Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2020 | Jul. 24, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q2 | |
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 | true | |
Entity Ex Transition Period | true | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 15,218,301 | |
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 $0.01 per share | |
Security Exchange Name | NASDAQ | |
Entity Incorporation, State or Country Code | KS | |
Document Quarterly Report | true | |
Document Transition Report | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
ASSETS | ||
Cash and due from banks | $ 178,045 | $ 88,973 |
Federal funds sold | 245 | 318 |
Cash and cash equivalents | 178,290 | 89,291 |
Interest-bearing time deposits in other banks | 2,248 | 2,498 |
Available-for-sale securities | 177,228 | 142,067 |
Held-to-maturity securities, fair value of $689,206 and $783,911 | 662,522 | 769,059 |
Loans held for sale | 4,802 | 5,933 |
Loans, net of allowance for loan losses of $34,078 and $12,232 | 2,772,256 | 2,544,420 |
Other real estate owned, net | 7,374 | 8,293 |
Premises and equipment, net | 87,055 | 84,478 |
Bank-owned life insurance | 76,066 | 75,103 |
Federal Reserve Bank and Federal Home Loan Bank stock | 31,832 | 31,137 |
Interest receivable | 19,598 | 15,738 |
Goodwill | 136,432 | 136,432 |
Core deposit intangibles, net | 18,131 | 19,907 |
Other | 31,435 | 25,222 |
Total assets | 4,205,269 | 3,949,578 |
Deposits | ||
Demand | 756,613 | 481,298 |
Total non-interest-bearing deposits | 756,613 | 481,298 |
Savings, NOW and money market | 1,800,132 | 1,749,048 |
Time | 690,522 | 833,170 |
Total interest-bearing deposits | 2,490,654 | 2,582,218 |
Total deposits | 3,247,267 | 3,063,516 |
Federal funds purchased and retail repurchase agreements | 51,557 | 35,708 |
Federal Home Loan Bank advances | 344,900 | 324,373 |
Bank stock loan | 8,990 | |
Subordinated debt | 55,575 | 14,561 |
Contractual obligations | 5,571 | 5,836 |
Interest payable and other liabilities | 20,633 | 18,534 |
Total liabilities | 3,725,503 | 3,471,518 |
Commitments and contingent liabilities | ||
Stockholders' equity | ||
Common stock | 174 | 174 |
Additional paid-in capital | 384,955 | 382,731 |
Retained earnings | 128,704 | 125,757 |
Accumulated other comprehensive income (loss), net of tax | 3,390 | (3) |
Employee stock loans | (43) | (77) |
Treasury stock | (37,414) | (30,522) |
Total stockholders’ equity | 479,766 | 478,060 |
Total liabilities and stockholders’ equity | $ 4,205,269 | $ 3,949,578 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Statement Of Financial Position [Abstract] | ||||||
Held-to-maturity securities, fair value | $ 689,206 | $ 783,911 | ||||
Loans, allowance for loan losses | $ 34,078 | $ 21,915 | $ 12,232 | $ 17,777 | $ 26,340 | $ 11,454 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Interest and dividend income | ||||
Loans, including fees | $ 32,627 | $ 38,027 | $ 67,003 | $ 74,560 |
Securities, taxable | 4,017 | 4,969 | 8,637 | 10,051 |
Securities, nontaxable | 880 | 1,145 | 1,846 | 2,098 |
Federal funds sold and other | 409 | 623 | 1,004 | 1,257 |
Total interest and dividend income | 37,933 | 44,764 | 78,490 | 87,966 |
Interest expense | ||||
Deposits | 3,899 | 11,144 | 10,763 | 21,874 |
Federal funds purchased and retail repurchase agreements | 24 | 34 | 55 | 66 |
Federal Home Loan Bank advances | 552 | 1,841 | 1,727 | 3,146 |
Federal Reserve Bank discount window | 6 | 6 | ||
Bank stock loan | 306 | 147 | 415 | 309 |
Subordinated debt | 255 | 310 | 538 | 644 |
Total interest expense | 5,042 | 13,476 | 13,504 | 26,039 |
Net interest income | 32,891 | 31,288 | 64,986 | 61,927 |
Provision for loan losses | 12,500 | 974 | 22,440 | 16,620 |
Net interest income after provision for loan losses | 20,391 | 30,314 | 42,546 | 45,307 |
Non-interest income | ||||
Increase in value of bank-owned life insurance | 481 | 499 | 963 | 987 |
Net gain (loss) from securities transactions | 4 | 7 | 12 | 13 |
Other | 850 | 957 | 1,007 | 1,809 |
Total non-interest income | 5,732 | 6,451 | 11,038 | 11,775 |
Non-interest expense | ||||
Salaries and employee benefits | 12,695 | 13,067 | 26,199 | 27,165 |
Net occupancy and equipment | 2,119 | 2,188 | 4,354 | 4,155 |
Data processing | 2,763 | 2,358 | 5,426 | 4,763 |
Professional fees | 943 | 1,228 | 2,310 | 2,384 |
Advertising and business development | 403 | 722 | 1,099 | 1,368 |
Telecommunications | 390 | 485 | 877 | 1,070 |
FDIC insurance | 414 | 730 | 931 | 1,008 |
Courier and postage | 353 | 341 | 737 | 668 |
Free nationwide ATM cost | 327 | 420 | 747 | 781 |
Amortization of core deposit intangibles | 974 | 785 | 1,776 | 1,564 |
Loan expense | 287 | 175 | 521 | 443 |
Other real estate owned | 269 | 302 | 577 | 414 |
Merger expenses | 276 | 915 | ||
Other | 2,000 | 1,946 | 4,141 | 3,868 |
Total non-interest expense | 23,937 | 25,023 | 49,695 | 50,566 |
Income before income taxes | 2,186 | 11,742 | 3,889 | 6,516 |
Provision for income taxes | 497 | 2,510 | 942 | 1,357 |
Net income and net income allocable to common stockholders | $ 1,689 | $ 9,232 | $ 2,947 | $ 5,159 |
Basic earnings per share | $ 0.11 | $ 0.59 | $ 0.19 | $ 0.33 |
Diluted earnings per share | $ 0.11 | $ 0.58 | $ 0.19 | $ 0.32 |
Service Charges and Fees [Member] | ||||
Non-interest income | ||||
Non-interest income | $ 1,365 | $ 2,240 | $ 3,391 | $ 4,163 |
Debit Card Income [Member] | ||||
Non-interest income | ||||
Non-interest income | 2,201 | 2,186 | 4,244 | 3,924 |
Mortgage Banking [Member] | ||||
Non-interest income | ||||
Non-interest income | $ 831 | $ 562 | $ 1,421 | $ 879 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income | $ 1,689 | $ 9,232 | $ 2,947 | $ 5,159 |
Other comprehensive income: | ||||
Unrealized holding gain (loss) arising during the period on available-for-sale securities | (698) | 1,768 | 4,164 | 4,288 |
Amortization of unrealized loss on held-to-maturity securities | 191 | 212 | 368 | 505 |
Total other comprehensive income (loss) | (507) | 1,980 | 4,532 | 4,793 |
Tax effect | 128 | (504) | (1,139) | (1,217) |
Other comprehensive income (loss), net of tax | (379) | 1,476 | 3,393 | 3,576 |
Comprehensive income | $ 1,310 | $ 10,708 | $ 6,340 | $ 8,735 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | ASU 2017-08 [Member] | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Retained Earnings [Member]ASU 2017-08 [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Employee Stock Loans [Member] | Treasury Stock [Member] |
Beginning balance at Dec. 31, 2018 | $ 455,941 | $ 173 | $ 379,085 | $ 101,326 | $ (4,867) | $ (121) | $ (19,655) | ||
Beginning balance, shares at Dec. 31, 2018 | 15,793,095 | ||||||||
Net income | 5,159 | 5,159 | |||||||
Other comprehensive income (loss), net of tax effects | 3,576 | 3,576 | |||||||
Stock-based compensation | 1,732 | 1,732 | |||||||
Stock based compensation, shares | 9,104 | ||||||||
Common stock issued upon exercise of stock options | 316 | 316 | |||||||
Common stock issued upon exercise of stock options, shares | 17,502 | ||||||||
Common stock issued under stock-based incentive plan, shares | 21,978 | ||||||||
Repayment on employee stock loans | 38 | 38 | |||||||
Treasury stock purchases | (7,208) | (7,208) | |||||||
Treasury stock purchases, shares | (277,806) | ||||||||
Cumulative effect of change in accounting principle from implementation of ASU 2017-08 | $ (1,148) | $ (1,148) | |||||||
Ending balance at Jun. 30, 2019 | 458,406 | $ 173 | 381,133 | 105,337 | (1,291) | (83) | (26,863) | ||
Ending balance, shares at Jun. 30, 2019 | 15,563,873 | ||||||||
Beginning balance at Mar. 31, 2019 | 453,463 | $ 173 | 379,931 | 95,868 | (2,767) | (87) | (19,655) | ||
Beginning balance, shares at Mar. 31, 2019 | 15,820,303 | ||||||||
Net income | 9,232 | 9,232 | |||||||
Other comprehensive income (loss), net of tax effects | 1,476 | 1,476 | |||||||
Stock-based compensation | 998 | 998 | |||||||
Stock based compensation, shares | 9,104 | ||||||||
Common stock issued upon exercise of stock options | 204 | 204 | |||||||
Common stock issued upon exercise of stock options, shares | 11,402 | ||||||||
Common stock issued under stock-based incentive plan, shares | 870 | ||||||||
Repayment on employee stock loans | 4 | 4 | |||||||
Treasury stock purchases | (7,208) | (7,208) | |||||||
Treasury stock purchases, shares | (277,806) | ||||||||
Cumulative effect of change in accounting principle from implementation of ASU 2017-08 | $ 237 | $ 237 | |||||||
Ending balance at Jun. 30, 2019 | 458,406 | $ 173 | 381,133 | 105,337 | (1,291) | (83) | (26,863) | ||
Ending balance, shares at Jun. 30, 2019 | 15,563,873 | ||||||||
Beginning balance at Dec. 31, 2019 | 478,060 | $ 174 | 382,731 | 125,757 | (3) | (77) | (30,522) | ||
Beginning balance, shares at Dec. 31, 2019 | 15,444,434 | ||||||||
Net income | 2,947 | 2,947 | |||||||
Other comprehensive income (loss), net of tax effects | 3,393 | 3,393 | |||||||
Stock-based compensation | 1,858 | 1,858 | |||||||
Stock based compensation, shares | 17,703 | ||||||||
Common stock issued upon exercise of stock options | 12 | 12 | |||||||
Common stock issued upon exercise of stock options, shares | 650 | ||||||||
Common stock issued under stock-based incentive plan, shares | 34,211 | ||||||||
Common stock issued under employee stock purchase plan | 354 | 354 | |||||||
Common stock issued under employee stock purchase plan, share | 16,764 | ||||||||
Repayment on employee stock loans | 34 | 34 | |||||||
Treasury stock purchases | $ (6,892) | (6,892) | |||||||
Treasury stock purchases, shares | (295,461) | (295,461) | |||||||
Ending balance at Jun. 30, 2020 | $ 479,766 | $ 174 | 384,955 | 128,704 | 3,390 | (43) | (37,414) | ||
Ending balance, shares at Jun. 30, 2020 | 15,218,301 | ||||||||
Beginning balance at Mar. 31, 2020 | 477,351 | $ 174 | 383,850 | 127,015 | 3,769 | (43) | (37,414) | ||
Beginning balance, shares at Mar. 31, 2020 | 15,198,986 | ||||||||
Net income | 1,689 | 1,689 | |||||||
Other comprehensive income (loss), net of tax effects | (379) | (379) | |||||||
Stock-based compensation | 1,102 | 1,102 | |||||||
Stock based compensation, shares | 17,703 | ||||||||
Common stock issued upon exercise of stock options | 3 | 3 | |||||||
Common stock issued upon exercise of stock options, shares | 250 | ||||||||
Common stock issued under stock-based incentive plan, shares | 1,362 | ||||||||
Ending balance at Jun. 30, 2020 | $ 479,766 | $ 174 | $ 384,955 | $ 128,704 | $ 3,390 | $ (43) | $ (37,414) | ||
Ending balance, shares at Jun. 30, 2020 | 15,218,301 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Cash flows from operating activities | ||
Net income | $ 2,947 | $ 5,159 |
Adjustments to reconcile net income to net cash from operating activities: | ||
Stock-based compensation | 1,858 | 1,732 |
Depreciation | 1,837 | 1,743 |
Amortization of operating lease right-of-use asset | 306 | 305 |
Amortization of cloud computing implementation costs | 54 | 46 |
Provision for loan losses | 22,440 | 16,620 |
Net (accretion) amortization of purchase accounting adjustments | (1,194) | (2,738) |
Amortization (accretion) of premiums and discounts on securities | 3,288 | 2,677 |
Amortization of intangibles | 1,800 | 1,588 |
Deferred income taxes | 318 | (15) |
Federal Home Loan Bank stock dividends | (435) | (421) |
Loss (gain) on sales and valuation adjustments on other real estate owned | 120 | 49 |
Change in unrealized loss (gain) on equity securities | (12) | (13) |
Loss (gain) on disposal of premises and equipment | (10) | |
Loss (gain) on sale of foreclosed assets | 48 | 20 |
Loss (gain) on sales of loans | (1,155) | (708) |
Originations of loans held for sale | (55,131) | (37,324) |
Proceeds from the sale of loans held for sale | 56,992 | 34,243 |
Increase in the value of bank-owned life insurance | (963) | (987) |
Change in fair value of derivatives recognized in earnings | 488 | (4,038) |
Payments on operating lease payable | (360) | (401) |
Net change in: | ||
Interest receivable | (3,860) | 686 |
Other assets | (5,688) | 638 |
Interest payable and other liabilities | 948 | 85 |
Net cash provided by (used in) operating activities | 24,646 | 18,936 |
Cash flows from (to) investing activities | ||
Purchases of available-for-sale securities | (57,868) | |
Purchases of held-to-maturity securities | (2,754) | (71,028) |
Proceeds from sales, calls, pay-downs and maturities of available-for-sale securities | 25,818 | 11,241 |
Proceeds from calls, pay-downs and maturities of held-to-maturity securities | 107,423 | 49,718 |
Net change in interest-bearing time deposits in other banks | 250 | 249 |
Net change in loans | (251,898) | (105,415) |
Capitalized construction cost of other real estate owned | (62) | (8) |
Purchase of premises and equipment | (4,431) | (5,587) |
Proceeds from sale of premises and equipment | 17 | 10 |
Proceeds from sale of foreclosed assets | 219 | 169 |
Net redemption (purchase) of Federal Home Loan Bank and Federal Reserve Bank stock | (260) | (3,591) |
Proceeds from sale of other real estate owned | 2,706 | 1,051 |
Net cash provided by (used in) investing activities | (180,840) | (37,831) |
Cash flows from (to) financing activities | ||
Net increase (decrease) in deposits | 183,694 | (36,199) |
Net change in federal funds purchased and retail repurchase agreements | 15,849 | (9,021) |
Net borrowings (payments) on Federal Home Loan Bank line of credit | (231,223) | 61,155 |
Proceeds from Federal Home Loan Bank term advances | 253,000 | |
Principal payments on Federal Home Loan Bank term advances | (1,240) | (1,223) |
Proceeds from Federal Reserve Bank discount window | 62,000 | |
Principal payments on Federal Reserve Bank discount window | (62,000) | |
Proceeds from bank stock loan | 38,354 | 7,208 |
Principal payments on bank stock loan | (47,344) | (7,350) |
Principal payments on employee stock loans | 34 | 38 |
Proceeds from the exercise of employee stock options | 12 | 316 |
Proceeds from employee stock purchase plan | 354 | |
Proceeds from subordinated notes | 42,000 | |
Debt issuance cost | (1,140) | |
Purchase of treasury stock | (6,892) | (7,208) |
Net change in contractual obligations | (265) | (221) |
Net cash provided by (used in) financing activities | 245,193 | 7,495 |
Net change in cash and cash equivalents | 88,999 | (11,400) |
Cash and cash equivalents, beginning of period | 89,291 | 192,818 |
Ending cash and cash equivalents | 178,290 | 181,418 |
Supplemental cash flow information: | ||
Interest paid | 14,547 | 24,508 |
Income taxes paid, net of refunds | 330 | 718 |
Supplemental noncash disclosures: | ||
Other real estate owned acquired in settlement of loans | $ 1,845 | 494 |
Operating leases recognized | 3,546 | |
MidFirst Bank [Member] | ||
Cash flows from (to) investing activities | ||
Net cash received from acquisition | 85,360 | |
Supplemental noncash disclosures: | ||
Total fair value of assets acquired, net of cash | 13,246 | |
Total fair value of liabilities acquired | $ 98,606 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 6 Months Ended |
Jun. 30, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
BASIS OF PRESENTATION | NOTE 1 – BASIS OF PRESENTATION The interim consolidated financial statements include the accounts of Equity Bancshares, Inc., its wholly owned subsidiaries, EBAC, LLC and Equity Bank and Equity Bank’s wholly owned subsidiaries, EBHQ, LLC and SA Holdings, Inc. 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, 2019, included in the Company’s Annual Report on Form 10-K filed with the SEC on March 10, 2020. Operating results for the six months ended June 30, 2020, are not necessarily indicative of the results that may be expected for the year ending December 31, 2020, 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. Risk and Uncertainties The outbreak of COVID-19 has adversely impacted a broad range of industries in which the Company’s customers operate and could impair their ability to fulfill their financial obligations to the Company. The World Health Organization has declared COVID-19 to be a global pandemic indicating that almost all public commerce and related business activities must be, to varying degrees, curtailed with the goal of decreasing the rate of new infections. The spread of the outbreak has caused significant disruptions in the U.S. economy and has disrupted banking and other financial activity in the areas in which the Company operates. While there has been no material impact to the Company’s employees to date, COVID-19 could also potentially create widespread business continuity issues for the Company. Congress, the President, and the Federal Reserve have taken several actions designed to cushion the economic fallout. Most notably, the Coronavirus Aid, Relief and Economic Security (“CARES”) Act was signed into law at the end of March 2020 as a $2 trillion legislative package. The goal of the CARES Act is to prevent a severe economic downturn through various measures, including direct financial aid to American families and economic stimulus to significantly impacted industry sectors. The package also includes extensive emergency funding for hospitals and medical providers. In addition to the general impact of COVID-19, certain provisions of the CARES Act as well as other recent legislative and regulatory relief efforts are expected to have a material impact on the Company’s operations. The Company’s business is dependent upon the willingness and ability of its employees and customers to conduct banking and other financial transactions. If the global response to contain COVID-19 is unsuccessful, the Company could experience a material adverse effect on its business, financial condition, results of operations and cash flows. While it is not possible to know the full universe or extent that the impact of COVID-19, and resulting measures to curtail its spread, will have on the Company’s operations, the Company is disclosing potentially material items of which it is aware. Financial position and results of operations The Company’s interest income and fees could be reduced due to COVID-19. In keeping with guidance from regulators, the Company is actively working with COVID-19 affected borrowers to defer their payments, interest, and fees. While interest and fees will still accrue to income, through normal GAAP accounting, should eventual credit losses on these deferred payments emerge, interest income and fees accrued would need to be reversed. In such a scenario, interest income in future periods could be negatively impacted. At this time, the Company is unable to project the materiality of such an impact, but recognizes the breadth of the economic impact may affect its borrowers’ ability to repay in future periods. Capital and liquidity As of June 30, 2020, all our capital ratios, and our subsidiary bank’s capital ratios, were in excess of regulatory requirements. While we are currently classified as well capitalized, an extended economic recession brought about by COVID-19 could adversely impact our reported and regulatory capital ratios by further credit losses. The Company relies on cash on hand as well as dividends from its subsidiary bank to service its debt. If the Company’s subsidiary bank’s capital deteriorates such that it is unable to pay dividends to the Company for an extended period of time, the Company may not be able to service its debt. The Company maintains access to multiple sources of liquidity. Wholesale funding markets have remained open to us, but rates for short term funding have recently been volatile. If funding costs are elevated for an extended period of time, it could have an adverse effect on the Company’s net interest margin. If an extended recession caused large numbers of the Company’s deposit customers to withdraw their funds, the Company might become more reliant on volatile or more expensive sources of funding. Asset valuation Currently, the Company does not expect COVID-19 to affect its ability to account timely for the assets on its balance sheet; however, this could change in future periods. While certain valuation assumptions and judgments will change to account for pandemic-related circumstances such as widening credit spreads, the Company does not anticipate significant changes in methodology used to determine the fair value of assets measured in accordance with GAAP. At March 31, 2020, the Company performed a qualitative analysis to assess goodwill for impairment of Equity Bancshares, Inc., the sole reporting unit and concluded that goodwill was not impaired. At June 30, 2020, the Company considered the on-going economic market disruption, the movement of the Company’s stock price in relation to other bank indexes and the length of time that the market value of the reporting unit has been below its book value as triggering events and has completed a quantitative analysis to assess whether or not goodwill was impaired. The analysis estimated fair value of the reporting unit to be $480,850 and the Company has concluded that goodwill was not impaired June 30, 2020. The determination of the fair value of the reporting unit incorporates assumptions that marketplace participants would use in their estimates of fair value in a change in control transaction, as prescribed by ASC Topic 820. To arrive at a conclusion of fair value, we utilized both the income approach and the market approach and then applied weighting factors to each approach. Weighting factors represent our best business judgement of the weightings a market participant would utilize in arriving at fair value of the reporting unit. In performing the analysis, Company management made numerous assumptions with respect to industry performance, reporting unit business performance, economic and market conditions and various other matters, many of which require significant management judgement. Projections related to business unit performance over the next five years assumed an economic downturn over a 12-month time horizon subsequently returning to conservative positive growth rates in loan and deposits after that time period. The analysis performed and the assumptions that are incorporated into the analysis reflect the best currently available estimates and judgements as to the expected future financial performance of the reporting unit. Further and sustained declines in the Company’s stock price, may require further quantitative and qualitative analysis and could result in an impairment charge being recorded for that period. In the event that the Company concludes that all or a portion of its goodwill is impaired, a non-cash charge for the amount of such impairment would be recorded to earnings. Such a charge would have no impact on tangible capital or regulatory capital. Processes, controls and business continuity plan As of June 30, 2020, all the Company’s bank locations were open to customers with social distancing measures in place, allowing full access for customer use. Customers are served by appointment, calling ahead, curbside and drive through but offered full lobby access during normal hours. The Company does not anticipate incurring additional material cost related to its continued deployment of the preparedness plan and no material operational or internal control challenges or risks have been identified to date. The Company does not anticipate significant challenges to its ability to maintain its systems and controls in light of the measures the Company has taken to prevent the spread of COVID-19. The Company does not currently face any material resource constraint through the implementation of its business continuity plans. Lending operations and accommodations to borrowers In keeping with regulatory guidance to work with borrowers during this unprecedented situation and as outlined in the CARES Act, the Company has worked with customers directly affected by COVID-19 and offered short-term assistance in accordance with regulatory guidelines. Commercial borrowers needing assistance have been offered either a 90-day principal and interest deferral or a 180-day principal only deferral. Commercial borrowers that originally requested a 90-day deferral can request an additional 90-day deferral by providing their previous year financial information, current year interim financial information, projections for the balance of the calendar year and information related to their cash reserves to show a need for the additional 90-day deferral. Consumers needing assistance have been offered a 90-day principal and interest deferral with an option to request an additional 90-day deferral. At the end of the deferral period, the interest will be capitalized and the loan re-amortized generally causing a minimal increase to payments for most consumers. As of June 30, 2020, the Company had executed 1,296 of these deferrals on outstanding loan balances of $649,326, with interest deferred of $7,013. In accordance with interagency guidance issued in March 2020, these short-term deferrals are not automatically considered troubled debt restructurings, are not reflected in past due loan balances and have not been reported as a classified loan solely due to a deferral. These deferred loans are subject to ongoing monitoring and will be downgraded or placed on nonaccrual if a noted weakness exists. The following table lists loans by category that have been deferred under the payment deferral program at June 30, 2020. June 30, 2020 Commercial real estate $ 465,373 Commercial and industrial 137,453 Residential real estate 40,929 Agricultural real estate 2,322 Consumer 2,964 Agricultural 285 Total loans $ 649,326 With the passage of the Paycheck Protection Program (“PPP”), administered by the Small Business Administration (“SBA”), the Company is actively participating in assisting its customers with applications for resources through the program. PPP loans originated prior to June 5, 2020, have a two-year Credit The Company has worked with customers directly affected by COVID-19 and offered short-term assistance in accordance with regulatory guidelines. Commercial borrowers needing assistance have been offered either a 90-day principal and interest deferral or a 180-day principal only deferral. Consumers needing assistance have been offered a 90-day principal and interest deferral with a potential additional 90-day deferral. At the end of the deferral period, the interest will be capitalized and the loan re-amortized generally causing a minimal increase in payments for most consumers. As a result of the current economic environment caused by the COVID-19 virus, the Company is engaging in frequent communication with borrowers to better understand their situation and the challenges faced, allowing it to respond proactively as needs and issues arise. Should economic conditions worsen, the Company could experience further increases in its required allowance for loan losses and record additional provision for loan losses. It is possible that the Company’s asset quality measures could worsen at future measurement periods if the effects of COVID-19 are prolonged. Many industries have and will continue to experience adverse impacts as a result of the COVID-19 virus. Our exposure from outstanding loans and commitments to industries which we consider a higher risk totaled approximately $273,000 in hospitality, $206,000 in retail, $108,000 in restaurants and $63,000 in aircraft manufacturing. Recent Accounting Pronouncements In June 2016, FASB issued ASU 2016-13, Financial Instruments – Credit Losses, In January 2017, the FASB issued ASU 2017-04, Intangibles-Goodwill and Other, which will simplify the subsequent measurement of goodwill. Goodwill and other intangibles must be assessed for impairment annually. If an entity’s assessment determines that the fair value of an entity is less than its carrying amount, including goodwill, previously, the measurement of goodwill impairment required that the entity’s identifiable net assets be valued following procedures similar to determining the fair value of assets acquired and liabilities assumed in a business combination. Under ASU 2017-04, goodwill impairment is measured to the extent that the carrying amount of an entity exceeds its fair value. The amendments in this update are effective for the Company’s annual goodwill impairment tests beginning in 2020. The amendments are applied on a prospective basis and the impact from the accounting guidance is highly dependent on changes in financial markets and future events. The Company will monitor indicators of goodwill impairment on a quarterly basis and will record impairment when it is determined to have occurred. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820) - Changes to the Disclosure Requirements for Fair Value Measurement In March 2020, various regulatory agencies, including the Federal Reserve and the Federal Deposit Insurance Corporation, (“the agencies”) issued an interagency statement on loan modifications and reporting for financial institutions working with customers affected by the Coronavirus. The interagency statement was effective immediately and impacted accounting for loan modifications. This interagency statement was later revised in April 2020 to clarify the interaction between the original interagency statement and section 4013 of the CARES Act, as well as the agencies’ views on consumer protection considerations. Under Accounting Standards Codification 310-40, Receivables – Troubled Debt Restructurings by Creditors |
