Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 28, 2022 | Jun. 30, 2021 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | EQBK | ||
Entity Registrant Name | EQUITY BANCSHARES INC | ||
Entity Central Index Key | 0001227500 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Public Float | $ 412.1 | ||
Entity File Number | 001-37624 | ||
Entity Incorporation, State or Country Code | KS | ||
Entity Tax Identification Number | 72-1532188 | ||
Title of 12(b) Security | Class A Common Stock, par value $0.01 per share | ||
Security Exchange Name | NASDAQ | ||
Entity Interactive Data Current | Yes | ||
Entity Address, Address Line One | 7701 East Kellogg Drive | ||
Entity Address, Address Line Two | Suite 300 | ||
Entity Address, City or Town | Wichita | ||
Entity Address, State or Province | KS | ||
Entity Address, Postal Zip Code | 67207 | ||
City Area Code | 316 | ||
Local Phone Number | 612.6000 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Auditor Name | Crowe LLP | ||
Auditor Location | Indianapolis, Indiana | ||
Auditor Firm ID | 173 | ||
Documents Incorporated by Reference | Portions of the registrant’s Proxy Statement relating to the 2022 Annual Meeting of Stockholders, which will be filed within 120 days after December 31, 2021, are incorporated by reference into Part III of this Annual Report on Form 10-K. | ||
Class A Common Stock [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 16,660,372 | ||
Class B Non-Voting Common Stock [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 0 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
ASSETS | ||
Cash and due from banks | $ 259,131 | $ 280,150 |
Federal funds sold | 823 | 548 |
Cash and cash equivalents | 259,954 | 280,698 |
Interest-bearing time deposits in other banks | 249 | |
Available-for-sale securities | 1,327,442 | 871,827 |
Loans held for sale | 4,214 | 12,394 |
Loans, net of allowance for credit losses of $48,365 and $33,709 | 3,107,262 | 2,557,987 |
Other real estate owned, net | 9,523 | 11,733 |
Premises and equipment, net | 104,038 | 89,412 |
Bank-owned life insurance | 120,787 | 77,044 |
Federal Reserve Bank and Federal Home Loan Bank stock | 17,510 | 16,415 |
Interest receivable | 18,048 | 15,831 |
Goodwill | 54,465 | 31,601 |
Core deposit intangibles, net | 14,879 | 16,057 |
Other | 99,509 | 32,108 |
Total assets | 5,137,631 | 4,013,356 |
Deposits | ||
Demand | 1,244,117 | 791,639 |
Total non-interest-bearing deposits | 1,244,117 | 791,639 |
Savings, NOW and money market | 2,522,289 | 2,029,097 |
Time | 653,598 | 626,854 |
Total interest-bearing deposits | 3,175,887 | 2,655,951 |
Total deposits | 4,420,004 | 3,447,590 |
Federal funds purchased and retail repurchase agreements | 56,006 | 36,029 |
Federal Home Loan Bank advances | 10,144 | |
Subordinated debt | 95,885 | 87,684 |
Contractual obligations | 17,692 | 5,189 |
Interest payable and other liabilities | 47,413 | 19,071 |
Total liabilities | 4,637,000 | 3,605,707 |
Commitments and contingent liabilities, see Notes 22 and 23 | ||
Stockholders’ equity, see Note 14 | ||
Common stock | 203 | 174 |
Additional paid-in capital | 478,862 | 386,820 |
Retained earnings | 88,324 | 50,787 |
Accumulated other comprehensive income (loss) | 1,776 | 19,781 |
Employee stock loans | (43) | |
Treasury stock | (68,534) | (49,870) |
Total stockholders’ equity | 500,631 | 407,649 |
Total liabilities and stockholders’ equity | $ 5,137,631 | $ 4,013,356 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Statement Of Financial Position [Abstract] | ||||
Loans, allowance for loan losses | $ 48,365 | $ 33,709 | $ 12,232 | $ 11,454 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Interest and dividend income | |||
Loans, including fees | $ 137,334 | $ 134,664 | $ 149,298 |
Securities, taxable | 15,996 | 15,521 | 19,339 |
Securities, nontaxable | 2,843 | 3,682 | 4,180 |
Federal funds sold and other | 1,195 | 1,694 | 2,682 |
Total interest and dividend income | 157,368 | 155,561 | 175,499 |
Interest expense | |||
Deposits | 8,255 | 16,582 | 40,914 |
Federal funds purchased and retail repurchase agreements | 104 | 105 | 155 |
Federal Home Loan Bank advances | 169 | 2,292 | 6,667 |
Federal Reserve Bank discount window | 6 | ||
Bank stock loan | 415 | 654 | |
Subordinated debt | 6,261 | 3,509 | 1,251 |
Total interest expense | 14,789 | 22,909 | 49,641 |
Net interest income | 142,579 | 132,652 | 125,858 |
Provision (reversal) for credit losses | (8,480) | 24,255 | 18,354 |
Net interest income after provision (reversal) for credit losses | 151,059 | 108,397 | 107,504 |
Non-interest income | |||
Increase in value of bank-owned life insurance | 3,506 | 1,941 | 1,998 |
Net gain on acquisition | 585 | 2,145 | |
Net gain (loss) from securities transactions | 406 | 11 | 14 |
Other | 6,207 | 2,781 | 3,606 |
Total non-interest income | 32,842 | 26,023 | 24,988 |
Non-interest expense | |||
Salaries and employee benefits | 54,198 | 54,129 | 52,122 |
Net occupancy and equipment | 10,137 | 8,784 | 8,674 |
Data processing | 13,261 | 10,991 | 10,124 |
Professional fees | 4,713 | 4,282 | 4,734 |
Advertising and business development | 3,370 | 2,498 | 3,075 |
Telecommunications | 1,966 | 1,873 | 2,079 |
FDIC insurance | 1,665 | 2,088 | 1,228 |
Courier and postage | 1,429 | 1,441 | 1,348 |
Free nationwide ATM cost | 2,019 | 1,609 | 1,680 |
Amortization of core deposit intangibles | 4,174 | 3,850 | 3,168 |
Loan expense | 934 | 789 | 875 |
Other real estate owned | (188) | 2,310 | 707 |
Merger expenses | 9,189 | 299 | 915 |
Loss on debt extinguishment | 372 | ||
Goodwill impairment | 104,831 | ||
Other | 12,226 | 9,216 | 8,906 |
Total non-interest expense | 119,465 | 208,990 | 99,635 |
Income (loss) before income tax | 64,436 | (74,570) | 32,857 |
Provision for income taxes | 11,956 | 400 | 7,278 |
Net income (loss) and net income (loss) allocable to common stockholders | $ 52,480 | $ (74,970) | $ 25,579 |
Basic earnings (loss) per share | $ 3.49 | $ (4.97) | $ 1.64 |
Diluted earnings (loss) per share | $ 3.43 | $ (4.97) | $ 1.61 |
Service Charges and Fees [Member] | |||
Non-interest income | |||
Non-interest income | $ 8,596 | $ 6,856 | $ 8,672 |
Debit Card Income [Member] | |||
Non-interest income | |||
Non-interest income | 10,236 | 9,136 | 8,230 |
Mortgage Banking [Member] | |||
Non-interest income | |||
Non-interest income | $ 3,306 | $ 3,153 | $ 2,468 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net income (loss) | $ 52,480 | $ (74,970) | $ 25,579 |
Other comprehensive income (loss): | |||
Unrealized holding gains (losses) arising during the period on available-for-sale securities | (24,368) | 593 | 5,613 |
Reclassification for net gains included in net income | 368 | ||
Unrealized holding gain arising from the transfer of held-to-maturity securities to available-for-sale | 25,327 | ||
Amortization of unrealized losses on held-to-maturity securities | 509 | 903 | |
Unrealized holding gains (losses) arising during the period on cash flow hedges | (58) | ||
Total other comprehensive income (loss) | (24,058) | 26,429 | 6,516 |
Tax effect | 6,053 | (6,645) | (1,652) |
Other comprehensive income (loss), net of tax | (18,005) | 19,784 | 4,864 |
Comprehensive income (loss) | $ 34,475 | $ (55,186) | $ 30,443 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | American State Bank Trust Company [Member] | Common Stock [Member] | Common Stock [Member]American State Bank Trust Company [Member] | Additional Paid-In Capital [Member] | Additional Paid-In Capital [Member]American State Bank Trust Company [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] | Employee Stock Loans [Member] |
Beginning balance at Dec. 31, 2018 | $ 455,941 | $ 173 | $ 379,085 | $ 101,326 | $ (4,867) | $ (19,655) | $ (121) | |||
Beginning balance, shares at Dec. 31, 2018 | 15,793,095 | |||||||||
Net income (loss) | 25,579 | 25,579 | ||||||||
Other comprehensive income, net of tax effects | 4,864 | 4,864 | ||||||||
Stock based compensation | 2,870 | 2,870 | ||||||||
Stock based compensation, shares | 9,104 | |||||||||
Common stock issued upon exercise of stock options | 371 | 371 | ||||||||
Common stock issued upon exercise of stock options, shares | 20,402 | |||||||||
Repayments on employee stock loans | 44 | 44 | ||||||||
Common stock issued under stock-based incentive plans | 1 | $ 1 | ||||||||
Common stock issued under stock-based incentive plan, shares | 23,628 | |||||||||
Common stock issued under employee stock purchase plan | 405 | 405 | ||||||||
Common stock issued under employee stock purchase plan, share | 19,221 | |||||||||
Treasury stock purchases | $ (10,867) | (10,867) | ||||||||
Treasury stock purchases, shares | (1,100,000) | (421,016) | ||||||||
Adoption of ASU | ASU 2017-08 [Member] | $ (1,148) | (1,148) | ||||||||
Ending balance at Dec. 31, 2019 | 478,060 | $ 174 | 382,731 | 125,757 | (3) | (30,522) | (77) | |||
Ending balance, shares at Dec. 31, 2019 | 15,444,434 | |||||||||
Net income (loss) | (74,970) | (74,970) | ||||||||
Other comprehensive income, net of tax effects | 19,784 | 19,784 | ||||||||
Stock based compensation | 3,473 | 3,473 | ||||||||
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 | |||||||||
Repayments on employee stock loans | 34 | 34 | ||||||||
Common stock issued under stock-based incentive plan, shares | 34,891 | |||||||||
Common stock issued under employee stock purchase plan | 596 | 596 | ||||||||
Common stock issued under employee stock purchase plan, share | 34,593 | |||||||||
Treasury stock purchases | $ (19,348) | (19,348) | ||||||||
Treasury stock purchases, shares | (1,100,000) | (992,215) | ||||||||
Ending balance at Dec. 31, 2020 | $ 407,649 | $ 174 | 386,820 | 50,787 | 19,781 | (49,870) | (43) | |||
Ending balance, shares at Dec. 31, 2020 | 14,540,556 | |||||||||
Net income (loss) | 52,480 | 52,480 | ||||||||
Other comprehensive income, net of tax effects | (18,005) | (18,005) | ||||||||
Cash dividends - common stock, $0.16 per share | (2,493) | (2,493) | ||||||||
Dividend equivalents - restricted stock units, $0.16 per share | (47) | (47) | ||||||||
Stock based compensation | 2,906 | 2,906 | ||||||||
Stock based compensation, shares | 10,242 | |||||||||
Common stock issued upon exercise of stock options | 3,848 | $ 3 | 3,845 | |||||||
Common stock issued upon exercise of stock options, shares | 247,895 | |||||||||
Repayments on employee stock loans | 43 | $ 43 | ||||||||
Common stock issued under stock-based incentive plans | 1 | $ 1 | ||||||||
Common stock issued under stock-based incentive plan, shares | 74,454 | |||||||||
Common stock issued under employee stock purchase plan | 569 | 569 | ||||||||
Common stock issued under employee stock purchase plan, share | 33,655 | |||||||||
ASBI merger | $ 84,747 | $ 25 | $ 84,722 | |||||||
ASBI merger, shares | 2,485,983 | |||||||||
Treasury stock purchases | (18,664) | (18,664) | ||||||||
Treasury stock purchases, shares | (613,756) | |||||||||
Adoption of ASU | ASU 2016-13 [Member] | (12,403) | (12,403) | ||||||||
Ending balance at Dec. 31, 2021 | $ 500,631 | $ 203 | $ 478,862 | $ 88,324 | $ 1,776 | $ (68,534) | ||||
Ending balance, shares at Dec. 31, 2021 | 16,779,029 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) | 12 Months Ended |
Dec. 31, 2021$ / shares | |
Statement Of Stockholders Equity [Abstract] | |
Cash dividends declared per common share | $ 0.16 |
Restricted stock units dividend declared per share | $ 0.16 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities | |||
Net income (loss) | $ 52,480 | $ (74,970) | $ 25,579 |
Adjustments to reconcile net income (loss) to net cash from operating activities: | |||
Stock-based compensation | 2,906 | 3,473 | 2,870 |
Depreciation | 4,186 | 3,726 | 3,565 |
Amortization of operating lease right-of-use asset | 480 | 613 | 629 |
Amortization of cloud computing implementation costs | 171 | 109 | 100 |
Provision (reversal) for credit losses | (8,480) | 24,255 | 18,354 |
Goodwill impairment | 104,831 | ||
Net amortization (accretion) of purchase valuation adjustments | 18,001 | (2,492) | (4,360) |
Amortization (accretion) of premiums and discounts on securities | 9,638 | 5,885 | 5,828 |
Amortization of intangible assets | 4,242 | 3,898 | 3,218 |
Deferred income taxes | 1,592 | (11,089) | 1,563 |
Federal Home Loan Bank stock dividends | (55) | (610) | (994) |
Loss (gain) on sales and valuation adjustments on other real estate owned | (839) | 1,562 | 68 |
Net loss (gain) on sales and settlements of securities | (373) | ||
Change in unrealized (gains) losses on equity securities | (68) | (11) | (14) |
Loss (gain) on disposal of premises and equipment | (18) | 7 | (19) |
Loss (gain) on lease termination | (2) | (7) | |
Loss (gain) on sales of foreclosed assets | (36) | 283 | 25 |
Loss (gain) on sales of loans | (2,804) | (2,627) | (2,062) |
Originations of loans held for sale | (101,149) | (118,413) | (99,686) |
Proceeds from the sale of loans held for sale | 111,986 | 113,981 | 98,787 |
Increase in the value of bank-owned life insurance | (3,506) | (1,941) | (1,998) |
Change in fair value of derivatives recognized in earnings | (336) | 259 | 308 |
Gain on acquisition | (585) | (2,145) | |
Payments on operating lease payable | (608) | (701) | (760) |
Net change in: | |||
Interest receivable | 1,672 | 478 | 1,649 |
Other assets | (6,503) | (6,253) | (3,823) |
Interest payable and other liabilities | 20,706 | 1,513 | (299) |
Net cash provided by operating activities | 102,698 | 43,621 | 48,521 |
Cash flows (to) from investing activities | |||
Purchases of available-for-sale securities | (785,297) | (265,826) | |
Purchases of held-to-maturity securities | (2,754) | (154,573) | |
Proceeds from sales, calls, pay-downs and maturities of available-for-sale securities | 472,894 | 178,502 | 30,633 |
Proceeds from calls, pay-downs and maturities of held-to-maturity securities | 156,963 | 129,349 | |
Net change in interest-bearing time deposits in other banks | 249 | 2,249 | 2,493 |
Net change in loans | 218,107 | (13,331) | 8,537 |
Purchase of mortgage loans | (363,892) | ||
Purchase of USDA guaranteed loans | (10,958) | ||
Capitalized construction cost of other real estate owned | (62) | (56) | |
Purchase of premises and equipment | (5,101) | (9,549) | (6,948) |
Proceeds from sale of premises and equipment | 24 | 10 | 21 |
Proceeds from sale of foreclosed assets | 161 | 2,002 | 410 |
Net redemptions (purchases) of Federal Home Loan Bank and Federal Reserve Bank stock | 3,212 | 15,518 | (928) |
Net redemptions (purchases) of correspondent and miscellaneous other stock | (82) | (6) | |
Proceeds from sale of other real estate owned | 4,732 | 6,363 | 1,803 |
Purchase of bank-owned life insurance | (25,000) | ||
Proceeds from bank-owned life insurance death benefits | 1,749 | ||
Net cash (used in) provided by investing activities | (315,339) | 96,004 | 96,101 |
Cash flows (to) from financing activities | |||
Net increase (decrease) in deposits | 228,515 | 321,524 | (158,652) |
Net change in federal funds purchased and retail repurchase agreements | 5,765 | 69 | (14,360) |
Net borrowings (repayments) on Federal Home Loan Bank line of credit | (311,223) | (57,547) | |
Proceeds from Federal Home Loan Bank term advances | 302,906 | 253,000 | |
Principal repayments on Federal Home Loan Bank term advances | (327,422) | (255,988) | (2,954) |
Proceeds from Federal Reserve Bank discount window | 1,000 | 62,000 | |
Principal payments on Federal Reserve Bank discount window | (1,000) | (62,000) | |
Borrowings on bank stock loan | 38,354 | 7,209 | |
Principal repayments on bank stock loan | (47,344) | (13,669) | |
Proceeds from exercise of employee stock options | 3,847 | 20 | 371 |
Principal payments on employee stock loan | 43 | 34 | 44 |
Proceeds from employee stock purchase plan | 569 | 596 | 405 |
Proceeds from subordinated notes | 75,000 | ||
Debt issue cost of subordinated notes | (16) | (2,265) | |
Purchase of treasury stock | (18,664) | (19,348) | (10,867) |
Net change in contractual obligations | (2,497) | (647) | 1,871 |
Dividends paid on common stock | (1,149) | ||
Net cash provided by (used in) financing activities | 191,897 | 51,782 | (248,149) |
Net change in cash and cash equivalents | (20,744) | 191,407 | (103,527) |
Cash and cash equivalents, beginning of period | 280,698 | 89,291 | 192,818 |
Ending cash and cash equivalents | 259,954 | 280,698 | 89,291 |
Supplemental cash flow information: | |||
Interest paid | 15,028 | 25,673 | 48,367 |
Income taxes paid, net of refunds | 4,586 | 11,608 | 3,108 |
Supplemental noncash disclosures: | |||
Other real estate owned acquired in settlement of loans | 1,184 | 8,684 | 3,737 |
Other real estate owned transferred from premise and equipment | 1,038 | 1,982 | |
Other repossessed assets acquired in settlement of loans | 28,858 | ||
Operating leases recognized | 32 | 4,814 | |
MidFirst Bank [Member] | |||
Cash flows (to) from investing activities | |||
Net cash (paid) received from acquisition | 85,360 | ||
Supplemental noncash disclosures: | |||
Total fair value of assets acquired, net of cash | 13,246 | ||
Total fair value of liabilities acquired | $ 98,606 | ||
Almena [Member] | |||
Cash flows (to) from investing activities | |||
Net cash (paid) received from acquisition | 25,925 | ||
Supplemental noncash disclosures: | |||
Total fair value of assets acquired, net of cash | 40,984 | ||
Total fair value of liabilities acquired | $ 64,764 | ||
ASBI [Member] | |||
Cash flows (to) from investing activities | |||
Net cash (paid) received from acquisition | 102,710 | ||
Supplemental noncash disclosures: | |||
Total fair value of assets acquired, net of cash | 679,902 | ||
Total fair value of liabilities acquired | 706,635 | ||
Security Bank Of Kansas City [Member] | |||
Cash flows (to) from investing activities | |||
Net cash (paid) received from acquisition | 71,153 | ||
Supplemental noncash disclosures: | |||
Total fair value of assets acquired, net of cash | 4,684 | ||
Total fair value of liabilities acquired | $ 76,503 |
NATURE OF OPERATIONS AND SUMMAR
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 1 – NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations Equity Bank is a Kansas state-chartered bank and member of the Federal Reserve (state Fed member bank jointly supervised by both the Federal Reserve Bank of Kansas City and the Office of the Kansas State Bank Commissioner). The Company is primarily engaged in providing a full range of banking, mortgage banking and financial services to individual and corporate customers generally in Arkansas, Kansas, Missouri and Oklahoma. Equity Bank competes with a variety of other financial institutions including large regional banks, community banks and thrifts as well as credit unions and other non-traditional lenders. Use of Estimates Risk and Uncertainties 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. Cash Equivalents Securities Interest income includes amortization of purchase premium or discount. Premiums and discounts on mortgage-backed securities are amortized using the level-yield method over the estimated cash flows of the securities. This method requires retrospective adjustment of the effective yield each time a payment is received, or changes occur in the estimated remaining cash flows, which adjusts life-to-date amortization. Premiums and discounts on other investments are amortized using the level-yield method to contractual maturity or first call date, if purchased at a premium. Allowance for Credit Losses - Securities: 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 for securities has changed. The allowance for credit losses “ACL” on held-to-maturity securities is determined on a collective basis by major security type and portfolio. Losses are charged against the allowance for credit losses when the Company determines the held-to-maturity security is uncollectible. The Company does not estimate credit losses on held-to-maturity security accrued interest receivable. For available-for-sale debt securities in an unrealized loss position, the Company first assesses whether it intends to sell, or is more likely than not will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income. For securities that do not meet the aforementioned criteria , the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Company considers the extent to which fair value is less than amortized cost, the current interest rate environment, changes to rating of the security or security issuer, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected was less than the amortized cost basis, a credit loss exist ed and an allowance for credit losses would be recorded for the credit loss, which is limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income. Changes in the allowance for credit losses are recorded as provision for or reversal of credit loss expense. Losses are charged against the allowance for credit losses when the Company determines the available-for-sale security is uncollectible or when either of the criteria regarding intent or requirement to sell is met. The Company does not estimate credit losses on available-for-sale security accrued interest receivable. Pre CECL Adoption – Other-than-Temporary Impairment - Securities: Prior to the adoption of CECL, management evaluated securities for other-than-temporary impairment (“OTTI”) on at least a quarterly basis and more frequently when economic or market conditions warrant such an evaluation. For securities in an unrealized loss position, management considered the extent and duration of the unrealized loss and the financial condition and near-term prospects of the issuer. Management also assessed whether it intends to sell, or it is more likely than not that it would have been required to sell, a security in an unrealized loss position before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell were met, the entire difference between amortized cost and fair value is recognized as impairment through earnings. For debt securities that did not meet the aforementioned criteria, the amount of impairment is split into two components as follows: 1) OTTI related to credit loss, would be recognized in the income statement and 2) OTTI related to other factors, which is recognized in other comprehensive income. The credit loss is defined as the difference between the present value of the cash flows expected to be collected and the amortized cost basis. Equity Investments with Readily determinable Fair Value Loans Held for Sale Loans Purchased Credit Impaired Loans: As a part of acquisitions prior to the Company’s January 1, 2021 adoption of CECL, the Company acquired certain loans, for which there was, at acquisition, evidence of deterioration of credit quality since origination. These purchased credit impaired loans were recorded at the acquisition date fair value, such that there is no carryover of the seller’s allowance for credit losses. After acquisition, losses are recognized by an increase in the allowance for credit losses. Such purchase credit impaired loans are accounted for individually. Upon the Company’s adoption of ASU 2016-13, the remaining credit-related discount on these assets was reclassified 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. Nonaccrual Loans. Generally, loans are designated as nonaccrual when either principal or interest payments are 90 days or more past due based on contractual terms unless the loan is well secured and in the process of collection. Consumer loans are typically charged off no later than 180 days past due. In all cases, loans are placed on nonaccrual or charged off at an earlier date if collection of principal or interest is considered doubtful. When a loan is placed on nonaccrual status, unpaid interest credited to income is reversed against income. Future interest income may be recorded on a cash basis after recovery of principal is reasonably assured. Nonaccrual loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. Impaired Loans. Prior to the adoption of ASU 2016-13 on January 1, 2021, a loan was considered impaired when, based on current information and events, it is probable that the Company would be unable to collect all contractual principal and interest due according to the terms of the loan agreement. Impaired loans were measured based on the present value of expected future cash flows discounted at the loan’s effective interest rate or on the value of the underlying collateral if the loan is collateral dependent. The Company evaluated the collectability of both principal and interest when assessing the need for a loss accrual. Factors considered by management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience d insignificant payment delays and payment shortfalls generally wer e not classified as impaired. Management determine d the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record and the amount of the shortfall in relation to the principal and interest owed. Troubled Debt Restructurings . In cases where a borrower experiences financial difficulties and the Company makes certain concessionary modifications to contractual terms, the loan is classified as a troubled debt restructured loan and classified as impaired. Generally, a nonaccrual loan that is a troubled debt restructuring remains on nonaccrual until such time that repayment of the remaining principal and interest is not in doubt and the borrower has a period of satisfactory repayment performance. Allowance for Credit Losses Allowance for Credit Losses – Post CECL Adoption - 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 ASU 2016-13 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 ASU 2016-13, while prior amounts continue to be reported in accordance with previously applicable GAAP. The Company adopted ASU 2016-13 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 4. However, as COVID-19 impacted our lending operations, the company has been assessing economic conditions and increasing the allowance for credit losses through adjustments of qualitative adjustment factors as necessary. 