | (17,651) | (17,954) | (15,620) | (14,951) |
Residential Real Estate [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans | 581,988 | 556,328 | ||
Allowance for credit losses | (8,319) | (7,784) | (8,751) | (8,608) |
Agricultural Real Estate [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans | 198,291 | 196,114 | ||
Allowance for credit losses | (1,688) | (1,718) | (586) | (819) |
Consumer [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans | 106,345 | 103,690 | ||
Allowance for credit losses | (1,597) | (1,593) | (1,988) | (2,281) |
Agricultural [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans | 149,312 | 118,587 | ||
Allowance for credit losses | $ (1,612) | $ (995) | $ (1,547) | $ (2,457) |
Loans and Allowance for Credi_4
Loans and Allowance for Credit Losses - Additional Information (Detail) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 USD ($) Pool | Mar. 31, 2023 USD ($) Pool | Dec. 31, 2023 USD ($) | |
Accounts Notes And Loans Receivable [Line Items] | |||
Loans | $ 3,437,714 | $ 3,289,381 | |
Purchases of government guaranteed loans | 4,180 | $ 802 | |
Unamortized purchase accounting discounts | 5,093 | 2,424 | |
Loans purchased at discount | 311,049 | 209,662 | |
Outstanding commitments on loans | 235 | $ 129 | |
Total loans | 3,482,163 | 3,332,901 | |
Consumer Loans [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Over-draft deposit accounts | 3,162 | 387 | |
Commercial and Industrial [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 649,035 | 598,327 | |
Residential Real Estate/Mortgage Loan Pools [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans | $ 288,632 | 299,448 | |
Purchased pools of residential real estate | Pool | 0 | 0 | |
Agricultural [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | $ 149,312 | $ 118,587 |
Loans and Allowance for Credi_5
Loans and Allowance for Credit Losses - Schedule of Allowance for Loan Losses by Portfolio Segment Allowance (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Allowance for Loan Losses, Beginning Balance | $ 43,520 | $ 45,847 |
Provision (reversal) for credit losses | 1,000 | (366) |
Initial PCD on Acquired loans | 596 | |
Loans charged-off | (882) | (638) |
Recoveries | 215 | 260 |
Allowance for Loan Losses, Ending Balance | 44,449 | 45,103 |
Commercial Real Estate [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Allowance for Loan Losses, Beginning Balance | 13,476 | 16,731 |
Provision (reversal) for credit losses | 116 | (126) |
Loans charged-off | (17) | (1) |
Recoveries | 7 | 7 |
Allowance for Loan Losses, Ending Balance | 13,582 | 16,611 |
Commercial and Industrial [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Allowance for Loan Losses, Beginning Balance | 17,954 | 14,951 |
Provision (reversal) for credit losses | 67 | 1,100 |
Initial PCD on Acquired loans | 119 | |
Loans charged-off | (631) | (435) |
Recoveries | 142 | 4 |
Allowance for Loan Losses, Ending Balance | 17,651 | 15,620 |
Residential Real Estate [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Allowance for Loan Losses, Beginning Balance | 7,784 | 8,608 |
Provision (reversal) for credit losses | 367 | 132 |
Initial PCD on Acquired loans | 184 | |
Loans charged-off | (27) | (5) |
Recoveries | 11 | 16 |
Allowance for Loan Losses, Ending Balance | 8,319 | 8,751 |
Agricultural Real Estate [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Allowance for Loan Losses, Beginning Balance | 1,718 | 819 |
Provision (reversal) for credit losses | (31) | (233) |
Recoveries | 1 | |
Allowance for Loan Losses, Ending Balance | 1,688 | 586 |
Agricultural [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Allowance for Loan Losses, Beginning Balance | 995 | 2,457 |
Provision (reversal) for credit losses | 359 | (1,065) |
Initial PCD on Acquired loans | 284 | |
Loans charged-off | (26) | |
Recoveries | 155 | |
Allowance for Loan Losses, Ending Balance | 1,612 | 1,547 |
Consumer [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Allowance for Loan Losses, Beginning Balance | 1,593 | 2,281 |
Provision (reversal) for credit losses | 122 | (174) |
Initial PCD on Acquired loans | 9 | |
Loans charged-off | (181) | (197) |
Recoveries | 54 | 78 |
Allowance for Loan Losses, Ending Balance | $ 1,597 | $ 1,988 |
Loans and Allowance for Credi_6
Loans and Allowance for Credit Losses - Schedule of Loans Evaluated for Impairment (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Financing Receivable Impaired [Line Items] | ||||
Individually evaluated for credit losses | $ 5,825 | $ 4,765 | ||
Collectively evaluated for credit losses | 38,624 | 38,755 | ||
Total Allowance for Loan Losses | 44,449 | 43,520 | $ 45,103 | $ 45,847 |
Individually evaluated for credit losses | 33,564 | 27,963 | ||
Collectively evaluated for credit losses | 3,448,599 | 3,304,938 | ||
Total Loans | 3,482,163 | 3,332,901 | ||
Commercial Real Estate [Member] | ||||
Financing Receivable Impaired [Line Items] | ||||
Individually evaluated for credit losses | 729 | 582 | ||
Collectively evaluated for credit losses | 12,853 | 12,894 | ||
Total Allowance for Loan Losses | 13,582 | 13,476 | 16,611 | 16,731 |
Individually evaluated for credit losses | 7,192 | 6,031 | ||
Collectively evaluated for credit losses | 1,790,000 | 1,753,824 | ||
Total Loans | 1,797,192 | 1,759,855 | ||
Commercial and Industrial [Member] | ||||
Financing Receivable Impaired [Line Items] | ||||
Individually evaluated for credit losses | 1,989 | 1,644 | ||
Collectively evaluated for credit losses | 15,662 | 16,310 | ||
Total Allowance for Loan Losses | 17,651 | 17,954 | 15,620 | 14,951 |
Individually evaluated for credit losses | 8,266 | 5,498 | ||
Collectively evaluated for credit losses | 640,769 | 592,829 | ||
Total Loans | 649,035 | 598,327 | ||
Residential Real Estate [Member] | ||||
Financing Receivable Impaired [Line Items] | ||||
Individually evaluated for credit losses | 1,148 | 1,113 | ||
Collectively evaluated for credit losses | 7,171 | 6,671 | ||
Total Allowance for Loan Losses | 8,319 | 7,784 | 8,751 | 8,608 |
Individually evaluated for credit losses | 5,889 | 7,495 | ||
Collectively evaluated for credit losses | 576,099 | 548,833 | ||
Total Loans | 581,988 | 556,328 | ||
Agricultural Real Estate [Member] | ||||
Financing Receivable Impaired [Line Items] | ||||
Individually evaluated for credit losses | 658 | 674 | ||
Collectively evaluated for credit losses | 1,030 | 1,044 | ||
Total Allowance for Loan Losses | 1,688 | 1,718 | 586 | 819 |
Individually evaluated for credit losses | 4,888 | 4,672 | ||
Collectively evaluated for credit losses | 193,403 | 191,442 | ||
Total Loans | 198,291 | 196,114 | ||
Agricultural [Member] | ||||
Financing Receivable Impaired [Line Items] | ||||
Individually evaluated for credit losses | 1,112 | 598 | ||
Collectively evaluated for credit losses | 500 | 397 | ||
Total Allowance for Loan Losses | 1,612 | 995 | 1,547 | 2,457 |
Individually evaluated for credit losses | 6,425 | 3,598 | ||
Collectively evaluated for credit losses | 142,887 | 114,989 | ||
Total Loans | 149,312 | 118,587 | ||
Consumer [Member] | ||||
Financing Receivable Impaired [Line Items] | ||||
Individually evaluated for credit losses | 189 | 154 | ||
Collectively evaluated for credit losses | 1,408 | 1,439 | ||
Total Allowance for Loan Losses | 1,597 | 1,593 | $ 1,988 | $ 2,281 |
Individually evaluated for credit losses | 904 | 669 | ||
Collectively evaluated for credit losses | 105,441 | 103,021 | ||
Total Loans | $ 106,345 | $ 103,690 |
Loans and Allowance for Credi_7
Loans and Allowance for Credit Losses - Impaired Loans, Segregated by Class of Loans (Detail)l - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Financing Receivable Impaired [Line Items] | |||
With no related allowance recorded, Unpaid Principal Balance | $ 10,245 | $ 10,562 | |
With no related allowance recorded, Recorded Investment | 6,305 | 4,324 | |
With related allowance recorded, Unpaid Principal Balance | 24,208 | 26,742 | |
With related allowance recorded, Recorded Investment | 17,921 | 20,702 | |
With an allowance recorded, Allowance for Credit Losses Allocated | 4,368 | 4,167 | |
Unpaid Principal Balance | 34,453 | 37,304 | |
Recorded investment | 24,226 | 25,026 | |
With no related allowance recorded, Average Recorded Investment | 4,324 | $ 2,441 | |
With an allowance recorded, Average Recorded Investment | 20,702 | 14,634 | |
With an allowance recorded, Interest Income Recognized | 2 | 1 | |
Average Recorded Investment | 25,026 | 17,075 | |
Interest Income Recognized | 2 | 1 | |
Commercial Real Estate [Member] | |||
Financing Receivable Impaired [Line Items] | |||
With no related allowance recorded, Unpaid Principal Balance | 3,938 | 3,948 | |
With no related allowance recorded, Recorded Investment | 3,368 | 3,376 | |
With related allowance recorded, Unpaid Principal Balance | 2,898 | 2,297 | |
With related allowance recorded, Recorded Investment | 2,666 | 2,071 | |
With an allowance recorded, Allowance for Credit Losses Allocated | 599 | 455 | |
With no related allowance recorded, Average Recorded Investment | 3,376 | 1,855 | |
With an allowance recorded, Average Recorded Investment | 2,071 | 841 | |
With an allowance recorded, Interest Income Recognized | 2 | ||
Commercial and Industrial [Member] | |||
Financing Receivable Impaired [Line Items] | |||
With no related allowance recorded, Unpaid Principal Balance | 4,915 | 2,925 | |
With no related allowance recorded, Recorded Investment | 1,992 | ||
With related allowance recorded, Unpaid Principal Balance | 8,352 | 8,452 | |
With related allowance recorded, Recorded Investment | 4,753 | 5,041 | |
With an allowance recorded, Allowance for Credit Losses Allocated | 1,558 | 1,335 | |
With an allowance recorded, Average Recorded Investment | 5,041 | 5,660 | |
Residential Real Estate [Member] | |||
Financing Receivable Impaired [Line Items] | |||
With no related allowance recorded, Unpaid Principal Balance | 20 | 21 | |
With related allowance recorded, Unpaid Principal Balance | 4,173 | 7,605 | |
With related allowance recorded, Recorded Investment | 3,769 | 7,251 | |
With an allowance recorded, Allowance for Credit Losses Allocated | 936 | 1,086 | |
With no related allowance recorded, Average Recorded Investment | 13 | ||
With an allowance recorded, Average Recorded Investment | 7,251 | 3,135 | |
Agricultural Real Estate [Member] | |||
Financing Receivable Impaired [Line Items] | |||
With no related allowance recorded, Unpaid Principal Balance | 1,332 | 1,342 | |
With no related allowance recorded, Recorded Investment | 945 | 948 | |
With related allowance recorded, Unpaid Principal Balance | 4,771 | 4,753 | |
With related allowance recorded, Recorded Investment | 3,282 | 3,266 | |
With an allowance recorded, Allowance for Credit Losses Allocated | 620 | 660 | |
With no related allowance recorded, Average Recorded Investment | 948 | 573 | |
With an allowance recorded, Average Recorded Investment | 3,266 | 1,421 | |
With an allowance recorded, Interest Income Recognized | 1 | ||
Agricultural [Member] | |||
Financing Receivable Impaired [Line Items] | |||
With no related allowance recorded, Unpaid Principal Balance | 2,303 | ||
With related allowance recorded, Unpaid Principal Balance | 3,154 | 2,946 | |
With related allowance recorded, Recorded Investment | 2,679 | 2,470 | |
With an allowance recorded, Allowance for Credit Losses Allocated | 476 | 481 | |
With an allowance recorded, Average Recorded Investment | 2,470 | 3,195 | |
Consumer [Member] | |||
Financing Receivable Impaired [Line Items] | |||
With no related allowance recorded, Unpaid Principal Balance | 40 | 23 | |
With related allowance recorded, Unpaid Principal Balance | 860 | 689 | |
With related allowance recorded, Recorded Investment | 772 | 603 | |
With an allowance recorded, Allowance for Credit Losses Allocated | 179 | $ 150 | |
With an allowance recorded, Average Recorded Investment | $ 603 | $ 382 |
Loans and Allowance for Credi_8
Loans and Allowance for Credit Losses - Schedule of Aging of Recorded Investment in Past Due Loans by Segment and Class of Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Greater Than 90 Days Past Due Still On Accrual | $ 413 | $ 279 |
Nonaccrual | 24,226 | 25,026 |
Total loans | 3,482,163 | 3,332,901 |
30 to 59 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Financing Receivables, Past Due | 11,043 | 7,645 |
60 to 89 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Financing Receivables, Past Due | 2,702 | 3,770 |
Loans Not Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Financing Receivables, Past Due | 3,443,779 | 3,296,181 |
Commercial Real Estate [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Greater Than 90 Days Past Due Still On Accrual | 413 | 189 |
Nonaccrual | 6,034 | 5,447 |
Total loans | 1,797,192 | 1,759,855 |
Commercial Real Estate [Member] | 30 to 59 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Financing Receivables, Past Due | 4,254 | 2,397 |
Commercial Real Estate [Member] | 60 to 89 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Financing Receivables, Past Due | 1,574 | 198 |
Commercial Real Estate [Member] | Loans Not Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Financing Receivables, Past Due | 1,784,917 | 1,751,624 |
Commercial and Industrial [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Greater Than 90 Days Past Due Still On Accrual | 71 | |
Nonaccrual | 6,745 | 5,041 |
Total loans | 649,035 | 598,327 |
Commercial and Industrial [Member] | 30 to 59 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Financing Receivables, Past Due | 1,794 | 1,853 |
Commercial and Industrial [Member] | 60 to 89 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Financing Receivables, Past Due | 388 | 2,713 |
Commercial and Industrial [Member] | Loans Not Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Financing Receivables, Past Due | 640,108 | 588,649 |