SECURITIES
SECURITIES | 6 Months Ended |
Jun. 30, 2020 | |
Investments Debt And Equity Securities [Abstract] | |
SECURITIES | NOTE 2 – SECURITIES 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 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value June 30, 2020 Available-for-sale securities Residential mortgage-backed securities (issued by government-sponsored entities) $ 164,579 $ 5,038 $ — $ 169,617 Corporate 7,500 111 — 7,611 $ 172,079 $ 5,149 $ — $ 177,228 December 31, 2019 Available-for-sale securities Residential mortgage-backed securities (issued by government-sponsored entities) $ 141,082 $ 1,261 $ (276 ) $ 142,067 $ 141,082 $ 1,261 $ (276 ) $ 142,067 The amortized cost and fair value of held-to-maturity securities and the related gross unrecognized gains and losses are listed in the following table. Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Fair Value June 30, 2020 Held-to-maturity securities U.S. Government-sponsored entities $ 994 $ 39 $ — $ 1,033 Residential mortgage-backed (securities issued by government sponsored entities) 506,533 22,214 — 528,747 Corporate 24,992 470 (574 ) 24,888 Small Business Administration loan pools 1,307 68 — 1,375 State and political subdivisions 128,696 4,629 (162 ) 133,163 $ 662,522 $ 27,420 $ (736 ) $ 689,206 December 31, 2019 Held-to-maturity securities U.S. Government-sponsored entities $ 1,991 $ 23 $ (1 ) $ 2,013 Residential mortgage-backed (securities issued by government sponsored entities) 593,236 11,272 (536 ) 603,972 Corporate 22,992 503 — 23,495 Small Business Administration loan pools 1,478 12 — 1,490 State and political subdivisions 149,362 3,604 (25 ) 152,941 $ 769,059 $ 15,414 $ (562 ) $ 783,911 The tables above present unrecognized gains and losses on held-to-maturity securities since date of designation. The fair value and amortized cost of debt securities at June 30, 2020, 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 Cost Fair Value Amortized Cost Fair Value Within one year $ — $ — $ 9,974 $ 10,109 One to five years — — 28,001 28,899 Five to ten years 7,500 7,611 52,083 53,351 After ten years — — 65,931 68,100 Mortgage-backed securities 164,579 169,617 506,533 528,747 Total debt securities $ 172,079 $ 177,228 $ 662,522 $ 689,206 The carrying value of securities pledged as collateral, to secure public deposits and for other purposes, was approximately $789,995 at June 30, 2020, and $780,038 at December 31, 2019. The following tables show gross unrealized losses and fair value, aggregated by investment category, and length of time that individual securities have been in a continuous unrealized loss position at June 30, 2020, and December 31, 2019. There were no available-for-sale securities at June 30, 2020, with unrealized losses. Less Than 12 Months 12 Months or More Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss December 31, 2019 Available-for-sale securities Residential mortgage-backed (issued by government-sponsored entities) $ 2,017 $ (3 ) $ 32,466 $ (273 ) $ 34,483 $ (276 ) Total temporarily impaired securities $ 2,017 $ (3 ) $ 32,466 $ (273 ) $ 34,483 $ (276 ) Less Than 12 Months 12 Months or More Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss June 30, 2020 Held-to-maturity securities Corporate $ 9,359 $ (575 ) $ — $ — $ 9,359 $ (575 ) State and political subdivisions 2,891 (141 ) 535 (21 ) 3,426 (162 ) Total temporarily impaired securities $ 12,250 $ (716 ) $ 535 $ (21 ) $ 12,785 $ (737 ) December 31, 2019 Held-to-maturity securities U.S. Government-sponsored entities $ — $ — $ 999 $ (1 ) $ 999 $ (1 ) Residential mortgage-backed (issued by government-sponsored entities) 26,246 (51 ) 96,987 (639 ) 123,233 (690 ) Small Business Administration loan pools 811 (14 ) — — 811 (14 ) State and political subdivisions 1,771 (4 ) 1,354 (21 ) 3,125 (25 ) Total temporarily impaired securities $ 28,828 $ (69 ) $ 99,340 $ (661 ) $ 128,168 $ (730 ) The tables above present unrealized 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 designation. As of June 30, 2020, the Company held 31 held-to-maturity securities in an unrealized loss position. Unrealized losses on securities have not been recognized into income because the security issuers are of high credit quality, management does not intend to sell, it is more likely than not that the Company will not be required to sell the securities prior to their anticipated recovery and the decline in fair value is largely due to changes in interest rates. The fair value is expected to recover as the securities approach maturity. There were no proceeds from sales of available-for-sale securities during the six months ended June 30, 2020, or 2019. |
LOANS AND ALLOWANCE FOR LOAN LO
LOANS AND ALLOWANCE FOR LOAN LOSSES | 6 Months Ended |
Jun. 30, 2020 | |
Receivables [Abstract] | |
Loans and Allowance for Loan Losses | NOTE 3 – LOANS AND ALLOWANCE FOR LOAN LOSSES The following table lists categories of loans at June 30, 2020, and December 31, 2019. June 30, 2020 December 31, 2019 Commercial real estate $ 1,191,336 $ 1,178,427 Commercial and industrial 883,355 571,647 Residential real estate 442,486 503,439 Agricultural real estate 129,080 141,868 Consumer 71,037 68,378 Agricultural 89,040 92,893 Total loans 2,806,334 2,556,652 Allowance for loan losses (34,078 ) (12,232 ) Net loans $ 2,772,256 $ 2,544,420 Included in the commercial and industrial loan balances at June 30, 2020, are $372,964 of loans that were originated under the SBA PPP program. 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 portfolio. During the first six months of 2020, the Company purchased one pool of residential real estate loans totaling $752. As of June 30, 2020, and December 31, 2019, residential real estate loans include $112,163 and $144,554 of purchased residential real estate loans. The unamortized discount of merger purchase accounting adjustments related to non-purchase credit impaired loans included in the loan totals above are $6,644 with related loans of $458,166 at June 30, 2020, and $8,287 with related loans of $624,747 at December 31, 2019. Overdraft deposit accounts are reclassified and included in consumer loans above. These accounts totaled $637 at June 30, 2020, and $815 at December 31, 2019. The following tables present the activity in the allowance for loan losses by class for the three-month periods ended June 30, 2020, and 2019. June 30, 2020 Commercial Real Estate Commercial and Industrial Residential Real Estate Agricultural Real Estate Consumer Agricultural Total Allowance for loan losses: Beginning balance $ 5,223 $ 4,979 $ 4,128 $ 456 $ 6,537 $ 592 $ 21,915 Provision for loan losses 4,095 5,435 1,318 526 907 219 12,500 Loans charged-off (51 ) (255 ) (134 ) (7 ) (175 ) (1 ) (623 ) Recoveries 200 9 3 — 74 — 286 Total ending allowance balance $ 9,467 $ 10,168 $ 5,315 $ 975 $ 7,343 $ 810 $ 34,078 June 30, 2019 Commercial Real Estate Commercial and Industrial Residential Real Estate Agricultural Real Estate Consumer Agricultural Total Allowance for loan losses: Beginning balance $ 4,528 $ 16,056 $ 3,617 $ 494 $ 1,347 $ 298 $ 26,340 Provision for loan losses 719 135 (272 ) 59 257 76 974 Loans charged-off (582 ) (8,244 ) (465 ) (28 ) (389 ) (36 ) (9,744 ) Recoveries 47 1 28 — 129 2 207 Total ending allowance balance $ 4,712 $ 7,948 $ 2,908 $ 525 $ 1,344 $ 340 $ 17,777 The following tables present the activity in the allowance for loan losses by class for the six-month periods ended June 30, 2020, and 2019. June 30, 2020 Commercial Real Estate Commercial and Industrial Residential Real Estate Agricultural Real Estate Consumer Agricultural Total Allowance for loan losses: Beginning balance $ 3,919 $ 3,061 $ 2,676 $ 608 $ 1,422 $ 546 $ 12,232 Provision for loan losses 5,407 7,350 2,794 391 6,234 264 22,440 Loans charged-off (59 ) (284 ) (159 ) (24 ) (453 ) (1 ) (980 ) Recoveries 200 41 4 — 140 1 386 Total ending allowance balance $ 9,467 $ 10,168 $ 5,315 $ 975 $ 7,343 $ 810 $ 34,078 June 30, 2019 Commercial Real Estate Commercial and Industrial Residential Real Estate Agricultural Real Estate Consumer Agricultural Total Allowance for loan losses: Beginning balance $ 4,662 $ 2,707 $ 2,320 $ 391 $ 1,070 $ 304 $ 11,454 Provision for loan losses 585 13,930 1,129 168 732 76 16,620 Loans charged-off (608 ) (8,738 ) (579 ) (34 ) (681 ) (42 ) (10,682 ) Recoveries 73 49 38 — 223 2 385 Total ending allowance balance $ 4,712 $ 7,948 $ 2,908 $ 525 $ 1,344 $ 340 $ 17,777 The following tables present the recorded investment in loans and the balance in the allowance for loan losses by portfolio and class based on impairment method as of June 30, 2020, and December 31, 2019. June 30, 2020 Commercial Real Estate Commercial and Industrial Residential Real Estate Agricultural Real Estate Consumer Agricultural Total Allowance for loan losses: Individually evaluated for impairment $ 1,045 $ 2,948 $ 845 $ 395 $ 83 $ 105 $ 5,421 Collectively evaluated for impairment 7,958 6,070 4,384 140 7,260 547 26,359 Purchased credit impaired loans 464 1,150 86 440 — 158 2,298 Total $ 9,467 $ 10,168 $ 5,315 $ 975 $ 7,343 $ 810 $ 34,078 Loan Balance: Individually evaluated for impairment $ 4,336 $ 23,069 $ 7,622 $ 1,791 $ 283 $ 544 $ 37,645 Collectively evaluated for impairment 1,180,425 855,712 432,120 124,665 66,265 88,474 2,747,661 Purchased credit impaired loans 6,575 4,574 2,744 2,624 4,489 22 21,028 Total $ 1,191,336 $ 883,355 $ 442,486 $ 129,080 $ 71,037 $ 89,040 $ 2,806,334 December 31, 2019 Commercial Real Estate Commercial and Industrial Residential Real Estate Agricultural Real Estate Consumer Agricultural Total Allowance for loan losses: Individually evaluated for impairment $ 281 $ 199 $ 303 $ 56 $ 39 $ 57 $ 935 Collectively evaluated for impairment 3,581 2,848 2,352 459 1,383 394 11,017 Purchased credit impaired loans 57 14 21 93 — 95 280 Total $ 3,919 $ 3,061 $ 2,676 $ 608 $ 1,422 $ 546 $ 12,232 Loan Balance: Individually evaluated for impairment $ 4,375 $ 16,335 $ 7,358 $ 584 $ 381 $ 518 $ 29,551 Collectively evaluated for impairment 1,166,106 550,201 493,309 135,776 67,972 90,347 2,503,711 Purchased credit impaired loans 7,946 5,111 2,772 5,508 25 2,028 23,390 Total $ 1,178,427 $ 571,647 $ 503,439 $ 141,868 $ 68,378 $ 92,893 $ 2,556,652 The following table presents information related to impaired loans, excluding purchased credit impaired loans which have not deteriorated since acquisition, by class of loans as of June 30, 2020, and December 31, 2019. The recorded investment in loans excludes accrued interest receivable due to immateriality. June 30, 2020 December 31, 2019 Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated With no related allowance recorded: Commercial real estate $ 166 $ 37 $ — $ 2,166 $ 2,150 $ — Commercial and industrial 19,725 13,857 — 20,152 14,832 — Residential real estate 4,506 4,288 — 4,395 4,324 — Agricultural real estate — — — 1,610 1,533 — Consumer — — — — — — Agricultural — — — — — — Subtotal 24,397 18,182 — 28,323 22,839 — With an allowance recorded: Commercial real estate 8,143 6,196 1,509 3,469 2,749 338 Commercial and industrial 13,697 12,837 4,098 1,845 1,640 213 Residential real estate 4,555 4,183 931 3,395 3,244 324 Agricultural real estate 6,152 4,900 835 1,142 1,015 149 Consumer 290 283 83 430 381 39 Agricultural 2,500 1,859 263 1,619 1,359 152 Subtotal 35,337 30,258 7,719 11,900 10,388 1,215 Total $ 59,734 $ 48,440 $ 7,719 $ 40,223 $ 33,227 $ 1,215 The tables below present average recorded investment and interest income related to impaired loans for the three and six months ended June 30, 2020, and 2019. 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 June 30, 2020 June 30, 2019 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial real estate $ 37 $ 1 $ 2,922 $ 79 Commercial and industrial 14,113 — 2,156 4 Residential real estate 4,318 — 5,538 31 Agricultural real estate 365 — 2,124 — Consumer — — 34 — Agricultural — — 222 — Subtotal 18,833 1 12,996 114 With an allowance recorded: Commercial real estate 6,734 19 7,276 — Commercial and industrial 9,129 172 25,634 3 Residential real estate 4,030 2 9,710 8 Agricultural real estate 3,655 6 973 — Consumer 317 — 803 5 Agricultural 1,618 — 478 — Subtotal 25,483 199 44,874 16 Total $ 44,316 $ 200 $ 57,870 $ 130 As of and for the six months ended June 30, 2020 June 30, 2019 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial real estate $ 741 $ 1 $ 8,915 $ 79 Commercial and industrial 14,353 23 2,570 5 Residential real estate 4,320 — 3,867 31 Agricultural real estate 754 5 2,095 — Consumer — — 41 — Agricultural — — 400 — Subtotal 20,168 29 17,888 115 With an allowance recorded: Commercial real estate 5,405 19 7,244 74 Commercial and industrial 6,633 172 17,726 3 Residential real estate 3,768 3 8,001 8 Agricultural real estate 2,775 6 729 — Consumer 338 — 822 5 Agricultural 1,532 — 354 2 Subtotal 20,451 200 34,876 92 Total $ 40,619 $ 229 $ 52,764 $ 207 The following tables present the aging of the recorded investment in past due loans as of June 30, 2020, and December 31, 2019, by portfolio and class of loans. June 30, 2020 30 - 59 Days Past Due 60 - 89 Days Past Due Greater Than 90 Days Past Due Still On Accrual Nonaccrual Loans Not Past Due Total Commercial real estate $ 132 $ 52 $ — $ 6,234 $ 1,184,918 $ 1,191,336 Commercial and industrial 74 — — 26,693 856,588 883,355 Residential real estate 284 1,573 2 8,471 432,156 442,486 Agricultural real estate 120 1,697 — 4,900 122,363 129,080 Consumer 118 78 — 283 70,558 71,037 Agricultural 103 — — 1,859 87,078 89,040 Total $ 831 $ 3,400 $ 2 $ 48,440 $ 2,753,661 $ 2,806,334 December 31, 2019 30 - 59 Days Past Due 60 - 89 Days Past Due Greater Than 90 Days Past Due Still On Accrual Nonaccrual Loans Not Past Due Total Commercial real estate $ 1,191 $ 218 $ — $ 6,913 $ 1,170,105 $ 1,178,427 Commercial and industrial 74 11 — 16,906 554,656 571,647 Residential real estate 831 1,008 — 8,013 493,587 503,439 Agricultural real estate 59 78 — 4,807 136,924 141,868 Consumer 402 138 — 381 67,457 68,378 Agricultural 10 14 — 1,359 91,510 92,893 Total $ 2,567 $ 1,467 $ — $ 38,379 $ 2,514,239 $ 2,556,652 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. Loans that participated in the short-term deferral program are not automatically considered classified solely due to a deferral, are subject to ongoing monitoring and will be downgraded or placed on nonaccrual if a noted weakness exists. The Company uses the following definitions for risk ratings. Pass: Special Mention Substandard Doubtful The risk category of loans by class of loans is as follows as of June 30, 2020, and December 31, 2019. June 30, 2020 Unclassified Classified Total Commercial real estate $ 1,180,838 $ 10,498 $ 1,191,336 Commercial and industrial 846,410 36,945 883,355 Residential real estate 434,008 8,478 442,486 Agricultural real estate 119,667 9,413 129,080 Consumer 70,754 283 71,037 Agricultural 83,243 5,797 89,040 Total $ 2,734,920 $ 71,414 $ 2,806,334 December 31, 2019 Unclassified Classified Total Commercial real estate $ 1,167,101 $ 11,326 $ 1,178,427 Commercial and industrial 539,877 31,770 571,647 Residential real estate 495,418 8,021 503,439 Agricultural real estate 132,065 9,803 141,868 Consumer 67,997 381 68,378 Agricultural 88,607 4,286 92,893 Total $ 2,491,065 $ 65,587 $ 2,556,652 Purchased Credit Impaired Loans The Company has acquired loans, for which there was, at acquisition, evidence of deterioration of credit quality since origination and it was probable, at acquisition, that all contractually required payments would not be collected. The table below lists recorded investments in purchased credit impaired loans as of June 30, 2020, and December 31, 2019. June 30, 2020 December 31, 2019 Contractually required principal payments $ 26,949 $ 29,895 Discount (5,921 ) (6,505 ) Recorded investment $ 21,028 $ 23,390 The accretable yield associated with these loans was $2,786 and $3,127 as of June 30, 2020, and December 31, 2019. The interest income recognized on these loans for the three-month periods ended June 3 0 , 20 20 , and 201 9 , was $ 345 and $ 273 . The interest income recognized on these loans for the six-month periods ended June 30, 2020, and 2019, was $ 861 and $ 554 . For the three-month period ended June 3 0 , 20 20 , there was a provision for loan losses of $ 1,350 and for the six-month period ended June 30, 2020, there was a provision for loan losses of $ 2,018 recorded for these loans. For the three-month period ended June 3 0 , 201 9 , there was a provision for loan losses reversal of $ 39 and for the six-month period ended June 30, 2019, there was a provision for loan losses of $ 163 recorded for these loans. Troubled Debt Restructurings The Company had troubled debt restructurings with an amortized cost of $15,063 and $15,508 as of June 30, 2020, and December 31, 2019. The Company had allocated $334 of allowance for these loans at June 30, 2020. At December 31, 2019, there was no allowance for these loans. At June 30, 2020, and December 31, 2019, there were no commitments to lend additional amounts on these loans. There were no loan modifications considered to be troubled debt restructurings that occurred during the three or six-month periods ended June 30, 2020, or 2019. No restructured loans that were modified within the twelve months preceding June 30, 2020, have subsequently had a payment default. There were no troubled debt restructurings within the twelve months preceding June 30, 2019. Default is determined at 90 or more days past due, charge-off or foreclosure. As of June 30, 2020, we had executed 1,296 deferrals of either the full loan payment or the principal component of the loan payment on outstanding loan balances of $649,326 in connection with the COVID-19 relief provided by the CARES Act. These deferrals were no more than 180 days in duration and were not considered troubled debt restructurings based on interagency guidance issued in March 2020. |
DERIVATIVE FINANCIAL INSTRUMENT
DERIVATIVE FINANCIAL INSTRUMENTS | 6 Months Ended |
Jun. 30, 2020 | |
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 London Interbank Offered Rate (“LIBOR”) plus a spread to this index and pays a fixed-rate cash flow equal to the customer loan rate. At June 30, 2020, the portfolio of interest rate swaps had a weighted average maturity of 6.8 years, a weighted average pay rate of 5.19% and a weighted average rate received of 3.24%. At December 31, 2019, the portfolio of interest rate swaps had a weighted average maturity of 7.3 years, a weighted average pay rate of 5.19% and a weighted average rate received of 4.78%. 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. Neither swap is designated as a hedge and both are marked to market through earnings. At June 30, 2020, this portfolio of interest rate swaps had a weighted average maturity of 8.3 years, weighted average pay rate of 4.24% and a weighted average rate received of 4.24%. At December 31, 2019, this portfolio of interest rate swaps had a weighted average maturity of 8.8 years, weighted average pay rate of 4.92% and weighted average rate received of 4.92%. In 2009, the Company purchased an interest rate cap derivative to assist with interest-rate risk management. This was not designated as a hedging instrument but rather as a stand-alone derivative. During 2019, the interest rate cap derivative matured. 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 June 30, 2020, and December 31, 2019. June 30, 2020 December 31, 2019 Notional Amount Derivative Assets Derivative Liabilities Notional Amount Derivative Assets Derivative Liabilities Derivatives designated as hedging instruments: Interest rate swaps $ 5,693 $ — $ 588 $ 5,797 $ 30 $ 177 Total derivatives designated as hedging relationships 5,693 — 588 5,797 30 177 Derivatives not designated as hedging instruments: Interest rate swaps 113,833 8,084 8,962 114,571 3,505 3,899 Interest rate caps/floors — — — — — — Total derivatives not designated as hedging instruments 113,833 8,084 8,962 114,571 3,505 3,899 Total $ 119,526 8,084 9,550 $ 120,368 3,535 4,076 Cash collateral — (9,441 ) — (4,186 ) Netting adjustments 15 15 182 182 Net amount presented in Balance Sheet $ 8,099 $ 124 $ 3,717 $ 72 The table below lists designated and qualifying hedged items in fair value hedges at June 30, 2020. June 30, 2020 Carrying Amount Hedging Fair Value Adjustment Fair Value Adjustments on Discontinued Hedges Commercial real estate loans $ 5,693 $ 582 $ — Total $ 5,693 $ 582 $ — The Company reports hedging derivative gains/(losses) as adjustments to loan interest income along with the related net interest settlements and the derivative gains/(losses) and net interest settlements for economic derivatives are reported in other income. For the three and six-month periods ended June 30, 2020, and 2019, the Company recorded net gains/(losses) on derivatives and hedging activities. Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Derivatives designated as hedging instruments: Interest rate swaps $ — $ — $ — $ — Total net gain (loss) related to fair value hedges — — — — Derivatives not designated as hedging instruments: Economic hedges: Interest rate swaps 8 (259 ) (484 ) (321 ) Interest rate caps/floors — — — (1 ) Total net gains (losses) related to derivatives not designated as hedging instruments 8 (259 ) (484 ) (322 ) Net gains (losses) on derivatives and hedging activities $ 8 $ (259 ) $ (484 ) $ (322 ) The following table shows 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 June 30, 2020, and 2019. June 30, 2020 Gain/(Loss) on Derivatives Gain/(Loss) on Hedged Items Net Fair Value Hedge Gain/(Loss) Effect of Derivatives on Net Interest Income Commercial real estate loans $ (37 ) $ 37 $ — $ (24 ) Total $ (37 ) $ 37 $ — $ (24 ) June 30, 2019 Gain/(Loss) on Derivatives Gain/(Loss) on Hedged Items Net Fair Value Hedge Gain/(Loss) Effect of Derivatives on Net Interest Income Commercial real estate loans $ (495 ) $ 495 $ — $ 8 Total $ (495 ) $ 495 $ — $ 8 The following table shows 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 six-month periods ended June 30, 2020, and 2019. June 30, 2020 Gain/(Loss) on Derivatives Gain/(Loss) on Hedged Items Net Fair Value Hedge Gain/(Loss) Effect of Derivatives on Net Interest Income Commercial real estate loans $ (436 ) $ 436 $ — $ (33 ) Total $ (436 ) $ 436 $ — $ (33 ) June 30, 2019 Gain/(Loss) on Derivatives Gain/(Loss) on Hedged Items Net Fair Value Hedge Gain/(Loss) Effect of Derivatives on Net Interest Income Commercial real estate loans $ (796 ) $ 796 $ — $ 19 Total $ (796 ) $ 796 $ — $ 19 |
LEASE OBLIGATIONS
LEASE OBLIGATIONS | 6 Months Ended |
Jun. 30, 2020 | |
Leases [Abstract] | |