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 – Pre CECL Adoption – Loans - The allowance for credit losses is a valuation allowance for probable incurred credit losses. Credit losses were charged against the allowance when management believed the collectability of a credit balance was unlikely. Subsequent recoveries, if any, were credited to the allowance. Management estimated the allowance balance required using past credit loss experience, the nature and volume of the portfolio, information about specific borrower situations and estimated collateral values, economic conditions and other factors. A loan review process, independent of the loan approval process, is utilized by management to verify loans are being made and administered in accordance with Company policy, to review loan risk grades and potential losses, to verify that potential problem loans are receiving adequate and timely corrective measures to avoid or reduce losses and to assist in the verification of the adequacy of the credit loss reserve. Allocations of the allowance may be made for specific loans, but the entire allowance is available for any loan that, in management’s judgment, should be charged off. The allowance consisted of specific and general components. The specific component related to loans that are individually classified as impaired. If a loan was impaired, a portion of the allowance is allocated so that the loan is reported net at the present value of estimated future cash flows using the loan’s existing rate or at the fair value of collateral if repayment was expected solely from the sale of the collateral. Troubled debt restructurings were separately identified for impairment disclosures and are measured at the present value of estimated future cash flows using the loan’s effective rate at inception. If a troubled debt restructuring was considered to be a collateral dependent loan, the loan is reported, net, at the fair value of the collateral. For troubled debt restructurings that subsequently defaulted, the Company determined the amount of reserve in accordance with the accounting policy for the allowance for credit losses. The general component of the allowance for credit losses covered non-impaired loans and is based on historical loss experience adjusted for current factors. The historical loss experience is determined by portfolio and class and is based on the actual loss history experienced by the Company. This actual loss experience was then adjusted by comparing current conditions to the conditions that existed during the loss history. The Company considered the changes related to (i) lending policies, (ii) economic conditions, (iii) nature and volume of the loan portfolio and class, (iv) lending staff, (v) volume and severity of past due, non-accrual and risk graded loans, (vi) loan review system, (vii) value of underlying collateral for collateral dependent loans, (viii) concentration levels and (ix) effects of other external factors. The Company considered loan performance and collateral values in assessing risk for each class in the loan portfolio, as follows: • Commercial and industrial loans are dependent on the strength of the industries of the related borrowers and the success of their businesses. Commercial and industrial loans are advanced for equipment purchases, to provide working capital or meet other financing needs of the business. These loans may be secured by accounts receivable, inventory, equipment or other business assets. Financial information is obtained from the borrower to evaluate the debt service coverage and ability to repay the loans. • Commercial real estate loans are dependent on the industries tied to these loans, as well as the local commercial real estate market. The loans are secured by real estate and appraisals are typically obtained to support the loan amount. Generally, an evaluation of the project’s cash flows is performed to evaluate the borrower’s ability to repay the loan at the time of origination and periodically updated during the life of the loan. • Residential real estate loans are affected by the local residential real estate market, the local economy and movement in interest rates. The Company evaluates the borrower’s repayment ability through a review of credit reports and debt to income ratios. Generally, appraisals are obtained to support the loan amount. • Agricultural real estate loans are real estate loans related to farmland and are affected by the value of farmland. Generally, the Company evaluates the borrower’s ability to repay based on cash flows from farming operations. • Consumer loans are dependent on the local economy. Consumer loans are generally secured by consumer assets, but may be unsecured. Typically, the Company evaluates the borrower’s repayment ability through a review of credit scores and an evaluation of debt to income ratios. • Agricultural loans are primary operating lines subject to annual farming revenues, including productivity and yield of the farm products and market pricing at the time of sale. Allowance for Credit Losses – Off-Balance-Sheet Credit Exposures Subsequent to the January 1, 2021, adoption of ASU 2016-13, 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. Transfers of Financial Assets Bank-Owned Life Insurance Other Real Estate Owned Premises and Equipment 7 years Premises and equipment and other long-term assets are reviewed for impairment when events indicate their carrying amount may not be recoverable from future undiscounted cash flows. If impaired, the assets are recorded at fair value. Lease Obligation. The Company evaluates contracts that convey the right to control the use of identified property, plant or equipment for a period of time for consideration to determine if they are lease obligations. The Company evaluates each lease component to determine if the lease qualifies as a financing lease or as an operating lease. Leases that meet any of the following criteria are considered financing leases: (1) the lease transfers ownership of the underlying asset by the end of the lease term; (2) the lease grants the Company an option to purchase the underlying asset that the Company is reasonably certain to exercise; (3) the lease term is the major part of the remaining economic life of the underlying asset; (4) the present value of the sum of the lease payments and any residual value guaranteed by the Company that is not already reflected in lease payments equals or exceeds substantially all of the fair value of the underlying asset; or (5) the underlying asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term. If none of the financing lease criteria are met, the lease is considered an operating lease. The Company evaluates each lease to determine the lease term which will be used based on the type and use of the leased equipment and future expected changes in operations. The resulting lease term will consist of the non-cancellable period for which the Company has the right to use the underlying asset plus (1) periods covered by an option to extend the lease if the Company is reasonably certain to exercise that option; (2) periods covered by an option to terminate the lease if the Company is reasonably certain not to exercise that option; and (3) periods covered by an option to extend the lease in which exercise of the option is controlled by the lessor. The Company has certain leases that contain options to extend the lease and contain options for changes in lease payments which are evaluated by the Company to determine the recorded values for right-of-use assets and lease liability. Lease payments that are contractually known at lease inception are used by the Company for calculating the right-of-use asset and lease liability. Lease payments that vary because of facts or circumstances after the commencement date of the lease from other than passage of time are treated as variable lease payments and are recorded to lease expense in the period in which the obligation for the payments are incurred by the Company. Variable lease payments are not part of the lease payments for determining the right-of-use asset or the lease liability at the lease commencement date. The discount rate to initially determine the present value of the lease payments is based on the information available at the lease commencement date and is either the rate implicit in the lease or the Company’s incremental borrowing rate. If the rate implicit in the lease is known or determinable, that rate shall be used. If that rate is not known, the Company’s incremental borrowing rate shall be used. At January 1, 2019, implementation of this accounting guidance, the Company’s incremental borrowing rate based on the remaining lease term was used to calculate the right-of-use assets and operating lease liabilities. Operating lease right-of-use assets and lease obligations are accounted for subsequent to initial recording by amortizing the right-of-use asset over the lease term on a straight-line method while the lease obligation is increased by the accrual of interest and decreased by subsequent lease payments. Operating lease right-of-use asset amortization and lease obligation interest are reported in non-interest expense in the Consolidated Statements of Income. Operating lease payments and variable lease payments are reflected within cash flows from operating activities in the Consolidated Statement of Cash Flows. Financing lease right-of-use assets and lease obligations are accounted for subsequent to initial recording by amortizing the right-of-use asset similar to owned assets over the lesser of the lease term or economic life of the asset if the lease transfers ownership of the leased asset while the lease obligation is increased by the accrual of interest and decreased by subsequent lease payments. Financing lease right-of-use asset amortization is reported in non-interest expense, similar to other owned assets, and lease obligation interest accruals are reported in interest expense in the Consolidated Statements of Income. Financing lease obligation principal payments are reflected within cash flows from financing activities and interest payments and variable lease payments are reflected with the cash flows from operating activities in the Consolidated Statements of Cash Flows. The Company evaluates lease modifications and will consider the modification a new contract if the modification grants the lessee an additional right of use not included in the original lease and the lease payments increase commensurate with the stand-alone price for the additional right-of-use asset. The Company will reallocate the remaining consideration in the contract and remeasure the lease liability using a discount rate for the lease determined at the effective date of the lease modification if the contract modification does any of the following: (1) grants the Company an additional right of use that was not included in the original contract; (2) extends or reduces the term of an existing lease; (3) fully or partially terminates an existing lease; or (4) changes the consideration in the contract only. The Company will recognize the remeasurement of the lease liability for the modification as an adjustment of the right-of-use asset when the contract modification grants additional right-of-use-assets, extends or reduces the term of the lease or changes the consideration of the lease contract. In the case of full or partial termination of the lease, the Company will decrease the carrying amount of the right-of-use-asset on a proportionate basis to the reduction in the lease liability with a gain or loss recognized for the difference between the lease liability adjustment and right of use asset adjustment. If the Company modifies an operating lease, where the Company is the lessor, and the modification is not accounted for as a separate contract, the Company will account for the modification as if it were a termination of the existing lease and the creation of a new lease that commences on the effective date of the modification as follows: • If the modified lease is classified as an operating lease, the Company will consider any prepaid or accrued lease rentals relating to the original lease as part of the l |
BUSINESS COMBINATIONS
BUSINESS COMBINATIONS | 12 Months Ended |
Dec. 31, 2021 | |
Business Combinations [Abstract] | |
BUSINESS COMBINATIONS | NOTE 2 – BUSINESS COMBINATIONS At close of business on October 1, 2021, the Company acquired 100% of the outstanding common shares of American State Bancshares, Inc. (“ASBI”), based in Wichita, Kansas. Results of operations of American State Bank (“American State”) were included in the Company’s results of operations beginning October 4, 2021. Acquisition-related costs associated with this acquisition were $8,663 ($6,699 on an after-tax basis) and are included in merger expense in the Company’s income statement for the year ended December 31, 2021. Information necessary to recognize the fair value of assets acquired and liabilities assumed is complete except for certain matters related to loans and taxes. The cash consideration exchanged exceeded the recognized amounts of the identifiable net assets acquired, resulting in goodwill of $22,198. The acquisition was an expansion to the Company’s current footprint in Kansas with the addition of five branch locations in the Wichita area, two in Southwest Kansas, five in Central Kansas and five in North Central Kansas. The following table summarizes the amounts of assets acquired and liabilities assumed recognized at the acquisition date. Fair value of consideration: Cash $ 8,442 Common Stock 84,747 $ 93,189 Recognized amounts of identifiable assets acquired and liabilities assumed: Cash and due from banks $ 97,724 Federal funds sold 13,428 Available-for-sale securities 176,476 Bank-owned life insurance 16,986 Federal Reserve Bank and Federal Home Loan Bank stock 4,251 Loans 441,884 Premises and equipment 11,975 Core deposit intangibles 2,660 Other assets 15,164 Total assets acquired 780,548 Deposits 668,849 Federal funds purchased and retail repurchase agreements 12,906 Federal Home Loan Bank advances 14,409 Subordinated debt 7,732 Interest payable and other liabilities 5,661 Total liabilities assumed 709,557 Total identifiable net assets 70,991 Goodwill 22,198 $ 93,189 The following table reconciles the par value of ASBI’s loan portfolio as of the purchase date to the fair value indicated in the table above. For non-purchase credit deteriorated assets, the entire fair value adjustment including both interest and credit related components is recorded as an adjustment to par (“Non-Credit Rate Marks”) and reflected as an adjustment to the carrying value of that asset within the Consolidated Balance Sheet. Following purchase, an ACL is also established for these non-purchase credit deteriorated assets which is not reflected in this table as it is accounted for outside of the business combination. For purchase-credit deteriorated assets, as required by CECL, the fair value mark is divided between an adjustment to par (“Non-Credit Rate Marks”) and an addition to the ACL (“Credit Marks in ACL”). The addition to ACL is based on the application of management’s CECL methodology to the individual loans. Non-Purchase Credit Deteriorated Loans Loan Par Value Non-Credit Rate Marks Credit Marks in ACL Purchase Price Commercial real estate $ 98,774 $ (1,220 ) $ — $ 97,554 Commercial and industrial 63,249 (348 ) — 62,901 Residential real estate 37,919 (153 ) — 37,766 Agricultural real estate 58,632 (1,474 ) — 57,158 Agricultural 56,238 (267 ) — 55,971 Consumer 15,832 (13 ) — 15,819 Total non-PCD loans 330,644 (3,475 ) — 327,169 Purchase Credit Deteriorated Loans Commercial real estate 95,812 (956 ) (3,719 ) 91,137 Commercial and industrial 2,017 (7 ) (60 ) 1,950 Residential real estate 2,842 (347 ) (244 ) 2,251 Agricultural real estate 10,424 (240 ) (421 ) 9,763 Agricultural 10,693 (148 ) (1,113 ) 9,432 Consumer 243 (6 ) (55 ) 182 Total PCD loans 122,031 (1,704 ) (5,612 ) 114,715 Total loans $ 452,675 $ (5,179 ) $ (5,612 ) $ 441,884 On December 3, 2021, the Company acquired the assets and assumed the deposits and certain other liabilities of three bank locations in St. Joseph, Missouri, from Security Bank of Kansas City, based in Kansas City, Kansas (“Security”). Results of operations of these new branches were included in the Company’s results of operations beginning December 6, 2021. Acquisition-related costs associated with this acquisition were $289 ($217 on an after-tax basis) and are included in merger expenses in the Company’s income statement for the year ended December 31, 2021. Information necessary to recognize the fair value of assets acquired and liabilities assumed is complete except for certain matters related to loans and taxes. The recognized amounts of the identifiable net assets acquired, exceeded the cash consideration exchanged resulting in goodwill of $666. The acquisition was an expansion to the Company’s current footprint in Missouri with the addition of three branch locations in St. Joseph, Missouri. The following table summarizes the amounts of assets acquired and liabilities assumed recognized at the acquisition date. Recognized amounts of identifiable assets acquired and liabilities assumed: Cash and due from banks $ 71,153 Loans 1,365 Premises and equipment 2,779 Core deposit intangibles 336 Other assets 204 Total assets acquired 75,837 Deposits 75,078 Interest payable and other liabilities 1,425 Total liabilities assumed 76,503 Total identifiable net assets (666 ) Goodwill 666 $ — The fair value of consideration exchanged exceeded the recognized amounts of the identifiable net assets and resulted in goodwill of $666. Goodwill resulted from a combination of expected synergies including expansion in western Missouri with an additional three bank locations and growth opportunities . The following table presents the carrying value of the loans acquired in the Security acquisition by class, as of the date of acquisition. There were no purchase accounting marks, either rate or credit related, recognized on these assets. Commercial real estate $ 61 Residential real estate 1,116 Consumer 188 Total acquired loans $ 1,365 Assuming that the ASBI and Security acquisitions would have taken place on January 1, 2020, total combined revenue would have been $170,638 for year ended December 31, 2021 and $180,224 for year ended December 31, 2020. Net income would have been $64,252 at December 31, 2021, and net loss would have been $69,531 at December 31, 2020. The pro forma amounts disclosed exclude merger expense from non-interest expense, which is considered a non-recurring adjustment. Separate revenue and earnings of the former ASBI locations are not available subsequent to the acquisition. 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”). Results of Almena operations were included in the Company’s results of operations beginning October 24, 2020. Acquisition-related costs associated with this acquisition were $299 ($225 on an after-tax basis) and are included in merger expense in the Company’s income statement for the year ended December 31, 2020. Additional acquisition-related costs for this acquisition were recognized in 2021 of $237 ($177 on an after-tax basis) and are included in merger expense in the Company’s income statement for the year ended December 31, 2021. The recognized amounts of the identifiable net assets acquired, exceeded the cash consideration exchanged resulting in a gain on acquisition of $2,145. The acquisition was an expansion to the Company’s current footprint in western Kansas with the addition of one branch location in Norton, Kansas, and one in Almena, Kansas. The following table summarizes the amounts of assets acquired and liabilities assumed recognized at the acquisition date. Recognized amounts of identifiable assets acquired and liabilities assumed: Cash and due from banks $ 25,925 Available-for-sale securities 7,041 Federal Reserve Bank and Federal Home Loan Bank stock 187 Loans 35,155 Premises and equipment 1,109 Other real estate owned 636 Other assets 604 Total assets acquired 70,657 Deposits 62,472 Federal funds purchased and retail repurchase agreements 251 Interest payable and other liabilities 5,204 Total liabilities assumed 67,927 Total identifiable net assets 2,730 Gain on acquisition (2,730 ) $ — The following table presents the best available information about the loans acquired in the Almena acquisition as of the date of acquisition. Non-Credit Impaired Purchased Impaired Contractually required principal $ 25,702 $ 20,597 Non-accretable difference (expected losses) — (10,889 ) Cash flows expected to be collected 25,702 9,708 Accretable yield (255 ) — Fair value of acquired loans $ 25,447 $ 9,708 The following table presents the carrying value of the loans acquired in the Almena acquisition by class, as of the date of acquisition. Non-Credit Impaired Purchased Credit Impaired Total Commercial real estate $ 3,895 $ 2,298 $ 6,193 Commercial and industrial 5,848 2,028 7,876 Residential real estate 3,157 173 3,330 Agricultural real estate 3,226 2,172 5,398 Consumer 1,769 — 1,769 Agricultural 7,552 3,037 10,589 Fair value of acquired loans $ 25,447 $ 9,708 $ 35,155 Assuming that the Almena acquisition would have taken place on January 1, 2019, total combined revenue would have been $183,625 for year ended December 31, 2020, and $203,002 for year ended December 31, 2019. Net loss would have been $74,078 at December 31, 2020, and net income would have been $26,855 at December 31, 2019. The pro forma amounts disclosed exclude merger expense from non-interest expense, which is considered a non-recurring adjustment. Separate revenue and earnings of the former Almena locations are not available subsequent to the acquisition. |
SECURITIES
SECURITIES | 12 Months Ended |
Dec. 31, 2021 | |
Investments Debt And Equity Securities [Abstract] | |
SECURITIES | NOTE 3 – 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 were as follows. Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Allowance for Credit Losses Fair Value December 31, 2021 Available-for-sale securities U.S. Government-sponsored entities $ 124,898 $ 13 $ (1,504 ) $ — $ 123,407 U.S. Treasury securities 157,289 — (1,687 ) — 155,602 Mortgage-backed securities Government-sponsored residential mortgage-backed securities 661,584 10,215 (6,912 ) — 664,887 Private label residential mortgage-backed securities 173,717 — (2,029 ) — 171,688 Corporate 52,555 1,437 (215 ) — 53,777 Small Business Administration loan pools 16,568 13 (106 ) — 16,475 State and political subdivisions 138,404 3,618 (416 ) — 141,606 $ 1,325,015 $ 15,296 $ (12,869 ) $ — $ 1,327,442 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 December 31, 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 $ 8,192 $ 8,260 One to five years 98,660 98,570 Five to ten years 301,043 300,490 After ten years 81,819 83,547 Mortgage-backed securities 835,301 836,575 Total debt securities $ 1,325,015 $ 1,327,442 The carrying value of securities pledged as collateral, to secure public deposits and for other purposes, was approximately $892,182 at December 31, 2021, and $713,001 at December 31, 2020. At year-end 2021 and 2020, there were no holdings of securities of any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10% of stockholders’ equity. 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 December 31, 2021 and 2020. Less Than 12 Months 12 Months or More Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss December 31, 2021 Available-for-sale securities Mortgage-backed securities Government-sponsored residential mortgage-backed securities $ 378,057 $ (6,860 ) $ 2,868 $ (52 ) $ 380,925 $ (6,912 ) Private label residential mortgage-backed securities 159,381 (1,978 ) 2,208 (51 ) 161,589 (2,029 ) U.S. Government-sponsored entities 117,618 (1,504 ) — — 117,618 (1,504 ) U.S. Treasury securities 155,601 (1,687 ) — — 155,601 (1,687 ) Corporate 4,785 (215 ) — — 4,785 (215 ) Small Business Administration loan pools 15,459 (106 ) — — 15,459 (106 ) State and political subdivisions 28,443 (416 ) — — 28,443 (416 ) Total temporarily impaired securities $ 859,344 $ (12,766 ) $ 5,076 $ (103 ) $ 864,420 $ (12,869 ) 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 December 31, 2021, the Company held 166 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 and 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. 2021 2020 2019 Proceeds $ 50,395 $ — $ — Gross gains 368 — — Gross losses — — — Income tax expense on net realized gains 93 — — |
LOANS AND ALLOWANCE FOR CREDIT
LOANS AND ALLOWANCE FOR CREDIT LOSSES | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Loans and Allowance for Credit Losses | NOTE 4 – LOANS AND ALLOWANCE FOR CREDIT LOSSES Types of loans and normal collateral securing those loans are listed below. 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 : 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 following table lists categories of loans at December 31, 2021 and 2020. 2021 2020 Commercial real estate $ 1,486,148 $ 1,188,696 Commercial and industrial 567,497 734,495 Residential real estate 638,087 381,958 Agricultural real estate 198,330 133,693 Agricultural 166,975 94,322 Consumer 98,590 58,532 Total loans 3,155,627 2,591,696 Allowance for loan losses (48,365 ) (33,709 ) Net loans $ 3,107,262 $ 2,557,987 Included in the commercial and industrial loan balances at December 31, 2021 and 2020, are $44,783 and $253,741 of loans that were originated under the SBA PPP program. At December 31, 2021 and December 31, 2020, unamortized loan fees were $2.3 million and $7.0 million. During 2021, the Company purchased six pools of residential real estate loans totaling $363,892. During 2020, the Company purchased one pool of residential real estate loans totaling $752. As of December 31, 2021 and 2020, residential real estate loans include $372,069 and $86,093 of purchased residential real estate loans. The unamortized discount of merger purchase accounting adjustments related to non-purchase credit deteriorated loans included in the loan totals above are $6,649 with related loans of $527,422 at December 31, 2021. At December 31, 2020, excluding purchased credit deteriorated 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 $886 and $597 at December 31, 2021 and 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 , U.S. personal income, U.S. housing price indices, federal funds target and various U.S. G overnment 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 2021, the Company updated the purchase accounting conclusions related to PCD assets acquired through the Almena transaction and the adjustment is reflected in the table below within “Adjustment to impact of adopting ASC 326 – PCD loans.” During the year, 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 which was offset by an increase in loan repurchase obligation, which is reported in interest payable and other liabilities in the consolidated balance sheets, 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 years ended December 31, 2021, 2020 and 2019. December 31, 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 PCD mark on acquired loans 3,719 60 244 420 1,113 55 5,611 Provision for credit losses (565 ) 3,653 (8,385 ) 257 (2,834 ) (606 ) (8,480 ) Loans charged-off (169 ) (9,839 ) (39 ) (506 ) (1 ) (823 ) (11,377 ) Recoveries 298 1,969 91 33 22 319 2,732 Total ending allowance balance $ 22,478 $ 12,248 $ 5,560 $ 2,235 $ 3,756 $ 2,088 $ 48,365 December 31, 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 credit losses 5,312 10,643 2,284 469 215 5,332 24,255 Loans charged-off (421 ) (1,304 ) (446 ) (191 ) (11 ) (949 ) (3,322 ) Recoveries 202 56 45 18 8 215 544 Total ending allowance balance $ 9,012 $ 12,456 $ 4,559 $ 904 $ 758 $ 6,020 $ 33,709 December 31, 2019 Commercial Real Estate Commercial and Industrial Residential Real Estate Agricultural Real Estate Agricultural Consumer Total Allowance for loan losses: Beginning balance $ 4,662 $ 2,707 $ 2,320 $ 391 $ 304 $ 1,070 $ 11,454 Provision for credit losses 1,310 14,193 941 213 310 1,387 18,354 Loans charged-off (2,178 ) (13,911 ) (1,077 ) (43 ) (87 ) (1,394 ) (18,690 ) Recoveries 125 72 492 47 19 359 1,114 Total ending allowance balance $ 3,919 $ 3,061 $ 2,676 $ 608 $ 546 $ 1,422 $ 12,232 The following tables present the recorded investment in loans and the balance in the allowance for credit losses by portfolio and class based on impairment method as of December 31, 2021 and 2020. December 31, 2021 Commercial Real Estate Commercial and Industrial Residential Real Estate Agricultural Real Estate Agricultural Consumer Total Allowance for credit losses: Individually evaluated for impairment $ 4,381 $ 3,650 $ 892 $ 1,488 $ 3,546 $ 75 $ 14,032 Collectively evaluated for impairment 18,097 8,598 4,668 747 210 2,013 34,333 Total $ 22,478 $ 12,248 $ 5,560 $ 2,235 $ 3,756 $ 2,088 $ 48,365 Loan Balance: Individually evaluated for impairment $ 45,421 $ 13,786 $ 5,362 $ 14,959 $ 13,049 $ 357 $ 92,934 Collectively evaluated for impairment 1,440,727 553,711 632,725 183,371 153,926 98,233 3,062,693 Total $ 1,486,148 $ 567,497 $ 638,087 $ 198,330 $ 166,975 $ 98,590 $ 3,155,627 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 December 31, 2021. December 31, 2021 Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial real estate $ — $ — $ — $ 336 $ 3 Commercial and industrial 6,060 1,964 — 521 101 Residential real estate 609 429 — 126 4 Agricultural real estate 1,795 1,660 — 2,178 82 Agricultural — — — 1,725 — Consumer 49 49 — 10 2 Subtotal 8,513 4,102 — 4,896 192 With an allowance recorded: Commercial real estate 7,690 6,833 1,632 6,985 19 Commercial and industrial 4,976 4,593 1,800 25,881 119 Residential real estate 5,170 4,646 888 3,204 41 Agricultural real estate 3,726 2,738 637 3,224 56 Agricultural 8,836 6,175 2,307 6,028 113 Consumer 314 274 74 251 8 Subtotal 30,712 25,259 7,338 45,573 356 Total $ 39,225 $ 29,361 $ 7,338 $ 50,469 $ 548 The above table presents interest income for the twelve months ended December 31, 2021. Interest income recognized in the above table was substantially recognized on the cash basis. The recorded investment in loans excludes accrued interest receivable due to immateriality. The following table presents information related to impaired loans, excluding purchased credit impaired loans which have not deteriorated since acquisition, by portfolio and class of loans as of and for the year ended December 31, 2020. December 31, 2020 Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial real estate $ 6,279 $ 1,683 $ — $ 782 $ 36 Commercial and industrial 2,087 643 — 11,512 28 Residential real estate 270 180 — 3,475 17 Agricultural real estate 3,408 1,090 — 670 5 Agricultural 11,326 4,492 — 898 — Consumer — — — — — Subtotal 23,370 8,088 — 17,337 86 With an allowance recorded: Commercial real estate 7,134 5,899 2,540 5,713 35 Commercial and industrial 29,245 22,814 6,471 12,168 362 Residential real estate 3,023 2,775 610 3,414 14 Agricultural real estate 3,474 3,021 638 3,432 34 Agricultural 1,330 820 172 1,285 1 Consumer 294 272 68 309 7 Subtotal 44,500 35,601 10,499 26,321 453 Total $ 67,870 $ 43,689 $ 10,499 $ 43,658 $ 539 The above table presents interest income for the twelve months ended December 31, 2020. Interest income recognized in the above table was substantially recognized on the cash basis. The recorded investment in loans excludes accrued interest receivable due to immateriality. The following tables present the aging of the recorded investment in past due loans as of December 31, 2021 and 2020, by portfolio and class of loans. December 31, 2021 30 – 59 Days Past Due 60 – 89 Days Past Due Greater 90 Days Past Due Still On Accrual Nonaccrual Loans Not Past Due Total Commercial real estate $ 4,633 $ 408 $ 256 $ 6,833 $ 1,474,018 $ 1,486,148 Commercial and industrial 424 88 — 6,557 560,428 567,497 Residential real estate 620 1,126 — 5,075 631,266 638,087 Agricultural real estate 28 57 — 4,398 193,847 198,330 Agricultural 5 — — 6,175 160,795 166,975 Consumer 316 61 — 323 97,890 98,590 Total $ 6,026 $ 1,740 $ 256 $ 29,361 $ 3,118,244 $ 3,155,627 December 31, 2020 30 – 59 Days Past Due 60 – 89 Days Past Due Greater 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 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 December 31, 2021. December 31, 2021 Allowance for Credit Losses Commercial real estate $ 484 Commercial and industrial 1,323 Residential real estate 16 Agricultural real estate — Agricultural 3 Consumer 397 Total $ 2,223 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 unclassified credits unless downgraded due to payment status or reviewed as part of a larger credit relationship. The Company uses the following definitions for risk ratings: Pass : Loans classified as pass include all loans that do not fall under one of the three following categories. These loans are considered unclassified. Special Mention : Loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the Company’s credit position at some future date. These loans are considered classified. Substandard : Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. These loans are considered classified. Doubtful : Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. These loans are considered classified. Based on the most recent analysis performed, the risk category of loans by type and year of organization, at December 31, 2021, is as follows. December 31, 2021 2021 2020 2019 2018 2017 Prior Revolving Loans Amortized Cost Revolving