Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Oct. 31, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | EQBK | |
Entity Registrant Name | EQUITY BANCSHARES INC | |
Entity Central Index Key | 0001227500 | |
Entity Current Reporting Status | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Class A Common Stock, Shares Outstanding | 16,851,049 | |
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 | Sep. 30, 2021 | Dec. 31, 2020 |
ASSETS | ||
Cash and due from banks | $ 141,645 | $ 280,150 |
Federal funds sold | 673 | 548 |
Cash and cash equivalents | 142,318 | 280,698 |
Interest-bearing time deposits in other banks | 249 | |
Available-for-sale securities | 1,157,423 | 871,827 |
Loans held for sale | 4,108 | 12,394 |
Loans, net of allowance for credit losses of $52,763 and $33,709 | 2,633,148 | 2,557,987 |
Other real estate owned, net | 10,267 | 11,733 |
Premises and equipment, net | 90,727 | 89,412 |
Bank-owned life insurance | 103,431 | 77,044 |
Federal Reserve Bank and Federal Home Loan Bank stock | 14,540 | 16,415 |
Interest receivable | 15,519 | 15,831 |
Goodwill | 31,601 | 31,601 |
Core deposit intangibles, net | 12,963 | 16,057 |
Other | 47,223 | 32,108 |
Total assets | 4,263,268 | 4,013,356 |
Deposits | ||
Demand | 984,436 | 791,639 |
Total non-interest-bearing deposits | 984,436 | 791,639 |
Savings, NOW and money market | 2,092,849 | 2,029,097 |
Time | 585,492 | 626,854 |
Total interest-bearing deposits | 2,678,341 | 2,655,951 |
Total deposits | 3,662,777 | 3,447,590 |
Federal funds purchased and retail repurchase agreements | 39,137 | 36,029 |
Federal Home Loan Bank advances | 10,144 | |
Subordinated debt | 88,030 | 87,684 |
Contractual obligations | 18,771 | 5,189 |
Interest payable and other liabilities | 36,804 | 19,071 |
Total liabilities | 3,845,519 | 3,605,707 |
Commitments and contingent liabilities | ||
Stockholders' equity | ||
Common stock | 178 | 174 |
Additional paid-in capital | 392,321 | 386,820 |
Retained earnings | 79,226 | 50,787 |
Accumulated other comprehensive income, net of tax | 9,475 | 19,781 |
Employee stock loans | (43) | |
Treasury stock | (63,451) | (49,870) |
Total stockholders’ equity | 417,749 | 407,649 |
Total liabilities and stockholders’ equity | $ 4,263,268 | $ 4,013,356 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 |
Statement Of Financial Position [Abstract] | ||||||
Loans, allowance for credit losses | $ 52,763 | $ 51,834 | $ 33,709 | $ 34,087 | $ 34,078 | $ 12,232 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Interest and dividend income | ||||
Loans, including fees | $ 37,581 | $ 32,278 | $ 102,392 | $ 99,281 |
Securities, taxable | 3,920 | 3,476 | 11,242 | 12,113 |
Securities, nontaxable | 655 | 923 | 2,096 | 2,769 |
Federal funds sold and other | 290 | 405 | 846 | 1,409 |
Total interest and dividend income | 42,446 | 37,082 | 116,576 | 115,572 |
Interest expense | ||||
Deposits | 1,881 | 3,064 | 6,316 | 13,827 |
Federal funds purchased and retail repurchase agreements | 24 | 25 | 72 | 80 |
Federal Home Loan Bank advances | 10 | 471 | 155 | 2,198 |
Federal Reserve Bank discount window | 6 | |||
Bank stock loan | 415 | |||
Subordinated debt | 1,556 | 1,415 | 4,669 | 1,953 |
Total interest expense | 3,471 | 4,975 | 11,212 | 18,479 |
Net interest income | 38,975 | 32,107 | 105,364 | 97,093 |
Provision (reversal) for credit losses | 1,058 | 815 | (6,355) | 23,255 |
Net interest income after provision (reversal) for credit losses | 37,917 | 31,292 | 111,719 | 73,838 |
Non-interest income | ||||
Increase in value of bank-owned life insurance | 1,169 | 489 | 2,446 | 1,452 |
Net gain on acquisition | 585 | |||
Other | 546 | 922 | 3,902 | 1,929 |
Total non-interest income | 7,831 | 6,485 | 23,643 | 17,523 |
Net gain from securities transactions | 381 | 398 | 12 | |
Non-interest expense | ||||
Salaries and employee benefits | 13,588 | 13,877 | 39,079 | 40,076 |
Net occupancy and equipment | 2,475 | 2,224 | 7,170 | 6,578 |
Data processing | 3,257 | 2,817 | 9,394 | 8,243 |
Professional fees | 1,076 | 877 | 3,148 | 3,187 |
Advertising and business development | 760 | 598 | 2,241 | 1,697 |
Telecommunications | 439 | 486 | 1,531 | 1,363 |
FDIC insurance | 465 | 360 | 1,305 | 1,291 |
Courier and postage | 344 | 366 | 1,040 | 1,103 |
Free nationwide ATM cost | 519 | 439 | 1,504 | 1,186 |
Amortization of core deposit intangibles | 1,030 | 1,030 | 3,094 | 2,806 |
Loan expense | 207 | 107 | 626 | 628 |
Other real estate owned | (342) | 133 | (805) | 710 |
Loss on debt extinguishment | 372 | 372 | ||
Merger expenses | 4,015 | 4,627 | ||
Goodwill impairment | 104,831 | 104,831 | ||
Other | 2,484 | 2,690 | 7,050 | 6,831 |
Total non-interest expense | 30,689 | 130,835 | 81,376 | 180,530 |
Income (loss) before income taxes | 15,059 | (93,058) | 53,986 | (89,169) |
Provision (benefit) for income taxes | 3,286 | (2,653) | 11,972 | (1,711) |
Net income (loss) and net income (loss) allocable to common stockholders | $ 11,773 | $ (90,405) | $ 42,014 | $ (87,458) |
Basic earnings (loss) per share | $ 0.82 | $ (6.01) | $ 2.92 | $ (5.75) |
Diluted earnings (loss) per share | $ 0.80 | $ (6.01) | $ 2.86 | $ (5.75) |
Service Charges and Fees [Member] | ||||
Non-interest income | ||||
Non-interest income | $ 2,360 | $ 1,706 | $ 6,125 | $ 5,097 |
Debit Card Income [Member] | ||||
Non-interest income | ||||
Non-interest income | 2,574 | 2,491 | 7,603 | 6,735 |
Mortgage Banking [Member] | ||||
Non-interest income | ||||
Non-interest income | $ 801 | $ 877 | $ 2,584 | $ 2,298 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income | $ 11,773 | $ (90,405) | $ 42,014 | $ (87,458) |
Other comprehensive income (loss): | ||||
Unrealized holding gain (loss) arising during the period on available-for-sale securities | (5,683) | (1,843) | (14,141) | 2,321 |
Less: reclassification for net gains included in net income | 373 | 373 | ||
Unrealized holding gain arising from the transfer of held-to-maturity securities to available-for-sale | 24,848 | 24,848 | ||
Amortization of unrealized loss on held-to-maturity securities | 620 | 988 | ||
Total other comprehensive income (loss) | (5,310) | 23,625 | (13,768) | 28,157 |
Tax effect | 1,335 | (5,941) | 3,462 | (7,080) |
Other comprehensive income (loss), net of tax | (3,975) | 17,684 | (10,306) | 21,077 |
Comprehensive income | $ 7,798 | $ (72,721) | $ 31,708 | $ (66,381) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Employee Stock Loans [Member] | Treasury Stock [Member] |
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 | (87,458) | (87,458) | |||||
Other comprehensive income (loss), net of tax effects | 21,077 | 21,077 | |||||
Stock-based compensation | 2,670 | 2,670 | |||||
Stock based compensation, shares | 17,703 | ||||||
Common stock issued upon exercise of stock options | 20 | 20 | |||||
Common stock issued upon exercise of stock options, shares | 1,150 | ||||||
Common stock issued under stock-based incentive plan, shares | 34,591 | ||||||
Common stock issued under employee stock purchase plan | 596 | 596 | |||||
Common stock issued under employee stock purchase plan, share | 34,593 | ||||||
Repayment on employee stock loans | 34 | 34 | |||||
Treasury stock purchases | (12,827) | (12,827) | |||||
Treasury stock purchases, shares | (678,984) | ||||||
Ending balance at Sep. 30, 2020 | 402,172 | $ 174 | 386,017 | 38,299 | 21,074 | (43) | (43,349) |
Ending balance, shares at Sep. 30, 2020 | 14,853,487 | ||||||
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 | ||||||
Treasury stock purchases, shares | (1,100,000) | ||||||
Ending balance at Dec. 31, 2020 | 407,649 | $ 174 | 386,820 | 50,787 | 19,781 | (43) | (49,870) |
Ending balance, shares at Dec. 31, 2020 | 14,540,556 | ||||||
Beginning balance at Jun. 30, 2020 | 479,766 | $ 174 | 384,955 | 128,704 | 3,390 | (43) | (37,414) |
Beginning balance, shares at Jun. 30, 2020 | 15,218,301 | ||||||
Net income | (90,405) | (90,405) | |||||
Other comprehensive income (loss), net of tax effects | 17,684 | 17,684 | |||||
Stock-based compensation | 812 | 812 | |||||
Common stock issued upon exercise of stock options | 8 | 8 | |||||
Common stock issued upon exercise of stock options, shares | 500 | ||||||
Common stock issued under stock-based incentive plan, shares | 380 | ||||||
Common stock issued under employee stock purchase plan | 242 | 242 | |||||
Common stock issued under employee stock purchase plan, share | 17,829 | ||||||
Treasury stock purchases | (5,935) | (5,935) | |||||
Treasury stock purchases, shares | (383,523) | ||||||
Ending balance at Sep. 30, 2020 | 402,172 | $ 174 | 386,017 | 38,299 | 21,074 | (43) | (43,349) |
Ending balance, shares at Sep. 30, 2020 | 14,853,487 | ||||||
Beginning balance at Dec. 31, 2020 | 407,649 | $ 174 | 386,820 | 50,787 | 19,781 | (43) | (49,870) |
Beginning balance, shares at Dec. 31, 2020 | 14,540,556 | ||||||
Net income | 42,014 | 42,014 | |||||
Other comprehensive income (loss), net of tax effects | (10,306) | (10,306) | |||||
Cash dividends declared at $0.08 percommon share | (1,172) | (1,172) | |||||
Stock-based compensation | 2,226 | 2,226 | |||||
Stock based compensation, shares | 10,242 | ||||||
Common stock issued upon exercise of stock options | 2,708 | $ 2 | 2,706 | ||||
Common stock issued upon exercise of stock options, shares | 188,692 | ||||||
Common stock issued under stock-based incentive plan | $ 1 | (1) | |||||
Common stock issued under stock-based incentive plan, shares | 72,804 | ||||||
Common stock issued under employee stock purchase plan | 571 | $ 1 | 570 | ||||
Common stock issued under employee stock purchase plan, share | 33,655 | ||||||
Repayment on employee stock loans | 43 | $ 43 | |||||
Treasury stock purchases | (13,581) | (13,581) | |||||
Treasury stock purchases, shares | (480,164) | ||||||
Implementation of ASU 2016-13,Current Expected Credit Losses | (12,403) | (12,403) | |||||
Ending balance at Sep. 30, 2021 | 417,749 | $ 178 | 392,321 | 79,226 | 9,475 | (63,451) | |
Ending balance, shares at Sep. 30, 2021 | 14,365,785 | ||||||
Beginning balance at Jun. 30, 2021 | 412,995 | $ 176 | 389,394 | 68,625 | 13,450 | (58,650) | |
Beginning balance, shares at Jun. 30, 2021 | 14,360,172 | ||||||
Net income | 11,773 | 11,773 | |||||
Other comprehensive income (loss), net of tax effects | (3,975) | (3,975) | |||||
Cash dividends declared at $0.08 percommon share | (1,172) | (1,172) | |||||
Stock-based compensation | 566 | 566 | |||||
Stock based compensation, shares | 891 | ||||||
Common stock issued upon exercise of stock options | 2,033 | $ 1 | 2,032 | ||||
Common stock issued upon exercise of stock options, shares | 139,456 | ||||||
Common stock issued under stock-based incentive plan, shares | (380) | ||||||
Common stock issued under employee stock purchase plan | 330 | $ 1 | 329 | ||||
Common stock issued under employee stock purchase plan, share | 16,034 | ||||||
Treasury stock purchases | (4,801) | (4,801) | |||||
Treasury stock purchases, shares | (151,148) | ||||||
Ending balance at Sep. 30, 2021 | $ 417,749 | $ 178 | $ 392,321 | $ 79,226 | $ 9,475 | $ (63,451) | |
Ending balance, shares at Sep. 30, 2021 | 14,365,785 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended |
Sep. 30, 2021 | Sep. 30, 2021 | |
Statement Of Stockholders Equity [Abstract] | ||
Cash dividends declared per common share | $ 0.08 | $ 0.08 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash flows from operating activities | ||
Net income | $ 42,014 | $ (87,458) |
Adjustments to reconcile net income to net cash from operating activities: | ||
Stock-based compensation | 2,226 | 2,670 |
Depreciation | 3,038 | 2,780 |
Amortization of operating lease right-of-use asset | 302 | 462 |
Amortization of cloud computing implementation costs | 124 | 81 |
Provision (reversal) for credit losses | (6,355) | 23,255 |
Goodwill impairment | 104,831 | |
Net (accretion) amortization of premiums, discounts and deferred fees and costs on loans | 16,405 | (1,627) |
Amortization (accretion) of premiums and discounts on securities | 7,275 | 4,406 |
Amortization of intangibles | 3,126 | 2,843 |
Deferred income taxes | (2,311) | (5,015) |
Federal Home Loan Bank stock dividends | (23) | (585) |
Loss (gain) on sales and valuation adjustments on other real estate owned | (1,263) | 120 |
Net loss (gain) on securities transactions | (373) | |
Change in unrealized loss (gain) on equity securities | (25) | (12) |
Loss (gain) on disposal of premises and equipment | (18) | 1 |
Loss (gain) on lease termination | (2) | |
Loss (gain) on sale of foreclosed assets | (28) | 280 |
Loss (gain) on sales of loans | (2,205) | (1,895) |
Originations of loans held for sale | (76,982) | (87,429) |
Proceeds from the sale of loans held for sale | 87,325 | 85,780 |
Increase in the value of bank-owned life insurance | (2,446) | (1,452) |
Change in fair value of derivatives recognized in earnings | (197) | 411 |
Gain on acquisition | (585) | |
Payments on operating lease payable | (374) | (544) |
Net change in: | ||
Interest receivable | 312 | (2,371) |
Other assets | 10,113 | (5,729) |
Interest payable and other liabilities | 562 | 2,627 |
Net cash provided by (used in) operating activities | 79,635 | 36,430 |
Cash flows from (to) investing activities | ||
Purchases of available-for-sale securities | (633,884) | (91,495) |
Purchases of held-to-maturity securities | (2,754) | |
Proceeds from sales, calls, pay-downs and maturities of available-for-sale securities | 339,702 | 73,588 |
Proceeds from calls, pay-downs and maturities of held-to-maturity securities | 156,963 | |
Net change in interest-bearing time deposits in other banks | 249 | 1,999 |
Net change in loans | 127,770 | (172,154) |
Purchases of mortgage loans | (214,181) | |
Purchases of government guaranteed loans | (10,958) | |
Capitalized construction cost of other real estate owned | (62) | |
Purchase of premises and equipment | (4,358) | (6,388) |
Proceeds from sale of premises and equipment | 24 | 16 |
Proceeds from sale of foreclosed assets | 152 | 1,991 |
Net redemption (purchase) of Federal Home Loan Bank and Federal Reserve Bank stock | 1,898 | (823) |
Net redemption (purchase) of correspondent and miscellaneous other stock | (68) | |
Proceeds from sale of other real estate owned | 3,102 | 3,947 |
Purchase of bank-owned life insurance | (25,000) | |
Proceeds from bank-owned life insurance death benefits | 1,059 | |
Net cash provided by (used in) investing activities | (414,493) | (35,172) |
Cash flows from (to) financing activities | ||
Net increase (decrease) in deposits | 215,171 | 70,019 |
Net change in federal funds purchased and retail repurchase agreements | 3,108 | 10,587 |
Net borrowings (payments) on Federal Home Loan Bank line of credit | (157,223) | |
Proceeds from Federal Home Loan Bank term advances | 70,000 | 253,000 |
Principal payments on Federal Home Loan Bank term advances | (80,107) | (252,273) |
Proceeds from Federal Reserve Bank discount window | 1,000 | 62,000 |
Principal payments on Federal Reserve Bank discount window | (1,000) | (62,000) |
Proceeds from bank stock loan | 38,354 | |
Principal payments on bank stock loan | (47,344) | |
Principal payments on employee stock loans | 43 | 34 |
Proceeds from the exercise of employee stock options | 2,708 | 20 |
Proceeds from employee stock purchase plan | 571 | 596 |
Proceeds from subordinated notes | 75,000 | |
Debt issuance cost | (16) | (2,295) |
Purchase of treasury stock | (13,581) | (12,827) |
Net change in contractual obligations | (1,419) | (358) |
Net cash provided by (used in) financing activities | 196,478 | (24,710) |
Net change in cash and cash equivalents | (138,380) | (23,452) |
Cash and cash equivalents, beginning of period | 280,698 | 89,291 |
Ending cash and cash equivalents | 142,318 | 65,839 |
Supplemental cash flow information: | ||
Interest paid | 10,228 | 19,730 |
Income taxes paid, net of refunds | 11,990 | 2,208 |
Supplemental noncash disclosures: | ||
Other real estate owned acquired in settlement of loans | 876 | 2,456 |
Other real estate owned transferred from premise and equipment | 1,982 | |
Other repossessed assets acquired in settlement of loans | 68 | $ 2,035 |
Investment securities purchased but not settled | 12,084 | |
Purchase of low-income tax credit investment and resulting contractual obligations | $ 15,000 |
BASIS OF PRESENTATION AND SUMMA
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 1 – BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The interim consolidated financial statements include the accounts of Equity Bancshares, Inc., its wholly-owned subsidiaries, 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, 2020, included in the Company’s Annual Report on Form 10-K filed with the SEC on March 9, 2021. Operating results for the nine months ended September 30, 2021, are not necessarily indicative of the results that may be expected for the year ending December 31, 2021, 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 could be impacted, to varying degrees, 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 from COVID-19. 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. It is not possible to know the full universe or extent of impact to the Company’s operations brought about from COVID-19 and resulting measures to curtail its spread. 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. 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. Credit 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 the Company to respond proactively as needs and issues arise. Should economic conditions worsen, the Company could experience further increases in its required allowance for credit losses and record additional provision for credit 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 COVID-19. Our exposure from outstanding loans and commitments to industries which we consider a higher risk totaled approximately $306,174 in hospitality and $36,031 in aircraft manufacturing at September 30, 2021. Allowance for Credit Losses - Loans As described below under Recently Adopted Accounting Pronouncements, the Company adopted the FASB ASU 2016-13 effective January 1, 2021, which requires the estimation of an allowance for credit losses in accordance with the current expected credit loss (“CECL”) methodology. Management assesses the adequacy of the allowance on a quarterly basis. This assessment includes procedures to estimate the allowance and test the adequacy and appropriateness of the resulting balance. The level of the allowance is based upon management’s evaluation of historical default and loss experience, current and projected economic conditions, asset quality trends, known and inherent risks in the portfolio, adverse situations that may affect the borrower’s ability to repay a loan (including the timing of future payments), the estimated value of any underlying collateral, composition of the loan portfolio, industry and peer bank loan quality indications and other pertinent factors, including regulatory recommendations. The level of the allowance for credit losses maintained by management is believed adequate to absorb all expected future losses inherent in the loan portfolio at the balance sheet date. The allowance is adjusted through provision for credit losses and charge-offs, net of recoveries of amounts previously charged off. The Company adopted ASC Topic 326 using the modified retrospective method for all financial assets measured at amortized cost and off-balance sheet credit exposures. Results for the reporting periods beginning after January 1, 2021, are presented under ASC Topic 326, while prior amounts continue to be reported in accordance with previously applicable GAAP. The Company adopted ASC 326 using the prospective transition approach for financial assets purchased with credit deterioration (“PCD”) that were previously classified as purchased credit impaired (“PCI”) and accounted for under ASC 310-30. In accordance with the standard, management did not reassess whether PCI assets met the criteria of PCD assets as of the date of adoption. On January 1, 2021, the amortized cost basis of the PCD assets were adjusted to reflect the addition of $10,438 to the allowance for credit losses. The remaining noncredit discount (based on the adjusted amortized cost basis) will be accreted into interest income at the effective interest rate as of January 1, 2021. The allowance for credit losses is measured on a collective basis for pools of loans with similar risk characteristics. The Company has identified the following pools of financial assets with similar risk characteristics for measuring expected credit losses. • Commercial real estate mortgage loans – Owner occupied commercial real estate mortgage loans are secured by commercial office buildings, industrial buildings, warehouses or retail buildings where the owner of the building occupies the property. For such loans, repayment is largely dependent upon the operation of the borrower's business. • Commercial and industrial loans – Commercial and industrial loans include loans to business enterprises issued for commercial, industrial and/or other professional purposes. These loans are generally secured by equipment, inventory and accounts receivable of the borrower and repayment is primarily dependent on business cash flows. • Residential real estate mortgage loans – Residential real estate mortgage consists primarily of loans secured by 1-4 family residential properties, including home equity lines of credit. Repayment is primarily dependent on the personal cash flow of the borrower. • Agricultural real estate loans – Agricultural real estate loans are secured by real estate related to farmland and are affected by the value of farmland. Generally, the borrower’s ability to repay is based on the value of farmland and cash flows from farming operations. • Agricultural production loans – Agricultural production loans are primarily operating lines subject to annual farming revenues, including productivity and yield of farm products and market pricing at the time of sale. • Consumer – Consumer loans include all loans issued to individuals not included in the categories above. Examples of consumer and other loans are automobile loans, consumer credit cards and loans to finance education, among others. Many consumer loans are unsecured. Repayment is primarily dependent on the personal cash flow of the borrower. The Company primarily utilizes a probability of default (“PD”) and loss given default (“LGD”) modeling approach for historical loss coupled with a macroeconomic factor analysis derived from a statistical regression of loss experience correlated to changes in economic factors for all commercial banks operating within our geographical footprint. The macroeconomic regression is based on a multivariate approach and includes key indicators that provide the highest cumulative adjusted R-square figure. Economic factors include, but are not limited to, national unemployment, gross domestic product, market interest rates and property pricing indices. To arrive at the most predictive calculation, a lag factor was applied to these inputs, resulting in current and historic economic inputs driving the projection of loss over our reasonable, supportable forecast period which management has defined as 12 months for all portfolio segments. Following the reasonable and supportable forecast period loss experience immediately reverts to the longer run historical loss experience of the Company. The resultant loss rates are applied to the estimated future exposure at default (“EAD”), as determined based on contractual amortization terms through an average default month and estimated prepayment experience in arriving at the quantitative reserve within our allowance for credit losses. The estimated loan losses for all loan segments are adjusted for changes in qualitative factors not inherently considered in the quantitative analyses. The qualitative categories and the measurements used to quantify the risks within each of these categories are subjectively selected by management but measured by objective measurements period over period. The data for each measurement may be obtained from internal or external sources. The current period measurements are evaluated and assigned a factor commensurate with the current level of risk relative to past measurements over time. The resulting qualitative adjustments are applied to the relevant collectively evaluated loan portfolios. These adjustments are based upon quarterly trend assessments in projective economic sentiment, portfolio concentrations, policy exceptions, personnel retention, independent loan review results, collateral considerations, risk ratings and competition. The qualitative allowance allocation, as determined by the processes noted above, is increased or decreased for each loan segment based on the assessment of these various qualitative factors. Due to the inclusion of a lag factor in our quantitative economic analysis discussed above, the allowance for credit losses, as of implementation and through the reporting date, is heavily influenced by the qualitative economic factor considered by management to be reflective of risk associated with the COVID-19 pandemic. Loans that do not share similar risk characteristics with the collectively evaluated pools are evaluated on an individual basis and are excluded from the collectively evaluated loan pools. Such loans are evaluated for credit losses based on either discounted cash flows or the fair value of collateral. When management determines that foreclosure is probable, expected credit losses are based on the fair value of the collateral, less selling costs. For loans for which foreclosure is not probable, but for which repayment is expected to be provided substantially through the operation or sale of the collateral, the Company has elected the practical expedient under ASC 326 to estimate expected credit losses based on the fair value of collateral, with selling costs considered in the event sale of the collateral is expected. Loans for which terms have been modified in a troubled debt restructuring (“TDR”) are evaluated using these same individual evaluation methods. In the event the discounted cash flow method is used for a TDR, the original interest rate is used to discount expected cash flows. In assessing the adequacy of the allowance for credit losses, the Company considers the results of the Company’s ongoing, independent loan review process. The Company undertakes this process both to ascertain those loans in the portfolio with elevated credit risk and to assist in its overall evaluation of the risk characteristics of the entire loan portfolio. Its loan review process includes the judgment of management, independent internal loan reviewers and reviews that may have been conducted by third-party reviewers including regulatory examiners. The Company incorporates relevant loan review results when determining the allowance. In accordance with CECL, losses are estimated over the remaining contractual terms of loans, adjusted for estimated prepayments. The contractual term excludes expected extensions, renewals and modifications unless management has a reasonable expectation at the reporting date that a troubled debt restructuring will be executed or such renewals, extensions or modifications are included in the original loan agreement and are not unconditionally cancellable by the Company. Credit losses are estimated on the amortized cost basis of loans, which includes the principal balance outstanding, purchase discounts and premiums and loan fees and costs. Accrued interest receivable, as allowed under ASU 2016-13, is excluded from the credit loss estimate. In addition, accrued interest receivable is presented separately on the balance sheets and is excluded from the tabular loan disclosures in Note 3. The Company’s policies and procedures used to estimate the allowance for credit losses, as well as the resultant provision for credit losses charged to income, are considered adequate by management and are reviewed periodically by regulators, model validators and internal audit, they are inherently approximate estimates and imprecise. There are factors beyond the Company’s control, such as changes in projected economic conditions, real estate markets or particular industry conditions which may materially impact asset quality and the adequacy of the allowance for credit losses and thus the resulting provision for credit losses. Allowance for Credit Losses – Off-Balance-Sheet Credit Exposures The Company estimates expected credit losses over the contractual term of obligations to extend credit, unless the obligation is unconditionally cancellable. The allowance for off-balance-sheet exposures is adjusted through other noninterest expense. The estimates are determined based on the likelihood of funding during the contractual term and an estimate of credit losses subsequent to funding. Estimated credit losses on subsequently funded balances are based on the same assumptions used to estimate credit losses on existing funded loans. Allowance for Credit Losses – Securities Available-for-Sale For any securities classified as available-for-sale that are in an unrealized loss position at the balance sheet date, the Company assesses whether or not it intends to sell the security, or more likely than not will be required to sell the security, before recovery of its amortized cost basis. If either criterion is met, the security's amortized cost basis is written down to fair value through net income. If neither criterion is met, the Company evaluates whether any portion of the decline in fair value is the result of credit deterioration. Such evaluations consider the extent to which the amortized cost of the security exceeds its fair value, changes in credit ratings and any other known adverse conditions related to the specific security. If the evaluation indicates that a credit loss exists, an allowance for credit losses is recorded for the amount by which the amortized cost basis of the security exceeds the present value of cash flows expected to be collected, limited by the amount by which the amortized cost exceeds fair value. Any impairment not recognized in the allowance for credit losses is recognized in other comprehensive income. Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-13, Financial Instruments – Credit Losses, 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 modifications made on a good faith basis in response to COVID-19 to borrowers who were current prior to any relief, are not to be considered TDRs. This includes short-term modifications such as payment deferrals, fee waivers, extensions of repayment terms or other delays in payment that are insignificant. Borrowers considered current are those that are less than 30 days past due on their contractual payments at the time a modification program is implemented. The CARES Act provisions were further extended to the earlier of 60 days after the national emergency termination date or January 1, 2022, by section 541 of the CAA. In addition, loan deferrals can be qualified under section 4013 of the CARES Act during the extended relief period if certain criteria are met. This interagency guidance and CARES Act provisions have had a material impact on the Company’s financial statements as reflected in Note 3. In March 2020, the FASB issued ASU 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848) |