LEASE OBLIGATIONS | NOTE 5 – LEASE OBLIGATIONS Right-of-use asset and lease obligations by type of property for the periods ended June 30, 2020, and December 31, 2019, are listed below. June 30, 2020 Operating Leases Right-of-Use Asset Lease Liability Weighted Average Lease Term in Years Weighted Average Discount Rate Land and building leases $ 3,847 $ 3,811 16.4 2.97 % Total operating leases $ 3,847 $ 3,811 16.4 2.97 % December 31, 2019 Operating Leases Right-of-Use Asset Lease Liability Weighted Average Lease Term in Years Weighted Average Discount Rate Land and building leases $ 4,153 $ 4,112 16.0 2.95 % Total operating leases $ 4,153 $ 4,112 16.0 2.95 % Operating lease costs for the three and six-month periods ended June 30, 2020, and 2019, are listed below. Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Operating lease cost $ 183 $ 182 $ 365 $ 355 Short-term lease cost — — — — Variable lease cost 8 10 19 23 Total operating lease cost $ 191 $ 192 $ 384 $ 378 There were no sales and leaseback transactions, leverage leases, lease transactions with related parties or leases that had not yet commenced during the three or six-month periods ended June 30, 2020. 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 June 30, 2020 Due in one year or less $ 548 Due after one year through two years 503 Due after two years through three years 471 Due after three years through four years 279 Due after four years through five years 215 Thereafter 2,940 Total undiscounted cash flows 4,956 Discount on cash flows (1,145 ) Total operating lease liability $ 3,811 |
BORROWINGS
BORROWINGS | 6 Months Ended |
Jun. 30, 2020 | |
Debt Disclosure [Abstract] | |
BORROWINGS | NOTE 6 – BORROWINGS Federal funds purchased and retail repurchase agreements Federal funds purchased and retail repurchase agreements as of June 30, 2020, and December 31, 2019, are listed below. June 30, 2020 December 31, 2019 Federal funds purchased $ — $ — Retail repurchase agreements 51,557 35,708 The Company has available federal funds lines of credit with its correspondent banks. 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 fair value of $54,049 and $40,412 at June 30, 2020, and December 31, 2019. The agreements are on a day-to-day basis and can be terminated on demand. June 30, 2020 December 31, 2019 Year-to-date average daily balance during the period $ 42,468 $ 42,459 Maximum month-end balance year-to-date $ 53,543 $ 45,575 Weighted average interest rate at period-end 0.19 % 0.40 % Federal Home Loan Bank advances Federal Home Loan Bank advances as of June 30, 2020, are listed below. June 30, 2020 Weighted Average Rate Weighted Average Term in Years Federal Home Loan Bank line of credit advances $ 80,000 0.35 % — Federal Home Loan Bank fixed-rate term advances 264,855 0.81 % 0.3 Total principal outstanding 344,855 Merger purchase accounting adjustment 45 Total Federal Home Loan Bank advances $ 344,900 Federal Home Loan Bank advances as of December 31, 2019, are listed below. December 31, 2019 Weighted Average Rate Weighted Average Term in Years Federal Home Loan Bank line of credit advances $ 311,223 1.79 % — Federal Home Loan Bank fixed-rate term advances 13,095 2.80 % 2.7 Total principal outstanding 324,318 Merger purchase accounting adjustment 55 Total Federal Home Loan Bank advances $ 324,373 The advances, Mortgage Partnership Finance credit enhancement obligations and letters of credit were collateralized by certain qualifying loans totaling $677,537 and $811,394 at June 30, 2020, and December 31, 2019. Based on this collateral and the Company’s holdings of Federal Home Loan Bank stock, the Company was eligible to borrow an additional $305,674 and $448,278 at June 30, 2020, and December 31, 2019. Federal Reserve Bank discount window At June 30, 2020, to support the $605,893 borrowing capacity from the Federal Reserve Bank, the Company has pledged loans with an outstanding balance of $625,887 and securities with a fair value of $72,225. No borrowings were secured from this facility at periods ended June 30, 2020, or 2019. Bank stock loan On March 13, 2017, the Company entered into an agreement with an unaffiliated financial institution that provided for a maximum borrowing facility of $30,000, secured by the Company’s stock in Equity Bank. The borrowing facility was amended on March 11, 2019, to provide a maximum borrowing facility of $40,000 and extend the maturity to May 15, 2020. The loan was extended to August 15, 2020, and subsequently renewed and amended on June 30, 2020, with a maturity date of August 15, 2021. 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 On June 30, 2020, there was no outstanding principal balance on the bank stock loan. Bank stock loan advances as of December 31, 2019, are listed below. December 31, 2019 Weighted Average Rate Weighted Average Term in Years Bank stock loan $ 8,990 4.75 % 3.7 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. For the six months ended June 30, 2020, the lender has granted the Company a waiver with reference to the return on assets ratio covenant contained within our loan contract. The Company was in compliance with all other terms of the borrowing facility. Subordinated debt Subordinated debt as of June 30, 2020, and December 31, 2019, are listed below. June 30, 2020 December 31, 2019 Subordinated debentures $ 14,715 $ 14,561 Subordinated notes 40,860 — Total $ 55,575 $ 14,561 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 accrue and pay distributions quarterly at three-month LIBOR plus 2.00% on the stated liquidation amount of the trust 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 accrue and pay distributions quarterly at three-month LIBOR plus 1.89% on the stated liquidation amount of the trust 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 accrue and pay distributions quarterly at three-month LIBOR plus 3.25% on the stated liquidation amount of the trust securities. These trust preferred securities are mandatorily redeemable upon maturity on December 26, 2032, or upon earlier redemption. Subordinated debentures as of June 30, 2020, and December 31, 2019, are listed below. June 30, 2020 Weighted Average Rate Weighted Average Term in Years CTII subordinated debentures $ 10,310 3.22 % 14.8 CTIII subordinated debentures 5,155 2.20 % 17.0 CFSTI subordinated debentures 5,155 3.53 % 12.5 Total contractual balance 20,620 Fair market value adjustments (5,905 ) Total subordinated debentures $ 14,715 December 31, 2019 Weighted Average Rate Weighted Average Term in Years CTII subordinated debentures $ 10,310 3.99 % 15.3 CTIII subordinated debentures 5,155 3.78 % 17.5 CFSTI subordinated debentures 5,155 5.20 % 13.0 Total contractual balance 20,620 Fair market value adjustments (6,059 ) Total subordinated debentures $ 14,561 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 June 30, 2020, are listed below. June 30, 2020 Subordinated notes $ 42,000 Total principal outstanding 42,000 Debt issuance cost (1,140 ) Total subordinated notes $ 40,860 Future principal repayments Future principal repayments of the June 30, 2020, outstanding balances are as follows. Retail Repurchase Agreements FHLB Advances Subordinated Debentures Subordinated Notes Total Due in one year or less $ 51,557 $ 335,677 $ — $ — $ 387,234 Due after one year through two years — 2,357 — — 2,357 Due after two years through three years — 2,357 — — 2,357 Due after three years through four years — 2,107 — — 2,107 Due after four years through five years — 1,857 — — 1,857 Thereafter — 500 20,620 42,000 63,120 Total $ 51,557 $ 344,855 $ 20,620 $ 42,000 $ 459,032 |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 6 Months Ended |
Jun. 30, 2020 | |
Equity [Abstract] | |
STOCKHOLDERS' EQUITY | NOTE 7 – STOCKHOLDERS’ EQUITY Preferred stock The Company’s articles of incorporation provide for the issuance of 10,000,000 shares of preferred stock. At June 30, 2020, and December 31, 2019, there 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. The following table presents shares that were issued and were held in treasury or were outstanding at June 30, 2020, and December 31, 2019. June 30, 2020 December 31, 2019 Class A common stock – issued 17,205,821 17,136,493 Class A common stock – held in treasury (1,987,520 ) (1,692,059 ) Class A common stock – outstanding 15,218,301 15,444,434 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 — — On January 27, 2019, the Company’s Board of Directors adopted the Equity Bancshares, Inc. 2019 Employee Stock Purchase Plan (“ESPP”) and reserved 500,000 shares of common stock for issuance. The ESPP was approved by the Company’s stockholders on April 24, 2019. 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. The first offering period began on February 15, 2019, and ended on August 14, 2019. In connection with the first offering, a total of 19,221 shares were purchased at a price of $21.07 per share. The second offering period began August 15, 2019, and ended February 14, 2020. In connection with the second offering, a total of 16,795 shares were purchased at a price of $21.11 per share. The third offering period began February 15, 2020, and will end on August 14, 2020. ESPP compensation expense of $21 and $50 was recorded for the three and six-month periods ended June 30, 2020. ESPP compensation expense of $40 and $62 was recorded for the three and six-month periods ended June 30, 2019. Treasury stock is stated at cost, determined by the first-in, first-out method. On April 18, 2019, the Company’s Board of Directors authorized the repurchase of up to 1,100,000 shares of the Company’s outstanding common stock, from time to time, beginning April 29, 2019, and concluding October 30, 2020. 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. Under this program, during the first quarter of 2020, the Company repurchased a total of 295,461 shares of the Company’s outstanding common stock at a weighted average price paid of $23.33 per share. A total of 716,477 shares have been purchased pursuant to the repurchase program at a weighted average price paid of $24.79. In March, in response to the COVID-19 environment, our Board of Directors voted to temporarily suspend the repurchase program. Accumulated other comprehensive income (loss) At June 30, 2020, and December 31, 2019, accumulated other comprehensive income (loss) consisted of (i) the after-tax effect of unrealized gains (losses) on available-for-sale securities and (ii) the after-tax effect of unamortized unrealized gains (losses) on securities transferred from the available-for-sale designation to the held-to-maturity designation. Components of accumulated other comprehensive income (loss) as of June 30, 2020, and December 31, 2019, are listed below. Available-for- Sale Securities Held-to- Maturity Securities Accumulated Other Comprehensive Income (Loss) June 30, 2020 Net unrealized or unamortized gains (losses) $ 5,149 $ (620 ) $ 4,529 Tax effect (1,295 ) 156 (1,139 ) $ 3,854 $ (464 ) $ 3,390 December 31, 2019 Net unrealized or unamortized gains (losses) $ 985 $ (988 ) $ (3 ) Tax effect (248 ) 248 — $ 737 $ (740 ) $ (3 ) |
REGULATORY MATTERS
REGULATORY MATTERS | 6 Months Ended |
Jun. 30, 2020 | |
Not Found During Migration Deprecated Concept Banking And Thrift [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 final rules implementing the Basel Committee on Banking Supervision’s capital guidelines for U.S. banks (Basel III rules) became effective for the Company on January 1, 2015, and became fully phased in by January 1, 2019. 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 payment of dividends, share repurchases and discretionary bonuses to executive officers, if its capital level is below the buffer amount. Management believes as of June 30, 2020, 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 June 30, 2020, 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 June 30, 2020, and December 31, 2019, are presented in the table below. Ratios provided for Equity Bancshares, Inc. represent the ratios of the Company on a consolidated basis. Actual Minimum Required for Capital Adequacy Under Basel III To Be Well Capitalized Under Prompt Corrective Provisions Amount Ratio Amount Ratio Amount Ratio June 30, 2020 Total capital to risk weighted assets Equity Bancshares, Inc. $ 415,036 15.33 % $ 284,352 10.50 % $ N/A N/A Equity Bank 388,292 14.36 % 283,899 10.50 % 270,380 10.00 % Tier 1 capital to risk weighted assets Equity Bancshares, Inc. 340,322 12.57 % 230,190 8.50 % N/A N/A Equity Bank 354,491 13.11 % 229,823 8.50 % 216,304 8.00 % Common equity Tier 1 capital to risk weighted assets Equity Bancshares, Inc. 325,607 12.02 % 189,568 7.00 % N/A N/A Equity Bank 354,491 13.11 % 189,266 7.00 % 175,747 6.50 % Tier 1 leverage to average assets Equity Bancshares, Inc. 340,322 8.52 % 159,779 4.00 % N/A N/A Equity Bank 354,491 8.88 % 159,603 4.00 % 199,504 5.00 % December 31, 2019 Total capital to risk weighted assets Equity Bancshares, Inc. $ 352,853 12.59 % $ 294,341 10.50 % $ N/A N/A Equity Bank 348,951 12.47 % 293,917 10.50 % 279,921 10.00 % Tier 1 capital to risk weighted assets Equity Bancshares, Inc. 340,621 12.15 % 238,276 8.50 % N/A N/A Equity Bank 336,719 12.03 % 237,933 8.50 % 223,937 8.00 % Common equity Tier 1 capital to risk weighted assets Equity Bancshares, Inc. 326,060 11.63 % 196,227 7.00 % N/A N/A Equity Bank 336,719 12.03 % 195,945 7.00 % 181,949 6.50 % Tier 1 leverage to average assets Equity Bancshares, Inc. 340,621 9.02 % 151,072 4.00 % N/A N/A Equity Bank 336,719 8.92 % 150,943 4.00 % 188,679 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 | 6 Months Ended |
Jun. 30, 2020 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | NOTE 9 – EARNINGS PER SHARE The following table presents earnings per share for the three and six-month periods ended June 30, 2020, and 2019. Three months ended Six months ended June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 Basic: Net income allocable to common stockholders $ 1,689 $ 9,232 $ 2,947 $ 5,159 Weighted average common shares outstanding 15,209,388 15,723,116 15,297,028 15,761,333 Weighted average vested restricted stock units 95 195 1,562 2,353 Weighted average shares 15,209,483 15,723,311 15,298,590 15,763,686 Basic earnings per common share $ 0.11 $ 0.59 $ 0.19 $ 0.33 Diluted: Net income allocable to common stockholders $ 1,689 $ 9,232 $ 2,947 $ 5,159 Weighted average common shares outstanding for: Basic earnings per common share 15,209,483 15,723,311 15,298,590 15,763,686 Dilutive effects of the assumed exercise of stock options 69,802 184,497 118,999 212,397 Dilutive effects of the assumed vesting of restricted stock units 23,453 10,466 28,016 16,182 Dilutive effects of the assumed exercise of ESPP purchases 1,271 — 3,912 — Average shares and dilutive potential common shares 15,304,009 15,918,274 15,449,517 15,992,265 Diluted earnings per common share $ 0.11 $ 0.58 $ 0.19 $ 0.32 Average shares not included in the computation of diluted earnings per share because they were antidilutive are shown in the following table. Three months ended Six months ended June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 Stock options 439,060 363,051 346,574 320,713 Restricted stock units 201,790 149,701 149,124 2,280 Total antidilutive shares 640,850 512,752 495,698 322,993 |
FAIR VALUE
FAIR VALUE | 6 Months Ended |
Jun. 30, 2020 | |
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), 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 table. June 30, 2020 (Level 1) (Level 2) (Level 3) Assets: Available-for-sale securities: Residential mortgage-backed securities (issued by government-sponsored entities) $ — $ 169,617 $ — Corporate — 7,611 — Derivative assets: Derivative assets (included in other assets) — 8,084 — Cash collateral held by counterparty and netting adjustments 15 — — Total derivative assets 15 8,084 — Other assets: Equity securities with readily determinable fair value 501 — — Total other assets 501 — — Total assets $ 516 $ 177,701 $ — Liabilities: Derivative liabilities: Derivative liabilities (included in other liabilities) $ — $ 9,550 $ — Cash collateral held by counterparty and netting adjustments (9,426 ) — — Total derivative liabilities (9,426 ) 9,550 — Total liabilities $ (9,426 ) $ 9,550 $ — December 31, 2019 (Level 1) (Level 2) (Level 3) Assets: Available-for-sale securities: Residential mortgage-backed securities (issued by government-sponsored entities) $ — $ 142,067 $ — Derivative assets: Derivative assets (included in other assets) — 3,535 — Cash collateral held by counterparty and netting adjustments 182 — — Total derivative assets 182 3,535 — Other assets: Equity securities with readily determinable fair value 489 — — Total other assets 489 — — Total assets $ 671 $ 145,602 $ — Liabilities: Derivative liabilities: Derivative liabilities (included in other liabilities) $ — $ 4,076 $ — Cash collateral held by counterparty (4,004 ) — — Total derivative liabilities (4,004 ) 4,076 — Total liabilities $ (4,004 ) $ 4,076 $ — There were no material transfers between levels during the six months ended June 30, 2020, or the year ended December 31, 2019. 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 impairment. The fair value of impaired securities is determined as discussed previously for available-for-sale securities. The fair values of impaired loans with specific allocations of the allowance for loan losses are generally based on recent real estate appraisals of the collateral less estimated cost to sell. Declines in the fair values of other real estate owned subsequent to their initial acquisitions are also based on recent real estate appraisals less 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. We routinely value loans other than real estate as multiples of earnings or with the discounted cash flow approach and adjustments are made to observable market data to make the valuation consistent with the underlying credit. 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. June 30, 2020 (Level 1) (Level 2) (Level 3) Impaired loans: Commercial real estate $ — $ — $ 4,687 Commercial and industrial — — 8,739 Residential real estate — — 3,252 Agricultural real estate — — 4,065 Other — — 1,796 Other real estate owned: Commercial real estate — — 5,014 Residential real estate — — 619 December 31, 2019 (Level 1) (Level 2) (Level 3) Impaired loans: Commercial real estate $ — $ — $ 2,411 Commercial and industrial — — 15,688 Residential real estate — — 2,920 Agricultural real estate — — 866 Other — — 1,549 Other real estate owned: Commercial real estate — — 1,268 Residential real estate — — 42 The Company did not record any liabilities for which the fair value was measured on a non-recurring basis at June 30, 2020, or at December 31, 2019. Valuations of impaired 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 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. Fair Value Valuation Technique Unobservable Input Range (weighted June 30, 2020 Impaired real estate loans $ 22,539 Sales Approach Adjustments for differences comparable sales with additional 10.00% stress 9% - 33% (21%) Impaired other real estate owned $ 5,633 Sales Approach Adjustments for differences comparable sales with additional 13.29% stress 10% - 55% (33%) December 31, 2019 Impaired real estate loans $ 9,173 Sales Approach Adjustments for differences comparable sales 3% - 12% (8%) Impaired other loans $ 14,261 Multiple of Earnings Multiples of earnings for comparable entities 4.5X - 5.5X (5X) Impaired other real estate owned $ 1,310 Sales Approach Adjustments for differences comparable sales 10% - 55% (32%) Carrying amount and estimated fair values of financial instruments at period end were as follows. June 30, 2020 Carrying Amount Estimated Fair Value Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 178,290 $ 178,290 $ 178,290 $ — $ — Interest-bearing time deposits in other banks 2,248 2,248 — 2,248 — Available-for-sale securities 177,228 177,228 — 177,228 — Held-to-maturity securities 662,522 689,206 — 689,206 — Loans held for sale 4,802 4,802 — 4,802 — Loans, net of allowance for loan losses 2,772,256 2,753,585 — — 2,753,585 Federal Reserve Bank and Federal Home Loan Bank stock 31,832 N/A N/A N/A N/A Interest receivable 19,598 19,598 — 19,598 — Derivative assets 8,084 8,084 — 8,084 — Cash collateral held by derivative counterparty and netting adjustments 15 15 15 — — Total derivative assets 8,099 8,099 15 8,084 — Equity securities with readily determinable fair value 501 501 501 — — Total assets $ 3,857,376 $ 3,833,557 $ 178,806 $ 901,166 $ 2,753,585 Financial liabilities: Deposits $ 3,247,267 $ 3,252,323 $ — $ 3,252,323 $ — Federal funds purchased and retail repurchase agreements 51,557 51,557 — 51,557 — Federal Home Loan Bank advances 344,900 345,601 — 345,601 — Subordinated debt 55,575 55,575 — 55,575 — Contractual obligations 5,571 5,571 — 5,571 — Interest payable 3,202 3,202 — 3,202 — Derivative liabilities 9,550 9,550 — 9,550 — Cash collateral held by derivative counterparty and netting adjustments (9,426 ) (9,426 ) (9,426 ) — — Total derivative liabilities 124 124 (9,426 ) 9,550 — Total liabilities $ 3,708,196 $ 3,713,953 $ (9,426 ) $ 3,723,379 $ — December 31, 2019 Carrying Amount Estimated Fair Value Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 89,291 $ 89,291 $ 89,291 $ — $ — Interest-bearing time deposits in other banks 2,498 2,498 — 2,498 — Available-for-sale securities 142,067 142,067 — 142,067 — Held-to-maturity securities 769,059 783,911 — 783,911 — Loans held for sale 5,933 5,933 — 5,933 — Loans, net of allowance for loan losses 2,544,420 2,538,209 — — 2,538,209 Federal Reserve Bank and Federal Home Loan Bank stock 31,137 N/A N/A N/A N/A Interest receivable 15,738 15,738 — 15,738 — Derivative assets 3,535 3,535 — 3,535 — Cash collateral held by derivative counterparty and netting adjustments 182 182 182 — — Total derivative assets 3,717 3,717 182 3,535 — Equity securities with readily determinable fair value 489 489 489 — — Total assets $ 3,604,349 $ 3,581,853 $ 89,962 $ 953,682 $ 2,538,209 Financial liabilities: Deposits $ 3,063,516 $ 3,070,305 $ — $ 3,070,305 $ — Federal funds purchased and retail repurchase agreements 35,708 35,708 — 35,708 — Federal Home Loan Bank advances 324,373 324,373 — 324,373 — Bank stock loan 8,990 8,990 — 8,990 — Subordinated debt 14,561 14,561 — 14,561 — Contractual obligations 5,836 5,836 — 5,836 — Interest payable 4,454 4,454 — 4,454 — Derivative liabilities 4,076 4,076 — 4,076 — Cash collateral held by derivative counterparty and netting adjustments (4,004 ) (4,004 ) (4,004 ) — — Total derivative liabilities 72 72 (4,004 ) 4,076 — Total liabilities $ 3,457,510 $ 3,464,299 $ (4,004 ) $ 3,468,303 $ — The fair value of off-balance-sheet items is not considered material. |
COMMITMENTS AND CREDIT RISK
COMMITMENTS AND CREDIT RISK | 6 Months Ended |
Jun. 30, 2020 | |
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 June 30, 2020, and December 31, 2019, were as follows. June 30, 2020 December 31, 2019 Fixed Rate Variable Rate Fixed Rate Variable Rate Commitments to make loans $ 55,636 $ 101,156 $ 41,916 $ 141,685 Mortgage loans in the process of origination 11,338 6,463 9,200 2,473 Unused lines of credit 88,796 164,601 95,866 150,749 The fixed rate loan commitments have interest rates ranging from 2.44% to 8.09% and maturities ranging from 1 month to 191 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 June 30, 2020, and December 31, 2019, were as follows. June 30, 2020 December 31, 2019 Fixed Rate Variable Rate Fixed Rate Variable Rate Standby letters of credit $ 2,914 $ 3,409 $ 2,877 $ 3,352 |
LEGAL MATTERS
LEGAL MATTERS | 6 Months Ended |
Jun. 30, 2020 | |
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 or results of operations or cash flows. A loss contingency is recorded when the outcome is probable and reasonably able to be estimated. The following loss contingency has been identified by the Company as reasonably possible to result in an unfavorable outcome for the Company or the Bank. Equity Bank is a party to a February 3, 2015, lawsuit filed against it by CitiMortgage, Inc. (“Citi”). The lawsuit involves an alleged breach of contract related to loan repurchase obligations and damages of $2,700 plus pre-judgment and post-judgment interest. In January 2018 Except for the above-mentioned lawsuit, there are no other outstanding claims for potential repurchase or indemnification demands regarding mortgage loans originated by Equity Bank and sold to investors. However, the Company believes there is possible risk it may face similar demands based on comparable demands loan aggregators are facing from their investors, including Government Sponsored Entities such as Freddie Mac and Fannie Mae, and or settlement agreements loan aggregators have entered into with those investors. The amount of potential loss and outcome of such possible litigation, if it were commenced, is uncertain and the Company would vigorously contest any claims. On May 13, 2019, a purported stockholder of the Company filed a putative securities class action lawsuit in federal court in the Southern District of New York against the Company and certain of its executive officers. On August 16, 2019, the court appointed lead plaintiffs and on October 15, 2019, the plaintiffs filed an amended complaint on behalf of a putative class of persons who purchased Company securities between April 20, 2018 , and April 23, 2019. Plaintiffs allege that the Company made materially misleading statements about the Company’s financial results, business, operations and prospects starting on April 20, 2018, that these statements caused the Company’s securities to be overvalued and that the “truth” came out on January 24, 2019, when the Company disclosed that a credit relationship was downgraded and further on April 22, 2019, when the Company disclosed a $ provision for loan loss against that credit relationship. On December 6, 2019, the Company filed a motion to dismiss which remains pending before the court. The Company believes that the lawsuit is without merit and it intends to vigorously defend against all claims asserted. At this time, the Company is unable to reasonably estimate the outcome of this litigation . |
REVENUE RECOGNITION
REVENUE RECOGNITION | 6 Months Ended |
Jun. 30, 2020 | |