Residential Real Estate [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Nonaccrual | 3,769 | 7,251 |
Total loans | 581,988 | 556,328 |
Residential Real Estate [Member] | 30 to 59 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Financing Receivables, Past Due | 2,456 | 1,444 |
Residential Real Estate [Member] | 60 to 89 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Financing Receivables, Past Due | 492 | 676 |
Residential Real Estate [Member] | Loans Not Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Financing Receivables, Past Due | 575,271 | 546,957 |
Agricultural Real Estate [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Nonaccrual | 4,227 | 4,214 |
Total loans | 198,291 | 196,114 |
Agricultural Real Estate [Member] | 30 to 59 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Financing Receivables, Past Due | 535 | 949 |
Agricultural Real Estate [Member] | 60 to 89 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Greater Than 90 Days Past Due Still On Accrual | 61 | |
Agricultural Real Estate [Member] | Loans Not Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Financing Receivables, Past Due | 193,468 | 190,951 |
Agricultural [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Greater Than 90 Days Past Due Still On Accrual | 19 | |
Nonaccrual | 2,679 | 2,470 |
Total loans | 149,312 | 118,587 |
Agricultural [Member] | 30 to 59 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Financing Receivables, Past Due | 1,450 | 559 |
Agricultural [Member] | 60 to 89 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Greater Than 90 Days Past Due Still On Accrual | 42 | 65 |
Agricultural [Member] | Loans Not Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Financing Receivables, Past Due | 145,141 | 115,474 |
Consumer [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Nonaccrual | 772 | 603 |
Total loans | 106,345 | 103,690 |
Consumer [Member] | 30 to 59 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Financing Receivables, Past Due | 554 | 443 |
Consumer [Member] | 60 to 89 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Financing Receivables, Past Due | 145 | 118 |
Consumer [Member] | Loans Not Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Financing Receivables, Past Due | $ 104,874 | $ 102,526 |
Loans and Allowance for Credi_9
Loans and Allowance for Credit Losses - Schedule of Risk Category of Loans by Class of Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Commercial Real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2024 | $ 64,642 | $ 212,570 |
2023 | 215,524 | 381,734 |
2022 | 364,826 | 257,437 |
2021 | 240,609 | 180,191 |
2020 | 169,821 | 76,935 |
Prior | 252,359 | 188,808 |
Revolving Loans Amortized Cost | 488,636 | 461,427 |
Revolving Loans Converted to Term | 775 | 753 |
Total | 1,797,192 | 1,759,855 |
Commercial Real Estate [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2024 | 64,642 | 212,229 |
2023 | 215,317 | 379,233 |
2022 | 361,943 | 253,837 |
2021 | 237,075 | 179,935 |
2020 | 169,563 | 75,472 |
Prior | 248,288 | 186,073 |
Revolving Loans Amortized Cost | 488,533 | 461,346 |
Revolving Loans Converted to Term | 735 | 753 |
Total | 1,786,096 | 1,748,878 |
Commercial Real Estate [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2024 | 257 | |
2022 | 119 | |
2021 | 117 | |
Prior | 385 | 399 |
Total | 502 | 775 |
Commercial Real Estate [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2024 | 84 | |
2023 | 207 | 2,501 |
2022 | 2,883 | 3,481 |
2021 | 3,417 | 256 |
2020 | 258 | 1,463 |
Prior | 3,686 | 2,336 |
Revolving Loans Amortized Cost | 103 | 81 |
Revolving Loans Converted to Term | 40 | |
Total | 10,594 | 10,202 |
Commercial and Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2024 | 28,847 | 129,915 |
2023 | 114,906 | 111,285 |
2022 | 101,941 | 54,661 |
2021 | 52,714 | 52,479 |
2020 | 51,990 | 30,168 |
Prior | 47,803 | 10,456 |
Revolving Loans Amortized Cost | 249,076 | 207,583 |
Revolving Loans Converted to Term | 1,758 | 1,780 |
Total | 649,035 | 598,327 |
Commercial and Industrial [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2024 | 28,847 | 128,598 |
2023 | 113,685 | 110,817 |
2022 | 101,217 | 54,416 |
2021 | 52,112 | 49,557 |
2020 | 49,311 | 29,931 |
Prior | 44,371 | 7,293 |
Revolving Loans Amortized Cost | 246,034 | 204,237 |
Revolving Loans Converted to Term | 1,758 | 1,780 |
Total | 637,335 | 586,629 |
Commercial and Industrial [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2023 | 98 | |
2022 | 159 | 15 |
2021 | 253 | |
Prior | 1,147 | 992 |
Revolving Loans Amortized Cost | 0 | |
Total | 1,657 | 1,007 |
Commercial and Industrial [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2024 | 1,317 | |
2023 | 1,123 | 468 |
2022 | 565 | 230 |
2021 | 349 | 2,922 |
2020 | 2,679 | 237 |
Prior | 2,285 | 2,171 |
Revolving Loans Amortized Cost | 3,042 | 3,346 |
Total | 10,043 | 10,691 |
Residential Real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2024 | 5,898 | 35,040 |
2023 | 37,547 | 29,979 |
2022 | 38,523 | 277,798 |
2021 | 279,170 | 5,205 |
2020 | 9,236 | 12,662 |
Prior | 155,735 | 132,104 |
Revolving Loans Amortized Cost | 54,775 | 62,409 |
Revolving Loans Converted to Term | 1,104 | 1,131 |
Total | 581,988 | 556,328 |
Residential Real Estate [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2024 | 5,898 | 35,040 |
2023 | 37,547 | 29,766 |
2022 | 38,314 | 277,611 |
2021 | 278,758 | 5,183 |
2020 | 9,215 | 12,506 |
Prior | 152,438 | 130,144 |
Revolving Loans Amortized Cost | 54,187 | 57,699 |
Revolving Loans Converted to Term | 1,040 | 1,065 |
Total | 577,397 | 549,014 |
Residential Real Estate [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Prior | 468 | |
Total | 468 | |
Residential Real Estate [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2023 | 213 | |
2022 | 209 | 187 |
2021 | 412 | 22 |
2020 | 21 | 156 |
Prior | 2,829 | 1,960 |
Revolving Loans Amortized Cost | 588 | 4,710 |
Revolving Loans Converted to Term | 64 | 66 |
Total | 4,123 | 7,314 |
Agricultural Real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2024 | 6,461 | 23,311 |
2023 | 22,778 | 26,920 |
2022 | 25,472 | 18,011 |
2021 | 16,901 | 18,551 |
2020 | 16,643 | 10,754 |
Prior | 32,803 | 23,626 |
Revolving Loans Amortized Cost | 76,956 | 74,652 |
Revolving Loans Converted to Term | 277 | 289 |
Total | 198,291 | 196,114 |
Agricultural Real Estate [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2024 | 6,461 | 22,368 |
2023 | 22,294 | 26,762 |
2022 | 25,021 | 17,987 |
2021 | 16,874 | 18,551 |
2020 | 16,643 | 10,653 |
Prior | 29,168 | 20,039 |
Revolving Loans Amortized Cost | 76,119 | 74,010 |
Revolving Loans Converted to Term | 277 | 289 |
Total | 192,857 | 190,659 |
Agricultural Real Estate [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2024 | 0 | 903 |
2023 | 444 | 158 |
2022 | 433 | |
2021 | 0 | |
2020 | 0 | |
Prior | 127 | 164 |
Revolving Loans Amortized Cost | 800 | 605 |
Total | 1,804 | 1,830 |
Agricultural Real Estate [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2024 | 40 | |
2023 | 40 | |
2022 | 18 | 24 |
2021 | 27 | |
2020 | 101 | |
Prior | 3,508 | 3,423 |
Revolving Loans Amortized Cost | 37 | 37 |
Total | 3,630 | 3,625 |
Agricultural [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2024 | 6,381 | 12,463 |
2023 | 17,447 | 7,373 |
2022 | 13,193 | 5,279 |
2021 | 8,029 | 7,777 |
2020 | 12,297 | 3,246 |
Prior | 18,679 | 3,894 |
Revolving Loans Amortized Cost | 73,211 | 78,500 |
Revolving Loans Converted to Term | 75 | 55 |
Total | 149,312 | 118,587 |
Agricultural [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2024 | 6,381 | 12,424 |
2023 | 17,081 | 7,363 |
2022 | 12,876 | 4,815 |
2021 | 7,403 | 7,148 |
2020 | 11,668 | 1,385 |
Prior | 16,405 | 3,809 |
Revolving Loans Amortized Cost | 72,651 | 78,285 |
Revolving Loans Converted to Term | 75 | 55 |
Total | 144,540 | 115,284 |
Agricultural [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2022 | 150 | |
Prior | 32 | 33 |
Revolving Loans Amortized Cost | 407 | 9 |
Total | 42 | |
Agricultural [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2024 | 39 | |
2023 | 366 | 10 |
2022 | 167 | 464 |
2021 | 626 | 629 |
2020 | 629 | 1,861 |
Prior | 2,242 | 52 |
Revolving Loans Amortized Cost | 153 | 206 |
Total | 4,183 | 3,261 |
Consumer [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2024 | 29,390 | 47,069 |
2023 | 25,135 | 24,861 |
2022 | 22,187 | 10,547 |
2021 | 9,299 | 4,939 |
2020 | 4,272 | 1,330 |
Prior | 3,909 | 2,908 |
Revolving Loans Amortized Cost | 12,152 | 12,035 |
Revolving Loans Converted to Term | 1 | 1 |
Total | 106,345 | 103,690 |
Consumer [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2024 | 29,390 | 47,019 |
2023 | 25,046 | 24,620 |
2022 | 21,952 | 10,384 |
2021 | 9,079 | 4,841 |
2020 | 4,207 | 1,281 |
Prior | 3,734 | 2,885 |
Revolving Loans Amortized Cost | 12,152 | 12,035 |
Revolving Loans Converted to Term | 1 | 1 |
Total | 105,561 | 103,066 |
Consumer [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2024 | 0 | |
Total | 589 | |
Consumer [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2024 | 50 | |
2023 | 89 | 241 |
2022 | 235 | 163 |
2021 | 220 | 98 |
2020 | 65 | 49 |
Prior | 82 | 23 |
Total | 691 | 624 |
Consumer [Member] | Doubtful [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Prior | 93 | |
Total | 93 | |
Total Loans Portfolio Segment [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2024 | 141,619 | 460,368 |
2023 | 433,337 | 582,152 |
2022 | 566,142 | 623,733 |
2021 | 606,722 | 269,142 |
2020 | 264,259 | 135,095 |
Prior | 511,288 | 361,796 |
Revolving Loans Amortized Cost | 954,806 | 896,606 |
Revolving Loans Converted to Term | 3,990 | 4,009 |
Total | 3,482,163 | 3,332,901 |
Total Loans Portfolio Segment [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2024 | 141,619 | 457,678 |
2023 | 430,970 | 578,561 |
2022 | 561,323 | 619,050 |
2021 | 601,301 | 265,215 |
2020 | 260,607 | 131,228 |
Prior | 494,404 | 350,243 |
Revolving Loans Amortized Cost | 949,676 | 887,612 |
Revolving Loans Converted to Term | 3,886 | 3,943 |
Total | 3,443,786 | 3,293,530 |
Total Loans Portfolio Segment [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2024 | 1,160 | |
2023 | 542 | 158 |
2022 | 742 | 134 |
2021 | 370 | |
2020 | 0 | |
Prior | 2,159 | 1,588 |
Revolving Loans Amortized Cost | 1,207 | 614 |
Total | 5,020 | 3,654 |
Total Loans Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2024 | 1,530 | |
2023 | 1,825 | 3,433 |
2022 | 4,077 | 4,549 |
2021 | 5,051 | 3,927 |
2020 | 3,652 | 3,867 |
Prior | 14,632 | 9,965 |
Revolving Loans Amortized Cost | 3,923 | 8,380 |
Revolving Loans Converted to Term | 104 | 66 |
Total | 33,264 | $ 35,717 |
Total Loans Portfolio Segment [Member] | Doubtful [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Prior | 93 | |
Total | $ 93 |
Loans and Allowance for Cred_10
Loans and Allowance for Credit Losses - Schedule of Charge-off and Recovery Activity by Loan Type and Year of Origination (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 |
Gross Charge-offs [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2024 | $ (19) | $ (16) | |
2023 | (45) | (52) | |
2022 | (237) | (32) | |
2021 | (37) | (12) | |
2020 | (47) | (23) | |
Prior | (153) | (55) | |
Revolving Loans Amortized Cost | (344) | (448) | |
Revolving Loans Converted to Term | 1 | ||
Total | (882) | (638) | |
Gross Recoveries [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2024 | 1 | ||
2023 | 1 | 4 | |
2022 | 110 | 34 | |
2021 | 5 | 5 | |
2020 | 4 | 3 | |
Prior | 82 | 211 | |
Revolving Loans Amortized Cost | 11 | 3 | |
Total | 215 | 260 | |
Net Charge-offs [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2024 | (18) | (16) | |
2023 | (44) | (48) | |
2022 | (127) | 2 | |
2021 | (32) | (7) | |
2020 | (43) | (20) | |
Prior | (71) | 156 | |
Revolving Loans Amortized Cost | (333) | (445) | |
Total | (667) | (378) | |
Commercial Real Estate [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2024 | 64,642 | $ 212,570 | |
2023 | 215,524 | 381,734 | |
2022 | 364,826 | 257,437 | |
2021 | 240,609 | 180,191 | |
2020 | 169,821 | 76,935 | |
Prior | 252,359 | 188,808 | |
Revolving Loans Amortized Cost | 488,636 | 461,427 | |
Revolving Loans Converted to Term | 775 | 753 | |
Total | 1,797,192 | 1,759,855 | |
Commercial Real Estate [Member] | Gross Charge-offs [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2022 | (16) | ||
Prior | (1) | ||
Revolving Loans Amortized Cost | (1) | ||
Total | (17) | (1) | |
Commercial Real Estate [Member] | Gross Recoveries [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Prior | 7 | 7 | |
Total | 7 | 7 | |
Commercial Real Estate [Member] | Net Charge-offs [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2022 | (16) | ||
Prior | 7 | 6 | |
Revolving Loans Amortized Cost | (1) | ||
Total | 10 | 6 | |
Commercial and Industrial [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2024 | 28,847 | 129,915 | |
2023 | 114,906 | 111,285 | |
2022 | 101,941 | 54,661 | |
2021 | 52,714 | 52,479 | |
2020 | 51,990 | 30,168 | |
Prior | 47,803 | 10,456 | |
Revolving Loans Amortized Cost | 249,076 | 207,583 | |
Revolving Loans Converted to Term | 1,758 | 1,780 | |
Total | 649,035 | 598,327 | |
Commercial and Industrial [Member] | Gross Charge-offs [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2023 | (1) | ||
2022 | (168) | ||
2021 | (3) | ||
2020 | (40) | (3) | |
Prior | (104) | ||
Revolving Loans Amortized Cost | (316) | (431) | |
Total | (631) | (435) | |
Commercial and Industrial [Member] | Gross Recoveries [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2022 | 104 | ||
Prior | 29 | 4 | |
Revolving Loans Amortized Cost | 8 | ||
Revolving Loans Converted to Term | 1 | ||
Total | 142 | 4 | |
Commercial and Industrial [Member] | Net Charge-offs [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2023 | (1) | ||
2022 | (64) | ||