Loans Converted to Term Total Commercial real estate Risk rating Pass $ 301,947 $ 212,444 $ 159,374 $ 134,465 $ 72,249 $ 164,363 $ 409,109 $ 594 $ 1,454,545 Special Mention 126 885 — 11,817 1,168 8,705 — — 22,701 Substandard 1,687 401 145 77 828 5,764 — — 8,902 Doubtful — — — — — — — — — Total commercial real estate $ 303,760 $ 213,730 $ 159,519 $ 146,359 $ 74,245 $ 178,832 $ 409,109 $ 594 $ 1,486,148 Commercial and industrial Risk rating Pass $ 170,263 $ 100,457 $ 57,955 $ 11,019 $ 17,327 $ 8,855 $ 155,181 $ 9,726 $ 530,783 Special Mention 19 — 1,958 1,482 284 5,750 — — 9,493 Substandard 4,200 5,410 10,238 1,417 444 43 5,469 — 27,221 Doubtful — — — — — — — — — Total commercial and industrial $ 174,482 $ 105,867 $ 70,151 $ 13,918 $ 18,055 $ 14,648 $ 160,650 $ 9,726 $ 567,497 Residential real estate Risk rating Pass $ 336,775 $ 24,633 $ 22,520 $ 60,461 $ 34,453 $ 102,363 $ 51,584 $ 184 $ 632,973 Special Mention — — — — — 25 — — 25 Substandard — 79 48 159 1,909 2,740 154 — 5,089 Doubtful — — — — — — — — — Total residential real estate $ 336,775 $ 24,712 $ 22,568 $ 60,620 $ 36,362 $ 105,128 $ 51,738 $ 184 $ 638,087 Agricultural real estate Risk rating Pass $ 38,412 $ 36,667 $ 18,442 $ 12,142 $ 14,432 $ 21,792 $ 42,541 $ — $ 184,428 Special Mention 682 — — — 40 456 32 — 1,210 Substandard 1,705 206 6,020 592 2,530 554 1,085 — 12,692 Doubtful — — — — — — — — — Total agricultural real estate $ 40,799 $ 36,873 $ 24,462 $ 12,734 $ 17,002 $ 22,802 $ 43,658 $ — $ 198,330 Agricultural Risk rating Pass $ 27,637 $ 17,393 $ 6,391 $ 2,399 $ 2,930 $ 1,593 $ 93,982 $ 172 $ 152,497 Special Mention — — 90 1,299 — 645 — — 2,034 Substandard 3,456 2,112 1,414 1,651 137 1,164 2,510 — 12,444 Doubtful — — — — — — — — — Total agricultural $ 31,093 $ 19,505 $ 7,895 $ 5,349 $ 3,067 $ 3,402 $ 96,492 $ 172 $ 166,975 Consumer Risk rating Pass $ 40,692 $ 15,171 $ 7,186 $ 3,640 $ 2,228 $ 3,551 $ 25,799 $ 1 $ 98,268 Special Mention — — — — — — — — — Substandard 6 154 94 15 24 29 — — 322 Doubtful — — — — — — — — — Total consumer $ 40,698 $ 15,325 $ 7,280 $ 3,655 $ 2,252 $ 3,580 $ 25,799 $ 1 $ 98,590 Total loans Risk rating Pass $ 915,726 $ 406,765 $ 271,868 $ 224,126 $ 143,619 $ 302,517 $ 778,196 $ 10,677 $ 3,053,494 Special Mention 827 885 2,048 14,598 1,492 15,581 32 — 35,463 Substandard 11,054 8,362 17,959 3,911 5,872 10,294 9,218 — 66,670 Doubtful — — — — — — — — — Total loans $ 927,607 $ 416,012 $ 291,875 $ 242,635 $ 150,983 $ 328,392 $ 787,446 $ 10,677 $ 3,155,627 The table below shows classification status of loans by class of loans prior to the adoption of CECL 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 In keeping with regulatory guidance to work with borrowers during COVID-19, the Company executed a payment deferral program for our commercial lending clients that were adversely affected by the pandemic. The Company has made subsequent loan deferrals that have qualified under section 4013 of the CARES Act and CAA Act, these deferred loans were not classified as trouble debt restructurings. Deferred loans are subject to ongoing monitoring and will be downgraded or placed on nonaccrual if noted repayment weaknesses exist. At December 31, 2021, the Company has 20 loans, totaling $36.3 million, that have been granted a payment deferral, and remain on deferral, as part of our COVID-19 response, compared to 28 loans, totaling $60.9 million, at December 31, 2020. The following table lists loans included in the payment deferral program by deferment type and category at December 31, 2021. December 31, 2021 Commercial Real Estate Commercial and Industrial Total 3 months principal and interest, then 6 months principal only $ 31,884 $ 3,052 $ 34,936 6 months principal and interest, then 9 months principal only 971 398 1,369 Total loans $ 32,855 $ 3,450 $ 36,305 The credit risk classification of loans participating in the payment deferral program at December 31, 2021, follows below. December 31, 2021 Unclassified Classified Total Commercial real estate $ 32,855 $ — $ 32,855 Commercial and industrial 3,450 — 3,450 Total loans $ 36,305 $ — $ 36,305 Purchased Credit Impaired Loans Prior to the adoption of CECL, the Company had acquired loans for which there was at acquisition, evidence of deterioration of credit quality since origination and it was probable, at acquisition, that all contractually required payments would not be collected. The recorded investments in purchased credit impaired loans as of December 31, 2020 and 2019, were as follows. 2020 2019 Contractually required principal payments $ 41,658 $ 29,895 Discount (17,686 ) (6,505 ) Recorded investment $ 23,972 $ 23,390 The accretable yield associated with these loans was $2,630 and $3,127 as of December 31, 2020 and 2019. The interest income recognized on these loans was $1,583 and $2,227 for the years ended December 31, 2020 and 2019. For the year ended December 31, 2020, there was a $1,359 provision for loan losses recorded for these loans. For the year ended December 31, 2019, there was $628 reversal of provision for loan losses 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 loan. The following table summarizes the Company’s TDRs by accrual status at December 31, 2021 and 2020. December 31, 2021 Nonaccrual Related Allowance for Credit Losses Commercial real estate $ 5,784 $ 1,370 Commercial and industrial 54 27 Residential real estate 1,547 13 Agricultural real estate 2,122 488 Agricultural 1,292 480 Total troubled debt restructurings $ 10,799 $ 2,378 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 During the year ended December 31, 2020, there were no loans modified in a TDR. The following table summarizes information regarding TDRs that were restructured during the year ended December 31, 2021. Number of Loans Recorded Investment Impairment Recognized Commercial real estate 2 $ 4,018 $ 541 Commercial and industrial 2 54 27 Residential real estate 2 1,547 13 Agricultural real estate 4 2,122 488 Agricultural 7 1,292 480 Total troubled debt restructurings 17 $ 9,033 $ 1,549 No interest income was recognized on TDR loans during the periods ended December 31, 2021 and 2020, as all TDR loans were accounted for as non-accrual. No restructured loans that were modified within the twelve months preceding December 31, 2021 or 2020, have subsequently had a payment default. There were no outstanding commitments to lend additional funds on these loans as of the periods ended December 31, 2021 and 2020. |
OTHER REAL ESTATE OWNED
OTHER REAL ESTATE OWNED | 12 Months Ended |
Dec. 31, 2021 | |
Banking And Thrift Disclosure [Abstract] | |
OTHER REAL ESTATE OWNED | NOTE 5 – OTHER REAL ESTATE OWNED Changes in other real estate owned for the years ended December 31, 2021 and 2020 were as follows. 2021 2020 Beginning of year $ 11,733 $ 8,293 Transfers in 2,222 10,729 Acquired in acquisition — 636 Net (loss) gain on sales 462 835 Proceeds from sales (4,732 ) (6,363 ) 9,685 14,130 Additions to valuation reserve (162 ) (2,397 ) Recorded investment $ 9,523 $ 11,733 Expenses related to other real estate owned for the years ended December 31, 2021, 2020 and 2019 were as follows. 2021 2020 2019 Net loss (gain) on sales $ (462 ) $ (835 ) $ 10 Gain on initial valuation of other real estate properties received (539 ) — (191 ) Provision for unrealized losses 162 2,397 250 Operating expenses, net of rental income 651 748 638 $ (188 ) $ 2,310 $ 707 The balance of other real estate owned includes $329 of foreclosed residential real estate properties recorded as a result of obtaining physical possession of the property at December 31, 2021, and $996 at December 31, 2020. The recorded investment of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings are in process was $394 at December 31, 2021, and $1,334 at December 31, 2020. Included in the other real estate owned balance at December 31, 2021 and 2020, is $1,940 and $1,035 related to closed bank locations transferred from premises and equipment. |
PREMISES AND EQUIPMENT
PREMISES AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2021 | |
Property Plant And Equipment [Abstract] | |
PREMISES AND EQUIPMENT | NOTE 6 – PREMISES AND EQUIPMENT Major classifications of premises and equipment, stated at cost, are as follows. 2021 2020 Land $ 21,217 $ 20,113 Buildings and improvements 86,324 71,923 Furniture, fixtures and equipment 23,215 19,928 130,756 111,964 Less: accumulated depreciation (26,718 ) (22,552 ) Premises and equipment, net $ 104,038 $ 89,412 At December 31, 2021, the Company had lease liabilities totaling $5,928 and right-of-use assets totaling $5,963 related to operating leases. At December 31, 2020, the Company had lease liabilities totaling $3,524 and right-of-use assets totaling $3,540 related to operating leases. Lease liabilities and right-of-use assets are reflected in other liabilities and other assets. Right-of-use asset and lease obligations by type of property are listed below. December 31, 2021 Right-of-Use Asset Lease Liability Weighted Average Lease Term in Years Weighted Average Discount Rate Operating leases Land and building leases $ 5,963 $ 5,928 13.3 2.30 % Total operating leases $ 5,963 $ 5,928 13.3 2.30 % December 31, 2020 Right-of-Use Asset Lease Liability Weighted Average Lease Term in Years Weighted Average Discount Rate Operating leases 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 are listed below. 2021 2020 Operating lease cost $ 586 $ 728 Short-term lease cost — — Variable lease cost 35 34 Total operating lease cost $ 621 $ 762 There were no sales and leaseback transactions, leverage leases, lease transactions with related parties or leases that had not yet commenced during the periods ended December 31, 2021 or 2020. A maturity analysis of operating lease liabilities and reconciliation of the undiscounted cash flows to the total operating lease liability as of December 31, 2021, is listed below. Lease payments Due in one year or less $ 757 Due after one year through two years 709 Due after two years through three years 547 Due after three years through four years 554 Due after four years through five years 552 Thereafter 3,999 Total undiscounted cash flows 7,118 Discount on cash flows (1,190 ) Total $ 5,928 |
GOODWILL AND CORE DEPOSIT INTAN
GOODWILL AND CORE DEPOSIT INTANGIBLES | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
GOODWILL AND CORE DEPOSIT INTANGIBLES | NOTE 7 – GOODWILL AND CORE DEPOSIT INTANGIBLES The assets and liabilities acquired in business combinations are recorded at their estimated fair values at the acquisition date. The excess of the purchase price over the estimated fair value of the net assets for tax free acquisitions is recorded as goodwill, none of which is deductible for tax purposes. The excess of the purchase price over the estimated fair value of the net assets for taxable acquisitions is recorded as goodwill and is deductible for tax purposes. As of December 31, 2021, management conducted a qualitative evaluation of current economic and COVID-19 conditions, Company performance, stock price and other pertinent factors, finally concluding that no goodwill impairment is warranted at this time. In 2020, the Company performed an interim quantitative analysis to assess goodwill for impairment of Equity Bancshares, Inc., the sole reporting unit. Consideration was given to the ongoing economic market disruption, the movement of the Company’s stock price in relation to other bank indexes and the length of time that the market value of the reporting unit was below its book value as triggering events and completed a quantitative analysis to assess whether or not goodwill was impaired. This analysis determined that goodwill was impaired, and the Company subsequently booked a $104,831 non-cash impairment charge to goodwill on September 30, 2020. The determination of the September 30, 2020, fair value of the reporting unit incorporated assumptions that marketplace participants would use in their estimates of fair value in a change in control transaction, as prescribed by ASC Topic 820. To arrive at a conclusion of fair value, management utilized both the income approach and the market approach and then applied weighting factors to each approach. Weighting factors represent management’s best business judgement of the weightings a market participant would utilize in arriving at fair value of the reporting unit. In performing the analysis, Company management made numerous assumptions with respect to industry performance, reporting unit business performance, economic and market conditions and various other matters, many of which require significant management judgement. Projections related to business unit performance over the next five years assumed an economic downturn over a 12-month time horizon subsequently returning to conservative positive growth rates in loan and deposits after that time period. The analysis performed and the assumptions that were incorporated into the analysis reflect the best currently available estimates and judgements as to the expected future financial performance of the reporting unit at September 30, 2020. The carrying basis of goodwill and core deposit intangibles as of and for the years ended December 31, 2021 and 2020, were as follows. Goodwill Core Deposit Balance as of January 1, 2020 $ 136,432 $ 19,907 Impairment (104,831 ) — Amortization — (3,850 ) Balance as of December 31, 2020 31,601 16,057 Acquired in acquisition 22,864 2,996 Amortization — (4,174 ) Balance as of December 31, 2021 $ 54,465 $ 14,879 Estimated core deposit intangibles amortization expense for each of the following five years and thereafter is listed in the following table. Expensed in one year or less $ 4,002 Expensed after one year through two years 3,099 Expensed after two years through three years 2,565 Expensed after three years through four years 1,945 Expensed after four years through five years 1,355 Thereafter 1,913 Total $ 14,879 |
QUALIFIED AFFORDABLE HOUSING PR
QUALIFIED AFFORDABLE HOUSING PROJECT INVESTMENTS | 12 Months Ended |
Dec. 31, 2021 | |
Investments In Affordable Housing Projects [Abstract] | |
QUALIFIED AFFORDABLE HOUSING PROJECT INVESTMENTS | NOTE 8 – QUALIFIED AFFORDABLE HOUSING PROJECT INVESTMENTS The Company invests in qualified affordable housing projects. At December 31, 2021, 2020 and 2019, the balances of the investments in qualified affordable housing projects were $21,658, $7,799 and $8,663. These balances are reflected in the other assets line in the consolidated balance sheets. Total unfunded commitments related to the investments in qualified affordable housing projects totaled $17,692, $5,189 and $5,836 at December 31, 2021, 2020 and 2019. The Company expects to fulfill these commitments during the years 2022 through 2036. During the years ended December 31, 2021, 2020 and 2019, the Company recognized amortization expense of $1,142, $860 and $522, which was included in pretax income on the consolidated statements of income. Additionally, during the years ended December 31, 2021, 2020 and 2019, the Company recognized tax credits from its investment in affordable housing tax credits of $565, $600 and $636. |
DERIVATIVE FINANCIAL INSTRUMENT
DERIVATIVE FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | NOTE 9 – DERIVATIVE FINANCIAL INSTRUMENTS 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 December 31, 2021, the portfolio of interest rate swaps had a weighted average maturity of 8.8 years, a weighted average pay rate of 4.63% and a weighted average rate received of 3.11%. At December 31, 2020, 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 3.21%. Interest Rate Swaps Designated as Cash Flow Hedges The Company acquired a swap agreement from ASBI designed to offset interest expense of subordinated debentures. This agreement is designated as a cash flow hedge and is marked to market through other comprehensive income. At December 31, 2021, this interest rate swap had a maturity of 13.7 years, a weighted average pay rate of 2.81% and a weighted average rate received of 1.92%. There were no swaps designated as cash flow hedges at December 31, 2020. 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. Through the acquisition of ASBI, the Company obtained swap agreements with counterparties designed to offset the economic impact of fixed-rate loans. These swaps did not have corresponding agreements with the borrowers. At December 31, 2021, this portfolio of interest rate swaps had a weighted average maturity of 8.2 years, weighed average pay rate of 4.35% and a weighted average rate received of 4.16%. At December 31, 2020, this 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 3.21%. 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 December 31, 2021, and December 31, 2020. December 31, 2021 December 31, 2020 Notional Amount Derivative Assets Derivative Liabilities Notional Amount Derivative Assets Derivative Liabilities Derivatives designated as hedging instruments: Interest rate swaps $ 26,663 $ — $ 369 $ 5,585 $ — $ 497 Derivatives designated as cash flow hedges: Interest rate swaps 7,500 602 — — — — Total derivatives designated as hedging relationships 34,163 602 369 5,585 — 497 Derivatives not designated as hedging instruments: Interest rate swaps 150,780 4,419 5,184 119,341 7,172 7,820 Total derivatives not designated as hedging instruments 150,780 4,419 5,184 119,341 7,172 7,820 Total $ 184,943 5,021 5,553 $ 124,926 7,172 8,317 Cash collateral — (8,441 ) — (8,440 ) Netting adjustments 2,994 2,994 123 123 Net amount presented in balance sheet $ 8,015 $ 106 $ 7,295 $ — The following table shows net gains or losses on derivatives and hedging activities for the years ended December 31, 2021, 2020 and 2019. 2021 2020 2019 Derivatives designated as hedging instruments: Interest rate swaps $ 28 $ — $ — Total net gains (losses) related to derivatives designated as hedging instruments 28 — — Derivatives designated as cash flow hedges: Interest rate swaps — — — Total net gains (losses) related to derivatives designated as cash flow hedges — — — Total net gain (loss) related to hedging relationships 28 — — Derivatives not designated as hedging instruments: Economic hedges: Interest rate swaps 757 254 307 Total net gains (losses) related to derivatives not designated as hedging instruments 757 254 307 Net gains (losses) on derivatives and hedging activities $ 785 $ 254 $ 307 The following table shows the recorded net gains or 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 years ended December 31, 2021, 2020 and 2019. December 31, 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 $ (14 ) $ 42 $ 28 $ (156 ) Total $ (14 ) $ 42 $ 28 $ (156 ) December 31, 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 $ 367 $ (367 ) $ — $ (90 ) Total $ 367 $ (367 ) $ — $ (90 ) December 31, 2019 Gain/(Loss) on Derivatives Gain/(Loss) on Hedged Items Net Fair Value Hedge Gain/(Loss) Effect of Derivatives on Net Interest Income Commercial real estate loans $ (387 ) $ 387 $ — $ 21 Total $ (387 ) $ 387 $ — $ 21 |
DEPOSITS
DEPOSITS | 12 Months Ended |
Dec. 31, 2021 | |
Banking And Thrift Disclosure [Abstract] | |
DEPOSITS | NOTE 10 – DEPOSITS Time deposits that met or exceeded the FDIC insurance limit of $250 totaled $233,460 and $170,556 as of December 31, 2021 and 2020. At December 31, 2021 and 2020, Insured Cash Sweep (“ICS”) reciprocal demand deposits of $52,173 and $256,037 were included in the Company’s interest bearing deposits. Also included in savings and money market deposits are $308,374 and $23,733 of ICS reciprocal money market deposits. ICS allows Equity Bank to break large deposits into smaller amounts and place them in a network of other ICS banks to ensure FDIC coverage on the entire deposit. At December 31, 2021 and 2020, Certificate of Deposit Account Registry Services (“CDARS”) deposits of $2,969 and $14,857 were included in the Company’s time deposit balance. Of the CDARS deposits at December 31, 2021 and 2020, $2,969 and $14,857 were reciprocal customer funds placed in the CDARS program. CDARS allows Equity Bank to break large deposits into smaller amounts and place them in a network of other CDARS banks to ensure that FDIC insurance coverage is gained on the entire deposit. Reciprocal deposits are not considered brokered deposits as long as the aggregate balance is less than the lesser of 20% of total liabilities or $5 billion and Equity Bank is well capitalized and well rated. All non-reciprocal deposits and reciprocal deposits in excess of regulatory limits are considered brokered deposits. The following table lists reciprocal and brokered deposits included in total deposits categorized by type. December 31, 2021 December 31, 2020 Interest Bearing Demand Reciprocal $ 52,173 $ 256,037 Total interest-bearing demand 52,173 256,037 Savings and money market Reciprocal 308,374 23,733 Total saving and money market 308,374 23,733 Time Reciprocal 2,969 14,857 Non-reciprocal brokered 10,000 — Total time 12,969 14,857 Total reciprocal and brokered deposits $ 373,516 $ 294,627 At December 31, 2021, the scheduled maturities of time deposits are as follows. Due in one year or less $ 534,149 Due after one year through two years 79,329 Due after two years through three years 18,688 Due after three years through four years 11,191 Due after four years through five years 9,776 Thereafter 465 Total $ 653,598 |
BORROWINGS
BORROWINGS | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
BORROWINGS | NOTE 11 – BORROWINGS Federal funds purchased and retail repurchase agreements Federal funds purchased and retail repurchase agreements included the following at December 31, 2021 and 2020. 2021 2020 Federal funds purchased $ — $ — Retail repurchase agreements $ 56,006 $ 36,029 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 $55,605 and $47,113 at December 31, 2021 and 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 and for the years ended December 31, 2021 and 2020. 2021 2020 Average daily balance during the period $ 45,819 $ 45,041 Average interest rate during the period 0.23 % 0.23 % Maximum month-end balance during the period $ 56,006 $ 53,543 Weighted average interest rate at period-end 0.23 % 0.22 % Federal Home Loan Bank advances There were no Federal Home Loan Bank advances as of December 31, 2021, advances as of December 31, 2020, were as follows. 2020 Federal Home Loan Bank line of credit advances $ — Federal Home Loan Bank fixed rate term advances 10,107 Total principal outstanding 10,107 Federal Home Loan Bank fixed rate term advances, fair market value adjustments 37 Total Federal Home Loan Bank advances $ 10,144 At December 31, 2021, and December 31, 2020, the Company had no funds drawn against its line of credit. At December 31, 2021 and 2020, the Company had undisbursed advance commitments (letters of credit) with the Federal Home Loan Bank of $17,025 and $91,700. These letters of credit were obtained in lieu of pledging securities to secure public fund deposits that are over the FDIC insurance limit. The advances, Mortgage Partnership Finance credit enhancement obligations and letters of credit were collateralized by certain qualifying loans of $694,892 and securities of $15,409 for a total of $710,302 at December 31, 2021, and qualifying loans totaling $763,506 at 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 $691,149 and $661,490 at December 31, 2021 and 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 February 11, 2022. Each draw of funds on the facility will create a separate note that is repayable over a term of five years . Each note will bear interest at the greater of a variable interest rate equal to the prime rate published in the “Money Rates” section of The Wall Street Journal (or any generally recognized successor), floating daily, or a floor of 3.50 %. Accrued interest and principal payments will be due quarterly with one final payment of unpaid principal and interest due at the end of the five-year term of each separate note. The Company is also required to pay an unused commitment fee in an amount equal to 20 basis points per annum on the unused portion of the maximum borrowing facility. The loan was renewed and amended on February 11, 2022, with a new maturity date of February 11, 2023. With this amendment, the maximum borrowing amount was decreased from $40,000 to $25,000. Each note will bear interest at the greater of a variable interest rate equal to the prime rate published in the “Money Rates” section of The Wall Street Journal There were no bank stock loan advances as of December 31, 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. For the twelve months ended December 31, 2021, the Company was in compliance within our loan contract and within all other terms of the borrowing facility. For the twelve months ended December 31, 2020, the lender granted the Company a waiver with reference to the return on assets ratio covenant contained within our loan contract. The Company was in compliance with all other terms of the borrowing facility. |
SUBORDINATED DEBT
SUBORDINATED DEBT | 12 Months Ended |
Dec. 31, 2021 | |
Subordinated Longterm Debt Current And Noncurrent Abstract | |
SUBORDINATED DEBT | NOTE 12 – SUBORDINATED DEBT The following table lists outstanding subordinated debt as of December 31, 2021 and 2020. 2021 2020 Subordinated debentures $ 22,924 $ 14,872 Subordinated notes 72,961 72,812 Total $ 95,885 $ 87,684 Subordinated debentures In conjunction with the 2012 acquisition of First Community Bancshares, Inc. (FCB), the Company assumed certain subordinated debentures owed to special purpose unconsolidated subsidiaries that are controlled by the Company, FCB Capital Trust II and FCB Capital Trust III, (“CTII” and “CTIII”, respectively). On March 24, 2005, CTII, an unconsolidated subsidiary of the Company, issued $10,000 of variable rate trust preferred securities, all of which are outstanding at December 31, 2021 and 2020. The trust preferred securities issued by CTII accrue and pay distributions quarterly at three-month LIBOR plus 2.00% (2.12% at December 31, 2021, and 2.24% at December 31, 2020) on the stated liquidation amount of the trust preferred securities. As an integral part of the acquisition of FCB, the Company has guaranteed fully and unconditionally all of the obligations of CTII. The guaranty covers the quarterly distributions and payments on liquidation or redemption of the trust preferred securities. These trust preferred securities are mandatorily redeemable upon maturity on April 15, 2035, or upon earlier redemption. The Company has the right to redeem the trust preferred securities in whole or in part, on or after April 15, 2015, at a redemption price specified in the indenture plus any accrued but unpaid interest to the redemption date. The proceeds from the sale of the trust preferred securities and the issuance of $310 in common securities to FCB were used by CTII to purchase $10,310 of floating rate subordinated debentures of FCB which have the same payment terms as the trust preferred securities. On March 30, 2007, CTIII, an unconsolidated subsidiary of the Company, issued $5,000 of variable rate trust preferred securities, all of which are outstanding at December 31, 2021 and 2020. The trust preferred securities issued by CTIII accrue and pay distributions quarterly at three-month LIBOR plus 1.89% (2.09% at December 31, 2021, and 2.11% at December 31, 2020) on the stated liquidation amount of the trust preferred securities. As an integral part of the acquisition of FCB, the Company has guaranteed fully and unconditionally all of the obligations of CTIII. The guaranty covers the quarterly distributions and payments on liquidation or redemption of the trust preferred securities. These trust preferred securities are mandatorily redeemable upon maturity on June 15, 2037, or upon earlier redemption. The Company has the right to redeem the trust preferred securities in whole or in part at a redemption price specified in the indenture plus any accrued but unpaid interest to the redemption date. The proceeds from the sale of the trust preferred securities and the issuance of $155 in common securities to FCB were used by CTIII to purchase $5,155 of floating rate subordinated debentures of FCB which have the same payment terms as the trust preferred securities. In conjunction with the 2016 acquisition of Community First Bancshares, Inc. (CFBI), the Company assumed certain subordinated debentures owed to a special purpose unconsolidated subsidiary, 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% (3.47% at December 31, 2021, and 3.50% at December 31, 2020) 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. The common securities issued to the Company by the trusts possess sole voting rights with respect to matters involving those entities. The Company has the right to defer the payment of interest on all of its outstanding trust preferred securities. The Company has the right to declare such a deferral for up to 20 consecutive quarterly periods and deferral may only be declared as long as the Company is not then in default under the provisions of the Amended and Restated Trust Agreements. During the deferral period, interest on the indebtedness continues to accrue and the unpaid interest is compounded. As long as the deferral period continues, the Company is prohibited from: (i) declaring or paying any dividend on any of its capital stock, which would include both its common stock and the outstanding preferred stock issued to the Treasury, or (ii) making any payment on any debt security that is ranked equally with or junior to the securities issued by the trust. As a part of the acquisition of FCB, the Company recorded the debentures at an estimated fair value of $8,270. As part of the acquisition of CFBI, the Company recorded the debentures at an estimated fair value of $4,187. The initial fair value adjustments will be amortized against earnings on a prospective basis. In conjunction with the 2021 acquisition of ASBI, the Company assumed certain subordinated debentures owed to a special purpose unconsolidated subsidiary, American State Bank Statutory Trust I, (“ASBSTI”). The trust preferred securities issued by ASBSTI accrue and pay distributions quarterly at three-month LIBOR plus 1.80% (2.00% at December 31, 2021) on the stated liquidation amount of the trust preferred securities. These trust preferred securities are mandatorily redeemable upon maturity on September 15, 2035, or upon earlier redemption. On September 15, 2005, ASBSTI, an unconsolidated subsidiary of the Company, issued $7,500 of variable rate trust preferred securities, all of which are outstanding at December 31, 2021. As an integral part of the acquisition of ASBI, the Company has guaranteed fully and unconditionally all of the obligations of ASBSTI. The guaranty covers the quarterly distributions and payments on liquidation or redemption of the trust preferred securities. These trust preferred securities are mandatorily redeemable upon maturity on September 15, 2035, or upon earlier redemption. The Company has the right to redeem the trust preferred securities in whole or in part at a redemption price specified in the indenture plus any accrued but unpaid interest to the redemption date. The proceeds from the sale of the trust preferred securities and the issuance of $232 in common securities to ASBI were used by ASBSTI to purchase $7,732 of floating rate subordinated debentures of ASBI which have the same payment terms as the trust preferred securities. At December 31, 2021 and 2020, the contractual balance and the unamortized fair value adjustments were as shown below. 2021 2020 Contractual balance $ 28,352 $ 20,620 Unamortized fair value adjustment (5,428 ) (5,748 ) Net book value $ 22,924 $ 14,872 Subordinated debentures are included in Tier 1 capital for purposes of determining the Company’s compliance with regulatory capital requirements. 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 December 31, 2021, are listed below. December 31, 2021 Weighted Average Rate Weighted Average Term in Years Subordinated notes $ 75,000 7.00 % 8.5 Total principal outstanding 75,000 Debt issuance cost (2,039 ) Total subordinated notes $ 72,961 Subordinated notes are included in Tier 2 capital for purposes of determining the Company’s compliance with regulatory capital requirements. Future principal repayments Future principal repayments of the December 31, 2021, outstanding balances for all borrowings are as follows. Retail Repurchase Agreements FHLB Advances Subordinated Debentures Subordinated Notes Total Due in one year or less $ 56,006 $ — $ — $ — $ 56,006 Due after one year through two years — — — — — Due after two years through three years — — — — — Due after three years through four years — — — — — Due after four years through five years — — — — — Thereafter — — 28,352 75,000 103,352 Total $ 56,006 $ — $ 28,352 $ 75,000 $ 159,358 |