SECURITIES
SECURITIES | 9 Months Ended |
Sep. 30, 2021 | |
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 Allowance for Credit Losses Fair Value September 30, 2021 Available-for-sale securities U.S. Government-sponsored entities $ 100,259 $ 8 $ (527 ) $ — $ 99,740 U.S. Treasury securities 87,416 58 (668 ) — 86,806 Mortgage-backed securities Government-sponsored residential mortgage-backed securities 639,254 13,485 (3,714 ) — 649,025 Private label residential mortgage-backed securities 148,631 13 (696 ) — 147,948 Corporate 52,535 1,636 (100 ) — 54,071 Small Business Administration loan pools 10,485 27 (47 ) — 10,465 State and political subdivisions 106,185 3,501 (318 ) — 109,368 $ 1,144,765 $ 18,728 $ (6,070 ) $ — $ 1,157,423 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value December 31, 2020 Available-for-sale securities U.S. Government-sponsored entities $ 996 $ 27 $ — $ 1,023 U.S. Treasury securities 4,024 1 — 4,025 Mortgage-backed securities Government-sponsored residential mortgage-backed securities 630,485 21,049 (109 ) 651,425 Private label residential mortgage-backed securities 44,302 5 (129 ) 44,178 Corporate 52,503 1,153 (6 ) 53,650 Small Business Administration loan pools 1,226 44 — 1,270 State and political subdivisions 111,865 4,391 — 116,256 $ 845,401 $ 26,670 $ (244 ) $ 871,827 The fair value and amortized cost of debt securities at September 30, 2021, 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 Amortized Cost Fair Value Within one year $ 6,328 $ 6,394 One to five years 53,951 54,610 Five to ten years 252,325 253,518 After ten years 44,276 45,928 Mortgage-backed securities 787,885 796,973 Total debt securities $ 1,144,765 $ 1,157,423 The carrying value of securities pledged as collateral, to secure public deposits and for other purposes, was approximately $746,496 at September 30, 2021, and $713,001 at December 31, 2020. 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 September 30, 2021, and December 31, 2020. Less Than 12 Months 12 Months or More Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss September 30, 2021 Available-for-sale securities U.S. Government-sponsored entities $ 88,733 $ (527 ) $ — $ — $ 88,733 $ (527 ) U.S. Treasury securities 57,921 (668 ) — — 57,921 (668 ) Mortgage-backed securities Government-sponsored residential mortgage-backed securities 277,959 (3,714 ) — — 277,959 (3,714 ) Private label residential mortgage-backed securities 130,944 (650 ) 2,752 (46 ) 133,696 (696 ) Corporate 4,900 (100 ) — — 4,900 (100 ) Small Business Administration loan pools 9,466 (47 ) — — 9,466 (47 ) State and political subdivisions 13,935 (318 ) — — 13,935 (318 ) Total temporarily impaired securities $ 583,858 $ (6,024 ) $ 2,752 $ (46 ) $ 586,610 $ (6,070 ) December 31, 2020 Available-for-sale securities Mortgage-backed securities Government-sponsored residential mortgage-backed securities $ 28,770 $ (109 ) $ — $ — $ 28,770 $ (109 ) Private label residential mortgage-backed securities 28,367 (129 ) — — 28,367 (129 ) Corporate 3,908 (6 ) — — 3,908 (6 ) Total temporarily impaired securities $ 61,045 $ (244 ) $ — $ — $ 61,045 $ (244 ) As of September 30, 2021, the Company held 73 available-for-sale 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. The proceeds from sales and the associated gains and losses on available-for-sale securities reclassified from other comprehensive income to income are listed below. Three Months Ended September 30, Nine Months Ended September 30, 2021 2021 Proceeds $ 7,347 $ 7,347 Gross gain 373 373 Gross losses — — Income tax expense on net realized gains 94 94 There were no sales of available-for-sale securities during the nine months ended September 30, 2020. |
LOANS AND ALLOWANCE FOR CREDIT
LOANS AND ALLOWANCE FOR CREDIT LOSSES | 9 Months Ended |
Sep. 30, 2021 | |
Receivables [Abstract] | |
Loans and Allowance for Credit Losses | NOTE 3 – LOANS AND ALLOWANCE FOR CREDIT LOSSES Types of loans and normal collateral securing those loans are listed below. Commercial real estate : Commercial real estate loans include all loans secured by nonfarm, nonresidential properties and by multifamily residential properties, as well as 1-4 family investment-purpose real estate loans. Commercial and industrial : Commercial and industrial loans include loans used to purchase fixed assets, provide working capital or meet other financing needs of the business. Loans are normally secured by the assets being purchased or already owned by the borrower, inventory or accounts receivable. These may include SBA and other guaranteed or partially guaranteed types of loans. Residential real estate : Residential real estate loans include loans secured by primary or secondary personal residences. Agricultural real estate : Agricultural real estate loans are loans typically secured by farmland. Agricultural : Agricultural loans are primarily operating lines subject to annual farming revenues including productivity/yield of the agricultural commodities produced. These loans may be secured by growing crops, stored crops, livestock, equipment and miscellaneous receivables. Consumer : Consumer loans may include installment loans, unsecured and secured personal lines of credit, overdraft protection and letters of credit. These loans are generally secured by consumer assets but may be unsecured. The following table lists categories of loans at September 30, 2021, and December 31, 2020. September 30, 2021 December 31, 2020 Commercial real estate $ 1,308,707 $ 1,188,696 Commercial and industrial 569,513 734,495 Residential real estate 490,633 381,958 Agricultural real estate 138,793 133,693 Agricultural 93,767 94,322 Consumer 84,498 58,532 Total loans 2,685,911 2,591,696 Allowance for credit losses (52,763 ) (33,709 ) Net loans $ 2,633,148 $ 2,557,987 Included in the commercial and industrial loan balances at September 30, 2021 and December 31, 2020, are $95,764 and $253,741 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 quarter ended September 30, 2021, the Company purchased one pool of residential real estate loans totaling $26,148. During the first nine months of 2021, the Company purchased five pools of residential real estate loans totaling $214,181. As of September 30, 2021, and December 31, 2020, residential real estate loans include $248,903 and $86,093 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 $6,622 with related loans of $272,223 at September 30, 2021. At December 31, 2020, excluding purchased credit impaired loans, there were $380,058 of loans with a related discount of $5,510 that were purchased as part of a merger. Effective January 1, 2021, with the adoption of CECL, amortizable non-credit discounts on purchase credit impaired loans are included in unamortized discount of merger purchase accounting adjustments. Overdraft deposit accounts are reclassified and included in consumer loans above. These accounts totaled $372 at September 30, 2021, and $597 at December 31, 2020. The Company adopted ASU 2016-13, also referred to as CECL, effective January 1, 2021, and with that adoption the Company’s method for estimating the allowance for credit losses has changed. The Company estimates the allowance for credit losses under CECL using relevant available information, from internal and external sources, relating to past events, current conditions and reasonable and supportable forecasts. Internal historical loss experience provides the basis for the estimation of expected credit losses. Adjustments to historical loss information are made for differences in current loan-specific risk characteristics such as differences in underwriting standards, portfolio mix, delinquency levels or loan terms , as well as , for changes in environmental conditions, such as changes in unemployment rates, property values, consumer price index, gross domestic product, housing starts or relevant index, US personal income, U . S . housing price indexes, federal funds target and various U . S . government interest rates. The allowance for credit losses is measured on a collective pool basis when similar risk characteristics exist. The Company has identified commercial real estate, commercial and industrial, residential real estate, agricultural real estate, agricultural production and consumer as portfolio segments and measures the allowance for credit losses using a historical loss rate method for each segment to estimate credit losses on a collective basis. The Company’s CECL calculation utilizes historical loss rates, average default month, average prepayment rates and exposure at default as assumptions to calculate an unadjusted historical loss estimate for the contractual term of the loans adjusted for prepayment. The historical loss estimate is then adjusted for the anticipated changes in the Company’s historical loss rate using a regression analysis and current economic variables over the next 12 months. The Company has selected 12 months as its reasonable and supportable forecast period and has selected an immediate reversion back to unadjusted historical loss rates for periods beyond the reasonable and supportable forecast period. The calculated historical loss estimate, and the economic qualitative adjustment are further evaluated for change via a management qualitative adjustment factor. Management qualitative adjustments typically are anticipated changes in loss trends that are not reflected in the historical data to be used in forecasting. The Company evaluates all loans that do not share risk characteristics on an individual basis for estimating the allowance for credit loss. Loans evaluated on an individual basis are not included in the collective basis. The Company currently reviews all loans that are classified as non-accrual on an individual basis. The Company typically elects the collateral-dependent practical expedient on all individual impairment assessments and expected credit losses are based on the fair value of the collateral at the reporting date adjusted for selling costs as appropriate. The Company’s ACL is highly dependent on credit quality, macroeconomic forecasts and conditions, the composition of our loan portfolio and other management judgements. The current management adjustment represents a significant portion of the Company’s ACL and is comprised of the estimated impact to ACL from the COVID-19 pandemic and associated response. During the nine months ended September 30, 2021, the Company updated the purchase accounting conclusions related to PCD assets acquired through the Almena State Bank transaction and the adjustment is reflected in the table below within “Impact of adopting ASC 326 – PCD loans.” Additional information was obtained, and additional analysis was performed by the management team which led to a modification of purchase date accounting. The adjustment resulted in a reduction in the allowance for credit losses offset by an increase in loan repurchase obligation, which is reported in interest payable and other liabilities in the consolidated balance sheets, combined with a decrease in deferred tax asset and an increase in gain on acquisition. The following tables present the activity in the allowance for credit losses by class for the three-month periods ended September 30, 2021 and 2020. September 30, 2021 Commercial Real Estate Commercial and Industrial Residential Real Estate Agricultural Real Estate Agricultural Consumer Total Allowance for credit losses: Beginning balance $ 15,225 $ 18,690 $ 9,808 $ 847 $ 4,695 $ 2,569 $ 51,834 Provision for credit losses (2,723 ) 5,473 (1,473 ) 145 (366 ) 2 1,058 Loans charged-off (116 ) (37 ) — (3 ) — (200 ) (356 ) Recoveries 96 1 4 15 — 111 227 Total ending allowance balance $ 12,482 $ 24,127 $ 8,339 $ 1,004 $ 4,329 $ 2,482 $ 52,763 September 30, 2020 Commercial Real Estate Commercial and Industrial Residential Real Estate Agricultural Real Estate Agricultural Consumer Total Allowance for loan losses: Beginning balance $ 9,467 $ 10,168 $ 5,315 $ 975 $ 810 $ 7,343 $ 34,078 Provision for loan losses (218 ) 1,361 (591 ) 468 (47 ) (158 ) 815 Loans charged-off (308 ) (3 ) (153 ) (167 ) — (244 ) (875 ) Recoveries 1 3 22 5 5 33 69 Total ending allowance balance $ 8,942 $ 11,529 $ 4,593 $ 1,281 $ 768 $ 6,974 $ 34,087 The following tables present the activity in the allowance for credit losses by class for the nine-month periods ended September 30, 2021 and 2020. September 30, 2021 Commercial Real Estate Commercial and Industrial Residential Real Estate Agricultural Real Estate Agricultural Consumer Total Allowance for credit losses: Beginning balance, prior to adoption of ASC 326 $ 9,012 $ 12,456 $ 4,559 $ 904 $ 758 $ 6,020 $ 33,709 Cumulative effect adjustment of adopting ASC 326 5,612 4,167 8,870 167 (207 ) (2,877 ) 15,732 Impact of adopting ASC 326 - PCD loans 4,571 (218 ) 220 960 4,905 — 10,438 Provision for credit losses (6,767 ) 7,749 (5,307 ) (555 ) (1,130 ) (345 ) (6,355 ) Loans charged-off (169 ) (98 ) (12 ) (505 ) (1 ) (575 ) (1,360 ) Recoveries 223 71 9 33 4 259 599 Total ending allowance balance $ 12,482 $ 24,127 $ 8,339 $ 1,004 $ 4,329 $ 2,482 $ 52,763 September 30, 2020 Commercial Real Estate Commercial and Industrial Residential Real Estate Agricultural Real Estate Agricultural Consumer Total Allowance for loan losses: Beginning balance $ 3,919 $ 3,061 $ 2,676 $ 608 $ 546 $ 1,422 $ 12,232 Provision for loan losses 5,189 8,711 2,203 859 217 6,076 23,255 Loans charged-off (367 ) (259 ) (312 ) (191 ) (1 ) (697 ) (1,827 ) Recoveries 201 16 26 5 6 173 427 Total ending allowance balance $ 8,942 $ 11,529 $ 4,593 $ 1,281 $ 768 $ 6,974 $ 34,087 The following tables present the recorded investment in loans and the balance in the allowance for credit losses by portfolio and class based on method to determine allowance for credit loss as of September 30, 2021, and December 31, 2020. September 30, 2021 Commercial Real Estate Commercial and Industrial Residential Real Estate Agricultural Real Estate Agricultural Consumer Total Allowance for credit losses: Individually evaluated for impairment $ 2,141 $ 15,323 $ 800 $ 720 $ 4,037 $ 48 $ 23,069 Collectively evaluated for impairment 10,341 8,804 7,539 284 292 2,434 29,694 Total $ 12,482 $ 24,127 $ 8,339 $ 1,004 $ 4,329 $ 2,482 $ 52,763 Loan Balance: Individually evaluated for impairment $ 6,595 $ 49,168 $ 3,279 $ 5,140 $ 7,532 $ 200 $ 71,914 Collectively evaluated for impairment 1,302,112 520,345 487,354 133,653 86,235 84,298 2,613,997 Total $ 1,308,707 $ 569,513 $ 490,633 $ 138,793 $ 93,767 $ 84,498 $ 2,685,911 December 31, 2020 Commercial Real Estate Commercial and Industrial Residential Real Estate Agricultural Real Estate Agricultural Consumer Total Allowance for loan losses: Individually evaluated for impairment $ 2,159 $ 5,457 $ 485 $ 595 $ 96 $ 68 $ 8,860 Collectively evaluated for impairment 6,472 5,985 3,949 266 586 5,952 23,210 Purchased credit impaired loans 381 1,014 125 43 76 — 1,639 Total $ 9,012 $ 12,456 $ 4,559 $ 904 $ 758 $ 6,020 $ 33,709 Loan Balance: Individually evaluated for impairment $ 4,752 $ 20,421 $ 1,939 $ 2,711 $ 2,201 $ 272 $ 32,296 Collectively evaluated for impairment 1,176,403 710,038 377,331 126,256 87,158 58,242 2,535,428 Purchased credit impaired loans 7,541 4,036 2,688 4,726 4,963 18 23,972 Total $ 1,188,696 $ 734,495 $ 381,958 $ 133,693 $ 94,322 $ 58,532 $ 2,591,696 The following table presents information related to nonaccrual loans at September 30, 2021. September 30, 2021 Unpaid Principal Balance Recorded Investment Allowance for Credit Losses Allocated With no related allowance recorded: Commercial real estate $ — $ — $ — Commercial and industrial 19 — — Residential real estate 33 — — Agricultural real estate 1,795 1,719 — Agricultural 2 — — Consumer — — — Subtotal 1,849 1,719 — With an allowance recorded: Commercial real estate 6,794 6,171 2,059 Commercial and industrial 51,369 43,929 13,795 Residential real estate 3,240 3,094 765 Agricultural real estate 3,697 2,791 703 Agricultural 9,710 7,078 3,926 Consumer 231 200 48 Subtotal 75,041 63,263 21,296 Total $ 76,890 $ 64,982 $ 21,296 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 December 31, 2020. The recorded investment in loans excludes accrued interest receivable due to immateriality. December 31, 2020 Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated With no related allowance recorded: Commercial real estate $ 6,279 $ 1,683 $ — Commercial and industrial 2,087 643 — Residential real estate 270 180 — Agricultural real estate 3,408 1,090 — Agricultural 11,326 4,492 — Consumer — — — Subtotal 23,370 8,088 — With an allowance recorded: Commercial real estate 7,134 5,899 2,540 Commercial and industrial 29,245 22,814 6,471 Residential real estate 3,023 2,775 610 Agricultural real estate 3,474 3,021 638 Agricultural 1,330 820 172 Consumer 294 272 68 Subtotal 44,500 35,601 10,499 Total $ 67,870 $ 43,689 $ 10,499 The table below presents average recorded investment and interest income related to nonaccrual loans for the three and nine months ended September 30, 2021 and 2020. 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 September 30, 2021 September 30, 2020 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial real estate $ — $ — $ 18 $ 35 Commercial and industrial — — 13,857 — Residential real estate — — 4,262 14 Agricultural real estate 3,022 — — — Agricultural 884 — — — Consumer — — — — Subtotal 3,906 — 18,137 49 With an allowance recorded: Commercial real estate 7,107 1 6,324 16 Commercial and industrial 36,720 — 15,483 190 Residential real estate 2,870 24 3,586 2 Agricultural real estate 2,501 — 5,356 28 Agricultural 7,576 69 1,435 1 Consumer 215 1 271 3 Subtotal 56,989 95 32,455 240 Total $ 60,895 $ 95 $ 50,592 $ 289 As of and for the nine months ended September 30, 2021 September 30, 2020 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial real estate $ 421 $ 3 $ 556 $ 36 Commercial and industrial 161 35 14,229 23 Residential real estate 51 2 4,299 14 Agricultural real estate 2,307 82 566 5 Agricultural 2,156 — — — Consumer — — — — Subtotal 5,096 122 19,650 78 With an allowance recorded: Commercial real estate 7,022 19 5,667 35 Commercial and industrial 31,203 119 9,507 362 Residential real estate 2,843 26 3,573 5 Agricultural real estate 3,346 54 3,534 34 Agricultural 5,991 113 1,401 1 Consumer 245 2 318 3 Subtotal 50,650 333 24,000 440 Total $ 55,746 $ 455 $ 43,650 $ 518 The following tables present the aging of the recorded investment in past due loans as of September 30, 2021, and December 31, 2020, by portfolio and class of loans. September 30, 2021 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 $ 2,910 $ 1,332 $ — $ 6,171 $ 1,298,294 $ 1,308,707 Commercial and industrial 3,015 736 — 43,929 521,833 569,513 Residential real estate 411 827 — 3,094 486,301 490,633 Agricultural real estate 183 — — 4,510 134,100 138,793 Agricultural 14 — — 7,078 86,675 93,767 Consumer 148 35 45 200 84,070 84,498 Total $ 6,681 $ 2,930 $ 45 $ 64,982 $ 2,611,273 $ 2,685,911 December 31, 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 $ 1,374 $ 172 $ — $ 7,582 $ 1,179,568 $ 1,188,696 Commercial and industrial 261 — — 23,457 710,777 734,495 Residential real estate 377 4,712 — 2,955 373,914 381,958 Agricultural real estate 260 — 98 4,111 129,224 133,693 Agricultural 196 — — 5,312 88,814 94,322 Consumer 336 60 45 272 57,819 58,532 Total $ 2,804 $ 4,944 $ 143 $ 43,689 $ 2,540,116 $ 2,591,696 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 Based on the most recent analysis performed, the risk category of loans, by type and year of origination, at September 30, 2021, is as follows. September 30, 2021 2021 2020 2019 2018 2017 Prior Revolving Loans Amortized Cost Revolving Loans Converted to Term Total Commercial real estate Risk rating Pass $ 223,015 $ 206,840 $ 159,859 $ 116,392 $ 76,883 $ 142,200 $ 373,962 $ 80 $ 1,299,231 Special mention 126 — — 13 1,174 307 — — 1,620 Substandard 1,781 400 225 112 — 5,338 — — 7,856 Doubtful — — — — — — — — — Total commercial real estate $ 224,922 $ 207,240 $ 160,084 $ 116,517 $ 78,057 $ 147,845 $ 373,962 $ 80 $ 1,308,707 Commercial and industrial Risk rating Pass $ 184,422 $ 97,754 $ 61,162 $ 10,682 $ 14,276 $ 9,892 $ 108,501 $ 9,966 $ 496,655 Special mention 20 — 992 1,502 290 5,802 — — 8,606 Substandard 4,175 5,891 24,390 5,485 9,838 152 11,697 2,624 64,252 Doubtful — — — — — — — — — Total commercial and industrial $ 188,617 $ 103,645 $ 86,544 $ 17,669 $ 24,404 $ 15,846 $ 120,198 $ 12,590 $ 569,513 Residential real estate Risk rating Pass $ 203,231 $ 7,086 $ 24,441 $ 66,398 $ 37,495 $ 102,332 $ 46,225 $ 198 $ 487,406 Special mention — — — — — 133 — — 133 Substandard — — 147 55 850 1,802 240 — 3,094 Doubtful — — — — — — — — — Total residential real estate $ 203,231 $ 7,086 $ 24,588 $ 66,453 $ 38,345 $ 104,267 $ 46,465 $ 198 $ 490,633 Agricultural real estate Risk rating Pass $ 24,730 $ 26,364 $ 12,834 $ 10,743 $ 6,318 $ 13,535 $ 37,188 $ — $ 131,712 Special mention — — — — 41 456 45 — 542 Substandard 558 65 127 1,830 2,577 487 895 — 6,539 Doubtful — — — — — — — — — Total agricultural real estate $ 25,288 $ 26,429 $ 12,961 $ 12,573 $ 8,936 $ 14,478 $ 38,128 $ — $ 138,793 Agricultural Risk rating Pass $ 17,446 $ 12,508 $ 2,976 $ 1,723 $ 3,433 $ 1,571 $ 43,784 $ 78 $ 83,519 Special mention — — 84 1,345 — 895 — — 2,324 Substandard 497 2,123 1,987 1,799 153 639 726 — 7,924 Doubtful — — — — — — — — — Total agricultural $ 17,943 $ 14,631 $ 5,047 $ 4,867 $ 3,586 $ 3,105 $ 44,510 $ 78 $ 93,767 Consumer Risk rating Pass $ 33,000 $ 12,047 $ 7,337 $ 3,722 $ 1,525 $ 914 $ 25,706 $ 1 $ 84,252 Special mention — — — — — — — — — Substandard — 105 73 27 33 8 — — 246 Doubtful — — — — — — — — — Total consumer $ 33,000 $ 12,152 $ 7,410 $ 3,749 $ 1,558 $ 922 $ 25,706 $ 1 $ 84,498 Total loans Risk rating Pass $ 685,844 $ 362,599 $ 268,609 $ 209,660 $ 139,930 $ 270,444 $ 635,366 $ 10,323 $ 2,582,775 Special mention 146 — 1,076 2,860 1,505 7,593 45 — 13,225 Substandard 7,011 8,584 26,949 9,308 13,451 8,426 13,558 2,624 89,911 Doubtful — — — — — — — — — Total loans $ 693,001 $ 371,183 $ 296,634 $ 221,828 $ 154,886 $ 286,463 $ 648,969 $ 12,947 $ 2,685,911 The classification status of loans by class of loans is as follows at December 31, 2020. December 31, 2020 Unclassified Classified Total Commercial real estate $ 1,171,961 $ 16,735 $ 1,188,696 Commercial and industrial 674,392 60,103 734,495 Residential real estate 378,868 3,090 381,958 Agricultural real estate 125,425 8,268 133,693 Agricultural 86,629 7,693 94,322 Consumer 58,253 279 58,532 Total $ 2,495,528 $ 96,168 $ 2,591,696 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. Upon the Company’s adoption of ASU 2016-13, remaining credit-related discount on these assets was re-classified to the allowance for credit losses. The Company elected the prospective transition approach and all loans previously considered purchased credit impaired are now classified as purchased with credit deterioration. The remaining non-credit discount will continue to be accreted into income over the remaining lives of the assets. The table below lists recorded investments in purchased credit impaired loans as of December 31, 2020. December 31, 2020 Contractually required principal payments $ 41,658 Discount (17,686 ) Recorded investment $ 23,972 The accretable yield associated with these loans was $2,630 as of December 31, 2020. The interest income recognized on these loans for the three and nine-month periods ended September 30, 2020, was $402 and $1,263. For the three and nine-month periods ended September 30, 2020, there was a provision for loan losses of $54 and $2,072 recorded for these loans. Troubled Debt Restructurings Consistent with accounting and regulatory guidance, the Company recognizes a TDR when the Company, for economic or legal reasons related to a borrower’s financial difficulties, grants a concession to the borrower that would not normally be considered. Regardless of the form of concession granted, the Company’s objective in offering a TDR is to increase the probability of repayment of the borrower’s loans. The following table summarizes the Company’s TDRs by accrual status at September 30, 2021, and December 31, 2020. September 30, 2021 Nonaccrual Related Allowance for Credit Losses Commercial real estate $ 1,786 $ 849 Commercial and industrial 12,404 869 Agricultural real estate 932 285 Agricultural 528 81 Total troubled debt restructurings $ 15,650 $ 2,084 December 31, 2020 Nonaccrual Related Allowance for Loan Losses Commercial real estate $ 1,167 $ 342 Commercial and industrial 13,613 1,954 Total troubled debt restructurings $ 14,780 $ 2,296 At September 30, 2021, and December 31, 2020, there were no commitments to lend additional amounts on these loans. During the three and nine-month periods ended September 30, 2021, there was a total of $1,460 in loan modifications considered to be troubled debt restructurings. There were no loan modifications considered to be troubled debt restructurings that occurred during the three or nine-month period ended September 30, 2020. No restructured loans that were modified within the twelve months preceding September 30, 2021 or 2020, have subsequently had a payment default. Default is determined at 90 or more days past due, charge-off or foreclosure. As of September 30, 2021, and December 31, 2020, we had 27 and 28 deferrals of either the full loan payment or the principal component of the loan payment on outstanding loan balances of $59,451 and $60,880 in connection with the COVID-19 relief provided by the CARES Act. These deferrals were not considered troubled debt restructurings based on the CARES Act, CAA or regulatory guidance. The following table lists loans included in the payment deferral program under the Cares Act by deferment type and category at September 30, 2021, and December 31, 2020. September 30, 2021 Commercial Real Estate Commercial and Industrial Agricultural Real Estate Total 12 months partial principal only $ — $ 1,890 $ — $ 1,890 9 months principal only 11,196 — — 11,196 12 months principal only 9,341 3,484 112 12,937 6 months principal and interest, then 9 months principal only 30,815 2,613 — 33,428 Total loans $ 51,352 $ 7,987 $ 112 $ 59,451 December 31, 2020 Commercial Real Estate Commercial and Industrial Total 12 months partial principal only $ — $ 1,965 $ 1,965 6 months principal only 2,262 4,175 6,437 9 months principal only 2,459 — 2,459 12 months principal only 10,092 3,675 13,767 3 months principal and interest, then 6 months principal only — 2,824 2,824 6 months principal and interest, then 9 months principal only 30,815 2,613 33,428 Total loans $ 45,628 $ 15,252 $ 60,880 The classification status of loans participating in the payment deferral program at September 30, 2021, and December 31, 2020, is listed below. September 30, 2021 December 31, 2020 Unclassified Classified Total Unclassified Classified Total Commercial real estate $ 51,352 $ — $ 51,352 $ 45,628 $ — $ 45,628 Commercial and industrial 4,920 3,067 7,987 5,095 10,157 15,252 Agricultural real estate 112 — 112 — — — Total loans $ 56,384 $ 3,067 $ 59,451 $ 50,723 $ 10,157 $ 60,880 While all industries have and will continue to experience adverse impacts as a result of COVID-19, the Company had exposures (on balance sheet loans and commitments to lend) in the following loan categories that are considered to be most at-risk of a significant impact as of September 30, 2021. Hospitality Lending – The Company’s exposure to the hospitality sector at September 30, 2021, was $306.2 million, or 11.8%, of total loans excluding PPP loans. As of September 30, 2021, $20.5 million of these loans were actively participating in a deferral program. The top 20 loans within this portfolio comprise $231.1 million, or 75.8%, of the total exposure. These loans are geographically diversified and well secured. The borrowers are well known to the Company and experienced hoteliers who have evidenced efforts to enhance profitability in the current economic environment by driving down costs and creatively occupying their properties, including arrangements with medical professionals and others on the front line of this pandemic. Historically, the portfolio has exhibited strong operational cash flows. The remainder of the portfolio is comprised of many smaller balance loans. Aircraft Manufacturing – The Company’s exposure to the aircraft manufacturing category at September 30, 2021, was $36.0 million, or 1.4%, of total loans excluding PPP loans. As of September 30, 2021, none of these loans were actively participating in a deferral program. The portfolio is comprised of experienced industry operators who have historically performed without exception; however, at September 30, 2021, two related entities reported in this loan category with balances totaling $20.4 million were moved to nonaccrual and classified as substandard. The Company has worked with customers directly affected by COVID-19 and is prepared to offer short-term assistance in accordance with regulatory guidelines. 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 us to respond proactively as needs and issues arise. While management is optimistic about the performance of the above addressed portions of the portfolio as a whole, the Company acknowledges the risks associated with the current economic conditions and related unknowns. These risks are believed to have been addressed and reserved for through our allowance for credit losses and associated provision for credit losses as of and for the period ended September 30, 2021. Allowance for Credit Losses on Off-Balance-Sheet Credit Exposures The Company estimates expected credit losses over the contractual period in which the Company is exposed to credit risk from a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Company. The allowance for credit losses on off-balance-sheet credit exposures is adjusted as a provision for credit loss expense recognized within other non-interest expense on the consolidated statements of income and included in other liabilities on the consolidated balance sheets. The estimated credit loss includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life. The estimate of expected credit loss is based on the historical loss rate for the class of loan the commitments would be classified as if funded. The following table lists allowance for credit losses on off-balance sheet credit exposures as of September 30, 2021. September 30, 2021 Allowance for Credit Losses Commercial real estate $ 599 Commercial and industrial 302 Residential real estate 27 Agricultural real estate — Agricultural 1 Consumer 395 Total allowance for credit losses $ 1,324 |