2021 | (3) | ||
2020 | (40) | (3) | |
Prior | (75) | 4 | |
Revolving Loans Amortized Cost | (308) | (431) | |
Revolving Loans Converted to Term | 1 | ||
Total | (489) | (431) | |
Residential Real Estate [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2024 | 5,898 | 35,040 | |
2023 | 37,547 | 29,979 | |
2022 | 38,523 | 277,798 | |
2021 | 279,170 | 5,205 | |
2020 | 9,236 | 12,662 | |
Prior | 155,735 | 132,104 | |
Revolving Loans Amortized Cost | 54,775 | 62,409 | |
Revolving Loans Converted to Term | 1,104 | 1,131 | |
Total | 581,988 | 556,328 | |
Residential Real Estate [Member] | Gross Charge-offs [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2021 | (2) | ||
Prior | (15) | (1) | |
Revolving Loans Amortized Cost | (10) | (4) | |
Total | (27) | (5) | |
Residential Real Estate [Member] | Gross Recoveries [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Prior | 11 | 16 | |
Total | 11 | 16 | |
Residential Real Estate [Member] | Net Charge-offs [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2021 | (2) | ||
Prior | (4) | 15 | |
Revolving Loans Amortized Cost | (10) | (4) | |
Total | (16) | 11 | |
Agricultural Real Estate [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2024 | 6,461 | 23,311 | |
2023 | 22,778 | 26,920 | |
2022 | 25,472 | 18,011 | |
2021 | 16,901 | 18,551 | |
2020 | 16,643 | 10,754 | |
Prior | 32,803 | 23,626 | |
Revolving Loans Amortized Cost | 76,956 | 74,652 | |
Revolving Loans Converted to Term | 277 | 289 | |
Total | 198,291 | 196,114 | |
Agricultural Real Estate [Member] | Gross Recoveries [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Prior | 1 | ||
Total | 1 | ||
Agricultural Real Estate [Member] | Net Charge-offs [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Prior | 1 | ||
Total | 1 | ||
Agricultural [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2024 | 6,381 | 12,463 | |
2023 | 17,447 | 7,373 | |
2022 | 13,193 | 5,279 | |
2021 | 8,029 | 7,777 | |
2020 | 12,297 | 3,246 | |
Prior | 18,679 | 3,894 | |
Revolving Loans Amortized Cost | 73,211 | 78,500 | |
Revolving Loans Converted to Term | 75 | 55 | |
Total | 149,312 | 118,587 | |
Agricultural [Member] | Gross Charge-offs [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2022 | (25) | ||
2021 | (1) | ||
Total | (26) | ||
Agricultural [Member] | Gross Recoveries [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Prior | 155 | ||
Total | 155 | ||
Agricultural [Member] | Net Charge-offs [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2022 | (25) | ||
2021 | (1) | ||
Prior | 155 | ||
Total | (26) | 155 | |
Consumer [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2024 | 29,390 | 47,069 | |
2023 | 25,135 | 24,861 | |
2022 | 22,187 | 10,547 | |
2021 | 9,299 | 4,939 | |
2020 | 4,272 | 1,330 | |
Prior | 3,909 | 2,908 | |
Revolving Loans Amortized Cost | 12,152 | 12,035 | |
Revolving Loans Converted to Term | 1 | 1 | |
Total | 106,345 | 103,690 | |
Consumer [Member] | Gross Charge-offs [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2024 | (19) | (16) | |
2023 | (45) | (51) | |
2022 | (28) | (32) | |
2021 | (31) | (12) | |
2020 | (7) | (20) | |
Prior | (34) | (53) | |
Revolving Loans Amortized Cost | (17) | (13) | |
Total | (181) | (197) | |
Consumer [Member] | Gross Recoveries [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2024 | 1 | ||
2023 | 1 | 4 | |
2022 | 6 | 34 | |
2021 | 5 | 5 | |
2020 | 4 | 3 | |
Prior | 34 | 29 | |
Revolving Loans Amortized Cost | 3 | 3 | |
Total | 54 | 78 | |
Consumer [Member] | Net Charge-offs [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2024 | (18) | (16) | |
2023 | (44) | (47) | |
2022 | (22) | 2 | |
2021 | (26) | (7) | |
2020 | (3) | (17) | |
Prior | (24) | ||
Revolving Loans Amortized Cost | (14) | (10) | |
Total | (127) | $ (119) | |
Total Loans Portfolio Segment [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2024 | 141,619 | 460,368 | |
2023 | 433,337 | 582,152 | |
2022 | 566,142 | 623,733 | |
2021 | 606,722 | 269,142 | |
2020 | 264,259 | 135,095 | |
Prior | 511,288 | 361,796 | |
Revolving Loans Amortized Cost | 954,806 | 896,606 | |
Revolving Loans Converted to Term | 3,990 | 4,009 | |
Total | $ 3,482,163 | $ 3,332,901 |
Loans and Allowance for Cred_11
Loans and Allowance for Credit Losses - Summary of Amortized Cost Basis of Loans Modified (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Commercial Real Estate [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total Modifications | $ 60 | $ 14 |
Total Class of Financing Receivable | 0% | 0% |
Commercial and Industrial [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total Modifications | $ 9,052 | |
Total Class of Financing Receivable | 0% | 1.49% |
Residential Real Estate [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total Class of Financing Receivable | 0% | 0% |
Agricultural Real Estate [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total Modifications | $ 457 | $ 23 |
Total Class of Financing Receivable | 0.23% | 0.01% |
Agricultural [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total Modifications | $ 1,223 | $ 122 |
Total Class of Financing Receivable | 0.82% | 0.11% |
Consumer [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total Modifications | $ 25 | |
Total Class of Financing Receivable | 0% | 0.02% |
Total Loans Portfolio Segment [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total Modifications | $ 1,740 | $ 9,236 |
Total Class of Financing Receivable | 0.05% | 0.28% |
Payment Delay [Member] | Agricultural [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total Modifications | $ 1,223 | $ 122 |
Payment Delay [Member] | Total Loans Portfolio Segment [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total Modifications | 1,223 | 122 |
Term Extension [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total Modifications | 39 | |
Term Extension [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total Modifications | 258 | |
Term Extension [Member] | Agricultural Real Estate [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total Modifications | 457 | 23 |
Term Extension [Member] | Total Loans Portfolio Segment [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total Modifications | 496 | 281 |
Combination Rate Change and Term Extension [Member] | Consumer [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total Modifications | 25 | |
Combination Rate Change and Term Extension [Member] | Total Loans Portfolio Segment [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total Modifications | 25 | |
Combination Payment Delay and Term Extension [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total Modifications | 8,808 | |
Combination Payment Delay and Term Extension [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total Modifications | 21 | 14 |
Combination Payment Delay and Term Extension [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total Modifications | $ 8,794 | |
Combination Payment Delay and Term Extension [Member] | Total Loans Portfolio Segment [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total Modifications | $ 21 |
Loans And Allowance For Cred_12
Loans And Allowance For Credit Loss - Summary of Performance of Loans Modified (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Commercial Real Estate [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Total Past Due | $ 40 | |
Commercial Real Estate [Member] | 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Total Past Due | 40 | |
Commercial and Industrial [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Total Past Due | 2,249 | |
Commercial and Industrial [Member] | 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Total Past Due | 25 | |
Commercial and Industrial [Member] | Greater Than 89 days Past Due [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Total Past Due | 2,224 | |
Residential Real Estate [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Total Past Due | 12 | |
Residential Real Estate [Member] | Greater Than 89 days Past Due [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Total Past Due | 12 | |
Agricultural Real Estate [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Total Past Due | $ 23 | |
Agricultural Real Estate [Member] | 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Total Past Due | 23 | |
Total Loans Portfolio Segment [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Total Past Due | 2,301 | 23 |
Total Loans Portfolio Segment [Member] | 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Total Past Due | 65 | |
Total Loans Portfolio Segment [Member] | 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Total Past Due | $ 23 | |
Total Loans Portfolio Segment [Member] | Greater Than 89 days Past Due [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Total Past Due | $ 2,236 |
Loans and Allowance for Cred_13
Loans and Allowance for Credit Losses - Schedule of Financial Effect of Loan Modifications to Borrowers Experiencing Financial Difficulty (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Commercial Real Estate [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Weighted Average Term Extension | 8 months 1 day | 3 months |
Commercial and Industrial [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Weighted Average Interest Rate Reduction | 3% | |
Weighted Average Term Extension | 1 year 10 months 20 days | 1 month 20 days |
Agricultural Real Estate [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Weighted Average Term Extension | 6 years 2 months 12 days | |
Agricultural [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Weighted Average Term Extension | 10 months 17 days | |
Consumer [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Total Modifications | $ 240 | |
Weighted Average Term Extension | 2 years 1 month 28 days | |
Total Loans Portfolio Segment [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Total Modifications | $ 3,000 | $ 240 |
Weighted Average Term Extension | 10 months 24 days | 1 month 28 days |
Loans and Allowance for Cred_14
Loans and Allowance for Credit Losses - Schedule of Allowance for Credit Losses on Off-Balance Sheet Credit Exposures (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans, allowance for credit losses | $ 44,449 | $ 43,520 | $ 45,103 | $ 45,847 |
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | Off Balance Sheet Credit Loss Liability [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans, allowance for credit losses | 1,829 | 1,625 | ||
Commercial Real Estate [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans, allowance for credit losses | 13,582 | 13,476 | 16,611 | 16,731 |
Commercial Real Estate [Member] | SEC Schedule, 12-09, Allowance, Credit Loss [Member] | Off Balance Sheet Credit Loss Liability [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans, allowance for credit losses | 351 | 285 | ||
Commercial and Industrial [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans, allowance for credit losses | 17,651 | 17,954 | 15,620 | 14,951 |
Commercial and Industrial [Member] | SEC Schedule, 12-09, Allowance, Credit Loss [Member] | Off Balance Sheet Credit Loss Liability [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans, allowance for credit losses | 1,188 | 1,053 | ||
Agricultural Real Estate [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans, allowance for credit losses | 1,688 | 1,718 | 586 | 819 |
Agricultural Real Estate [Member] | SEC Schedule, 12-09, Allowance, Credit Loss [Member] | Off Balance Sheet Credit Loss Liability [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans, allowance for credit losses | 2 | |||
Residential Real Estate [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans, allowance for credit losses | 8,319 | 7,784 | 8,751 | 8,608 |
Residential Real Estate [Member] | SEC Schedule, 12-09, Allowance, Credit Loss [Member] | Off Balance Sheet Credit Loss Liability [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans, allowance for credit losses | 43 | 35 | ||
Agricultural [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans, allowance for credit losses | 1,612 | 995 | 1,547 | 2,457 |
Agricultural [Member] | SEC Schedule, 12-09, Allowance, Credit Loss [Member] | Off Balance Sheet Credit Loss Liability [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans, allowance for credit losses | 4 | 3 | ||
Consumer [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans, allowance for credit losses | 1,597 | 1,593 | $ 1,988 | $ 2,281 |
Consumer [Member] | SEC Schedule, 12-09, Allowance, Credit Loss [Member] | Off Balance Sheet Credit Loss Liability [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans, allowance for credit losses | $ 243 | $ 247 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Additional Information (Detail) - Interest Rate Swaps [Member] | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Weighted average maturity period | 4 years 6 months 25 days | 4 years 7 months 6 days |
Weighted average pay rate | 8.36% | 8.31% |
Weighted average receive rate | 8.51% | 8.46% |
Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Weighted average maturity period | 6 years 8 months 15 days | 6 years 10 months 24 days |
Weighted average pay rate | 4.60% | 4.60% |
Weighted average receive rate | 8.48% | 8.50% |
Derivative Financial Instrume_4
Derivative Financial Instruments - Summary of Interest Rate Swaps Designated as Cash Flow Hedges (Detail) - Interest Rate Swaps [Member] | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Weighted average Maturity in years | 4 years 6 months 25 days | 4 years 7 months 6 days |
Weighted average pay rate | 8.36% | 8.31% |
Weighted average receive rate | 8.51% | 8.46% |
Subordinated Note Hedges [Member] | Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Weighted average Maturity in years | 11 years 6 months | 11 years 8 months 12 days |
Weighted average pay rate | 2.80% | 2.80% |