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 is recognized in non-interest income. The following table presents the Company’s sources of non-interest income for the three and six-month periods ended June 30, 2020, and 2019. Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Non-interest income Service charges and fees $ 1,365 $ 2,240 $ 3,391 $ 4,163 Debit card income 2,201 2,186 4,244 3,924 Mortgage banking (a) 831 562 1,421 879 Increase in bank-owned life insurance (a) 481 499 963 987 Net gain (loss) from securities transactions (a) 4 7 12 13 Other Investment referral income 133 149 299 324 Trust income 83 59 154 120 Insurance sales commissions 11 15 29 45 Recovery on zero-basis purchased loans (a) 92 32 106 78 Income from equity method investments (a) 5 16 — 13 Other non-interest income related to loans and deposits 345 683 217 1,219 Other non-interest income not related to loans and deposits (a) 181 3 202 10 Total other non-interest income 850 957 1,007 1,809 Total $ 5,732 $ 6,451 $ 11,038 $ 11,775 (a) |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2020 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 14 – SUBSEQUENT EVENTS 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. 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. For additional information, see “NOTE 6 – BORROWINGS” in the Condensed Notes to Interim Consolidated Financial Statements. Also, on July 23, 2020, the Company’s Board of Directors voted to reinstate the stock repurchase program. At the time of the reinstatement, the Company had previously repurchased a total of 716,477 shares at a weighted average price paid of $24.79 per share. There are a total of 383,523 shares that may yet be purchased under the plan. For additional information, see “NOTE 7 – STOCKHOLDERS’ EQUITY” in the Condensed Notes to Interim Consolidated Financial Statements. |
BASIS OF PRESENTATION (Policies
BASIS OF PRESENTATION (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
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. Risk and Uncertainties The outbreak of COVID-19 has adversely impacted a broad range of industries in which the Company’s customers operate and could impair their ability to fulfill their financial obligations to the Company. The World Health Organization has declared COVID-19 to be a global pandemic indicating that almost all public commerce and related business activities must be, to varying degrees, curtailed with the goal of decreasing the rate of new infections. The spread of the outbreak has caused significant disruptions in the U.S. economy and has disrupted banking and other financial activity in the areas in which the Company operates. While there has been no material impact to the Company’s employees to date, COVID-19 could also potentially create widespread business continuity issues for the Company. Congress, the President, and the Federal Reserve have taken several actions designed to cushion the economic fallout. Most notably, the Coronavirus Aid, Relief and Economic Security (“CARES”) Act was signed into law at the end of March 2020 as a $2 trillion legislative package. The goal of the CARES Act is to prevent a severe economic downturn through various measures, including direct financial aid to American families and economic stimulus to significantly impacted industry sectors. The package also includes extensive emergency funding for hospitals and medical providers. In addition to the general impact of COVID-19, certain provisions of the CARES Act as well as other recent legislative and regulatory relief efforts are expected to have a material impact on the Company’s operations. The Company’s business is dependent upon the willingness and ability of its employees and customers to conduct banking and other financial transactions. If the global response to contain COVID-19 is unsuccessful, the Company could experience a material adverse effect on its business, financial condition, results of operations and cash flows. While it is not possible to know the full universe or extent that the impact of COVID-19, and resulting measures to curtail its spread, will have on the Company’s operations, the Company is disclosing potentially material items of which it is aware. Financial position and results of operations The Company’s interest income and fees could be reduced due to COVID-19. In keeping with guidance from regulators, the Company is actively working with COVID-19 affected borrowers to defer their payments, interest, and fees. While interest and fees will still accrue to income, through normal GAAP accounting, should eventual credit losses on these deferred payments emerge, interest income and fees accrued would need to be reversed. In such a scenario, interest income in future periods could be negatively impacted. At this time, the Company is unable to project the materiality of such an impact, but recognizes the breadth of the economic impact may affect its borrowers’ ability to repay in future periods. Capital and liquidity As of June 30, 2020, all our capital ratios, and our subsidiary bank’s capital ratios, were in excess of regulatory requirements. While we are currently classified as well capitalized, an extended economic recession brought about by COVID-19 could adversely impact our reported and regulatory capital ratios by further credit losses. The Company relies on cash on hand as well as dividends from its subsidiary bank to service its debt. If the Company’s subsidiary bank’s capital deteriorates such that it is unable to pay dividends to the Company for an extended period of time, the Company may not be able to service its debt. The Company maintains access to multiple sources of liquidity. Wholesale funding markets have remained open to us, but rates for short term funding have recently been volatile. If funding costs are elevated for an extended period of time, it could have an adverse effect on the Company’s net interest margin. If an extended recession caused large numbers of the Company’s deposit customers to withdraw their funds, the Company might become more reliant on volatile or more expensive sources of funding. Asset valuation Currently, the Company does not expect COVID-19 to affect its ability to account timely for the assets on its balance sheet; however, this could change in future periods. While certain valuation assumptions and judgments will change to account for pandemic-related circumstances such as widening credit spreads, the Company does not anticipate significant changes in methodology used to determine the fair value of assets measured in accordance with GAAP. At March 31, 2020, the Company performed a qualitative analysis to assess goodwill for impairment of Equity Bancshares, Inc., the sole reporting unit and concluded that goodwill was not impaired. At June 30, 2020, the Company considered the on-going economic market disruption, the movement of the Company’s stock price in relation to other bank indexes and the length of time that the market value of the reporting unit has been below its book value as triggering events and has completed a quantitative analysis to assess whether or not goodwill was impaired. The analysis estimated fair value of the reporting unit to be $480,850 and the Company has concluded that goodwill was not impaired June 30, 2020. The determination of the fair value of the reporting unit incorporates assumptions that marketplace participants would use in their estimates of fair value in a change in control transaction, as prescribed by ASC Topic 820. To arrive at a conclusion of fair value, we utilized both the income approach and the market approach and then applied weighting factors to each approach. Weighting factors represent our best business judgement of the weightings a market participant would utilize in arriving at fair value of the reporting unit. In performing the analysis, Company management made numerous assumptions with respect to industry performance, reporting unit business performance, economic and market conditions and various other matters, many of which require significant management judgement. Projections related to business unit performance over the next five years assumed an economic downturn over a 12-month time horizon subsequently returning to conservative positive growth rates in loan and deposits after that time period. The analysis performed and the assumptions that are incorporated into the analysis reflect the best currently available estimates and judgements as to the expected future financial performance of the reporting unit. Further and sustained declines in the Company’s stock price, may require further quantitative and qualitative analysis and could result in an impairment charge being recorded for that period. In the event that the Company concludes that all or a portion of its goodwill is impaired, a non-cash charge for the amount of such impairment would be recorded to earnings. Such a charge would have no impact on tangible capital or regulatory capital. Processes, controls and business continuity plan As of June 30, 2020, all the Company’s bank locations were open to customers with social distancing measures in place, allowing full access for customer use. Customers are served by appointment, calling ahead, curbside and drive through but offered full lobby access during normal hours. The Company does not anticipate incurring additional material cost related to its continued deployment of the preparedness plan and no material operational or internal control challenges or risks have been identified to date. The Company does not anticipate significant challenges to its ability to maintain its systems and controls in light of the measures the Company has taken to prevent the spread of COVID-19. The Company does not currently face any material resource constraint through the implementation of its business continuity plans. Lending operations and accommodations to borrowers In keeping with regulatory guidance to work with borrowers during this unprecedented situation and as outlined in the CARES Act, the Company has worked with customers directly affected by COVID-19 and offered short-term assistance in accordance with regulatory guidelines. Commercial borrowers needing assistance have been offered either a 90-day principal and interest deferral or a 180-day principal only deferral. Commercial borrowers that originally requested a 90-day deferral can request an additional 90-day deferral by providing their previous year financial information, current year interim financial information, projections for the balance of the calendar year and information related to their cash reserves to show a need for the additional 90-day deferral. Consumers needing assistance have been offered a 90-day principal and interest deferral with an option to request an additional 90-day deferral. At the end of the deferral period, the interest will be capitalized and the loan re-amortized generally causing a minimal increase to payments for most consumers. As of June 30, 2020, the Company had executed 1,296 of these deferrals on outstanding loan balances of $649,326, with interest deferred of $7,013. In accordance with interagency guidance issued in March 2020, these short-term deferrals are not automatically considered troubled debt restructurings, are not reflected in past due loan balances and have not been reported as a classified loan solely due to a deferral. These deferred loans are subject to ongoing monitoring and will be downgraded or placed on nonaccrual if a noted weakness exists. The following table lists loans by category that have been deferred under the payment deferral program at June 30, 2020. June 30, 2020 Commercial real estate $ 465,373 Commercial and industrial 137,453 Residential real estate 40,929 Agricultural real estate 2,322 Consumer 2,964 Agricultural 285 Total loans $ 649,326 With the passage of the Paycheck Protection Program (“PPP”), administered by the Small Business Administration (“SBA”), the Company is actively participating in assisting its customers with applications for resources through the program. PPP loans originated prior to June 5, 2020, have a two-year Credit The Company has worked with customers directly affected by COVID-19 and offered short-term assistance in accordance with regulatory guidelines. Commercial borrowers needing assistance have been offered either a 90-day principal and interest deferral or a 180-day principal only deferral. Consumers needing assistance have been offered a 90-day principal and interest deferral with a potential additional 90-day deferral. At the end of the deferral period, the interest will be capitalized and the loan re-amortized generally causing a minimal increase in payments for most consumers. As a result of the current economic environment caused by the COVID-19 virus, the Company is engaging in frequent communication with borrowers to better understand their situation and the challenges faced, allowing it to respond proactively as needs and issues arise. Should economic conditions worsen, the Company could experience further increases in its required allowance for loan losses and record additional provision for loan losses. It is possible that the Company’s asset quality measures could worsen at future measurement periods if the effects of COVID-19 are prolonged. Many industries have and will continue to experience adverse impacts as a result of the COVID-19 virus. Our exposure from outstanding loans and commitments to industries which we consider a higher risk totaled approximately $273,000 in hospitality, $206,000 in retail, $108,000 in restaurants and $63,000 in aircraft manufacturing. |
Adoption of New Accounting Standards | Recent Accounting Pronouncements In June 2016, FASB issued ASU 2016-13, Financial Instruments – Credit Losses, In January 2017, the FASB issued ASU 2017-04, Intangibles-Goodwill and Other, which will simplify the subsequent measurement of goodwill. Goodwill and other intangibles must be assessed for impairment annually. If an entity’s assessment determines that the fair value of an entity is less than its carrying amount, including goodwill, previously, the measurement of goodwill impairment required that the entity’s identifiable net assets be valued following procedures similar to determining the fair value of assets acquired and liabilities assumed in a business combination. Under ASU 2017-04, goodwill impairment is measured to the extent that the carrying amount of an entity exceeds its fair value. The amendments in this update are effective for the Company’s annual goodwill impairment tests beginning in 2020. The amendments are applied on a prospective basis and the impact from the accounting guidance is highly dependent on changes in financial markets and future events. The Company will monitor indicators of goodwill impairment on a quarterly basis and will record impairment when it is determined to have occurred. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820) - Changes to the Disclosure Requirements for Fair Value Measurement In March 2020, various regulatory agencies, including the Federal Reserve and the Federal Deposit Insurance Corporation, (“the agencies”) issued an interagency statement on loan modifications and reporting for financial institutions working with customers affected by the Coronavirus. The interagency statement was effective immediately and impacted accounting for loan modifications. This interagency statement was later revised in April 2020 to clarify the interaction between the original interagency statement and section 4013 of the CARES Act, as well as the agencies’ views on consumer protection considerations. Under Accounting Standards Codification 310-40, Receivables – Troubled Debt Restructurings by Creditors |
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 is recognized in non-interest income. The following table presents the Company’s sources of non-interest income for the three and six-month periods ended June 30, 2020, and 2019. Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Non-interest income Service charges and fees $ 1,365 $ 2,240 $ 3,391 $ 4,163 Debit card income 2,201 2,186 4,244 3,924 Mortgage banking (a) 831 562 1,421 879 Increase in bank-owned life insurance (a) 481 499 963 987 Net gain (loss) from securities transactions (a) 4 7 12 13 Other Investment referral income 133 149 299 324 Trust income 83 59 154 120 Insurance sales commissions 11 15 29 45 Recovery on zero-basis purchased loans (a) 92 32 106 78 Income from equity method investments (a) 5 16 — 13 Other non-interest income related to loans and deposits 345 683 217 1,219 Other non-interest income not related to loans and deposits (a) 181 3 202 10 Total other non-interest income 850 957 1,007 1,809 Total $ 5,732 $ 6,451 $ 11,038 $ 11,775 (a) |
BASIS OF PRESENTATION (Tables)
BASIS OF PRESENTATION (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Schedule of Categories of Loans Under the Payment Deferral Program | The following table lists loans by category that have been deferred under the payment deferral program at June 30, 2020. June 30, 2020 Commercial real estate $ 465,373 Commercial and industrial 137,453 Residential real estate 40,929 Agricultural real estate 2,322 Consumer 2,964 Agricultural 285 Total loans $ 649,326 |
SECURITIES (Tables)
SECURITIES (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
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 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value June 30, 2020 Available-for-sale securities Residential mortgage-backed securities (issued by government-sponsored entities) $ 164,579 $ 5,038 $ — $ 169,617 Corporate 7,500 111 — 7,611 $ 172,079 $ 5,149 $ — $ 177,228 December 31, 2019 Available-for-sale securities Residential mortgage-backed securities (issued by government-sponsored entities) $ 141,082 $ 1,261 $ (276 ) $ 142,067 $ 141,082 $ 1,261 $ (276 ) $ 142,067 |
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 table. Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Fair Value June 30, 2020 Held-to-maturity securities U.S. Government-sponsored entities $ 994 $ 39 $ — $ 1,033 Residential mortgage-backed (securities issued by government sponsored entities) 506,533 22,214 — 528,747 Corporate 24,992 470 (574 ) 24,888 Small Business Administration loan pools 1,307 68 — 1,375 State and political subdivisions 128,696 4,629 (162 ) 133,163 $ 662,522 $ 27,420 $ (736 ) $ 689,206 December 31, 2019 Held-to-maturity securities U.S. Government-sponsored entities $ 1,991 $ 23 $ (1 ) $ 2,013 Residential mortgage-backed (securities issued by government sponsored entities) 593,236 11,272 (536 ) 603,972 Corporate 22,992 503 — 23,495 Small Business Administration loan pools 1,478 12 — 1,490 State and political subdivisions 149,362 3,604 (25 ) 152,941 $ 769,059 $ 15,414 $ (562 ) $ 783,911 |
Fair Value and Amortized Cost of Debt Securities by Contractual Maturity | The fair value and amortized cost of debt securities at June 30, 2020, 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 Cost Fair Value Amortized Cost Fair Value Within one year $ — $ — $ 9,974 $ 10,109 One to five years — — 28,001 28,899 Five to ten years 7,500 7,611 52,083 53,351 After ten years — — 65,931 68,100 Mortgage-backed securities 164,579 169,617 506,533 528,747 Total debt securities $ 172,079 $ 177,228 $ 662,522 $ 689,206 |
Proceeds from Sales and Associated Gains and Losses Reclassified from Other comprehensive Income to Income | There were no proceeds from sales of available-for-sale securities during the six months ended June 30, 2020, or 2019. |
Available for Sale Securities [Member] | |
Summary of Gross Unrealized Losses and Fair Value of Securities | The following tables show gross unrealized losses and fair value, aggregated by investment category, and length of time that individual securities have been in a continuous unrealized loss position at June 30, 2020, and December 31, 2019. There were no available-for-sale securities at June 30, 2020, with unrealized losses. Less Than 12 Months 12 Months or More Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss December 31, 2019 Available-for-sale securities Residential mortgage-backed (issued by government-sponsored entities) $ 2,017 $ (3 ) $ 32,466 $ (273 ) $ 34,483 $ (276 ) Total temporarily impaired securities $ 2,017 $ (3 ) $ 32,466 $ (273 ) $ 34,483 $ (276 ) |
Held to Maturity Securities [Member] | |
Summary of Gross Unrealized Losses and Fair Value of Securities | Less Than 12 Months 12 Months or More Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss June 30, 2020 Held-to-maturity securities Corporate $ 9,359 $ (575 ) $ — $ — $ 9,359 $ (575 ) State and political subdivisions 2,891 (141 ) 535 (21 ) 3,426 (162 ) Total temporarily impaired securities $ 12,250 $ (716 ) $ 535 $ (21 ) $ 12,785 $ (737 ) December 31, 2019 Held-to-maturity securities U.S. Government-sponsored entities $ — $ — $ 999 $ (1 ) $ 999 $ (1 ) Residential mortgage-backed (issued by government-sponsored entities) 26,246 (51 ) 96,987 (639 ) 123,233 (690 ) Small Business Administration loan pools 811 (14 ) — — 811 (14 ) State and political subdivisions 1,771 (4 ) 1,354 (21 ) 3,125 (25 ) Total temporarily impaired securities $ 28,828 $ (69 ) $ 99,340 $ (661 ) $ 128,168 $ (730 ) |
LOANS AND ALLOWANCE FOR LOAN _2
LOANS AND ALLOWANCE FOR LOAN LOSSES (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Receivables [Abstract] | |
Categories of Loans | The following table lists categories of loans at June 30, 2020, and December 31, 2019. June 30, 2020 December 31, 2019 Commercial real estate $ 1,191,336 $ 1,178,427 Commercial and industrial 883,355 571,647 Residential real estate 442,486 503,439 Agricultural real estate 129,080 141,868 Consumer 71,037 68,378 Agricultural 89,040 92,893 Total loans 2,806,334 2,556,652 Allowance for loan losses (34,078 ) (12,232 ) Net loans $ 2,772,256 $ 2,544,420 |
Schedule of Allowance for Loan Losses by Portfolio Segment Allowance | The following tables present the activity in the allowance for loan losses by class for the three-month periods ended June 30, 2020, and 2019. June 30, 2020 Commercial Real Estate Commercial and Industrial Residential Real Estate Agricultural Real Estate Consumer Agricultural Total Allowance for loan losses: Beginning balance $ 5,223 $ 4,979 $ 4,128 $ 456 $ 6,537 $ 592 $ 21,915 Provision for loan losses 4,095 5,435 1,318 526 907 219 12,500 Loans charged-off (51 ) (255 ) (134 ) (7 ) (175 ) (1 ) (623 ) Recoveries 200 9 3 — 74 — 286 Total ending allowance balance $ 9,467 $ 10,168 $ 5,315 $ 975 $ 7,343 $ 810 $ 34,078 June 30, 2019 Commercial Real Estate Commercial and Industrial Residential Real Estate Agricultural Real Estate Consumer Agricultural Total Allowance for loan losses: Beginning balance $ 4,528 $ 16,056 $ 3,617 $ 494 $ 1,347 $ 298 $ 26,340 Provision for loan losses 719 135 (272 ) 59 257 76 974 Loans charged-off (582 ) (8,244 ) (465 ) (28 ) (389 ) (36 ) (9,744 ) Recoveries 47 1 28 — 129 2 207 Total ending allowance balance $ 4,712 $ 7,948 $ 2,908 $ 525 $ 1,344 $ 340 $ 17,777 The following tables present the activity in the allowance for loan losses by class for the six-month periods ended June 30, 2020, and 2019. June 30, 2020 Commercial Real Estate Commercial and Industrial Residential Real Estate Agricultural Real Estate Consumer Agricultural Total Allowance for loan losses: Beginning balance $ 3,919 $ 3,061 $ 2,676 $ 608 $ 1,422 $ 546 $ 12,232 Provision for loan losses 5,407 7,350 2,794 391 6,234 264 22,440 Loans charged-off (59 ) (284 ) (159 ) (24 ) (453 ) (1 ) (980 ) Recoveries 200 41 4 — 140 1 386 Total ending allowance balance $ 9,467 $ 10,168 $ 5,315 $ 975 $ 7,343 $ 810 $ 34,078 June 30, 2019 Commercial Real Estate Commercial and Industrial Residential Real Estate Agricultural Real Estate Consumer Agricultural Total Allowance for loan losses: Beginning balance $ 4,662 $ 2,707 $ 2,320 $ 391 $ 1,070 $ 304 $ 11,454 Provision for loan losses 585 13,930 1,129 168 732 76 16,620 Loans charged-off (608 ) (8,738 ) (579 ) (34 ) (681 ) (42 ) (10,682 ) Recoveries 73 49 38 — 223 2 385 Total ending allowance balance $ 4,712 $ 7,948 $ 2,908 $ 525 $ 1,344 $ 340 $ 17,777 |
Schedule of Loans Evaluated for Impairment | The following tables present the recorded investment in loans and the balance in the allowance for loan losses by portfolio and class based on impairment method as of June 30, 2020, and December 31, 2019. June 30, 2020 Commercial Real Estate Commercial and Industrial Residential Real Estate Agricultural Real Estate Consumer Agricultural Total Allowance for loan losses: Individually evaluated for impairment $ 1,045 $ 2,948 $ 845 $ 395 $ 83 $ 105 $ 5,421 Collectively evaluated for impairment 7,958 6,070 4,384 140 7,260 547 26,359 Purchased credit impaired loans 464 1,150 86 440 — 158 2,298 Total $ 9,467 $ 10,168 $ 5,315 $ 975 $ 7,343 $ 810 $ 34,078 Loan Balance: Individually evaluated for impairment $ 4,336 $ 23,069 $ 7,622 $ 1,791 $ 283 $ 544 $ 37,645 Collectively evaluated for impairment 1,180,425 855,712 432,120 124,665 66,265 88,474 2,747,661 Purchased credit impaired loans 6,575 4,574 2,744 2,624 4,489 22 21,028 Total $ 1,191,336 $ 883,355 $ 442,486 $ 129,080 $ 71,037 $ 89,040 $ 2,806,334 December 31, 2019 Commercial Real Estate Commercial and Industrial Residential Real Estate Agricultural Real Estate Consumer Agricultural Total Allowance for loan losses: Individually evaluated for impairment $ 281 $ 199 $ 303 $ 56 $ 39 $ 57 $ 935 Collectively evaluated for impairment 3,581 2,848 2,352 459 1,383 394 11,017 Purchased credit impaired loans 57 14 21 93 — 95 280 Total $ 3,919 $ 3,061 $ 2,676 $ 608 $ 1,422 $ 546 $ 12,232 Loan Balance: Individually evaluated for impairment $ 4,375 $ 16,335 $ 7,358 $ 584 $ 381 $ 518 $ 29,551 Collectively evaluated for impairment 1,166,106 550,201 493,309 135,776 67,972 90,347 2,503,711 Purchased credit impaired loans 7,946 5,111 2,772 5,508 25 2,028 23,390 Total $ 1,178,427 $ 571,647 $ 503,439 $ 141,868 $ 68,378 $ 92,893 $ 2,556,652 |