CONTRACTUAL OBLIGATIONS
CONTRACTUAL OBLIGATIONS | 12 Months Ended |
Dec. 31, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
CONTRACTUAL OBLIGATIONS | NOTE 13 – CONTRACTUAL OBLIGATIONS At December 31, 2021 and 2020, the Company had contractual obligations of $17,692 and $5,189. Contractual obligations represent commitments made by the Company to make capital investments in limited-liability entities that invest in qualified affordable housing projects. The Company expects to fulfill these commitments during the years 2022 through 2036. |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
STOCKHOLDERS' EQUITY | NOTE 14 – STOCKHOLDERS’ EQUITY Preferred Stock The Company’s articles of incorporation provide for the issuance of shares of preferred stock. There were no shares of preferred stock outstanding at December 31, 2021, 2020 or 2019. 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. At December 31, 2021 and 2020, the following table presents shares that were issued and were held in treasury or were outstanding. 2021 2020 Class A common stock – issued 20,077,059 17,224,830 Class A common stock – held in treasury (3,316,944 ) (2,684,274 ) Class A common stock – outstanding 16,760,115 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 — — 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. Under this program, during the years ended December 31, 2020 and 2019, the Company repurchased a total of 1,100,000 shares of the Company’s outstanding common stock at an average price paid of $ 21.54 per share. 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 years ended December 31, 2021 and 2020, the Company repurchased a total of 679,557 shares of the Company’s outstanding common stock at an average price paid of $24.12 per share. In September of 2021, the Company’s Board of Directors authorized an additional repurchase of up to 1,000,000 shares of the Company’s outstanding common stock, from time to time, beginning October 29, 2021, and concluding October 28, 2022. The repurchase program 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, 2021, the company repurchased a total of 132,873 shares of the Company’s outstanding common stock at an average price paid of $32.99 per share. Restricted stock unit plan termination loans In connection with termination of the Company’s restricted stock unit plan (“RSUP”), 203,216 shares of Class A common stock were issued in May 2015 to employees with vested restricted stock units. Additional paid-in capital includes $224 of tax benefits in excess of those previously provided in connection with stock compensation expense. Also, in connection with the termination of the RSUP, the Company agreed to loan electing participants an amount equal to each participant’s federal and state income tax withholding obligation associated with the stock issuance. These loans, totaling $43 at December 31, 2020, were collateralized by the shares received with an extended maturity date of March 31, 2021, and an interest rate of 1.60%. These were paid in full in the first quarter of 2021. Accumulated other comprehensive income (loss) For the years ended December 31, 2020 and 2019, accumulated other comprehensive income consisted of (i) the after-tax effect of unrealized gains (losses) on available-for-sale securities and (ii) the after-tax effect of unamortized unrealized gains (losses) on securities transferred from the available-for-sale designation to the held-to-maturity designation and unrealized gains (losses) on cash flow hedges. During 2021, 2020 and 2019, there were $368, $0 and $0 of gains reclassified from accumulated other comprehensive income to net gains on sales of and settlement of securities within the consolidated statements of income. During 2020 and 2019, there was $509 and $903 of accretion reclassified from accumulated other comprehensive income to taxable interest income on securities within the consolidated statements of income. Components of accumulated other comprehensive income as of December 31, 2021 and 2020, were as follows. Available -for-Sale Securities Cash Flow Hedges Accumulated Other Comprehensive Income December 31, 2021 Net unrealized or unamortized gains (losses) $ 2,426 $ (58 ) $ 2,368 Tax effect (606 ) 14 $ (592 ) $ 1,820 $ (44 ) $ 1,776 December 31, 2020 Net unrealized or unamortized gains (losses) $ 26,426 $ — $ 26,426 Tax effect (6,645 ) — (6,645 ) $ 19,781 $ — $ 19,781 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 15 – INCOME TAXES Income tax expense for the year ended December 31, 2021, 2020, and 2019 is listed in the following table 2021 2020 2019 Current income tax expense Federal $ 7,614 $ 9,054 $ 4,066 State 2,750 2,435 1,649 Total current income tax expense 10,364 11,489 5,715 Deferred income tax expense Federal 1,009 (8,770 ) 1,444 State 583 (2,319 ) 119 Total deferred income tax expense 1,592 (11,089 ) 1,563 Total income tax expense $ 11,956 $ 400 $ 7,278 A reconciliation of income tax expense at the U.S. federal statutory rate (21% in 2021, 2020 and 2019) to the Company’s actual income tax expense for the year ended December 31, 2021, 2020, and 2019 is shown below. 2021 2020 2019 Computed at the statutory rate $ 13,532 $ (15,660 ) $ 6,900 Increase (decrease) resulting from: State and local taxes, net of federal benefit 2,333 407 1,422 Tax-exempt interest (597 ) (766 ) (885 ) Non-taxable life insurance income (736 ) (408 ) (419 ) Non-deductible expenses 409 183 353 Share-based payments (480 ) 77 18 Federal tax credits (2,754 ) (600 ) (636 ) Non-deductible goodwill — 17,584 — Bargain purchase gain (123 ) (450 ) — Change in valuation allowance 379 164 396 Other (176 ) (131 ) 129 Non-deductible transactions costs 169 — — Income tax expense $ 11,956 $ 400 $ 7,278 The increase in the income tax benefit related to federal tax credits was primarily driven by the impact of environmental, social and governance (“ESG”) investments in renewable energy. The benefits of these investments primarily consist of tax credits. Components of deferred tax assets and liabilities at December 31, 2021 and 2020 are shown in the table below. 2021 2020 Deferred tax assets Allowance for loan losses $ 12,514 $ 8,376 Tax credit carryforwards 810 897 Goodwill amortization 2,996 3,102 Accrued compensation 2,583 2,159 Net operating loss and attribute carryforwards 1,907 1,189 Other real estate owned 508 708 Acquired loans fair market value adjustments 72 1,897 Deferred revenue 566 — Other 1,389 1,342 Gross deferred tax assets 23,345 19,670 Deferred tax liabilities Assumed debt fair market value adjustments 1,348 1,389 Depreciation 5,148 4,491 Federal Home Loan Bank stock dividends 219 445 Acquisition related basis adjustment — 938 Net unrealized or unamortized gains (losses) on securities 590 6,646 Core deposit intangibles 2,330 2,757 Other 493 377 Gross deferred tax liabilities 10,128 17,043 Valuation allowance (2,348 ) (1,479 ) Net deferred tax asset (liability) $ 10,869 $ 1,148 Deferred income tax balances reflect the effects of temporary differences between the carrying amounts of assets and liabilities and their tax basis and are stated at enacted tax rates expected to be in effect when taxes are actually paid or recovered. Federal net operating losses acquired through previous acquisitions were fully utilized at December 31, 2020. Acquired federal tax credits totaling $810 at December 31, 2021, will expire between 2029 and 2034. The utilization of these tax credit carryforwards is not expected to be limited by Internal Revenue Code (“IRC”) sections 382 and 383. The Company and its subsidiaries are subject to U.S. federal income tax as well as state income taxes in multiple jurisdictions. Commercial banks are not allowed to file consolidated Kansas returns with non-bank consolidated group members. The state of Kansas allows net operating losses incurred for tax years beginning after December 31, 2017, to be carried forward indefinitely while those generated prior to this can be carried forward ten years. The Company has unused Kansas net operating loss carryforwards of approximately $37,728 generated through operations and $19,902 acquired through acquisitions. These net operating losses have a valuation allowance of $37,728 and $19,902, respectively, recorded against them and expire between 2022 and 2027 for those incurred for tax years beginning before December 31, 2017, with the remaining carried forward indefinitely. In connection with a 2015 acquisition, the Company acquired Kansas net operating losses useable against Kansas bank income. At December 31, 2021, the Kansas net operating loss carryforward useable against Kansas bank income totaled $1,638 with expiration dates between 2022 and 2024. The utilization of this acquired Kansas net operating loss carryforward is expected to be limited and a valuation allowance has been recorded against the portion which is expected to expire unused. In establishing a valuation allowance, management considers whether it is more likely than not that some or all of the deferred tax assets will not be realized. Based on this analysis, certain deferred tax assets have a valuation allowance recorded against them resulting in a zero carrying value. The Company is generally no longer subject to U.S. federal, state and local tax examinations for years before 2018. At December 31, 2021, there were no examinations in any jurisdiction. |
REGULATORY MATTERS
REGULATORY MATTERS | 12 Months Ended |
Dec. 31, 2021 | |
Banking And Thrift Disclosure [Abstract] | |
REGULATORY MATTERS | NOTE 16 – REGULATORY MATTERS Banks and bank holding companies 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, with full compliance with all of the requirements being phased in over a multi-year schedule, and fully phased in January 1, 2019. The Basel III rules also 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 %. The new capital conservation buffer requirement was to be phased in beginning January 2016 at 0.625 % of risk-weighted assets and increased by that amount each year until fully implemented January 2019. An institution is subject to limitations on certain activities, 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 December 31, 202 1 , 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 December 31, 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. 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 December 31, 2021 and 2020, are presented in the tables 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 December 31, 2021 Total capital to risk weighted assets Equity Bancshares, Inc. $ 571,514 15.96 % $ 376,013 10.50 % $ N/A N/A Equity Bank 546,503 15.28 % 375,646 10.50 % 357,758 10.00 % Tier 1 capital to risk weighted assets Equity Bancshares, Inc. 453,718 12.67 % 304,391 8.50 % N/A N/A Equity Bank 501,711 14.02 % 304,094 8.50 % 286,206 8.00 % Common equity Tier 1 capital to risk weighted assets Equity Bancshares, Inc. 430,794 12.03 % 250,675 7.00 % N/A N/A Equity Bank 501,711 14.02 % 250,430 7.00 % 232,543 6.50 % Tier 1 leverage to average assets Equity Bancshares, Inc. 453,718 9.09 % 199,563 4.00 % N/A N/A Equity Bank 501,711 10.07 % 199,381 4.00 % 249,226 5.00 % Actual Minimum Required for Capital Adequacy Under Basel III To Be Well Capitalized Under Prompt Corrective Provisions Amount Ratio Amount Ratio Amount Ratio 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. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
RELATED-PARTY TRANSACTIONS | NOTE 17 – RELATED PARTY TRANSACTIONS At December 31, 2021 and 2020, the Company had loans outstanding to executive officers, directors, significant stockholders and their affiliates (related parties) in the amount of $12,358 and $1,978. Changes during 2021 are listed below. 2021 Balance at January 1, 2021 $ 1,978 New loans/advances 14,655 Repayments (4,275 ) Balance at December 31, 2021 $ 12,358 At December 31, 2021 and 2020, the Company had deposits from executive officers, directors, significant stockholders and their affiliates (related parties) in the amount of $20,936 and $6,108. |
EMPLOYEE BENEFITS
EMPLOYEE BENEFITS | 12 Months Ended |
Dec. 31, 2021 | |
Compensation And Retirement Disclosure [Abstract] | |
EMPLOYEE BENEFITS | NOTE 18 – EMPLOYEE BENEFITS The Company has a defined contribution profit sharing plan and a retirement savings 401(k) plan covering substantially all employees. Employees may contribute up to IRS maximum contribution limit. Contributions to the profit-sharing plan and 401(k) plan are discretionary and are determined annually by the Board of Directors. Employer contributions charged to expense for 2021, 2020 and 2019 were $1,140, $1,023 and $826. As a result of the acquisition of First Independence, the Company assumed the obligations related to First Independence’s participation in the Pentegra Defined Benefit Plan for Financial Institutions, a tax-qualified defined benefit pension plan. The Pentegra Defined Benefit Plan is treated as a multi-employer plan for accounting purposes but operates as a multiple-employer plan under the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code. As a result, certain multi-employer plan disclosures are not applicable to the Pentegra Defined Benefit Plan. Under the Pentegra Defined Benefit Plan, contributions made by a participating employer may be used to provide benefits to employees of other participating employers because assets contributed by an employer are not segregated in a separate account or restricted to provide benefits only to employees of that employer. Also, in the event a participating employer is unable to meet its contribution requirements, the required contributions for the other participating employers could increase proportionately. The Pentegra Defined Benefit Plan covered substantially all officers and employees of First Independence who began employment prior to December 31, 2009, with 54 participants retaining benefits under the plan. The Pentegra Defined Benefit Plan operates on a fiscal year from July 1 through June 30 and files one Form 5500 on behalf of all employers who participate in the plan. The Employer Identification Number is 13-5645888 and the three-digit plan number is 333. There are no collective bargaining agreements in place at the Company. The Pentegra Defined Benefit Plan’s annual valuation process includes calculating the plan’s funded status and separately calculating the funded status of each participating employer. The funded status is defined as the market value of assets divided by the funding target (100 percent of the present value of all benefit liabilities accrued at that date). As permitted by ERISA, the Pentegra Defined Benefit Plan accepts contributions for the prior plan year up to eight and a half months after the asset valuation date. As a result, the fair value of assets at the valuation date (July 1) will increase by any subsequent contributions designated for the immediately preceding plan year ended June 30. The most recent Form 5500 available for the Pentegra Defined Benefit Plan is for the year ended June 30, 2019. The following table presents the net pension cost and funded status of the Company relating to the Pentegra Defined Benefit Plan since the date of acquisition (dollar amounts in thousands). 2021 2020 Net pension cost charged to salaries and employee benefits $ 168 $ 158 Pentegra defined benefit plan funded status as of July 1 129.62 % 108.20 % Plan's funded status as of July 1 101.26 % 90.55 % Contributions paid to the plan $ 150 $ 144 The Company’s contributions to the Pentegra Defined Benefit Plan were less than 5.00% of the total contributions to the Pentegra Defined Benefit plan for the plan year ended June 30, 2019. |
SHARE-BASED PAYMENTS
SHARE-BASED PAYMENTS | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
SHARE-BASED PAYMENTS | NOTE 19 – SHARE-BASED PAYMENTS The Company’s Amended and Restated 2013 Stock Incentive Plan (the Plan) reserved 1,500,000 shares for the grant of non-qualified stock options, restricted stock units, restricted stock and unrestricted stock to its employees and directors. The Plan replaced the 2006 Non-qualified Stock Option Plan (2006 Plan). Under the 2006 Plan, there were 0 and 150,000 fully vested and exercisable options outstanding at December 31, 2021 and 2020. No new grants of options may be made under the 2006 Plan. The Company believes that stock-based awards better align the interests of its employees with those of its stockholders. Under the Company’s 2021 and 2020 director compensation policy, the directors receive a portion of their compensation in stock. For the years ended December 31, 2021 and 2020, the Company recognized expense of $285 and $260 and issued 10,242 and 17,703 shares. Stock Option Awards The following tables summarize stock option activity for the years ended December 31, 2021 and 2020. December 31, 2021 Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding at beginning of year 751,333 $ 22.89 5 $ 2,790 Granted 4,163 22.08 10 — Exercised (247,895 ) 15.52 2 — Forfeited or expired (28,760 ) 33.13 7 — Outstanding at end of year 478,841 $ 26.08 5 $ 3,889 Fully vested and expected to vest 478,841 $ 26.08 5 $ 3,889 Exercisable at end of year 437,801 $ 25.49 5 $ 3,806 December 31, 2020 Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding at beginning of year 785,758 $ 23.17 6 $ 6,896 Exercised (1,150 ) 17.43 4 — Forfeited or expired (33,275 ) 29.66 6 — Outstanding at end of year 751,333 $ 22.89 5 $ 2,790 Fully vested and expected to vest 751,333 $ 22.89 5 $ 2,790 Exercisable at end of year 647,861 $ 21.22 4 $ 2,790 There were no stock options granted during the year ended December 31, 2020. The fair values of stock options granted during the years ended December 31, 2021 and 2019, were estimated to be $5.85 per share and $7.10 per share. The fair value of each option award is estimated on the date of grant using a closed form option valuation (Black-Scholes) model. Expected stock price volatility is based on the historical volatility of the SNL Bank Index. The expected term of options granted is based on the Simplified Method. The risk-free interest rate for the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of the grant. The fair values of options granted were determined using the following weighted-average assumptions as of grant dates. 2021 2019 Risk free rate 0.62 % 2.52 % Market value of stock on grant date $ 22.08 $ 32.43 Expected term (in years) 6.0 5.8 Expected volatility 26.13 % 15.71 % Dividend rate — % — % Compensation expense for stock options is recognized as the options vest. Total stock option compensation cost that has been charged against income was $201, $464, and $520 for 2021, 2020 and 2019. The total income tax benefit was $51, $117 and $131. At December 31, 2021, there was $109 thousand of unrecognized compensation expense related to non-vested stock options granted under the Plan. Unrecognized compensation expense at December 31, 2021, will be recognized over a remaining weighted average period of 4.7 years. Restricted Stock Unit Awards A summary of changes in the Company’s non-vested RSUs is shown below. Non-vested Restricted Stock Units Shares Weighted Average Grant Date Fair Value Non-vested RSUs at January 1, 2021 261,078 $ 30.39 Granted 169,696 22.58 Vested (74,454 ) 32.56 Forfeited (68,583 ) 30.75 Outstanding at December 31, 2021 287,737 $ 25.13 Non-vested Restricted Stock Units Shares Weighted Average Grant Date Fair Value Non-vested RSUs at January 1, 2020 187,450 $ 34.56 Granted 126,827 25.38 Vested (34,891 ) 34.36 Forfeited (18,308 ) 30.58 Outstanding at December 31, 2020 261,078 $ 30.39 Compensation expense is recognized over the vesting period of the award based on the fair value of RSU awards at the grant date. The Company recognized share-based compensation attributable to RSUs of $2,285, $2,650 and $1,991 for the years ended December 31, 2021, 2020 and 2019. The total income tax benefit was $575, $667 and $501 for the same time periods. Unrecognized RSU compensation expense of $4.5 million at December 31, 2021, will be recognized over a remaining weighted average period of 2.4 years. Employee Stock Purchase Plan On January 27, 2019, the Company’s Board of Directors adopted the Equity Bancshares, Inc. 2019 Employee Stock Purchase Plan (“ESPP”) and reserved 500,000 shares of common stock for issuance. The ESPP was approved by the Company’s stockholders on April 24, 2019. The ESPP enables eligible employees to purchase the Company’s common stock at a price per share equal to 85% of the lower of the fair market value of the common stock at the beginning or end of each offering period. The following table presents the offering periods and costs associated with this program. Offering Period Shares Purchased Cost Per Share Compensation Expense February 15, 2019 to August 14, 2019 19,221 $ 21.07 $ 72 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 |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | NOTE 20 – EARNINGS PER SHARE Earnings per share were computed as shown below. 2021 2020 2019 Basic: Net income allocable to common stockholders $ 52,480 $ (74,970 ) $ 25,579 Weighted average common shares outstanding 15,016,725 15,097,726 15,618,690 Weighted average vested restricted stock units 2,496 786 1,201 Weighted average shares 15,019,221 15,098,512 15,619,891 Basic earnings per common share $ 3.49 $ (4.97 ) $ 1.64 Diluted: Net income allocable to common stockholders $ 52,480 $ (74,970 ) $ 25,579 Weighted average common shares outstanding for: Basic earnings per common share 15,019,221 15,098,512 15,619,891 Dilutive effects of the assumed exercise of stock options 164,704 — 201,409 Dilutive effects of the assumed redemption of RSUs 120,622 — 21,839 Dilutive effects of the assumed exercise of Employee Stock Purchase Plan 1,884 — — Average shares and dilutive potential common shares 15,306,431 15,098,512 15,843,139 Diluted earnings per common share $ 3.43 $ (4.97 ) $ 1.61 Dilutive shares not included above due to the net loss in the period. 2021 2020 2019 Dilutive effects of the assumed exercise of stock options — 98,943 — Dilutive effects of the assumed vesting of restricted stock units — 37,677 — Dilutive effects of the assumed exercise of ESPP purchases — 3,367 — Total dilutive shares — 139,987 — Average outstanding stock options and RSUs not included in the computation of diluted earnings (loss) because they were antidilutive are shown below. 2021 2020 2019 Stock options 55,872 309,951 308,933 Restricted stock units 451 135,155 2,027 Total antidilutive shares 56,323 445,106 310,960 |
FAIR VALUE
FAIR VALUE | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE | NOTE 21 – 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 available-for-sale securities 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 include residential mortgage-backed securities (all of which are issued or guaranteed by government sponsored agencies) and 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 derivative. Assets and liabilities measured at fair value on a recurring basis are summarized below. December 31, 2021 Level 1 Level 2 Level 3 Assets: Available-for-sale securities: U.S. Government-sponsored entities $ — $ 123,407 $ — U.S. Treasury securities 155,602 — — Mortgage backed securities Government-sponsored residential mortgage backed securities — 664,887 — Private label residential mortgage backed securities — 171,688 — Corporate — 53,777 — Small Business Administration loan pools — 16,475 — State and political subdivisions — 141,606 — Derivative assets: Derivative assets (included in other assets) — 5,021 — Cash collateral held by counterparty and netting adjustments 2,994 — — Total derivative assets 2,994 5,021 — Other assets: Equity securities with readily determinable fair value 644 — — Total other assets 644 — — Total assets $ 159,240 $ 1,176,861 $ — Liabilities: Derivative liabilities: Derivative liabilities (included in other liabilities) $ — $ 5,553 $ — Cash collateral held by counterparty and netting adjustments (5,447 ) — — Total derivative liabilities (5,447 ) 5,553 — Total liabilities $ (5,447 ) $ 5,553 $ — 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 transfers between Levels during 2021 or 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 values of impaired loans with specific allocations of the allowance for credit losses are generally based on recent real estate appraisals of the collateral. Declines in the fair values of other real estate owned, subsequent to their initial acquisitions, are also based on recent real estate appraisals less selling costs. Real estate appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the appraisers to adjust for differences between the comparable sales and income data available. Such adjustments 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. December 31, 2021 Level 1 Level 2 Level 3 Loans individually evaluated for credit losses: Commercial real estate $ — $ — $ 5,201 Commercial and industrial — — 2,793 Residential real estate — — 3,758 Agricultural real estate — — 2,101 Other — — 4,068 Other real estate owned: Commercial real estate — — 2,043 Residential real estate — — 191 December 31, 2020 Level 1 Level 2 Level 3 Impaired 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 during the years ended December 31, 2021 and 2020. Valuations of impaired loans and other real estate owned utilize third party appraisals or broker price opinions and are classified as Level 3 due to the significant judgment involved. Appraisals may include the utilization of unobservable inputs, subjective factors and utilize quantitative data to estimate fair market value. The following table presents additional information about the unobservable inputs used in the fair value measurement of financial assets measured on a nonrecurring basis that were categorized with Level 3 of the fair value hierarchy. Fair Value Valuation Technique Unobservable Input Range (weighted average) December 31, 2021 Impaired real estate loans $ 17,921 Sales Comparison Approach Adjustments for differences between comparable sales 5% - 31% (18%) Impaired other real estate owned $ 2,234 Sales Comparison Approach Adjustments for differences between comparable sales 3% - 20% (12%) December 31, 2020 Impaired real estate loans $ 13,443 Sales Comparison Approach Adjustments for differences between comparable sales 2% - 22% (12%) Impaired other loans $ 11,659 Multiple of Earnings Multiples of earnings for comparable entities 4.5X - 5.5X (5.0X) Impaired other real estate owned $ 4,351 Sales Comparison Approach Adjustments for differences between comparable sales 16% - 42% (29%) Carrying amounts and estimated fair values of financial instruments at year end were as follows as of the date indicated. December 31, 2021 Carrying Amount Estimated Fair Value Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 259,954 $ 259,954 $ 259,954 $ — $ — Interest-bearing deposits — — — — — Available-for-sale securities 1,327,442 1,327,442 155,601 1,171,841 — Loans held for sale 4,214 4,214 — 4,214 — Loans, net of allowance for credit losses 3,107,262 3,100,232 — — 3,100,232 Federal Reserve Bank and Federal Home Loan Bank stock 17,510 17,510 — 17,510 — Interest receivable 18,048 18,048 — 18,048 — Derivative assets 5,021 5,021 — 5,021 — Cash collateral held by derivative counterparty and netting adjustments 2,994 2,994 2,994 — — Total derivative assets 8,015 8,015 2,994 5,021 — Equity securities with readily determinable fair value 644 644 644 — — Total assets $ 4,743,089 $ 4,736,059 $ 419,193 $ 1,216,634 $ 3,100,232 Financial liabilities: Deposits $ 4,420,004 $ 4,421,441 $ — $ 4,421,441 $ — Federal funds purchased and retail repurchase agreements 56,006 56,006 — 56,006 — Federal Home Loan Bank advances — — — — — Subordinated debentures 22,924 22,924 — 22,924 — Subordinated notes 72,961 80,880 — 80,880 — Contractual obligations 17,692 17,692 — 17,692 — Interest payable 3,187 3,187 — 3,187 — Derivative liabilities 5,553 5,553 — 5,553 — Cash collateral held by derivative counterparty and netting adjustments (5,447 ) (5,447 ) (5,447 ) — — Total derivative liabilities 106 106 (5,447 ) 5,553 — Total liabilities $ 4,592,880 $ 4,602,236 $ (5,447 ) $ 4,607,683 $ — 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 deposits 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 loan 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 | 12 Months Ended |