Weighted average receive rate | 7.44% | 7.43% |
Variable Rate FHLB Advance Hedges [Member] | Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Weighted average Maturity in years | 2 years | 2 years 2 months 12 days |
Weighted average pay rate | 3.60% | 3.58% |
Weighted average receive rate | 5.60% | 5.35% |
Prime Based Receivable Loan Hedges [Member] | Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Weighted average Maturity in years | 2 months 12 days | |
Weighted average pay rate | 8.50% | 8.50% |
Weighted average receive rate | 5.60% | 5.60% |
Cash Flow Hedges [Member] | Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Weighted average Maturity in years | 1 year 1 month 6 days | 1 year 4 months 24 days |
Weighted average pay rate | 6.43% | 6.43% |
Weighted average receive rate | 5.54% | 5.56% |
Derivative Financial Instrume_5
Derivative Financial Instruments - Summary of Notional Balance and Fair Values of Derivatives Outstanding (Detail) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Derivatives, Fair Value [Line Items] | ||
Notional Amount | $ 445,148,000 | $ 453,872,000 |
Derivative Assets | 9,272,000 | 7,002,000 |
Derivative Liabilities | 3,715,000 | 3,656,000 |
Cash collateral, Derivative Liabilities | 8,708,000 | 5,952,000 |
Netting adjustments, Derivative Assets | (8,513,000) | (6,406,000) |
Netting adjustments, Derivative Liabilities | (8,513,000) | (6,406,000) |
Net amount presented in Balance Sheet, Derivative Assets | 759,000 | 596,000 |
Net amount presented in Balance Sheet, Derivative Liabilities | 3,910,000 | 3,202,000 |
Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 272,578,000 | 272,961,000 |
Derivative Assets | 5,118,000 | 3,556,000 |
Derivative Liabilities | 631,000 | |
Designated as Hedging Instrument [Member] | Interest Rate Swaps [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 15,078,000 | 15,461,000 |
Derivative Assets | 1,639,000 | 1,580,000 |
Designated as Hedging Instrument [Member] | Cash Flow Hedges [Member] | Interest Rate Swaps [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 257,500,000 | 257,500,000 |
Derivative Assets | 3,479,000 | 1,976,000 |
Derivative Liabilities | 631,000 | |
Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 172,570,000 | 180,911,000 |
Derivative Assets | 4,154,000 | 3,446,000 |
Derivative Liabilities | 3,715,000 | 3,025,000 |
Not Designated as Hedging Instrument [Member] | Interest Rate Swaps [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 172,570,000 | 180,911,000 |
Derivative Assets | 4,154,000 | 3,446,000 |
Derivative Liabilities | $ 3,715,000 | $ 3,025,000 |
Derivative Financial Instrume_6
Derivative Financial Instruments - Summary of Designated and Qualifying Hedged Items in Fair Value Hedges (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Derivative [Line Items] | ||
Carrying Amount | $ 15,232 | $ 15,795 |
Hedging Fair Value Adjustment | (1,959) | (1,826) |
Fair Value Adjustments on Discontinued Hedges | (434) | (446) |
Commercial Real Estate [Member] | ||
Derivative [Line Items] | ||
Carrying Amount | $ 15,232 | $ 15,795 |
Hedged Asset, Statement of Financial Position [Extensible Enumeration] | Loans, net of allowance for credit losses | Loans, net of allowance for credit losses |
Hedging Fair Value Adjustment | $ (1,959) | $ (1,826) |
Fair Value Adjustments on Discontinued Hedges | $ (434) | $ (446) |
Derivative Financial Instrume_7
Derivative Financial Instruments - Summary of Net Gains/ (Losses) on Derivatives and Hedging Activities (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Derivatives designated as hedging instruments: | ||
Total net gain (loss) related to derivatives designated as hedging instruments | $ 1 | $ 8 |
Total net gain (loss) related to derivatives designated as cash flow hedges | 0 | 0 |
Total net gains (losses) related to hedging relationships | 1 | 8 |
Derivatives not designated as hedging instruments: | ||
Total net gains (losses) related to derivatives not designated as hedging instruments | 76 | (3) |
Net gains (losses) on derivatives and hedging activities | 77 | 5 |
Interest Rate Swaps [Member] | ||
Derivatives designated as hedging instruments: | ||
Total net gain (loss) related to derivatives designated as hedging instruments | 1 | 8 |
Total net gain (loss) related to derivatives designated as cash flow hedges | 0 | 0 |
Derivatives not designated as hedging instruments: | ||
Total net gains (losses) related to derivatives not designated as hedging instruments | $ 76 | $ (3) |
Derivative Financial Instrume_8
Derivative Financial Instruments - Summary of Recorded Net Gains (Losses) on Derivatives and Related Hedged Items in Fair Value Hedging Relationships (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net Fair Value Hedge Gain/(Loss) | $ 1 | $ 8 |
Fair Value Hedging [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain/(Loss) on Derivatives | 146 | (367) |
Gain/(Loss) on Hedged Items | (145) | 375 |
Net Fair Value Hedge Gain/(Loss) | 1 | 8 |
Effect of Derivatives on Net Interest Income | 161 | 149 |
Fair Value Hedging [Member] | Commercial Real Estate [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain/(Loss) on Derivatives | 146 | (367) |
Gain/(Loss) on Hedged Items | (145) | 375 |
Net Fair Value Hedge Gain/(Loss) | 1 | 8 |
Effect of Derivatives on Net Interest Income | $ 161 | $ 149 |
Derivative Financial Instrume_9
Derivative Financial Instruments - Summary of Net Gains or Losses on Derivatives and Related Hedged Items in Cash Flow Hedging Relationships (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Sep. 30, 2023 | Mar. 31, 2023 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain/(Loss) on Derivatives | $ 2,134 | $ 799 | $ 799 |
Gain/(Loss) Recorded in Accumulated Other Comprehensive Income | 1,612 | 593 | |
Effect of Derivatives on Net Interest Income | (574) | (676) | |
Prime Based Receivable Loan Hedges [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain/(Loss) on Derivatives | 992 | 923 | |
Gain/(Loss) Recorded in Accumulated Other Comprehensive Income | 749 | 686 | |
Effect of Derivatives on Net Interest Income | (1,098) | (780) | |
FHLB Advance Hedges [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain/(Loss) on Derivatives | 981 | 123 | |
Gain/(Loss) Recorded in Accumulated Other Comprehensive Income | 741 | 92 | |
Effect of Derivatives on Net Interest Income | 436 | 33 | |
Subordinated Note Hedges [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain/(Loss) on Derivatives | 161 | (247) | |
Gain/(Loss) Recorded in Accumulated Other Comprehensive Income | 122 | (185) | |
Effect of Derivatives on Net Interest Income | $ 88 | $ 71 |
Lease Obligations - Schedule of
Lease Obligations - Schedule of Right-of-use Asset and Lease Obligations by Type of Property (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Leases Disclosure [Line Items] | ||
Operating Lease, Right-of-Use Asset | $ 3,930 | $ 3,291 |
Operating Leases, Lease Liability | $ 3,929 | $ 3,307 |
Operating Leases, Weighted Average Lease Term in Years | 12 years 8 months 12 days | 14 years 9 months 18 days |
Operating Leases, Weighted Average Discount Rate | 3.29% | 3% |
Land and Building Leases [Member] | ||
Leases Disclosure [Line Items] | ||
Operating Lease, Right-of-Use Asset | $ 3,930 | $ 3,291 |
Operating Leases, Lease Liability | $ 3,929 | $ 3,307 |
Operating Leases, Weighted Average Lease Term in Years | 12 years 8 months 12 days | 14 years 9 months 18 days |
Operating Leases, Weighted Average Discount Rate | 3.29% | 3% |
Lease Obligations - Additional
Lease Obligations - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2024 | |
Lessee Lease Description [Line Items] | |
Sales-type lease, lease not yet commenced description | There were no sale and leaseback transactions, leverage leases, lease transactions with related parties or leases that had not yet commenced during the three month periods ended March 31, 2024. |
Lease Obligations - Schedule _2
Lease Obligations - Schedule of Operating Lease Costs (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Leases [Abstract] | ||
Operating lease cost | $ 120 | $ 196 |
Variable lease cost | 29 | 14 |
Total operating lease cost | $ 149 | $ 210 |
Lease Obligations - Schedule _3
Lease Obligations - Schedule of Maturity Analysis of Operating Lease Liabilities and Reconciliation of Undiscounted Cash Flows to Total Operating Lease Liability (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Leases [Abstract] | ||
Due in one year or less | $ 572 | |
Due after one year through two years | 619 | |
Due after two years through three years | 602 | |
Due after three years through four years | 536 | |
Due after four years through five years | 364 | |
Thereafter | 2,156 | |
Total undiscounted cash flows | 4,849 | |
Discount on cash flows | (920) | |
Total operating lease liability | $ 3,929 | $ 3,307 |
Borrowings - Schedule of Federa
Borrowings - Schedule of Federal Funds Purchased and Retail Repurchase Agreements (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Federal Funds Purchased and Securities Sold under Agreements to Repurchase [Abstract] | ||
Federal funds purchased | $ 0 | $ 0 |
Retail repurchase agreements | $ 43,811 | $ 43,582 |
Borrowings - Additional Informa
Borrowings - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||
Oct. 12, 2023 | Sep. 26, 2023 | Sep. 15, 2023 | Feb. 10, 2023 | Feb. 11, 2022 | Jun. 29, 2020 | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Jul. 23, 2020 | |
Debt Instrument [Line Items] | ||||||||||
Total Federal Home Loan Bank advances | $ 219,931,000 | $ 100,000,000 | ||||||||
Line of credit facility maximum borrowing capacity | $ 25,000,000 | |||||||||
Debt Instrument, Maturity Date | Feb. 10, 2024 | Feb. 11, 2023 | ||||||||
Debt instrument term | 5 years | |||||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 20% | 0.20% | ||||||||
Debt instrument floating daily, floor Interest Rate | 3.25% | 3.25% | 3.50% | |||||||
Trust Preferred Securities [Member] | FCB Capital Trust II [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Maturity Date | Apr. 15, 2035 | |||||||||
Subordinated debenture basis spread on variable rate | 2% | |||||||||
Preferred securities liquidation spread percent | 2% | |||||||||
Trust Preferred Securities [Member] | FCB Capital Trust II [Member] | Tenor Spread Adjustment [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Preferred securities liquidation spread percent | 0.26% | |||||||||
Trust Preferred Securities [Member] | FCB Capital Trust III [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Maturity Date | Jun. 15, 2037 | |||||||||
Subordinated debenture basis spread on variable rate | 1.89% | |||||||||
Preferred securities liquidation spread percent | 1.89% | |||||||||
Trust Preferred Securities [Member] | FCB Capital Trust III [Member] | Tenor Spread Adjustment [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Preferred securities liquidation spread percent | 0.26% | |||||||||
Trust Preferred Securities [Member] | Community First Statutory Trust I [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Maturity Date | Dec. 26, 2032 | |||||||||
Subordinated debenture basis spread on variable rate | 3.25% | |||||||||
Preferred securities liquidation spread percent | 3.25% | |||||||||
Trust Preferred Securities [Member] | Community First Statutory Trust I [Member] | Tenor Spread Adjustment [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Preferred securities liquidation spread percent | 0.26% | |||||||||
Trust Preferred Securities [Member] | American State Bank Statutory Trust I [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Maturity Date | Sep. 15, 2035 | |||||||||
Subordinated debenture basis spread on variable rate | 1.80% | |||||||||
Preferred securities liquidation spread percent | 1.80% | |||||||||
Trust Preferred Securities [Member] | American State Bank Statutory Trust I [Member] | Tenor Spread Adjustment [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Preferred securities liquidation spread percent | 0.26% | |||||||||
Maximum [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of credit facility maximum borrowing capacity | $ 40,000,000 | |||||||||
Minimum [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of credit facility maximum borrowing capacity | $ 25,000,000 | |||||||||
Agreement with Unaffiliated Financial Institution [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of credit facility maximum borrowing capacity | $ 40,000,000 | |||||||||
Federal Home Loan Bank Advances [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Letter of credit | 47,861,000 | 39,922,000 | ||||||||
Line of credit facility maximum borrowing capacity | 954,179,000 | 911,810,000 | ||||||||
Line of credit facility additional borrowing capacity | 685,211,000 | 770,711,000 | ||||||||
Federal Home Loan Bank Advances [Member] | Securities [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of credit facility maximum borrowing capacity | 63,789,000 | 65,209,000 | ||||||||
Federal Home Loan Bank Advances [Member] | Qualifying Loans [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of credit facility maximum borrowing capacity | 890,390,000 | 846,601,000 | ||||||||
Federal Reserve Bank Borrowings [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of credit facility maximum borrowing capacity | 345,460,000 | 471,569,000 | ||||||||
Pledged securities, fair value | 147,642,000 | 9,620,000 | ||||||||
Federal Reserve Bank Borrowings [Member] | Asset Pledged as Collateral without Right | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Pledged loan outstanding balance | 393,887,000 | 394,810,000 | ||||||||
Federal Reserve's Bank Term Funding Program [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Secured borrowings from this facility | $ 0 | $ 140,000,000 | ||||||||
Debt instrument interest rate percentage | 4.38% | |||||||||