Impaired Loans, Segregated by Class of Loans | The following table presents information related to impaired loans, excluding purchased credit impaired loans which have not deteriorated since acquisition, by class of loans as of June 30, 2020, and December 31, 2019. The recorded investment in loans excludes accrued interest receivable due to immateriality. June 30, 2020 December 31, 2019 Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated With no related allowance recorded: Commercial real estate $ 166 $ 37 $ — $ 2,166 $ 2,150 $ — Commercial and industrial 19,725 13,857 — 20,152 14,832 — Residential real estate 4,506 4,288 — 4,395 4,324 — Agricultural real estate — — — 1,610 1,533 — Consumer — — — — — — Agricultural — — — — — — Subtotal 24,397 18,182 — 28,323 22,839 — With an allowance recorded: Commercial real estate 8,143 6,196 1,509 3,469 2,749 338 Commercial and industrial 13,697 12,837 4,098 1,845 1,640 213 Residential real estate 4,555 4,183 931 3,395 3,244 324 Agricultural real estate 6,152 4,900 835 1,142 1,015 149 Consumer 290 283 83 430 381 39 Agricultural 2,500 1,859 263 1,619 1,359 152 Subtotal 35,337 30,258 7,719 11,900 10,388 1,215 Total $ 59,734 $ 48,440 $ 7,719 $ 40,223 $ 33,227 $ 1,215 The tables below present average recorded investment and interest income related to impaired loans for the three and six months ended June 30, 2020, and 2019. 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 June 30, 2020 June 30, 2019 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial real estate $ 37 $ 1 $ 2,922 $ 79 Commercial and industrial 14,113 — 2,156 4 Residential real estate 4,318 — 5,538 31 Agricultural real estate 365 — 2,124 — Consumer — — 34 — Agricultural — — 222 — Subtotal 18,833 1 12,996 114 With an allowance recorded: Commercial real estate 6,734 19 7,276 — Commercial and industrial 9,129 172 25,634 3 Residential real estate 4,030 2 9,710 8 Agricultural real estate 3,655 6 973 — Consumer 317 — 803 5 Agricultural 1,618 — 478 — Subtotal 25,483 199 44,874 16 Total $ 44,316 $ 200 $ 57,870 $ 130 As of and for the six months ended June 30, 2020 June 30, 2019 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial real estate $ 741 $ 1 $ 8,915 $ 79 Commercial and industrial 14,353 23 2,570 5 Residential real estate 4,320 — 3,867 31 Agricultural real estate 754 5 2,095 — Consumer — — 41 — Agricultural — — 400 — Subtotal 20,168 29 17,888 115 With an allowance recorded: Commercial real estate 5,405 19 7,244 74 Commercial and industrial 6,633 172 17,726 3 Residential real estate 3,768 3 8,001 8 Agricultural real estate 2,775 6 729 — Consumer 338 — 822 5 Agricultural 1,532 — 354 2 Subtotal 20,451 200 34,876 92 Total $ 40,619 $ 229 $ 52,764 $ 207 |
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 June 30, 2020, and December 31, 2019, by portfolio and class of loans. June 30, 2020 30 - 59 Days Past Due 60 - 89 Days Past Due Greater Than 90 Days Past Due Still On Accrual Nonaccrual Loans Not Past Due Total Commercial real estate $ 132 $ 52 $ — $ 6,234 $ 1,184,918 $ 1,191,336 Commercial and industrial 74 — — 26,693 856,588 883,355 Residential real estate 284 1,573 2 8,471 432,156 442,486 Agricultural real estate 120 1,697 — 4,900 122,363 129,080 Consumer 118 78 — 283 70,558 71,037 Agricultural 103 — — 1,859 87,078 89,040 Total $ 831 $ 3,400 $ 2 $ 48,440 $ 2,753,661 $ 2,806,334 December 31, 2019 30 - 59 Days Past Due 60 - 89 Days Past Due Greater Than 90 Days Past Due Still On Accrual Nonaccrual Loans Not Past Due Total Commercial real estate $ 1,191 $ 218 $ — $ 6,913 $ 1,170,105 $ 1,178,427 Commercial and industrial 74 11 — 16,906 554,656 571,647 Residential real estate 831 1,008 — 8,013 493,587 503,439 Agricultural real estate 59 78 — 4,807 136,924 141,868 Consumer 402 138 — 381 67,457 68,378 Agricultural 10 14 — 1,359 91,510 92,893 Total $ 2,567 $ 1,467 $ — $ 38,379 $ 2,514,239 $ 2,556,652 |
Summary of Risk Category of Loans by Class of Loans | The risk category of loans by class of loans is as follows as of June 30, 2020, and December 31, 2019. June 30, 2020 Unclassified Classified Total Commercial real estate $ 1,180,838 $ 10,498 $ 1,191,336 Commercial and industrial 846,410 36,945 883,355 Residential real estate 434,008 8,478 442,486 Agricultural real estate 119,667 9,413 129,080 Consumer 70,754 283 71,037 Agricultural 83,243 5,797 89,040 Total $ 2,734,920 $ 71,414 $ 2,806,334 December 31, 2019 Unclassified Classified Total Commercial real estate $ 1,167,101 $ 11,326 $ 1,178,427 Commercial and industrial 539,877 31,770 571,647 Residential real estate 495,418 8,021 503,439 Agricultural real estate 132,065 9,803 141,868 Consumer 67,997 381 68,378 Agricultural 88,607 4,286 92,893 Total $ 2,491,065 $ 65,587 $ 2,556,652 |
Schedule of Recorded Investments in Purchase Credit Impaired Loans | The table below lists recorded investments in purchased credit impaired loans as of June 30, 2020, and December 31, 2019. June 30, 2020 December 31, 2019 Contractually required principal payments $ 26,949 $ 29,895 Discount (5,921 ) (6,505 ) Recorded investment $ 21,028 $ 23,390 |
DERIVATIVE FINANCIAL INSTRUME_2
DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
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 June 30, 2020, and December 31, 2019. June 30, 2020 December 31, 2019 Notional Amount Derivative Assets Derivative Liabilities Notional Amount Derivative Assets Derivative Liabilities Derivatives designated as hedging instruments: Interest rate swaps $ 5,693 $ — $ 588 $ 5,797 $ 30 $ 177 Total derivatives designated as hedging relationships 5,693 — 588 5,797 30 177 Derivatives not designated as hedging instruments: Interest rate swaps 113,833 8,084 8,962 114,571 3,505 3,899 Interest rate caps/floors — — — — — — Total derivatives not designated as hedging instruments 113,833 8,084 8,962 114,571 3,505 3,899 Total $ 119,526 8,084 9,550 $ 120,368 3,535 4,076 Cash collateral — (9,441 ) — (4,186 ) Netting adjustments 15 15 182 182 Net amount presented in Balance Sheet $ 8,099 $ 124 $ 3,717 $ 72 |
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 June 30, 2020. June 30, 2020 Carrying Amount Hedging Fair Value Adjustment Fair Value Adjustments on Discontinued Hedges Commercial real estate loans $ 5,693 $ 582 $ — Total $ 5,693 $ 582 $ — |
Summary of Net Gains/ (Losses) on Derivatives and Hedging Activities | For the three and six-month periods ended June 30, 2020, and 2019, the Company recorded net gains/(losses) on derivatives and hedging activities. Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Derivatives designated as hedging instruments: Interest rate swaps $ — $ — $ — $ — Total net gain (loss) related to fair value hedges — — — — Derivatives not designated as hedging instruments: Economic hedges: Interest rate swaps 8 (259 ) (484 ) (321 ) Interest rate caps/floors — — — (1 ) Total net gains (losses) related to derivatives not designated as hedging instruments 8 (259 ) (484 ) (322 ) Net gains (losses) on derivatives and hedging activities $ 8 $ (259 ) $ (484 ) $ (322 ) |
Summary of Recorded Net Gains (Losses) on Derivatives and Related Hedged Items in Fair Value Hedging Relationships | The following table shows 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 June 30, 2020, and 2019. June 30, 2020 Gain/(Loss) on Derivatives Gain/(Loss) on Hedged Items Net Fair Value Hedge Gain/(Loss) Effect of Derivatives on Net Interest Income Commercial real estate loans $ (37 ) $ 37 $ — $ (24 ) Total $ (37 ) $ 37 $ — $ (24 ) June 30, 2019 Gain/(Loss) on Derivatives Gain/(Loss) on Hedged Items Net Fair Value Hedge Gain/(Loss) Effect of Derivatives on Net Interest Income Commercial real estate loans $ (495 ) $ 495 $ — $ 8 Total $ (495 ) $ 495 $ — $ 8 The following table shows 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 six-month periods ended June 30, 2020, and 2019. June 30, 2020 Gain/(Loss) on Derivatives Gain/(Loss) on Hedged Items Net Fair Value Hedge Gain/(Loss) Effect of Derivatives on Net Interest Income Commercial real estate loans $ (436 ) $ 436 $ — $ (33 ) Total $ (436 ) $ 436 $ — $ (33 ) June 30, 2019 Gain/(Loss) on Derivatives Gain/(Loss) on Hedged Items Net Fair Value Hedge Gain/(Loss) Effect of Derivatives on Net Interest Income Commercial real estate loans $ (796 ) $ 796 $ — $ 19 Total $ (796 ) $ 796 $ — $ 19 |
LEASE OBLIGATIONS (Tables)
LEASE OBLIGATIONS (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
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 June 30, 2020, and December 31, 2019, are listed below. June 30, 2020 Operating Leases Right-of-Use Asset Lease Liability Weighted Average Lease Term in Years Weighted Average Discount Rate Land and building leases $ 3,847 $ 3,811 16.4 2.97 % Total operating leases $ 3,847 $ 3,811 16.4 2.97 % December 31, 2019 Operating Leases Right-of-Use Asset Lease Liability Weighted Average Lease Term in Years Weighted Average Discount Rate Land and building leases $ 4,153 $ 4,112 16.0 2.95 % Total operating leases $ 4,153 $ 4,112 16.0 2.95 % |
Schedule of Operating Lease Costs | Operating lease costs for the three and six-month periods ended June 30, 2020, and 2019, are listed below. Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Operating lease cost $ 183 $ 182 $ 365 $ 355 Short-term lease cost — — — — Variable lease cost 8 10 19 23 Total operating lease cost $ 191 $ 192 $ 384 $ 378 |
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 June 30, 2020 Due in one year or less $ 548 Due after one year through two years 503 Due after two years through three years 471 Due after three years through four years 279 Due after four years through five years 215 Thereafter 2,940 Total undiscounted cash flows 4,956 Discount on cash flows (1,145 ) Total operating lease liability $ 3,811 |
BORROWINGS (Tables)
BORROWINGS (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Schedule of Federal Funds Purchased and Retail Repurchase Agreements | Federal funds purchased and retail repurchase agreements as of June 30, 2020, and December 31, 2019, are listed below. June 30, 2020 December 31, 2019 Federal funds purchased $ — $ — Retail repurchase agreements 51,557 35,708 |
Average Daily Balance and Interest Rate of Federal Funds Purchased and Retail Repurchase Agreements | June 30, 2020 December 31, 2019 Year-to-date average daily balance during the period $ 42,468 $ 42,459 Maximum month-end balance year-to-date $ 53,543 $ 45,575 Weighted average interest rate at period-end 0.19 % 0.40 % |
Summary of Federal Home Loan Bank Advances | Federal Home Loan Bank advances as of June 30, 2020, are listed below. June 30, 2020 Weighted Average Rate Weighted Average Term in Years Federal Home Loan Bank line of credit advances $ 80,000 0.35 % — Federal Home Loan Bank fixed-rate term advances 264,855 0.81 % 0.3 Total principal outstanding 344,855 Merger purchase accounting adjustment 45 Total Federal Home Loan Bank advances $ 344,900 Federal Home Loan Bank advances as of December 31, 2019, are listed below. December 31, 2019 Weighted Average Rate Weighted Average Term in Years Federal Home Loan Bank line of credit advances $ 311,223 1.79 % — Federal Home Loan Bank fixed-rate term advances 13,095 2.80 % 2.7 Total principal outstanding 324,318 Merger purchase accounting adjustment 55 Total Federal Home Loan Bank advances $ 324,373 |
Schedule of Bank Stock Loan Advances | On June 30, 2020, there was no outstanding principal balance on the bank stock loan. Bank stock loan advances as of December 31, 2019, are listed below. December 31, 2019 Weighted Average Rate Weighted Average Term in Years Bank stock loan $ 8,990 4.75 % 3.7 |
Schedule of Subordinated Debt | Subordinated debt as of June 30, 2020, and December 31, 2019, are listed below. June 30, 2020 December 31, 2019 Subordinated debentures $ 14,715 $ 14,561 Subordinated notes 40,860 — Total $ 55,575 $ 14,561 |
Schedule of Subordinated Notes | Subordinated notes as of June 30, 2020, are listed below. June 30, 2020 Subordinated notes $ 42,000 Total principal outstanding 42,000 Debt issuance cost (1,140 ) Total subordinated notes $ 40,860 |
Summary of Future Principal Repayments | Future principal repayments of the June 30, 2020, outstanding balances are as follows. Retail Repurchase Agreements FHLB Advances Subordinated Debentures Subordinated Notes Total Due in one year or less $ 51,557 $ 335,677 $ — $ — $ 387,234 Due after one year through two years — 2,357 — — 2,357 Due after two years through three years — 2,357 — — 2,357 Due after three years through four years — 2,107 — — 2,107 Due after four years through five years — 1,857 — — 1,857 Thereafter — 500 20,620 42,000 63,120 Total $ 51,557 $ 344,855 $ 20,620 $ 42,000 $ 459,032 |
Trust Preferred Securities [Member] | |
Schedule of Subordinated Debt | Subordinated debentures as of June 30, 2020, and December 31, 2019, are listed below. June 30, 2020 Weighted Average Rate Weighted Average Term in Years CTII subordinated debentures $ 10,310 3.22 % 14.8 CTIII subordinated debentures 5,155 2.20 % 17.0 CFSTI subordinated debentures 5,155 3.53 % 12.5 Total contractual balance 20,620 Fair market value adjustments (5,905 ) Total subordinated debentures $ 14,715 December 31, 2019 Weighted Average Rate Weighted Average Term in Years CTII subordinated debentures $ 10,310 3.99 % 15.3 CTIII subordinated debentures 5,155 3.78 % 17.5 CFSTI subordinated debentures 5,155 5.20 % 13.0 Total contractual balance 20,620 Fair market value adjustments (6,059 ) Total subordinated debentures $ 14,561 |
STOCKHOLDERS' EQUITY (Tables)
STOCKHOLDERS' EQUITY (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Equity [Abstract] | |
Summary of Shares Issued and Held in Treasury or Outstanding | The following table presents shares that were issued and were held in treasury or were outstanding at June 30, 2020, and December 31, 2019. June 30, 2020 December 31, 2019 Class A common stock – issued 17,205,821 17,136,493 Class A common stock – held in treasury (1,987,520 ) (1,692,059 ) Class A common stock – outstanding 15,218,301 15,444,434 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 — — |
Components of Accumulated Other Comprehensive Income (Loss) | Components of accumulated other comprehensive income (loss) as of June 30, 2020, and December 31, 2019, are listed below. Available-for- Sale Securities Held-to- Maturity Securities Accumulated Other Comprehensive Income (Loss) June 30, 2020 Net unrealized or unamortized gains (losses) $ 5,149 $ (620 ) $ 4,529 Tax effect (1,295 ) 156 (1,139 ) $ 3,854 $ (464 ) $ 3,390 December 31, 2019 Net unrealized or unamortized gains (losses) $ 985 $ (988 ) $ (3 ) Tax effect (248 ) 248 — $ 737 $ (740 ) $ (3 ) |
REGULATORY MATTERS (Tables)
REGULATORY MATTERS (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Not Found During Migration Deprecated Concept Banking And Thrift [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 June 30, 2020, and December 31, 2019, are presented in the table below. Ratios provided for Equity Bancshares, Inc. represent the ratios of the Company on a consolidated basis. Actual Minimum Required for Capital Adequacy Under Basel III To Be Well Capitalized Under Prompt Corrective Provisions Amount Ratio Amount Ratio Amount Ratio June 30, 2020 Total capital to risk weighted assets Equity Bancshares, Inc. $ 415,036 15.33 % $ 284,352 10.50 % $ N/A N/A Equity Bank 388,292 14.36 % 283,899 10.50 % 270,380 10.00 % Tier 1 capital to risk weighted assets Equity Bancshares, Inc. 340,322 12.57 % 230,190 8.50 % N/A N/A Equity Bank 354,491 13.11 % 229,823 8.50 % 216,304 8.00 % Common equity Tier 1 capital to risk weighted assets Equity Bancshares, Inc. 325,607 12.02 % 189,568 7.00 % N/A N/A Equity Bank 354,491 13.11 % 189,266 7.00 % 175,747 6.50 % Tier 1 leverage to average assets Equity Bancshares, Inc. 340,322 8.52 % 159,779 4.00 % N/A N/A Equity Bank 354,491 8.88 % 159,603 4.00 % 199,504 5.00 % December 31, 2019 Total capital to risk weighted assets Equity Bancshares, Inc. $ 352,853 12.59 % $ 294,341 10.50 % $ N/A N/A Equity Bank 348,951 12.47 % 293,917 10.50 % 279,921 10.00 % Tier 1 capital to risk weighted assets Equity Bancshares, Inc. 340,621 12.15 % 238,276 8.50 % N/A N/A Equity Bank 336,719 12.03 % 237,933 8.50 % 223,937 8.00 % Common equity Tier 1 capital to risk weighted assets Equity Bancshares, Inc. 326,060 11.63 % 196,227 7.00 % N/A N/A Equity Bank 336,719 12.03 % 195,945 7.00 % 181,949 6.50 % Tier 1 leverage to average assets Equity Bancshares, Inc. 340,621 9.02 % 151,072 4.00 % N/A N/A Equity Bank 336,719 8.92 % 150,943 4.00 % 188,679 5.00 % |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Earnings Per Share [Abstract] | |
Summary of Earnings Per Share | The following table presents earnings per share for the three and six-month periods ended June 30, 2020, and 2019. Three months ended Six months ended June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 Basic: Net income allocable to common stockholders $ 1,689 $ 9,232 $ 2,947 $ 5,159 Weighted average common shares outstanding 15,209,388 15,723,116 15,297,028 15,761,333 Weighted average vested restricted stock units 95 195 1,562 2,353 Weighted average shares 15,209,483 15,723,311 15,298,590 15,763,686 Basic earnings per common share $ 0.11 $ 0.59 $ 0.19 $ 0.33 Diluted: Net income allocable to common stockholders $ 1,689 $ 9,232 $ 2,947 $ 5,159 Weighted average common shares outstanding for: Basic earnings per common share 15,209,483 15,723,311 15,298,590 15,763,686 Dilutive effects of the assumed exercise of stock options 69,802 184,497 118,999 212,397 Dilutive effects of the assumed vesting of restricted stock units 23,453 10,466 28,016 16,182 Dilutive effects of the assumed exercise of ESPP purchases 1,271 — 3,912 — Average shares and dilutive potential common shares 15,304,009 15,918,274 15,449,517 15,992,265 Diluted earnings per common share $ 0.11 $ 0.58 $ 0.19 $ 0.32 |
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. Three months ended Six months ended June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 Stock options 439,060 363,051 346,574 320,713 Restricted stock units 201,790 149,701 149,124 2,280 Total antidilutive shares 640,850 512,752 495,698 322,993 |
FAIR VALUE (Tables)
FAIR VALUE (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
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 table. June 30, 2020 (Level 1) (Level 2) (Level 3) Assets: Available-for-sale securities: Residential mortgage-backed securities (issued by government-sponsored entities) $ — $ 169,617 $ — Corporate — 7,611 — Derivative assets: Derivative assets (included in other assets) — 8,084 — Cash collateral held by counterparty and netting adjustments 15 — — Total derivative assets 15 8,084 — Other assets: Equity securities with readily determinable fair value 501 — — Total other assets 501 — — Total assets $ 516 $ 177,701 $ — Liabilities: Derivative liabilities: Derivative liabilities (included in other liabilities) $ — $ 9,550 $ — Cash collateral held by counterparty and netting adjustments (9,426 ) — — Total derivative liabilities (9,426 ) 9,550 — Total liabilities $ (9,426 ) $ 9,550 $ — December 31, 2019 (Level 1) (Level 2) (Level 3) Assets: Available-for-sale securities: Residential mortgage-backed securities (issued by government-sponsored entities) $ — $ 142,067 $ — Derivative assets: Derivative assets (included in other assets) — 3,535 — Cash collateral held by counterparty and netting adjustments 182 — — Total derivative assets 182 3,535 — Other assets: Equity securities with readily determinable fair value 489 — — Total other assets 489 — — Total assets $ 671 $ 145,602 $ — Liabilities: Derivative liabilities: Derivative liabilities (included in other liabilities) $ — $ 4,076 $ — Cash collateral held by counterparty (4,004 ) — — Total derivative liabilities (4,004 ) 4,076 — Total liabilities $ (4,004 ) $ 4,076 $ — |
Summary of Assets Measured at Fair Value on Non-recurring Basis | Assets measured at fair value on a non-recurring basis are summarized below. June 30, 2020 (Level 1) (Level 2) (Level 3) Impaired loans: Commercial real estate $ — $ — $ 4,687 Commercial and industrial — — 8,739 Residential real estate — — 3,252 Agricultural real estate — — 4,065 Other — — 1,796 Other real estate owned: Commercial real estate — — 5,014 Residential real estate — — 619 December 31, 2019 (Level 1) (Level 2) (Level 3) Impaired loans: Commercial real estate $ — $ — $ 2,411 Commercial and industrial — — 15,688 Residential real estate — — 2,920 Agricultural real estate — — 866 Other — — 1,549 Other real estate owned: Commercial real estate — — 1,268 Residential real estate — — 42 |
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. Fair Value Valuation Technique Unobservable Input Range (weighted June 30, 2020 Impaired real estate loans $ 22,539 Sales Approach Adjustments for differences comparable sales with additional 10.00% stress 9% - 33% (21%) Impaired other real estate owned $ 5,633 Sales Approach Adjustments for differences comparable sales with additional 13.29% stress 10% - 55% (33%) December 31, 2019 Impaired real estate loans $ 9,173 Sales Approach Adjustments for differences comparable sales 3% - 12% (8%) Impaired other loans $ 14,261 Multiple of Earnings Multiples of earnings for comparable entities 4.5X - 5.5X (5X) Impaired other real estate owned $ 1,310 Sales Approach Adjustments for differences comparable sales 10% - 55% (32%) |
Carrying Amount and Estimated Fair Values of Financial Instrument | Carrying amount and estimated fair values of financial instruments at period end were as follows. June 30, 2020 Carrying Amount Estimated Fair Value Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 178,290 $ 178,290 $ 178,290 $ — $ — Interest-bearing time deposits in other banks 2,248 2,248 — 2,248 — Available-for-sale securities 177,228 177,228 — 177,228 — Held-to-maturity securities 662,522 689,206 — 689,206 — Loans held for sale 4,802 4,802 — 4,802 — Loans, net of allowance for loan losses 2,772,256 2,753,585 — — 2,753,585 Federal Reserve Bank and Federal Home Loan Bank stock 31,832 N/A N/A N/A N/A Interest receivable 19,598 19,598 — 19,598 — Derivative assets 8,084 8,084 — 8,084 — Cash collateral held by derivative counterparty and netting adjustments 15 15 15 — — Total derivative assets 8,099 8,099 15 8,084 — Equity securities with readily determinable fair value 501 501 501 — — Total assets $ 3,857,376 $ 3,833,557 $ 178,806 $ 901,166 $ 2,753,585 Financial liabilities: Deposits $ 3,247,267 $ 3,252,323 $ — $ 3,252,323 $ — Federal funds purchased and retail repurchase agreements 51,557 51,557 — 51,557 — Federal Home Loan Bank advances 344,900 345,601 — 345,601 — Subordinated debt 55,575 55,575 — 55,575 — Contractual obligations 5,571 5,571 — 5,571 — Interest payable 3,202 3,202 — 3,202 — Derivative liabilities 9,550 9,550 — 9,550 — Cash collateral held by derivative counterparty and netting adjustments (9,426 ) (9,426 ) (9,426 ) — — Total derivative liabilities 124 124 (9,426 ) 9,550 — Total liabilities $ 3,708,196 $ 3,713,953 $ (9,426 ) $ 3,723,379 $ — December 31, 2019 Carrying Amount Estimated Fair Value Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 89,291 $ 89,291 $ 89,291 $ — $ — Interest-bearing time deposits in other banks 2,498 2,498 — 2,498 — Available-for-sale securities 142,067 142,067 — 142,067 — Held-to-maturity securities 769,059 783,911 — 783,911 — Loans held for sale 5,933 5,933 — 5,933 — Loans, net of allowance for loan losses 2,544,420 2,538,209 — — 2,538,209 Federal Reserve Bank and Federal Home Loan Bank stock 31,137 N/A N/A N/A N/A Interest receivable 15,738 15,738 — 15,738 — Derivative assets 3,535 3,535 — 3,535 — Cash collateral held by derivative counterparty and netting adjustments 182 182 182 — — Total derivative assets 3,717 3,717 182 3,535 — Equity securities with readily determinable fair value 489 489 489 — — Total assets $ 3,604,349 $ 3,581,853 $ 89,962 $ 953,682 $ 2,538,209 Financial liabilities: Deposits $ 3,063,516 $ 3,070,305 $ — $ 3,070,305 $ — Federal funds purchased and retail repurchase agreements 35,708 35,708 — 35,708 — Federal Home Loan Bank advances 324,373 324,373 — 324,373 — Bank stock loan 8,990 8,990 — 8,990 — Subordinated debt 14,561 14,561 — 14,561 — Contractual obligations 5,836 5,836 — 5,836 — Interest payable 4,454 4,454 — 4,454 — Derivative liabilities 4,076 4,076 — 4,076 — Cash collateral held by derivative counterparty and netting adjustments (4,004 ) (4,004 ) (4,004 ) — — Total derivative liabilities 72 72 (4,004 ) 4,076 — Total liabilities $ 3,457,510 $ 3,464,299 $ (4,004 ) $ 3,468,303 $ — |
COMMITMENTS AND CREDIT RISK (Ta
COMMITMENTS AND CREDIT RISK (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
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 June 30, 2020, and December 31, 2019, were as follows. June 30, 2020 December 31, 2019 Fixed Rate Variable Rate Fixed Rate Variable Rate Commitments to make loans $ 55,636 $ 101,156 $ 41,916 $ 141,685 Mortgage loans in the process of origination 11,338 6,463 9,200 2,473 Unused lines of credit 88,796 164,601 95,866 150,749 The contractual amounts of standby letters of credit as of June 30, 2020, and December 31, 2019, were as follows. June 30, 2020 December 31, 2019 Fixed Rate Variable Rate Fixed Rate Variable Rate Standby letters of credit $ 2,914 $ 3,409 $ 2,877 $ 3,352 |
REVENUE RECOGNITION (Tables)
REVENUE RECOGNITION (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
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 is recognized in non-interest income. The following table presents the Company’s sources of non-interest income for the three and six-month periods ended June 30, 2020, and 2019. Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Non-interest income Service charges and fees $ 1,365 $ 2,240 $ 3,391 $ 4,163 Debit card income 2,201 2,186 4,244 3,924 Mortgage banking (a) 831 562 1,421 879 Increase in bank-owned life insurance (a) 481 499 963 987 Net gain (loss) from securities transactions (a) 4 7 12 13 Other Investment referral income 133 149 299 324 Trust income 83 59 154 120 Insurance sales commissions 11 15 29 45 Recovery on zero-basis purchased loans (a) 92 32 106 78 Income from equity method investments (a) 5 16 — 13 Other non-interest income related to loans and deposits 345 683 217 1,219 Other non-interest income not related to loans and deposits (a) 181 3 202 10 Total other non-interest income 850 957 1,007 1,809 Total $ 5,732 $ 6,451 $ 11,038 $ 11,775 (a) |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Detail) | Jun. 30, 2020USD ($)Loan | Jun. 05, 2020 | Mar. 13, 2017 | Mar. 31, 2020USD ($) | Jun. 30, 2020USD ($)Loan |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||
Goodwill impairment | $ 0 | $ 0 | |||
Estimated fair value | $ 480,850 | $ 480,850 | |||
CARES Act payment deferral program number of loans deferred | Loan | 1,296 | 1,296 | |||
CARES Act payment deferral program balance of loans deferred | $ 649,326 | $ 649,326 | |||
CARES Act payment deferral program amount of deferred interest | 7,013 | 7,013 | |||
CARES Act aid amount of outstanding balance | 649,326,000 | ||||
Debt instrument term | 5 years | 5 years | |||
COVID-19 [Member] | Hospitality [Member] | |||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||