DERIVATIVE FINANCIAL INSTRUMENT
DERIVATIVE FINANCIAL INSTRUMENTS | 9 Months Ended |
Sep. 30, 2021 | |
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 September 30, 2021, the portfolio of interest rate swaps had a weighted average maturity of 5.0 years, a weighted average pay rate of 5.06% and a weighted average rate received of 2.83%. At December 31, 20 20 , the portfolio of interest rate swaps had a weighted average maturity of 6.3 years , a weighted average pay rate of 5.19 % and a weighted average rate received of %. 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 September 30, 2021, this portfolio of interest rate swaps had a weighted average maturity of 9.0 years, weighted average pay rate of 4.32% and a weighted average rate received of 4.32%. At December 31, 2020, this portfolio of interest rate swaps had a weighted average maturity of 7.9 years, weighted average pay rate of 4.34% and weighted average rate received of 4.34%. 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 September 30, 2021, and December 31, 2020. September 30, 2021 December 31, 2020 Notional Amount Derivative Assets Derivative Liabilities Notional Amount Derivative Assets Derivative Liabilities Derivatives designated as hedging instruments: Interest rate swaps $ 4,323 $ — $ 272 $ 5,585 $ — $ 497 Total derivatives designated as hedging relationships 4,323 — 272 5,585 — 497 Derivatives not designated as hedging instruments: Interest rate swaps 137,277 5,074 5,525 119,341 7,172 7,820 Total derivatives not designated as hedging instruments 137,277 5,074 5,525 119,341 7,172 7,820 Total $ 141,600 5,074 5,797 $ 124,926 7,172 8,317 Cash collateral — (5,550 ) — (8,440 ) Netting adjustments 248 248 123 123 Net amount presented in Balance Sheet $ 5,322 $ 495 $ 7,295 $ — The table below lists designated and qualifying hedged items in fair value hedges at September 30, 2021, and December 31, 2020. September 30, 2021 December 31, 2020 Carrying Amount Hedging Fair Value Adjustment Fair Value Adjustments on Discontinued Hedges Carrying Amount Hedging Fair Value Adjustment Fair Value Adjustments on Discontinued Hedges Commercial real estate loans $ 4,323 $ 266 $ — $ 5,583 $ 491 $ — Total $ 4,323 $ 266 $ — $ 5,583 $ 491 $ — 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 nine-month periods ended September 30, 2021 and 2020, the Company recorded net gains (losses) on derivatives and hedging activities. Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 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 (49 ) 77 196 (407 ) Total net gains (losses) related to derivatives not designated as hedging instruments (49 ) 77 196 (407 ) Net gains (losses) on derivatives and hedging activities $ (49 ) $ 77 $ 196 $ (407 ) 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 September 30, 2021 and 2020. September 30, 2021 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 $ (20 ) $ 20 $ — $ (25 ) Total $ (20 ) $ 20 $ — $ (25 ) September 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 $ 27 $ (27 ) $ — $ (28 ) Total $ 27 $ (27 ) $ — $ (28 ) 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 nine-month periods ended September 30, 2021 and 2020. September 30, 2021 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 $ (191 ) $ 191 $ — $ (81 ) Total $ (191 ) $ 191 $ — $ (81 ) September 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 $ (409 ) $ 409 $ — $ (61 ) Total $ (409 ) $ 409 $ — $ (61 ) |
LEASE OBLIGATIONS
LEASE OBLIGATIONS | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
LEASE OBLIGATIONS | NOTE 5 – LEASE OBLIGATIONS Right-of-use asset and lease obligations by type of property for the periods ended September 30, 2021, and December 31, 2020, are listed below. September 30, 2021 Operating Leases Right-of-Use Asset Lease Liability Weighted Average Lease Term in Years Weighted Average Discount Rate Land and building leases $ 3,228 $ 3,215 17.1 2.99 % Total operating leases $ 3,228 $ 3,215 17.1 2.99 % December 31, 2020 Operating Leases Right-of-Use Asset Lease Liability Weighted Average Lease Term in Years Weighted Average Discount Rate Land and building leases $ 3,540 $ 3,524 16.9 2.99 % Total operating leases $ 3,540 $ 3,524 16.9 2.99 % Operating lease costs for the three and nine-month periods ended September 30, 2021 and 2020, are listed below. Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Operating lease cost $ 127 $ 184 $ 378 $ 549 Short-term lease cost — — — — Variable lease cost 8 3 21 22 Total operating lease cost $ 135 $ 187 $ 399 $ 571 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 nine-month periods ended September 30, 2021. 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 September 30, 2021 Due in one year or less $ 460 Due after one year through two years 431 Due after two years through three years 237 Due after three years through four years 214 Due after four years through five years 210 Thereafter 2,675 Total undiscounted cash flows 4,227 Discount on cash flows (1,012 ) Total operating lease liability $ 3,215 |
BORROWINGS
BORROWINGS | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
BORROWINGS | NOTE 6 – BORROWINGS Federal funds purchased and retail repurchase agreements Federal funds purchased and retail repurchase agreements as of September 30, 2021, and December 31, 2020, are listed below. September 30, 2021 December 31, 2020 Federal funds purchased $ — $ — Retail repurchase agreements 39,137 36,029 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 $51,032 and $47,113 at September 30, 2021, and December 31, 2020. The agreements are on a day-to-day basis and can be terminated on demand. The following table presents the borrowing usage and interest rate information for federal funds purchased and retail repurchase agreements at September 30, 2021, and December 31, 2020. September 30, 2021 December 31, 2020 Year-to-date average daily balance during the period $ 43,673 $ 45,041 Maximum month-end balance year-to-date $ 47,184 $ 53,543 Weighted average interest rate at period-end 0.24 % 0.22 % Federal Home Loan Bank advances Federal Home Loan Bank advances include both draws against the Company’s line of credit and fixed rate term advances. In July 2021, all the Company’s Federal Home Loan Bank term advances were prepaid. The Company recorded a loss on debt extinguishment related to this prepayment of $372 for the nine months ended September 30, 2021. There were no Federal Home Loan Bank line of credit advances outstanding as of September 30, 2021. Federal Home Loan Bank advances as of December 31, 2020, are listed below. December 31, 2020 Weighted Average Rate Weighted Average Term in Years Federal Home Loan Bank line of credit advances $ — — — Federal Home Loan Bank fixed-rate term advances 10,107 2.79 % 2.3 Total principal outstanding 10,107 Merger purchase accounting adjustment 37 Total Federal Home Loan Bank advances $ 10,144 The advances, Mortgage Partnership Finance credit enhancement obligations and letters of credit were collateralized by certain qualifying loans totaling $742,792 and $763,506 at September 30, 2021, and December 31, 2020. Based on this collateral and the Company’s holdings of Federal Home Loan Bank stock, the Company was eligible to borrow an additional $723,708 and $661,490 at September 30, 2021, and December 31, 2020. Federal Reserve Bank discount window At September 30, 2021, to support the $267,098 borrowing capacity from the Federal Reserve Bank, the Company has pledged loans with an outstanding balance of $328,596 and securities with a fair value of $46,935. No borrowings were secured from this facility at periods ended September 30, 2021 or 2020. Bank stock loan The Company entered into an agreement with an unaffiliated financial institution that provided for a maximum borrowing facility of $40,000, secured by the Company’s stock in Equity Bank. The loan was renewed and amended on June 30, 2020, with a maturity date of August 15, 2021, and was extended to November 13, 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 There were no outstanding principal balance s on the b ank stock loan at September 3 0 , 2021, or December 31, 2020 . The terms of the borrowing facility require the Company and Equity Bank to maintain minimum capital ratios and other covenants. In the event of default, the lender has the option to declare all outstanding balances immediately due. The Company believes it is in compliance with the terms of the borrowing facility and has not been otherwise notified of noncompliance. Subordinated debt Subordinated debt as of September 30, 2021, and December 31, 2020, are listed below. September 30, 2021 December 31, 2020 Subordinated debentures $ 15,111 $ 14,872 Subordinated notes 72,919 72,812 Total $ 88,030 $ 87,684 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 preferred securities. These trust preferred securities are mandatorily redeemable upon maturity on April 15, 2035, or upon earlier redemption. FCB Capital Trust III (“CTIII”): The trust preferred securities issued by CTIII accrue and pay distributions quarterly at three-month LIBOR plus 1.89% on the stated liquidation amount of the trust preferred securities. These trust preferred securities are mandatorily redeemable upon maturity on June 15, 2037, or upon earlier redemption. Community First (AR) Statutory Trust I (“CFSTI”): The trust preferred securities issued by CFSTI accrue and pay distributions quarterly at three-month LIBOR plus 3.25% on the stated liquidation amount of the trust preferred securities. These trust preferred securities are mandatorily redeemable upon maturity on December 26, 2032, or upon earlier redemption. Subordinated debentures as of September 30, 2021, and December 31, 2020, are listed below. September 30, 2021 Weighted Average Rate Weighted Average Term in Years CTII subordinated debentures $ 10,310 2.13 % 13.5 CTIII subordinated debentures 5,155 2.01 % 15.7 CFSTI subordinated debentures 5,155 3.38 % 11.2 Total contractual balance 20,620 Fair market value adjustments (5,509 ) Total subordinated debentures $ 15,111 December 31, 2020 Weighted Average Rate Weighted Average Term in Years CTII subordinated debentures $ 10,310 2.24 % 14.3 CTIII subordinated debentures 5,155 2.11 % 16.5 CFSTI subordinated debentures 5,155 3.50 % 12.0 Total contractual balance 20,620 Fair market value adjustments (5,748 ) Total subordinated debentures $ 14,872 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 September 30, 2021, are listed below. September 30, 2021 Weighted Average Rate Weighted Average Term in Years Subordinated notes $ 75,000 7.00 % 8.8 Total principal outstanding 75,000 Debt issuance cost (2,081 ) Total subordinated notes $ 72,919 Subordinated notes as of December 31, 2020, are listed below. December 31, 2020 Weighted Average Rate Weighted Average Term in Years Subordinated notes $ 75,000 7.00 % 9.5 Total principal outstanding 75,000 Debt issuance cost (2,188 ) Total subordinated notes $ 72,812 Future principal repayments Future principal repayments of the September 30, 2021, outstanding balances are as follows. Retail Repurchase Agreements Subordinated Debentures Subordinated Notes Total Due in one year or less $ 39,137 $ — $ — $ 39,137 Due after one year through two years — — — — Due after two years through three years — — — — Due after three years through four years — — — — Due after four years through five years — — — — Thereafter — 20,620 75,000 95,620 Total $ 39,137 $ 20,620 $ 75,000 $ 134,757 |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 9 Months Ended |
Sep. 30, 2021 | |
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 September 30, 2021, and December 31, 2020, 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 per share. The following table presents shares that were issued, held in treasury or were outstanding at September 30, 2021, and December 31, 2020. September 30, 2021 December 31, 2020 Class A common stock – issued 17,530,223 17,224,830 Class A common stock – held in treasury (3,164,438 ) (2,684,274 ) Class A common stock – outstanding 14,365,785 14,540,556 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 — — In 2019, the Company’s Board of Directors adopted the Equity Bancshares, Inc. 2019 Employee Stock Purchase Plan (“ESPP”). The ESPP enables eligible employees to purchase the Company’s common stock at a price per share equal to 85% of the lower of the fair market value of the common stock at the beginning or end of each offering period. ESPP compensation expense of $33 and $88 was recorded for the three and nine-month periods ended September 30, 2021. ESPP compensation expense of $19 and $69 was recorded for the three and nine-month periods ended September 30, 2020. The following table presents the offering periods and costs associated with this program during the reporting period. Offering Period Shares Purchased Cost Per Share Compensation Expense August 15, 2019 to February 14, 2020 16,764 $ 21.11 $ 63 February 15, 2020 to August 14, 2020 17,829 13.61 43 August 15, 2020 to February 14, 2021 17,621 13.68 42 February 15, 2021 to August 14, 2021 16,034 20.50 58 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 did not obligate the Company to acquire a specific dollar amount or number of shares and it could be extended, modified or discontinued at any time without notice. The Company repurchased the total authorized amount of 1,100,000 shares at a weighted average price paid of $ 21.54 under the repurchase program authorized in April 2019 . In September of 2020, the Company’s Board of Directors authorized an additional repurchase of up to 800,000 shares of the Company’s outstanding common stock, from time to time, beginning October 30, 2020, and concluding October 29, 2021. The repurchase program does not obligate the Company to acquire a specific dollar amount or number of shares and it could be extended, modified or discontinued at any time without notice. Under this program, during the year ended December 31, 2020, the Company repurchased a total of 313,231 shares of the Company’s outstanding common stock at an average price paid of $20.82 per share. During the three and nine-months ended September 30, 2021, the Company repurchased a total of 57,239 and 363,321 shares of the Company’s outstanding common stock at an average price paid of $30.64 and $26.90 per share. At September 30, 2021, there are 123,448 shares remaining available for repurchase under the program. In September of 2021, the Company’s Board of Directors authorized the repurchase of up to an additional 1,000,000 shares of the Company’s outstanding common stock, from time to time, beginning October 29, 2021, and concluding October 28, 2022. The repurchase program 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. On October 20, 2021, the Federal Reserve Bank of Kansas City advised the Company that it had no objection to the authorization of this repurchase plan. Accumulated other comprehensive income (loss) At September 30, 2021, and December 31, 2020, accumulated other comprehensive income consisted of (i) the after-tax effect of unrealized gains 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 as of September 30, 2021, and December 31, 2020, are listed below. Available-for- Sale Securities Accumulated Other Comprehensive Income (Loss) September 30, 2021 Net unrealized or unamortized gains $ 12,658 $ 12,658 Tax effect (3,183 ) (3,183 ) $ 9,475 $ 9,475 December 31, 2020 Net unrealized or unamortized gains $ 26,426 $ 26,426 Tax effect (6,645 ) (6,645 ) $ 19,781 $ 19,781 |
REGULATORY MATTERS
REGULATORY MATTERS | 9 Months Ended |
Sep. 30, 2021 | |
Banking And Thrift Disclosure [Abstract] | |
REGULATORY MATTERS | NOTE 8 – REGULATORY MATTERS Banks and bank holding companies (on a consolidated basis) are subject to regulatory capital requirements administered by federal banking agencies. Capital adequacy guidelines and, additionally for banks, prompt corrective action regulations, involve quantitative measures of assets, liabilities, and certain off-balance-sheet items calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgments by regulators. Failure to meet capital requirements can initiate regulatory action. The 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 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 September 30, 2021, 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 September 30, 2021, 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 September 30, 2021, and December 31, 2020, 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 Septembert 30, 2021 Total capital to risk weighted assets Equity Bancshares, Inc. $ 489,725 16.63 % $ 309,171 10.50 % $ N/A N/A Equity Bank 463,171 15.74 % 308,881 10.50 % 294,172 10.00 % Tier 1 capital to risk weighted assets Equity Bancshares, Inc. 379,787 12.90 % 250,281 8.50 % N/A N/A Equity Bank 426,186 14.49 % 250,046 8.50 % 235,338 8.00 % Common equity Tier 1 capital to risk weighted assets Equity Bancshares, Inc. 364,676 12.39 % 206,114 7.00 % N/A N/A Equity Bank 426,186 14.49 % 205,920 7.00 % 191,212 6.50 % Tier 1 leverage to average assets Equity Bancshares, Inc. 379,787 9.02 % 168,368 4.00 % N/A N/A Equity Bank 426,186 10.13 % 168,241 4.00 % 210,302 5.00 % December 31, 2020 Total capital to risk weighted assets Equity Bancshares, Inc. $ 462,865 17.35 % $ 280,072 10.50 % $ N/A N/A Equity Bank 418,992 15.73 % 279,646 10.50 % 266,329 10.00 % Tier 1 capital to risk weighted assets Equity Bancshares, Inc. 356,707 13.37 % 226,725 8.50 % N/A N/A Equity Bank 385,696 14.48 % 226,380 8.50 % 213,064 8.00 % Common equity Tier 1 capital to risk weighted assets Equity Bancshares, Inc. 341,835 12.82 % 186,714 7.00 % N/A N/A Equity Bank 385,696 14.48 % 186,431 7.00 % 173,114 6.50 % Tier 1 leverage to average assets Equity Bancshares, Inc. 356,707 9.30 % 153,490 4.00 % N/A N/A Equity Bank 385,696 10.07 % 153,276 4.00 % 191,595 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 | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | NOTE 9 – EARNINGS PER SHARE The following table presents earnings per share for the three and nine-month periods ended September 30, 2021 and 2020. Three months ended Nine months ended September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020 Basic: Net income (loss) allocable to common stockholders $ 11,773 $ (90,405 ) $ 42,014 $ (87,458 ) Weighted average common shares outstanding 14,384,285 15,040,386 14,393,853 15,210,856 Weighted average vested restricted stock units 17 21 3,293 1,045 Weighted average shares 14,384,302 15,040,407 14,397,146 15,211,901 Basic earnings (loss) per common share $ 0.82 $ (6.01 ) $ 2.92 $ (5.75 ) Diluted: Net income (loss) allocable to common stockholders $ 11,773 $ (90,405 ) $ 42,014 $ (87,458 ) Weighted average common shares outstanding for: Basic earnings per common share 14,384,302 15,040,407 14,397,146 15,211,901 Dilutive effects of the assumed exercise of stock options 158,768 — 178,314 — Dilutive effects of the assumed vesting of restricted stock units 125,321 — 110,617 — Dilutive effects of the assumed exercise of ESPP purchases 921 — 2,015 — Average shares and dilutive potential common shares 14,669,312 15,040,407 14,688,092 15,211,901 Diluted earnings (loss) per common share $ 0.80 $ (6.01 ) $ 2.86 $ (5.75 ) Dilutive shares not included above due to the net loss in the period. Three months ended Nine months ended September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020 Dilutive effects of the assumed exercise of stock options — 50,376 — 96,125 Dilutive effects of the assumed vesting of restricted stock units — 32,428 — 29,486 Dilutive effects of the assumed exercise of ESPP purchases — 2,043 — 3,289 Total dilutive shares — 84,847 — 128,900 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 Nine months ended September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020 Stock options 291,680 483,181 298,629 408,300 Restricted stock units — 226,139 — 181,344 Total antidilutive shares 291,680 709,320 298,629 589,644 |
FAIR VALUE
FAIR VALUE | 9 Months Ended |
Sep. 30, 2021 | |
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. September 30, 2021 (Level 1) (Level 2) (Level 3) Assets: Available-for-sale securities: U.S. Government-sponsored entities $ — $ 99,740 $ — U.S. Treasury securities — 86,806 — Mortgage backed securities Government-sponsored residential mortgage backed securities — 649,025 — Private label residential mortgage backed securities — 147,948 — Corporate — 54,071 — Small Business Administration loan pools — 10,465 — State and political subdivisions — 109,368 — Derivative assets: Derivative assets (included in other assets) — 5,074 — Cash collateral held by counterparty and netting adjustments 248 — — Total derivative assets 248 5,074 — Other assets: Equity securities with readily determinable fair value 598 — — Total other assets 598 — — Total assets $ 846 $ 1,162,497 $ — Liabilities: Derivative liabilities: Derivative liabilities (included in other liabilities) $ — $ 5,797 $ — Cash collateral held by counterparty and netting adjustments (5,302 ) — — Total derivative liabilities (5,302 ) 5,797 — Total liabilities $ (5,302 ) $ 5,797 $ — December 31, 2020 (Level 1) (Level 2) (Level 3) Assets: Available-for-sale securities: U.S. Government-sponsored entities $ — $ 1,023 $ — U.S. Treasury securities — 4,025 — Mortgage backed securities Government-sponsored residential mortgage backed securities — 651,425 — Private label residential mortgage backed securities — 44,178 — Corporate — 53,650 — Small Business Administration loan pools — 1,270 — State and political subdivisions — 116,256 — Derivative assets: Derivative assets (included in other assets) — 7,172 — Cash collateral held by counterparty and netting adjustments 123 — — Total derivative assets 123 7,172 — Other assets: Equity securities with readily determinable fair value 506 — — Total other assets 506 — — Total assets $ 629 $ 878,999 $ — Liabilities: Derivative liabilities: Derivative liabilities (included in other liabilities) $ — $ 8,317 $ — Cash collateral held by counterparty and netting adjustments (8,317 ) — — Total derivative liabilities (8,317 ) 8,317 — Total liabilities $ (8,317 ) $ 8,317 $ — There were no material transfers between levels during the nine months ended September 30, 2021, or the year ended December 31, 2020. 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 individually evaluated securities is determined as discussed previously for available-for-sale securities. The fair values of individually evaluated loans with specific allocations of the allowance for credit 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 estimated selling costs. Real estate appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the appraisers to adjust for differences between the comparable sales and income data available. 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. September 30, 2021 (Level 1) (Level 2) (Level 3) Individually evaluated loans: Commercial real estate $ — $ — $ 4,454 Commercial and industrial — — 33,845 Residential real estate — — 2,480 Agricultural real estate — — 2,700 Other — — 3,647 Other real estate owned: Commercial real estate — — 2,274 Residential real estate — — 433 December 31, 2020 (Level 1) (Level 2) (Level 3) Individually evaluated loans: Commercial real estate $ — $ — $ 3,359 Commercial and industrial — — 16,343 Residential real estate — — 2,165 Agricultural real estate — — 2,383 Other — — 852 Other real estate owned: Commercial real estate — — 3,882 Residential real estate — — 469 The Company did not record any liabilities for which the fair value was measured on a non-recurring basis at September 30, 2021, or December 31, 2020. Valuations of individually evaluated loans and other real estate owned utilize third party appraisals or broker price opinions and were classified as Level 3 due to the significant judgment involved. Appraisals may include the utilization of unobservable inputs, subjective factors and 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 September 30, 2021 Individually evaluated real estate loans $ 35,591 Sales Comparison Approach Adjustments for differences comparable sales 4% - 37% (21%) Individually evaluated other loans $ 11,535 Multiple of Earnings Multiples of earnings for comparable entities 4.5X - 5.5X (5X) Individually evaluated other real estate owned $ 2,707 Sales Comparison Approach Adjustments for differences comparable sales 8% - 24% (16%) December 31, 2020 Individually evaluated real estate loans $ 13,443 Sales Comparison Approach Adjustments for differences comparable sales 2% - 22% (12%) Individually evaluated other loans $ 11,659 Multiple of Earnings Multiples of earnings for comparable entities 4.5X - 5.5X (5X) Individually evaluated other real estate owned $ 4,351 Sales Comparison Approach Adjustments for differences comparable sales 16% - 42% (29%) Carrying amount and estimated fair values of financial instruments at period end were as follows. September 30, 2021 Carrying Amount Estimated Fair Value (Level 1) (Level 2) (Level 3) Financial assets: Cash and cash equivalents $ 142,318 $ 142,318 $ 142,318 $ — $ — Available-for-sale securities 1,157,423 1,157,423 — 1,157,423 — Loans held for sale 4,108 4,108 — 4,108 — Loans, net of allowance for credit losses 2,633,148 2,619,364 — — 2,619,364 Federal Reserve Bank and Federal Home Loan Bank stock 14,540 14,540 — 14,540 — Interest receivable 15,519 15,519 — 15,519 — Derivative assets 5,074 5,074 — 5,074 — Cash collateral held by derivative counterparty and netting adjustments 248 248 248 — — Total derivative assets 5,322 5,322 248 5,074 — Equity securities with readily determinable fair value 598 598 598 — — Total assets $ 3,972,976 $ 3,959,192 $ 143,164 $ 1,196,664 $ 2,619,364 Financial liabilities: Deposits $ 3,662,777 $ 3,682,101 $ — $ 3,682,101 $ — Federal funds purchased and retail repurchase agreements 39,137 39,137 — 39,137 — Subordinated debentures 15,111 15,111 — 15,111 — Subordinated notes 72,919 82,294 — 82,294 — Contractual obligations 18,771 18,771 — 18,771 — Interest payable 1,850 1,850 — 1,850 — Derivative liabilities 5,797 5,797 — 5,797 — Cash collateral held by derivative counterparty and netting adjustments (5,302 ) (5,302 ) (5,302 ) — — Total derivative liabilities 495 495 (5,302 ) 5,797 — Total liabilities $ 3,811,060 $ 3,839,759 $ (5,302 ) $ 3,845,061 $ — December 31, 2020 Carrying Amount Estimated Fair Value (Level 1) (Level 2) (Level 3) Financial assets: Cash and cash equivalents $ 280,698 $ 280,698 $ 280,698 $ — $ — Interest-bearing time deposits in other banks 249 249 — 249 — Available-for-sale securities 871,827 871,827 — 871,827 — Loans held for sale 12,394 12,394 — 12,394 — Loans, net of allowance for credit losses 2,557,987 2,430,325 — — 2,430,325 Federal Reserve Bank and Federal Home Loan Bank stock 16,415 16,415 — 16,415 — Interest receivable 15,831 15,831 — 15,831 — Derivative assets 7,172 7,172 — 7,172 — Cash collateral held by derivative counterparty and netting adjustments 123 123 123 — — Total derivative assets 7,295 7,295 123 7,172 — Equity securities with readily determinable fair value 506 506 506 — — Total assets $ 3,763,202 $ 3,635,540 $ 281,327 $ 923,888 $ 2,430,325 Financial liabilities: Deposits $ 3,447,590 $ 3,451,366 $ — $ 3,451,366 $ — Federal funds purchased and retail repurchase agreements 36,029 36,029 — 36,029 — Federal Home Loan Bank advances 10,144 10,656 — 10,656 — Subordinated debentures 14,872 14,872 — 14,872 — Subordinated notes 72,812 80,448 — 80,448 — Contractual obligations 5,189 5,189 — 5,189 — Interest payable 1,231 1,231 — 1,231 — Derivative liabilities 8,317 8,317 — 8,317 — Cash collateral held by derivative counterparty and netting adjustments (8,317 ) (8,317 ) (8,317 ) — — Total derivative liabilities — — (8,317 ) 8,317 — Total liabilities $ 3,587,867 $ 3,599,791 $ (8,317 ) $ 3,608,108 $ — The fair value of off-balance-sheet items is not considered material. |
COMMITMENTS AND CREDIT RISK
COMMITMENTS AND CREDIT RISK | 9 Months Ended |
Sep. 30, 2021 | |
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 September 30, 2021, and December 31, 2020, were as follows. September 30, 2021 December 31, 2020 Fixed Rate Variable Rate Fixed Rate Variable Rate Commitments to make loans $ 59,847 $ 177,414 $ 50,123 $ 129,860 Mortgage loans in the process of origination 12,259 4,781 13,826 1,713 Unused lines of credit 98,497 239,224 120,720 226,731 The fixed rate loan commitments have interest rates ranging from 2.49% to 8.00% and maturities ranging from 1 month to 370 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 September 30, 2021, and December 31, 2020, were as follows. September 30, 2021 December 31, 2020 Fixed Rate Variable Rate Fixed Rate Variable Rate Standby letters of credit $ 9,936 $ 2,225 $ 9,020 $ 3,314 |
LEGAL MATTERS
LEGAL MATTERS | 9 Months Ended |
Sep. 30, 2021 | |
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 loss contingency described below has been identified by the Company as reasonably possible to result in an unfavorable outcome for the Company or the Bank. Equity Bank is a party to a lawsuit filed on November 5, 2020, in Missouri federal court on behalf of one of our customers, alleging improperly collected overdraft fees on two separate legal theories. The plaintiff seeks to have the case certified as a class action. The Bank was served on February 2, 2021. The Company filed a motion to dismiss the claims on April 26, 2021. In response, the Plaintiff amended its lawsuit and dropped one of the two claims. The Company filed a motion to dismiss the remaining claim in the Amended Complaint on June 26, 2021 and continues to defend against the claim now asserted. The Company believes that the lawsuit is without merit and it intends to vigorously defend against the claim now asserted. At this time, the Company is unable to reasonably estimate the outcome of this litigation. |