Bank Stock Loan [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Bank stock loan | $ 0 | $ 0 | ||||||||
Residential Mortgage-Backed Securities (Issued by Government-Sponsored Entities) [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Maturity Date | Jun. 30, 2030 | |||||||||
Debt instrument term | 6 years 3 months 18 days | 6 years 6 months | ||||||||
Subordinated notes aggregate principal amount | $ 42,000,000 | $ 75,000,000 | $ 75,000,000 | $ 33,000,000 | ||||||
Subordinated notes commencement date | Dec. 30, 2020 | |||||||||
Debt instrument interest rate percentage | 7% | |||||||||
Subordinated notes description | From June 29, 2020, through June 29, 2025, the Company will pay interest on the notes semi-annually in arrears on June 30 and December 30 of each year, commencing on December 30, 2020, at a fixed interest rate of 7.00%. Beginning June 30, 2025, the notes convert to a floating interest rate, to be reset quarterly, equal to the then-current Three-Month Term SOFR, as defined in the Indenture, plus 688 basis points. Interest payments during the floating-rate period will be paid quarterly in arrears on March 30, June 30, September 30 and December 30 of each year, commencing on September 30, 2025. | |||||||||
Debt instrument, frequency of periodic payment | semi-annually | |||||||||
Residential Mortgage-Backed Securities (Issued by Government-Sponsored Entities) [Member] | SOFR plus [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Subordinated notes commencement date | Sep. 30, 2025 | |||||||||
Debt instrument, frequency of periodic payment | quarterly | |||||||||
Subordinated notes variable interest rate percentage | SOFR, as defined in the Indenture, plus 688 basis points | |||||||||
Government-Sponsored Residential Mortgage-Backed Securities [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Residential mortgage-backed securities, fair value | $ 47,363,000 | $ 47,282,000 |
Borrowings - Schedule of Borrow
Borrowings - Schedule of Borrowing Usage and Interest Rate Information for Federal Funds Purchased and Retail Repurchase Agreements (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Debt Disclosure [Abstract] | ||
Average daily balance during the period | $ 47,772 | $ 43,469 |
Average interest rate during the period | 1.89% | 1.13% |
Maximum month-end balance year-to-date | $ 47,312 | $ 46,798 |
Weighted average interest rate at period-end | 1.66% | 1.69% |
Borrowings - Summary of Federal
Borrowings - Summary of Federal Home Loan Bank Advances (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Federal Home Loan Bank Advances [Line Items] | ||
Total Federal Home Loan Bank advances | $ 219,931 | $ 100,000 |
Federal Home Loan Bank Line of Credit Advances [Member] | ||
Federal Home Loan Bank Advances [Line Items] | ||
Total Federal Home Loan Bank advances | 119,931 | |
Federal Home Loan Bank Fixed Rate Term Advances [Member] | ||
Federal Home Loan Bank Advances [Line Items] | ||
Total Federal Home Loan Bank advances | $ 100,000 | $ 100,000 |
Borrowings - Schedule of Total
Borrowings - Schedule of Total Subordinated Debt (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Subordinated Borrowing [Line Items] | ||
Subordinated debt | $ 97,058 | $ 96,921 |
Subordinated Debentures [Member] | ||
Subordinated Borrowing [Line Items] | ||
Subordinated debentures | 23,681 | 23,594 |
Subordinated Notes [Member] | ||
Subordinated Borrowing [Line Items] | ||
Subordinated debentures | 73,377 | 73,327 |
Subordinated debt | $ 73,377 | $ 73,327 |
Borrowings - Schedule of Subord
Borrowings - Schedule of Subordinated Debentures (Detail) - Trust Preferred Securities [Member] - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Debt Instrument Redemption [Line Items] | ||
Subordinated debentures contractual balance | $ 28,352 | $ 28,352 |
Subordinated debentures fair market value adjustments | (4,671) | (4,758) |
Total subordinated debentures | 23,681 | 23,594 |
FCB Capital Trust II [Member] | ||
Debt Instrument Redemption [Line Items] | ||
Subordinated debentures contractual balance | $ 10,310 | $ 10,310 |
Subordinated debentures, Weighted Average Rate | 7.58% | 7.66% |
Subordinated debentures, Weighted Average Term | 11 years | 11 years 3 months 18 days |
FCB Capital Trust III [Member] | ||
Debt Instrument Redemption [Line Items] | ||
Subordinated debentures contractual balance | $ 5,155 | $ 5,155 |
Subordinated debentures, Weighted Average Rate | 7.48% | 7.54% |
Subordinated debentures, Weighted Average Term | 13 years 2 months 12 days | 13 years 6 months |
Community First Statutory Trust I [Member] | ||
Debt Instrument Redemption [Line Items] | ||
Subordinated debentures contractual balance | $ 5,155 | $ 5,155 |
Subordinated debentures, Weighted Average Rate | 8.82% | 8.87% |
Subordinated debentures, Weighted Average Term | 8 years 8 months 12 days | 9 years |
American State Bank Statutory Trust I [Member] | ||
Debt Instrument Redemption [Line Items] | ||
Subordinated debentures contractual balance | $ 7,732 | $ 7,732 |
Subordinated debentures, Weighted Average Rate | 7.39% | 7.45% |
Subordinated debentures, Weighted Average Term | 11 years 6 months | 11 years 8 months 12 days |
Borrowings - Schedule of Subo_2
Borrowings - Schedule of Subordinated Notes (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2024 | Dec. 31, 2023 | Jul. 23, 2020 | Jun. 29, 2020 | |
Debt Instrument Redemption [Line Items] | ||||
Debt instrument term | 5 years | |||
Subordinated Notes [Member] | ||||
Debt Instrument Redemption [Line Items] | ||||
Subordinated notes | $ 75,000 | $ 75,000 | $ 33,000 | $ 42,000 |
Total principal outstanding | 75,000 | 75,000 | ||
Debt issuance cost | (1,623) | (1,673) | ||
Total subordinated debentures | $ 73,377 | $ 73,327 | ||
Weighted Average Rate | 7% | 7% | ||
Debt instrument term | 6 years 3 months 18 days | 6 years 6 months |
Borrowings - Schedule of Future
Borrowings - Schedule of Future Principal Repayments (Detail) $ in Thousands | Mar. 31, 2024 USD ($) |
Debt Instrument Redemption [Line Items] | |
Due in one year or less | $ 263,742 |
Due after one year through two years | 0 |
Due after two years through three years | 0 |
Due after three years through four years | 0 |
Due after four years through five years | 0 |
Thereafter | 103,352 |
Total | 367,094 |
Retail Repurchase Agreements [Member] | |
Debt Instrument Redemption [Line Items] | |
Due in one year or less | 43,811 |
Due after one year through two years | 0 |
Due after two years through three years | 0 |
Due after three years through four years | 0 |
Due after four years through five years | 0 |
Thereafter | 0 |
Total | 43,811 |
Federal Home Loan Bank Advances [Member] | |
Debt Instrument Redemption [Line Items] | |
Due in one year or less | 219,931 |
Due after one year through two years | 0 |
Due after two years through three years | 0 |
Due after three years through four years | 0 |
Due after four years through five years | 0 |
Thereafter | 0 |
Total | 219,931 |
Subordinated Debentures [Member] | |
Debt Instrument Redemption [Line Items] | |
Due in one year or less | 0 |
Due after one year through two years | 0 |
Due after two years through three years | 0 |
Due after three years through four years | 0 |
Due after four years through five years | 0 |
Thereafter | 28,352 |
Total | 28,352 |
Subordinated Notes [Member] | |
Debt Instrument Redemption [Line Items] | |
Due in one year or less | 0 |
Due after one year through two years | 0 |
Due after two years through three years | 0 |
Due after three years through four years | 0 |
Due after four years through five years | 0 |
Thereafter | 75,000 |
Total | 75,000 |
FRB Borrowings [Member] | |
Debt Instrument Redemption [Line Items] | |
Due in one year or less | 0 |
Due after one year through two years | 0 |
Due after two years through three years | 0 |
Due after three years through four years | 0 |
Due after four years through five years | 0 |
Thereafter | 0 |
Total | $ 0 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2019 | Jul. 26, 2023 | Oct. 31, 2022 | Oct. 31, 2021 | |
Class Of Stock [Line Items] | |||||||||
Preferred stock, share outstanding | 0 | 0 | |||||||
Stock-based compensation | $ 950 | $ 1,212 | |||||||
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | 790,409 | ||||||||
Two Thousand Twenty One Share Repurchase Program [Member] | |||||||||
Class Of Stock [Line Items] | |||||||||
Repurchase of shares | 1,000,000 | 1,000,000 | |||||||
Outstanding common stock at an average price paid per Share | $ 32.11 | $ 32.11 | |||||||
Two Thousand Twenty Two Share Repurchase Program [Member] | Additional Repurchase [Member] | |||||||||
Class Of Stock [Line Items] | |||||||||
Repurchase of shares | 832,893 | ||||||||
Outstanding common stock at an average price paid per Share | $ 27.89 | ||||||||
Two Thousand Twenty Three Share Repurchase Program [Member] | Additional Repurchase [Member] | |||||||||
Class Of Stock [Line Items] | |||||||||
Repurchase of shares | 209,591 | ||||||||
Outstanding common stock at an average price paid per Share | $ 32.24 | ||||||||
Maximum [Member] | Additional Repurchase [Member] | |||||||||
Class Of Stock [Line Items] | |||||||||
Number of shares authorized to be repurchased | 1,000,000 | ||||||||
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | 1,000,000 | ||||||||
ESPP [Member] | |||||||||
Class Of Stock [Line Items] | |||||||||
Percentage of common stock price per share equal to lower of fair market value of common stock | 85% | ||||||||
Stock-based compensation | $ 35 | $ 39 | |||||||
Share Repurchase Plan [Member] | Maximum [Member] | |||||||||
Class Of Stock [Line Items] | |||||||||
Number of shares authorized to be repurchased | 1,000,000 | ||||||||
Class A Common Stock [Member] | |||||||||
Class Of Stock [Line Items] | |||||||||
Number of common stock shares authorized | 45,000,000 | ||||||||
Shares issued, par value | $ 0.01 | ||||||||
Class B Common Stock [Member] | |||||||||
Class Of Stock [Line Items] | |||||||||
Number of common stock shares authorized | 5,000,000 | ||||||||
Shares issued, par value | $ 0.01 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Shares Issued and Held in Treasury or Outstanding (Detail) - shares | Mar. 31, 2024 | Dec. 31, 2023 |
Class A Common Stock [Member] | ||
Class Of Stock [Line Items] | ||
Common stock - issued | 20,569,754 | 20,460,615 |
Common stock - held in treasury | (5,226,555) | (5,016,964) |
Common stock - outstanding | 15,343,199 | 15,443,651 |
Class B Common Stock [Member] | ||
Class Of Stock [Line Items] | ||
Common stock - issued | 234,903 | 234,903 |
Common stock - held in treasury | (234,903) | (234,903) |
Stockholders' Equity - Summar_2
Stockholders' Equity - Summary of Offering Periods and Costs (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Class Of Stock [Line Items] | ||
Stock-based compensation | $ 950 | $ 1,212 |
ESPP [Member] | ||
Class Of Stock [Line Items] | ||
Stock-based compensation | $ 35 | $ 39 |
First offering period, start date | Aug. 15, 2021 | |
First offering period, end date | Feb. 14, 2022 | |
Second offering period, start date | Feb. 15, 2022 | |
Second offering period, end date | Aug. 14, 2022 | |
Third offering period start date | Aug. 15, 2022 | |
Third offering period end date | Feb. 14, 2023 | |
Fourth offering period, start date | Feb. 15, 2023 | |
Fourth offering period, end date | Aug. 14, 2023 | |
Fifth offering period, start date | Aug. 15, 2023 | |
Fifth offering period, end date | Feb. 14, 2024 | |
First Offering [Member] | ESPP [Member] | ||
Class Of Stock [Line Items] | ||
Common stock issued under employee stock purchase plan, share | 14,274 | |
Cost Per Share | $ 27.37 | |
Stock-based compensation | $ 69 | |
Second Offering [Member] | ESPP [Member] | ||
Class Of Stock [Line Items] | ||
Common stock issued under employee stock purchase plan, share | 14,555 | |
Cost Per Share | $ 27.61 | |
Stock-based compensation | $ 71 | |
Third Offering [Member] | ESPP [Member] | ||
Class Of Stock [Line Items] | ||
Common stock issued under employee stock purchase plan, share | 17,508 | |
Cost Per Share | $ 26.18 | |
Stock-based compensation | $ 81 | |
Fourth Offering [Member] | ESPP [Member] | ||
Class Of Stock [Line Items] | ||
Common stock issued under employee stock purchase plan, share | 14,548 | |
Cost Per Share | $ 22.34 | |
Stock-based compensation | $ 57 | |
Fifth Offering [Member] | ESPP [Member] | ||
Class Of Stock [Line Items] | ||
Common stock issued under employee stock purchase plan, share | 16,884 | |
Cost Per Share | $ 21.79 | |
Stock-based compensation | $ 65 |
Stockholders' Equity - Componen
Stockholders' Equity - Components of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Total | $ (60,788) | $ (57,920) |
Accumulated Net Unrealized Investment Gain (Losses) [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Net unrealized or unamortized gains (losses) | (80,503) | (76,709) |
Tax effect | 19,715 | 18,789 |
Cash Flow Hedges [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Total | 2,245 | 633 |
Cash Flow Hedges [Member] | Accumulated Net Unrealized Investment Gain (Losses) [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Net unrealized or unamortized gains (losses) | 2,973 | 839 |
Tax effect | (728) | (206) |
Available for Sale Securities [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Total | (63,033) | (58,553) |
Available for Sale Securities [Member] | Accumulated Net Unrealized Investment Gain (Losses) [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Net unrealized or unamortized gains (losses) | (83,476) | (77,548) |
Tax effect | $ 20,443 | $ 18,995 |
Regulatory Matters - Additional
Regulatory Matters - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2024 | |
Regulated Operations [Abstract] | |
CET1 capital ratio to be well capitalized under rules and prompt corrective provisions | 6.50% |