Approximately amount of outstanding loans and commitments to industries consider higher risk impacted by COVID-19 virus | 273,000,000 | 273,000,000 | |||
COVID-19 [Member] | Retail [Member] | |||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||
Approximately amount of outstanding loans and commitments to industries consider higher risk impacted by COVID-19 virus | 206,000,000 | 206,000,000 | |||
COVID-19 [Member] | Restaurants [Member] | |||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||
Approximately amount of outstanding loans and commitments to industries consider higher risk impacted by COVID-19 virus | 108,000,000 | 108,000,000 | |||
COVID-19 [Member] | Aircraft Manufacturing [Member] | |||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||
Approximately amount of outstanding loans and commitments to industries consider higher risk impacted by COVID-19 virus | 63,000,000 | 63,000,000 | |||
Coronavirus Aid, Relief, and Economic Security Act [Member] | |||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||
Cares act relief fund for COVID-19 | $ 2,000,000,000,000 | 2,000,000,000,000 | |||
Paycheck Protection Program [Member] | |||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||
CARES Act aid amount of outstanding balance | $ 372,964 | ||||
Debt instrument, interest rate, stated percentage | 1.00% | 1.00% | |||
Debt instrument term | 2 years |
Basis of Presentation - Schedul
Basis of Presentation - Schedule of Categories of Loans Under the Payment Deferral Program (Detail) $ in Thousands | Jun. 30, 2020USD ($) |
Accounts Notes And Loans Receivable [Line Items] | |
Total loans | $ 649,326 |
Commercial Real Estate [Member] | |
Accounts Notes And Loans Receivable [Line Items] | |
Total loans | 465,373 |
Commercial and Industrial [Member] | |
Accounts Notes And Loans Receivable [Line Items] | |
Total loans | 137,453 |
Residential Real Estate [Member] | |
Accounts Notes And Loans Receivable [Line Items] | |
Total loans | 40,929 |
Agricultural Real Estate [Member] | |
Accounts Notes And Loans Receivable [Line Items] | |
Total loans | 2,322 |
Consumer [Member] | |
Accounts Notes And Loans Receivable [Line Items] | |
Total loans | 2,964 |
Agricultural [Member] | |
Accounts Notes And Loans Receivable [Line Items] | |
Total loans | $ 285 |
Securities - Amortized Cost and
Securities - Amortized Cost and Fair Value of Securities Available-for-Sale (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-Sale, Amortized Cost | $ 172,079 | $ 141,082 |
Available-for-Sale, Gross Unrealized Gains | 5,149 | 1,261 |
Available-for-Sale, Gross Unrealized Losses | (276) | |
Available-for-Sale, Fair Value | 177,228 | 142,067 |
Residential Mortgage-Backed Securities (Issued by Government-Sponsored Entities) [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-Sale, Amortized Cost | 164,579 | 141,082 |
Available-for-Sale, Gross Unrealized Gains | 5,038 | 1,261 |
Available-for-Sale, Gross Unrealized Losses | (276) | |
Available-for-Sale, Fair Value | 169,617 | $ 142,067 |
Corporate [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-Sale, Amortized Cost | 7,500 | |
Available-for-Sale, Gross Unrealized Gains | 111 | |
Available-for-Sale, Fair Value | $ 7,611 |
Securities - Amortized Cost a_2
Securities - Amortized Cost and Fair Value of Securities Held-to-Maturity (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Schedule Of Held To Maturity Securities [Line Items] | ||
Held-to-Maturity, Amortized Cost | $ 662,522 | $ 769,059 |
Held-to-Maturity, Gross Unrecognized Gains | 27,420 | 15,414 |
Held-to-Maturity, Gross Unrecognized Losses | (736) | (562) |
Held-to-Maturity, Fair Value | 689,206 | 783,911 |
U.S. Government Sponsored Entities [Member] | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Held-to-Maturity, Amortized Cost | 994 | 1,991 |
Held-to-Maturity, Gross Unrecognized Gains | 39 | 23 |
Held-to-Maturity, Gross Unrecognized Losses | (1) | |
Held-to-Maturity, Fair Value | 1,033 | 2,013 |
Residential Mortgage-Backed Securities (Issued by Government-Sponsored Entities) [Member] | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Held-to-Maturity, Amortized Cost | 506,533 | 593,236 |
Held-to-Maturity, Gross Unrecognized Gains | 22,214 | 11,272 |
Held-to-Maturity, Gross Unrecognized Losses | (536) | |
Held-to-Maturity, Fair Value | 528,747 | 603,972 |
Corporate [Member] | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Held-to-Maturity, Amortized Cost | 24,992 | 22,992 |
Held-to-Maturity, Gross Unrecognized Gains | 470 | 503 |
Held-to-Maturity, Gross Unrecognized Losses | (574) | |
Held-to-Maturity, Fair Value | 24,888 | 23,495 |
Small Business Administration Loan Pools [Member] | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Held-to-Maturity, Amortized Cost | 1,307 | 1,478 |
Held-to-Maturity, Gross Unrecognized Gains | 68 | 12 |
Held-to-Maturity, Fair Value | 1,375 | 1,490 |
State and Political Subdivisions [Member] | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Held-to-Maturity, Amortized Cost | 128,696 | 149,362 |
Held-to-Maturity, Gross Unrecognized Gains | 4,629 | 3,604 |
Held-to-Maturity, Gross Unrecognized Losses | (162) | (25) |
Held-to-Maturity, Fair Value | $ 133,163 | $ 152,941 |
Securities - Fair Value and Amo
Securities - Fair Value and Amortized Cost of Debt Securities by Contractual Maturity (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Investments Debt And Equity Securities [Abstract] | ||
Available-for-Sale, Amortized Cost, Five to ten years | $ 7,500 | |
Available-for-Sale, Amortized Cost, Mortgage-backed securities | 164,579 | |
Available-for-Sale, Amortized Cost | 172,079 | $ 141,082 |
Available-for-Sale, Fair Value, Five to ten years | 7,611 | |
Available-for-Sale, Fair Value, Mortgage-backed securities | 169,617 | |
Available-for-Sale, Fair Value, Total debt securities | 177,228 | 142,067 |
Held-to-Maturity, Amortized Cost, Within one year | 9,974 | |
Held-to-Maturity, Amortized Cost, One to five years | 28,001 | |
Held-to-Maturity, Amortized Cost, Five to ten years | 52,083 | |
Held-to-Maturity, Amortized Cost, After ten years | 65,931 | |
Held-to-Maturity, Amortized Cost, Mortgage-backed securities | 506,533 | |
Held-to-Maturity, Amortized Cost | 662,522 | 769,059 |
Held-to-Maturity, Fair Value, Within one year | 10,109 | |
Held-to-Maturity, Fair Value, One to five years | 28,899 | |
Held-to-Maturity, Fair Value, Five to ten years | 53,351 | |
Held-to-Maturity, Fair Value, After ten years | 68,100 | |
Held-to-Maturity, Fair Value, Mortgage-backed securities | 528,747 | |
Held-to-Maturity, Fair Value, Total debt securities | $ 689,206 | $ 783,911 |
Securities - Additional Informa
Securities - Additional Information (Detail) | 6 Months Ended | ||
Jun. 30, 2020USD ($)Security | Jun. 30, 2019USD ($) | Dec. 31, 2019USD ($) | |
Investments Debt And Equity Securities [Abstract] | |||
Carrying value of securities pledged as collateral | $ | $ 789,995,000 | $ 780,038,000 | |
Number of unrealized loss position, available-for-sale securities | Security | 0 | ||
Number of unrealized loss position, held-to-maturity securities | Security | 31 | ||
Proceeds from sales of available-for-sale securities | $ | $ 0 | $ 0 |
Securities - Summary of Gross U
Securities - Summary of Gross Unrealized Losses and Fair Value of Securities (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Schedule Of Available For Sale Securities [Line Items] | ||
Total temporarily impaired securities, Available-for-sale securities, Less Than 12 Months, Fair Value | $ 2,017 | |
Total temporarily impaired securities, Available-for-sale securities, Less Than 12 Months, Unrealized Loss | (3) | |
Total temporarily impaired securities, Available-for-sale securities, 12 Months or More, Fair Value | 32,466 | |
Total temporarily impaired securities, Available-for-sale securities, 12 Months or More, Unrealized Loss | (273) | |
Total temporarily impaired securities, Available-for-sale securities, Fair Value | 34,483 | |
Total temporarily impaired securities, Available-for-sale securities, Unrealized Loss | (276) | |
Total temporarily impaired securities, Held-to-maturity securities, Less Than 12 Months, Fair Value | $ 12,250 | 28,828 |
Total temporarily impaired securities, Held-to-maturity securities, Less Than 12 Months, Unrealized Loss | (716) | (69) |
Total temporarily impaired securities, Held-to-maturity securities, 12 Months or More, Fair Value | 535 | 99,340 |
Total temporarily impaired securities, Held-to-maturity securities, 12 Months or More, Unrealized Loss | (21) | (661) |
Total temporarily impaired securities, Held-to-maturity securities, Fair Value | 12,785 | 128,168 |
Total temporarily impaired securities, Held-to-maturity securities, Unrealized Loss | (737) | (730) |
Residential Mortgage-Backed Securities (Issued by Government-Sponsored Entities) [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Total temporarily impaired securities, Available-for-sale securities, Less Than 12 Months, Fair Value | 2,017 | |
Total temporarily impaired securities, Available-for-sale securities, Less Than 12 Months, Unrealized Loss | (3) | |
Total temporarily impaired securities, Available-for-sale securities, 12 Months or More, Fair Value | 32,466 | |
Total temporarily impaired securities, Available-for-sale securities, 12 Months or More, Unrealized Loss | (273) | |
Total temporarily impaired securities, Available-for-sale securities, Fair Value | 34,483 | |
Total temporarily impaired securities, Available-for-sale securities, Unrealized Loss | (276) | |
Total temporarily impaired securities, Held-to-maturity securities, Less Than 12 Months, Fair Value | 26,246 | |
Total temporarily impaired securities, Held-to-maturity securities, Less Than 12 Months, Unrealized Loss | (51) | |
Total temporarily impaired securities, Held-to-maturity securities, 12 Months or More, Fair Value | 96,987 | |
Total temporarily impaired securities, Held-to-maturity securities, 12 Months or More, Unrealized Loss | (639) | |
Total temporarily impaired securities, Held-to-maturity securities, Fair Value | 123,233 | |
Total temporarily impaired securities, Held-to-maturity securities, Unrealized Loss | (690) | |
Corporate [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Total temporarily impaired securities, Held-to-maturity securities, Less Than 12 Months, Fair Value | 9,359 | |
Total temporarily impaired securities, Held-to-maturity securities, Less Than 12 Months, Unrealized Loss | (575) | |
Total temporarily impaired securities, Held-to-maturity securities, Fair Value | 9,359 | |
Total temporarily impaired securities, Held-to-maturity securities, Unrealized Loss | (575) | |
State and Political Subdivisions [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Total temporarily impaired securities, Held-to-maturity securities, Less Than 12 Months, Fair Value | 2,891 | 1,771 |
Total temporarily impaired securities, Held-to-maturity securities, Less Than 12 Months, Unrealized Loss | (141) | (4) |
Total temporarily impaired securities, Held-to-maturity securities, 12 Months or More, Fair Value | 535 | 1,354 |
Total temporarily impaired securities, Held-to-maturity securities, 12 Months or More, Unrealized Loss | (21) | (21) |
Total temporarily impaired securities, Held-to-maturity securities, Fair Value | 3,426 | 3,125 |
Total temporarily impaired securities, Held-to-maturity securities, Unrealized Loss | $ (162) | (25) |
U.S. Government Sponsored Entities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Total temporarily impaired securities, Held-to-maturity securities, 12 Months or More, Fair Value | 999 | |
Total temporarily impaired securities, Held-to-maturity securities, 12 Months or More, Unrealized Loss | (1) | |
Total temporarily impaired securities, Held-to-maturity securities, Fair Value | 999 | |
Total temporarily impaired securities, Held-to-maturity securities, Unrealized Loss | (1) | |
Small Business Administration Loan Pools [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Total temporarily impaired securities, Held-to-maturity securities, Less Than 12 Months, Fair Value | 811 | |
Total temporarily impaired securities, Held-to-maturity securities, Less Than 12 Months, Unrealized Loss | (14) | |
Total temporarily impaired securities, Held-to-maturity securities, Fair Value | 811 | |
Total temporarily impaired securities, Held-to-maturity securities, Unrealized Loss | $ (14) |
Loans and Allowance for Loan _3
Loans and Allowance for Loan Losses - Categories of Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total loans | $ 2,806,334 | $ 2,556,652 | ||||
Allowance for loan losses | (34,078) | $ (21,915) | (12,232) | $ (17,777) | $ (26,340) | $ (11,454) |
Net loans | 2,772,256 | 2,544,420 | ||||
Commercial Real Estate [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total loans | 1,191,336 | 1,178,427 | ||||
Allowance for loan losses | (9,467) | (5,223) | (3,919) | (4,712) | (4,528) | (4,662) |
Commercial and Industrial [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total loans | 883,355 | 571,647 | ||||
Allowance for loan losses | (10,168) | (4,979) | (3,061) | (7,948) | (16,056) | (2,707) |
Residential Real Estate [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total loans | 442,486 | 503,439 | ||||
Allowance for loan losses | (5,315) | (4,128) | (2,676) | (2,908) | (3,617) | (2,320) |
Agricultural Real Estate [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total loans | 129,080 | 141,868 | ||||
Allowance for loan losses | (975) | (456) | (608) | (525) | (494) | (391) |
Consumer [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total loans | 71,037 | 68,378 | ||||
Allowance for loan losses | (7,343) | (6,537) | (1,422) | (1,344) | (1,347) | (1,070) |
Agricultural [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total loans | 89,040 | 92,893 | ||||
Allowance for loan losses | $ (810) | $ (592) | $ (546) | $ (340) | $ (298) | $ (304) |
Loans and Allowance for Loan _4
Loans and Allowance for Loan Losses - Additional Information (Detail) $ in Thousands | Jun. 30, 2020USD ($)Loan | Apr. 22, 2019USD ($) | Jun. 30, 2020USD ($)Loan | Jun. 30, 2019USD ($)Loan | Jun. 30, 2020USD ($)LoanPool | Jun. 30, 2019USD ($)Loan | Jun. 30, 2020USD ($)Loan | Jun. 30, 2019Loan | Dec. 31, 2019USD ($) |
Accounts Notes And Loans Receivable [Line Items] | |||||||||
Loans | $ 2,772,256 | $ 2,772,256 | $ 2,772,256 | $ 2,772,256 | $ 2,544,420 | ||||
Unamortized discount of merger purchase accounting adjustments | 6,644 | 6,644 | 6,644 | 6,644 | 8,287 | ||||
Loans purchased at discount | 458,166 | 458,166 | 458,166 | 458,166 | 624,747 | ||||
Provision for loan losses | $ 14,500 | 12,500 | $ 974 | 22,440 | $ 16,620 | ||||
Trouble debt restructurings, Recorded investment | 15,063 | 15,063 | 15,063 | 15,063 | 15,508 | ||||
Financing Receivable, troubled debt restructurings, allowance | 334 | 334 | 334 | 334 | 0 | ||||
Financing receivable, troubled debt restructuring, commitment to lend | $ 0 | $ 0 | $ 0 | $ 0 | 0 | ||||
Trouble debt restructurings, Number of loans | Loan | 0 | 0 | 0 | 0 | |||||
Financing receivable, troubled debt Restructuring, subsequent default, Number of loans | Loan | 0 | 0 | |||||||
CARES Act payment deferral program number of loans deferred | Loan | 1,296 | 1,296 | |||||||
CARES Act aid amount of outstanding balance | $ 649,326 | ||||||||
Consumer Loans [Member] | |||||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||||
Over-draft deposit accounts | $ 637 | $ 637 | 637 | $ 637 | 815 | ||||
Purchased Credit Impaired Loans [Member] | |||||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||||
Accretable yield | 2,786 | 2,786 | 2,786 | 2,786 | 3,127 | ||||
Interest income recognized | 345 | $ 273 | 861 | $ 554 | |||||
Provision for loan losses | 1,350 | 39 | 2,018 | 163 | |||||
Commercial and Industrial [Member] | |||||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||||
Provision for loan losses | 5,435 | $ 135 | 7,350 | $ 13,930 | |||||
Commercial and Industrial [Member] | Small Business Administration Paycheck Protection Program [Member] | |||||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||||
Loans | 372,964 | 372,964 | 372,964 | 372,964 | |||||
Residential Real Estate Loan Pools [Member] | |||||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||||
Loans | $ 112,163 | $ 112,163 | 112,163 | $ 112,163 | $ 144,554 | ||||
Payments to acquire loans | $ 752 | ||||||||
Purchased pools of residential real estate | Pool | 1 |
Loans and Allowance for Loan _5
Loans and Allowance for Loan Losses - Schedule of Allowance for Loan Losses by Portfolio Segment Allowance (Detail) - USD ($) $ in Thousands | Apr. 22, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 |
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Allowance for Loan Losses, Beginning Balance | $ 21,915 | $ 26,340 | $ 12,232 | $ 11,454 | |
Provision for loan losses | $ 14,500 | 12,500 | 974 | 22,440 | 16,620 |
Loans charged-off | (623) | (9,744) | (980) | (10,682) | |
Recoveries | 286 | 207 | 386 | 385 | |
Allowance for Loan Losses, Ending Balance | 34,078 | 17,777 | 34,078 | 17,777 | |
Commercial Real Estate [Member] | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Allowance for Loan Losses, Beginning Balance | 5,223 | 4,528 | 3,919 | 4,662 | |
Provision for loan losses | 4,095 | 719 | 5,407 | 585 | |
Loans charged-off | (51) | (582) | (59) | (608) | |
Recoveries | 200 | 47 | 200 | 73 | |
Allowance for Loan Losses, Ending Balance | 9,467 | 4,712 | 9,467 | 4,712 | |
Commercial and Industrial [Member] | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Allowance for Loan Losses, Beginning Balance | 4,979 | 16,056 | 3,061 | 2,707 | |
Provision for loan losses | 5,435 | 135 | 7,350 | 13,930 | |
Loans charged-off | (255) | (8,244) | (284) | (8,738) | |
Recoveries | 9 | 1 | 41 | 49 | |
Allowance for Loan Losses, Ending Balance | 10,168 | 7,948 | 10,168 | 7,948 | |
Residential Real Estate [Member] | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Allowance for Loan Losses, Beginning Balance | 4,128 | 3,617 | 2,676 | 2,320 | |
Provision for loan losses | 1,318 | (272) | 2,794 | 1,129 | |
Loans charged-off | (134) | (465) | (159) | (579) | |
Recoveries | 3 | 28 | 4 | 38 | |
Allowance for Loan Losses, Ending Balance | 5,315 | 2,908 | 5,315 | 2,908 | |
Agricultural Real Estate [Member] | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Allowance for Loan Losses, Beginning Balance | 456 | 494 | 608 | 391 | |
Provision for loan losses | 526 | 59 | 391 | 168 | |
Loans charged-off | (7) | (28) | (24) | (34) | |
Allowance for Loan Losses, Ending Balance | 975 | 525 | 975 | 525 | |
Consumer [Member] | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Allowance for Loan Losses, Beginning Balance | 6,537 | 1,347 | 1,422 | 1,070 | |
Provision for loan losses | 907 | 257 | 6,234 | 732 | |
Loans charged-off | (175) | (389) | (453) | (681) | |
Recoveries | 74 | 129 | 140 | 223 | |
Allowance for Loan Losses, Ending Balance | 7,343 | 1,344 | 7,343 | 1,344 | |
Agricultural [Member] | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Allowance for Loan Losses, Beginning Balance | 592 | 298 | 546 | 304 | |
Provision for loan losses | 219 | 76 | 264 | 76 | |
Loans charged-off | (1) | (36) | (1) | (42) | |
Recoveries | 2 | 1 | 2 | ||
Allowance for Loan Losses, Ending Balance | $ 810 | $ 340 | $ 810 | $ 340 |
Loans and Allowance for Loan _6
Loans and Allowance for Loan Losses - Schedule of Loans Evaluated for Impairment (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Financing Receivable Impaired [Line Items] | ||||||
Individually evaluated for impairment, Allowance for loan losses | $ 5,421 | $ 935 | ||||
Collectively evaluated for impairment, Allowance for loan losses | 26,359 | 11,017 | ||||
Purchased credit impaired loans, Allowance for loan losses | 2,298 | 280 | ||||
Total Allowance for Loan Losses | 34,078 | $ 21,915 | 12,232 | $ 17,777 | $ 26,340 | $ 11,454 |
Individually evaluated for impairment | 37,645 | 29,551 | ||||
Collectively evaluated for impairment | 2,747,661 | 2,503,711 | ||||
Purchased credit impaired loans | 21,028 | 23,390 | ||||
Total Loans | 2,806,334 | 2,556,652 | ||||
Commercial Real Estate [Member] | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Individually evaluated for impairment, Allowance for loan losses | 1,045 | 281 | ||||
Collectively evaluated for impairment, Allowance for loan losses | 7,958 | 3,581 | ||||
Purchased credit impaired loans, Allowance for loan losses | 464 | 57 | ||||
Total Allowance for Loan Losses | 9,467 | 5,223 | 3,919 | 4,712 | 4,528 | 4,662 |
Individually evaluated for impairment | 4,336 | 4,375 | ||||
Collectively evaluated for impairment | 1,180,425 | 1,166,106 | ||||
Purchased credit impaired loans | 6,575 | 7,946 | ||||
Total Loans | 1,191,336 | 1,178,427 | ||||
Commercial and Industrial [Member] | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Individually evaluated for impairment, Allowance for loan losses | 2,948 | 199 | ||||
Collectively evaluated for impairment, Allowance for loan losses | 6,070 | 2,848 | ||||
Purchased credit impaired loans, Allowance for loan losses | 1,150 | 14 | ||||
Total Allowance for Loan Losses | 10,168 | 4,979 | 3,061 | 7,948 | 16,056 | 2,707 |
Individually evaluated for impairment | 23,069 | 16,335 | ||||
Collectively evaluated for impairment | 855,712 | 550,201 | ||||
Purchased credit impaired loans | 4,574 | 5,111 | ||||
Total Loans | 883,355 | 571,647 | ||||
Residential Real Estate [Member] | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Individually evaluated for impairment, Allowance for loan losses | 845 | 303 | ||||
Collectively evaluated for impairment, Allowance for loan losses | 4,384 | 2,352 | ||||
Purchased credit impaired loans, Allowance for loan losses | 86 | 21 | ||||
Total Allowance for Loan Losses | 5,315 | 4,128 | 2,676 | 2,908 | 3,617 | 2,320 |
Individually evaluated for impairment | 7,622 | 7,358 | ||||
Collectively evaluated for impairment | 432,120 | 493,309 | ||||
Purchased credit impaired loans | 2,744 | 2,772 | ||||
Total Loans | 442,486 | 503,439 | ||||
Agricultural Real Estate [Member] | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Individually evaluated for impairment, Allowance for loan losses | 395 | 56 | ||||
Collectively evaluated for impairment, Allowance for loan losses | 140 | 459 | ||||
Purchased credit impaired loans, Allowance for loan losses | 440 | 93 | ||||
Total Allowance for Loan Losses | 975 | 456 | 608 | 525 | 494 | 391 |
Individually evaluated for impairment | 1,791 | 584 | ||||
Collectively evaluated for impairment | 124,665 | 135,776 | ||||
Purchased credit impaired loans | 2,624 | 5,508 | ||||
Total Loans | 129,080 | 141,868 | ||||
Consumer [Member] | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Individually evaluated for impairment, Allowance for loan losses | 83 | 39 | ||||
Collectively evaluated for impairment, Allowance for loan losses | 7,260 | 1,383 | ||||
Total Allowance for Loan Losses | 7,343 | 6,537 | 1,422 | 1,344 | 1,347 | 1,070 |
Individually evaluated for impairment | 283 | 381 | ||||
Collectively evaluated for impairment | 66,265 | 67,972 | ||||
Purchased credit impaired loans | 4,489 | 25 | ||||
Total Loans | 71,037 | 68,378 | ||||
Agricultural [Member] | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Individually evaluated for impairment, Allowance for loan losses | 105 | 57 | ||||
Collectively evaluated for impairment, Allowance for loan losses | 547 | 394 | ||||
Purchased credit impaired loans, Allowance for loan losses | 158 | 95 | ||||
Total Allowance for Loan Losses | 810 | $ 592 | 546 | $ 340 | $ 298 | $ 304 |
Individually evaluated for impairment | 544 | 518 | ||||
Collectively evaluated for impairment | 88,474 | 90,347 | ||||
Purchased credit impaired loans | 22 | 2,028 | ||||
Total Loans | $ 89,040 | $ 92,893 |
Loans and Allowance for Loan _7
Loans and Allowance for Loan Losses - Impaired Loans, Segregated by Class of Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Financing Receivable Impaired [Line Items] | |||||
With no related allowance recorded, Unpaid Principal Balance | $ 24,397 | $ 24,397 | $ 28,323 | ||
With no related allowance recorded, Recorded Investment | 18,182 | 18,182 | 22,839 | ||
With an allowance recorded, Unpaid Principal Balance | 35,337 | 35,337 | 11,900 | ||
With an allowance recorded, Recorded Investment | 30,258 | 30,258 | 10,388 | ||
Allowance for Loan Losses Allocated | 7,719 | 7,719 | 1,215 | ||
Unpaid Principal Balance | 59,734 | 59,734 | 40,223 | ||
Recorded Investment | 48,440 | 48,440 | 33,227 | ||
With no related allowance recorded, Average Recorded Investment | 18,833 | $ 12,996 | 20,168 | $ 17,888 | |
With no related allowance recorded, Interest Income Recognized | 1 | 114 | 29 | 115 | |
With an allowance recorded, Average Recorded Investment | 25,483 | 44,874 | 20,451 | 34,876 | |
With an allowance recorded, Interest Income Recognized | 199 | 16 | 200 | 92 | |
Average Recorded Investment | 44,316 | 57,870 | 40,619 | 52,764 | |
Interest Income Recognized | 200 | 130 | 229 | 207 | |
Commercial Real Estate [Member] | |||||
Financing Receivable Impaired [Line Items] | |||||
With no related allowance recorded, Unpaid Principal Balance | 166 | 166 | 2,166 | ||
With no related allowance recorded, Recorded Investment | 37 | 37 | 2,150 | ||
With an allowance recorded, Unpaid Principal Balance | 8,143 | 8,143 | 3,469 | ||
With an allowance recorded, Recorded Investment | 6,196 | 6,196 | 2,749 | ||
Allowance for Loan Losses Allocated | 1,509 | 1,509 | 338 | ||
With no related allowance recorded, Average Recorded Investment | 37 | 2,922 | 741 | 8,915 | |
With no related allowance recorded, Interest Income Recognized | 1 | 79 | 1 | 79 | |
With an allowance recorded, Average Recorded Investment | 6,734 | 7,276 | 5,405 | 7,244 | |
With an allowance recorded, Interest Income Recognized | 19 | 19 | 74 | ||
Commercial and Industrial [Member] | |||||
Financing Receivable Impaired [Line Items] | |||||
With no related allowance recorded, Unpaid Principal Balance | 19,725 | 19,725 | 20,152 | ||
With no related allowance recorded, Recorded Investment | 13,857 | 13,857 | 14,832 | ||
With an allowance recorded, Unpaid Principal Balance | 13,697 | 13,697 | 1,845 | ||
With an allowance recorded, Recorded Investment | 12,837 | 12,837 | 1,640 | ||