REVENUE RECOGNITION
REVENUE RECOGNITION | 9 Months Ended |
Sep. 30, 2021 | |
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 nine-month periods ended September 30, 2021 and 2020. Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Non-interest income Service charges and fees $ 2,360 $ 1,706 $ 6,125 $ 5,097 Debit card income 2,574 2,491 7,603 6,735 Mortgage banking (a) 801 877 2,584 2,298 Increase in bank-owned life insurance (a) 1,169 489 2,446 1,452 Net gain (loss) on acquisition (a) — — 585 — Net gain (loss) from securities transactions (a) 381 — 398 12 Other Investment referral income 189 163 506 461 Trust income 340 128 836 283 Insurance sales commissions 217 42 323 71 Recovery on zero-basis purchased loans (a) 9 10 62 116 Income (loss) from equity method investments (a) (56 ) 3 (167 ) 3 Other non-interest income related to loans and deposits (178 ) 539 2,270 756 Other non-interest income not related to loans and deposits (a) 25 37 72 239 Total other non-interest income 546 922 3,902 1,929 Total $ 7,831 $ 6,485 $ 23,643 $ 17,523 (a) |
BUSINESS COMBINATIONS
BUSINESS COMBINATIONS | 9 Months Ended |
Sep. 30, 2021 | |
Business Combinations [Abstract] | |
BUSINESS COMBINATIONS | NOTE 14 – BUSINESS COMBINATIONS At the close of business on October 23, 2020, the Company acquired the assets and assumed the deposit liabilities of Almena State Bank (“Almena”), based in Norton, Kansas, pursuant to a Purchase and Assumption Agreement facilitated by the Federal Deposit Insurance Corporation (“FDIC”). Acquisition costs related to this acquisition during the nine months ended September 30, 2021 were $237 ($177 on an after-tax basis). During the nine months ended September 30, 2021, the Company updated the valuation for certain Almena loans which at acquisition showed evidence of credit quality deterioration since origination. The net result of this valuation was a $585 addition to the gain on acquisition recorded during the fourth quarter of 2020. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 15 – SUBSEQUENT EVENTS On October 1, 2021, the Company completed its acquisition of American State Bancshares, Inc. (“ASB”) pursuant to the terms of the Agreement and Plan of Reorganization, dated May 14, 2021 (the “Merger Agreement”), by and among the Company, Greyhounds Merger Sub, Inc., and ASB. At the effective time of the merger (the “Effective Time”), Greyhounds Merger Sub, Inc. merged with and into ASB, with ASB surviving the merger as a wholly-owned subsidiary of the Company. Following the Effective Time, ASB merged with and into the Company, with the Company surviving the merger. Subsequently, American State Bank & Trust Company (“American State Bank”), ASB’s wholly-owned banking subsidiary, merged into Equity Bank, with Equity Bank surviving the merger. American State Bank had a total of seventeen locations in Kansas prior to its merger with Equity Bank. Results of operations of ASB were included in the Company’s results of operations beginning October 2, 2021. Acquisition costs related to this acquisition during the nine months ended September 30, 2021, were $4,390 ($3,401 on an after-tax basis). In connection with the merger, the Company assumed ASB’s rights, title and obligations under the indenture, dated as of September 15, 2005 (the “Indenture”), by and between ASB and the Wilmington Trust Company (the “Trustee”), pursuant to that certain First Supplemental Indenture, dated as of October 1, 2021 (the “Supplemental Indenture”), by and among the Company, ASB and the Trustee. ASB had issued $7,732 principal amount of its Floating Rate Junior Subordinated Deferrable Interest notes due 2035 under the Indenture. In their September 30, 2021, unaudited Consolidated Report of Condition, American State Bank reported total assets of $788,452, which included total loans of $452,690 and securities of $177,207. At September 30, 2021, total liabilities of $690,098 were reported by American State Bank, which included deposits of $659,072. American State Bank reported $5,388 in net income before income taxes for the nine months ended September 30, 2021. The Company anticipates there will be goodwill and core deposit intangibles recorded with this acquisition. Goodwill is calculated as the excess of the cash consideration transferred over the net of the acquisition-date fair value of identifiable assets ac quired and liabilities assumed . On July 19, 2021, the Company announced that Equity Bank signed a definitive branch purchase and assumption agreement to acquire the assets and assume the deposits of three bank locations in St. Joseph, Missouri, from Security Bank of Kansas City, a subsidiary of Valley View Financial Co. of Overland Park, Kansas. The Company anticipates closing the transaction in the fourth quarter of 2021, subject to customary closing conditions, including the receipt of regulatory approval. On October 25, 2021, the Company announced that Equity Bank signed a definitive purchase and assumption agreement with United Bank & Trust in Marysville, Kansas, (“UBT”) with UBT acquiring certain assets and assuming deposits of bank locations in Concordia, Belleville and Clyde, Kansas, which were previously acquired in the ASB acquisition, from Equity Bank. UBT and Equity anticipate completing the acquisition in the second quarter of 2022. |
BASIS OF PRESENTATION AND SUM_2
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
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 | 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 could be impacted, to varying degrees, 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 from COVID-19. 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. It is not possible to know the full universe or extent of impact to the Company’s operations brought about from COVID-19 and resulting measures to curtail its spread. 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. 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. Credit 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 the Company to respond proactively as needs and issues arise. Should economic conditions worsen, the Company could experience further increases in its required allowance for credit losses and record additional provision for credit 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 COVID-19. Our exposure from outstanding loans and commitments to industries which we consider a higher risk totaled approximately $306,174 in hospitality and $36,031 in aircraft manufacturing at September 30, 2021. Allowance for Credit Losses - Loans As described below under Recently Adopted Accounting Pronouncements, the Company adopted the FASB ASU 2016-13 effective January 1, 2021, which requires the estimation of an allowance for credit losses in accordance with the current expected credit loss (“CECL”) methodology. Management assesses the adequacy of the allowance on a quarterly basis. This assessment includes procedures to estimate the allowance and test the adequacy and appropriateness of the resulting balance. The level of the allowance is based upon management’s evaluation of historical default and loss experience, current and projected economic conditions, asset quality trends, known and inherent risks in the portfolio, adverse situations that may affect the borrower’s ability to repay a loan (including the timing of future payments), the estimated value of any underlying collateral, composition of the loan portfolio, industry and peer bank loan quality indications and other pertinent factors, including regulatory recommendations. The level of the allowance for credit losses maintained by management is believed adequate to absorb all expected future losses inherent in the loan portfolio at the balance sheet date. The allowance is adjusted through provision for credit losses and charge-offs, net of recoveries of amounts previously charged off. The Company adopted ASC Topic 326 using the modified retrospective method for all financial assets measured at amortized cost and off-balance sheet credit exposures. Results for the reporting periods beginning after January 1, 2021, are presented under ASC Topic 326, while prior amounts continue to be reported in accordance with previously applicable GAAP. The Company adopted ASC 326 using the prospective transition approach for financial assets purchased with credit deterioration (“PCD”) that were previously classified as purchased credit impaired (“PCI”) and accounted for under ASC 310-30. In accordance with the standard, management did not reassess whether PCI assets met the criteria of PCD assets as of the date of adoption. On January 1, 2021, the amortized cost basis of the PCD assets were adjusted to reflect the addition of $10,438 to the allowance for credit losses. The remaining noncredit discount (based on the adjusted amortized cost basis) will be accreted into interest income at the effective interest rate as of January 1, 2021. The allowance for credit losses is measured on a collective basis for pools of loans with similar risk characteristics. The Company has identified the following pools of financial assets with similar risk characteristics for measuring expected credit losses. • Commercial real estate mortgage loans – Owner occupied commercial real estate mortgage loans are secured by commercial office buildings, industrial buildings, warehouses or retail buildings where the owner of the building occupies the property. For such loans, repayment is largely dependent upon the operation of the borrower's business. • Commercial and industrial loans – Commercial and industrial loans include loans to business enterprises issued for commercial, industrial and/or other professional purposes. These loans are generally secured by equipment, inventory and accounts receivable of the borrower and repayment is primarily dependent on business cash flows. • Residential real estate mortgage loans – Residential real estate mortgage consists primarily of loans secured by 1-4 family residential properties, including home equity lines of credit. Repayment is primarily dependent on the personal cash flow of the borrower. • Agricultural real estate loans – Agricultural real estate loans are secured by real estate related to farmland and are affected by the value of farmland. Generally, the borrower’s ability to repay is based on the value of farmland and cash flows from farming operations. • Agricultural production loans – Agricultural production loans are primarily operating lines subject to annual farming revenues, including productivity and yield of farm products and market pricing at the time of sale. • Consumer – Consumer loans include all loans issued to individuals not included in the categories above. Examples of consumer and other loans are automobile loans, consumer credit cards and loans to finance education, among others. Many consumer loans are unsecured. Repayment is primarily dependent on the personal cash flow of the borrower. The Company primarily utilizes a probability of default (“PD”) and loss given default (“LGD”) modeling approach for historical loss coupled with a macroeconomic factor analysis derived from a statistical regression of loss experience correlated to changes in economic factors for all commercial banks operating within our geographical footprint. The macroeconomic regression is based on a multivariate approach and includes key indicators that provide the highest cumulative adjusted R-square figure. Economic factors include, but are not limited to, national unemployment, gross domestic product, market interest rates and property pricing indices. To arrive at the most predictive calculation, a lag factor was applied to these inputs, resulting in current and historic economic inputs driving the projection of loss over our reasonable, supportable forecast period which management has defined as 12 months for all portfolio segments. Following the reasonable and supportable forecast period loss experience immediately reverts to the longer run historical loss experience of the Company. The resultant loss rates are applied to the estimated future exposure at default (“EAD”), as determined based on contractual amortization terms through an average default month and estimated prepayment experience in arriving at the quantitative reserve within our allowance for credit losses. The estimated loan losses for all loan segments are adjusted for changes in qualitative factors not inherently considered in the quantitative analyses. The qualitative categories and the measurements used to quantify the risks within each of these categories are subjectively selected by management but measured by objective measurements period over period. The data for each measurement may be obtained from internal or external sources. The current period measurements are evaluated and assigned a factor commensurate with the current level of risk relative to past measurements over time. The resulting qualitative adjustments are applied to the relevant collectively evaluated loan portfolios. These adjustments are based upon quarterly trend assessments in projective economic sentiment, portfolio concentrations, policy exceptions, personnel retention, independent loan review results, collateral considerations, risk ratings and competition. The qualitative allowance allocation, as determined by the processes noted above, is increased or decreased for each loan segment based on the assessment of these various qualitative factors. Due to the inclusion of a lag factor in our quantitative economic analysis discussed above, the allowance for credit losses, as of implementation and through the reporting date, is heavily influenced by the qualitative economic factor considered by management to be reflective of risk associated with the COVID-19 pandemic. Loans that do not share similar risk characteristics with the collectively evaluated pools are evaluated on an individual basis and are excluded from the collectively evaluated loan pools. Such loans are evaluated for credit losses based on either discounted cash flows or the fair value of collateral. When management determines that foreclosure is probable, expected credit losses are based on the fair value of the collateral, less selling costs. For loans for which foreclosure is not probable, but for which repayment is expected to be provided substantially through the operation or sale of the collateral, the Company has elected the practical expedient under ASC 326 to estimate expected credit losses based on the fair value of collateral, with selling costs considered in the event sale of the collateral is expected. Loans for which terms have been modified in a troubled debt restructuring (“TDR”) are evaluated using these same individual evaluation methods. In the event the discounted cash flow method is used for a TDR, the original interest rate is used to discount expected cash flows. In assessing the adequacy of the allowance for credit losses, the Company considers the results of the Company’s ongoing, independent loan review process. The Company undertakes this process both to ascertain those loans in the portfolio with elevated credit risk and to assist in its overall evaluation of the risk characteristics of the entire loan portfolio. Its loan review process includes the judgment of management, independent internal loan reviewers and reviews that may have been conducted by third-party reviewers including regulatory examiners. The Company incorporates relevant loan review results when determining the allowance. In accordance with CECL, losses are estimated over the remaining contractual terms of loans, adjusted for estimated prepayments. The contractual term excludes expected extensions, renewals and modifications unless management has a reasonable expectation at the reporting date that a troubled debt restructuring will be executed or such renewals, extensions or modifications are included in the original loan agreement and are not unconditionally cancellable by the Company. Credit losses are estimated on the amortized cost basis of loans, which includes the principal balance outstanding, purchase discounts and premiums and loan fees and costs. Accrued interest receivable, as allowed under ASU 2016-13, is excluded from the credit loss estimate. In addition, accrued interest receivable is presented separately on the balance sheets and is excluded from the tabular loan disclosures in Note 3. The Company’s policies and procedures used to estimate the allowance for credit losses, as well as the resultant provision for credit losses charged to income, are considered adequate by management and are reviewed periodically by regulators, model validators and internal audit, they are inherently approximate estimates and imprecise. There are factors beyond the Company’s control, such as changes in projected economic conditions, real estate markets or particular industry conditions which may materially impact asset quality and the adequacy of the allowance for credit losses and thus the resulting provision for credit losses. Allowance for Credit Losses – Off-Balance-Sheet Credit Exposures The Company estimates expected credit losses over the contractual term of obligations to extend credit, unless the obligation is unconditionally cancellable. The allowance for off-balance-sheet exposures is adjusted through other noninterest expense. The estimates are determined based on the likelihood of funding during the contractual term and an estimate of credit losses subsequent to funding. Estimated credit losses on subsequently funded balances are based on the same assumptions used to estimate credit losses on existing funded loans. Allowance for Credit Losses – Securities Available-for-Sale For any securities classified as available-for-sale that are in an unrealized loss position at the balance sheet date, the Company assesses whether or not it intends to sell the security, or more likely than not will be required to sell the security, before recovery of its amortized cost basis. If either criterion is met, the security's amortized cost basis is written down to fair value through net income. If neither criterion is met, the Company evaluates whether any portion of the decline in fair value is the result of credit deterioration. Such evaluations consider the extent to which the amortized cost of the security exceeds its fair value, changes in credit ratings and any other known adverse conditions related to the specific security. If the evaluation indicates that a credit loss exists, an allowance for credit losses is recorded for the amount by which the amortized cost basis of the security exceeds the present value of cash flows expected to be collected, limited by the amount by which the amortized cost exceeds fair value. Any impairment not recognized in the allowance for credit losses is recognized in other comprehensive income. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-13, Financial Instruments – Credit Losses, 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 modifications made on a good faith basis in response to COVID-19 to borrowers who were current prior to any relief, are not to be considered TDRs. This includes short-term modifications such as payment deferrals, fee waivers, extensions of repayment terms or other delays in payment that are insignificant. Borrowers considered current are those that are less than 30 days past due on their contractual payments at the time a modification program is implemented. The CARES Act provisions were further extended to the earlier of 60 days after the national emergency termination date or January 1, 2022, by section 541 of the CAA. In addition, loan deferrals can be qualified under section 4013 of the CARES Act during the extended relief period if certain criteria are met. This interagency guidance and CARES Act provisions have had a material impact on the Company’s financial statements as reflected in Note 3. In March 2020, the FASB issued ASU 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848) |
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 nine-month periods ended September 30, 2021 and 2020. Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Non-interest income Service charges and fees $ 2,360 $ 1,706 $ 6,125 $ 5,097 Debit card income 2,574 2,491 7,603 6,735 Mortgage banking (a) 801 877 2,584 2,298 Increase in bank-owned life insurance (a) 1,169 489 2,446 1,452 Net gain (loss) on acquisition (a) — — 585 — Net gain (loss) from securities transactions (a) 381 — 398 12 Other Investment referral income 189 163 506 461 Trust income 340 128 836 283 Insurance sales commissions 217 42 323 71 Recovery on zero-basis purchased loans (a) 9 10 62 116 Income (loss) from equity method investments (a) (56 ) 3 (167 ) 3 Other non-interest income related to loans and deposits (178 ) 539 2,270 756 Other non-interest income not related to loans and deposits (a) 25 37 72 239 Total other non-interest income 546 922 3,902 1,929 Total $ 7,831 $ 6,485 $ 23,643 $ 17,523 (a) |
SECURITIES (Tables)
SECURITIES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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 Allowance for Credit Losses Fair Value September 30, 2021 Available-for-sale securities U.S. Government-sponsored entities $ 100,259 $ 8 $ (527 ) $ — $ 99,740 U.S. Treasury securities 87,416 58 (668 ) — 86,806 Mortgage-backed securities Government-sponsored residential mortgage-backed securities 639,254 13,485 (3,714 ) — 649,025 Private label residential mortgage-backed securities 148,631 13 (696 ) — 147,948 Corporate 52,535 1,636 (100 ) — 54,071 Small Business Administration loan pools 10,485 27 (47 ) — 10,465 State and political subdivisions 106,185 3,501 (318 ) — 109,368 $ 1,144,765 $ 18,728 $ (6,070 ) $ — $ 1,157,423 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value December 31, 2020 Available-for-sale securities U.S. Government-sponsored entities $ 996 $ 27 $ — $ 1,023 U.S. Treasury securities 4,024 1 — 4,025 Mortgage-backed securities Government-sponsored residential mortgage-backed securities 630,485 21,049 (109 ) 651,425 Private label residential mortgage-backed securities 44,302 5 (129 ) 44,178 Corporate 52,503 1,153 (6 ) 53,650 Small Business Administration loan pools 1,226 44 — 1,270 State and political subdivisions 111,865 4,391 — 116,256 $ 845,401 $ 26,670 $ (244 ) $ 871,827 |
Fair Value and Amortized Cost of Debt Securities by Contractual Maturity | The fair value and amortized cost of debt securities at September 30, 2021, 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 Amortized Cost Fair Value Within one year $ 6,328 $ 6,394 One to five years 53,951 54,610 Five to ten years 252,325 253,518 After ten years 44,276 45,928 Mortgage-backed securities 787,885 796,973 Total debt securities $ 1,144,765 $ 1,157,423 |
Summary of Proceeds from Sales and Associated Gains and Losses | The proceeds from sales and the associated gains and losses on available-for-sale securities reclassified from other comprehensive income to income are listed below. Three Months Ended September 30, Nine Months Ended September 30, 2021 2021 Proceeds $ 7,347 $ 7,347 Gross gain 373 373 Gross losses — — Income tax expense on net realized gains 94 94 |
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 September 30, 2021, and December 31, 2020. Less Than 12 Months 12 Months or More Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss September 30, 2021 Available-for-sale securities U.S. Government-sponsored entities $ 88,733 $ (527 ) $ — $ — $ 88,733 $ (527 ) U.S. Treasury securities 57,921 (668 ) — — 57,921 (668 ) Mortgage-backed securities Government-sponsored residential mortgage-backed securities 277,959 (3,714 ) — — 277,959 (3,714 ) Private label residential mortgage-backed securities 130,944 (650 ) 2,752 (46 ) 133,696 (696 ) Corporate 4,900 (100 ) — — 4,900 (100 ) Small Business Administration loan pools 9,466 (47 ) — — 9,466 (47 ) State and political subdivisions 13,935 (318 ) — — 13,935 (318 ) Total temporarily impaired securities $ 583,858 $ (6,024 ) $ 2,752 $ (46 ) $ 586,610 $ (6,070 ) December 31, 2020 Available-for-sale securities Mortgage-backed securities Government-sponsored residential mortgage-backed securities $ 28,770 $ (109 ) $ — $ — $ 28,770 $ (109 ) Private label residential mortgage-backed securities 28,367 (129 ) — — 28,367 (129 ) Corporate 3,908 (6 ) — — 3,908 (6 ) Total temporarily impaired securities $ 61,045 $ (244 ) $ — $ — $ 61,045 $ (244 ) |
LOANS AND ALLOWANCE FOR CREDI_2
LOANS AND ALLOWANCE FOR CREDIT LOSSES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Receivables [Abstract] | |
Categories of Loans | The following table lists categories of loans at September 30, 2021, and December 31, 2020. September 30, 2021 December 31, 2020 Commercial real estate $ 1,308,707 $ 1,188,696 Commercial and industrial 569,513 734,495 Residential real estate 490,633 381,958 Agricultural real estate 138,793 133,693 Agricultural 93,767 94,322 Consumer 84,498 58,532 Total loans 2,685,911 2,591,696 Allowance for credit losses (52,763 ) (33,709 ) Net loans $ 2,633,148 $ 2,557,987 |
Schedule of Allowance for Loan Losses by Portfolio Segment Allowance | The following tables present the activity in the allowance for credit losses by class for the three-month periods ended September 30, 2021 and 2020. September 30, 2021 Commercial Real Estate Commercial and Industrial Residential Real Estate Agricultural Real Estate Agricultural Consumer Total Allowance for credit losses: Beginning balance $ 15,225 $ 18,690 $ 9,808 $ 847 $ 4,695 $ 2,569 $ 51,834 Provision for credit losses (2,723 ) 5,473 (1,473 ) 145 (366 ) 2 1,058 Loans charged-off (116 ) (37 ) — (3 ) — (200 ) (356 ) Recoveries 96 1 4 15 — 111 227 Total ending allowance balance $ 12,482 $ 24,127 $ 8,339 $ 1,004 $ 4,329 $ 2,482 $ 52,763 September 30, 2020 Commercial Real Estate Commercial and Industrial Residential Real Estate Agricultural Real Estate Agricultural Consumer Total Allowance for loan losses: Beginning balance $ 9,467 $ 10,168 $ 5,315 $ 975 $ 810 $ 7,343 $ 34,078 Provision for loan losses (218 ) 1,361 (591 ) 468 (47 ) (158 ) 815 Loans charged-off (308 ) (3 ) (153 ) (167 ) — (244 ) (875 ) Recoveries 1 3 22 5 5 33 69 Total ending allowance balance $ 8,942 $ 11,529 $ 4,593 $ 1,281 $ 768 $ 6,974 $ 34,087 |
Schedule of Loans Evaluated for Impairment | The following tables present the recorded investment in loans and the balance in the allowance for credit losses by portfolio and class based on method to determine allowance for credit loss as of September 30, 2021, and December 31, 2020. September 30, 2021 Commercial Real Estate Commercial and Industrial Residential Real Estate Agricultural Real Estate Agricultural Consumer Total Allowance for credit losses: Individually evaluated for impairment $ 2,141 $ 15,323 $ 800 $ 720 $ 4,037 $ 48 $ 23,069 Collectively evaluated for impairment 10,341 8,804 7,539 284 292 2,434 29,694 Total $ 12,482 $ 24,127 $ 8,339 $ 1,004 $ 4,329 $ 2,482 $ 52,763 Loan Balance: Individually evaluated for impairment $ 6,595 $ 49,168 $ 3,279 $ 5,140 $ 7,532 $ 200 $ 71,914 Collectively evaluated for impairment 1,302,112 520,345 487,354 133,653 86,235 84,298 2,613,997 Total $ 1,308,707 $ 569,513 $ 490,633 $ 138,793 $ 93,767 $ 84,498 $ 2,685,911 December 31, 2020 Commercial Real Estate Commercial and Industrial Residential Real Estate Agricultural Real Estate Agricultural Consumer Total Allowance for loan losses: Individually evaluated for impairment $ 2,159 $ 5,457 $ 485 $ 595 $ 96 $ 68 $ 8,860 Collectively evaluated for impairment 6,472 5,985 3,949 266 586 5,952 23,210 Purchased credit impaired loans 381 1,014 125 43 76 — 1,639 Total $ 9,012 $ 12,456 $ 4,559 $ 904 $ 758 $ 6,020 $ 33,709 Loan Balance: Individually evaluated for impairment $ 4,752 $ 20,421 $ 1,939 $ 2,711 $ 2,201 $ 272 $ 32,296 Collectively evaluated for impairment 1,176,403 710,038 377,331 126,256 87,158 58,242 2,535,428 Purchased credit impaired loans 7,541 4,036 2,688 4,726 4,963 18 23,972 Total $ 1,188,696 $ 734,495 $ 381,958 $ 133,693 $ 94,322 $ 58,532 $ 2,591,696 |
Non-Accrual Loans, Segregated by Class of Loans | The following table presents information related to nonaccrual loans at September 30, 2021. September 30, 2021 Unpaid Principal Balance Recorded Investment Allowance for Credit Losses Allocated With no related allowance recorded: Commercial real estate $ — $ — $ — Commercial and industrial 19 — — Residential real estate 33 — — Agricultural real estate 1,795 1,719 — Agricultural 2 — — Consumer — — — Subtotal 1,849 1,719 — With an allowance recorded: Commercial real estate 6,794 6,171 2,059 Commercial and industrial 51,369 43,929 13,795 Residential real estate 3,240 3,094 765 Agricultural real estate 3,697 2,791 703 Agricultural 9,710 7,078 3,926 Consumer 231 200 48 Subtotal 75,041 63,263 21,296 Total $ 76,890 $ 64,982 $ 21,296 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 December 31, 2020. The recorded investment in loans excludes accrued interest receivable due to immateriality. December 31, 2020 Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated With no related allowance recorded: Commercial real estate $ 6,279 $ 1,683 $ — Commercial and industrial 2,087 643 — Residential real estate 270 180 — Agricultural real estate 3,408 1,090 — Agricultural 11,326 4,492 — Consumer — — — Subtotal 23,370 8,088 — With an allowance recorded: Commercial real estate 7,134 5,899 2,540 Commercial and industrial 29,245 22,814 6,471 Residential real estate 3,023 2,775 610 Agricultural real estate 3,474 3,021 638 Agricultural 1,330 820 172 Consumer 294 272 68 Subtotal 44,500 35,601 10,499 Total $ 67,870 $ 43,689 $ 10,499 The table below presents average recorded investment and interest income related to nonaccrual loans for the three and nine months ended September 30, 2021 and 2020. 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 September 30, 2021 September 30, 2020 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial real estate $ — $ — $ 18 $ 35 Commercial and industrial — — 13,857 — Residential real estate — — 4,262 14 Agricultural real estate 3,022 — — — Agricultural 884 — — — Consumer — — — — Subtotal 3,906 — 18,137 49 With an allowance recorded: Commercial real estate 7,107 1 6,324 16 Commercial and industrial 36,720 — 15,483 190 Residential real estate 2,870 24 3,586 2 Agricultural real estate 2,501 — 5,356 28 Agricultural 7,576 69 1,435 1 Consumer 215 1 271 3 Subtotal 56,989 95 32,455 240 Total $ 60,895 $ 95 $ 50,592 $ 289 As of and for the nine months ended September 30, 2021 September 30, 2020 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial real estate $ 421 $ 3 $ 556 $ 36 Commercial and industrial 161 35 14,229 23 Residential real estate 51 2 4,299 14 Agricultural real estate 2,307 82 566 5 Agricultural 2,156 — — — Consumer — — — — Subtotal 5,096 122 19,650 78 With an allowance recorded: Commercial real estate 7,022 19 5,667 35 Commercial and industrial 31,203 119 9,507 362 Residential real estate 2,843 26 3,573 5 Agricultural real estate 3,346 54 3,534 34 Agricultural 5,991 113 1,401 1 Consumer 245 2 318 3 Subtotal 50,650 333 24,000 440 Total $ 55,746 $ 455 $ 43,650 $ 518 |