Dec. 31, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CREDIT RISK | NOTE 22 – 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 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 December 31, 2021 and 2020 were as follows. December 31, 2021 December 31, 2020 Fixed Rate Variable Rate Fixed Rate Variable Rate Commitments to make loans $ 101,923 $ 173,976 $ 50,123 $ 129,860 Mortgage loans in the process of origination 7,404 2,353 13,826 1,713 Unused lines of credit 106,291 317,249 120,720 226,731 At December 31, 2021, the fixed rate loan commitments have interest rates ranging from 2.49% to 18% and maturities ranging from 1 month to 371 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 December 31, 2021 and 2020 are listed below. December 31, 2021 December 31, 2020 Fixed Rate Variable Rate Fixed Rate Variable Rate Standby letters of credit $ 14,656 $ 5,799 $ 9,020 $ 3,314 |
LEGAL MATTERS
LEGAL MATTERS | 12 Months Ended |
Dec. 31, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
LEGAL MATTERS | NOTE 23 – LEGAL MATTERS The Company is party to various matters of litigation in the ordinary course of business. The Company periodically reviews all outstanding pending or threatened legal proceedings and determines if such matters will have an adverse effect on the business, financial condition or results of operations or cash flows. A loss contingency is recorded when the outcome is probable and reasonably able to be estimated. The following loss contingencies have been identified by the Company as reasonably possible to result in an unfavorable outcome for the Company or the Bank. Equity Bank was 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. The plaintiff sought to have the case certified as a class action. The Company was successful in obtaining a dismissal of one of the two claims asserted and then settled the suit while the motion to dismiss the remaining claim was under consideration. The case was dismissed with prejudice on November 29, 2021. |
REVENUE RECOGNITION
REVENUE RECOGNITION | 12 Months Ended |
Dec. 31, 2021 | |
Revenue From Contract With Customer [Abstract] | |
REVENUE RECOGNITION | NOTE 24 – 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 years ended December 31, 2021 and 2020. 2021 2020 Non-interest income Service charges and fees $ 8,596 $ 6,856 Debit card income 10,236 9,136 Mortgage banking (a) 3,306 3,153 Increase in bank-owned life insurance (a) 3,506 1,941 Net gain on acquisition (a) 585 2,145 Net gain (loss) from securities transactions (a) 406 11 Other non-interest income Investment referral income 678 567 Trust income 1,140 433 Insurance sales commissions 545 275 Recovery on zero-basis purchased loans (a) 85 134 Income from equity method investments (a) (222 ) (210 ) Other non-interest income related to loans and deposits 3,703 1,299 Other non-interest income not related to loans and deposits (a) 278 283 Total other non-interest income 6,207 2,781 Total $ 32,842 $ 26,023 (a) A description of the Company’s revenue streams accounted for under ASC 606 follows. Service Charges and Fees The company earns fees from its deposit customers for transaction-based account maintenance and overdraft services. Transaction-based fees, which include services such as stop payment charges, statement rendering and ACH fees, are recognized at the time the transaction is executed as that is the point in time the Company fulfills the customer’s request. Account maintenance fees, which relate primarily to monthly maintenance, are earned over the course of a month, representing the period over which the Company satisfies the performance obligation. Overdraft fees are recognized at the point in time that the overdraft occurs. Service charges on deposits are collected through withdrawal from the customer’s account balance. Debit Card Income The Company earns debit card income from cardholder transactions conducted through payment processors. Debit card income from cardholder transactions represents a percentage of the underlying transaction value and is recognized concurrently with the transaction processing services provided to the cardholder. Investment Referral Income Investment referral services are offered through an unaffiliated registered broker-dealer and investment advisor. Investment referral income consists of transaction-based fees (i.e., trade commissions) and account fees (i.e., custodial fees). The service obligation for transaction-based fees relates to processing of individual transactions and is considered earned at the time the transaction occurs. The Company currently records this income when payment is received and at each month end for current-month transactions. Account fees are considered earned over the period for which the fees relate. These fees are received during the first month of each quarter and represent advance payment for the current quarter. These fees are amortized ratably over the three months during the quarter. Therefore, all account-based fees are currently recorded as performance obligations are satisfied. Trust Income Trust income includes fees from asset management, custody, recordkeeping, investment advisory and administration services. Revenue is recognized at the time the services are performed and may be based on either the fair value of the account or the services provided. Insurance Sales Commissions Insurance commissions are received based on contracts with insurance companies which provide for a percentage of premiums to be paid to the Company in exchange for placement of policies with customers. The commissions generally relate to a period of one year or less. Under certain contracts, the Company may also assist with the claims processing, but this performance obligation is considered insignificant compared to the initial placement of the policy. As such, the performance obligation is considered to have been substantially satisfied at the time of policy placement. While this indicates that all related revenue would be appropriately accrued at policy inception, in some cases, recognition occurs over the policy period if received in installments from the insurance company. In no cases would this deferral extend beyond 12 months and the effect is considered immaterial compared to recognition at the time of policy placement. The Company also receives commissions based on renewals of policies previously placed. However, additional work is required to process the renewals, resulting in future performance obligations to earn the related revenues. In addition, the occurrence of such renewals is not certain as initial policies are generally for one year or less and the fees earned are not determined until the time of renewal, based on underwriting at that time. As such, the Company has determined that accrual of income for future renewals is not appropriate. Other Non-interest Income Other non-interest income related to loans and deposits is earned when the specific transaction is processed, similar to service charges and fees. Gain or Loss on Sale of Other Real Estate Gain or loss on sale of other real estate is reported in non-interest expense and is netted with other real estate expenses. The Company records a gain or loss from the sale of other real estate when control of the property transfers to the buyer, which generally occurs at the time of an executed deed. When the Company finances the sale of other real estate to the buyer, the Company assesses whether the buyer is committed to perform their obligation under the contract and whether collectability of the transaction price is probable. Once these criteria are met, the other real estate is derecognized and the gain or loss on sale is recorded upon the transfer of control of the property to the buyer. In determining the gain or loss on the sale, the Company adjusts the transaction price and related gain or loss on sale if a significant financing component is present. As a result, the Company has concluded that ASC 606 will affect the decision to recognize or defer gains on sales of other real estate in circumstances where the Company has financed the sale. |
CONDENSED FINANCIAL INFORMATION
CONDENSED FINANCIAL INFORMATION (PARENT COMPANY ONLY) | 12 Months Ended |
Dec. 31, 2021 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
CONDENSED FINANCIAL INFORMATION (PARENT COMPANY ONLY) | NOTE 25 – CONDENSED FINANCIAL INFORMATION (PARENT COMPANY ONLY) Presented below is the condensed financial information as to financial position, results of operations and cash flows of the Parent Company. CONDENSED BALANCE SHEETS December 31, 2021 and 2020 (Dollar Amounts in thousands, except per share data) 2021 2020 ASSETS Cash and due from banks $ 25,063 $ 31,970 Investment in Equity Bank 572,414 452,304 Investment in EBAC 3,538 3,915 Other assets 342 7,657 Total assets $ 601,357 $ 495,846 LIABILITIES AND STOCKHOLDERS’ EQUITY Bank stock loan $ — $ — Subordinated debt 95,885 87,684 Interest payable and other liabilities 4,841 513 Total liabilities 100,726 88,197 Stockholders’ equity 500,631 407,649 Total liabilities and stockholders’ equity $ 601,357 $ 495,846 CONDENSED STATEMENTS OF INCOME Years ended December 31, 2021, 2020, and 2019 (Dollar Amounts in thousands, except per share data) 2021 2020 2019 Dividends from Equity Bank $ 14,251 $ 7,500 $ 23,000 Other income 56 1 4 Total income 14,307 7,501 23,004 Expenses Interest expense 6,261 3,924 1,905 Other expenses 3,450 2,536 2,254 Total expenses 9,711 6,460 4,159 Income before income tax and equity in undistributed income (loss) of subsidiaries 4,596 1,041 18,845 Income tax benefit 1,551 1,504 1,081 Income before equity in undistributed income (loss) of subsidiaries 6,147 2,545 19,926 Equity in undistributed income (loss) of Equity Bank 46,710 (77,143 ) 5,978 Equity in undistributed income (loss) of EBAC (377 ) (372 ) (325 ) Net income (loss) and net income (loss) allocable to common stockholders $ 52,480 $ (74,970 ) $ 25,579 F-63 CONDENSED STATEMENTS OF CASH FLOWS Years ended December 31, 2021, 2020, and 2019 (Dollar Amounts in thousands, except per share data) 2021 2020 2019 Cash flows from operating activities Net income (loss) $ 52,480 $ (74,970 ) $ 25,579 Adjustments to reconcile net income to net cash from operating activities: Stock based compensation 2,906 3,473 2,870 Equity in undistributed (income) loss of Equity Bank (46,710 ) 77,143 (5,978 ) Equity in undistributed (income) loss of EBAC 377 372 325 Net amortization of purchase valuation adjustments 485 388 301 Net change in: Other assets 6,965 (300 ) (4,092 ) Interest payable and other liabilities (207 ) (4,524 ) (147 ) Net cash from (to) operating activities 16,296 1,582 18,858 Cash flows (to) from investing activities Proceeds from sales, calls, pay-downs and maturities of AFS securities 376 — — Purchase of net assets of ASBI, net of cash acquired (8,209 ) — — Additional investment in Equity Bank — (17,200 ) — Additional investment in EBAC — (450 ) (900 ) Net cash (used in) investing activities (7,833 ) (17,650 ) (900 ) Cash flows (to) from financing activities Borrowings on bank stock loan — 38,354 7,209 Principal payments on bank stock loan — (47,344 ) (13,669 ) Borrowings on subordinated debt — 75,000 — Subordinated debt issue cost (16 ) (2,265 ) — Proceeds from exercise of employee stock options 3,847 20 371 Principal payments on employee stock loan 43 34 44 Proceeds from employee stock purchase plan 569 596 405 Purchase of treasury stock (18,664 ) (19,348 ) (10,867 ) Dividends paid on common stock (1,149 ) — — Net cash provided by (used in) financing activities (15,370 ) 45,047 (16,507 ) Net change in cash and cash equivalents (6,907 ) 28,979 1,451 Cash and cash equivalents, beginning of period 31,970 2,991 1,540 Ending cash and cash equivalents $ 25,063 $ 31,970 $ 2,991 |
NATURE OF OPERATIONS AND SUMM_2
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations Equity Bank is a Kansas state-chartered bank and member of the Federal Reserve (state Fed member bank jointly supervised by both the Federal Reserve Bank of Kansas City and the Office of the Kansas State Bank Commissioner). The Company is primarily engaged in providing a full range of banking, mortgage banking and financial services to individual and corporate customers generally in Arkansas, Kansas, Missouri and Oklahoma. Equity Bank competes with a variety of other financial institutions including large regional banks, community banks and thrifts as well as credit unions and other non-traditional lenders. |
Use of Estimates | Use of Estimates |
Risk and Uncertainties | Risk and Uncertainties 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. |
Cash Equivalents | Cash Equivalents |
Securities | Securities Interest income includes amortization of purchase premium or discount. Premiums and discounts on mortgage-backed securities are amortized using the level-yield method over the estimated cash flows of the securities. This method requires retrospective adjustment of the effective yield each time a payment is received, or changes occur in the estimated remaining cash flows, which adjusts life-to-date amortization. Premiums and discounts on other investments are amortized using the level-yield method to contractual maturity or first call date, if purchased at a premium. Allowance for Credit Losses - Securities: 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 for securities has changed. The allowance for credit losses “ACL” on held-to-maturity securities is determined on a collective basis by major security type and portfolio. Losses are charged against the allowance for credit losses when the Company determines the held-to-maturity security is uncollectible. The Company does not estimate credit losses on held-to-maturity security accrued interest receivable. For available-for-sale debt securities in an unrealized loss position, the Company first assesses whether it intends to sell, or is more likely than not will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income. For securities that do not meet the aforementioned criteria , the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Company considers the extent to which fair value is less than amortized cost, the current interest rate environment, changes to rating of the security or security issuer, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected was less than the amortized cost basis, a credit loss exist ed and an allowance for credit losses would be recorded for the credit loss, which is limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income. Changes in the allowance for credit losses are recorded as provision for or reversal of credit loss expense. Losses are charged against the allowance for credit losses when the Company determines the available-for-sale security is uncollectible or when either of the criteria regarding intent or requirement to sell is met. The Company does not estimate credit losses on available-for-sale security accrued interest receivable. Pre CECL Adoption – Other-than-Temporary Impairment - Securities: Prior to the adoption of CECL, management evaluated securities for other-than-temporary impairment (“OTTI”) on at least a quarterly basis and more frequently when economic or market conditions warrant such an evaluation. For securities in an unrealized loss position, management considered the extent and duration of the unrealized loss and the financial condition and near-term prospects of the issuer. Management also assessed whether it intends to sell, or it is more likely than not that it would have been required to sell, a security in an unrealized loss position before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell were met, the entire difference between amortized cost and fair value is recognized as impairment through earnings. For debt securities that did not meet the aforementioned criteria, the amount of impairment is split into two components as follows: 1) OTTI related to credit loss, would be recognized in the income statement and 2) OTTI related to other factors, which is recognized in other comprehensive income. The credit loss is defined as the difference between the present value of the cash flows expected to be collected and the amortized cost basis. |
Equity Investments With Readily Determinable Fair Value | Equity Investments with Readily determinable Fair Value |
Loans Held for Sale | Loans Held for Sale |
Loans | Loans Purchased Credit Impaired Loans: As a part of acquisitions prior to the Company’s January 1, 2021 adoption of CECL, the Company acquired certain loans, for which there was, at acquisition, evidence of deterioration of credit quality since origination. These purchased credit impaired loans were recorded at the acquisition date fair value, such that there is no carryover of the seller’s allowance for credit losses. After acquisition, losses are recognized by an increase in the allowance for credit losses. Such purchase credit impaired loans are accounted for individually. Upon the Company’s adoption of ASU 2016-13, the remaining credit-related discount on these assets was reclassified 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. Nonaccrual Loans. Generally, loans are designated as nonaccrual when either principal or interest payments are 90 days or more past due based on contractual terms unless the loan is well secured and in the process of collection. Consumer loans are typically charged off no later than 180 days past due. In all cases, loans are placed on nonaccrual or charged off at an earlier date if collection of principal or interest is considered doubtful. When a loan is placed on nonaccrual status, unpaid interest credited to income is reversed against income. Future interest income may be recorded on a cash basis after recovery of principal is reasonably assured. Nonaccrual loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. Impaired Loans. Prior to the adoption of ASU 2016-13 on January 1, 2021, a loan was considered impaired when, based on current information and events, it is probable that the Company would be unable to collect all contractual principal and interest due according to the terms of the loan agreement. Impaired loans were measured based on the present value of expected future cash flows discounted at the loan’s effective interest rate or on the value of the underlying collateral if the loan is collateral dependent. The Company evaluated the collectability of both principal and interest when assessing the need for a loss accrual. Factors considered by management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience d insignificant payment delays and payment shortfalls generally wer e not classified as impaired. Management determine d the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record and the amount of the shortfall in relation to the principal and interest owed. Troubled Debt Restructurings . In cases where a borrower experiences financial difficulties and the Company makes certain concessionary modifications to contractual terms, the loan is classified as a troubled debt restructured loan and classified as impaired. Generally, a nonaccrual loan that is a troubled debt restructuring remains on nonaccrual until such time that repayment of the remaining principal and interest is not in doubt and the borrower has a period of satisfactory repayment performance. |
Allowance for Credit Losses | Allowance for Credit Losses Allowance for Credit Losses – Post CECL Adoption - 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 ASU 2016-13 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 ASU 2016-13, while prior amounts continue to be reported in accordance with previously applicable GAAP. The Company adopted ASU 2016-13 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 4. However, as COVID-19 impacted our lending operations, the company has been assessing economic conditions and increasing the allowance for credit losses through adjustments of qualitative adjustment factors as necessary. 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 – Pre CECL Adoption – Loans - The allowance for credit losses is a valuation allowance for probable incurred credit losses. Credit losses were charged against the allowance when management believed the collectability of a credit balance was unlikely. Subsequent recoveries, if any, were credited to the allowance. Management estimated the allowance balance required using past credit loss experience, the nature and volume of the portfolio, information about specific borrower situations and estimated collateral values, economic conditions and other factors. A loan review process, independent of the loan approval process, is utilized by management to verify loans are being made and administered in accordance with Company policy, to review loan risk grades and potential losses, to verify that potential problem loans are receiving adequate and timely corrective measures to avoid or reduce losses and to assist in the verification of the adequacy of the credit loss reserve. Allocations of the allowance may be made for specific loans, but the entire allowance is available for any loan that, in management’s judgment, should be charged off. The allowance consisted of specific and general components. The specific component related to loans that are individually classified as impaired. If a loan was impaired, a portion of the allowance is allocated so that the loan is reported net at the present value of estimated future cash flows using the loan’s existing rate or at the fair value of collateral if repayment was expected solely from the sale of the collateral. Troubled debt restructurings were separately identified for impairment disclosures and are measured at the present value of estimated future cash flows using the loan’s effective rate at inception. If a troubled debt restructuring was considered to be a collateral dependent loan, the loan is reported, net, at the fair value of the collateral. For troubled debt restructurings that subsequently defaulted, the Company determined the amount of reserve in accordance with the accounting policy for the allowance for credit losses. The general component of the allowance for credit losses covered non-impaired loans and is based on historical loss experience adjusted for current factors. The historical loss experience is determined by portfolio and class and is based on the actual loss history experienced by the Company. This actual loss experience was then adjusted by comparing current conditions to the conditions that existed during the loss history. The Company considered the changes related to (i) lending policies, (ii) economic conditions, (iii) nature and volume of the loan portfolio and class, (iv) lending staff, (v) volume and severity of past due, non-accrual and risk graded loans, (vi) loan review system, (vii) value of underlying collateral for collateral dependent loans, (viii) concentration levels and (ix) effects of other external factors. The Company considered loan performance and collateral values in assessing risk for each class in the loan portfolio, as follows: • Commercial and industrial loans are dependent on the strength of the industries of the related borrowers and the success of their businesses. Commercial and industrial loans are advanced for equipment purchases, to provide working capital or meet other financing needs of the business. These loans may be secured by accounts receivable, inventory, equipment or other business assets. Financial information is obtained from the borrower to evaluate the debt service coverage and ability to repay the loans. • Commercial real estate loans are dependent on the industries tied to these loans, as well as the local commercial real estate market. The loans are secured by real estate and appraisals are typically obtained to support the loan amount. Generally, an evaluation of the project’s cash flows is performed to evaluate the borrower’s ability to repay the loan at the time of origination and periodically updated during the life of the loan. • Residential real estate loans are affected by the local residential real estate market, the local economy and movement in interest rates. The Company evaluates the borrower’s repayment ability through a review of credit reports and debt to income ratios. Generally, appraisals are obtained to support the loan amount. • Agricultural real estate loans are real estate loans related to farmland and are affected by the value of farmland. Generally, the Company evaluates the borrower’s ability to repay based on cash flows from farming operations. • Consumer loans are dependent on the local economy. Consumer loans are generally secured by consumer assets, but may be unsecured. Typically, the Company evaluates the borrower’s repayment ability through a review of credit scores and an evaluation of debt to income ratios. • Agricultural loans are primary operating lines subject to annual farming revenues, including productivity and yield of the farm products and market pricing at the time of sale. Allowance for Credit Losses – Off-Balance-Sheet Credit Exposures Subsequent to the January 1, 2021, adoption of ASU 2016-13, 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. |
Transfers of Financial Assets | Transfers of Financial Assets |
Bank Owned Life Insurance | Bank-Owned Life Insurance |
Other Real Estate Owned | Other Real Estate Owned |