Total Tier 1 capital ratio to be well capitalized under rules and prompt corrective provisions | 0.08 |
Total capital ratio to be well capitalized under rules and prompt corrective provisions | 0.10 |
Leverage ratio to be well capitalized under rules and prompt corrective provisions | 0.05 |
Capital conservation buffer desired rate | 2.50% |
Regulatory Matters - Summary of
Regulatory Matters - Summary of Company's and Equity Bank's Capital Amounts and Ratios (Detail) $ in Thousands | Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total capital to risk weighted assets, To Be Well Capitalized Under Prompt Corrective Provisions, Actual Ratio | 0.10 | |
Tier 1 capital to risk weighted assets, To Be Well Capitalized Under Prompt Corrective Provisions, Actual Ratio | 0.08 | |
Common equity Tier 1 capital to risk weighted assets, To Be Well Capitalized Under Prompt Corrective Provisions, Actual Ratio | 6.50% | |
Tier 1 leverage to average assets, To Be Well Capitalized Under Prompt Corrective Provisions, Actual Ratio | 0.05 | |
Equity Bancshares, Inc. [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total capital to risk weighted assets, Actual Amount | $ 589,681 | $ 589,131 |
Total capital to risk weighted assets, Actual Ratio | 0.1471 | 0.1548 |
Tier 1 capital to risk weighted assets, Actual Amount | $ 470,026 | $ 470,659 |
Tier 1 capital to risk weighted assets, Actual Ratio | 0.091 | 0.1236 |
Common equity Tier 1 capital to risk weighted assets, Actual Amount | $ 446,345 | $ 447,064 |
Common equity Tier 1 capital to risk weighted assets, Actual Ratio | 0.1114 | 0.1174 |
Tier 1 leverage to average assets, Actual Amount | $ 470,026 | $ 470,659 |
Tier 1 leverage to average assets, Actual Ratio | 0.1173 | 0.0946 |
Equity Bancshares, Inc. [Member] | Base III Phase-In [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total capital to risk weighted assets, Minimum Required for Capital Adequacy Purposes, Actual Amount | $ 420,797 | $ 399,729 |
Total capital to risk weighted assets, Minimum Required for Capital Adequacy Purposes, Actual Ratio | 0.105 | 0.105 |
Tier 1 capital to risk weighted assets, Minimum Required for Capital Adequacy Purposes, Actual Amount | $ 206,687 | $ 323,590 |
Tier 1 capital to risk weighted assets, Minimum Required for Capital Adequacy Purposes, Actual Ratio | 0.085 | |
Common equity Tier 1 capital to risk weighted assets, Minimum Required for Capital Adequacy Purposes, Actual Amount | $ 280,531 | $ 266,486 |
Common equity Tier 1 capital to risk weighted assets, Minimum Required for Capital Adequacy Purposes, Actual Ratio | 7% | 7% |
Tier 1 leverage to average assets, Minimum Required for Capital Adequacy Purposes, Actual Amount | $ 340,645 | $ 199,112 |
Tier 1 leverage to average assets, Minimum Required for Capital Adequacy Purposes, Actual Ratio | 0.085 | 400 |
Equity Bank [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total capital to risk weighted assets, Actual Amount | $ 572,236 | $ 571,938 |
Total capital to risk weighted assets, Actual Ratio | 0.143 | 0.1505 |
Total capital to risk weighted assets, To Be Well Capitalized Under Prompt Corrective Provisions, Actual Amount | $ 400,097 | $ 380,006 |
Total capital to risk weighted assets, To Be Well Capitalized Under Prompt Corrective Provisions, Actual Ratio | 0.10 | 0.10 |
Tier 1 capital to risk weighted assets, Actual Amount | $ 525,958 | $ 526,793 |
Tier 1 capital to risk weighted assets, Actual Ratio | 0.102 | 0.1386 |
Tier 1 capital to risk weighted assets, To Be Well Capitalized Under Prompt Corrective Provisions, Actual Amount | $ 320,078 | $ 304,004 |
Tier 1 capital to risk weighted assets, To Be Well Capitalized Under Prompt Corrective Provisions, Actual Ratio | 0.08 | 0.08 |
Common equity Tier 1 capital to risk weighted assets, Actual Amount | $ 525,958 | $ 526,793 |
Common equity Tier 1 capital to risk weighted assets, Actual Ratio | 0.1315 | 0.1386 |
Common equity Tier 1 capital to risk weighted assets, To Be Well Capitalized Under Prompt Corrective Provisions, Actual Amount | $ 260,063 | $ 247,004 |
Common equity Tier 1 capital to risk weighted assets, To Be Well Capitalized Under Prompt Corrective Provisions, Actual Ratio | 6.50% | 6.50% |
Tier 1 leverage to average assets, Actual Amount | $ 525,958 | $ 526,793 |
Tier 1 leverage to average assets, Actual Ratio | 0.1315 | 0.106 |
Tier 1 leverage to average assets, To Be Well Capitalized Under Prompt Corrective Provisions, Actual Amount | $ 257,802 | $ 248,477 |
Tier 1 leverage to average assets, To Be Well Capitalized Under Prompt Corrective Provisions, Actual Ratio | 0.05 | 0.05 |
Equity Bank [Member] | Base III Phase-In [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total capital to risk weighted assets, Minimum Required for Capital Adequacy Purposes, Actual Amount | $ 420,102 | $ 399,006 |
Total capital to risk weighted assets, Minimum Required for Capital Adequacy Purposes, Actual Ratio | 0.105 | 0.105 |
Tier 1 capital to risk weighted assets, Minimum Required for Capital Adequacy Purposes, Actual Amount | $ 206,242 | $ 323,005 |
Tier 1 capital to risk weighted assets, Minimum Required for Capital Adequacy Purposes, Actual Ratio | 0.04 | 0.085 |
Common equity Tier 1 capital to risk weighted assets, Minimum Required for Capital Adequacy Purposes, Actual Amount | $ 280,068 | $ 266,004 |
Common equity Tier 1 capital to risk weighted assets, Minimum Required for Capital Adequacy Purposes, Actual Ratio | 7% | 7% |
Tier 1 leverage to average assets, Minimum Required for Capital Adequacy Purposes, Actual Amount | $ 340,083 | $ 198,782 |
Tier 1 leverage to average assets, Minimum Required for Capital Adequacy Purposes, Actual Ratio | 0.085 | 0.04 |
Earnings Per Share - Summary of
Earnings Per Share - Summary of Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Basic: | ||
Net income (loss) allocable to common stockholders | $ 14,068 | $ 12,323 |
Weighted average common shares outstanding | 15,416,060 | 15,843,147 |
Weighted average vested restricted stock units | 9,649 | 15,661 |
Weighted average shares | 15,425,709 | 15,858,808 |
Basic earnings (loss) per common share | $ 0.91 | $ 0.78 |
Diluted: | ||
Net income (loss) allocable to common stockholders | $ 14,068 | $ 12,323 |
Weighted average common shares outstanding for: | ||
Basic earnings per common share | 15,425,709 | 15,858,808 |
Dilutive effects of the assumed vesting of restricted stock units | 89,685 | 110,526 |
Average shares and dilutive potential common shares | 15,569,225 | 16,028,051 |
Diluted earnings (loss) per common share | $ 0.9 | $ 0.77 |
ESPP [Member] | ||
Weighted average common shares outstanding for: | ||
Dilutive effects of the assumed exercise | 1,222 | 4,226 |
Stock Options [Member] | ||
Weighted average common shares outstanding for: | ||
Dilutive effects of the assumed exercise | 52,609 | 54,491 |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Average Shares Not Included In the Computation of Diluted Earnings Per Share (Detail) - shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total antidilutive shares | 182,740 | 265,490 |
Stock Options [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total antidilutive shares | 177,563 | 255,510 |
Restricted Stock Units [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total antidilutive shares | 5,177 | 9,980 |
Fair Value - Assets and Liabili
Fair Value - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value Of Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Available-for-sale securities | $ 1,091,717 | $ 919,648 |
Cash collateral held by counterparty and netting adjustments | (8,513) | (6,406) |
Cash collateral held by counterparty and netting adjustments | (8,513) | (6,406) |
U.S. Government Sponsored Entities [Member] | ||
Fair Value Of Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Available-for-sale securities | 75,077 | 33,087 |
U.S. Treasury securities [Member] | ||
Fair Value Of Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Available-for-sale securities | 120,249 | 89,256 |
Government-Sponsored Residential Mortgage-Backed Securities [Member] | ||
Fair Value Of Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Available-for-sale securities | 624,582 | 529,143 |
Private Label Residential Mortgage-Backed Securities [Member] | ||
Fair Value Of Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Available-for-sale securities | 135,058 | 137,841 |
Corporate [Member] | ||
Fair Value Of Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Available-for-sale securities | 50,791 | 49,683 |
Small Business Administration Loan Pools [Member] | ||
Fair Value Of Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Available-for-sale securities | 7,102 | 7,727 |
State and Political Subdivisions [Member] | ||
Fair Value Of Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Available-for-sale securities | 78,858 | 72,911 |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ||
Fair Value Of Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Derivative assets | (8,513) | (6,406) |
Cash collateral held by counterparty and netting adjustments | (8,513) | (6,406) |
Equity securities with readily determinable fair value | 675 | 674 |
Total other assets | 675 | 674 |
Total assets | 112,411 | 83,524 |
Derivative liabilities | 195 | (454) |
Cash collateral held by counterparty and netting adjustments | 195 | (454) |
Total liabilities | 195 | (454) |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | U.S. Treasury securities [Member] | ||
Fair Value Of Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Available-for-sale securities | 120,249 | 89,256 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Fair Value Of Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Derivative assets | $ 9,272 | $ 7,002 |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets | Other Assets |
Total assets | $ 980,740 | $ 837,394 |
Derivative liabilities | $ 3,715 | $ 3,656 |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Accounts Payable and Other Accrued Liabilities | Accounts Payable and Other Accrued Liabilities |
Total liabilities | $ 3,715 | $ 3,656 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | U.S. Government Sponsored Entities [Member] | ||
Fair Value Of Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Available-for-sale securities | 75,077 | 33,087 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Government-Sponsored Residential Mortgage-Backed Securities [Member] | ||
Fair Value Of Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Available-for-sale securities | 624,582 | 529,143 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Private Label Residential Mortgage-Backed Securities [Member] | ||
Fair Value Of Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Available-for-sale securities | 135,058 | 137,841 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Corporate [Member] | ||
Fair Value Of Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Available-for-sale securities | 50,791 | 49,683 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Small Business Administration Loan Pools [Member] | ||
Fair Value Of Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Available-for-sale securities | 7,102 | 7,727 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | State and Political Subdivisions [Member] | ||
Fair Value Of Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Available-for-sale securities | $ 78,858 | $ 72,911 |
Fair Value - Additional Informa
Fair Value - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair value, level transfers, Amount | $ 0 | $ 0 |
Assets Measured at Fair Value on a Non-recurring Basis [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Liabilities measured at fair value on a non-recurring basis | $ 0 | $ 0 |
Fair Value - Summary of Assets
Fair Value - Summary of Assets Measured at Fair Value on Non-recurring Basis (Detail) - Assets Measured at Fair Value on a Non-recurring Basis [Member] - Level 3 [Member] - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Loans Individually Evaluated for Credit Losses [Member] | Commercial Real Estate [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Assets measured at fair value on non-recurring basis | $ 2,067 | $ 1,616 |
Loans Individually Evaluated for Credit Losses [Member] | Commercial and Industrial [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Assets measured at fair value on non-recurring basis | 3,195 | 3,706 |
Loans Individually Evaluated for Credit Losses [Member] | Residential Real Estate [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Assets measured at fair value on non-recurring basis | 2,833 | 6,165 |
Loans Individually Evaluated for Credit Losses [Member] | Agricultural Real Estate [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Assets measured at fair value on non-recurring basis | 2,662 | 2,606 |
Loans Individually Evaluated for Credit Losses [Member] | Other [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Assets measured at fair value on non-recurring basis | 2,796 | 2,442 |
Other Real Estate Owned [Member] | Commercial Real Estate [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Assets measured at fair value on non-recurring basis | 1,061 | 1,061 |
Other Real Estate Owned [Member] | Residential Real Estate [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Assets measured at fair value on non-recurring basis | $ 170 | $ 170 |
Fair Value - Summary of Additio
Fair Value - Summary of Additional Information about Unobservable Inputs Used in Fair Value Measurement (Detail) - Fair Value, Measurements, Nonrecurring [Member] - Level 3 [Member] $ in Thousands | Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) |
Individually Evaluated Real Estate Loans [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value | $ 13,553 | $ 16,535 |
Individually Evaluated Real Estate Loans [Member] | Minimum [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range | 0.05 | 0.03 |