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 September 30, 2021, and December 31, 2020, by portfolio and class of loans. September 30, 2021 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 $ 2,910 $ 1,332 $ — $ 6,171 $ 1,298,294 $ 1,308,707 Commercial and industrial 3,015 736 — 43,929 521,833 569,513 Residential real estate 411 827 — 3,094 486,301 490,633 Agricultural real estate 183 — — 4,510 134,100 138,793 Agricultural 14 — — 7,078 86,675 93,767 Consumer 148 35 45 200 84,070 84,498 Total $ 6,681 $ 2,930 $ 45 $ 64,982 $ 2,611,273 $ 2,685,911 December 31, 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 $ 1,374 $ 172 $ — $ 7,582 $ 1,179,568 $ 1,188,696 Commercial and industrial 261 — — 23,457 710,777 734,495 Residential real estate 377 4,712 — 2,955 373,914 381,958 Agricultural real estate 260 — 98 4,111 129,224 133,693 Agricultural 196 — — 5,312 88,814 94,322 Consumer 336 60 45 272 57,819 58,532 Total $ 2,804 $ 4,944 $ 143 $ 43,689 $ 2,540,116 $ 2,591,696 |
Summary of Risk Category of Loans by Class of Loans | Based on the most recent analysis performed, the risk category of loans, by type and year of origination, at September 30, 2021, is as follows. September 30, 2021 2021 2020 2019 2018 2017 Prior Revolving Loans Amortized Cost Revolving Loans Converted to Term Total Commercial real estate Risk rating Pass $ 223,015 $ 206,840 $ 159,859 $ 116,392 $ 76,883 $ 142,200 $ 373,962 $ 80 $ 1,299,231 Special mention 126 — — 13 1,174 307 — — 1,620 Substandard 1,781 400 225 112 — 5,338 — — 7,856 Doubtful — — — — — — — — — Total commercial real estate $ 224,922 $ 207,240 $ 160,084 $ 116,517 $ 78,057 $ 147,845 $ 373,962 $ 80 $ 1,308,707 Commercial and industrial Risk rating Pass $ 184,422 $ 97,754 $ 61,162 $ 10,682 $ 14,276 $ 9,892 $ 108,501 $ 9,966 $ 496,655 Special mention 20 — 992 1,502 290 5,802 — — 8,606 Substandard 4,175 5,891 24,390 5,485 9,838 152 11,697 2,624 64,252 Doubtful — — — — — — — — — Total commercial and industrial $ 188,617 $ 103,645 $ 86,544 $ 17,669 $ 24,404 $ 15,846 $ 120,198 $ 12,590 $ 569,513 Residential real estate Risk rating Pass $ 203,231 $ 7,086 $ 24,441 $ 66,398 $ 37,495 $ 102,332 $ 46,225 $ 198 $ 487,406 Special mention — — — — — 133 — — 133 Substandard — — 147 55 850 1,802 240 — 3,094 Doubtful — — — — — — — — — Total residential real estate $ 203,231 $ 7,086 $ 24,588 $ 66,453 $ 38,345 $ 104,267 $ 46,465 $ 198 $ 490,633 Agricultural real estate Risk rating Pass $ 24,730 $ 26,364 $ 12,834 $ 10,743 $ 6,318 $ 13,535 $ 37,188 $ — $ 131,712 Special mention — — — — 41 456 45 — 542 Substandard 558 65 127 1,830 2,577 487 895 — 6,539 Doubtful — — — — — — — — — Total agricultural real estate $ 25,288 $ 26,429 $ 12,961 $ 12,573 $ 8,936 $ 14,478 $ 38,128 $ — $ 138,793 Agricultural Risk rating Pass $ 17,446 $ 12,508 $ 2,976 $ 1,723 $ 3,433 $ 1,571 $ 43,784 $ 78 $ 83,519 Special mention — — 84 1,345 — 895 — — 2,324 Substandard 497 2,123 1,987 1,799 153 639 726 — 7,924 Doubtful — — — — — — — — — Total agricultural $ 17,943 $ 14,631 $ 5,047 $ 4,867 $ 3,586 $ 3,105 $ 44,510 $ 78 $ 93,767 Consumer Risk rating Pass $ 33,000 $ 12,047 $ 7,337 $ 3,722 $ 1,525 $ 914 $ 25,706 $ 1 $ 84,252 Special mention — — — — — — — — — Substandard — 105 73 27 33 8 — — 246 Doubtful — — — — — — — — — Total consumer $ 33,000 $ 12,152 $ 7,410 $ 3,749 $ 1,558 $ 922 $ 25,706 $ 1 $ 84,498 Total loans Risk rating Pass $ 685,844 $ 362,599 $ 268,609 $ 209,660 $ 139,930 $ 270,444 $ 635,366 $ 10,323 $ 2,582,775 Special mention 146 — 1,076 2,860 1,505 7,593 45 — 13,225 Substandard 7,011 8,584 26,949 9,308 13,451 8,426 13,558 2,624 89,911 Doubtful — — — — — — — — — Total loans $ 693,001 $ 371,183 $ 296,634 $ 221,828 $ 154,886 $ 286,463 $ 648,969 $ 12,947 $ 2,685,911 The classification status of loans by class of loans is as follows at December 31, 2020. December 31, 2020 Unclassified Classified Total Commercial real estate $ 1,171,961 $ 16,735 $ 1,188,696 Commercial and industrial 674,392 60,103 734,495 Residential real estate 378,868 3,090 381,958 Agricultural real estate 125,425 8,268 133,693 Agricultural 86,629 7,693 94,322 Consumer 58,253 279 58,532 Total $ 2,495,528 $ 96,168 $ 2,591,696 |
Schedule of Recorded Investments in Purchase Credit Impaired Loans | The table below lists recorded investments in purchased credit impaired loans as of December 31, 2020. December 31, 2020 Contractually required principal payments $ 41,658 Discount (17,686 ) Recorded investment $ 23,972 |
Schedule of Troubled Debt Restructurings by Accrual Status | The following table summarizes the Company’s TDRs by accrual status at September 30, 2021, and December 31, 2020. September 30, 2021 Nonaccrual Related Allowance for Credit Losses Commercial real estate $ 1,786 $ 849 Commercial and industrial 12,404 869 Agricultural real estate 932 285 Agricultural 528 81 Total troubled debt restructurings $ 15,650 $ 2,084 December 31, 2020 Nonaccrual Related Allowance for Loan Losses Commercial real estate $ 1,167 $ 342 Commercial and industrial 13,613 1,954 Total troubled debt restructurings $ 14,780 $ 2,296 |
Schedule of Categories of Loans Under the Payment Deferral Program | The following table lists loans included in the payment deferral program under the Cares Act by deferment type and category at September 30, 2021, and December 31, 2020. September 30, 2021 Commercial Real Estate Commercial and Industrial Agricultural Real Estate Total 12 months partial principal only $ — $ 1,890 $ — $ 1,890 9 months principal only 11,196 — — 11,196 12 months principal only 9,341 3,484 112 12,937 6 months principal and interest, then 9 months principal only 30,815 2,613 — 33,428 Total loans $ 51,352 $ 7,987 $ 112 $ 59,451 December 31, 2020 Commercial Real Estate Commercial and Industrial Total 12 months partial principal only $ — $ 1,965 $ 1,965 6 months principal only 2,262 4,175 6,437 9 months principal only 2,459 — 2,459 12 months principal only 10,092 3,675 13,767 3 months principal and interest, then 6 months principal only — 2,824 2,824 6 months principal and interest, then 9 months principal only 30,815 2,613 33,428 Total loans $ 45,628 $ 15,252 $ 60,880 |
Schedule of Classification Status of Loans Participating in Payment Deferral Program | The classification status of loans participating in the payment deferral program at September 30, 2021, and December 31, 2020, is listed below. September 30, 2021 December 31, 2020 Unclassified Classified Total Unclassified Classified Total Commercial real estate $ 51,352 $ — $ 51,352 $ 45,628 $ — $ 45,628 Commercial and industrial 4,920 3,067 7,987 5,095 10,157 15,252 Agricultural real estate 112 — 112 — — — Total loans $ 56,384 $ 3,067 $ 59,451 $ 50,723 $ 10,157 $ 60,880 |
Off Balance Sheet Credit Exposure | The following table lists allowance for credit losses on off-balance sheet credit exposures as of September 30, 2021. September 30, 2021 Allowance for Credit Losses Commercial real estate $ 599 Commercial and industrial 302 Residential real estate 27 Agricultural real estate — Agricultural 1 Consumer 395 Total allowance for credit losses $ 1,324 |
DERIVATIVE FINANCIAL INSTRUME_2
DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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 September 30, 2021, and December 31, 2020. September 30, 2021 December 31, 2020 Notional Amount Derivative Assets Derivative Liabilities Notional Amount Derivative Assets Derivative Liabilities Derivatives designated as hedging instruments: Interest rate swaps $ 4,323 $ — $ 272 $ 5,585 $ — $ 497 Total derivatives designated as hedging relationships 4,323 — 272 5,585 — 497 Derivatives not designated as hedging instruments: Interest rate swaps 137,277 5,074 5,525 119,341 7,172 7,820 Total derivatives not designated as hedging instruments 137,277 5,074 5,525 119,341 7,172 7,820 Total $ 141,600 5,074 5,797 $ 124,926 7,172 8,317 Cash collateral — (5,550 ) — (8,440 ) Netting adjustments 248 248 123 123 Net amount presented in Balance Sheet $ 5,322 $ 495 $ 7,295 $ — |
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 September 30, 2021, and December 31, 2020. September 30, 2021 December 31, 2020 Carrying Amount Hedging Fair Value Adjustment Fair Value Adjustments on Discontinued Hedges Carrying Amount Hedging Fair Value Adjustment Fair Value Adjustments on Discontinued Hedges Commercial real estate loans $ 4,323 $ 266 $ — $ 5,583 $ 491 $ — Total $ 4,323 $ 266 $ — $ 5,583 $ 491 $ — |
Summary of Net Gains/ (Losses) on Derivatives and Hedging Activities | For the three and nine-month periods ended September 30, 2021 and 2020, the Company recorded net gains (losses) on derivatives and hedging activities. Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 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 (49 ) 77 196 (407 ) Total net gains (losses) related to derivatives not designated as hedging instruments (49 ) 77 196 (407 ) Net gains (losses) on derivatives and hedging activities $ (49 ) $ 77 $ 196 $ (407 ) |
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 September 30, 2021 and 2020. September 30, 2021 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 $ (20 ) $ 20 $ — $ (25 ) Total $ (20 ) $ 20 $ — $ (25 ) September 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 $ 27 $ (27 ) $ — $ (28 ) Total $ 27 $ (27 ) $ — $ (28 ) 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 nine-month periods ended September 30, 2021 and 2020. September 30, 2021 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 $ (191 ) $ 191 $ — $ (81 ) Total $ (191 ) $ 191 $ — $ (81 ) September 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 $ (409 ) $ 409 $ — $ (61 ) Total $ (409 ) $ 409 $ — $ (61 ) |
LEASE OBLIGATIONS (Tables)
LEASE OBLIGATIONS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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 September 30, 2021, and December 31, 2020, are listed below. September 30, 2021 Operating Leases Right-of-Use Asset Lease Liability Weighted Average Lease Term in Years Weighted Average Discount Rate Land and building leases $ 3,228 $ 3,215 17.1 2.99 % Total operating leases $ 3,228 $ 3,215 17.1 2.99 % December 31, 2020 Operating Leases Right-of-Use Asset Lease Liability Weighted Average Lease Term in Years Weighted Average Discount Rate Land and building leases $ 3,540 $ 3,524 16.9 2.99 % Total operating leases $ 3,540 $ 3,524 16.9 2.99 % |
Schedule of Operating Lease Costs | Operating lease costs for the three and nine-month periods ended September 30, 2021 and 2020, are listed below. Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Operating lease cost $ 127 $ 184 $ 378 $ 549 Short-term lease cost — — — — Variable lease cost 8 3 21 22 Total operating lease cost $ 135 $ 187 $ 399 $ 571 |
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 September 30, 2021 Due in one year or less $ 460 Due after one year through two years 431 Due after two years through three years 237 Due after three years through four years 214 Due after four years through five years 210 Thereafter 2,675 Total undiscounted cash flows 4,227 Discount on cash flows (1,012 ) Total operating lease liability $ 3,215 |
BORROWINGS (Tables)
BORROWINGS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Schedule of Federal Funds Purchased and Retail Repurchase Agreements | Federal funds purchased and retail repurchase agreements as of September 30, 2021, and December 31, 2020, are listed below. September 30, 2021 December 31, 2020 Federal funds purchased $ — $ — Retail repurchase agreements 39,137 36,029 |
Schedule of Borrowing Usage and Interest Rate Information for Federal Funds Purchased and Retail Repurchase Agreements | The following table presents the borrowing usage and interest rate information for federal funds purchased and retail repurchase agreements at September 30, 2021, and December 31, 2020. September 30, 2021 December 31, 2020 Year-to-date average daily balance during the period $ 43,673 $ 45,041 Maximum month-end balance year-to-date $ 47,184 $ 53,543 Weighted average interest rate at period-end 0.24 % 0.22 % |
Summary of Federal Home Loan Bank Advances | Federal Home Loan Bank advances as of December 31, 2020, are listed below. December 31, 2020 Weighted Average Rate Weighted Average Term in Years Federal Home Loan Bank line of credit advances $ — — — Federal Home Loan Bank fixed-rate term advances 10,107 2.79 % 2.3 Total principal outstanding 10,107 Merger purchase accounting adjustment 37 Total Federal Home Loan Bank advances $ 10,144 |
Schedule of Subordinated Debt | Subordinated debt as of September 30, 2021, and December 31, 2020, are listed below. September 30, 2021 December 31, 2020 Subordinated debentures $ 15,111 $ 14,872 Subordinated notes 72,919 72,812 Total $ 88,030 $ 87,684 |
Schedule of Subordinated Notes | Subordinated notes as of September 30, 2021, are listed below. September 30, 2021 Weighted Average Rate Weighted Average Term in Years Subordinated notes $ 75,000 7.00 % 8.8 Total principal outstanding 75,000 Debt issuance cost (2,081 ) Total subordinated notes $ 72,919 Subordinated notes as of December 31, 2020, are listed below. December 31, 2020 Weighted Average Rate Weighted Average Term in Years Subordinated notes $ 75,000 7.00 % 9.5 Total principal outstanding 75,000 Debt issuance cost (2,188 ) Total subordinated notes $ 72,812 |
Summary of Future Principal Repayments | Future principal repayments of the September 30, 2021, outstanding balances are as follows. Retail Repurchase Agreements Subordinated Debentures Subordinated Notes Total Due in one year or less $ 39,137 $ — $ — $ 39,137 Due after one year through two years — — — — Due after two years through three years — — — — Due after three years through four years — — — — Due after four years through five years — — — — Thereafter — 20,620 75,000 95,620 Total $ 39,137 $ 20,620 $ 75,000 $ 134,757 |
Trust Preferred Securities [Member] | |
Schedule of Subordinated Debt | Subordinated debentures as of September 30, 2021, and December 31, 2020, are listed below. September 30, 2021 Weighted Average Rate Weighted Average Term in Years CTII subordinated debentures $ 10,310 2.13 % 13.5 CTIII subordinated debentures 5,155 2.01 % 15.7 CFSTI subordinated debentures 5,155 3.38 % 11.2 Total contractual balance 20,620 Fair market value adjustments (5,509 ) Total subordinated debentures $ 15,111 December 31, 2020 Weighted Average Rate Weighted Average Term in Years CTII subordinated debentures $ 10,310 2.24 % 14.3 CTIII subordinated debentures 5,155 2.11 % 16.5 CFSTI subordinated debentures 5,155 3.50 % 12.0 Total contractual balance 20,620 Fair market value adjustments (5,748 ) Total subordinated debentures $ 14,872 |
STOCKHOLDERS' EQUITY (Tables)
STOCKHOLDERS' EQUITY (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Summary of Shares Issued and Held in Treasury or Outstanding | The following table presents shares that were issued, held in treasury or were outstanding at September 30, 2021, and December 31, 2020. September 30, 2021 December 31, 2020 Class A common stock – issued 17,530,223 17,224,830 Class A common stock – held in treasury (3,164,438 ) (2,684,274 ) Class A common stock – outstanding 14,365,785 14,540,556 Class B common stock – issued 234,903 234,903 Class B common stock – held in treasury (234,903 ) (234,903 ) Class B common stock – outstanding — — |
Summary of Offering Periods and Costs | In 2019, the Company’s Board of Directors adopted the Equity Bancshares, Inc. 2019 Employee Stock Purchase Plan (“ESPP”). The ESPP enables eligible employees to purchase the Company’s common stock at a price per share equal to 85% of the lower of the fair market value of the common stock at the beginning or end of each offering period. ESPP compensation expense of $33 and $88 was recorded for the three and nine-month periods ended September 30, 2021. ESPP compensation expense of $19 and $69 was recorded for the three and nine-month periods ended September 30, 2020. The following table presents the offering periods and costs associated with this program during the reporting period. Offering Period Shares Purchased Cost Per Share Compensation Expense August 15, 2019 to February 14, 2020 16,764 $ 21.11 $ 63 February 15, 2020 to August 14, 2020 17,829 13.61 43 August 15, 2020 to February 14, 2021 17,621 13.68 42 February 15, 2021 to August 14, 2021 16,034 20.50 58 |
Components of Accumulated Other Comprehensive Income | Components of accumulated other comprehensive income as of September 30, 2021, and December 31, 2020, are listed below. Available-for- Sale Securities Accumulated Other Comprehensive Income (Loss) September 30, 2021 Net unrealized or unamortized gains $ 12,658 $ 12,658 Tax effect (3,183 ) (3,183 ) $ 9,475 $ 9,475 December 31, 2020 Net unrealized or unamortized gains $ 26,426 $ 26,426 Tax effect (6,645 ) (6,645 ) $ 19,781 $ 19,781 |
REGULATORY MATTERS (Tables)
REGULATORY MATTERS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Banking And Thrift Disclosure [Abstract] | |
Summary of Company's and Equity Bank's Capital Amounts and Ratios | The Company’s and Equity Bank’s capital amounts and ratios at September 30, 2021, and December 31, 2020, 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 Septembert 30, 2021 Total capital to risk weighted assets Equity Bancshares, Inc. $ 489,725 16.63 % $ 309,171 10.50 % $ N/A N/A Equity Bank 463,171 15.74 % 308,881 10.50 % 294,172 10.00 % Tier 1 capital to risk weighted assets Equity Bancshares, Inc. 379,787 12.90 % 250,281 8.50 % N/A N/A Equity Bank 426,186 14.49 % 250,046 8.50 % 235,338 8.00 % Common equity Tier 1 capital to risk weighted assets Equity Bancshares, Inc. 364,676 12.39 % 206,114 7.00 % N/A N/A Equity Bank 426,186 14.49 % 205,920 7.00 % 191,212 6.50 % Tier 1 leverage to average assets Equity Bancshares, Inc. 379,787 9.02 % 168,368 4.00 % N/A N/A Equity Bank 426,186 10.13 % 168,241 4.00 % 210,302 5.00 % December 31, 2020 Total capital to risk weighted assets Equity Bancshares, Inc. $ 462,865 17.35 % $ 280,072 10.50 % $ N/A N/A Equity Bank 418,992 15.73 % 279,646 10.50 % 266,329 10.00 % Tier 1 capital to risk weighted assets Equity Bancshares, Inc. 356,707 13.37 % 226,725 8.50 % N/A N/A Equity Bank 385,696 14.48 % 226,380 8.50 % 213,064 8.00 % Common equity Tier 1 capital to risk weighted assets Equity Bancshares, Inc. 341,835 12.82 % 186,714 7.00 % N/A N/A Equity Bank 385,696 14.48 % 186,431 7.00 % 173,114 6.50 % Tier 1 leverage to average assets Equity Bancshares, Inc. 356,707 9.30 % 153,490 4.00 % N/A N/A Equity Bank 385,696 10.07 % 153,276 4.00 % 191,595 5.00 % |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Summary of Earnings Per Share | The following table presents earnings per share for the three and nine-month periods ended September 30, 2021 and 2020. Three months ended Nine months ended September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020 Basic: Net income (loss) allocable to common stockholders $ 11,773 $ (90,405 ) $ 42,014 $ (87,458 ) Weighted average common shares outstanding 14,384,285 15,040,386 14,393,853 15,210,856 Weighted average vested restricted stock units 17 21 3,293 1,045 Weighted average shares 14,384,302 15,040,407 14,397,146 15,211,901 Basic earnings (loss) per common share $ 0.82 $ (6.01 ) $ 2.92 $ (5.75 ) Diluted: Net income (loss) allocable to common stockholders $ 11,773 $ (90,405 ) $ 42,014 $ (87,458 ) Weighted average common shares outstanding for: Basic earnings per common share 14,384,302 15,040,407 14,397,146 15,211,901 Dilutive effects of the assumed exercise of stock options 158,768 — 178,314 — Dilutive effects of the assumed vesting of restricted stock units 125,321 — 110,617 — Dilutive effects of the assumed exercise of ESPP purchases 921 — 2,015 — Average shares and dilutive potential common shares 14,669,312 15,040,407 14,688,092 15,211,901 Diluted earnings (loss) per common share $ 0.80 $ (6.01 ) $ 2.86 $ (5.75 ) |
Schedule of Dilutive Shares Not Included In the Computation of Diluted Earnings Per Share | Dilutive shares not included above due to the net loss in the period. Three months ended Nine months ended September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020 Dilutive effects of the assumed exercise of stock options — 50,376 — 96,125 Dilutive effects of the assumed vesting of restricted stock units — 32,428 — 29,486 Dilutive effects of the assumed exercise of ESPP purchases — 2,043 — 3,289 Total dilutive shares — 84,847 — 128,900 |
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 Nine months ended September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020 Stock options 291,680 483,181 298,629 408,300 Restricted stock units — 226,139 — 181,344 Total antidilutive shares 291,680 709,320 298,629 589,644 |
FAIR VALUE (Tables)
FAIR VALUE (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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. September 30, 2021 (Level 1) (Level 2) (Level 3) Assets: Available-for-sale securities: U.S. Government-sponsored entities $ — $ 99,740 $ — U.S. Treasury securities — 86,806 — Mortgage backed securities Government-sponsored residential mortgage backed securities — 649,025 — Private label residential mortgage backed securities — 147,948 — Corporate — 54,071 — Small Business Administration loan pools — 10,465 — State and political subdivisions — 109,368 — Derivative assets: Derivative assets (included in other assets) — 5,074 — Cash collateral held by counterparty and netting adjustments 248 — — Total derivative assets 248 5,074 — Other assets: Equity securities with readily determinable fair value 598 — — Total other assets 598 — — Total assets $ 846 $ 1,162,497 $ — Liabilities: Derivative liabilities: Derivative liabilities (included in other liabilities) $ — $ 5,797 $ — Cash collateral held by counterparty and netting adjustments (5,302 ) — — Total derivative liabilities (5,302 ) 5,797 — Total liabilities $ (5,302 ) $ 5,797 $ — December 31, 2020 (Level 1) (Level 2) (Level 3) Assets: Available-for-sale securities: U.S. Government-sponsored entities $ — $ 1,023 $ — U.S. Treasury securities — 4,025 — Mortgage backed securities Government-sponsored residential mortgage backed securities — 651,425 — Private label residential mortgage backed securities — 44,178 — Corporate — 53,650 — Small Business Administration loan pools — 1,270 — State and political subdivisions — 116,256 — Derivative assets: Derivative assets (included in other assets) — 7,172 — Cash collateral held by counterparty and netting adjustments 123 — — Total derivative assets 123 7,172 — Other assets: Equity securities with readily determinable fair value 506 — — Total other assets 506 — — Total assets $ 629 $ 878,999 $ — Liabilities: Derivative liabilities: Derivative liabilities (included in other liabilities) $ — $ 8,317 $ — Cash collateral held by counterparty and netting adjustments (8,317 ) — — Total derivative liabilities (8,317 ) 8,317 — Total liabilities $ (8,317 ) $ 8,317 $ — |
Summary of Assets Measured at Fair Value on Non-recurring Basis | Assets measured at fair value on a non-recurring basis are summarized below. September 30, 2021 (Level 1) (Level 2) (Level 3) Individually evaluated loans: Commercial real estate $ — $ — $ 4,454 Commercial and industrial — — 33,845 Residential real estate — — 2,480 Agricultural real estate — — 2,700 Other — — 3,647 Other real estate owned: Commercial real estate — — 2,274 Residential real estate — — 433 December 31, 2020 (Level 1) (Level 2) (Level 3) Individually evaluated loans: Commercial real estate $ — $ — $ 3,359 Commercial and industrial — — 16,343 Residential real estate — — 2,165 Agricultural real estate — — 2,383 Other — — 852 Other real estate owned: Commercial real estate — — 3,882 Residential real estate — — 469 |
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 September 30, 2021 Individually evaluated real estate loans $ 35,591 Sales Comparison Approach Adjustments for differences comparable sales 4% - 37% (21%) Individually evaluated other loans $ 11,535 Multiple of Earnings Multiples of earnings for comparable entities 4.5X - 5.5X (5X) Individually evaluated other real estate owned $ 2,707 Sales Comparison Approach Adjustments for differences comparable sales 8% - 24% (16%) December 31, 2020 Individually evaluated real estate loans $ 13,443 Sales Comparison Approach Adjustments for differences comparable sales 2% - 22% (12%) Individually evaluated other loans $ 11,659 Multiple of Earnings Multiples of earnings for comparable entities 4.5X - 5.5X (5X) Individually evaluated other real estate owned $ 4,351 Sales Comparison Approach Adjustments for differences comparable sales 16% - 42% (29%) |
Carrying Amount and Estimated Fair Values of Financial Instrument | Carrying amount and estimated fair values of financial instruments at period end were as follows. September 30, 2021 Carrying Amount Estimated Fair Value (Level 1) (Level 2) (Level 3) Financial assets: Cash and cash equivalents $ 142,318 $ 142,318 $ 142,318 $ — $ — Available-for-sale securities 1,157,423 1,157,423 — 1,157,423 — Loans held for sale 4,108 4,108 — 4,108 — Loans, net of allowance for credit losses 2,633,148 2,619,364 — — 2,619,364 Federal Reserve Bank and Federal Home Loan Bank stock 14,540 14,540 — 14,540 — Interest receivable 15,519 15,519 — 15,519 — Derivative assets 5,074 5,074 — 5,074 — Cash collateral held by derivative counterparty and netting adjustments 248 248 248 — — Total derivative assets 5,322 5,322 248 5,074 — Equity securities with readily determinable fair value 598 598 598 — — Total assets $ 3,972,976 $ 3,959,192 $ 143,164 $ 1,196,664 $ 2,619,364 Financial liabilities: Deposits $ 3,662,777 $ 3,682,101 $ — $ 3,682,101 $ — Federal funds purchased and retail repurchase agreements 39,137 39,137 — 39,137 — Subordinated debentures 15,111 15,111 — 15,111 — Subordinated notes 72,919 82,294 — 82,294 — Contractual obligations 18,771 18,771 — 18,771 — Interest payable 1,850 1,850 — 1,850 — Derivative liabilities 5,797 5,797 — 5,797 — Cash collateral held by derivative counterparty and netting adjustments (5,302 ) (5,302 ) (5,302 ) — — Total derivative liabilities 495 495 (5,302 ) 5,797 — Total liabilities $ 3,811,060 $ 3,839,759 $ (5,302 ) $ 3,845,061 $ — December 31, 2020 Carrying Amount Estimated Fair Value (Level 1) (Level 2) (Level 3) Financial assets: Cash and cash equivalents $ 280,698 $ 280,698 $ 280,698 $ — $ — Interest-bearing time deposits in other banks 249 249 — 249 — Available-for-sale securities 871,827 871,827 — 871,827 — Loans held for sale 12,394 12,394 — 12,394 — Loans, net of allowance for credit losses 2,557,987 2,430,325 — — 2,430,325 Federal Reserve Bank and Federal Home Loan Bank stock 16,415 16,415 — 16,415 — Interest receivable 15,831 15,831 — 15,831 — Derivative assets 7,172 7,172 — 7,172 — Cash collateral held by derivative counterparty and netting adjustments 123 123 123 — — Total derivative assets 7,295 7,295 123 7,172 — Equity securities with readily determinable fair value 506 506 506 — — Total assets $ 3,763,202 $ 3,635,540 $ 281,327 $ 923,888 $ 2,430,325 Financial liabilities: Deposits $ 3,447,590 $ 3,451,366 $ — $ 3,451,366 $ — Federal funds purchased and retail repurchase agreements 36,029 36,029 — 36,029 — Federal Home Loan Bank advances 10,144 10,656 — 10,656 — Subordinated debentures 14,872 14,872 — 14,872 — Subordinated notes 72,812 80,448 — 80,448 — Contractual obligations 5,189 5,189 — 5,189 — Interest payable 1,231 1,231 — 1,231 — Derivative liabilities 8,317 8,317 — 8,317 — Cash collateral held by derivative counterparty and netting adjustments (8,317 ) (8,317 ) (8,317 ) — — Total derivative liabilities — — (8,317 ) 8,317 — Total liabilities $ 3,587,867 $ 3,599,791 $ (8,317 ) $ 3,608,108 $ — |
COMMITMENTS AND CREDIT RISK (Ta
COMMITMENTS AND CREDIT RISK (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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 September 30, 2021, and December 31, 2020, were as follows. September 30, 2021 December 31, 2020 Fixed Rate Variable Rate Fixed Rate Variable Rate Commitments to make loans $ 59,847 $ 177,414 $ 50,123 $ 129,860 Mortgage loans in the process of origination 12,259 4,781 13,826 1,713 Unused lines of credit 98,497 239,224 120,720 226,731 The contractual amounts of standby letters of credit as of September 30, 2021, and December 31, 2020, were as follows. September 30, 2021 December 31, 2020 Fixed Rate Variable Rate Fixed Rate Variable Rate Standby letters of credit $ 9,936 $ 2,225 $ 9,020 $ 3,314 |
REVENUE RECOGNITION (Tables)
REVENUE RECOGNITION (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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 nine-month periods ended September 30, 2021 and 2020. Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Non-interest income Service charges and fees $ 2,360 $ 1,706 $ 6,125 $ 5,097 Debit card income 2,574 2,491 7,603 6,735 Mortgage banking (a) 801 877 2,584 2,298 Increase in bank-owned life insurance (a) 1,169 489 2,446 1,452 Net gain (loss) on acquisition (a) — — 585 — Net gain (loss) from securities transactions (a) 381 — 398 12 Other Investment referral income 189 163 506 461 Trust income 340 128 836 283 Insurance sales commissions 217 42 323 71 Recovery on zero-basis purchased loans (a) 9 10 62 116 Income (loss) from equity method investments (a) (56 ) 3 (167 ) 3 Other non-interest income related to loans and deposits (178 ) 539 2,270 756 Other non-interest income not related to loans and deposits (a) 25 37 72 239 Total other non-interest income 546 922 3,902 1,929 Total $ 7,831 $ 6,485 $ 23,643 $ 17,523 (a) |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies- Additional Information (Detail) - USD ($) $ in Thousands | Jan. 01, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||||
Allowance for Loan Losses | $ 52,763 | $ 51,834 | $ 33,709 | $ 34,087 | $ 34,078 | $ 12,232 | |
Implementation of ASU 2016-13,Current Expected Credit Losses | (12,403) | ||||||
Retained earnings | 79,226 | 50,787 | |||||
ASU 2016-13 [Member] | Adoption of Current Expected Credit Losses (CECL) [Member] | |||||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||||
Loans held for investment | $ 15,732 | ||||||