Premises and Equipment | Premises and Equipment 7 years Premises and equipment and other long-term assets are reviewed for impairment when events indicate their carrying amount may not be recoverable from future undiscounted cash flows. If impaired, the assets are recorded at fair value. Lease Obligation. The Company evaluates contracts that convey the right to control the use of identified property, plant or equipment for a period of time for consideration to determine if they are lease obligations. The Company evaluates each lease component to determine if the lease qualifies as a financing lease or as an operating lease. Leases that meet any of the following criteria are considered financing leases: (1) the lease transfers ownership of the underlying asset by the end of the lease term; (2) the lease grants the Company an option to purchase the underlying asset that the Company is reasonably certain to exercise; (3) the lease term is the major part of the remaining economic life of the underlying asset; (4) the present value of the sum of the lease payments and any residual value guaranteed by the Company that is not already reflected in lease payments equals or exceeds substantially all of the fair value of the underlying asset; or (5) the underlying asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term. If none of the financing lease criteria are met, the lease is considered an operating lease. The Company evaluates each lease to determine the lease term which will be used based on the type and use of the leased equipment and future expected changes in operations. The resulting lease term will consist of the non-cancellable period for which the Company has the right to use the underlying asset plus (1) periods covered by an option to extend the lease if the Company is reasonably certain to exercise that option; (2) periods covered by an option to terminate the lease if the Company is reasonably certain not to exercise that option; and (3) periods covered by an option to extend the lease in which exercise of the option is controlled by the lessor. The Company has certain leases that contain options to extend the lease and contain options for changes in lease payments which are evaluated by the Company to determine the recorded values for right-of-use assets and lease liability. Lease payments that are contractually known at lease inception are used by the Company for calculating the right-of-use asset and lease liability. Lease payments that vary because of facts or circumstances after the commencement date of the lease from other than passage of time are treated as variable lease payments and are recorded to lease expense in the period in which the obligation for the payments are incurred by the Company. Variable lease payments are not part of the lease payments for determining the right-of-use asset or the lease liability at the lease commencement date. The discount rate to initially determine the present value of the lease payments is based on the information available at the lease commencement date and is either the rate implicit in the lease or the Company’s incremental borrowing rate. If the rate implicit in the lease is known or determinable, that rate shall be used. If that rate is not known, the Company’s incremental borrowing rate shall be used. At January 1, 2019, implementation of this accounting guidance, the Company’s incremental borrowing rate based on the remaining lease term was used to calculate the right-of-use assets and operating lease liabilities. Operating lease right-of-use assets and lease obligations are accounted for subsequent to initial recording by amortizing the right-of-use asset over the lease term on a straight-line method while the lease obligation is increased by the accrual of interest and decreased by subsequent lease payments. Operating lease right-of-use asset amortization and lease obligation interest are reported in non-interest expense in the Consolidated Statements of Income. Operating lease payments and variable lease payments are reflected within cash flows from operating activities in the Consolidated Statement of Cash Flows. Financing lease right-of-use assets and lease obligations are accounted for subsequent to initial recording by amortizing the right-of-use asset similar to owned assets over the lesser of the lease term or economic life of the asset if the lease transfers ownership of the leased asset while the lease obligation is increased by the accrual of interest and decreased by subsequent lease payments. Financing lease right-of-use asset amortization is reported in non-interest expense, similar to other owned assets, and lease obligation interest accruals are reported in interest expense in the Consolidated Statements of Income. Financing lease obligation principal payments are reflected within cash flows from financing activities and interest payments and variable lease payments are reflected with the cash flows from operating activities in the Consolidated Statements of Cash Flows. The Company evaluates lease modifications and will consider the modification a new contract if the modification grants the lessee an additional right of use not included in the original lease and the lease payments increase commensurate with the stand-alone price for the additional right-of-use asset. The Company will reallocate the remaining consideration in the contract and remeasure the lease liability using a discount rate for the lease determined at the effective date of the lease modification if the contract modification does any of the following: (1) grants the Company an additional right of use that was not included in the original contract; (2) extends or reduces the term of an existing lease; (3) fully or partially terminates an existing lease; or (4) changes the consideration in the contract only. The Company will recognize the remeasurement of the lease liability for the modification as an adjustment of the right-of-use asset when the contract modification grants additional right-of-use-assets, extends or reduces the term of the lease or changes the consideration of the lease contract. In the case of full or partial termination of the lease, the Company will decrease the carrying amount of the right-of-use-asset on a proportionate basis to the reduction in the lease liability with a gain or loss recognized for the difference between the lease liability adjustment and right of use asset adjustment. If the Company modifies an operating lease, where the Company is the lessor, and the modification is not accounted for as a separate contract, the Company will account for the modification as if it were a termination of the existing lease and the creation of a new lease that commences on the effective date of the modification as follows: • If the modified lease is classified as an operating lease, the Company will consider any prepaid or accrued lease rentals relating to the original lease as part of the lease payments for the modified lease. • If the modified lease is classified as a direct financing lease or a sales-type lease, the Company will derecognize any deferred rent liability or accrued rent asset and adjust the selling profit or loss. If the Company modifies a direct financing lease, where the Company is the lessor, and the modification is not accounted for as a separate contract, the Company will account for the modified lease as follows: • If the modified lease is classified as a direct financing lease, the Company will adjust the discount rate for the modified lease, so the initial net investment equals the carrying amount of the original lease at the modification effective date. • If the modified lease is classified as a sales-type lease, the Company shall determine the selling profit/loss on commencement date of the modified lease as the difference between the fair value of the underlying asset and net investment in the original lease prior to modification. • If the modified lease is classified as an operating lease, the carrying amount of the underlying asset shall equal the net investment in the original lease immediately before the effective date of the modification. If the Company modifies a sales-type lease, where the Company is the lessor, and the modification is not accounted for as a separate contract, the Company will account for the modified lease as follows: • If the modified lease is classified as a direct financing lease, the Company will adjust the discount rate for the modified lease, so the initial net investment of the modified lease equals the carrying amount of the original lease at the modification effective date. • If the modified lease is classified as a direct financing lease, the Company will adjust the discount rate for the modified lease, so the initial net investment equals the carrying amount of the original lease at the modification effective date. |
Federal Reserve Bank and Federal Home Loan Bank Stock | Federal Reserve Bank and Federal Home Loan Bank Stock |
Goodwill and Core Deposit Intangibles | Goodwill and Core Deposit Intangibles |
Credit Related Financial Instruments | Credit Related Financial Instruments |
Derivatives | Derivatives An interest rate swap is an agreement between two entities to exchange cash flows in the future. The agreement sets the dates on which the cash flows will be paid and the manner in which the cash flows will be calculated. Typically, an interest rate swap transaction is used as an exchange of cash flows based on a fixed rate for cash flows based on a variable rate. In an interest rate cap agreement, a cash flow is generated if the price or interest rate of an underlying variable rises above a certain threshold price or interest rate. In an interest rate floor agreement, a cash flow is generated if the price or interest rate of an underlying variable falls below a certain threshold price or interest rate. Caps and floors are designed as protection against the interest rate on a variable rate asset or liability rising above or falling below a certain level. At the inception of a derivative contract, the Company designates the derivatives as one of three types. These three types are: (1) a hedge of the fair value of a recognized asset or liability or of an unrecognized firm commitment (“fair value hedge”); (2) a hedge of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow hedge”); or (3) an instrument with no hedging designation (“stand-alone derivative”). Beginning January 1, 2019, the Company adopted new hedge accounting guidance that requires the following presentation of gains/(losses) on derivatives and hedging activities for qualifying hedges. For a fair value hedge, the gain or loss on the derivative, as well as the offsetting loss or gain on the hedged item and net interest settlements, are recognized in net interest income in the same line as the earnings effect of the hedged item. For a cash flow hedge, the gain or loss on the derivative is reported in other comprehensive income and is reclassified into earnings in the same periods during which the hedged transaction affects earnings. Changes in the fair value of derivatives that do not qualify for hedge accounting are reported currently in earnings as non-interest income. Net cash settlements on derivatives that qualify for hedge accounting are recorded in interest income or interest expense, based on the item being hedged. Net cash settlements on derivatives that do not qualify for hedge accounting are reported in non-interest income. Cash flows on hedges are classified in the cash flow statement the same as the cash flows of the items being hedged unless the derivative meets the criteria to be a financing derivative. All derivatives are recognized in the consolidated balance sheet at their fair values and are reported as either derivative assets or derivative liabilities net of accrued net settlements and collateral, if any. The individual derivative amounts are netted by counterparty when the netting requirements have been met. If these netted values are positive, they are classified as an asset and, if negative, they are classified as a liability. The Company formally documents the relationship between derivatives and hedged items, as well as the risk-management objective and the strategy for undertaking hedge transactions at the inception of the hedging relationship. This documentation includes linking fair value or cash flow hedges to specific assets and liabilities on the balance sheet or to specific firm commitments or forecasted transactions. The Company also formally assesses, both at the hedge’s inception and on an ongoing basis, at least quarterly, whether the derivative instruments that are used are highly effective in offsetting changes in fair values or cash flows of the hedged items. The Company discontinues hedge accounting when it determines that the derivative is no longer effective in offsetting changes in the fair value or cash flows of the hedged item, the derivative is settled or terminates, a hedged forecasted transaction is no longer probable, a hedged firm commitment is no longer firm or treatment of the derivative as a hedge is no longer appropriate or intended. When hedge accounting is discontinued, subsequent changes in fair value of the derivative are recorded as non-interest income. When a fair value hedge is discontinued, the hedged asset or liability is no longer adjusted for changes in fair value and the existing basis adjustment is amortized or accreted over the remaining life of the asset or liability. When a cash flow hedge is discontinued but the hedged cash flows or forecasted transactions are still expected to occur, gains or losses that are accumulated in other comprehensive income are amortized into earnings over the same periods which the hedged transactions will affect earnings. The Company has entered into interest rate cap derivatives to assist with interest rate risk management. These derivatives are not designated as hedging instruments but rather as stand-alone derivatives. The fair values of stand-alone derivatives are included in other assets and other liabilities. Changes in fair value of stand-alone derivatives are recorded through earnings as non-interest income. |
Income Taxes | Income Taxes The Company recognizes interest and/or penalties related to income tax matters in income tax expense. There were no such interest or penalties incurred in 2021, 2020 or 2019. |
Earnings Per Common Share | Earnings Per Common Share |
Share-Based Payments | Share-Based Payments Compensation expense associated with restricted stock units is based on the fair value of the units at the grant date. This compensation expense is recognized ratably over the service period stipulated in the grant agreement. |
Comprehensive Income | Comprehensive Income |
Loss Contingencies | Loss Contingencies |
Restrictions on Cash | Restrictions on Cash |
Dividend Restriction | Dividend Restriction |
Fair Value | Fair Value |
Segment Information | Segment Information |
Reclassifications | Reclassifications |
Recent Accounting Pronouncements | Recent Accounting Pronouncements: In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-13, Financial Instruments – Credit Losses, In January 2017, FASB issued ASU 2017-04, Intangibles-Goodwill and Other In March 2017, FASB issued ASU 2017-08, Premium Amortization on Purchased Callable Debt Securities. In August 2018, FASB issued ASU 2018-13, Fair Value Measurement (Topic 820) - Changes to the Disclosure Requirements for Fair Value Measurement In March 2020, various regulatory agencies, including the Federal Reserve and the Federal Deposit Insurance Corporation, (“the agencies”) issued an interagency statement on loan modifications and reporting for financial institutions working with customers affected by the Coronavirus. The interagency statement was effective immediately and impacted accounting for loan modifications. This interagency statement was later revised in April 2020 to clarify the interaction between the original interagency statement and section 4013 of the CARES Act, as well as the agencies’ views on consumer protection considerations. Under Accounting Standards Codification 310-40, Receivables – Troubled Debt Restructurings by Creditors 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 4. In March 2020, FASB issued ASU 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting In October 2020, FASB issued ASU 2020-08, Codification Improvements to Subtopic 310-20, Receivables-Nonrefundable Fees and Other Costs In January 2021, 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 years ended December 31, 2021 and 2020. 2021 2020 Non-interest income Service charges and fees $ 8,596 $ 6,856 Debit card income 10,236 9,136 Mortgage banking (a) 3,306 3,153 Increase in bank-owned life insurance (a) 3,506 1,941 Net gain on acquisition (a) 585 2,145 Net gain (loss) from securities transactions (a) 406 11 Other non-interest income Investment referral income 678 567 Trust income 1,140 433 Insurance sales commissions 545 275 Recovery on zero-basis purchased loans (a) 85 134 Income from equity method investments (a) (222 ) (210 ) Other non-interest income related to loans and deposits 3,703 1,299 Other non-interest income not related to loans and deposits (a) 278 283 Total other non-interest income 6,207 2,781 Total $ 32,842 $ 26,023 (a) A description of the Company’s revenue streams accounted for under ASC 606 follows. Service Charges and Fees The company earns fees from its deposit customers for transaction-based account maintenance and overdraft services. Transaction-based fees, which include services such as stop payment charges, statement rendering and ACH fees, are recognized at the time the transaction is executed as that is the point in time the Company fulfills the customer’s request. Account maintenance fees, which relate primarily to monthly maintenance, are earned over the course of a month, representing the period over which the Company satisfies the performance obligation. Overdraft fees are recognized at the point in time that the overdraft occurs. Service charges on deposits are collected through withdrawal from the customer’s account balance. Debit Card Income The Company earns debit card income from cardholder transactions conducted through payment processors. Debit card income from cardholder transactions represents a percentage of the underlying transaction value and is recognized concurrently with the transaction processing services provided to the cardholder. Investment Referral Income Investment referral services are offered through an unaffiliated registered broker-dealer and investment advisor. Investment referral income consists of transaction-based fees (i.e., trade commissions) and account fees (i.e., custodial fees). The service obligation for transaction-based fees relates to processing of individual transactions and is considered earned at the time the transaction occurs. The Company currently records this income when payment is received and at each month end for current-month transactions. Account fees are considered earned over the period for which the fees relate. These fees are received during the first month of each quarter and represent advance payment for the current quarter. These fees are amortized ratably over the three months during the quarter. Therefore, all account-based fees are currently recorded as performance obligations are satisfied. Trust Income Trust income includes fees from asset management, custody, recordkeeping, investment advisory and administration services. Revenue is recognized at the time the services are performed and may be based on either the fair value of the account or the services provided. Insurance Sales Commissions Insurance commissions are received based on contracts with insurance companies which provide for a percentage of premiums to be paid to the Company in exchange for placement of policies with customers. The commissions generally relate to a period of one year or less. Under certain contracts, the Company may also assist with the claims processing, but this performance obligation is considered insignificant compared to the initial placement of the policy. As such, the performance obligation is considered to have been substantially satisfied at the time of policy placement. While this indicates that all related revenue would be appropriately accrued at policy inception, in some cases, recognition occurs over the policy period if received in installments from the insurance company. In no cases would this deferral extend beyond 12 months and the effect is considered immaterial compared to recognition at the time of policy placement. The Company also receives commissions based on renewals of policies previously placed. However, additional work is required to process the renewals, resulting in future performance obligations to earn the related revenues. In addition, the occurrence of such renewals is not certain as initial policies are generally for one year or less and the fees earned are not determined until the time of renewal, based on underwriting at that time. As such, the Company has determined that accrual of income for future renewals is not appropriate. Other Non-interest Income Other non-interest income related to loans and deposits is earned when the specific transaction is processed, similar to service charges and fees. Gain or Loss on Sale of Other Real Estate Gain or loss on sale of other real estate is reported in non-interest expense and is netted with other real estate expenses. The Company records a gain or loss from the sale of other real estate when control of the property transfers to the buyer, which generally occurs at the time of an executed deed. When the Company finances the sale of other real estate to the buyer, the Company assesses whether the buyer is committed to perform their obligation under the contract and whether collectability of the transaction price is probable. Once these criteria are met, the other real estate is derecognized and the gain or loss on sale is recorded upon the transfer of control of the property to the buyer. In determining the gain or loss on the sale, the Company adjusts the transaction price and related gain or loss on sale if a significant financing component is present. As a result, the Company has concluded that ASC 606 will affect the decision to recognize or defer gains on sales of other real estate in circumstances where the Company has financed the sale. |
BUSINESS COMBINATIONS (Tables)
BUSINESS COMBINATIONS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
American State Bank Trust Company [Member] | |
Business Acquisition [Line Items] | |
Summary of the Amounts of Assets Acquired and Liabilities Assumed Recognized at the Merger/Acquisition Date | The following table summarizes the amounts of assets acquired and liabilities assumed recognized at the acquisition date. Fair value of consideration: Cash $ 8,442 Common Stock 84,747 $ 93,189 Recognized amounts of identifiable assets acquired and liabilities assumed: Cash and due from banks $ 97,724 Federal funds sold 13,428 Available-for-sale securities 176,476 Bank-owned life insurance 16,986 Federal Reserve Bank and Federal Home Loan Bank stock 4,251 Loans 441,884 Premises and equipment 11,975 Core deposit intangibles 2,660 Other assets 15,164 Total assets acquired 780,548 Deposits 668,849 Federal funds purchased and retail repurchase agreements 12,906 Federal Home Loan Bank advances 14,409 Subordinated debt 7,732 Interest payable and other liabilities 5,661 Total liabilities assumed 709,557 Total identifiable net assets 70,991 Goodwill 22,198 $ 93,189 |
Schedule Of Business Acquisitions By Acquisition At Merger Date Table Text Block | The following table reconciles the par value of ASBI’s loan portfolio as of the purchase date to the fair value indicated in the table above. For non-purchase credit deteriorated assets, the entire fair value adjustment including both interest and credit related components is recorded as an adjustment to par (“Non-Credit Rate Marks”) and reflected as an adjustment to the carrying value of that asset within the Consolidated Balance Sheet. Following purchase, an ACL is also established for these non-purchase credit deteriorated assets which is not reflected in this table as it is accounted for outside of the business combination. For purchase-credit deteriorated assets, as required by CECL, the fair value mark is divided between an adjustment to par (“Non-Credit Rate Marks”) and an addition to the ACL (“Credit Marks in ACL”). The addition to ACL is based on the application of management’s CECL methodology to the individual loans. Non-Purchase Credit Deteriorated Loans Loan Par Value Non-Credit Rate Marks Credit Marks in ACL Purchase Price Commercial real estate $ 98,774 $ (1,220 ) $ — $ 97,554 Commercial and industrial 63,249 (348 ) — 62,901 Residential real estate 37,919 (153 ) — 37,766 Agricultural real estate 58,632 (1,474 ) — 57,158 Agricultural 56,238 (267 ) — 55,971 Consumer 15,832 (13 ) — 15,819 Total non-PCD loans 330,644 (3,475 ) — 327,169 Purchase Credit Deteriorated Loans Commercial real estate 95,812 (956 ) (3,719 ) 91,137 Commercial and industrial 2,017 (7 ) (60 ) 1,950 Residential real estate 2,842 (347 ) (244 ) 2,251 Agricultural real estate 10,424 (240 ) (421 ) 9,763 Agricultural 10,693 (148 ) (1,113 ) 9,432 Consumer 243 (6 ) (55 ) 182 Total PCD loans 122,031 (1,704 ) (5,612 ) 114,715 Total loans $ 452,675 $ (5,179 ) $ (5,612 ) $ 441,884 |
Security Bank Of Kansas City [Member] | |
Business Acquisition [Line Items] | |
Summary of the Amounts of Assets Acquired and Liabilities Assumed Recognized at the Merger/Acquisition Date | The following table summarizes the amounts of assets acquired and liabilities assumed recognized at the acquisition date. Recognized amounts of identifiable assets acquired and liabilities assumed: Cash and due from banks $ 71,153 Loans 1,365 Premises and equipment 2,779 Core deposit intangibles 336 Other assets 204 Total assets acquired 75,837 Deposits 75,078 Interest payable and other liabilities 1,425 Total liabilities assumed 76,503 Total identifiable net assets (666 ) Goodwill 666 $ — |
Schedule Of Carrying Amounts Of Purchased Loans At Merger and Acquisition Table Text Block | The following table presents the carrying value of the loans acquired in the Security acquisition by class, as of the date of acquisition. There were no purchase accounting marks, either rate or credit related, recognized on these assets. Commercial real estate $ 61 Residential real estate 1,116 Consumer 188 Total acquired loans $ 1,365 |
Almena State Bank [Member] | |
Business Acquisition [Line Items] | |
Summary of the Amounts of Assets Acquired and Liabilities Assumed Recognized at the Merger/Acquisition Date | The following table summarizes the amounts of assets acquired and liabilities assumed recognized at the acquisition date. Recognized amounts of identifiable assets acquired and liabilities assumed: Cash and due from banks $ 25,925 Available-for-sale securities 7,041 Federal Reserve Bank and Federal Home Loan Bank stock 187 Loans 35,155 Premises and equipment 1,109 Other real estate owned 636 Other assets 604 Total assets acquired 70,657 Deposits 62,472 Federal funds purchased and retail repurchase agreements 251 Interest payable and other liabilities 5,204 Total liabilities assumed 67,927 Total identifiable net assets 2,730 Gain on acquisition (2,730 ) $ — |
Schedule Of Business Acquisitions By Acquisition At Merger Date Table Text Block | The following table presents the best available information about the loans acquired in the Almena acquisition as of the date of acquisition. Non-Credit Impaired Purchased Impaired Contractually required principal $ 25,702 $ 20,597 Non-accretable difference (expected losses) — (10,889 ) Cash flows expected to be collected 25,702 9,708 Accretable yield (255 ) — Fair value of acquired loans $ 25,447 $ 9,708 |
Schedule Of Carrying Amounts Of Purchased Loans At Merger and Acquisition Table Text Block | The following table presents the carrying value of the loans acquired in the Almena acquisition by class, as of the date of acquisition. Non-Credit Impaired Purchased Credit Impaired Total Commercial real estate $ 3,895 $ 2,298 $ 6,193 Commercial and industrial 5,848 2,028 7,876 Residential real estate 3,157 173 3,330 Agricultural real estate 3,226 2,172 5,398 Consumer 1,769 — 1,769 Agricultural 7,552 3,037 10,589 Fair value of acquired loans $ 25,447 $ 9,708 $ 35,155 |
SECURITIES (Tables)
SECURITIES (Tables) | 12 Months Ended |
Dec. 31, 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 were as follows. Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Allowance for Credit Losses Fair Value December 31, 2021 Available-for-sale securities U.S. Government-sponsored entities $ 124,898 $ 13 $ (1,504 ) $ — $ 123,407 U.S. Treasury securities 157,289 — (1,687 ) — 155,602 Mortgage-backed securities Government-sponsored residential mortgage-backed securities 661,584 10,215 (6,912 ) — 664,887 Private label residential mortgage-backed securities 173,717 — (2,029 ) — 171,688 Corporate 52,555 1,437 (215 ) — 53,777 Small Business Administration loan pools 16,568 13 (106 ) — 16,475 State and political subdivisions 138,404 3,618 (416 ) — 141,606 $ 1,325,015 $ 15,296 $ (12,869 ) $ — $ 1,327,442 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 December 31, 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 $ 8,192 $ 8,260 One to five years 98,660 98,570 Five to ten years 301,043 300,490 After ten years 81,819 83,547 Mortgage-backed securities 835,301 836,575 Total debt securities $ 1,325,015 $ 1,327,442 |
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. 2021 2020 2019 Proceeds $ 50,395 $ — $ — Gross gains 368 — — Gross losses — — — Income tax expense on net realized gains 93 — — |
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 December 31, 2021 and 2020. Less Than 12 Months 12 Months or More Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss December 31, 2021 Available-for-sale securities Mortgage-backed securities Government-sponsored residential mortgage-backed securities $ 378,057 $ (6,860 ) $ 2,868 $ (52 ) $ 380,925 $ (6,912 ) Private label residential mortgage-backed securities 159,381 (1,978 ) 2,208 (51 ) 161,589 (2,029 ) U.S. Government-sponsored entities 117,618 (1,504 ) — — 117,618 (1,504 ) U.S. Treasury securities 155,601 (1,687 ) — — 155,601 (1,687 ) Corporate 4,785 (215 ) — — 4,785 (215 ) Small Business Administration loan pools 15,459 (106 ) — — 15,459 (106 ) State and political subdivisions 28,443 (416 ) — — 28,443 (416 ) Total temporarily impaired securities $ 859,344 $ (12,766 ) $ 5,076 $ (103 ) $ 864,420 $ (12,869 ) 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) | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Categories of Loans | The following table lists categories of loans at December 31, 2021 and 2020. 2021 2020 Commercial real estate $ 1,486,148 $ 1,188,696 Commercial and industrial 567,497 734,495 Residential real estate 638,087 381,958 Agricultural real estate 198,330 133,693 Agricultural 166,975 94,322 Consumer 98,590 58,532 Total loans 3,155,627 2,591,696 Allowance for loan losses (48,365 ) (33,709 ) Net loans $ 3,107,262 $ 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 years ended December 31, 2021, 2020 and 2019. December 31, 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 PCD mark on acquired loans 3,719 60 244 420 1,113 55 5,611 Provision for credit losses (565 ) 3,653 (8,385 ) 257 (2,834 ) (606 ) (8,480 ) Loans charged-off (169 ) (9,839 ) (39 ) (506 ) (1 ) (823 ) (11,377 ) Recoveries 298 1,969 91 33 22 319 2,732 Total ending allowance balance $ 22,478 $ 12,248 $ 5,560 $ 2,235 $ 3,756 $ 2,088 $ 48,365 December 31, 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 credit losses 5,312 10,643 2,284 469 215 5,332 24,255 Loans charged-off (421 ) (1,304 ) (446 ) (191 ) (11 ) (949 ) (3,322 ) Recoveries 202 56 45 18 8 215 544 Total ending allowance balance $ 9,012 $ 12,456 $ 4,559 $ 904 $ 758 $ 6,020 $ 33,709 December 31, 2019 Commercial Real Estate Commercial and Industrial Residential Real Estate Agricultural Real Estate Agricultural Consumer Total Allowance for loan losses: Beginning balance $ 4,662 $ 2,707 $ 2,320 $ 391 $ 304 $ 1,070 $ 11,454 Provision for credit losses 1,310 14,193 941 213 310 1,387 18,354 Loans charged-off (2,178 ) (13,911 ) (1,077 ) (43 ) (87 ) (1,394 ) (18,690 ) Recoveries 125 72 492 47 19 359 1,114 Total ending allowance balance $ 3,919 $ 3,061 $ 2,676 $ 608 $ 546 $ 1,422 $ 12,232 |