Allowance for Loan Losses Allocated | 4,098 | 4,098 | 213 | ||
With no related allowance recorded, Average Recorded Investment | 14,113 | 2,156 | 14,353 | 2,570 | |
With no related allowance recorded, Interest Income Recognized | 4 | 23 | 5 | ||
With an allowance recorded, Average Recorded Investment | 9,129 | 25,634 | 6,633 | 17,726 | |
With an allowance recorded, Interest Income Recognized | 172 | 3 | 172 | 3 | |
Residential Real Estate [Member] | |||||
Financing Receivable Impaired [Line Items] | |||||
With no related allowance recorded, Unpaid Principal Balance | 4,506 | 4,506 | 4,395 | ||
With no related allowance recorded, Recorded Investment | 4,288 | 4,288 | 4,324 | ||
With an allowance recorded, Unpaid Principal Balance | 4,555 | 4,555 | 3,395 | ||
With an allowance recorded, Recorded Investment | 4,183 | 4,183 | 3,244 | ||
Allowance for Loan Losses Allocated | 931 | 931 | 324 | ||
With no related allowance recorded, Average Recorded Investment | 4,318 | 5,538 | 4,320 | 3,867 | |
With no related allowance recorded, Interest Income Recognized | 31 | 31 | |||
With an allowance recorded, Average Recorded Investment | 4,030 | 9,710 | 3,768 | 8,001 | |
With an allowance recorded, Interest Income Recognized | 2 | 8 | 3 | 8 | |
Agricultural Real Estate [Member] | |||||
Financing Receivable Impaired [Line Items] | |||||
With no related allowance recorded, Unpaid Principal Balance | 1,610 | ||||
With no related allowance recorded, Recorded Investment | 1,533 | ||||
With an allowance recorded, Unpaid Principal Balance | 6,152 | 6,152 | 1,142 | ||
With an allowance recorded, Recorded Investment | 4,900 | 4,900 | 1,015 | ||
Allowance for Loan Losses Allocated | 835 | 835 | 149 | ||
With no related allowance recorded, Average Recorded Investment | 365 | 2,124 | 754 | 2,095 | |
With no related allowance recorded, Interest Income Recognized | 5 | ||||
With an allowance recorded, Average Recorded Investment | 3,655 | 973 | 2,775 | 729 | |
With an allowance recorded, Interest Income Recognized | 6 | 6 | |||
Consumer [Member] | |||||
Financing Receivable Impaired [Line Items] | |||||
With an allowance recorded, Unpaid Principal Balance | 290 | 290 | 430 | ||
With an allowance recorded, Recorded Investment | 283 | 283 | 381 | ||
Allowance for Loan Losses Allocated | 83 | 83 | 39 | ||
With no related allowance recorded, Average Recorded Investment | 34 | 41 | |||
With an allowance recorded, Average Recorded Investment | 317 | 803 | 338 | 822 | |
With an allowance recorded, Interest Income Recognized | 5 | 5 | |||
Agricultural [Member] | |||||
Financing Receivable Impaired [Line Items] | |||||
With an allowance recorded, Unpaid Principal Balance | 2,500 | 2,500 | 1,619 | ||
With an allowance recorded, Recorded Investment | 1,859 | 1,859 | 1,359 | ||
Allowance for Loan Losses Allocated | 263 | 263 | $ 152 | ||
With no related allowance recorded, Average Recorded Investment | 222 | 400 | |||
With an allowance recorded, Average Recorded Investment | $ 1,618 | $ 478 | $ 1,532 | 354 | |
With an allowance recorded, Interest Income Recognized | $ 2 |
Loans and Allowance for Loan _8
Loans and Allowance for Loan Losses - Schedule of Aging of Recorded Investment in Past Due Loans by Segment and Class of Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Greater Than 90 Days Past Due Still On Accrual | $ 2 | |
Nonaccrual | 48,440 | $ 38,379 |
Loans Not Past Due | 2,753,661 | 2,514,239 |
Total Loans | 2,806,334 | 2,556,652 |
30 to 59 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Financing Receivables, Past Due | 831 | 2,567 |
60 to 89 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Financing Receivables, Past Due | 3,400 | 1,467 |
Commercial Real Estate [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Nonaccrual | 6,234 | 6,913 |
Loans Not Past Due | 1,184,918 | 1,170,105 |
Total Loans | 1,191,336 | 1,178,427 |
Commercial Real Estate [Member] | 30 to 59 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Financing Receivables, Past Due | 132 | 1,191 |
Commercial Real Estate [Member] | 60 to 89 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Financing Receivables, Past Due | 52 | 218 |
Commercial and Industrial [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Nonaccrual | 26,693 | 16,906 |
Loans Not Past Due | 856,588 | 554,656 |
Total Loans | 883,355 | 571,647 |
Commercial and Industrial [Member] | 30 to 59 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Financing Receivables, Past Due | 74 | 74 |
Commercial and Industrial [Member] | 60 to 89 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Financing Receivables, Past Due | 11 | |
Residential Real Estate [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Greater Than 90 Days Past Due Still On Accrual | 2 | |
Nonaccrual | 8,471 | 8,013 |
Loans Not Past Due | 432,156 | 493,587 |
Total Loans | 442,486 | 503,439 |
Residential Real Estate [Member] | 30 to 59 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Financing Receivables, Past Due | 284 | 831 |
Residential Real Estate [Member] | 60 to 89 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Financing Receivables, Past Due | 1,573 | 1,008 |
Agricultural Real Estate [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Nonaccrual | 4,900 | 4,807 |
Loans Not Past Due | 122,363 | 136,924 |
Total Loans | 129,080 | 141,868 |
Agricultural Real Estate [Member] | 30 to 59 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Financing Receivables, Past Due | 120 | 59 |
Agricultural Real Estate [Member] | 60 to 89 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Financing Receivables, Past Due | 1,697 | 78 |
Consumer [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Nonaccrual | 283 | 381 |
Loans Not Past Due | 70,558 | 67,457 |
Total Loans | 71,037 | 68,378 |
Consumer [Member] | 30 to 59 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Financing Receivables, Past Due | 118 | 402 |
Consumer [Member] | 60 to 89 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Financing Receivables, Past Due | 78 | 138 |
Agricultural [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Nonaccrual | 1,859 | 1,359 |
Loans Not Past Due | 87,078 | 91,510 |
Total Loans | 89,040 | 92,893 |
Agricultural [Member] | 30 to 59 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Financing Receivables, Past Due | $ 103 | 10 |
Agricultural [Member] | 60 to 89 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Financing Receivables, Past Due | $ 14 |
Loans and Allowance for Loan _9
Loans and Allowance for Loan Losses - Schedule of Risk Category of Loans by Class of Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | $ 2,806,334 | $ 2,556,652 |
Unclassified [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 2,734,920 | 2,491,065 |
Classified [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 71,414 | 65,587 |
Commercial Real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 1,191,336 | 1,178,427 |
Commercial Real Estate [Member] | Unclassified [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 1,180,838 | 1,167,101 |
Commercial Real Estate [Member] | Classified [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 10,498 | 11,326 |
Commercial and Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 883,355 | 571,647 |
Commercial and Industrial [Member] | Unclassified [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 846,410 | 539,877 |
Commercial and Industrial [Member] | Classified [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 36,945 | 31,770 |
Residential Real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 442,486 | 503,439 |
Residential Real Estate [Member] | Unclassified [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 434,008 | 495,418 |
Residential Real Estate [Member] | Classified [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 8,478 | 8,021 |
Agricultural Real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 129,080 | 141,868 |
Agricultural Real Estate [Member] | Unclassified [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 119,667 | 132,065 |
Agricultural Real Estate [Member] | Classified [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 9,413 | 9,803 |
Consumer [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 71,037 | 68,378 |
Consumer [Member] | Unclassified [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 70,754 | 67,997 |
Consumer [Member] | Classified [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 283 | 381 |
Agricultural [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 89,040 | 92,893 |
Agricultural [Member] | Unclassified [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 83,243 | 88,607 |
Agricultural [Member] | Classified [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | $ 5,797 | $ 4,286 |
Loans and Allowance for Loan_10
Loans and Allowance for Loan Losses - Schedule of Recorded Investments in Purchase Credit Impaired Loans (Detail) - Purchased Credit Impaired Loans [Member] - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Acquired During Period [Line Items] | ||
Contractually required principal payments | $ 26,949 | $ 29,895 |
Discount | (5,921) | (6,505) |
Recorded investment | $ 21,028 | $ 23,390 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Additional Information (Detail) - Interest Rate Swaps [Member] | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Weighted average maturity period | 8 years 3 months 18 days | 8 years 9 months 18 days |
Weighted average pay rate | 4.24% | 4.92% |
Weighted average receive rate | 4.24% | 4.92% |
Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Derivative [Line Items] | ||
Weighted average maturity period | 6 years 9 months 18 days | 7 years 3 months 18 days |
Weighted average pay rate | 5.19% | 5.19% |
Weighted average receive rate | 3.24% | 4.78% |
Derivative Financial Instrume_4
Derivative Financial Instruments - Summary of Notional Balance and Fair Values of Derivatives Outstanding (Detail) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Derivatives, Fair Value [Line Items] | ||
Notional Amount | $ 119,526,000 | $ 120,368,000 |
Derivative Assets | 8,084,000 | 3,535,000 |
Derivative Liabilities | 9,550,000 | 4,076,000 |
Cash collateral, Derivative Liabilities | (9,441,000) | (4,186,000) |
Netting adjustments, Derivative Assets | 15,000 | 182,000 |
Netting adjustments, Derivative Liabilities | 15,000 | 182,000 |
Net amount presented in Balance Sheet, Derivative Assets | 8,099,000 | 3,717,000 |
Net amount presented in Balance Sheet, Derivative Liabilities | 124,000 | 72,000 |
Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 5,693,000 | 5,797,000 |
Derivative Assets | 30,000 | |
Derivative Liabilities | 588,000 | 177,000 |
Designated as Hedging Instrument [Member] | Interest Rate Swaps [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 5,693,000 | 5,797,000 |
Derivative Assets | 30,000 | |
Derivative Liabilities | 588,000 | 177,000 |
Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 113,833,000 | 114,571,000 |
Derivative Assets | 8,084,000 | 3,505,000 |
Derivative Liabilities | 8,962,000 | 3,899,000 |
Not Designated as Hedging Instrument [Member] | Interest Rate Swaps [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 113,833,000 | 114,571,000 |
Derivative Assets | 8,084,000 | 3,505,000 |
Derivative Liabilities | $ 8,962,000 | $ 3,899,000 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Summary of Designated and Qualifying Hedged Items in Fair Value Hedges (Detail) $ in Thousands | Jun. 30, 2020USD ($) |
Derivative [Line Items] | |
Carrying Amount | $ 5,693 |
Hedging Fair Value Adjustment | 582 |
Commercial Real Estate [Member] | |
Derivative [Line Items] | |
Carrying Amount | 5,693 |
Hedging Fair Value Adjustment | $ 582 |
Derivative Financial Instrume_6
Derivative Financial Instruments - Summary of Net Gains/ (Losses) on Derivatives and Hedging Activities (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Derivatives designated as hedging instruments: | ||||
Total net gain (loss) related to fair value hedges | $ 0 | $ 0 | $ 0 | $ 0 |
Derivatives not designated as hedging instruments: | ||||
Total net gains (losses) related to derivatives not designated as hedging instruments | 8 | (259) | (484) | (322) |
Net gains (losses) on derivatives and hedging activities | 8 | (259) | (484) | (322) |
Interest Rate Swaps [Member] | ||||
Derivatives designated as hedging instruments: | ||||
Total net gain (loss) related to fair value hedges | 0 | 0 | 0 | 0 |
Derivatives not designated as hedging instruments: | ||||
Total net gains (losses) related to derivatives not designated as hedging instruments | $ 8 | $ (259) | $ (484) | (321) |
Interest Rate Caps/Floors [Member] | ||||
Derivatives not designated as hedging instruments: | ||||
Total net gains (losses) related to derivatives not designated as hedging instruments | $ (1) |
Derivative Financial Instrume_7
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 | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net Fair Value Hedge Gain/(Loss) | $ 0 | $ 0 | $ 0 | $ 0 |
Fair Value Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain/(Loss) on Derivatives | (37) | (495) | (436) | (796) |
Gain/(Loss) on Hedged Items | 37 | 495 | 436 | 796 |
Net Fair Value Hedge Gain/(Loss) | 0 | 0 | 0 | 0 |
Effect of Derivatives on Net Interest Income | (24) | 8 | (33) | 19 |
Fair Value Hedging [Member] | Commercial Real Estate [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain/(Loss) on Derivatives | (37) | (495) | (436) | (796) |
Gain/(Loss) on Hedged Items | 37 | 495 | 436 | 796 |
Net Fair Value Hedge Gain/(Loss) | 0 | 0 | 0 | 0 |
Effect of Derivatives on Net Interest Income | $ (24) | $ 8 | $ (33) | $ 19 |
Lease Obligations - Schedule of
Lease Obligations - Schedule of Right-of-use Asset and Lease Obligations by Type of Property (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Leases Disclosure [Line Items] | ||
Right-of-Use Asset | $ 3,847 | $ 4,153 |
Lease Liability | $ 3,811 | $ 4,112 |
Weighted Average Lease Term in Years | 16 years 4 months 24 days | 16 years |
Weighted Average Discount Rate | 2.97% | 2.95% |
Land and Building Leases [Member] | ||
Leases Disclosure [Line Items] | ||
Right-of-Use Asset | $ 3,847 | $ 4,153 |
Lease Liability | $ 3,811 | $ 4,112 |
Weighted Average Lease Term in Years | 16 years 4 months 24 days | 16 years |
Weighted Average Discount Rate | 2.97% | 2.95% |
Lease Obligations - Schedule _2
Lease Obligations - Schedule of Operating Lease Costs (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Leases [Abstract] | ||||
Operating lease cost | $ 183 | $ 182 | $ 365 | $ 355 |
Variable lease cost | 8 | 10 | 19 | 23 |
Total operating lease cost | $ 191 | $ 192 | $ 384 | $ 378 |
Lease Obligations - Additional
Lease Obligations - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2020 | |
Leases [Abstract] | |
Sales-type lease, lease not yet commenced description | There were no sales and leaseback transactions, leverage leases, lease transactions with related parties or leases that had not yet commenced during the three or six-month periods ended June 30, 2020. |
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 | Jun. 30, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
Due in one year or less | $ 548 | |
Due after one year through two years | 503 | |
Due after two years through three years | 471 | |
Due after three years through four years | 279 | |
Due after four years through five years | 215 | |
Thereafter | 2,940 | |
Total undiscounted cash flows | 4,956 | |
Discount on cash flows | (1,145) | |
Total operating lease liability | $ 3,811 | $ 4,112 |
Borrowings - Schedule of Federa
Borrowings - Schedule of Federal Funds Purchased and Retail Repurchase Agreements (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Federal Funds Purchased And Securities Sold Under Agreements To Repurchase [Abstract] | ||
Federal funds purchased | $ 0 | $ 0 |
Retail repurchase agreements | $ 51,557 | $ 35,708 |
Borrowings - Additional Informa
Borrowings - Additional Information (Detail) - USD ($) | Jun. 05, 2020 | Mar. 11, 2019 | Mar. 13, 2017 | Jun. 29, 2020 | Jun. 30, 2020 | Jul. 23, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | |||||||
Line of credit facility maximum borrowing capacity | $ 40,000,000 | $ 30,000,000 | |||||
Debt Instrument, Maturity Date | May 15, 2020 | Aug. 15, 2021 | |||||
Debt instrument extended date | Aug. 15, 2020 | ||||||
Debt instrument term | 5 years | 5 years | |||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.20% | ||||||
Debt instrument floating daily, floor Interest Rate | 3.50% | ||||||
Bank stock loan | $ 8,990,000 | ||||||
Subordinated notes maturity date | May 15, 2020 | Aug. 15, 2021 | |||||
Trust Preferred Securities [Member] | FCB Capital Trust II [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Maturity Date | Apr. 15, 2035 | ||||||
Subordinated notes maturity date | Apr. 15, 2035 | ||||||
Trust Preferred Securities [Member] | FCB Capital Trust II [Member] | Three month LIBOR [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Subordinated debenture basis spread on variable rate | 2.00% | ||||||
Trust Preferred Securities [Member] | FCB Capital Trust III [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Maturity Date | Jun. 15, 2037 | ||||||
Subordinated notes maturity date | Jun. 15, 2037 | ||||||
Trust Preferred Securities [Member] | FCB Capital Trust III [Member] | Three month LIBOR [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Subordinated debenture basis spread on variable rate | 1.89% | ||||||
Trust Preferred Securities [Member] | Community First Statutory Trust I [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Maturity Date | Dec. 26, 2032 | ||||||
Subordinated notes maturity date | Dec. 26, 2032 | ||||||
Trust Preferred Securities [Member] | Community First Statutory Trust I [Member] | Three month LIBOR [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Subordinated debenture basis spread on variable rate | 3.25% | ||||||
Federal Home Loan Bank Advances [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit facility maximum borrowing capacity | $ 677,537,000 | 811,394,000 | |||||
Line of credit facility additional borrowing capacity | 305,674,000 | 448,278,000 | |||||
Federal Reserve Bank [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit facility maximum borrowing capacity | 605,893,000 | ||||||
Pledged loan outstanding balance | 625,887,000 | ||||||
Pledged securities, fair value | 72,225,000 | ||||||
Secured borrowings from this facility | 0 | 0 | |||||
Bank Stock Loan [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Bank stock loan | 0 | 8,990,000 | |||||
Residential Mortgage-Backed Securities (Issued by Government-Sponsored Entities) [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Maturity Date | Jun. 30, 2030 | ||||||
Subordinated notes aggregate principal amount | $ 42,000,000 | 42,000,000 | |||||
Subordinated notes maturity date | Jun. 30, 2030 | ||||||
Subordinated notes commencement date | Dec. 30, 2020 | ||||||
Subordinated notes fixed interest rate percentage | 7.00% | ||||||
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 | ||||||
Subordinated notes commencement date | Dec. 30, 2020 | ||||||
Residential Mortgage-Backed Securities (Issued by Government-Sponsored Entities) [Member] | Subsequent Event [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Subordinated notes aggregate principal amount | $ 33,000,000 | ||||||
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 | ||||||
Subordinated notes commencement date | Sep. 30, 2025 | ||||||
Residential Mortgage-Backed Securities (Issued by Government-Sponsored Entities) [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Residential mortgage-backed securities, fair value | $ 54,049,000 | $ 40,412,000 |
Borrowings - Schedule of Borrow
Borrowings - Schedule of Borrowing Usage and Interest Rate (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Debt Disclosure [Abstract] | ||
Year-to-date average daily balance during the period | $ 42,468 | $ 42,459 |
Maximum month-end balance year-to-date | $ 53,543 | $ 45,575 |
Weighted average interest rate at period-end | 0.19% | 0.40% |
Borrowings - Summary of Federal
Borrowings - Summary of Federal Home Loan Bank Advances (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Federal Home Loan Bank Advances [Line Items] | ||
Total Federal Home Loan Bank advances | $ 344,900 | $ 324,373 |
Federal Home Loan Bank Line of Credit Advances [Member] | ||
Federal Home Loan Bank Advances [Line Items] | ||
Total Federal Home Loan Bank advances | $ 80,000 | $ 311,223 |
Total Federal Home Loan Bank advances, Weighted Average Rate | 0.35% | 1.79% |
Federal Home Loan Bank Fixed Rate Term Advances [Member] | ||
Federal Home Loan Bank Advances [Line Items] | ||
Total Federal Home Loan Bank advances | $ 264,855 | $ 13,095 |
Total Federal Home Loan Bank advances, Weighted Average Rate | 0.81% | 2.80% |
Total Federal Home Loan Bank advances, Weighted Average Term in Years | 3 months 18 days | 2 years 8 months 12 days |
Total Principal Outstanding [Member] | ||
Federal Home Loan Bank Advances [Line Items] | ||
Total Federal Home Loan Bank advances | $ 344,855 | $ 324,318 |
Merger Purchase Accounting Adjustment [Member] | ||
Federal Home Loan Bank Advances [Line Items] | ||
Total Federal Home Loan Bank advances | $ 45 | $ 55 |
Borrowings - Schedule of Bank S
Borrowings - Schedule of Bank Stock Loan Advances (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Jun. 30, 2020 | |
Debt Instrument Redemption [Line Items] | ||
Bank stock loan | $ 8,990,000 | |
Bank Stock Loan [Member] | ||
Debt Instrument Redemption [Line Items] | ||
Bank stock loan | $ 8,990,000 | $ 0 |
Bank stock loan, Weighted Average Rate | 4.75% | |
Bank stock loan, Weighted Average Term in Years | 3 years 8 months 12 days |
Borrowings - Schedule of Total
Borrowings - Schedule of Total Subordinated Debt (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Debt Instrument Redemption [Line Items] | ||
Subordinated debentures | $ 14,715 | $ 14,561 |
Subordinated debt | 55,575 | $ 14,561 |
Subordinated Notes [Member] | ||
Debt Instrument Redemption [Line Items] | ||
Subordinated debentures | 40,860 | |
Subordinated debt | $ 40,860 |
Borrowings - Schedule of Subord
Borrowings - Schedule of Subordinated Debentures (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Debt Instrument Redemption [Line Items] | ||
Subordinated debt | $ 55,575 | $ 14,561 |
Trust Preferred Securities [Member] | ||
Debt Instrument Redemption [Line Items] | ||
Subordinated debentures contractual balance | 20,620 | 20,620 |
Subordinated debentures fair market value adjustments | (5,905) | (6,059) |
Subordinated debt | 14,715 | 14,561 |
FCB Capital Trust II [Member] | Trust Preferred Securities [Member] | ||
Debt Instrument Redemption [Line Items] | ||
Subordinated debentures contractual balance | $ 10,310 | $ 10,310 |
Subordinated debentures, Weighted Average Rate | 3.22% | 3.99% |
Subordinated debentures, Weighted Average Term | 14 years 9 months 18 days | 15 years 3 months 18 days |
FCB Capital Trust III [Member] | Trust Preferred Securities [Member] | ||
Debt Instrument Redemption [Line Items] | ||
Subordinated debentures contractual balance | $ 5,155 | $ 5,155 |
Subordinated debentures, Weighted Average Rate | 2.20% | 3.78% |
Subordinated debentures, Weighted Average Term | 17 years | 17 years 6 months |
Community First Statutory Trust I [Member] | Trust Preferred Securities [Member] | ||
Debt Instrument Redemption [Line Items] | ||
Subordinated debentures contractual balance | $ 5,155 | $ 5,155 |
Subordinated debentures, Weighted Average Rate | 3.53% | 5.20% |
Subordinated debentures, Weighted Average Term | 12 years 6 months | 13 years |
Borrowings - Schedule of Subo_2
Borrowings - Schedule of Subordinated Notes (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 29, 2020 | Dec. 31, 2019 |
Debt Instrument Redemption [Line Items] | |||
Total subordinated notes | $ 14,715 | $ 14,561 | |
Residential Mortgage-Backed Securities (Issued by Government-Sponsored Entities) [Member] | |||
Debt Instrument Redemption [Line Items] | |||
Subordinated notes | 42,000 | $ 42,000 | |
Total principal outstanding | 42,000 | ||
Debt issuance cost | (1,140) | ||
Total subordinated notes | $ 40,860 |
Borrowings - Schedule of Future
Borrowings - Schedule of Future Principal Repayments (Detail) $ in Thousands | Jun. 30, 2020USD ($) |
Debt Instrument Redemption [Line Items] | |
Due in one year or less | $ 387,234 |
Due after one year through two years | 2,357 |
Due after two years through three years | 2,357 |
Due after three years through four years | 2,107 |
Due after four years through five years | 1,857 |
Thereafter | 63,120 |
Total | 459,032 |
Retail Repurchase Agreements [Member] | |
Debt Instrument Redemption [Line Items] | |
Due in one year or less | 51,557 |
Total | 51,557 |
Federal Home Loan Bank Advances [Member] | |
Debt Instrument Redemption [Line Items] | |
Due in one year or less | 335,677 |
Due after one year through two years | 2,357 |
Due after two years through three years | 2,357 |
Due after three years through four years | 2,107 |
Due after four years through five years | 1,857 |
Thereafter | 500 |
Total | 344,855 |
Subordinated Debentures [Member] | |
Debt Instrument Redemption [Line Items] | |
Thereafter | 20,620 |
Total | 20,620 |
Subordinated Notes [Member] | |
Debt Instrument Redemption [Line Items] | |
Thereafter | 42,000 |
Total | $ 42,000 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Jan. 27, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Dec. 31, 2019 | Apr. 18, 2019 |
Class of Stock [Line Items] | ||||||||
Number of preferred stock shares authorized | 10,000,000 | 10,000,000 | 10,000,000 | |||||
Preferred Stock, shares outstanding | 0 | 0 | 0 | 0 | ||||
ESPP compensation expense | $ 1,858 | $ 1,732 | ||||||
Repurchase of shares | 295,461 | |||||||
Outstanding common stock at an average price paid per Share | $ 23.33 | |||||||
Common Stock [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Common stock issued under employee stock purchase plan, share | 16,764 | |||||||
Repurchase of shares | 277,806 | 295,461 | 277,806 | 716,477 | ||||
Outstanding common stock at an average price paid per Share | $ 24.79 | |||||||