Implementation of ASU 2016-13,Current Expected Credit Losses | 838 | ||||||
Loan from credit impaired discount | 10,438 | ||||||
Increase in deferred tax asset | 4,167 | ||||||
ASU 2016-13 [Member] | Adoption of Current Expected Credit Losses (CECL) [Member] | Fresh Start Adjustment [Member] | |||||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||||
Retained earnings | 12,403 | ||||||
ASU 2016-13 [Member] | PCD Loans [Member] | |||||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||||
Allowance for Loan Losses | $ 10,438 | $ 10,438 | |||||
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 | 306,174 | ||||||
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 | $ 36,031 |
Securities - Amortized Cost and
Securities - Amortized Cost and Fair Value of Securities Available-for-Sale (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-Sale, Amortized Cost | $ 1,144,765 | $ 845,401 |
Available-for-Sale, Gross Unrealized Gains | 18,728 | 26,670 |
Available-for-Sale, Gross Unrealized Losses | (6,070) | (244) |
Available-for-Sale, Fair Value | 1,157,423 | 871,827 |
U.S. Government Sponsored Entities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-Sale, Amortized Cost | 100,259 | 996 |
Available-for-Sale, Gross Unrealized Gains | 8 | 27 |
Available-for-Sale, Gross Unrealized Losses | (527) | |
Available-for-Sale, Fair Value | 99,740 | 1,023 |
U.S. Treasury securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-Sale, Amortized Cost | 87,416 | 4,024 |
Available-for-Sale, Gross Unrealized Gains | 58 | 1 |
Available-for-Sale, Gross Unrealized Losses | (668) | |
Available-for-Sale, Fair Value | 86,806 | 4,025 |
Government-Sponsored Residential Mortgage-Backed Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-Sale, Amortized Cost | 639,254 | 630,485 |
Available-for-Sale, Gross Unrealized Gains | 13,485 | 21,049 |
Available-for-Sale, Gross Unrealized Losses | (3,714) | (109) |
Available-for-Sale, Fair Value | 649,025 | 651,425 |
Private Label Residential Mortgage-Backed Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-Sale, Amortized Cost | 148,631 | 44,302 |
Available-for-Sale, Gross Unrealized Gains | 13 | 5 |
Available-for-Sale, Gross Unrealized Losses | (696) | (129) |
Available-for-Sale, Fair Value | 147,948 | 44,178 |
Corporate [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-Sale, Amortized Cost | 52,535 | 52,503 |
Available-for-Sale, Gross Unrealized Gains | 1,636 | 1,153 |
Available-for-Sale, Gross Unrealized Losses | (100) | (6) |
Available-for-Sale, Fair Value | 54,071 | 53,650 |
Small Business Administration Loan Pools [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-Sale, Amortized Cost | 10,485 | 1,226 |
Available-for-Sale, Gross Unrealized Gains | 27 | 44 |
Available-for-Sale, Gross Unrealized Losses | (47) | |
Available-for-Sale, Fair Value | 10,465 | 1,270 |
State and Political Subdivisions [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-Sale, Amortized Cost | 106,185 | 111,865 |
Available-for-Sale, Gross Unrealized Gains | 3,501 | 4,391 |
Available-for-Sale, Gross Unrealized Losses | (318) | |
Available-for-Sale, Fair Value | $ 109,368 | $ 116,256 |
Securities - Fair Value and Amo
Securities - Fair Value and Amortized Cost of Debt Securities by Contractual Maturity (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Investments Debt And Equity Securities [Abstract] | ||
Available-for-Sale, Amortized Cost, Within one year | $ 6,328 | |
Available-for-Sale, Amortized Cost, One to five years | 53,951 | |
Available-for-Sale, Amortized Cost, Five to ten years | 252,325 | |
Available-for-Sale, Amortized Cost, After ten years | 44,276 | |
Available-for-Sale, Amortized Cost, Mortgage-backed securities | 787,885 | |
Available-for-Sale, Amortized Cost | 1,144,765 | $ 845,401 |
Available-for-Sale, Fair Value, Within one year | 6,394 | |
Available-for-Sale, Fair Value, One to five years | 54,610 | |
Available-for-Sale, Fair Value, Five to ten years | 253,518 | |
Available-for-Sale, Fair Value, After ten years | 45,928 | |
Available-for-Sale, Fair Value, Mortgage-backed securities | 796,973 | |
Available-for-Sale, Fair Value, Total debt securities | $ 1,157,423 | $ 871,827 |
Securities - Additional Informa
Securities - Additional Information (Detail) | 9 Months Ended | ||
Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)Security | Dec. 31, 2020USD ($) | |
Investments Debt And Equity Securities [Abstract] | |||
Carrying value of securities pledged as collateral | $ 746,496,000 | $ 713,001,000 | |
Number of unrealized loss position, available-for-sale securities | Security | 73 | ||
Proceeds from sales of available-for-sale securities | $ 0 |
Securities - Summary of Gross U
Securities - Summary of Gross Unrealized Losses and Fair Value of Securities (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Schedule Of Available For Sale Securities [Line Items] | ||
Total temporarily impaired securities, Available-for-sale securities, Less Than 12 Months, Fair Value | $ 583,858 | $ 61,045 |
Total temporarily impaired securities, Available-for-sale securities, Less Than 12 Months, Unrealized Loss | (6,024) | (244) |
Total temporarily impaired securities, Available-for-sale securities, 12 Months or More, Fair Value | 2,752 | |
Total temporarily impaired securities, Available-for-sale securities, 12 Months or More, Unrealized Loss | (46) | |
Total temporarily impaired securities, Available-for-sale securities, Fair Value | 586,610 | 61,045 |
Total temporarily impaired securities, Available-for-sale securities, Unrealized Loss | (6,070) | (244) |
U.S. 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 | 88,733 | |
Total temporarily impaired securities, Available-for-sale securities, Less Than 12 Months, Unrealized Loss | (527) | |
Total temporarily impaired securities, Available-for-sale securities, Fair Value | 88,733 | |
Total temporarily impaired securities, Available-for-sale securities, Unrealized Loss | (527) | |
U.S. Treasury securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Total temporarily impaired securities, Available-for-sale securities, Less Than 12 Months, Fair Value | 57,921 | |
Total temporarily impaired securities, Available-for-sale securities, Less Than 12 Months, Unrealized Loss | (668) | |
Total temporarily impaired securities, Available-for-sale securities, Fair Value | 57,921 | |
Total temporarily impaired securities, Available-for-sale securities, Unrealized Loss | (668) | |
Government-Sponsored Residential Mortgage-Backed Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Total temporarily impaired securities, Available-for-sale securities, Less Than 12 Months, Fair Value | 277,959 | 28,770 |
Total temporarily impaired securities, Available-for-sale securities, Less Than 12 Months, Unrealized Loss | (3,714) | (109) |
Total temporarily impaired securities, Available-for-sale securities, Fair Value | 277,959 | 28,770 |
Total temporarily impaired securities, Available-for-sale securities, Unrealized Loss | (3,714) | (109) |
Private Label Residential Mortgage-Backed Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Total temporarily impaired securities, Available-for-sale securities, Less Than 12 Months, Fair Value | 130,944 | 28,367 |
Total temporarily impaired securities, Available-for-sale securities, Less Than 12 Months, Unrealized Loss | (650) | (129) |
Total temporarily impaired securities, Available-for-sale securities, 12 Months or More, Fair Value | 2,752 | |
Total temporarily impaired securities, Available-for-sale securities, 12 Months or More, Unrealized Loss | (46) | |
Total temporarily impaired securities, Available-for-sale securities, Fair Value | 133,696 | 28,367 |
Total temporarily impaired securities, Available-for-sale securities, Unrealized Loss | (696) | (129) |
Corporate [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Total temporarily impaired securities, Available-for-sale securities, Less Than 12 Months, Fair Value | 4,900 | 3,908 |
Total temporarily impaired securities, Available-for-sale securities, Less Than 12 Months, Unrealized Loss | (100) | (6) |
Total temporarily impaired securities, Available-for-sale securities, Fair Value | 4,900 | 3,908 |
Total temporarily impaired securities, Available-for-sale securities, Unrealized Loss | (100) | $ (6) |
Small Business Administration Loan Pools [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Total temporarily impaired securities, Available-for-sale securities, Less Than 12 Months, Fair Value | 9,466 | |
Total temporarily impaired securities, Available-for-sale securities, Less Than 12 Months, Unrealized Loss | (47) | |
Total temporarily impaired securities, Available-for-sale securities, Fair Value | 9,466 | |
Total temporarily impaired securities, Available-for-sale securities, Unrealized Loss | (47) | |
State and Political Subdivisions [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Total temporarily impaired securities, Available-for-sale securities, Less Than 12 Months, Fair Value | 13,935 | |
Total temporarily impaired securities, Available-for-sale securities, Less Than 12 Months, Unrealized Loss | (318) | |
Total temporarily impaired securities, Available-for-sale securities, Fair Value | 13,935 | |
Total temporarily impaired securities, Available-for-sale securities, Unrealized Loss | $ (318) |
Securities - Summary of Proceed
Securities - Summary of Proceeds from Sales and Associated Gains and Losses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2021 | Sep. 30, 2021 | |
Investments Debt And Equity Securities [Abstract] | ||
Proceeds | $ 7,347 | $ 7,347 |
Gross gain | 373 | 373 |
Income tax expense on net realized gains | $ 94 | $ 94 |
Loans and Allowance for Credi_3
Loans and Allowance for Credit Losses - Categories of Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 |
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total loans | $ 2,685,911 | $ 2,591,696 | ||||
Allowance for credit losses | (52,763) | $ (51,834) | (33,709) | $ (34,087) | $ (34,078) | $ (12,232) |
Net loans | 2,633,148 | 2,557,987 | ||||
Commercial Real Estate [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total loans | 1,308,707 | 1,188,696 | ||||
Allowance for credit losses | (12,482) | (15,225) | (9,012) | (8,942) | (9,467) | (3,919) |
Commercial and Industrial [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total loans | 569,513 | 734,495 | ||||
Allowance for credit losses | (24,127) | (18,690) | (12,456) | (11,529) | (10,168) | (3,061) |
Residential Real Estate [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total loans | 490,633 | 381,958 | ||||
Allowance for credit losses | (8,339) | (9,808) | (4,559) | (4,593) | (5,315) | (2,676) |
Agricultural Real Estate [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total loans | 138,793 | 133,693 | ||||
Allowance for credit losses | (1,004) | (847) | (904) | (1,281) | (975) | (608) |
Consumer [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total loans | 84,498 | 58,532 | ||||
Allowance for credit losses | (2,482) | (2,569) | (6,020) | (6,974) | (7,343) | (1,422) |
Agricultural [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total loans | 93,767 | 94,322 | ||||
Allowance for credit losses | $ (4,329) | $ (4,695) | $ (758) | $ (768) | $ (810) | $ (546) |
Loans and Allowance for Credi_4
Loans and Allowance for Credit Losses - Additional Information (Detail) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2021USD ($)PoolLoanEntity | Sep. 30, 2020USD ($)Loan | Sep. 30, 2021USD ($)PoolLoanEntity | Sep. 30, 2020USD ($)Loan | Sep. 30, 2021USD ($)LoanEntity | Dec. 31, 2020USD ($)Loan | Sep. 30, 2020Loan | |
Accounts Notes And Loans Receivable [Line Items] | |||||||
Loans | $ 2,633,148 | $ 2,633,148 | $ 2,633,148 | $ 2,557,987 | |||
Payments to acquire loans | 214,181 | ||||||
Unamortized discount of merger purchase accounting adjustments | 6,622 | 6,622 | 6,622 | 5,510 | |||
Loans purchased at discount | 272,223 | 272,223 | $ 272,223 | $ 380,058 | |||
Provision for credit losses | $ 1,058 | $ 815 | $ (6,355) | $ 23,255 | |||
Trouble debt restructurings, Number of loans | Loan | 1,460 | 0 | 1,460 | 0 | |||
Financing receivable, troubled debt Restructuring, subsequent default, Number of loans | Loan | 0 | 0 | |||||
CARES Act payment deferral program number of loans deferred | Loan | 27 | 28 | |||||
CARES Act aid amount of outstanding balance | $ 59,451 | $ 60,880 | |||||
Hospitality Loans | $ 231,100 | $ 231,100 | $ 231,100 | ||||
Hospitality Loans Percentage | 7580.00% | 7580.00% | 7580.00% | ||||
Hospitality loans in deferred hospitality loans | Loan | 20 | ||||||
Hospitality [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Hospitality Loans | $ 306,200 | $ 306,200 | $ 306,200 | ||||
Hospitality Loans Percentage | 11.80% | 11.80% | 11.80% | ||||
Loans In Deferral Program | $ 20,500 | $ 20,500 | $ 20,500 | ||||
Aircraft Manufacturing [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Hospitality Loans | $ 36,000 | $ 36,000 | $ 36,000 | ||||
Hospitality Loans Percentage | 140.00% | 140.00% | 140.00% | ||||
Loans In Deferral Program | $ 0 | $ 0 | $ 0 | ||||
Number of related entities reported in loan category | Entity | 2 | 2 | 2 | ||||
Loan category with balances of related entities | $ 20,400 | $ 20,400 | $ 20,400 | ||||
Consumer Loans [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Over-draft deposit accounts | 372 | 372 | 372 | 597 | |||
Purchased Credit Impaired Loans [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Accretable yield | 2,630 | ||||||
Interest income recognized | $ 402 | $ 1,263 | |||||
Provision for credit losses | 54 | 2,072 | |||||
Commercial and Industrial [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Provision for credit losses | 5,473 | $ 1,361 | 7,749 | $ 8,711 | |||
Commercial and Industrial [Member] | Small Business Administration Paycheck Protection Program [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Loans | 95,764 | 95,764 | 95,764 | 253,741 | |||
Residential Real Estate Loan Pools [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Loans | 248,903 | 248,903 | $ 248,903 | $ 86,093 | |||
Payments to acquire loans | $ 26,148 | $ 214,181 | |||||
Purchased pools of residential real estate | Pool | 1 | 5 |
Loans and Allowance for Credi_5
Loans and Allowance for Credit Losses - Schedule of Allowance for Loan Losses by Portfolio Segment Allowance (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Beginning Balance | $ 51,834 | $ 34,078 | $ 33,709 | $ 12,232 |
Provision for credit losses | 1,058 | 815 | (6,355) | 23,255 |
Loans charged-off | (356) | (875) | (1,360) | (1,827) |
Recoveries | 227 | 69 | 599 | 427 |
Allowance for Loan Losses, Ending Balance | 52,763 | 34,087 | 52,763 | 34,087 |
ASU 2016-13 [Member] | PCD Loans [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Beginning Balance | 10,438 | |||
ASU 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Beginning Balance | 15,732 | |||
Commercial Real Estate [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Beginning Balance | 15,225 | 9,467 | 9,012 | 3,919 |
Provision for credit losses | (2,723) | (218) | (6,767) | 5,189 |
Loans charged-off | (116) | (308) | (169) | (367) |
Recoveries | 96 | 1 | 223 | 201 |
Allowance for Loan Losses, Ending Balance | 12,482 | 8,942 | 12,482 | 8,942 |
Commercial Real Estate [Member] | ASU 2016-13 [Member] | PCD Loans [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Beginning Balance | 4,571 | |||
Commercial Real Estate [Member] | ASU 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Beginning Balance | 5,612 | |||
Commercial and Industrial [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Beginning Balance | 18,690 | 10,168 | 12,456 | 3,061 |
Provision for credit losses | 5,473 | 1,361 | 7,749 | 8,711 |
Loans charged-off | (37) | (3) | (98) | (259) |
Recoveries | 1 | 3 | 71 | 16 |
Allowance for Loan Losses, Ending Balance | 24,127 | 11,529 | 24,127 | 11,529 |
Commercial and Industrial [Member] | ASU 2016-13 [Member] | PCD Loans [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Beginning Balance | (218) | |||
Commercial and Industrial [Member] | ASU 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Beginning Balance | 4,167 | |||
Residential Real Estate [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Beginning Balance | 9,808 | 5,315 | 4,559 | 2,676 |
Provision for credit losses | (1,473) | (591) | (5,307) | 2,203 |
Loans charged-off | (153) | (12) | (312) | |
Recoveries | 4 | 22 | 9 | 26 |
Allowance for Loan Losses, Ending Balance | 8,339 | 4,593 | 8,339 | 4,593 |
Residential Real Estate [Member] | ASU 2016-13 [Member] | PCD Loans [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Beginning Balance | 220 | |||
Residential Real Estate [Member] | ASU 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Beginning Balance | 8,870 | |||
Agricultural Real Estate [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Beginning Balance | 847 | 975 | 904 | 608 |
Provision for credit losses | 145 | 468 | (555) | 859 |
Loans charged-off | (3) | (167) | (505) | (191) |
Recoveries | 15 | 5 | 33 | 5 |
Allowance for Loan Losses, Ending Balance | 1,004 | 1,281 | 1,004 | 1,281 |
Agricultural Real Estate [Member] | ASU 2016-13 [Member] | PCD Loans [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Beginning Balance | 960 | |||
Agricultural Real Estate [Member] | ASU 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Beginning Balance | 167 | |||
Agricultural [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Beginning Balance | 4,695 | 810 | 758 | 546 |
Provision for credit losses | (366) | (47) | (1,130) | 217 |
Loans charged-off | (1) | (1) | ||
Recoveries | 5 | 4 | 6 | |
Allowance for Loan Losses, Ending Balance | 4,329 | 768 | 4,329 | 768 |
Agricultural [Member] | ASU 2016-13 [Member] | PCD Loans [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Beginning Balance | 4,905 | |||
Agricultural [Member] | ASU 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Beginning Balance | (207) | |||
Consumer [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Beginning Balance | 2,569 | 7,343 | 6,020 | 1,422 |
Provision for credit losses | 2 | (158) | (345) | 6,076 |
Loans charged-off | (200) | (244) | (575) | (697) |
Recoveries | 111 | 33 | 259 | 173 |
Allowance for Loan Losses, Ending Balance | $ 2,482 | $ 6,974 | 2,482 | $ 6,974 |
Consumer [Member] | ASU 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Beginning Balance | $ (2,877) |
Loans and Allowance for Credi_6
Loans and Allowance for Credit Losses - Schedule of Loans Evaluated for Impairment (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 |
Financing Receivable Impaired [Line Items] | ||||||
Individually evaluated for impairment, Allowance for loan losses | $ 23,069 | $ 8,860 | ||||
Collectively evaluated for impairment, Allowance for loan losses | 29,694 | 23,210 | ||||
Purchased credit impaired loans, Allowance for loan losses | 1,639 | |||||
Total Allowance for Loan Losses | 52,763 | $ 51,834 | 33,709 | $ 34,087 | $ 34,078 | $ 12,232 |
Individually evaluated for impairment | 71,914 | 32,296 | ||||
Collectively evaluated for impairment | 2,613,997 | 2,535,428 | ||||
Purchased credit impaired loans | 23,972 | |||||
Total Loans | 2,685,911 | 2,591,696 | ||||
Commercial Real Estate [Member] | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Individually evaluated for impairment, Allowance for loan losses | 2,141 | 2,159 | ||||
Collectively evaluated for impairment, Allowance for loan losses | 10,341 | 6,472 | ||||
Purchased credit impaired loans, Allowance for loan losses | 381 | |||||
Total Allowance for Loan Losses | 12,482 | 15,225 | 9,012 | 8,942 | 9,467 | 3,919 |
Individually evaluated for impairment | 6,595 | 4,752 | ||||
Collectively evaluated for impairment | 1,302,112 | 1,176,403 | ||||
Purchased credit impaired loans | 7,541 | |||||
Total Loans | 1,308,707 | 1,188,696 | ||||
Commercial and Industrial [Member] | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Individually evaluated for impairment, Allowance for loan losses | 15,323 | 5,457 | ||||
Collectively evaluated for impairment, Allowance for loan losses | 8,804 | 5,985 | ||||
Purchased credit impaired loans, Allowance for loan losses | 1,014 | |||||
Total Allowance for Loan Losses | 24,127 | 18,690 | 12,456 | 11,529 | 10,168 | 3,061 |
Individually evaluated for impairment | 49,168 | 20,421 | ||||
Collectively evaluated for impairment | 520,345 | 710,038 | ||||
Purchased credit impaired loans | 4,036 | |||||
Total Loans | 569,513 | 734,495 | ||||
Residential Real Estate [Member] | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Individually evaluated for impairment, Allowance for loan losses | 800 | 485 | ||||
Collectively evaluated for impairment, Allowance for loan losses | 7,539 | 3,949 | ||||
Purchased credit impaired loans, Allowance for loan losses | 125 | |||||
Total Allowance for Loan Losses | 8,339 | 9,808 | 4,559 | 4,593 | 5,315 | 2,676 |
Individually evaluated for impairment | 3,279 | 1,939 | ||||
Collectively evaluated for impairment | 487,354 | 377,331 | ||||
Purchased credit impaired loans | 2,688 | |||||
Total Loans | 490,633 | 381,958 | ||||
Agricultural Real Estate [Member] | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Individually evaluated for impairment, Allowance for loan losses | 720 | 595 | ||||
Collectively evaluated for impairment, Allowance for loan losses | 284 | 266 | ||||
Purchased credit impaired loans, Allowance for loan losses | 43 | |||||
Total Allowance for Loan Losses | 1,004 | 847 | 904 | 1,281 | 975 | 608 |
Individually evaluated for impairment | 5,140 | 2,711 | ||||
Collectively evaluated for impairment | 133,653 | 126,256 | ||||
Purchased credit impaired loans | 4,726 | |||||
Total Loans | 138,793 | 133,693 | ||||
Agricultural [Member] | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Individually evaluated for impairment, Allowance for loan losses | 4,037 | 96 | ||||
Collectively evaluated for impairment, Allowance for loan losses | 292 | 586 | ||||
Purchased credit impaired loans, Allowance for loan losses | 76 | |||||
Total Allowance for Loan Losses | 4,329 | 4,695 | 758 | 768 | 810 | 546 |
Individually evaluated for impairment | 7,532 | 2,201 | ||||
Collectively evaluated for impairment | 86,235 | 87,158 | ||||
Purchased credit impaired loans | 4,963 | |||||
Total Loans | 93,767 | 94,322 | ||||
Consumer [Member] | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Individually evaluated for impairment, Allowance for loan losses | 48 | 68 | ||||
Collectively evaluated for impairment, Allowance for loan losses | 2,434 | 5,952 | ||||
Total Allowance for Loan Losses | 2,482 | $ 2,569 | 6,020 | $ 6,974 | $ 7,343 | $ 1,422 |
Individually evaluated for impairment | 200 | 272 | ||||
Collectively evaluated for impairment | 84,298 | 58,242 | ||||
Purchased credit impaired loans | 18 | |||||
Total Loans | $ 84,498 | $ 58,532 |
Loans and Allowance for Credi_7
Loans and Allowance for Credit Losses - Impaired Loans, Segregated by Class of Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Financing Receivable Impaired [Line Items] | |||||
With no related allowance recorded, Unpaid Principal Balance | $ 1,849 | $ 1,849 | $ 23,370 | ||
With no related allowance recorded, Recorded Investment | 1,719 | 1,719 | 8,088 | ||
With an allowance recorded, Unpaid Principal Balance | 75,041 | 75,041 | 44,500 | ||
With an allowance recorded, Recorded Investment | 63,263 | 63,263 | 35,601 | ||
Allowance for Loan Losses Allocated | 21,296 | 21,296 | 10,499 | ||
Unpaid Principal Balance | 76,890 | 76,890 | 67,870 | ||
Recorded Investment | 64,982 | 64,982 | 43,689 | ||
With no related allowance recorded, Average Recorded Investment | 3,906 | $ 18,137 | 5,096 | $ 19,650 | |
With no related allowance recorded, Interest Income Recognized | 49 | 122 | 78 | ||
With an allowance recorded, Average Recorded Investment | 56,989 | 32,455 | 50,650 | 24,000 | |
With an allowance recorded, Interest Income Recognized | 95 | 240 | 333 | 440 | |
Average Recorded Investment | 60,895 | 50,592 | 55,746 | 43,650 | |
Interest Income Recognized | 95 | 289 | 455 | 518 | |
Commercial Real Estate [Member] | |||||
Financing Receivable Impaired [Line Items] | |||||
With no related allowance recorded, Unpaid Principal Balance | 6,279 | ||||
With no related allowance recorded, Recorded Investment | 1,683 | ||||
With an allowance recorded, Unpaid Principal Balance | 6,794 | 6,794 | 7,134 | ||
With an allowance recorded, Recorded Investment | 6,171 | 6,171 | 5,899 | ||
Allowance for Loan Losses Allocated | 2,059 | 2,059 | 2,540 | ||
With no related allowance recorded, Average Recorded Investment | 18 | 421 | 556 | ||
With no related allowance recorded, Interest Income Recognized | 35 | 3 | 36 | ||
With an allowance recorded, Average Recorded Investment | 7,107 | 6,324 | 7,022 | 5,667 | |
With an allowance recorded, Interest Income Recognized | 1 | 16 | 19 | 35 | |
Commercial and Industrial [Member] | |||||
Financing Receivable Impaired [Line Items] | |||||
With no related allowance recorded, Unpaid Principal Balance | 19 | 19 | 2,087 | ||
With no related allowance recorded, Recorded Investment | 643 | ||||
With an allowance recorded, Unpaid Principal Balance | 51,369 | 51,369 | 29,245 | ||
With an allowance recorded, Recorded Investment | 43,929 | 43,929 | 22,814 | ||
Allowance for Loan Losses Allocated | 13,795 | 13,795 | 6,471 | ||
With no related allowance recorded, Average Recorded Investment | 13,857 | 161 | 14,229 | ||
With no related allowance recorded, Interest Income Recognized | 35 | 23 | |||
With an allowance recorded, Average Recorded Investment | 36,720 | 15,483 | 31,203 | 9,507 | |
With an allowance recorded, Interest Income Recognized | 190 | 119 | 362 | ||
Residential Real Estate [Member] | |||||
Financing Receivable Impaired [Line Items] | |||||
With no related allowance recorded, Unpaid Principal Balance | 33 | 33 | 270 | ||
With no related allowance recorded, Recorded Investment | 180 | ||||
With an allowance recorded, Unpaid Principal Balance | 3,240 | 3,240 | 3,023 | ||
With an allowance recorded, Recorded Investment | 3,094 | 3,094 | 2,775 | ||
Allowance for Loan Losses Allocated | 765 | 765 | 610 | ||
With no related allowance recorded, Average Recorded Investment | 4,262 | 51 | 4,299 | ||
With no related allowance recorded, Interest Income Recognized | 14 | 2 | 14 | ||
With an allowance recorded, Average Recorded Investment | 2,870 | 3,586 | 2,843 | 3,573 | |
With an allowance recorded, Interest Income Recognized | 24 | 2 | 26 | 5 | |
Agricultural Real Estate [Member] | |||||
Financing Receivable Impaired [Line Items] | |||||
With no related allowance recorded, Unpaid Principal Balance | 1,795 | 1,795 | 3,408 | ||
With no related allowance recorded, Recorded Investment | 1,719 | 1,719 | 1,090 | ||
With an allowance recorded, Unpaid Principal Balance | 3,697 | 3,697 | 3,474 | ||
With an allowance recorded, Recorded Investment | 2,791 | 2,791 | 3,021 | ||
Allowance for Loan Losses Allocated | 703 | 703 | 638 | ||
With no related allowance recorded, Average Recorded Investment | 3,022 | 2,307 | 566 | ||
With no related allowance recorded, Interest Income Recognized | 82 | 5 | |||
With an allowance recorded, Average Recorded Investment | 2,501 | 5,356 | 3,346 | 3,534 | |
With an allowance recorded, Interest Income Recognized | 28 | 54 | 34 | ||
Agricultural [Member] | |||||
Financing Receivable Impaired [Line Items] | |||||
With no related allowance recorded, Unpaid Principal Balance | 2 | 2 | 11,326 | ||
With no related allowance recorded, Recorded Investment | 4,492 | ||||
With an allowance recorded, Unpaid Principal Balance | 9,710 | 9,710 | 1,330 | ||
With an allowance recorded, Recorded Investment | 7,078 | 7,078 | 820 | ||
Allowance for Loan Losses Allocated | 3,926 | 3,926 | 172 | ||
With no related allowance recorded, Average Recorded Investment | 884 | 2,156 | |||
With an allowance recorded, Average Recorded Investment | 7,576 | 1,435 | 5,991 | 1,401 | |
With an allowance recorded, Interest Income Recognized | 69 | 1 | 113 | 1 | |
Consumer [Member] | |||||
Financing Receivable Impaired [Line Items] | |||||
With an allowance recorded, Unpaid Principal Balance | 231 | 231 | 294 | ||
With an allowance recorded, Recorded Investment | 200 | 200 | 272 | ||
Allowance for Loan Losses Allocated | 48 | 48 | $ 68 | ||
With an allowance recorded, Average Recorded Investment | 215 | 271 | 245 | 318 | |
With an allowance recorded, Interest Income Recognized | $ 1 | $ 3 | $ 2 | $ 3 |
Loans and Allowance for Credi_8
Loans and Allowance for Credit Losses - Schedule of Aging of Recorded Investment in Past Due Loans by Segment and Class of Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Greater Than 90 Days Past Due Still On Accrual | $ 45 | $ 143 |
Nonaccrual | 64,982 | 43,689 |
Total Loans | 2,685,911 | 2,591,696 |
30 to 59 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Financing Receivables, Past Due | 6,681 | 2,804 |
60 to 89 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Financing Receivables, Past Due | 2,930 | 4,944 |
Loans Not Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Financing Receivables, Past Due | 2,611,273 | 2,540,116 |
Commercial Real Estate [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Financing Receivables, Past Due | 1,308,707 | |
Nonaccrual | 6,171 | 7,582 |
Total Loans | 1,308,707 | 1,188,696 |
Commercial Real Estate [Member] | 30 to 59 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Financing Receivables, Past Due | 2,910 | 1,374 |
Commercial Real Estate [Member] | 60 to 89 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Financing Receivables, Past Due | 1,332 | 172 |
Commercial Real Estate [Member] | Loans Not Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Financing Receivables, Past Due | 1,298,294 | 1,179,568 |
Commercial and Industrial [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Financing Receivables, Past Due | 569,513 | |
Nonaccrual | 43,929 | 23,457 |
Total Loans | 569,513 | 734,495 |
Commercial and Industrial [Member] | 30 to 59 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Financing Receivables, Past Due | 3,015 | 261 |
Commercial and Industrial [Member] | 60 to 89 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Financing Receivables, Past Due | 736 | |
Commercial and Industrial [Member] | Loans Not Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Financing Receivables, Past Due | 521,833 | 710,777 |
Residential Real Estate [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Financing Receivables, Past Due | 490,633 | |
Nonaccrual | 3,094 | 2,955 |
Total Loans | 490,633 | 381,958 |