Individually Evaluated Real Estate Loans [Member] | Maximum [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range | 0.56 | 0.34 |
Individually Evaluated Real Estate Loans [Member] | Weighted Average [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range | 0.30 | 0.19 |
Individually Evaluated Other Real Estate Owned [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value | $ 1,231 | $ 1,231 |
Individually Evaluated Other Real Estate Owned [Member] | Minimum [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range | 0.05 | 0.07 |
Individually Evaluated Other Real Estate Owned [Member] | Maximum [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range | 0.23 | 0.28 |
Individually Evaluated Other Real Estate Owned [Member] | Weighted Average [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range | 0.14 | 0.18 |
Fair Value - Carrying Amount an
Fair Value - Carrying Amount and Estimated Fair Values of Financial Instrument (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | $ 235,018 | $ 379,099 | |
Available-for-sale securities | 1,091,717 | 919,648 | |
Held-to-maturity securities | 2,210 | 2,250 | |
Loans held for sale | 1,311 | 476 | |
Loans, net of allowance for credit losses | 3,437,714 | 3,289,381 | |
Federal Reserve Bank and Federal Home Loan Bank stock | 27,009 | 20,608 | |
Interest receivable | 27,082 | 25,497 | |
Derivative assets | 9,272 | 7,002 | |
Total assets | 5,239,036 | 5,034,592 | $ 5,156,716 |
Deposits | 4,371,026 | 4,145,455 | |
Federal funds purchased and retail repurchase agreements | 43,811 | 43,582 | |
Federal Home Loan Bank advances | 219,931 | 100,000 | |
Subordinated debentures | 97,058 | 96,921 | |
Contractual obligations | 18,493 | 19,315 | |
Derivative Liabilities | 3,715 | 3,656 | |
Cash collateral held by counterparty and netting adjustments | (8,513) | (6,406) | |
Total liabilities | 4,782,260 | 4,581,732 | |
Carrying Amount [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | 235,018 | 379,099 | |
Available-for-sale securities | 1,091,717 | 919,648 | |
Held-to-maturity securities | 2,205 | 2,209 | |
Loans held for sale | 1,311 | 476 | |
Loans, net of allowance for credit losses | 3,437,714 | 3,289,381 | |
Federal Reserve Bank and Federal Home Loan Bank stock | 27,009 | 20,608 | |
Interest receivable | 27,082 | 25,497 | |
Derivative assets | 9,272 | 7,002 | |
Cash collateral held by derivative counterparty and netting adjustments | (8,513) | (6,406) | |
Total derivative assets | 759 | 596 | |
Equity securities with readily determinable fair value | 675 | 674 | |
Total assets | 4,823,490 | 4,638,188 | |
Deposits | 4,371,026 | 4,145,455 | |
Federal funds purchased and retail repurchase agreements | 43,811 | 43,582 | |
Federal Home Loan Bank advances | 219,931 | 100,000 | |
Federal Reserve Bank borrowings | 140,000 | ||
Subordinated debentures | 23,681 | 23,594 | |
Subordinated notes | 73,377 | 73,327 | |
Contractual obligations | 18,493 | 19,315 | |
Interest payable | 6,525 | 9,180 | |
Derivative Liabilities | 3,715 | 3,656 | |
Cash collateral held by counterparty and netting adjustments | 195 | (454) | |
Total derivative liabilities | 3,910 | 3,202 | |
Total liabilities | 4,760,754 | 4,557,655 | |
Estimated Fair Value [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | 235,018 | 379,099 | |
Available-for-sale securities | 1,091,717 | 919,648 | |
Held-to-maturity securities | 2,210 | 2,250 | |
Loans held for sale | 1,311 | 476 | |
Loans, net of allowance for credit losses | 3,375,009 | 3,227,789 | |
Federal Reserve Bank and Federal Home Loan Bank stock | 27,009 | 20,608 | |
Interest receivable | 27,082 | 25,497 | |
Derivative assets | 9,272 | 7,002 | |
Cash collateral held by derivative counterparty and netting adjustments | (8,513) | (6,406) | |
Total derivative assets | 759 | 596 | |
Equity securities with readily determinable fair value | 675 | 674 | |
Deposits | 4,365,528 | 4,140,501 | |
Federal funds purchased and retail repurchase agreements | 43,811 | 43,582 | |
Federal Home Loan Bank advances | 219,931 | ||
Federal Reserve Bank borrowings | 140,000 | ||
Subordinated debentures | 23,681 | 23,594 | |
Subordinated notes | 72,064 | 71,827 | |
Contractual obligations | 18,493 | 19,315 | |
Interest payable | 6,525 | 9,180 | |
Derivative Liabilities | 3,715 | 3,656 | |
Cash collateral held by counterparty and netting adjustments | 195 | (454) | |
Total derivative liabilities | 3,910 | 3,202 | |
Total liabilities | 4,753,943 | 4,551,201 | |
Estimated Fair Value [Member] | Level 1 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | 235,018 | 379,099 | |
Available-for-sale securities | 120,249 | 89,256 | |
Cash collateral held by derivative counterparty and netting adjustments | (8,513) | (6,406) | |
Total derivative assets | (8,513) | (6,406) | |
Equity securities with readily determinable fair value | 675 | 674 | |
Cash collateral held by counterparty and netting adjustments | 195 | (454) | |
Total derivative liabilities | 195 | (454) | |
Total liabilities | 195 | 454 | |
Estimated Fair Value [Member] | Level 2 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available-for-sale securities | 971,468 | 830,392 | |
Held-to-maturity securities | 2,210 | 2,250 | |
Loans held for sale | 1,311 | 476 | |
Federal Reserve Bank and Federal Home Loan Bank stock | 27,009 | 20,608 | |
Interest receivable | 27,082 | 25,497 | |
Derivative assets | 9,272 | 7,002 | |
Total derivative assets | 9,272 | 7,002 | |
Deposits | 4,365,528 | 4,140,501 | |
Federal funds purchased and retail repurchase agreements | 43,811 | 43,582 | |
Federal Home Loan Bank advances | 219,931 | 100,000 | |
Federal Reserve Bank borrowings | 140,000 | ||
Subordinated debentures | 23,681 | 23,594 | |
Subordinated notes | 72,064 | 71,827 | |
Contractual obligations | 18,493 | 19,315 | |
Interest payable | 6,525 | 9,180 | |
Derivative Liabilities | 3,715 | 3,656 | |
Total derivative liabilities | 3,715 | 3,656 | |
Total liabilities | 4,753,748 | 4,551,655 | |
Estimated Fair Value [Member] | Level 3 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Loans, net of allowance for credit losses | 3,375,009 | 3,227,789 | |
Fair Value, Measurements, Nonrecurring [Member] | Estimated Fair Value [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total assets | 4,760,790 | 4,576,637 | |
Federal Home Loan Bank advances | 100,000 | ||
Fair Value, Measurements, Nonrecurring [Member] | Estimated Fair Value [Member] | Level 1 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total assets | 347,429 | 462,623 | |
Fair Value, Measurements, Nonrecurring [Member] | Estimated Fair Value [Member] | Level 2 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total assets | 1,038,352 | 886,225 | |
Fair Value, Measurements, Nonrecurring [Member] | Estimated Fair Value [Member] | Level 3 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total assets | $ 3,375,009 | $ 3,227,789 |
Commitments and Credit Risk - S
Commitments and Credit Risk - Summary of Contractual Amounts of Commitments and Standby Letters of Credit to Originate Loans and Available Lines of Credit (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Standby Letters of Credit [Member] | ||
Commitments And Contingencies [Line Items] | ||
Loans commitments, Fixed Rate | $ 16,905 | $ 18,145 |
Loans commitments, Variable Rate | 29,196 | 30,680 |
Commitments to Make Loans [Member] | ||
Commitments And Contingencies [Line Items] | ||
Loans commitments, Fixed Rate | 50,859 | 47,465 |
Loans commitments, Variable Rate | 364,978 | 343,715 |
Mortgage Loans in the Process of Origination [Member] | ||
Commitments And Contingencies [Line Items] | ||
Loans commitments, Fixed Rate | 3,223 | 4,574 |
Loans commitments, Variable Rate | 1,079 | 357 |
Unused Lines of Credit [Member] | ||
Commitments And Contingencies [Line Items] | ||
Loans commitments, Fixed Rate | 154,247 | 124,893 |
Loans commitments, Variable Rate | $ 372,769 | $ 355,270 |
Commitments and Credit Risk - A
Commitments and Credit Risk - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2024 | |
Minimum [Member] | |
Commitments And Contingencies [Line Items] | |
Fixed interest rate loan commitments | 3.95% |
Fixed interest rate loan commitments maturity period | 1 month |
Maximum [Member] | |
Commitments And Contingencies [Line Items] | |
Fixed interest rate loan commitments | 18% |
Fixed interest rate loan commitments maturity period | 129 months |
Revenue Recognition - Summary o
Revenue Recognition - Summary of Company's Source of Non-interest Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Non-interest income | ||
Increase in bank-owned life insurance | $ 828 | $ 1,583 |
Net gain (loss) on acquisitions | 1,239 | |
Net gain (loss) from securities transactions | 43 | 32 |
Other | ||
Total non-interest income | 11,731 | 8,600 |
Service Charges and Fees [Member] | ||
Non-interest income | ||
Non-interest income | 2,569 | 2,545 |
Other | ||
Non-interest income | 2,569 | 2,545 |
Debit Card Income [Member] | ||
Non-interest income | ||
Non-interest income | 2,447 | 2,554 |
Other | ||
Non-interest income | 2,447 | 2,554 |
Mortgage Banking [Member] | ||
Non-interest income | ||
Non-interest income | 188 | 88 |
Other | ||
Non-interest income | 188 | 88 |
Accounting Standards Update 2014-09 [Member] | ||
Non-interest income | ||
Increase in bank-owned life insurance | 828 | 1,583 |
Net gain (loss) on acquisitions | 1,239 | |
Net gain (loss) from securities transactions | (43) | (32) |
Other | ||
Recovery on zero-basis purchased loans | 3,345 | 6 |
Income (loss) from equity method investments | (56) | (55) |
Other non-interest income not related to loans and deposits | 635 | 532 |
Total other non-interest income | 4,417 | 2,287 |
Total non-interest income | 11,731 | 9,089 |
Accounting Standards Update 2014-09 [Member] | Service Charges and Fees [Member] | ||
Non-interest income | ||
Non-interest income | 2,569 | 2,545 |
Other | ||
Non-interest income | 2,569 | 2,545 |
Accounting Standards Update 2014-09 [Member] | Debit Card Income [Member] | ||
Non-interest income | ||
Non-interest income | 2,447 | 2,554 |
Other | ||
Non-interest income | 2,447 | 2,554 |
Accounting Standards Update 2014-09 [Member] | Mortgage Banking [Member] | ||
Non-interest income | ||
Non-interest income | 188 | 88 |
Accounting Standards Update 2014-09 [Member] | Investment Referral Income [Member] | ||
Non-interest income | ||
Non-interest income | 138 | 89 |
Other | ||
Non-interest income | 138 | 89 |
Accounting Standards Update 2014-09 [Member] | Trust Income [Member] | ||
Non-interest income | ||
Non-interest income | 319 | 240 |
Other | ||
Non-interest income | 319 | 240 |
Accounting Standards Update 2014-09 [Member] | Insurance Sales Commissions [Member] | ||
Non-interest income | ||
Non-interest income | 36 | 113 |
Other | ||
Non-interest income | $ 36 | 113 |
Accounting Standards Update 2014-09 [Member] | Other Non Interest Income Related To Loans and Deposits [Member] | ||
Non-interest income | ||
Non-interest income | 1,362 | |
Other | ||
Non-interest income | $ 1,362 |
Business Combinations and Bra_3
Business Combinations and Branch Sales - Additional Information (Detail) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Feb. 09, 2024 Branch | Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) | |
Bank Of Kirksville [Member] | |||
Business Acquisition [Line Items] | |||
Ownership percentage | 100% | ||
Acquisition-related costs | $ 1,556 | ||
Acquisition-related costs after tax | 1,233 | ||
Bank Of Kirksville [Member] | Kirksville Area [Member] | |||
Business Acquisition [Line Items] | |||
Number of branches acquired | Branch | 8 | ||
Rockhold [Member] | |||
Business Acquisition [Line Items] | |||
Total combined revenue | 86,834 | $ 244,365 | |
Net income | $ 18,230 | $ 20,850 |
Business Combinations and Bra_4
Business Combinations and Branch Sales - Summary of the Amounts of Assets Acquired and Liabilities Assumed Recognized at the Merger/Acquisition Date (Details) - Bank Of Kirksville [Member] $ in Thousands | Feb. 09, 2024 USD ($) |
Fair value of consideration: | |
Fair value of consideration | $ 44,304 |
Recognized amounts of identifiable assets acquired and liabilities assumed: | |
Cash and due from banks | 105,218 |
Loans | 118,131 |
Premises and equipment | 3,473 |
Core deposit intangible | 11,530 |
Other assets | 3,194 |
Total assets acquired | 406,175 |
Deposits | 349,777 |
Federal funds purchased and retail repurchase agreements | 8,818 |
Interest payable and other liabilities | 2,037 |
Total liabilities assumed | 360,632 |
Total identifiable net assets | 45,543 |
Bargain purchase gain | 1,239 |
Available for Sale Securities [Member] | |
Recognized amounts of identifiable assets acquired and liabilities assumed: | |
Available-for-sale securities | 164,629 |
Cash [Member] | |
Fair value of consideration: | |
Fair value of consideration | $ 44,304 |
Business Combinations and Bra_5
Business Combinations and Branch Sales - Information about Loans Acquired (Details) - Rockhold [Member] $ in Thousands | Feb. 09, 2024 USD ($) |
Business Acquisition [Line Items] | |
Fair value of acquired loans | $ 118,131 |
Non-Purchase Credit Deteriorated Loans [Member] | |
Business Acquisition [Line Items] | |
Fair value of acquired loans | 112,761 |
Non-Purchase Credit Deteriorated Loans [Member] | Commercial Real Estate [Member] | |
Business Acquisition [Line Items] | |
Fair value of acquired loans | 1,874 |
Non-Purchase Credit Deteriorated Loans [Member] | Commercial and Industrial [Member] | |
Business Acquisition [Line Items] | |
Fair value of acquired loans | 31,722 |
Non-Purchase Credit Deteriorated Loans [Member] | Residential Real Estate [Member] | |
Business Acquisition [Line Items] | |
Fair value of acquired loans | 41,136 |
Non-Purchase Credit Deteriorated Loans [Member] | Agricultural [Member] | |