Maximum [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Number of shares authorized to be repurchased | 1,100,000 | |||||||
ESPP [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Common stock reserved for future issuance | 500,000 | |||||||
Percentage of common stock price per share equal to lower of fair market value of common stock | 85.00% | |||||||
First offering period, start date | Feb. 15, 2019 | |||||||
First offering period, end date | Aug. 14, 2019 | |||||||
Second offering period, start date | Aug. 15, 2019 | |||||||
Second offering period, end date | Feb. 14, 2020 | |||||||
Third offering period start date | Feb. 15, 2020 | |||||||
Third offering Period end date | Aug. 14, 2020 | |||||||
ESPP compensation expense | $ 21 | $ 40 | $ 50 | $ 62 | ||||
ESPP [Member] | First Offering [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Common stock issued under employee stock purchase plan, share | 19,221 | |||||||
Shares Issued, Price Per Share | $ 21.07 | $ 21.07 | 21.07 | |||||
ESPP [Member] | Second Offering [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Common stock issued under employee stock purchase plan, share | 16,795 | |||||||
Shares Issued, Price Per Share | $ 21.11 | $ 21.11 | $ 21.11 | |||||
Class A Common Stock [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Number of common stock shares authorized | 45,000,000 | 45,000,000 | 45,000,000 | |||||
Shares issued, par value | $ 0.01 | $ 0.01 | $ 0.01 | |||||
Class B Common Stock [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Number of common stock shares authorized | 5,000,000 | 5,000,000 | 5,000,000 | |||||
Shares issued, par value | $ 0.01 | $ 0.01 | $ 0.01 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Shares Issued and Held in Treasury or Outstanding (Detail) - shares | Jun. 30, 2020 | Dec. 31, 2019 |
Class A Common Stock [Member] | ||
Class of Stock [Line Items] | ||
Common stock - issued | 17,205,821 | 17,136,493 |
Common stock - held in treasury | (1,987,520) | (1,692,059) |
Common stock - outstanding | 15,218,301 | 15,444,434 |
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) |
Common stock - outstanding | 0 | 0 |
Stockholders' Equity - Componen
Stockholders' Equity - Components of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Total | $ 3,390 | $ (3) |
Accumulated Net Unrealized Investment Gain (Losses) [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Net unrealized or unamortized gains (losses) | 4,529 | (3) |
Tax effect | (1,139) | |
Available for Sale Securities [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Total | 3,854 | 737 |
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) | 5,149 | 985 |
Tax effect | (1,295) | (248) |
Held to Maturity Securities [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Total | (464) | (740) |
Held to Maturity Securities [Member] | Accumulated Net Unrealized Investment Gain (Losses) [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Net unrealized or unamortized gains (losses) | (620) | (988) |
Tax effect | $ 156 | $ 248 |
Regulatory Matters - Additional
Regulatory Matters - Additional Information (Detail) | Jun. 30, 2020 |
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 | 8 |
Total capital ratio to be well capitalized under rules and prompt corrective provisions | 10 |
Leverage ratio to be well capitalized under rules and prompt corrective provisions | 5 |
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 | Jun. 30, 2020USD ($) | Dec. 31, 2019USD ($) |
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 | 10 | |
Tier 1 capital to risk weighted assets, To Be Well Capitalized Under Prompt Corrective Provisions, Actual Ratio | 8 | |
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 | 5 | |
Equity Bancshares, Inc. [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total capital to risk weighted assets, Actual Amount | $ 415,036 | $ 352,853 |
Total capital to risk weighted assets, Actual Ratio | 0.1533 | 0.1259 |
Tier 1 capital to risk weighted assets, Actual Amount | $ 340,322 | $ 340,621 |
Tier 1 capital to risk weighted assets, Actual Ratio | 0.1257 | 0.1215 |
Common equity Tier 1 capital to risk weighted assets, Actual Amount | $ 325,607 | $ 326,060 |
Common equity Tier 1 capital to risk weighted assets, Actual Ratio | 0.1202 | 0.1163 |
Tier 1 leverage to average assets, Actual Amount | $ 340,322 | $ 340,621 |
Tier 1 leverage to average assets, Actual Ratio | 0.0852 | 0.0902 |
Tier 1 leverage to average assets, Minimum Required for Capital Adequacy Purposes, Actual Amount | $ 159,779 | $ 151,072 |
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 | $ 284,352 | $ 294,341 |
Total capital to risk weighted assets, Minimum Required for Capital Adequacy Purposes, Actual Ratio | 0.1050 | 0.1050 |
Tier 1 capital to risk weighted assets, Minimum Required for Capital Adequacy Purposes, Actual Amount | $ 230,190 | $ 238,276 |
Tier 1 capital to risk weighted assets, Minimum Required for Capital Adequacy Purposes, Actual Ratio | 0.0850 | 0.0850 |
Common equity Tier 1 capital to risk weighted assets, Minimum Required for Capital Adequacy Purposes, Actual Amount | $ 189,568 | $ 196,227 |
Common equity Tier 1 capital to risk weighted assets, Minimum Required for Capital Adequacy Purposes, Actual Ratio | 7.00% | 7.00% |
Tier 1 leverage to average assets, Minimum Required for Capital Adequacy Purposes, Actual Ratio | 0.0400 | 0.0400 |
Equity Bank [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total capital to risk weighted assets, Actual Amount | $ 388,292 | $ 348,951 |
Total capital to risk weighted assets, Actual Ratio | 0.1436 | 0.1247 |
Total capital to risk weighted assets, Minimum Required for Capital Adequacy Purposes, Actual Amount | $ 270,380 | $ 279,921 |
Total capital to risk weighted assets, To Be Well Capitalized Under Prompt Corrective Provisions, Actual Ratio | 0.1000 | 0.1000 |
Tier 1 capital to risk weighted assets, Actual Amount | $ 354,491 | $ 336,719 |
Tier 1 capital to risk weighted assets, Actual Ratio | 0.1311 | 0.1203 |
Tier 1 capital to risk weighted assets, To Be Well Capitalized Under Prompt Corrective Provisions, Actual Amount | $ 216,304 | $ 223,937 |
Tier 1 capital to risk weighted assets, To Be Well Capitalized Under Prompt Corrective Provisions, Actual Ratio | 0.0800 | 0.0800 |
Common equity Tier 1 capital to risk weighted assets, Actual Amount | $ 354,491 | $ 336,719 |
Common equity Tier 1 capital to risk weighted assets, Actual Ratio | 0.1311 | 0.1203 |
Common equity Tier 1 capital to risk weighted assets, To Be Well Capitalized Under Prompt Corrective Provisions, Actual Amount | $ 175,747 | $ 181,949 |
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 | $ 354,491 | $ 336,719 |
Tier 1 leverage to average assets, Actual Ratio | 0.0888 | 0.0892 |
Tier 1 leverage to average assets, Minimum Required for Capital Adequacy Purposes, Actual Amount | $ 159,603 | $ 150,943 |
Tier 1 leverage to average assets, To Be Well Capitalized Under Prompt Corrective Provisions, Actual Ratio | 0.0500 | 0.0500 |
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 | $ 283,899 | $ 293,917 |
Total capital to risk weighted assets, Minimum Required for Capital Adequacy Purposes, Actual Ratio | 0.1050 | 0.1050 |
Tier 1 capital to risk weighted assets, Minimum Required for Capital Adequacy Purposes, Actual Amount | $ 229,823 | $ 237,933 |
Tier 1 capital to risk weighted assets, Minimum Required for Capital Adequacy Purposes, Actual Ratio | 0.0850 | 0.0850 |
Common equity Tier 1 capital to risk weighted assets, Minimum Required for Capital Adequacy Purposes, Actual Amount | $ 189,266 | $ 195,945 |
Common equity Tier 1 capital to risk weighted assets, Minimum Required for Capital Adequacy Purposes, Actual Ratio | 7.00% | 7.00% |
Tier 1 leverage to average assets, Minimum Required for Capital Adequacy Purposes, Actual Ratio | 0.0400 | 0.0400 |
Tier 1 leverage to average assets, To Be Well Capitalized Under Prompt Corrective Provisions, Actual Amount | $ 199,504 | $ 188,679 |
Earnings Per Share - Summary of
Earnings Per Share - Summary of Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Basic: | ||||
Net income allocable to common stockholders | $ 1,689 | $ 9,232 | $ 2,947 | $ 5,159 |
Weighted average common shares outstanding | 15,209,388 | 15,723,116 | 15,297,028 | 15,761,333 |
Weighted average vested restricted stock units | 95 | 195 | 1,562 | 2,353 |
Weighted average shares | 15,209,483 | 15,723,311 | 15,298,590 | 15,763,686 |
Basic earnings per common share | $ 0.11 | $ 0.59 | $ 0.19 | $ 0.33 |
Diluted: | ||||
Net income allocable to common stockholders | $ 1,689 | $ 9,232 | $ 2,947 | $ 5,159 |
Weighted average common shares outstanding for: | ||||
Basic earnings per common share | 15,209,483 | 15,723,311 | 15,298,590 | 15,763,686 |
Dilutive effects of the assumed vesting of restricted stock units | 23,453 | 10,466 | 28,016 | 16,182 |
Average shares and dilutive potential common shares | 15,304,009 | 15,918,274 | 15,449,517 | 15,992,265 |
Diluted earnings per common share | $ 0.11 | $ 0.58 | $ 0.19 | $ 0.32 |
Stock Option [Member] | ||||
Weighted average common shares outstanding for: | ||||
Dilutive effects of the assumed exercise | 69,802 | 184,497 | 118,999 | 212,397 |
ESPP [Member] | ||||
Weighted average common shares outstanding for: | ||||
Dilutive effects of the assumed exercise | 1,271 | 3,912 |
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 | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total antidilutive shares | 640,850 | 512,752 | 495,698 | 322,993 |
Stock Option [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total antidilutive shares | 439,060 | 363,051 | 346,574 | 320,713 |
Restricted Stock Units [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total antidilutive shares | 201,790 | 149,701 | 149,124 | 2,280 |
Fair Value - Assets and Liabili
Fair Value - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Fair Value Of Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Available for sale securities | $ 177,228 | $ 142,067 |
Cash collateral held by counterparty and netting adjustments | 15 | 182 |
Residential Mortgage-Backed Securities (Issued by Government-Sponsored Entities) [Member] | ||
Fair Value Of Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Available for sale securities | 169,617 | 142,067 |
Corporate [Member] | ||
Fair Value Of Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Available for sale securities | 7,611 | |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ||
Fair Value Of Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Derivative assets | 15 | 182 |
Cash collateral held by counterparty and netting adjustments | 15 | 182 |
Equity securities with readily determinable fair value | 501 | 489 |
Total other assets | 501 | 489 |
Total assets | 516 | 671 |
Derivative liabilities | (9,426) | (4,004) |
Cash collateral held by counterparty and netting adjustments | (9,426) | (4,004) |
Total liabilities | (9,426) | (4,004) |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Fair Value Of Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Derivative assets | 8,084 | 3,535 |
Total assets | 177,701 | 145,602 |
Derivative liabilities | 9,550 | 4,076 |
Total liabilities | 9,550 | 4,076 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Other Assets [Member] | ||
Fair Value Of Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Derivative assets | 8,084 | 3,535 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Other Liabilities [Member] | ||
Fair Value Of Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Derivative liabilities | 9,550 | 4,076 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Residential Mortgage-Backed Securities (Issued by Government-Sponsored Entities) [Member] | ||
Fair Value Of Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Available for sale securities | 169,617 | $ 142,067 |
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 | $ 7,611 |
Fair Value - Additional Informa
Fair Value - Additional Information (Detail) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
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 | Jun. 30, 2020 | Dec. 31, 2019 |
Impaired Loans [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 | $ 4,687 | $ 2,411 |
Impaired Loans [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 | 8,739 | 15,688 |
Impaired Loans [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 | 3,252 | 2,920 |
Impaired Loans [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 | 4,065 | 866 |
Impaired Loans [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 | 1,796 | 1,549 |
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 | 5,014 | 1,268 |
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 | $ 619 | $ 42 |
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 | Jun. 30, 2020USD ($) | Dec. 31, 2019USD ($) |
Impaired Real Estate Loans [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Fair Value | $ 22,539 | $ 9,173 |
Alternative Investment Valuation Technique Extensible List | eqbk:SalesComparisonApproachMember | eqbk:SalesComparisonApproachMember |
Fair value unobservable input additional stress percentage | 10.00% | |
Impaired Real Estate Loans [Member] | Minimum [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Range | 0.09 | 0.03 |
Impaired Real Estate Loans [Member] | Maximum [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Range | 0.33 | 0.12 |
Impaired Real Estate Loans [Member] | Weighted Average [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Range | 0.21 | 0.08 |
Impaired Other Real Estate Owned [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Fair Value | $ 5,633 | $ 1,310 |
Alternative Investment Valuation Technique Extensible List | eqbk:SalesComparisonApproachMember | eqbk:SalesComparisonApproachMember |
Fair value unobservable input additional stress percentage | 13.29% | |
Impaired Other Real Estate Owned [Member] | Minimum [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Range | 0.10 | 0.10 |
Impaired Other Real Estate Owned [Member] | Maximum [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Range | 0.55 | 0.55 |
Impaired Other Real Estate Owned [Member] | Weighted Average [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Range | 0.33 | 0.32 |
Impaired Other Loans [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Fair Value | $ 14,261 | |
Alternative Investment Valuation Technique Extensible List | eqbk:MultipleOfEarningsMember |
Fair Value - Carrying Amount an
Fair Value - Carrying Amount and Estimated Fair Values of Financial Instrument (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | $ 178,290 | $ 89,291 |
Interest-bearing time deposits in other banks | 2,248 | 2,498 |
Available-for-sale securities | 177,228 | 142,067 |
Held-to-maturity securities | 662,522 | 769,059 |
Loans held for sale | 4,802 | 5,933 |
Loans, net of allowance for loan losses | 2,772,256 | 2,544,420 |
Federal Reserve Bank and Federal Home Loan Bank stock | 31,832 | 31,137 |
Interest receivable | 19,598 | 15,738 |
Derivative assets | 8,084 | 3,535 |
Total assets | 4,205,269 | 3,949,578 |
Deposits | 3,247,267 | 3,063,516 |
Federal funds purchased and retail repurchase agreements | 51,557 | 35,708 |
Federal Home Loan Bank advances | 344,900 | 324,373 |
Bank stock loan | 8,990 | |
Subordinated debt | 55,575 | 14,561 |
Contractual obligations | 5,571 | 5,836 |
Derivative Liabilities | 9,550 | 4,076 |
Total liabilities | 3,725,503 | 3,471,518 |
Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 178,290 | 89,291 |
Interest-bearing time deposits in other banks | 2,248 | 2,498 |
Available-for-sale securities | 177,228 | 142,067 |
Held-to-maturity securities | 662,522 | 769,059 |
Loans held for sale | 4,802 | 5,933 |
Loans, net of allowance for loan losses | 2,772,256 | 2,544,420 |
Federal Reserve Bank and Federal Home Loan Bank stock | 31,832 | 31,137 |
Interest receivable | 19,598 | 15,738 |
Derivative assets | 8,084 | 3,535 |
Cash collateral held by derivative counterparty and netting adjustments | 15 | 182 |
Total derivative assets | 8,099 | 3,717 |
Equity securities with readily determinable fair value | 501 | 489 |
Total assets | 3,857,376 | 3,604,349 |
Deposits | 3,247,267 | 3,063,516 |
Federal funds purchased and retail repurchase agreements | 51,557 | 35,708 |
Federal Home Loan Bank advances | 344,900 | 324,373 |
Bank stock loan | 8,990 | |
Subordinated debt | 55,575 | 14,561 |
Contractual obligations | 5,571 | 5,836 |
Interest payable | 3,202 | 4,454 |
Derivative Liabilities | 9,550 | 4,076 |
Cash collateral held by derivative counterparty and netting adjustments | (9,426) | (4,004) |
Total derivative liabilities | 124 | 72 |
Total liabilities | 3,708,196 | 3,457,510 |
Estimated Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 178,290 | 89,291 |
Interest-bearing time deposits in other banks | 2,248 | 2,498 |
Available-for-sale securities | 177,228 | 142,067 |
Held-to-maturity securities | 689,206 | 783,911 |
Loans held for sale | 4,802 | 5,933 |
Loans, net of allowance for loan losses | 2,753,585 | 2,538,209 |
Interest receivable | 19,598 | 15,738 |
Derivative assets | 8,084 | 3,535 |
Cash collateral held by derivative counterparty and netting adjustments | 15 | 182 |
Total derivative assets | 8,099 | 3,717 |
Equity securities with readily determinable fair value | 501 | 489 |
Deposits | 3,252,323 | 3,070,305 |
Federal funds purchased and retail repurchase agreements | 51,557 | 35,708 |
Federal Home Loan Bank advances | 345,601 | 324,373 |
Bank stock loan | 8,990 | |
Subordinated debt | 55,575 | 14,561 |
Contractual obligations | 5,571 | 5,836 |
Interest payable | 3,202 | 4,454 |
Derivative Liabilities | 9,550 | 4,076 |
Cash collateral held by derivative counterparty and netting adjustments | (9,426) | (4,004) |
Total derivative liabilities | 124 | 72 |
Total liabilities | 3,713,953 | 3,464,299 |
Estimated Fair Value [Member] | Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 178,290 | 89,291 |
Cash collateral held by derivative counterparty and netting adjustments | 15 | 182 |
Total derivative assets | 15 | 182 |
Equity securities with readily determinable fair value | 501 | 489 |
Cash collateral held by derivative counterparty and netting adjustments | (9,426) | (4,004) |
Total derivative liabilities | (9,426) | (4,004) |
Estimated Fair Value [Member] | Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest-bearing time deposits in other banks | 2,248 | 2,498 |
Available-for-sale securities | 177,228 | 142,067 |
Held-to-maturity securities | 689,206 | 783,911 |
Loans held for sale | 4,802 | 5,933 |
Interest receivable | 19,598 | 15,738 |
Derivative assets | 8,084 | 3,535 |
Total derivative assets | 8,084 | 3,535 |
Deposits | 3,252,323 | 3,070,305 |
Federal funds purchased and retail repurchase agreements | 51,557 | 35,708 |
Federal Home Loan Bank advances | 345,601 | 324,373 |
Bank stock loan | 8,990 | |
Subordinated debt | 55,575 | 14,561 |
Contractual obligations | 5,571 | 5,836 |
Interest payable | 3,202 | 4,454 |
Derivative Liabilities | 9,550 | 4,076 |
Total derivative liabilities | 9,550 | 4,076 |
Total liabilities | 3,723,379 | 3,468,303 |
Estimated Fair Value [Member] | Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans, net of allowance for loan losses | 2,753,585 | 2,538,209 |
Fair Value, Measurements, Nonrecurring [Member] | Estimated Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total assets | 3,833,557 | 3,581,853 |
Fair Value, Measurements, Nonrecurring [Member] | Estimated Fair Value [Member] | Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total assets | 178,806 | 89,962 |
Fair Value, Measurements, Nonrecurring [Member] | Estimated Fair Value [Member] | Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total assets | 901,166 | 953,682 |
Fair Value, Measurements, Nonrecurring [Member] | Estimated Fair Value [Member] | Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total assets | $ 2,753,585 | $ 2,538,209 |
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 | Jun. 30, 2020 | Dec. 31, 2019 |
Standby Letters of Credit [Member] | ||
Commitments And Contingencies [Line Items] | ||
Loans commitments, Fixed Rate | $ 2,914 | $ 2,877 |
Loans commitments, Variable Rate | 3,409 | 3,352 |
Commitments to Make Loans [Member] | ||
Commitments And Contingencies [Line Items] | ||
Loans commitments, Fixed Rate | 55,636 | 41,916 |
Loans commitments, Variable Rate | 101,156 | 141,685 |
Mortgage Loans in the Process of Origination [Member] | ||
Commitments And Contingencies [Line Items] | ||
Loans commitments, Fixed Rate | 11,338 | 9,200 |
Loans commitments, Variable Rate | 6,463 | 2,473 |
Unused Lines of Credit [Member] | ||
Commitments And Contingencies [Line Items] | ||
Loans commitments, Fixed Rate | 88,796 | 95,866 |
Loans commitments, Variable Rate | $ 164,601 | $ 150,749 |
Commitments and Credit Risk - A
Commitments and Credit Risk - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2020 | |
Minimum [Member] | |
Commitments And Contingencies [Line Items] | |
Fixed interest rate loan commitments | 2.44% |
Fixed interest rate loan commitments maturity period | 1 month |
Maximum [Member] | |
Commitments And Contingencies [Line Items] | |
Fixed interest rate loan commitments | 8.09% |
Fixed interest rate loan commitments maturity period | 191 months |
Legal Matters - Additional Info
Legal Matters - Additional Information (Detail) - USD ($) $ in Thousands | Nov. 06, 2019 | Apr. 22, 2019 | Jan. 01, 2018 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2017 |
Loss Contingencies [Line Items] | ||||||||
Loss contingency damages value | $ 1,474 | |||||||
Provision for loan losses | $ 14,500 | $ 12,500 | $ 974 | $ 22,440 | $ 16,620 | |||
Citi Mortgage, Inc [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Loss contingency damages value | $ 1,129 | |||||||
Obligation to Repurchase Receivables Sold | Citi Mortgage, Inc [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Loss contingency damages value | $ 2,700 | |||||||
Loss contingency, date of dismissal | Jan. 31, 2018 | |||||||
Loss contingency recorded | $ 477 |
Revenue Recognition - Summary o
Revenue Recognition - Summary of Company's Source of Non-interest Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | ||
Non-interest income | |||||
Increase in bank-owned life insurance | $ 481 | $ 499 | $ 963 | $ 987 | |
Net gain (loss) from securities transactions | 4 | 7 | 12 | 13 | |
Other | |||||
Total non-interest income | 5,732 | 6,451 | 11,038 | 11,775 | |
Service Charges and Fees [Member] | |||||
Non-interest income | |||||
Non-interest income | 1,365 | 2,240 | 3,391 | 4,163 | |
Other | |||||
Non-interest income | 1,365 | 2,240 | 3,391 | 4,163 | |
Debit Card Income [Member] | |||||
Non-interest income | |||||
Non-interest income | 2,201 | 2,186 | 4,244 | 3,924 | |
Other | |||||
Non-interest income | 2,201 | 2,186 | 4,244 | 3,924 | |
Accounting Standards Update 2014-09 [Member] | |||||
Non-interest income | |||||
Increase in bank-owned life insurance | [1] | 481 | 499 | 963 | 987 |
Net gain (loss) from securities transactions | [1] | 4 | 7 | 12 | 13 |
Other | |||||
Recovery on zero-basis purchased loans(a) | [1] | 92 | 32 | 106 | 78 |
Income from equity method investments(a) | [1] | 5 | 16 | 13 | |
Other non-interest income not related to loans and deposits(a) | [1] | 181 | 3 | 202 | 10 |
Total other non-interest income | 850 | 957 | 1,007 | 1,809 | |
Total non-interest income | 5,732 | 6,451 | 11,038 | 11,775 | |
Accounting Standards Update 2014-09 [Member] | Service Charges and Fees [Member] | |||||
Non-interest income | |||||
Non-interest income | 1,365 | 2,240 | 3,391 | 4,163 | |
Other | |||||
Non-interest income | 1,365 | 2,240 | 3,391 | 4,163 | |
Accounting Standards Update 2014-09 [Member] | Debit Card Income [Member] | |||||
Non-interest income | |||||
Non-interest income | 2,201 | 2,186 | 4,244 | 3,924 | |
Other | |||||
Non-interest income | 2,201 | 2,186 | 4,244 | 3,924 | |
Accounting Standards Update 2014-09 [Member] | Mortgage Banking [Member] | |||||
Non-interest income | |||||
Non-interest income | [1] | 831 | 562 | 1,421 | 879 |
Accounting Standards Update 2014-09 [Member] | Investment Referral Income [Member] | |||||
Non-interest income | |||||
Non-interest income | 133 | 149 | 299 | 324 | |
Other | |||||
Non-interest income | 133 | 149 | 299 | 324 | |
Accounting Standards Update 2014-09 [Member] | Trust Income [Member] | |||||
Non-interest income | |||||
Non-interest income | 83 | 59 | 154 | 120 | |
Other | |||||
Non-interest income | 83 | 59 | 154 | 120 | |
Accounting Standards Update 2014-09 [Member] | Insurance Sales Commissions [Member] | |||||
Non-interest income | |||||
Non-interest income | 11 | 15 | 29 | 45 | |
Other | |||||
Non-interest income | 11 | 15 | 29 | 45 | |
Accounting Standards Update 2014-09 [Member] | Other Non Interest Income Related To Loans and Deposits [Member] | |||||
Non-interest income | |||||
Non-interest income | 345 | 683 | 217 | 1,219 | |
Other | |||||
Non-interest income | $ 345 | $ 683 | $ 217 | $ 1,219 | |
[1] | (a) |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Jul. 23, 2020 | Jun. 29, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 |
Subsequent Event [Line Items] | ||||||
Repurchase of shares | 295,461 | |||||
Outstanding common stock at an average price paid per Share | $ 23.33 | |||||
Common Stock [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Repurchase of shares | 277,806 | 295,461 | 277,806 | 716,477 | ||
Outstanding common stock at an average price paid per Share | $ 24.79 | |||||
Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Number of shares authorized to be repurchased | 383,523 | |||||
Subsequent Event [Member] | Common Stock [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Repurchase of shares | 716,477 | |||||
Outstanding common stock at an average price paid per Share | $ 24.79 | |||||
Residential Mortgage-Backed Securities (Issued by Government-Sponsored Entities) [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Subordinated notes aggregate principal amount | $ 42,000 | $ 42,000 | $ 42,000 | |||
Subordinated notes fixed interest rate percentage | 7.00% | |||||
Subordinated notes maturity date | 2030 | |||||
Residential Mortgage-Backed Securities (Issued by Government-Sponsored Entities) [Member] | Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Subordinated notes aggregate principal amount | $ 33,000 |