Residential Real Estate [Member] | 30 to 59 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Financing Receivables, Past Due | 411 | 377 |
Residential Real Estate [Member] | 60 to 89 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Financing Receivables, Past Due | 827 | 4,712 |
Residential Real Estate [Member] | Loans Not Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Financing Receivables, Past Due | 486,301 | 373,914 |
Agricultural Real Estate [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Financing Receivables, Past Due | 138,793 | |
Greater Than 90 Days Past Due Still On Accrual | 98 | |
Nonaccrual | 4,510 | 4,111 |
Total Loans | 138,793 | 133,693 |
Agricultural Real Estate [Member] | 30 to 59 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Financing Receivables, Past Due | 183 | 260 |
Agricultural Real Estate [Member] | Loans Not Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Financing Receivables, Past Due | 134,100 | 129,224 |
Agricultural [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Financing Receivables, Past Due | 93,767 | |
Nonaccrual | 7,078 | 5,312 |
Total Loans | 93,767 | 94,322 |
Agricultural [Member] | 30 to 59 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Financing Receivables, Past Due | 14 | 196 |
Agricultural [Member] | Loans Not Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Financing Receivables, Past Due | 86,675 | 88,814 |
Consumer [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Financing Receivables, Past Due | 84,498 | |
Greater Than 90 Days Past Due Still On Accrual | 45 | 45 |
Nonaccrual | 200 | 272 |
Total Loans | 84,498 | 58,532 |
Consumer [Member] | 30 to 59 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Financing Receivables, Past Due | 148 | 336 |
Consumer [Member] | 60 to 89 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Financing Receivables, Past Due | 35 | 60 |
Consumer [Member] | Loans Not Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Financing Receivables, Past Due | $ 84,070 | $ 57,819 |
Loans and Allowance for Credi_9
Loans and Allowance for Credit Losses - Schedule of Risk Category of Loans by Class of Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | $ 2,685,911 | $ 2,591,696 |
Unclassified [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 2,495,528 | |
Classified [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 96,168 | |
Commercial Real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 224,922 | |
2020 | 207,240 | |
2019 | 160,084 | |
2018 | 116,517 | |
2017 | 78,057 | |
Prior | 147,845 | |
Revolving Loans Amortized Cost | 373,962 | |
Revolving Loans Converted to Term | 80 | |
Total | 1,308,707 | |
Total loans | 1,308,707 | 1,188,696 |
Commercial Real Estate [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 223,015 | |
2020 | 206,840 | |
2019 | 159,859 | |
2018 | 116,392 | |
2017 | 76,883 | |
Prior | 142,200 | |
Revolving Loans Amortized Cost | 373,962 | |
Revolving Loans Converted to Term | 80 | |
Total | 1,299,231 | |
Commercial Real Estate [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 126 | |
2018 | 13 | |
2017 | 1,174 | |
Prior | 307 | |
Total | 1,620 | |
Commercial Real Estate [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 1,781 | |
2020 | 400 | |
2019 | 225 | |
2018 | 112 | |
Prior | 5,338 | |
Total | 7,856 | |
Commercial Real Estate [Member] | Unclassified [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 1,171,961 | |
Commercial Real Estate [Member] | Classified [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 16,735 | |
Commercial and Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 188,617 | |
2020 | 103,645 | |
2019 | 86,544 | |
2018 | 17,669 | |
2017 | 24,404 | |
Prior | 15,846 | |
Revolving Loans Amortized Cost | 120,198 | |
Revolving Loans Converted to Term | 12,590 | |
Total | 569,513 | |
Total loans | 569,513 | 734,495 |
Commercial and Industrial [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 184,422 | |
2020 | 97,754 | |
2019 | 61,162 | |
2018 | 10,682 | |
2017 | 14,276 | |
Prior | 9,892 | |
Revolving Loans Amortized Cost | 108,501 | |
Revolving Loans Converted to Term | 9,966 | |
Total | 496,655 | |
Commercial and Industrial [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 20 | |
2019 | 992 | |
2018 | 1,502 | |
2017 | 290 | |
Prior | 5,802 | |
Total | 8,606 | |
Commercial and Industrial [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 4,175 | |
2020 | 5,891 | |
2019 | 24,390 | |
2018 | 5,485 | |
2017 | 9,838 | |
Prior | 152 | |
Revolving Loans Amortized Cost | 11,697 | |
Revolving Loans Converted to Term | 2,624 | |
Total | 64,252 | |
Commercial and Industrial [Member] | Unclassified [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 674,392 | |
Commercial and Industrial [Member] | Classified [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 60,103 | |
Residential Real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 203,231 | |
2020 | 7,086 | |
2019 | 24,588 | |
2018 | 66,453 | |
2017 | 38,345 | |
Prior | 104,267 | |
Revolving Loans Amortized Cost | 46,465 | |
Revolving Loans Converted to Term | 198 | |
Total | 490,633 | |
Total loans | 490,633 | 381,958 |
Residential Real Estate [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 203,231 | |
2020 | 7,086 | |
2019 | 24,441 | |
2018 | 66,398 | |
2017 | 37,495 | |
Prior | 102,332 | |
Revolving Loans Amortized Cost | 46,225 | |
Revolving Loans Converted to Term | 198 | |
Total | 487,406 | |
Residential Real Estate [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Prior | 133 | |
Total | 133 | |
Residential Real Estate [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2019 | 147 | |
2018 | 55 | |
2017 | 850 | |
Prior | 1,802 | |
Revolving Loans Amortized Cost | 240 | |
Total | 3,094 | |
Residential Real Estate [Member] | Unclassified [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 378,868 | |
Residential Real Estate [Member] | Classified [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 3,090 | |
Agricultural Real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 25,288 | |
2020 | 26,429 | |
2019 | 12,961 | |
2018 | 12,573 | |
2017 | 8,936 | |
Prior | 14,478 | |
Revolving Loans Amortized Cost | 38,128 | |
Total | 138,793 | |
Total loans | 138,793 | 133,693 |
Agricultural Real Estate [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 24,730 | |
2020 | 26,364 | |
2019 | 12,834 | |
2018 | 10,743 | |
2017 | 6,318 | |
Prior | 13,535 | |
Revolving Loans Amortized Cost | 37,188 | |
Total | 131,712 | |
Agricultural Real Estate [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2017 | 41 | |
Prior | 456 | |
Revolving Loans Amortized Cost | 45 | |
Total | 542 | |
Agricultural Real Estate [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 558 | |
2020 | 65 | |
2019 | 127 | |
2018 | 1,830 | |
2017 | 2,577 | |
Prior | 487 | |
Revolving Loans Amortized Cost | 895 | |
Total | 6,539 | |
Agricultural Real Estate [Member] | Unclassified [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 125,425 | |
Agricultural Real Estate [Member] | Classified [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 8,268 | |
Consumer [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 33,000 | |
2020 | 12,152 | |
2019 | 7,410 | |
2018 | 3,749 | |
2017 | 1,558 | |
Prior | 922 | |
Revolving Loans Amortized Cost | 25,706 | |
Revolving Loans Converted to Term | 1 | |
Total | 84,498 | |
Total loans | 84,498 | 58,532 |
Consumer [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 33,000 | |
2020 | 12,047 | |
2019 | 7,337 | |
2018 | 3,722 | |
2017 | 1,525 | |
Prior | 914 | |
Revolving Loans Amortized Cost | 25,706 | |
Revolving Loans Converted to Term | 1 | |
Total | 84,252 | |
Consumer [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2020 | 105 | |
2019 | 73 | |
2018 | 27 | |
2017 | 33 | |
Prior | 8 | |
Total | 246 | |
Consumer [Member] | Unclassified [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 58,253 | |
Consumer [Member] | Classified [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 279 | |
Agricultural [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 17,943 | |
2020 | 14,631 | |
2019 | 5,047 | |
2018 | 4,867 | |
2017 | 3,586 | |
Prior | 3,105 | |
Revolving Loans Amortized Cost | 44,510 | |
Revolving Loans Converted to Term | 78 | |
Total | 93,767 | |
Total loans | 93,767 | 94,322 |
Agricultural [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 17,446 | |
2020 | 12,508 | |
2019 | 2,976 | |
2018 | 1,723 | |
2017 | 3,433 | |
Prior | 1,571 | |
Revolving Loans Amortized Cost | 43,784 | |
Revolving Loans Converted to Term | 78 | |
Total | 83,519 | |
Agricultural [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2019 | 84 | |
2018 | 1,345 | |
Prior | 895 | |
Total | 2,324 | |
Agricultural [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 497 | |
2020 | 2,123 | |
2019 | 1,987 | |
2018 | 1,799 | |
2017 | 153 | |
Prior | 639 | |
Revolving Loans Amortized Cost | 726 | |
Total | 7,924 | |
Agricultural [Member] | Unclassified [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 86,629 | |
Agricultural [Member] | Classified [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | $ 7,693 | |
Total Loans Portfolio Segment [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 693,001 | |
2020 | 371,183 | |
2019 | 296,634 | |
2018 | 221,828 | |
2017 | 154,886 | |
Prior | 286,463 | |
Revolving Loans Amortized Cost | 648,969 | |
Revolving Loans Converted to Term | 12,947 | |
Total | 2,685,911 | |
Total Loans Portfolio Segment [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 685,844 | |
2020 | 362,599 | |
2019 | 268,609 | |
2018 | 209,660 | |
2017 | 139,930 | |
Prior | 270,444 | |
Revolving Loans Amortized Cost | 635,366 | |
Revolving Loans Converted to Term | 10,323 | |
Total | 2,582,775 | |
Total Loans Portfolio Segment [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 146 | |
2019 | 1,076 | |
2018 | 2,860 | |
2017 | 1,505 | |
Prior | 7,593 | |
Revolving Loans Amortized Cost | 45 | |
Total | 13,225 | |
Total Loans Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 7,011 | |
2020 | 8,584 | |
2019 | 26,949 | |
2018 | 9,308 | |
2017 | 13,451 | |
Prior | 8,426 | |
Revolving Loans Amortized Cost | 13,558 | |
Revolving Loans Converted to Term | 2,624 | |
Total | $ 89,911 |
Loans and Allowance for Cred_10
Loans and Allowance for Credit Losses - Schedule of Recorded Investments in Purchase Credit Impaired Loans (Detail) - Purchased Credit Impaired Loans [Member] $ in Thousands | Dec. 31, 2020USD ($) |
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Acquired During Period [Line Items] | |
Contractually required principal payments | $ 41,658 |
Discount | (17,686) |
Recorded investment | $ 23,972 |
Loans and Allowance for Cred_11
Loans and Allowance for Credit Losses - Schedule of Troubled Debt Restructurings by Accrual Status (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Financing Receivable Impaired [Line Items] | ||
Trouble debt restructurings, Nonaccrual | $ 15,650 | $ 14,780 |
Trouble debt restructurings, Related allowance for loan losses | 2,084 | 2,296 |
Commercial Real Estate [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Trouble debt restructurings, Nonaccrual | 1,786 | 1,167 |
Trouble debt restructurings, Related allowance for loan losses | 849 | 342 |
Commercial and Industrial [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Trouble debt restructurings, Nonaccrual | 12,404 | 13,613 |
Trouble debt restructurings, Related allowance for loan losses | 869 | $ 1,954 |
Agricultural Real Estate [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Trouble debt restructurings, Nonaccrual | 932 | |
Trouble debt restructurings, Related allowance for loan losses | 285 | |
Agricultural [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Trouble debt restructurings, Nonaccrual | 528 | |
Trouble debt restructurings, Related allowance for loan losses | $ 81 |
Loans and Allowance for Cred_12
Loans and Allowance for Credit Losses - Schedule of Categories of Loans Under the Payment Deferral Program (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | $ 59,451 | $ 60,880 |
12 Months Partial Principal Only [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 1,890 | 1,965 |
6 Months Principal Only [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 11,196 | 6,437 |
8 Months Principal Only [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 12,937 | |
6 Months Principal And Interest, Then 9 Months Principal Only [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 33,428 | 33,428 |
9 Months Principal Only [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 2,459 | |
12 Months Principal Only [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 13,767 | |
3 Months Principal And Interest, Then 6 Months Principal Only [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 2,824 | |
Commercial Real Estate [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 51,352 | 45,628 |
Commercial Real Estate [Member] | 6 Months Principal Only [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 11,196 | 2,262 |
Commercial Real Estate [Member] | 8 Months Principal Only [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 9,341 | |
Commercial Real Estate [Member] | 6 Months Principal And Interest, Then 9 Months Principal Only [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 30,815 | 30,815 |
Commercial Real Estate [Member] | 9 Months Principal Only [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 2,459 | |
Commercial Real Estate [Member] | 12 Months Principal Only [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 10,092 | |
Commercial and Industrial [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 7,987 | 15,252 |
Commercial and Industrial [Member] | 12 Months Partial Principal Only [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 1,890 | 1,965 |
Commercial and Industrial [Member] | 6 Months Principal Only [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 4,175 | |
Commercial and Industrial [Member] | 8 Months Principal Only [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 3,484 | |
Commercial and Industrial [Member] | 6 Months Principal And Interest, Then 9 Months Principal Only [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 2,613 | 2,613 |
Commercial and Industrial [Member] | 12 Months Principal Only [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 3,675 | |
Commercial and Industrial [Member] | 3 Months Principal And Interest, Then 6 Months Principal Only [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | $ 2,824 | |
Agricultural Real Estate [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 112 | |
Agricultural Real Estate [Member] | 8 Months Principal Only [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | $ 112 |
Loans and Allowance for Cred_13
Loans and Allowance for Credit Losses - Schedule of Credit Risk Classification of Loans Participating in Payment Deferral Program (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | $ 59,451 | $ 60,880 |
Commercial Real Estate [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 51,352 | 45,628 |
Commercial and Industrial [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 7,987 | 15,252 |
Agricultural Real Estate [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 112 | |
Unclassified [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 56,384 | 50,723 |
Unclassified [Member] | Commercial Real Estate [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 51,352 | 45,628 |
Unclassified [Member] | Commercial and Industrial [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 4,920 | 5,095 |
Unclassified [Member] | Agricultural Real Estate [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 112 | |
Classified [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 3,067 | 10,157 |
Classified [Member] | Commercial and Industrial [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | $ 3,067 | $ 10,157 |
Loans and Allowance for Cred_14
Loans and Allowance for Credit Losses - Schedule of Allowance for Credit Losses on Off-Balance Sheet Credit Exposures (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 |
Accounts Notes And Loans Receivable [Line Items] | ||||||
Loans, allowance for credit losses | $ 52,763 | $ 51,834 | $ 33,709 | $ 34,087 | $ 34,078 | $ 12,232 |
Commercial Real Estate [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Loans, allowance for credit losses | 12,482 | 15,225 | 9,012 | 8,942 | 9,467 | 3,919 |
Commercial and Industrial [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Loans, allowance for credit losses | 24,127 | 18,690 | 12,456 | 11,529 | 10,168 | 3,061 |
Residential Real Estate [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Loans, allowance for credit losses | 8,339 | 9,808 | 4,559 | 4,593 | 5,315 | 2,676 |
Agricultural Real Estate [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Loans, allowance for credit losses | 1,004 | 847 | 904 | 1,281 | 975 | 608 |
Agricultural [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Loans, allowance for credit losses | 4,329 | 4,695 | 758 | 768 | 810 | 546 |
Consumer [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Loans, allowance for credit losses | 2,482 | $ 2,569 | $ 6,020 | $ 6,974 | $ 7,343 | $ 1,422 |
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Loans, allowance for credit losses | 1,324 | |||||
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | Commercial Real Estate [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Loans, allowance for credit losses | 599 | |||||
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | Commercial and Industrial [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Loans, allowance for credit losses | 302 | |||||
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | Residential Real Estate [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Loans, allowance for credit losses | 27 | |||||
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | Agricultural [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Loans, allowance for credit losses | 1 | |||||
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | Consumer [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Loans, allowance for credit losses | $ 395 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Additional Information (Detail) - Interest Rate Swaps [Member] | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Weighted average maturity period | 9 years | 7 years 10 months 24 days |
Weighted average pay rate | 4.32% | 4.34% |
Weighted average receive rate | 4.32% | 4.34% |
Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Derivative [Line Items] | ||
Weighted average maturity period | 5 years | 6 years 3 months 18 days |
Weighted average pay rate | 5.06% | 5.19% |
Weighted average receive rate | 2.83% | 3.21% |
Derivative Financial Instrume_4
Derivative Financial Instruments - Summary of Notional Balance and Fair Values of Derivatives Outstanding (Detail) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Derivatives, Fair Value [Line Items] | ||
Notional Amount | $ 141,600,000 | $ 124,926,000 |
Derivative Assets | 5,074,000 | 7,172,000 |
Derivative Liabilities | 5,797,000 | 8,317,000 |
Cash collateral, Derivative Liabilities | (5,550,000) | (8,440,000) |
Netting adjustments, Derivative Assets | 248,000 | 123,000 |
Netting adjustments, Derivative Liabilities | 248,000 | 123,000 |
Net amount presented in Balance Sheet, Derivative Assets | 5,322,000 | 7,295,000 |
Net amount presented in Balance Sheet, Derivative Liabilities | 495,000 | |
Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 4,323,000 | 5,585,000 |
Derivative Liabilities | 272,000 | 497,000 |
Designated as Hedging Instrument [Member] | Interest Rate Swaps [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 4,323,000 | 5,585,000 |
Derivative Liabilities | 272,000 | 497,000 |
Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 137,277,000 | 119,341,000 |
Derivative Assets | 5,074,000 | 7,172,000 |
Derivative Liabilities | 5,525,000 | 7,820,000 |
Not Designated as Hedging Instrument [Member] | Interest Rate Swaps [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 137,277,000 | 119,341,000 |
Derivative Assets | 5,074,000 | 7,172,000 |
Derivative Liabilities | $ 5,525,000 | $ 7,820,000 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Summary of Designated and Qualifying Hedged Items in Fair Value Hedges (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Derivative [Line Items] | ||
Carrying Amount | $ 4,323 | $ 5,583 |
Hedging Fair Value Adjustment | 266 | 491 |
Commercial Real Estate [Member] | ||
Derivative [Line Items] | ||
Carrying Amount | 4,323 | 5,583 |
Hedging Fair Value Adjustment | $ 266 | $ 491 |
Derivative Financial Instrume_6
Derivative Financial Instruments - Summary of Net Gains/ (Losses) on Derivatives and Hedging Activities (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
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 | (49) | 77 | 196 | (407) |
Net gains (losses) on derivatives and hedging activities | (49) | 77 | 196 | (407) |
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 | $ (49) | $ 77 | $ 196 | $ (407) |
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 | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain/(Loss) on Derivatives | $ (191) | $ (409) | ||
Gain/(Loss) on Hedged Items | 191 | 409 | ||
Net Fair Value Hedge Gain/(Loss) | $ 0 | $ 0 | 0 | 0 |
Effect of Derivatives on Net Interest Income | (81) | (61) | ||
Commercial Real Estate [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain/(Loss) on Derivatives | (191) | (409) | ||
Gain/(Loss) on Hedged Items | 191 | 409 | ||
Net Fair Value Hedge Gain/(Loss) | 0 | 0 | ||
Effect of Derivatives on Net Interest Income | $ (81) | $ (61) | ||
Fair Value Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain/(Loss) on Derivatives | (20) | 27 | ||
Gain/(Loss) on Hedged Items | 20 | (27) | ||
Net Fair Value Hedge Gain/(Loss) | 0 | 0 | ||
Effect of Derivatives on Net Interest Income | (25) | (28) | ||
Fair Value Hedging [Member] | Commercial Real Estate [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain/(Loss) on Derivatives | (20) | 27 | ||
Gain/(Loss) on Hedged Items | 20 | (27) | ||
Net Fair Value Hedge Gain/(Loss) | 0 | 0 | ||
Effect of Derivatives on Net Interest Income | $ (25) | $ (28) |
Lease Obligations - Schedule of
Lease Obligations - Schedule of Right-of-use Asset and Lease Obligations by Type of Property (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Leases Disclosure [Line Items] | ||
Right-of-Use Asset | $ 3,228 | $ 3,540 |
Lease Liability | $ 3,215 | $ 3,524 |
Weighted Average Lease Term in Years | 17 years 1 month 6 days | 16 years 10 months 24 days |
Weighted Average Discount Rate | 2.99% | 2.99% |
Land and Building Leases [Member] | ||
Leases Disclosure [Line Items] | ||
Right-of-Use Asset | $ 3,228 | $ 3,540 |
Lease Liability | $ 3,215 | $ 3,524 |
Weighted Average Lease Term in Years | 17 years 1 month 6 days | 16 years 10 months 24 days |
Weighted Average Discount Rate | 2.99% | 2.99% |
Lease Obligations - Schedule _2
Lease Obligations - Schedule of Operating Lease Costs (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Leases [Abstract] | ||||
Operating lease cost | $ 127 | $ 184 | $ 378 | $ 549 |
Variable lease cost | 8 | 3 | 21 | 22 |
Total operating lease cost | $ 135 | $ 187 | $ 399 | $ 571 |
Lease Obligations - Additional
Lease Obligations - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2021 | |
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 nine-month periods ended September 30, 2021. |
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 | Sep. 30, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Due in one year or less | $ 460 | |
Due after one year through two years | 431 | |
Due after two years through three years | 237 | |
Due after three years through four years | 214 | |
Due after four years through five years | 210 | |
Thereafter | 2,675 | |
Total undiscounted cash flows | 4,227 | |
Discount on cash flows | (1,012) | |
Total operating lease liability | $ 3,215 | $ 3,524 |
Borrowings - Schedule of Federa
Borrowings - Schedule of Federal Funds Purchased and Retail Repurchase Agreements (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Federal Funds Purchased And Securities Sold Under Agreements To Repurchase [Abstract] | ||
Federal funds purchased | $ 0 | $ 0 |
Retail repurchase agreements | $ 39,137 | $ 36,029 |
Borrowings - Additional Informa
Borrowings - Additional Information (Detail) - USD ($) | Mar. 13, 2017 | Jun. 29, 2020 | Sep. 30, 2021 | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jul. 23, 2020 |
Debt Instrument [Line Items] | |||||||
Loss on debt extinguishment | $ 372,000 | $ 372,000 | |||||
Total Federal Home Loan Bank advances | $ 10,144,000 | ||||||
Line of credit facility maximum borrowing capacity | $ 40,000,000 | ||||||
Debt Instrument, Maturity Date | Nov. 13, 2021 | ||||||
Debt instrument extended date | Aug. 15, 2021 | ||||||
Debt instrument term | 5 years | ||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.20% | ||||||
Debt instrument floating daily, floor Interest Rate | 3.50% | ||||||
Subordinated notes maturity date | Nov. 13, 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 Line of Credit Advances [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Total Federal Home Loan Bank advances | 0 | $ 0 | |||||
Federal Home Loan Bank Advances [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit facility maximum borrowing capacity | 742,792,000 | 742,792,000 | 763,506,000 | ||||
Line of credit facility additional borrowing capacity | 723,708,000 | 723,708,000 | 661,490,000 | ||||
Federal Reserve Bank [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit facility maximum borrowing capacity | 267,098,000 | 267,098,000 | |||||
Pledged loan outstanding balance | 328,596,000 | 328,596,000 | |||||
Pledged securities, fair value | 46,935,000 | 46,935,000 | |||||
Secured borrowings from this facility | 0 | 0 | $ 0 | ||||
Bank Stock Loan [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Bank stock loan | 0 | $ 0 | $ 0 | ||||
Residential Mortgage-Backed Securities (Issued by Government-Sponsored Entities) [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Maturity Date | Jun. 30, 2030 | ||||||
Debt instrument term | 8 years 9 months 18 days | 9 years 6 months | |||||
Subordinated notes aggregate principal amount | $ 42,000,000 | 75,000,000 | $ 75,000,000 | $ 75,000,000 | $ 33,000,000 | ||
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] | 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 | ||||||
Government-Sponsored Residential Mortgage-Backed Securities [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Residential mortgage-backed securities, fair value | $ 51,032,000 | $ 51,032,000 | $ 47,113,000 |
Borrowings - Schedule of Borrow
Borrowings - Schedule of Borrowing Usage and Interest Rate Information for Federal Funds Purchased and Retail Repurchase Agreements (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Debt Disclosure [Abstract] | ||
Year-to-date average daily balance during the period | $ 43,673 | $ 45,041 |
Maximum month-end balance year-to-date | $ 47,184 | $ 53,543 |
Weighted average interest rate at period-end | 0.24% | 0.22% |
Borrowings - Summary of Federal
Borrowings - Summary of Federal Home Loan Bank Advances (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Sep. 30, 2021 | |
Federal Home Loan Bank Advances [Line Items] | ||
Total Federal Home Loan Bank advances | $ 10,144,000 | |
Federal Home Loan Bank Line of Credit Advances [Member] | ||
Federal Home Loan Bank Advances [Line Items] | ||
Total Federal Home Loan Bank advances | $ 0 | |
Federal Home Loan Bank Fixed Rate Term Advances [Member] | ||
Federal Home Loan Bank Advances [Line Items] | ||
Total Federal Home Loan Bank advances | $ 10,107,000 | |
Total Federal Home Loan Bank advances, Weighted Average Rate | 2.79% | |
Total Federal Home Loan Bank advances, Weighted Average Term in Years | 2 years 3 months 18 days | |
Total Principal Outstanding [Member] | ||
Federal Home Loan Bank Advances [Line Items] | ||
Total Federal Home Loan Bank advances | $ 10,107,000 | |
Merger Purchase Accounting Adjustment [Member] | ||
Federal Home Loan Bank Advances [Line Items] | ||
Total Federal Home Loan Bank advances | $ 37,000 |
Borrowings - Schedule of Total
Borrowings - Schedule of Total Subordinated Debt (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Debt Instrument Redemption [Line Items] | ||
Subordinated debentures | $ 15,111 | $ 14,872 |
Subordinated debt | 88,030 | 87,684 |
Subordinated Notes [Member] | ||
Debt Instrument Redemption [Line Items] | ||
Subordinated debentures | 72,919 | 72,812 |
Subordinated debt | $ 72,919 | $ 72,812 |
Borrowings - Schedule of Subord
Borrowings - Schedule of Subordinated Debentures (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Debt Instrument Redemption [Line Items] | ||
Total subordinated debentures | $ 88,030 | $ 87,684 |
Trust Preferred Securities [Member] | ||
Debt Instrument Redemption [Line Items] | ||
Subordinated debentures contractual balance | 20,620 | 20,620 |
Subordinated debentures fair market value adjustments | (5,509) | (5,748) |
Total subordinated debentures | 15,111 | 14,872 |
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 | 2.13% | 2.24% |
Subordinated debentures, Weighted Average Term | 13 years 6 months | 14 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 | 2.01% | 2.11% |
Subordinated debentures, Weighted Average Term | 15 years 8 months 12 days | 16 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 | 3.38% | 3.50% |
Subordinated debentures, Weighted Average Term | 11 years 2 months 12 days | 12 years |
Borrowings - Schedule of Subo_2
Borrowings - Schedule of Subordinated Notes (Detail) - USD ($) $ in Thousands | Mar. 13, 2017 | Sep. 30, 2021 | Dec. 31, 2020 | Jul. 23, 2020 | Jun. 29, 2020 |
Debt Instrument Redemption [Line Items] | |||||
Total subordinated notes | $ 15,111 | $ 14,872 | |||
Debt instrument term | 5 years | ||||
Residential Mortgage-Backed Securities (Issued by Government-Sponsored Entities) [Member] | |||||
Debt Instrument Redemption [Line Items] | |||||
Subordinated notes | 75,000 | 75,000 | $ 33,000 | $ 42,000 | |
Total principal outstanding | 75,000 | 75,000 | |||
Debt issuance cost | (2,081) | (2,188) | |||
Total subordinated notes | $ 72,919 | $ 72,812 | |||
Weighted Average Rate | 7.00% | 7.00% | |||
Debt instrument term | 8 years 9 months 18 days | 9 years 6 months |
Borrowings - Schedule of Future
Borrowings - Schedule of Future Principal Repayments (Detail) $ in Thousands | Sep. 30, 2021USD ($) |