Business Acquisition [Line Items] | |
Fair value of acquired loans | 36,692 |
Non-Purchase Credit Deteriorated Loans [Member] | Consumer [Member] | |
Business Acquisition [Line Items] | |
Fair value of acquired loans | 1,337 |
Purchase Credit Deteriorated Loans [Member] | |
Business Acquisition [Line Items] | |
Fair value of acquired loans | 5,370 |
Purchase Credit Deteriorated Loans [Member] | Commercial and Industrial [Member] | |
Business Acquisition [Line Items] | |
Fair value of acquired loans | 1,069 |
Purchase Credit Deteriorated Loans [Member] | Residential Real Estate [Member] | |
Business Acquisition [Line Items] | |
Fair value of acquired loans | 1,651 |
Purchase Credit Deteriorated Loans [Member] | Agricultural [Member] | |
Business Acquisition [Line Items] | |
Fair value of acquired loans | 2,560 |
Purchase Credit Deteriorated Loans [Member] | Consumer [Member] | |
Business Acquisition [Line Items] | |
Fair value of acquired loans | 90 |
Loan Par Value [Member] | Non-Purchase Credit Deteriorated Loans [Member] | |
Business Acquisition [Line Items] | |
Fair value of acquired loans | 115,591 |
Loan Par Value [Member] | Non-Purchase Credit Deteriorated Loans [Member] | Commercial Real Estate [Member] | |
Business Acquisition [Line Items] | |
Fair value of acquired loans | 1,959 |
Loan Par Value [Member] | Non-Purchase Credit Deteriorated Loans [Member] | Commercial and Industrial [Member] | |
Business Acquisition [Line Items] | |
Fair value of acquired loans | 32,300 |
Loan Par Value [Member] | Non-Purchase Credit Deteriorated Loans [Member] | Residential Real Estate [Member] | |
Business Acquisition [Line Items] | |
Fair value of acquired loans | 42,318 |
Loan Par Value [Member] | Non-Purchase Credit Deteriorated Loans [Member] | Agricultural [Member] | |
Business Acquisition [Line Items] | |
Fair value of acquired loans | 37,641 |
Loan Par Value [Member] | Non-Purchase Credit Deteriorated Loans [Member] | Consumer [Member] | |
Business Acquisition [Line Items] | |
Fair value of acquired loans | 1,373 |
Loan Par Value [Member] | Purchase Credit Deteriorated Loans [Member] | |
Business Acquisition [Line Items] | |
Fair value of acquired loans | 6,841 |
Loan Par Value [Member] | Purchase Credit Deteriorated Loans [Member] | Commercial and Industrial [Member] | |
Business Acquisition [Line Items] | |
Fair value of acquired loans | 1,366 |
Loan Par Value [Member] | Purchase Credit Deteriorated Loans [Member] | Residential Real Estate [Member] | |
Business Acquisition [Line Items] | |
Fair value of acquired loans | 2,044 |
Loan Par Value [Member] | Purchase Credit Deteriorated Loans [Member] | Agricultural [Member] | |
Business Acquisition [Line Items] | |
Fair value of acquired loans | 3,316 |
Loan Par Value [Member] | Purchase Credit Deteriorated Loans [Member] | Consumer [Member] | |
Business Acquisition [Line Items] | |
Fair value of acquired loans | 115 |
Discounts from Other Factors Excluding ACL [Member] | Purchase Credit Deteriorated Loans [Member] | |
Business Acquisition [Line Items] | |
Fair value of acquired loans | (875) |
Discounts from Other Factors Excluding ACL [Member] | Purchase Credit Deteriorated Loans [Member] | Commercial and Industrial [Member] | |
Business Acquisition [Line Items] | |
Fair value of acquired loans | (178) |
Discounts from Other Factors Excluding ACL [Member] | Purchase Credit Deteriorated Loans [Member] | Residential Real Estate [Member] | |
Business Acquisition [Line Items] | |
Fair value of acquired loans | (210) |
Discounts from Other Factors Excluding ACL [Member] | Purchase Credit Deteriorated Loans [Member] | Agricultural [Member] | |
Business Acquisition [Line Items] | |
Fair value of acquired loans | (472) |
Discounts from Other Factors Excluding ACL [Member] | Purchase Credit Deteriorated Loans [Member] | Consumer [Member] | |
Business Acquisition [Line Items] | |
Fair value of acquired loans | (15) |
Fair Value Marks [Member] | Non-Purchase Credit Deteriorated Loans [Member] | |
Business Acquisition [Line Items] | |
Fair value of acquired loans | (2,830) |
Fair Value Marks [Member] | Non-Purchase Credit Deteriorated Loans [Member] | Commercial Real Estate [Member] | |
Business Acquisition [Line Items] | |
Fair value of acquired loans | (85) |
Fair Value Marks [Member] | Non-Purchase Credit Deteriorated Loans [Member] | Commercial and Industrial [Member] | |
Business Acquisition [Line Items] | |
Fair value of acquired loans | (578) |
Fair Value Marks [Member] | Non-Purchase Credit Deteriorated Loans [Member] | Residential Real Estate [Member] | |
Business Acquisition [Line Items] | |
Fair value of acquired loans | (1,182) |
Fair Value Marks [Member] | Non-Purchase Credit Deteriorated Loans [Member] | Agricultural [Member] | |
Business Acquisition [Line Items] | |
Fair value of acquired loans | (949) |
Fair Value Marks [Member] | Non-Purchase Credit Deteriorated Loans [Member] | Consumer [Member] | |
Business Acquisition [Line Items] | |
Fair value of acquired loans | (36) |
Credit Marks in ACL [Member] | Purchase Credit Deteriorated Loans [Member] | |
Business Acquisition [Line Items] | |
Fair value of acquired loans | (596) |
Credit Marks in ACL [Member] | Purchase Credit Deteriorated Loans [Member] | Commercial and Industrial [Member] | |
Business Acquisition [Line Items] | |
Fair value of acquired loans | (119) |
Credit Marks in ACL [Member] | Purchase Credit Deteriorated Loans [Member] | Residential Real Estate [Member] | |
Business Acquisition [Line Items] | |
Fair value of acquired loans | (183) |
Credit Marks in ACL [Member] | Purchase Credit Deteriorated Loans [Member] | Agricultural [Member] | |
Business Acquisition [Line Items] | |
Fair value of acquired loans | (284) |
Credit Marks in ACL [Member] | Purchase Credit Deteriorated Loans [Member] | Consumer [Member] | |
Business Acquisition [Line Items] | |
Fair value of acquired loans | $ (10) |
Segment Reporting - Reconciliat
Segment Reporting - Reconciliations of Reportable Segment Revenues and Measures of Profit or Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Interest and Dividend Income, Operating [Abstract] | ||
Loans, including fees | $ 58,829 | $ 48,381 |
Securities, taxable | 9,877 | 5,947 |
Securities, nontaxable | 391 | 669 |
Federal funds sold and other | 2,670 | 1,126 |
Total interest and dividend income | 71,767 | 56,123 |
Interest Expense [Abstract] | ||
Deposits | 22,855 | 13,821 |
Federal funds purchased and retail repurchase agreements | 326 | 195 |
Federal Home Loan Bank advances | 1,144 | 1,018 |
Federal Reserve Bank borrowings | 1,361 | 135 |
Subordinated debt | 1,899 | 1,844 |
Total interest expense | 27,585 | 17,013 |
Net interest income | 44,182 | 39,110 |
Provision (reversal) for credit losses | 1,000 | (366) |
Net interest income after provision (reversal) for credit losses | 43,182 | 39,476 |
Noninterest Income [Abstract] | ||
Increase in value of bank-owned life insurance | 828 | 1,583 |
Net gain on acquisition and branch sales | 1,239 | |
Net gain (loss) from securities transactions | 43 | 32 |
Other | 4,417 | 1,798 |
Total non-interest income | 11,731 | 8,600 |
Non-interest expense | ||
Salaries and employee benefits | 18,097 | 16,692 |
Net occupancy and equipment | 3,535 | 2,879 |
Data processing | 4,828 | 3,916 |
Professional fees | 1,392 | 1,384 |
Advertising and business development | 1,238 | 1,159 |
Telecommunications | 655 | 485 |
FDIC insurance | 571 | 360 |
Courier and postage | 606 | 458 |
Free nationwide ATM cost | 494 | 525 |
Amortization of core deposit intangibles | 899 | 918 |
Loan expense | 109 | 117 |
Other real estate owned | (84) | 119 |
Merger expenses | 1,556 | |
Other | 3,256 | 4,217 |
Intersegment service charges | 0 | 0 |
Total non-interest expense | 37,152 | 33,229 |
Income (loss) before income taxes | 17,761 | 14,847 |
Provision (benefit) for income taxes | 3,693 | 2,524 |
Total segment profit/(loss) | 14,068 | 12,323 |
Unallocated Holding Company Amounts /Administrative Adjustments [Member] | ||
Interest and Dividend Income, Operating [Abstract] | ||
Total interest and dividend income | 177 | 18 |
Interest Expense [Abstract] | ||
Total interest expense | 1,923 | 1,880 |
Net interest income | (1,746) | (1,862) |
Net interest income after provision (reversal) for credit losses | (1,746) | (1,862) |
Noninterest Income [Abstract] | ||
Net gain (loss) from securities transactions | 294 | |
Other | 16,303 | 14,785 |
Total non-interest income | 16,597 | 14,785 |
Non-interest expense | ||
Salaries and employee benefits | 48 | 43 |
Professional fees | 162 | 105 |
Advertising and business development | 1 | |
Merger expenses | 560 | |
Other | 701 | 262 |
Intersegment service charges | (345) | (324) |
Total non-interest expense | 1,127 | 86 |
Income (loss) before income taxes | 13,724 | 12,837 |
Provision (benefit) for income taxes | (478) | (280) |
Total segment profit/(loss) | 14,202 | 13,117 |
Eliminations [Member] | ||
Noninterest Income [Abstract] | ||
Other | (16,303) | (14,297) |
Total non-interest income | (16,303) | (14,297) |
Non-interest expense | ||
Income (loss) before income taxes | (16,303) | (14,297) |
Total segment profit/(loss) | (16,303) | (14,297) |
Operating Segments [Member] | Equity Bank [Member] | ||
Interest and Dividend Income, Operating [Abstract] | ||
Total interest and dividend income | 71,590 | 56,105 |
Interest Expense [Abstract] | ||
Total interest expense | 25,662 | 15,133 |
Net interest income | 45,928 | 40,972 |
Provision (reversal) for credit losses | 1,000 | (366) |
Net interest income after provision (reversal) for credit losses | 44,928 | 41,338 |
Noninterest Income [Abstract] | ||
Increase in value of bank-owned life insurance | 828 | 1,583 |
Net gain on acquisition and branch sales | 1,239 | |
Net gain (loss) from securities transactions | (251) | 32 |
Other | 4,417 | 1,310 |
Total non-interest income | 11,437 | 8,112 |
Non-interest expense | ||
Salaries and employee benefits | 18,049 | 16,649 |
Net occupancy and equipment | 3,535 | 2,879 |
Data processing | 4,828 | 3,916 |
Professional fees | 1,230 | 1,279 |
Advertising and business development | 1,237 | 1,159 |
Telecommunications | 655 | 485 |
FDIC insurance | 571 | 360 |
Courier and postage | 606 | 458 |
Free nationwide ATM cost | 494 | 525 |
Amortization of core deposit intangibles | 899 | 918 |
Loan expense | 109 | 117 |
Other real estate owned | (84) | 119 |
Merger expenses | 996 | |
Other | 2,555 | 3,955 |
Intersegment service charges | 345 | 324 |
Total non-interest expense | 36,025 | 33,143 |
Income (loss) before income taxes | 20,340 | 16,307 |
Provision (benefit) for income taxes | 4,171 | 2,804 |
Total segment profit/(loss) | 16,169 | 13,503 |
Service Charges and Fees [Member] | ||
Noninterest Income [Abstract] | ||
Non-interest income | 2,569 | 2,545 |
Service Charges and Fees [Member] | Operating Segments [Member] | Equity Bank [Member] | ||
Noninterest Income [Abstract] | ||
Non-interest income | 2,569 | 2,545 |
Debit Card Income [Member] | ||
Noninterest Income [Abstract] | ||
Non-interest income | 2,447 | 2,554 |
Debit Card Income [Member] | Operating Segments [Member] | Equity Bank [Member] | ||
Noninterest Income [Abstract] | ||
Non-interest income | 2,447 | 2,554 |
Mortgage Banking [Member] | ||
Noninterest Income [Abstract] | ||
Non-interest income | 188 | 88 |
Mortgage Banking [Member] | Operating Segments [Member] | Equity Bank [Member] | ||
Noninterest Income [Abstract] | ||
Non-interest income | $ 188 | $ 88 |
Segment Reporting - Schedule of
Segment Reporting - Schedule of Significant Segment Expenses (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Segment Reporting Information [Line Items] | ||
Depreciation | $ 1,374 | $ 1,132 |
Amortization of operating lease right-of-use asset | 92 | 166 |
Amortization of cloud computing implementation costs | 35 | 47 |
Amortization of intangible assets | 935 | 954 |
Purchase of long lived assets | 5,464 | 4,414 |
Provision (benefit) for income taxes | 3,693 | 2,524 |
Unallocated Holding Company Amounts /Administrative Adjustments [Member] | ||
Segment Reporting Information [Line Items] | ||
Depreciation | 45 | 38 |
Provision (benefit) for income taxes | (478) | (280) |
Operating Segments [Member] | Equity Bank [Member] | ||
Segment Reporting Information [Line Items] | ||
Depreciation | 1,329 | 1,094 |
Amortization of operating lease right-of-use asset | 92 | 166 |
Amortization of cloud computing implementation costs | 35 | 47 |
Amortization of intangible assets | 935 | 954 |
Purchase of long lived assets | 5,464 | 4,414 |
Provision (benefit) for income taxes | $ 4,171 | $ 2,804 |
Segment Reporting - Schedule _2
Segment Reporting - Schedule of Significant Segment Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 |
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Total assets | $ 5,239,036 | $ 5,034,592 | $ 5,156,716 |
Operating Segments [Member] | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Total assets | 5,228,133 | 5,148,761 | |
Eliminations [Member] | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Holding company administrative adjustments | 565,381 | 531,376 | |
Elimination of bank cash and equity in earnings of subsidiaries | (13,813) | (10,970) | |
Elimination of investment in subsidiaries | $ (540,665) | $ (512,451) |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - Kansas Land [Member] $ in Thousands | 12 Months Ended | |
Apr. 18, 2024 Branch | Dec. 31, 2023 USD ($) | |
Subsequent Event [Line Items] | ||
Total assets reported by KanasLand | $ 54,457 | |
Loans reported by KanasLand | 28,803 | |
Total liabilities reported by KanasLand | 51,499 | |
Deposits reported by KanasLand | 43,376 | |
Net loss before income taxes reported by KanasLand | $ (611) | |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Agreement date | Apr. 18, 2024 | |
Number of branches located | Branch | 2 |