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 impairment method as of December 31, 2021 and 2020. December 31, 2021 Commercial Real Estate Commercial and Industrial Residential Real Estate Agricultural Real Estate Agricultural Consumer Total Allowance for credit losses: Individually evaluated for impairment $ 4,381 $ 3,650 $ 892 $ 1,488 $ 3,546 $ 75 $ 14,032 Collectively evaluated for impairment 18,097 8,598 4,668 747 210 2,013 34,333 Total $ 22,478 $ 12,248 $ 5,560 $ 2,235 $ 3,756 $ 2,088 $ 48,365 Loan Balance: Individually evaluated for impairment $ 45,421 $ 13,786 $ 5,362 $ 14,959 $ 13,049 $ 357 $ 92,934 Collectively evaluated for impairment 1,440,727 553,711 632,725 183,371 153,926 98,233 3,062,693 Total $ 1,486,148 $ 567,497 $ 638,087 $ 198,330 $ 166,975 $ 98,590 $ 3,155,627 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 December 31, 2021. December 31, 2021 Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial real estate $ — $ — $ — $ 336 $ 3 Commercial and industrial 6,060 1,964 — 521 101 Residential real estate 609 429 — 126 4 Agricultural real estate 1,795 1,660 — 2,178 82 Agricultural — — — 1,725 — Consumer 49 49 — 10 2 Subtotal 8,513 4,102 — 4,896 192 With an allowance recorded: Commercial real estate 7,690 6,833 1,632 6,985 19 Commercial and industrial 4,976 4,593 1,800 25,881 119 Residential real estate 5,170 4,646 888 3,204 41 Agricultural real estate 3,726 2,738 637 3,224 56 Agricultural 8,836 6,175 2,307 6,028 113 Consumer 314 274 74 251 8 Subtotal 30,712 25,259 7,338 45,573 356 Total $ 39,225 $ 29,361 $ 7,338 $ 50,469 $ 548 The above table presents interest income for the twelve months ended December 31, 2021. Interest income recognized in the above table was substantially recognized on the cash basis. The recorded investment in loans excludes accrued interest receivable due to immateriality. The following table presents information related to impaired loans, excluding purchased credit impaired loans which have not deteriorated since acquisition, by portfolio and class of loans as of and for the year ended December 31, 2020. December 31, 2020 Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial real estate $ 6,279 $ 1,683 $ — $ 782 $ 36 Commercial and industrial 2,087 643 — 11,512 28 Residential real estate 270 180 — 3,475 17 Agricultural real estate 3,408 1,090 — 670 5 Agricultural 11,326 4,492 — 898 — Consumer — — — — — Subtotal 23,370 8,088 — 17,337 86 With an allowance recorded: Commercial real estate 7,134 5,899 2,540 5,713 35 Commercial and industrial 29,245 22,814 6,471 12,168 362 Residential real estate 3,023 2,775 610 3,414 14 Agricultural real estate 3,474 3,021 638 3,432 34 Agricultural 1,330 820 172 1,285 1 Consumer 294 272 68 309 7 Subtotal 44,500 35,601 10,499 26,321 453 Total $ 67,870 $ 43,689 $ 10,499 $ 43,658 $ 539 |
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 December 31, 2021 and 2020, by portfolio and class of loans. December 31, 2021 30 – 59 Days Past Due 60 – 89 Days Past Due Greater 90 Days Past Due Still On Accrual Nonaccrual Loans Not Past Due Total Commercial real estate $ 4,633 $ 408 $ 256 $ 6,833 $ 1,474,018 $ 1,486,148 Commercial and industrial 424 88 — 6,557 560,428 567,497 Residential real estate 620 1,126 — 5,075 631,266 638,087 Agricultural real estate 28 57 — 4,398 193,847 198,330 Agricultural 5 — — 6,175 160,795 166,975 Consumer 316 61 — 323 97,890 98,590 Total $ 6,026 $ 1,740 $ 256 $ 29,361 $ 3,118,244 $ 3,155,627 December 31, 2020 30 – 59 Days Past Due 60 – 89 Days Past Due Greater 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 |
Off Balance Sheet Credit Exposure | The following table lists allowance for credit losses on off-balance sheet credit exposures as of December 31, 2021. December 31, 2021 Allowance for Credit Losses Commercial real estate $ 484 Commercial and industrial 1,323 Residential real estate 16 Agricultural real estate — Agricultural 3 Consumer 397 Total $ 2,223 |
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 organization, at December 31, 2021, is as follows. December 31, 2021 2021 2020 2019 2018 2017 Prior Revolving Loans Amortized Cost Revolving Loans Converted to Term Total Commercial real estate Risk rating Pass $ 301,947 $ 212,444 $ 159,374 $ 134,465 $ 72,249 $ 164,363 $ 409,109 $ 594 $ 1,454,545 Special Mention 126 885 — 11,817 1,168 8,705 — — 22,701 Substandard 1,687 401 145 77 828 5,764 — — 8,902 Doubtful — — — — — — — — — Total commercial real estate $ 303,760 $ 213,730 $ 159,519 $ 146,359 $ 74,245 $ 178,832 $ 409,109 $ 594 $ 1,486,148 Commercial and industrial Risk rating Pass $ 170,263 $ 100,457 $ 57,955 $ 11,019 $ 17,327 $ 8,855 $ 155,181 $ 9,726 $ 530,783 Special Mention 19 — 1,958 1,482 284 5,750 — — 9,493 Substandard 4,200 5,410 10,238 1,417 444 43 5,469 — 27,221 Doubtful — — — — — — — — — Total commercial and industrial $ 174,482 $ 105,867 $ 70,151 $ 13,918 $ 18,055 $ 14,648 $ 160,650 $ 9,726 $ 567,497 Residential real estate Risk rating Pass $ 336,775 $ 24,633 $ 22,520 $ 60,461 $ 34,453 $ 102,363 $ 51,584 $ 184 $ 632,973 Special Mention — — — — — 25 — — 25 Substandard — 79 48 159 1,909 2,740 154 — 5,089 Doubtful — — — — — — — — — Total residential real estate $ 336,775 $ 24,712 $ 22,568 $ 60,620 $ 36,362 $ 105,128 $ 51,738 $ 184 $ 638,087 Agricultural real estate Risk rating Pass $ 38,412 $ 36,667 $ 18,442 $ 12,142 $ 14,432 $ 21,792 $ 42,541 $ — $ 184,428 Special Mention 682 — — — 40 456 32 — 1,210 Substandard 1,705 206 6,020 592 2,530 554 1,085 — 12,692 Doubtful — — — — — — — — — Total agricultural real estate $ 40,799 $ 36,873 $ 24,462 $ 12,734 $ 17,002 $ 22,802 $ 43,658 $ — $ 198,330 Agricultural Risk rating Pass $ 27,637 $ 17,393 $ 6,391 $ 2,399 $ 2,930 $ 1,593 $ 93,982 $ 172 $ 152,497 Special Mention — — 90 1,299 — 645 — — 2,034 Substandard 3,456 2,112 1,414 1,651 137 1,164 2,510 — 12,444 Doubtful — — — — — — — — — Total agricultural $ 31,093 $ 19,505 $ 7,895 $ 5,349 $ 3,067 $ 3,402 $ 96,492 $ 172 $ 166,975 Consumer Risk rating Pass $ 40,692 $ 15,171 $ 7,186 $ 3,640 $ 2,228 $ 3,551 $ 25,799 $ 1 $ 98,268 Special Mention — — — — — — — — — Substandard 6 154 94 15 24 29 — — 322 Doubtful — — — — — — — — — Total consumer $ 40,698 $ 15,325 $ 7,280 $ 3,655 $ 2,252 $ 3,580 $ 25,799 $ 1 $ 98,590 Total loans Risk rating Pass $ 915,726 $ 406,765 $ 271,868 $ 224,126 $ 143,619 $ 302,517 $ 778,196 $ 10,677 $ 3,053,494 Special Mention 827 885 2,048 14,598 1,492 15,581 32 — 35,463 Substandard 11,054 8,362 17,959 3,911 5,872 10,294 9,218 — 66,670 Doubtful — — — — — — — — — Total loans $ 927,607 $ 416,012 $ 291,875 $ 242,635 $ 150,983 $ 328,392 $ 787,446 $ 10,677 $ 3,155,627 The table below shows classification status of loans by class of loans prior to the adoption of CECL 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 Categories of Loans Under the Payment Deferral Program | The following table lists loans included in the payment deferral program by deferment type and category at December 31, 2021. December 31, 2021 Commercial Real Estate Commercial and Industrial Total 3 months principal and interest, then 6 months principal only $ 31,884 $ 3,052 $ 34,936 6 months principal and interest, then 9 months principal only 971 398 1,369 Total loans $ 32,855 $ 3,450 $ 36,305 |
Schedule of Credit Risk Classification of Loans Participating in Payment Deferral Program | The credit risk classification of loans participating in the payment deferral program at December 31, 2021, follows below. December 31, 2021 Unclassified Classified Total Commercial real estate $ 32,855 $ — $ 32,855 Commercial and industrial 3,450 — 3,450 Total loans $ 36,305 $ — $ 36,305 |
Schedule of Recorded Investments in Purchase Credit Impaired Loans | . The recorded investments in purchased credit impaired loans as of December 31, 2020 and 2019, were as follows. 2020 2019 Contractually required principal payments $ 41,658 $ 29,895 Discount (17,686 ) (6,505 ) Recorded investment $ 23,972 $ 23,390 |
Schedule of Troubled Debt Restructurings by Accrual Status | The following table summarizes the Company’s TDRs by accrual status at December 31, 2021 and 2020. December 31, 2021 Nonaccrual Related Allowance for Credit Losses Commercial real estate $ 5,784 $ 1,370 Commercial and industrial 54 27 Residential real estate 1,547 13 Agricultural real estate 2,122 488 Agricultural 1,292 480 Total troubled debt restructurings $ 10,799 $ 2,378 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 Troubled Debt Restructurings | During the year ended December 31, 2020, there were no loans modified in a TDR. The following table summarizes information regarding TDRs that were restructured during the year ended December 31, 2021. Number of Loans Recorded Investment Impairment Recognized Commercial real estate 2 $ 4,018 $ 541 Commercial and industrial 2 54 27 Residential real estate 2 1,547 13 Agricultural real estate 4 2,122 488 Agricultural 7 1,292 480 Total troubled debt restructurings 17 $ 9,033 $ 1,549 |
OTHER REAL ESTATE OWNED (Tables
OTHER REAL ESTATE OWNED (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Banking And Thrift Disclosure [Abstract] | |
Schedule for Changes in Other Real Estate Owned | Changes in other real estate owned for the years ended December 31, 2021 and 2020 were as follows. 2021 2020 Beginning of year $ 11,733 $ 8,293 Transfers in 2,222 10,729 Acquired in acquisition — 636 Net (loss) gain on sales 462 835 Proceeds from sales (4,732 ) (6,363 ) 9,685 14,130 Additions to valuation reserve (162 ) (2,397 ) Recorded investment $ 9,523 $ 11,733 |
Summary of Other Real Estate Owned Expense | Expenses related to other real estate owned for the years ended December 31, 2021, 2020 and 2019 were as follows. 2021 2020 2019 Net loss (gain) on sales $ (462 ) $ (835 ) $ 10 Gain on initial valuation of other real estate properties received (539 ) — (191 ) Provision for unrealized losses 162 2,397 250 Operating expenses, net of rental income 651 748 638 $ (188 ) $ 2,310 $ 707 |
PREMISES AND EQUIPMENT (Tables)
PREMISES AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property Plant And Equipment [Abstract] | |
Schedule of Premises and Equipment | Major classifications of premises and equipment, stated at cost, are as follows. 2021 2020 Land $ 21,217 $ 20,113 Buildings and improvements 86,324 71,923 Furniture, fixtures and equipment 23,215 19,928 130,756 111,964 Less: accumulated depreciation (26,718 ) (22,552 ) Premises and equipment, net $ 104,038 $ 89,412 |
Schedule of Right-of-Use Asset and Lease Obligations | Right-of-use asset and lease obligations by type of property are listed below. December 31, 2021 Right-of-Use Asset Lease Liability Weighted Average Lease Term in Years Weighted Average Discount Rate Operating leases Land and building leases $ 5,963 $ 5,928 13.3 2.30 % Total operating leases $ 5,963 $ 5,928 13.3 2.30 % December 31, 2020 Right-of-Use Asset Lease Liability Weighted Average Lease Term in Years Weighted Average Discount Rate Operating leases 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 are listed below. 2021 2020 Operating lease cost $ 586 $ 728 Short-term lease cost — — Variable lease cost 35 34 Total operating lease cost $ 621 $ 762 |
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 as of December 31, 2021, is listed below. Lease payments Due in one year or less $ 757 Due after one year through two years 709 Due after two years through three years 547 Due after three years through four years 554 Due after four years through five years 552 Thereafter 3,999 Total undiscounted cash flows 7,118 Discount on cash flows (1,190 ) Total $ 5,928 |
GOODWILL AND CORE DEPOSIT INT_2
GOODWILL AND CORE DEPOSIT INTANGIBLES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Goodwill | The carrying basis of goodwill and core deposit intangibles as of and for the years ended December 31, 2021 and 2020, were as follows. Goodwill Core Deposit Balance as of January 1, 2020 $ 136,432 $ 19,907 Impairment (104,831 ) — Amortization — (3,850 ) Balance as of December 31, 2020 31,601 16,057 Acquired in acquisition 22,864 2,996 Amortization — (4,174 ) Balance as of December 31, 2021 $ 54,465 $ 14,879 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | Estimated core deposit intangibles amortization expense for each of the following five years and thereafter is listed in the following table. Expensed in one year or less $ 4,002 Expensed after one year through two years 3,099 Expensed after two years through three years 2,565 Expensed after three years through four years 1,945 Expensed after four years through five years 1,355 Thereafter 1,913 Total $ 14,879 |
DERIVATIVE FINANCIAL INSTRUME_2
DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2021, and December 31, 2020. December 31, 2021 December 31, 2020 Notional Amount Derivative Assets Derivative Liabilities Notional Amount Derivative Assets Derivative Liabilities Derivatives designated as hedging instruments: Interest rate swaps $ 26,663 $ — $ 369 $ 5,585 $ — $ 497 Derivatives designated as cash flow hedges: Interest rate swaps 7,500 602 — — — — Total derivatives designated as hedging relationships 34,163 602 369 5,585 — 497 Derivatives not designated as hedging instruments: Interest rate swaps 150,780 4,419 5,184 119,341 7,172 7,820 Total derivatives not designated as hedging instruments 150,780 4,419 5,184 119,341 7,172 7,820 Total $ 184,943 5,021 5,553 $ 124,926 7,172 8,317 Cash collateral — (8,441 ) — (8,440 ) Netting adjustments 2,994 2,994 123 123 Net amount presented in balance sheet $ 8,015 $ 106 $ 7,295 $ — |
Summary of Net Gains or Losses on Derivatives and Hedging Activities | The following table shows net gains or losses on derivatives and hedging activities for the years ended December 31, 2021, 2020 and 2019. 2021 2020 2019 Derivatives designated as hedging instruments: Interest rate swaps $ 28 $ — $ — Total net gains (losses) related to derivatives designated as hedging instruments 28 — — Derivatives designated as cash flow hedges: Interest rate swaps — — — Total net gains (losses) related to derivatives designated as cash flow hedges — — — Total net gain (loss) related to hedging relationships 28 — — Derivatives not designated as hedging instruments: Economic hedges: Interest rate swaps 757 254 307 Total net gains (losses) related to derivatives not designated as hedging instruments 757 254 307 Net gains (losses) on derivatives and hedging activities $ 785 $ 254 $ 307 |
Summary of Recorded Net Gains or Losses on Derivatives and Related Hedged Items in Fair Value Hedging Relationships | The following table shows the recorded net gains or 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 years ended December 31, 2021, 2020 and 2019. December 31, 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 $ (14 ) $ 42 $ 28 $ (156 ) Total $ (14 ) $ 42 $ 28 $ (156 ) December 31, 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 $ 367 $ (367 ) $ — $ (90 ) Total $ 367 $ (367 ) $ — $ (90 ) December 31, 2019 Gain/(Loss) on Derivatives Gain/(Loss) on Hedged Items Net Fair Value Hedge Gain/(Loss) Effect of Derivatives on Net Interest Income Commercial real estate loans $ (387 ) $ 387 $ — $ 21 Total $ (387 ) $ 387 $ — $ 21 |
DEPOSITS (Tables)
DEPOSITS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Banking And Thrift Disclosure [Abstract] | |
Summary of Reciprocal and Brokered Deposits | The following table lists reciprocal and brokered deposits included in total deposits categorized by type. December 31, 2021 December 31, 2020 Interest Bearing Demand Reciprocal $ 52,173 $ 256,037 Total interest-bearing demand 52,173 256,037 Savings and money market Reciprocal 308,374 23,733 Total saving and money market 308,374 23,733 Time Reciprocal 2,969 14,857 Non-reciprocal brokered 10,000 — Total time 12,969 14,857 Total reciprocal and brokered deposits $ 373,516 $ 294,627 |
Summary of Scheduled Maturities of Time Deposits | At December 31, 2021, the scheduled maturities of time deposits are as follows. Due in one year or less $ 534,149 Due after one year through two years 79,329 Due after two years through three years 18,688 Due after three years through four years 11,191 Due after four years through five years 9,776 Thereafter 465 Total $ 653,598 |
BORROWINGS (Tables)
BORROWINGS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Federal Funds Purchased and Retail Repurchase Agreements | Federal funds purchased and retail repurchase agreements included the following at December 31, 2021 and 2020. 2021 2020 Federal funds purchased $ — $ — Retail repurchase agreements $ 56,006 $ 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 and for the years ended December 31, 2021 and 2020. 2021 2020 Average daily balance during the period $ 45,819 $ 45,041 Average interest rate during the period 0.23 % 0.23 % Maximum month-end balance during the period $ 56,006 $ 53,543 Weighted average interest rate at period-end 0.23 % 0.22 % |
Summary of Federal Home Loan Bank Advances | There were no Federal Home Loan Bank advances as of December 31, 2021, advances as of December 31, 2020, were as follows. 2020 Federal Home Loan Bank line of credit advances $ — Federal Home Loan Bank fixed rate term advances 10,107 Total principal outstanding 10,107 Federal Home Loan Bank fixed rate term advances, fair market value adjustments 37 Total Federal Home Loan Bank advances $ 10,144 |
SUBORDINATED DEBT (Tables)
SUBORDINATED DEBT (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Subordinated Longterm Debt Current And Noncurrent Abstract | |
Schedule of Subordinated Debt | The following table lists outstanding subordinated debt as of December 31, 2021 and 2020. 2021 2020 Subordinated debentures $ 22,924 $ 14,872 Subordinated notes 72,961 72,812 Total $ 95,885 $ 87,684 2021 2020 Contractual balance $ 28,352 $ 20,620 Unamortized fair value adjustment (5,428 ) (5,748 ) Net book value $ 22,924 $ 14,872 |
Schedule of Subordinated Notes Table | Subordinated notes as of December 31, 2021, are listed below. December 31, 2021 Weighted Average Rate Weighted Average Term in Years Subordinated notes $ 75,000 7.00 % 8.5 Total principal outstanding 75,000 Debt issuance cost (2,039 ) Total subordinated notes $ 72,961 |
Summary of Future Principal Repayments | Future principal repayments of the December 31, 2021, outstanding balances for all borrowings are as follows. Retail Repurchase Agreements FHLB Advances Subordinated Debentures Subordinated Notes Total Due in one year or less $ 56,006 $ — $ — $ — $ 56,006 Due after one year through two years — — — — — Due after two years through three years — — — — — Due after three years through four years — — — — — Due after four years through five years — — — — — Thereafter — — 28,352 75,000 103,352 Total $ 56,006 $ — $ 28,352 $ 75,000 $ 159,358 |
STOCKHOLDERS' EQUITY (Tables)
STOCKHOLDERS' EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Summary of Shares Issued and Held in Treasury or Outstanding | At December 31, 2021 and 2020, the following table presents shares that were issued and were held in treasury or were outstanding. 2021 2020 Class A common stock – issued 20,077,059 17,224,830 Class A common stock – held in treasury (3,316,944 ) (2,684,274 ) Class A common stock – outstanding 16,760,115 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 — — |
Components of Accumulated Other Comprehensive Income | Components of accumulated other comprehensive income as of December 31, 2021 and 2020, were as follows. Available -for-Sale Securities Cash Flow Hedges Accumulated Other Comprehensive Income December 31, 2021 Net unrealized or unamortized gains (losses) $ 2,426 $ (58 ) $ 2,368 Tax effect (606 ) 14 $ (592 ) $ 1,820 $ (44 ) $ 1,776 December 31, 2020 Net unrealized or unamortized gains (losses) $ 26,426 $ — $ 26,426 Tax effect (6,645 ) — (6,645 ) $ 19,781 $ — $ 19,781 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense | Income tax expense for the year ended December 31, 2021, 2020, and 2019 is listed in the following table 2021 2020 2019 Current income tax expense Federal $ 7,614 $ 9,054 $ 4,066 State 2,750 2,435 1,649 Total current income tax expense 10,364 11,489 5,715 Deferred income tax expense Federal 1,009 (8,770 ) 1,444 State 583 (2,319 ) 119 Total deferred income tax expense 1,592 (11,089 ) 1,563 Total income tax expense $ 11,956 $ 400 $ 7,278 |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of income tax expense at the U.S. federal statutory rate (21% in 2021, 2020 and 2019) to the Company’s actual income tax expense for the year ended December 31, 2021, 2020, and 2019 is shown below. 2021 2020 2019 Computed at the statutory rate $ 13,532 $ (15,660 ) $ 6,900 Increase (decrease) resulting from: State and local taxes, net of federal benefit 2,333 407 1,422 Tax-exempt interest (597 ) (766 ) (885 ) Non-taxable life insurance income (736 ) (408 ) (419 ) Non-deductible expenses 409 183 353 Share-based payments (480 ) 77 18 Federal tax credits (2,754 ) (600 ) (636 ) Non-deductible goodwill — 17,584 — Bargain purchase gain (123 ) (450 ) — Change in valuation allowance 379 164 396 Other (176 ) (131 ) 129 Non-deductible transactions costs 169 — — Income tax expense $ 11,956 $ 400 $ 7,278 |
Components of Deferred Tax Assets and Liabilities | Components of deferred tax assets and liabilities at December 31, 2021 and 2020 are shown in the table below. 2021 2020 Deferred tax assets Allowance for loan losses $ 12,514 $ 8,376 Tax credit carryforwards 810 897 Goodwill amortization 2,996 3,102 Accrued compensation 2,583 2,159 Net operating loss and attribute carryforwards 1,907 1,189 Other real estate owned 508 708 Acquired loans fair market value adjustments 72 1,897 Deferred revenue 566 — Other 1,389 1,342 Gross deferred tax assets 23,345 19,670 Deferred tax liabilities Assumed debt fair market value adjustments 1,348 1,389 Depreciation 5,148 4,491 Federal Home Loan Bank stock dividends 219 445 Acquisition related basis adjustment — 938 Net unrealized or unamortized gains (losses) on securities 590 6,646 Core deposit intangibles 2,330 2,757 Other 493 377 Gross deferred tax liabilities 10,128 17,043 Valuation allowance (2,348 ) (1,479 ) Net deferred tax asset (liability) $ 10,869 $ 1,148 |
REGULATORY MATTERS (Tables)
REGULATORY MATTERS (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2021 and 2020, are presented in the tables 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 December 31, 2021 Total capital to risk weighted assets Equity Bancshares, Inc. $ 571,514 15.96 % $ 376,013 10.50 % $ N/A N/A Equity Bank 546,503 15.28 % 375,646 10.50 % 357,758 10.00 % Tier 1 capital to risk weighted assets Equity Bancshares, Inc. 453,718 12.67 % 304,391 8.50 % N/A N/A Equity Bank 501,711 14.02 % 304,094 8.50 % 286,206 8.00 % Common equity Tier 1 capital to risk weighted assets Equity Bancshares, Inc. 430,794 12.03 % 250,675 7.00 % N/A N/A Equity Bank 501,711 14.02 % 250,430 7.00 % 232,543 6.50 % Tier 1 leverage to average assets Equity Bancshares, Inc. 453,718 9.09 % 199,563 4.00 % N/A N/A Equity Bank 501,711 10.07 % 199,381 4.00 % 249,226 5.00 % Actual Minimum Required for Capital Adequacy Under Basel III To Be Well Capitalized Under Prompt Corrective Provisions Amount Ratio Amount Ratio Amount Ratio 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 % |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Changes in Loans Outstanding to Related Parties | At December 31, 2021 and 2020, the Company had loans outstanding to executive officers, directors, significant stockholders and their affiliates (related parties) in the amount of $12,358 and $1,978. Changes during 2021 are listed below. 2021 Balance at January 1, 2021 $ 1,978 New loans/advances 14,655 Repayments (4,275 ) Balance at December 31, 2021 $ 12,358 |
EMPLOYEE BENEFITS (Tables)
EMPLOYEE BENEFITS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Compensation And Retirement Disclosure [Abstract] | |
Schedule of Net Pension Cost and Funded Status | The following table presents the net pension cost and funded status of the Company relating to the Pentegra Defined Benefit Plan since the date of acquisition (dollar amounts in thousands). 2021 2020 Net pension cost charged to salaries and employee benefits $ 168 $ 158 Pentegra defined benefit plan funded status as of July 1 129.62 % 108.20 % Plan's funded status as of July 1 101.26 % 90.55 % Contributions paid to the plan $ 150 $ 144 |
SHARE-BASED PAYMENTS (Tables)
SHARE-BASED PAYMENTS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Stock Option Activity | The following tables summarize stock option activity for the years ended December 31, 2021 and 2020. December 31, 2021 Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding at beginning of year 751,333 $ 22.89 5 $ 2,790 Granted 4,163 22.08 10 — Exercised (247,895 ) 15.52 2 — Forfeited or expired (28,760 ) 33.13 7 — Outstanding at end of year 478,841 $ 26.08 5 $ 3,889 Fully vested and expected to vest 478,841 $ 26.08 5 $ 3,889 Exercisable at end of year 437,801 $ 25.49 5 $ 3,806 December 31, 2020 Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding at beginning of year 785,758 $ 23.17 6 $ 6,896 Exercised (1,150 ) 17.43 4 — Forfeited or expired (33,275 ) 29.66 6 — Outstanding at end of year 751,333 $ 22.89 5 $ 2,790 Fully vested and expected to vest 751,333 $ 22.89 5 $ 2,790 Exercisable at end of year 647,861 $ 21.22 4 $ 2,790 |
Schedule of Fair Values of Options Granted | The fair values of options granted were determined using the following weighted-average assumptions as of grant dates. 2021 2019 Risk free rate 0.62 % 2.52 % Market value of stock on grant date $ 22.08 $ 32.43 Expected term (in years) 6.0 5.8 Expected volatility 26.13 % 15.71 % Dividend rate — % — % |
Summary of Changes in Company's Non-vested RSUs | A summary of changes in the Company’s non-vested RSUs is shown below. Non-vested Restricted Stock Units Shares Weighted Average Grant Date Fair Value Non-vested RSUs at January 1, 2021 261,078 $ 30.39 Granted 169,696 22.58 Vested (74,454 ) 32.56 Forfeited (68,583 ) 30.75 Outstanding at December 31, 2021 287,737 $ 25.13 Non-vested Restricted Stock Units Shares Weighted Average Grant Date Fair Value Non-vested RSUs at January 1, 2020 187,450 $ 34.56 Granted 126,827 25.38 Vested (34,891 ) 34.36 Forfeited (18,308 ) 30.58 Outstanding at December 31, 2020 261,078 $ 30.39 |
Summary of Offering Periods and Costs | The following table presents the offering periods and costs associated with this program. Offering Period Shares Purchased Cost Per Share Compensation Expense February 15, 2019 to August 14, 2019 19,221 $ 21.07 $ 72 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 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Summary of Earnings Per Share | Earnings per share were computed as shown below. 2021 2020 2019 Basic: Net income allocable to common stockholders $ 52,480 $ (74,970 ) $ 25,579 Weighted average common shares outstanding 15,016,725 15,097,726 15,618,690 Weighted average vested restricted stock units 2,496 786 1,201 Weighted average shares 15,019,221 15,098,512 15,619,891 Basic earnings per common share $ 3.49 $ (4.97 ) $ 1.64 Diluted: Net income allocable to common stockholders $ 52,480 $ (74,970 ) $ 25,579 Weighted average common shares outstanding for: Basic earnings per common share 15,019,221 15,098,512 15,619,891 Dilutive effects of the assumed exercise of stock options 164,704 — 201,409 Dilutive effects of the assumed redemption of RSUs 120,622 — 21,839 Dilutive effects of the assumed exercise of Employee Stock Purchase Plan 1,884 — — Average shares and dilutive potential common shares 15,306,431 15,098,512 15,843,139 Diluted earnings per common share $ 3.43 $ (4.97 ) $ 1.61 |
Schedule of Dilutive Shares Not Included In the Computation of Diluted Earnings (Loss) Per Share | Dilutive shares not included above due to the net loss in the period. 2021 2020 2019 Dilutive effects of the assumed exercise of stock options — 98,943 — Dilutive effects of the assumed vesting of restricted stock units — 37,677 — Dilutive effects of the assumed exercise of ESPP purchases — 3,367 — Total dilutive shares — 139,987 — |
Schedule of Average Shares Not Included In the Computation of Diluted Earnings (Loss) Per Share | Average outstanding stock options and RSUs not included in the computation of diluted earnings (loss) because they were antidilutive are shown below. 2021 2020 2019 Stock options 55,872 309,951 308,933 Restricted stock units 451 135,155 2,027 Total antidilutive shares 56,323 445,106 310,960 |
FAIR VALUE (Tables)
FAIR VALUE (Tables) | 12 Months Ended |
Dec. 31, 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 below. December 31, 2021 Level 1 Level 2 Level 3 Assets: Available-for-sale securities: U.S. Government-sponsored entities $ — $ 123,407 $ — U.S. Treasury securities 155,602 — — Mortgage backed securities Government-sponsored residential mortgage backed securities — 664,887 — Private label residential mortgage backed securities — 171,688 — Corporate — 53,777 — Small Business Administration loan pools — 16,475 — State and political subdivisions — 141,606 — Derivative assets: Derivative assets (included in other assets) — 5,021 — Cash collateral held by counterparty and netting adjustments 2,994 — — Total derivative assets 2,994 5,021 — Other assets: Equity securities with readily determinable fair value 644 — — Total other assets 644 — — Total assets $ 159,240 $ 1,176,861 $ — Liabilities: Derivative liabilities: Derivative liabilities (included in other liabilities) $ — $ 5,553 $ — Cash collateral held by counterparty and netting adjustments (5,447 ) — — Total derivative liabilities (5,447 ) 5,553 — Total liabilities $ (5,447 ) $ 5,553 $ — 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. December 31, 2021 Level 1 Level 2 Level 3 Loans individually evaluated for credit losses: Commercial real estate $ — $ — $ 5,201 Commercial and industrial — — 2,793 Residential real estate — — 3,758 Agricultural real estate — — 2,101 Other — — 4,068 Other real estate owned: Commercial real estate — — 2,043 Residential real estate — — 191 December 31, 2020 Level 1 Level 2 Level 3 Impaired 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 average) December 31, 2021 Impaired real estate loans $ 17,921 Sales Comparison Approach Adjustments for differences between comparable sales 5% - 31% (18%) Impaired other real estate owned $ 2,234 Sales Comparison Approach Adjustments for differences between comparable sales 3% - 20% (12%) December 31, 2020 Impaired real estate loans $ 13,443 Sales Comparison Approach Adjustments for differences between comparable sales 2% - 22% (12%) Impaired other loans $ 11,659 Multiple of Earnings Multiples of earnings for comparable entities 4.5X - 5.5X (5.0X) Impaired other real estate owned $ 4,351 Sales Comparison Approach Adjustments for differences between comparable sales 16% - 42% (29%) |