Debt Instrument Redemption [Line Items] | |
Due in one year or less | $ 39,137 |
Thereafter | 95,620 |
Total | 134,757 |
Retail Repurchase Agreements [Member] | |
Debt Instrument Redemption [Line Items] | |
Due in one year or less | 39,137 |
Total | 39,137 |
Subordinated Debentures [Member] | |
Debt Instrument Redemption [Line Items] | |
Thereafter | 20,620 |
Total | 20,620 |
Subordinated Notes [Member] | |
Debt Instrument Redemption [Line Items] | |
Thereafter | 75,000 |
Total | $ 75,000 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Sep. 01, 2020 | Apr. 18, 2019 | |
Class Of Stock [Line Items] | ||||||||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | ||||||
Preferred stock, share outstanding | 0 | 0 | 0 | |||||
Stock-based compensation | $ 2,226 | $ 2,670 | ||||||
Number of shares authorized to be repurchased | 1,000,000 | 1,000,000 | ||||||
Common Stock [Member] | ||||||||
Class Of Stock [Line Items] | ||||||||
Number of shares authorized to be repurchased | 151,148 | 383,523 | 480,164 | 678,984 | 1,100,000 | |||
Outstanding common stock at an average price paid per Share | $ 21.54 | |||||||
Additional Repurchase [Member] | ||||||||
Class Of Stock [Line Items] | ||||||||
Number of shares authorized to be repurchased | 57,239 | 363,321 | 313,231 | |||||
Outstanding common stock at an average price paid per Share | $ 30.64 | $ 26.90 | $ 20.82 | |||||
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | 123,448 | 123,448 | ||||||
Maximum [Member] | ||||||||
Class Of Stock [Line Items] | ||||||||
Number of shares authorized to be repurchased | 1,100,000 | |||||||
Maximum [Member] | Additional Repurchase [Member] | ||||||||
Class Of Stock [Line Items] | ||||||||
Number of shares authorized to be repurchased | 800,000 | |||||||
ESPP [Member] | ||||||||
Class Of Stock [Line Items] | ||||||||
Percentage of common stock price per share equal to lower of fair market value of common stock | 85.00% | |||||||
Stock-based compensation | $ 33 | $ 19 | $ 88 | $ 69 | ||||
Class A Common Stock [Member] | ||||||||
Class Of Stock [Line Items] | ||||||||
Number of common stock shares authorized | 45,000,000 | 45,000,000 | ||||||
Shares issued, par value | $ 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 | ||||||
Shares issued, par value | $ 0.01 | $ 0.01 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Shares Issued and Held in Treasury or Outstanding (Detail) - shares | Sep. 30, 2021 | Dec. 31, 2020 |
Class A Common Stock [Member] | ||
Class Of Stock [Line Items] | ||
Common stock - issued | 17,530,223 | 17,224,830 |
Common stock - held in treasury | (3,164,438) | (2,684,274) |
Common stock - outstanding | 14,365,785 | 14,540,556 |
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 - Summar_2
Stockholders' Equity - Summary of Offering Periods and Costs (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Class Of Stock [Line Items] | ||||
Stock-based compensation | $ 2,226 | $ 2,670 | ||
ESPP [Member] | ||||
Class Of Stock [Line Items] | ||||
Stock-based compensation | $ 33 | $ 19 | $ 88 | $ 69 |
First offering period, start date | Aug. 15, 2019 | |||
First offering period, end date | Feb. 14, 2020 | |||
Second offering period, start date | Feb. 15, 2020 | |||
Second offering period, end date | Aug. 14, 2020 | |||
Third offering period start date | Aug. 15, 2020 | |||
Third offering period end date | Feb. 14, 2021 | |||
Fourth offering period start date | Feb. 15, 2021 | |||
Fourth offering period end date | Aug. 14, 2021 | |||
First Offering [Member] | ESPP [Member] | ||||
Class Of Stock [Line Items] | ||||
Common stock issued under employee stock purchase plan, share | 16,764 | |||
Cost Per Share | $ 21.11 | $ 21.11 | ||
Stock-based compensation | $ 63 | |||
Second Offering [Member] | ESPP [Member] | ||||
Class Of Stock [Line Items] | ||||
Common stock issued under employee stock purchase plan, share | 17,829 | |||
Cost Per Share | 13.61 | $ 13.61 | ||
Stock-based compensation | $ 43 | |||
Third Offering [Member] | ESPP [Member] | ||||
Class Of Stock [Line Items] | ||||
Common stock issued under employee stock purchase plan, share | 17,621 | |||
Cost Per Share | 13.68 | $ 13.68 | ||
Stock-based compensation | $ 42 | |||
Fourth Offering [Member] | ESPP [Member] | ||||
Class Of Stock [Line Items] | ||||
Common stock issued under employee stock purchase plan, share | 16,034 | |||
Cost Per Share | $ 20.50 | $ 20.50 | ||
Stock-based compensation | $ 58 |
Stockholders' Equity - Componen
Stockholders' Equity - Components of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Total | $ 9,475 | $ 19,781 |
Accumulated Net Unrealized Investment Gain (Losses) [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Net unrealized or unamortized gains | 12,658 | 26,426 |
Tax effect | (3,183) | (6,645) |
Available for Sale Securities [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Total | 9,475 | 19,781 |
Available for Sale Securities [Member] | Accumulated Net Unrealized Investment Gain (Losses) [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Net unrealized or unamortized gains | 12,658 | 26,426 |
Tax effect | $ (3,183) | $ (6,645) |
Regulatory Matters - Additional
Regulatory Matters - Additional Information (Detail) | Sep. 30, 2021 |
Regulated Operations [Abstract] | |
CET1 capital ratio to be well capitalized under rules and prompt corrective provisions | 6.50% |
Total Tier 1 capital ratio to be well capitalized under rules and prompt corrective provisions | 0.08 |
Total capital ratio to be well capitalized under rules and prompt corrective provisions | 0.10 |
Leverage ratio to be well capitalized under rules and prompt corrective provisions | 0.05 |
Capital conservation buffer desired rate | 2.50% |
Regulatory Matters - Summary of
Regulatory Matters - Summary of Company's and Equity Bank's Capital Amounts and Ratios (Detail) $ in Thousands | Sep. 30, 2021USD ($) | Dec. 31, 2020USD ($) |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total capital to risk weighted assets, To Be Well Capitalized Under Prompt Corrective Provisions, Actual Ratio | 0.10 | |
Tier 1 capital to risk weighted assets, To Be Well Capitalized Under Prompt Corrective Provisions, Actual Ratio | 0.08 | |
Common equity Tier 1 capital to risk weighted assets, To Be Well Capitalized Under Prompt Corrective Provisions, Actual Ratio | 6.50% | |
Tier 1 leverage to average assets, To Be Well Capitalized Under Prompt Corrective Provisions, Actual Ratio | 0.05 | |
Equity Bancshares, Inc. [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total capital to risk weighted assets, Actual Amount | $ 489,725 | $ 462,865 |
Total capital to risk weighted assets, Actual Ratio | 0.1663 | 0.1735 |
Tier 1 capital to risk weighted assets, Actual Amount | $ 379,787 | $ 356,707 |
Tier 1 capital to risk weighted assets, Actual Ratio | 0.1290 | 0.1337 |
Common equity Tier 1 capital to risk weighted assets, Actual Amount | $ 364,676 | $ 341,835 |
Common equity Tier 1 capital to risk weighted assets, Actual Ratio | 0.1239 | 0.1282 |
Tier 1 leverage to average assets, Actual Amount | $ 379,787 | $ 356,707 |
Tier 1 leverage to average assets, Actual Ratio | 0.0902 | 0.0930 |
Tier 1 leverage to average assets, Minimum Required for Capital Adequacy Purposes, Actual Amount | $ 168,368 | $ 153,490 |
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 | $ 309,171 | $ 280,072 |
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 | $ 250,281 | $ 226,725 |
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 | $ 206,114 | $ 186,714 |
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 | $ 463,171 | $ 418,992 |
Total capital to risk weighted assets, Actual Ratio | 0.1574 | 0.1573 |
Total capital to risk weighted assets, To Be Well Capitalized Under Prompt Corrective Provisions, Actual Amount | $ 294,172 | $ 266,329 |
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 | $ 426,186 | $ 385,696 |
Tier 1 capital to risk weighted assets, Actual Ratio | 0.1449 | 0.1448 |
Tier 1 capital to risk weighted assets, To Be Well Capitalized Under Prompt Corrective Provisions, Actual Amount | $ 235,338 | $ 213,064 |
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 | $ 426,186 | $ 385,696 |
Common equity Tier 1 capital to risk weighted assets, Actual Ratio | 0.1449 | 0.1448 |
Common equity Tier 1 capital to risk weighted assets, To Be Well Capitalized Under Prompt Corrective Provisions, Actual Amount | $ 191,212 | $ 173,114 |
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 | $ 426,186 | $ 385,696 |
Tier 1 leverage to average assets, Actual Ratio | 0.1013 | 0.1007 |
Tier 1 leverage to average assets, Minimum Required for Capital Adequacy Purposes, Actual Amount | $ 168,241 | $ 153,276 |
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 | $ 308,881 | $ 279,646 |
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 | $ 250,046 | $ 226,380 |
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 | $ 205,920 | $ 186,431 |
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 | $ 210,302 | $ 191,595 |
Earnings Per Share - Summary of
Earnings Per Share - Summary of Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Basic: | ||||
Net income (loss) allocable to common stockholders | $ 11,773 | $ (90,405) | $ 42,014 | $ (87,458) |
Weighted average common shares outstanding | 14,384,285 | 15,040,386 | 14,393,853 | 15,210,856 |
Weighted average vested restricted stock units | 17 | 21 | 3,293 | 1,045 |
Weighted average shares | 14,384,302 | 15,040,407 | 14,397,146 | 15,211,901 |
Basic earnings (loss) per common share | $ 0.82 | $ (6.01) | $ 2.92 | $ (5.75) |
Diluted: | ||||
Net income (loss) allocable to common stockholders | $ 11,773 | $ (90,405) | $ 42,014 | $ (87,458) |
Weighted average common shares outstanding for: | ||||
Basic earnings per common share | 14,384,302 | 15,040,407 | 14,397,146 | 15,211,901 |
Dilutive effects of the assumed exercise | 50,376 | 96,125 | ||
Dilutive effects of the assumed vesting of restricted stock units | 125,321 | 110,617 | ||
Average shares and dilutive potential common shares | 14,669,312 | 15,040,407 | 14,688,092 | 15,211,901 |
Diluted earnings (loss) per common share | $ 0.80 | $ (6.01) | $ 2.86 | $ (5.75) |
ESPP [Member] | ||||
Weighted average common shares outstanding for: | ||||
Dilutive effects of the assumed exercise | 921 | 2,043 | 2,015 | 3,289 |
Stock Options [Member] | ||||
Weighted average common shares outstanding for: | ||||
Dilutive effects of the assumed exercise | 158,768 | 178,314 | ||
Dilutive effects of the assumed vesting of restricted stock units | 32,428 | 29,486 |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Dilutive Shares Not Included In the Computation of Diluted Earnings Per Share (Detail) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Dilutive effects of the assumed exercise | 50,376 | 96,125 | ||
Dilutive effects of the assumed vesting of restricted stock units | 125,321 | 110,617 | ||
Total dilutive shares | 84,847 | 128,900 | ||
ESPP [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Dilutive effects of the assumed exercise | 921 | 2,043 | 2,015 | 3,289 |
Stock Options [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Dilutive effects of the assumed exercise | 158,768 | 178,314 | ||
Dilutive effects of the assumed vesting of restricted stock units | 32,428 | 29,486 |
Earnings Per Share - Schedule_2
Earnings Per Share - Schedule of Average Shares Not Included In the Computation of Diluted Earnings Per Share (Detail) - shares | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Total antidilutive shares | 291,680 | 709,320 | 298,629 | 589,644 | |
Stock Options [Member] | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Total antidilutive shares | 291,680 | 483,181 | 408,300 | 298,629 | |
Restricted Stock Units [Member] | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Total antidilutive shares | 226,139 | 181,344 |
Fair Value - Assets and Liabili
Fair Value - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value Of Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Available-for-sale securities | $ 1,157,423 | $ 871,827 |
Cash collateral held by counterparty and netting adjustments | 248 | 123 |
U.S. Government Sponsored Entities [Member] | ||
Fair Value Of Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Available-for-sale securities | 99,740 | 1,023 |
U.S. Treasury securities [Member] | ||
Fair Value Of Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Available-for-sale securities | 86,806 | 4,025 |
Government-Sponsored Residential Mortgage-Backed Securities [Member] | ||
Fair Value Of Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Available-for-sale securities | 649,025 | 651,425 |
Private Label Residential Mortgage-Backed Securities [Member] | ||
Fair Value Of Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Available-for-sale securities | 147,948 | 44,178 |
Corporate [Member] | ||
Fair Value Of Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Available-for-sale securities | 54,071 | 53,650 |
Small Business Administration Loan Pools [Member] | ||
Fair Value Of Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Available-for-sale securities | 10,465 | 1,270 |
State and Political Subdivisions [Member] | ||
Fair Value Of Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Available-for-sale securities | 109,368 | 116,256 |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ||
Fair Value Of Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Derivative assets | 248 | 123 |
Cash collateral held by counterparty and netting adjustments | 248 | 123 |
Equity securities with readily determinable fair value | 598 | 506 |
Total other assets | 598 | 506 |
Total assets | 846 | 629 |
Derivative liabilities | (5,302) | (8,317) |
Cash collateral held by counterparty and netting adjustments | (5,302) | (8,317) |
Total liabilities | (5,302) | (8,317) |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Fair Value Of Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Derivative assets | 5,074 | 7,172 |
Total assets | 1,162,497 | 878,999 |
Derivative liabilities | 5,797 | 8,317 |
Total liabilities | 5,797 | 8,317 |
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 | 5,074 | 7,172 |
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 | 5,797 | 8,317 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | U.S. Government Sponsored Entities [Member] | ||
Fair Value Of Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Available-for-sale securities | 99,740 | 1,023 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | U.S. Treasury securities [Member] | ||
Fair Value Of Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Available-for-sale securities | 86,806 | 4,025 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Government-Sponsored Residential Mortgage-Backed Securities [Member] | ||
Fair Value Of Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Available-for-sale securities | 649,025 | 651,425 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Private Label Residential Mortgage-Backed Securities [Member] | ||
Fair Value Of Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Available-for-sale securities | 147,948 | 44,178 |
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 | 54,071 | 53,650 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Small Business Administration Loan Pools [Member] | ||
Fair Value Of Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Available-for-sale securities | 10,465 | 1,270 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | State and Political Subdivisions [Member] | ||
Fair Value Of Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Available-for-sale securities | $ 109,368 | $ 116,256 |
Fair Value - Additional Informa
Fair Value - Additional Information (Detail) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
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 | Sep. 30, 2021 | Dec. 31, 2020 |
Individually Evaluated 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 | $ 4,454 | $ 3,359 |
Individually Evaluated 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 | 33,845 | 16,343 |
Individually Evaluated 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 | 2,480 | 2,165 |
Individually Evaluated 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 | 2,700 | 2,383 |
Individually Evaluated 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 | 3,647 | 852 |
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 | 2,274 | 3,882 |
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 | $ 433 | $ 469 |
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 | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021USD ($) | Sep. 30, 2021USD ($) | Dec. 31, 2020USD ($) | |
Individually Evaluated Real Estate Loans [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair Value | $ 35,591 | $ 35,591 | $ 13,443 |
Alternative Investment Valuation Technique Extensible List | eqbk:SalesComparisonOnApproachMember | eqbk:SalesComparisonOnApproachMember | |
Assets measured at fair value on non-recurring basis | $ 35,591 | $ 35,591 | $ 13,443 |
Individually Evaluated Real Estate Loans [Member] | Minimum [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Range | 0.04 | 0.04 | 0.02 |
Individually Evaluated Real Estate Loans [Member] | Maximum [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Range | 0.37 | 0.37 | 0.22 |
Individually Evaluated Real Estate Loans [Member] | Weighted Average [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Range | 0.21 | 0.21 | 0.12 |
Individually Evaluted Other Loans | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair Value | $ 11,535 | $ 11,535 | $ 11,659 |
Alternative Investment Valuation Technique Extensible List | eqbk:MultiplesOfEarningsMember | eqbk:MultiplesOfEarningsMember | |
Assets measured at fair value on non-recurring basis | $ 11,535 | $ 11,535 | $ 11,659 |
Individually Evaluted Other Loans | Minimum [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Range | 0.045 | 0.045 | 0.045 |
Individually Evaluated Other Real Estate Owned [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair Value | $ 2,707 | $ 2,707 | $ 4,351 |
Alternative Investment Valuation Technique Extensible List | eqbk:SalesComparisonOnApproachMember | ||
Assets measured at fair value on non-recurring basis | $ 2,707 | $ 2,707 | $ 4,351 |
Individually Evaluated Other Real Estate Owned [Member] | Minimum [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Range | 0.08 | 0.08 | 0.16 |
Individually Evaluated Other Real Estate Owned [Member] | Maximum [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Range | 0.24 | 0.24 | 0.42 |
Individually Evaluated Other Real Estate Owned [Member] | Weighted Average [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Range | 0.16 | 0.16 | 0.29 |
Fair Value - Carrying Amount an
Fair Value - Carrying Amount and Estimated Fair Values of Financial Instrument (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | $ 142,318 | $ 280,698 |
Available-for-sale securities | 1,157,423 | 871,827 |
Loans held for sale | 4,108 | 12,394 |
Loans, net of allowance for credit losses | 2,633,148 | 2,557,987 |
Federal Reserve Bank and Federal Home Loan Bank stock | 14,540 | 16,415 |
Interest receivable | 15,519 | 15,831 |
Derivative assets | 5,074 | 7,172 |
Total assets | 4,263,268 | 4,013,356 |
Deposits | 3,662,777 | 3,447,590 |
Federal funds purchased and retail repurchase agreements | 39,137 | 36,029 |
Federal Home Loan Bank advances | 10,144 | |
Subordinated debt | 88,030 | 87,684 |
Contractual obligations | 18,771 | 5,189 |
Derivative Liabilities | 5,797 | 8,317 |
Total liabilities | 3,845,519 | 3,605,707 |
Interest-bearing time deposits in other banks | 249 | |
Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 142,318 | 280,698 |
Available-for-sale securities | 1,157,423 | 871,827 |
Loans held for sale | 4,108 | 12,394 |
Loans, net of allowance for credit losses | 2,633,148 | 2,557,987 |
Federal Reserve Bank and Federal Home Loan Bank stock | 14,540 | 16,415 |
Interest receivable | 15,519 | 15,831 |
Derivative assets | 5,074 | 7,172 |
Cash collateral held by derivative counterparty and netting adjustments | 248 | (123) |
Total derivative assets | 5,322 | 7,295 |
Equity securities with readily determinable fair value | 598 | 506 |
Total assets | 3,972,976 | 3,763,202 |
Deposits | 3,662,777 | 3,447,590 |
Federal funds purchased and retail repurchase agreements | 39,137 | 36,029 |
Federal Home Loan Bank advances | 10,144 | |
Subordinated debt | 15,111 | 14,872 |
Subordinated notes | 72,919 | 72,812 |
Contractual obligations | 18,771 | 5,189 |
Interest payable | 1,850 | 1,231 |
Derivative Liabilities | 5,797 | 8,317 |
Cash collateral held by derivative counterparty and netting adjustments | (5,302) | (8,317) |
Total derivative liabilities | 495 | |
Total liabilities | 3,811,060 | 3,587,867 |
Interest-bearing time deposits in other banks | 249 | |
Estimated Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 142,318 | 280,698 |
Available-for-sale securities | 1,157,423 | 871,827 |
Loans held for sale | 4,108 | 12,394 |
Loans, net of allowance for credit losses | 2,619,364 | 2,430,325 |
Federal Reserve Bank and Federal Home Loan Bank stock | 14,540 | 16,415 |
Interest receivable | 15,519 | 15,831 |
Derivative assets | 5,074 | 7,172 |
Cash collateral held by derivative counterparty and netting adjustments | 248 | (123) |
Total derivative assets | 5,322 | 7,295 |
Equity securities with readily determinable fair value | 598 | 506 |
Deposits | 3,682,101 | 3,451,366 |
Federal funds purchased and retail repurchase agreements | 39,137 | 36,029 |
Federal Home Loan Bank advances | 10,656 | |
Subordinated debt | 15,111 | 14,872 |
Subordinated notes | 82,294 | 80,448 |
Contractual obligations | 18,771 | 5,189 |
Interest payable | 1,850 | 1,231 |
Derivative Liabilities | 5,797 | 8,317 |
Cash collateral held by derivative counterparty and netting adjustments | (5,302) | (8,317) |
Total derivative liabilities | 495 | |
Total liabilities | 3,839,759 | 3,599,791 |
Interest-bearing time deposits in other banks | 249 | |
Estimated Fair Value [Member] | Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale securities | 1,157,423 | 871,827 |
Loans held for sale | 4,108 | 12,394 |
Federal Reserve Bank and Federal Home Loan Bank stock | 14,540 | 16,415 |
Interest receivable | 15,519 | 15,831 |
Derivative assets | 5,074 | 7,172 |
Total derivative assets | 5,074 | 7,172 |
Deposits | 3,682,101 | 3,451,366 |
Federal funds purchased and retail repurchase agreements | 39,137 | 36,029 |
Federal Home Loan Bank advances | 10,656 | |
Subordinated debt | 15,111 | 14,872 |
Subordinated notes | 82,294 | 80,448 |
Contractual obligations | 18,771 | 5,189 |
Interest payable | 1,850 | 1,231 |
Derivative Liabilities | 5,797 | 8,317 |
Total derivative liabilities | 5,797 | 8,317 |
Total liabilities | 3,845,061 | 3,608,108 |
Interest-bearing time deposits in other banks | 249 | |
Estimated Fair Value [Member] | Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 142,318 | 280,698 |
Cash collateral held by derivative counterparty and netting adjustments | 248 | (123) |
Total derivative assets | 248 | 123 |
Equity securities with readily determinable fair value | 598 | 506 |
Cash collateral held by derivative counterparty and netting adjustments | (5,302) | (8,317) |
Total derivative liabilities | (5,302) | (8,317) |
Estimated Fair Value [Member] | Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans, net of allowance for credit losses | 2,619,364 | 2,430,325 |
Fair Value, Measurements, Nonrecurring [Member] | Estimated Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total assets | 3,959,192 | 3,635,540 |
Fair Value, Measurements, Nonrecurring [Member] | Estimated Fair Value [Member] | Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total assets | 1,196,664 | 923,888 |
Fair Value, Measurements, Nonrecurring [Member] | Estimated Fair Value [Member] | Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total assets | 143,164 | 281,327 |
Fair Value, Measurements, Nonrecurring [Member] | Estimated Fair Value [Member] | Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total assets | $ 2,619,364 | $ 2,430,325 |
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 | Sep. 30, 2021 | Dec. 31, 2020 |
Standby Letters of Credit [Member] | ||
Commitments And Contingencies [Line Items] | ||
Loans commitments, Fixed Rate | $ 9,936 | $ 9,020 |
Loans commitments, Variable Rate | 2,225 | 3,314 |
Commitments to Make Loans [Member] | ||
Commitments And Contingencies [Line Items] | ||
Loans commitments, Fixed Rate | 59,847 | 50,123 |
Loans commitments, Variable Rate | 177,414 | 129,860 |
Mortgage Loans in the Process of Origination [Member] | ||
Commitments And Contingencies [Line Items] | ||
Loans commitments, Fixed Rate | 12,259 | 13,826 |
Loans commitments, Variable Rate | 4,781 | 1,713 |
Unused Lines of Credit [Member] | ||
Commitments And Contingencies [Line Items] | ||
Loans commitments, Fixed Rate | 98,497 | 120,720 |
Loans commitments, Variable Rate | $ 239,224 | $ 226,731 |
Commitments and Credit Risk - A
Commitments and Credit Risk - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2021 | |
Minimum [Member] | |
Commitments And Contingencies [Line Items] | |
Fixed interest rate loan commitments | 2.49% |
Fixed interest rate loan commitments maturity period | 1 month |
Maximum [Member] | |
Commitments And Contingencies [Line Items] | |
Fixed interest rate loan commitments | 8.00% |
Fixed interest rate loan commitments maturity period | 370 months |
Revenue Recognition - Summary o
Revenue Recognition - Summary of Company's Source of Non-interest Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Non-interest income | |||||
Increase in value of bank-owned life insurance | $ 1,169 | $ 489 | $ 2,446 | $ 1,452 | |
Net gain (loss) on acquisition(a) | (585) | ||||
Net gain from securities transactions | 381 | 398 | 12 | ||
Other non-interest income | |||||
Total non-interest income | 7,831 | 6,485 | 23,643 | 17,523 | |
Service Charges and Fees [Member] | |||||
Non-interest income | |||||
Non-interest income | 2,360 | 1,706 | 6,125 | 5,097 | |
Other non-interest income | |||||
Non-interest income | 2,360 | 1,706 | 6,125 | 5,097 | |
Debit Card Income [Member] | |||||
Non-interest income | |||||
Non-interest income | 2,574 | 2,491 | 7,603 | 6,735 | |
Other non-interest income | |||||
Non-interest income | 2,574 | 2,491 | 7,603 | 6,735 | |
Mortgage Banking [Member] | |||||
Non-interest income | |||||
Non-interest income | 801 | 877 | 2,584 | 2,298 | |
Other non-interest income | |||||
Non-interest income | 801 | 877 | 2,584 | 2,298 | |
Accounting Standards Update 2014-09 [Member] | |||||
Non-interest income | |||||
Increase in value of bank-owned life insurance | [1] | 1,169 | 489 | 2,446 | 1,452 |
Net gain (loss) on acquisition(a) | [1] | 585 | |||
Net gain from securities transactions | [1] | 381 | 398 | 12 | |
Other non-interest income | |||||
Recovery on zero-basis purchased loans(a) | [1] | 9 | 10 | 62 | 116 |
Income (loss) from equity method investments(a) | [1] | (56) | 3 | (167) | 3 |
Other non-interest income not related to loans and deposits(a) | [1] | 25 | 37 | 72 | 239 |
Total other non-interest income | 546 | 922 | 3,902 | 1,929 | |
Total non-interest income | 7,831 | 6,485 | 23,643 | 17,523 | |
Accounting Standards Update 2014-09 [Member] | Service Charges and Fees [Member] | |||||
Non-interest income | |||||
Non-interest income | 2,360 | 1,706 | 6,125 | 5,097 | |
Other non-interest income | |||||
Non-interest income | 2,360 | 1,706 | 6,125 | 5,097 | |
Accounting Standards Update 2014-09 [Member] | Debit Card Income [Member] | |||||
Non-interest income | |||||
Non-interest income | 2,574 | 2,491 | 7,603 | 6,735 | |
Other non-interest income | |||||
Non-interest income | 2,574 | 2,491 | 7,603 | 6,735 | |
Accounting Standards Update 2014-09 [Member] | Mortgage Banking [Member] | |||||
Non-interest income | |||||
Non-interest income | [1] | 801 | 877 | 2,584 | 2,298 |
Accounting Standards Update 2014-09 [Member] | Investment Referral Income [Member] | |||||
Non-interest income | |||||
Non-interest income | 189 | 163 | 506 | 461 | |
Other non-interest income | |||||
Non-interest income | 189 | 163 | 506 | 461 | |
Accounting Standards Update 2014-09 [Member] | Trust Income [Member] | |||||
Non-interest income | |||||
Non-interest income | 340 | 128 | 836 | 283 | |
Other non-interest income | |||||
Non-interest income | 340 | 128 | 836 | 283 | |
Accounting Standards Update 2014-09 [Member] | Insurance Sales Commissions [Member] | |||||
Non-interest income | |||||
Non-interest income | 217 | 42 | 323 | 71 | |
Other non-interest income | |||||
Non-interest income | 217 | 42 | 323 | 71 | |
Accounting Standards Update 2014-09 [Member] | Other Non Interest Income Related To Loans and Deposits [Member] | |||||
Non-interest income | |||||
Non-interest income | (178) | 539 | 2,270 | 756 | |
Other non-interest income | |||||
Non-interest income | $ (178) | $ 539 | $ 2,270 | $ 756 | |
[1] | (a) |
Business Combinations - Additio
Business Combinations - Additional Information (Detail) $ in Thousands | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Business Acquisition [Line Items] | |
Gain on acquisition | $ 585 |
Almena State Bank | |
Business Acquisition [Line Items] | |
Acquisition-related costs | 237 |
Acquisition-related costs after tax | $ 177 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) $ in Thousands | Oct. 01, 2021USD ($)Branch | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($) |
Subsequent Event [Line Items] | ||||||
Assets | $ 4,263,268 | $ 4,263,268 | $ 4,013,356 | |||
Total Loans | 2,685,911 | 2,685,911 | 2,591,696 | |||
Total securities | 746,496 | 746,496 | 713,001 | |||
Total Liabilities | 3,845,519 | 3,845,519 | 3,605,707 | |||
Deposits | 3,662,777 | 3,662,777 | $ 3,447,590 | |||
Net Income Before Income Tax | 15,059 | $ (93,058) | 53,986 | $ (89,169) | ||
American State Bank Trust Company | ||||||
Subsequent Event [Line Items] | ||||||
Acquisition-related costs | 4,390 | 4,390 | ||||
Acquisition-related costs after tax | 3,401 | |||||
Assets | 788,452 | 788,452 | ||||
Total Loans | 452,690 | 452,690 | ||||
Total securities | 177,207 | 177,207 | ||||
Total Liabilities | 690,098 | 690,098 | ||||
Deposits | $ 659,072 | 659,072 | ||||
Net Income Before Income Tax | $ 5,388 | |||||
American State Bank Trust Company | Floating Rate Junior Subordinated Deferrable Interest Notes | Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Subordinated notes | $ 7,732 | |||||
Maturity year | 2035 | |||||
American State Bank Trust Company | Kansas | Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Number of branches | Branch | 17 |