Carrying Amounts and Estimated Fair Values of Financial Instrument | Carrying amounts and estimated fair values of financial instruments at year end were as follows as of the date indicated. December 31, 2021 Carrying Amount Estimated Fair Value Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 259,954 $ 259,954 $ 259,954 $ — $ — Interest-bearing deposits — — — — — Available-for-sale securities 1,327,442 1,327,442 155,601 1,171,841 — Loans held for sale 4,214 4,214 — 4,214 — Loans, net of allowance for credit losses 3,107,262 3,100,232 — — 3,100,232 Federal Reserve Bank and Federal Home Loan Bank stock 17,510 17,510 — 17,510 — Interest receivable 18,048 18,048 — 18,048 — Derivative assets 5,021 5,021 — 5,021 — Cash collateral held by derivative counterparty and netting adjustments 2,994 2,994 2,994 — — Total derivative assets 8,015 8,015 2,994 5,021 — Equity securities with readily determinable fair value 644 644 644 — — Total assets $ 4,743,089 $ 4,736,059 $ 419,193 $ 1,216,634 $ 3,100,232 Financial liabilities: Deposits $ 4,420,004 $ 4,421,441 $ — $ 4,421,441 $ — Federal funds purchased and retail repurchase agreements 56,006 56,006 — 56,006 — Federal Home Loan Bank advances — — — — — Subordinated debentures 22,924 22,924 — 22,924 — Subordinated notes 72,961 80,880 — 80,880 — Contractual obligations 17,692 17,692 — 17,692 — Interest payable 3,187 3,187 — 3,187 — Derivative liabilities 5,553 5,553 — 5,553 — Cash collateral held by derivative counterparty and netting adjustments (5,447 ) (5,447 ) (5,447 ) — — Total derivative liabilities 106 106 (5,447 ) 5,553 — Total liabilities $ 4,592,880 $ 4,602,236 $ (5,447 ) $ 4,607,683 $ — 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 deposits 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 loan 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) | 12 Months Ended |
Dec. 31, 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 December 31, 2021 and 2020 were as follows. December 31, 2021 December 31, 2020 Fixed Rate Variable Rate Fixed Rate Variable Rate Commitments to make loans $ 101,923 $ 173,976 $ 50,123 $ 129,860 Mortgage loans in the process of origination 7,404 2,353 13,826 1,713 Unused lines of credit 106,291 317,249 120,720 226,731 December 31, 2021 December 31, 2020 Fixed Rate Variable Rate Fixed Rate Variable Rate Standby letters of credit $ 14,656 $ 5,799 $ 9,020 $ 3,314 |
REVENUE RECOGNITION (Tables)
REVENUE RECOGNITION (Tables) | 12 Months Ended |
Dec. 31, 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 years ended December 31, 2021 and 2020. 2021 2020 Non-interest income Service charges and fees $ 8,596 $ 6,856 Debit card income 10,236 9,136 Mortgage banking (a) 3,306 3,153 Increase in bank-owned life insurance (a) 3,506 1,941 Net gain on acquisition (a) 585 2,145 Net gain (loss) from securities transactions (a) 406 11 Other non-interest income Investment referral income 678 567 Trust income 1,140 433 Insurance sales commissions 545 275 Recovery on zero-basis purchased loans (a) 85 134 Income from equity method investments (a) (222 ) (210 ) Other non-interest income related to loans and deposits 3,703 1,299 Other non-interest income not related to loans and deposits (a) 278 283 Total other non-interest income 6,207 2,781 Total $ 32,842 $ 26,023 (a) |
CONDENSED FINANCIAL INFORMATI_2
CONDENSED FINANCIAL INFORMATION (PARENT COMPANY ONLY) (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Condensed Balance Sheets | CONDENSED BALANCE SHEETS December 31, 2021 and 2020 (Dollar Amounts in thousands, except per share data) 2021 2020 ASSETS Cash and due from banks $ 25,063 $ 31,970 Investment in Equity Bank 572,414 452,304 Investment in EBAC 3,538 3,915 Other assets 342 7,657 Total assets $ 601,357 $ 495,846 LIABILITIES AND STOCKHOLDERS’ EQUITY Bank stock loan $ — $ — Subordinated debt 95,885 87,684 Interest payable and other liabilities 4,841 513 Total liabilities 100,726 88,197 Stockholders’ equity 500,631 407,649 Total liabilities and stockholders’ equity $ 601,357 $ 495,846 |
Condensed Statements of Income | CONDENSED STATEMENTS OF INCOME Years ended December 31, 2021, 2020, and 2019 (Dollar Amounts in thousands, except per share data) 2021 2020 2019 Dividends from Equity Bank $ 14,251 $ 7,500 $ 23,000 Other income 56 1 4 Total income 14,307 7,501 23,004 Expenses Interest expense 6,261 3,924 1,905 Other expenses 3,450 2,536 2,254 Total expenses 9,711 6,460 4,159 Income before income tax and equity in undistributed income (loss) of subsidiaries 4,596 1,041 18,845 Income tax benefit 1,551 1,504 1,081 Income before equity in undistributed income (loss) of subsidiaries 6,147 2,545 19,926 Equity in undistributed income (loss) of Equity Bank 46,710 (77,143 ) 5,978 Equity in undistributed income (loss) of EBAC (377 ) (372 ) (325 ) Net income (loss) and net income (loss) allocable to common stockholders $ 52,480 $ (74,970 ) $ 25,579 |
Condensed Statements of Cash Flows | CONDENSED STATEMENTS OF CASH FLOWS Years ended December 31, 2021, 2020, and 2019 (Dollar Amounts in thousands, except per share data) 2021 2020 2019 Cash flows from operating activities Net income (loss) $ 52,480 $ (74,970 ) $ 25,579 Adjustments to reconcile net income to net cash from operating activities: Stock based compensation 2,906 3,473 2,870 Equity in undistributed (income) loss of Equity Bank (46,710 ) 77,143 (5,978 ) Equity in undistributed (income) loss of EBAC 377 372 325 Net amortization of purchase valuation adjustments 485 388 301 Net change in: Other assets 6,965 (300 ) (4,092 ) Interest payable and other liabilities (207 ) (4,524 ) (147 ) Net cash from (to) operating activities 16,296 1,582 18,858 Cash flows (to) from investing activities Proceeds from sales, calls, pay-downs and maturities of AFS securities 376 — — Purchase of net assets of ASBI, net of cash acquired (8,209 ) — — Additional investment in Equity Bank — (17,200 ) — Additional investment in EBAC — (450 ) (900 ) Net cash (used in) investing activities (7,833 ) (17,650 ) (900 ) Cash flows (to) from financing activities Borrowings on bank stock loan — 38,354 7,209 Principal payments on bank stock loan — (47,344 ) (13,669 ) Borrowings on subordinated debt — 75,000 — Subordinated debt issue cost (16 ) (2,265 ) — Proceeds from exercise of employee stock options 3,847 20 371 Principal payments on employee stock loan 43 34 44 Proceeds from employee stock purchase plan 569 596 405 Purchase of treasury stock (18,664 ) (19,348 ) (10,867 ) Dividends paid on common stock (1,149 ) — — Net cash provided by (used in) financing activities (15,370 ) 45,047 (16,507 ) Net change in cash and cash equivalents (6,907 ) 28,979 1,451 Cash and cash equivalents, beginning of period 31,970 2,991 1,540 Ending cash and cash equivalents $ 25,063 $ 31,970 $ 2,991 |
Nature of Operations and Summ_3
Nature of Operations and Summary of Significant Accounting Policies - Additional Information (Detail) | Jan. 01, 2021USD ($) | Dec. 31, 2021USD ($)Entity | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Organization Consolidation And Presentation Of Financial Statements Disclosure And Significant Accounting Policies [Line Items] | |||||
Allowance for Loan Losses | $ 48,365,000 | $ 33,709,000 | $ 12,232,000 | $ 11,454,000 | |
Number of entities | Entity | 2 | ||||
Interest or penalties incurred | $ 0 | 0 | $ 0 | ||
Retained earnings | $ 88,324,000 | 50,787,000 | |||
Minimum [Member] | Core Deposits [Member] | |||||
Organization Consolidation And Presentation Of Financial Statements Disclosure And Significant Accounting Policies [Line Items] | |||||
Estimated useful lives of core deposits | 7 years | ||||
Maximum [Member] | Core Deposits [Member] | |||||
Organization Consolidation And Presentation Of Financial Statements Disclosure And Significant Accounting Policies [Line Items] | |||||
Estimated useful lives of core deposits | 10 years | ||||
Buildings and Improvements [Member] | |||||
Organization Consolidation And Presentation Of Financial Statements Disclosure And Significant Accounting Policies [Line Items] | |||||
Estimated useful lives | 39 years | ||||
Furniture and Fixtures [Member] | Minimum [Member] | |||||
Organization Consolidation And Presentation Of Financial Statements Disclosure And Significant Accounting Policies [Line Items] | |||||
Estimated useful lives | 4 years | ||||
Furniture and Fixtures [Member] | Maximum [Member] | |||||
Organization Consolidation And Presentation Of Financial Statements Disclosure And Significant Accounting Policies [Line Items] | |||||
Estimated useful lives | 7 years | ||||
Equipment [Member] | Minimum [Member] | |||||
Organization Consolidation And Presentation Of Financial Statements Disclosure And Significant Accounting Policies [Line Items] | |||||
Estimated useful lives | 4 years | ||||
Equipment [Member] | Maximum [Member] | |||||
Organization Consolidation And Presentation Of Financial Statements Disclosure And Significant Accounting Policies [Line Items] | |||||
Estimated useful lives | 7 years | ||||
ASU 2016-13 [Member] | Adoption of Current Expected Credit Losses (CECL) [Member] | |||||
Organization Consolidation And Presentation Of Financial Statements Disclosure And Significant Accounting Policies [Line Items] | |||||
Loans held for investment | $ 15,732,000 | ||||
Increase in allowance for credit losses | 838,000 | ||||
Loan from credit impaired discount | 10,438,000 | ||||
Increase in deferred tax asset | 4,167,000 | ||||
ASU 2016-13 [Member] | Adoption of Current Expected Credit Losses (CECL) [Member] | Fresh Start Adjustment [Member] | |||||
Organization Consolidation And Presentation Of Financial Statements Disclosure And Significant Accounting Policies [Line Items] | |||||
Retained earnings | 12,403,000 | ||||
ASU 2016-13 [Member] | PCD Loans [Member] | |||||
Organization Consolidation And Presentation Of Financial Statements Disclosure And Significant Accounting Policies [Line Items] | |||||
Allowance for Loan Losses | $ 10,438,000 | $ 10,438,000 | |||
ASU 2017-08 [Member] | Revision of Prior Period, Change in Accounting Principle, Adjustment [Member] | Amortized Cost of Investment Securities [Member] | |||||
Organization Consolidation And Presentation Of Financial Statements Disclosure And Significant Accounting Policies [Line Items] | |||||
Reduction in the amortized cost of investment securities leads to reduction of retained earnings and net of deferred taxes | $ 1,385,000 | ||||
ASU 2017-08 [Member] | Revision of Prior Period, Change in Accounting Principle, Adjustment [Member] | Retained Earnings [Member] | |||||
Organization Consolidation And Presentation Of Financial Statements Disclosure And Significant Accounting Policies [Line Items] | |||||
Reduction in the amortized cost of investment securities leads to reduction of retained earnings and net of deferred taxes | 1,148,000 | ||||
ASU 2017-08 [Member] | Revision of Prior Period, Change in Accounting Principle, Adjustment [Member] | Deferred Taxes [Member] | |||||
Organization Consolidation And Presentation Of Financial Statements Disclosure And Significant Accounting Policies [Line Items] | |||||
Reduction in the amortized cost of investment securities leads to reduction of retained earnings and net of deferred taxes | $ 237,000 |
Business Combinations - Additio
Business Combinations - Additional Information (Detail) $ in Thousands | Dec. 03, 2021USD ($)BranchBank | Oct. 01, 2021USD ($)Branch | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($)Branch | Dec. 31, 2019USD ($) | Oct. 23, 2020USD ($) |
Business Acquisition [Line Items] | ||||||
Goodwill | $ 54,465 | $ 31,601 | $ 136,432 | |||
American State Bank Trust Company [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Acquisition-related costs | 8,663 | |||||
Acquisition-related costs after tax | 6,699 | |||||
Ownership percentage | 100.00% | |||||
Goodwill | $ 22,198 | |||||
American State Bank Trust Company [Member] | Wichita Area Kansas [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Number of branches acquired | Branch | 5 | |||||
American State Bank Trust Company [Member] | Southwest Kansas [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Number of branches acquired | Branch | 2 | |||||
American State Bank Trust Company [Member] | Central Kansas [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Number of branches acquired | Branch | 5 | |||||
American State Bank Trust Company [Member] | North Central Kansas [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Number of branches acquired | Branch | 5 | |||||
Security Bank Of Kansas City [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Acquisition-related costs | 289 | |||||
Acquisition-related costs after tax | 217 | |||||
Goodwill | $ 666 | |||||
Security Bank Of Kansas City [Member] | Missouri [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Number of branches acquired | Branch | 3 | |||||
Number of bank locations | Bank | 3 | |||||
ASBI and Security [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Total combined revenue | 170,638 | 180,224 | ||||
Net income | 64,252 | 69,531 | ||||
Almena State Bank [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Acquisition-related costs | 237 | 299 | ||||
Acquisition-related costs after tax | $ 177 | 225 | ||||
Total combined revenue | 183,625 | 203,002 | ||||
Net income | 74,078 | $ 26,855 | ||||
Gain on acquisition | $ 2,145 | $ 2,145 | ||||
Almena State Bank [Member] | Almena, Kansas [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Number of branches acquired | Branch | 1 | |||||
Almena State Bank [Member] | Norton, Kansas [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Number of branches acquired | Branch | 1 |
Business Combinations - Summary
Business Combinations - Summary of the Amounts of Assets Acquired and Liabilities Assumed Recognized at the Merger/Acquisition Date (Detail) - USD ($) $ in Thousands | Oct. 01, 2021 | Dec. 31, 2021 | Dec. 03, 2021 | Dec. 31, 2020 | Oct. 23, 2020 | Dec. 31, 2019 |
Recognized amounts of identifiable assets acquired and liabilities assumed: | ||||||
Goodwill | $ 54,465 | $ 31,601 | $ 136,432 | |||
American State Bank Trust Company [Member] | ||||||
Fair value of consideration: | ||||||
Fair value of consideration | $ 93,189 | |||||
Recognized amounts of identifiable assets acquired and liabilities assumed: | ||||||
Cash and due from banks | 97,724 | |||||
Federal funds sold | 13,428 | |||||
Bank-owned life insurance | 16,986 | |||||
Federal Reserve Bank and Federal Home Loan Bank stock | 4,251 | |||||
Loans | 441,884 | |||||
Premises and equipment | 11,975 | |||||
Core deposit intangibles | 2,660 | |||||
Other assets | 15,164 | |||||
Total assets acquired | 780,548 | |||||
Deposits | 668,849 | |||||
Federal funds purchased and retail repurchase agreements | 12,906 | |||||
Federal Home Loan Bank advances | 14,409 | |||||
Subordinated debt | 7,732 | |||||
Interest payable and other liabilities | 5,661 | |||||
Total liabilities assumed | 709,557 | |||||
Total identifiable net assets | 70,991 | |||||
Goodwill | 22,198 | |||||
Total | 93,189 | |||||
American State Bank Trust Company [Member] | Available for Sale Securities [Member] | ||||||
Recognized amounts of identifiable assets acquired and liabilities assumed: | ||||||
Available-for-sale securities | 176,476 | |||||
American State Bank Trust Company [Member] | Cash [Member] | ||||||
Fair value of consideration: | ||||||
Fair value of consideration | 8,442 | |||||
American State Bank Trust Company [Member] | Common Stock [Member] | ||||||
Fair value of consideration: | ||||||
Fair value of consideration | $ 84,747 | |||||
Security Bank Of Kansas City [Member] | ||||||
Recognized amounts of identifiable assets acquired and liabilities assumed: | ||||||
Cash and due from banks | $ 71,153 | |||||
Loans | 1,365 | |||||
Premises and equipment | 2,779 | |||||
Core deposit intangibles | 336 | |||||
Other assets | 204 | |||||
Total assets acquired | 75,837 | |||||
Deposits | 75,078 | |||||
Interest payable and other liabilities | 1,425 | |||||
Total liabilities assumed | 76,503 | |||||
Total identifiable net assets | (666) | |||||
Goodwill | $ 666 | |||||
Almena State Bank [Member] | ||||||
Recognized amounts of identifiable assets acquired and liabilities assumed: | ||||||
Cash and due from banks | $ 25,925 | |||||
Federal Reserve Bank and Federal Home Loan Bank stock | 187 | |||||
Loans | 35,155 | |||||
Premises and equipment | 1,109 | |||||
Other real estate owned | 636 | |||||
Other assets | 604 | |||||
Total assets acquired | 70,657 | |||||
Deposits | 62,472 | |||||
Federal funds purchased and retail repurchase agreements | 251 | |||||
Interest payable and other liabilities | 5,204 | |||||
Total liabilities assumed | 67,927 | |||||
Total identifiable net assets | 2,730 | |||||
Gain on acquisition | $ (2,145) | (2,145) | ||||
Almena State Bank [Member] | Available for Sale Securities [Member] | ||||||
Recognized amounts of identifiable assets acquired and liabilities assumed: | ||||||
Available-for-sale securities | $ 7,041 |
Business Combinations - Informa
Business Combinations - Information about Loans Acquired (Detail) - USD ($) $ in Thousands | Oct. 01, 2021 | Oct. 23, 2020 |
American State Bank Trust Company [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired loans | $ 441,884 | |
American State Bank Trust Company [Member] | Non-Purchase Credit Deteriorated Loans [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired loans | 327,169 | |
American State Bank Trust Company [Member] | Non-Purchase Credit Deteriorated Loans [Member] | Commercial Real Estate [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired loans | 97,554 | |
American State Bank Trust Company [Member] | Non-Purchase Credit Deteriorated Loans [Member] | Commercial and Industrial [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired loans | 62,901 | |
American State Bank Trust Company [Member] | Non-Purchase Credit Deteriorated Loans [Member] | Residential Real Estate [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired loans | 37,766 | |
American State Bank Trust Company [Member] | Non-Purchase Credit Deteriorated Loans [Member] | Agricultural Real Estate [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired loans | 57,158 | |
American State Bank Trust Company [Member] | Non-Purchase Credit Deteriorated Loans [Member] | Agricultural [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired loans | 55,971 | |
American State Bank Trust Company [Member] | Non-Purchase Credit Deteriorated Loans [Member] | Consumer [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired loans | 15,819 | |
American State Bank Trust Company [Member] | Purchase Credit Deteriorated Loans [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired loans | 114,715 | |
American State Bank Trust Company [Member] | Purchase Credit Deteriorated Loans [Member] | Commercial Real Estate [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired loans | 91,137 | |
American State Bank Trust Company [Member] | Purchase Credit Deteriorated Loans [Member] | Commercial and Industrial [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired loans | 1,950 | |
American State Bank Trust Company [Member] | Purchase Credit Deteriorated Loans [Member] | Residential Real Estate [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired loans | 2,251 | |
American State Bank Trust Company [Member] | Purchase Credit Deteriorated Loans [Member] | Agricultural Real Estate [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired loans | 9,763 | |
American State Bank Trust Company [Member] | Purchase Credit Deteriorated Loans [Member] | Agricultural [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired loans | 9,432 | |
American State Bank Trust Company [Member] | Purchase Credit Deteriorated Loans [Member] | Consumer [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired loans | 182 | |
American State Bank Trust Company [Member] | Loan Par Value [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired loans | 452,675 | |
American State Bank Trust Company [Member] | Loan Par Value [Member] | Non-Purchase Credit Deteriorated Loans [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired loans | 330,644 | |
American State Bank Trust Company [Member] | Loan Par Value [Member] | Non-Purchase Credit Deteriorated Loans [Member] | Commercial Real Estate [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired loans | 98,774 | |
American State Bank Trust Company [Member] | Loan Par Value [Member] | Non-Purchase Credit Deteriorated Loans [Member] | Commercial and Industrial [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired loans | 63,249 | |
American State Bank Trust Company [Member] | Loan Par Value [Member] | Non-Purchase Credit Deteriorated Loans [Member] | Residential Real Estate [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired loans | 37,919 | |
American State Bank Trust Company [Member] | Loan Par Value [Member] | Non-Purchase Credit Deteriorated Loans [Member] | Agricultural Real Estate [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired loans | 58,632 | |
American State Bank Trust Company [Member] | Loan Par Value [Member] | Non-Purchase Credit Deteriorated Loans [Member] | Agricultural [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired loans | 56,238 | |
American State Bank Trust Company [Member] | Loan Par Value [Member] | Non-Purchase Credit Deteriorated Loans [Member] | Consumer [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired loans | 15,832 | |
American State Bank Trust Company [Member] | Loan Par Value [Member] | Purchase Credit Deteriorated Loans [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired loans | 122,031 | |
American State Bank Trust Company [Member] | Loan Par Value [Member] | Purchase Credit Deteriorated Loans [Member] | Commercial Real Estate [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired loans | 95,812 | |
American State Bank Trust Company [Member] | Loan Par Value [Member] | Purchase Credit Deteriorated Loans [Member] | Commercial and Industrial [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired loans | 2,017 | |
American State Bank Trust Company [Member] | Loan Par Value [Member] | Purchase Credit Deteriorated Loans [Member] | Residential Real Estate [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired loans | 2,842 | |
American State Bank Trust Company [Member] | Loan Par Value [Member] | Purchase Credit Deteriorated Loans [Member] | Agricultural Real Estate [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired loans | 10,424 | |
American State Bank Trust Company [Member] | Loan Par Value [Member] | Purchase Credit Deteriorated Loans [Member] | Agricultural [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired loans | 10,693 | |
American State Bank Trust Company [Member] | Loan Par Value [Member] | Purchase Credit Deteriorated Loans [Member] | Consumer [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired loans | 243 | |
American State Bank Trust Company [Member] | Credit Marks in ACL [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired loans | (5,612) | |
American State Bank Trust Company [Member] | Credit Marks in ACL [Member] | Purchase Credit Deteriorated Loans [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired loans | (5,612) | |
American State Bank Trust Company [Member] | Credit Marks in ACL [Member] | Purchase Credit Deteriorated Loans [Member] | Commercial Real Estate [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired loans | (3,719) | |
American State Bank Trust Company [Member] | Credit Marks in ACL [Member] | Purchase Credit Deteriorated Loans [Member] | Commercial and Industrial [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired loans | (60) | |
American State Bank Trust Company [Member] | Credit Marks in ACL [Member] | Purchase Credit Deteriorated Loans [Member] | Residential Real Estate [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired loans | (244) | |
American State Bank Trust Company [Member] | Credit Marks in ACL [Member] | Purchase Credit Deteriorated Loans [Member] | Agricultural Real Estate [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired loans | (421) | |
American State Bank Trust Company [Member] | Credit Marks in ACL [Member] | Purchase Credit Deteriorated Loans [Member] | Agricultural [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired loans | (1,113) | |
American State Bank Trust Company [Member] | Credit Marks in ACL [Member] | Purchase Credit Deteriorated Loans [Member] | Consumer [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired loans | (55) | |
American State Bank Trust Company [Member] | Non-Credit Rate Marks [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired loans | (5,179) | |
American State Bank Trust Company [Member] | Non-Credit Rate Marks [Member] | Non-Purchase Credit Deteriorated Loans [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired loans | (3,475) | |
American State Bank Trust Company [Member] | Non-Credit Rate Marks [Member] | Non-Purchase Credit Deteriorated Loans [Member] | Commercial Real Estate [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired loans | (1,220) | |
American State Bank Trust Company [Member] | Non-Credit Rate Marks [Member] | Non-Purchase Credit Deteriorated Loans [Member] | Commercial and Industrial [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired loans | (348) | |
American State Bank Trust Company [Member] | Non-Credit Rate Marks [Member] | Non-Purchase Credit Deteriorated Loans [Member] | Residential Real Estate [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired loans | (153) | |
American State Bank Trust Company [Member] | Non-Credit Rate Marks [Member] | Non-Purchase Credit Deteriorated Loans [Member] | Agricultural Real Estate [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired loans | (1,474) | |
American State Bank Trust Company [Member] | Non-Credit Rate Marks [Member] | Non-Purchase Credit Deteriorated Loans [Member] | Agricultural [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired loans | (267) | |
American State Bank Trust Company [Member] | Non-Credit Rate Marks [Member] | Non-Purchase Credit Deteriorated Loans [Member] | Consumer [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired loans | (13) | |
American State Bank Trust Company [Member] | Non-Credit Rate Marks [Member] | Purchase Credit Deteriorated Loans [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired loans | (1,704) | |
American State Bank Trust Company [Member] | Non-Credit Rate Marks [Member] | Purchase Credit Deteriorated Loans [Member] | Commercial Real Estate [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired loans | (956) | |
American State Bank Trust Company [Member] | Non-Credit Rate Marks [Member] | Purchase Credit Deteriorated Loans [Member] | Commercial and Industrial [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired loans | (7) | |
American State Bank Trust Company [Member] | Non-Credit Rate Marks [Member] | Purchase Credit Deteriorated Loans [Member] | Residential Real Estate [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired loans | (347) | |
American State Bank Trust Company [Member] | Non-Credit Rate Marks [Member] | Purchase Credit Deteriorated Loans [Member] | Agricultural Real Estate [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired loans | (240) | |
American State Bank Trust Company [Member] | Non-Credit Rate Marks [Member] | Purchase Credit Deteriorated Loans [Member] | Agricultural [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired loans | (148) | |
American State Bank Trust Company [Member] | Non-Credit Rate Marks [Member] | Purchase Credit Deteriorated Loans [Member] | Consumer [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired loans | $ (6) | |
Almena State Bank [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired loans | $ 35,155 | |
Almena State Bank [Member] | Commercial Real Estate [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired loans | 6,193 | |
Almena State Bank [Member] | Commercial and Industrial [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired loans | 7,876 | |
Almena State Bank [Member] | Residential Real Estate [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired loans | 3,330 | |
Almena State Bank [Member] | Agricultural Real Estate [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired loans | 5,398 | |
Almena State Bank [Member] | Agricultural [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired loans | 10,589 | |
Almena State Bank [Member] | Consumer [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired loans | 1,769 | |
Almena State Bank [Member] | Non Credit Impaired Loans [Member] | ||
Business Acquisition [Line Items] | ||
Contractually required principal | 25,702 | |
Cash flows expected to be collected | 25,702 | |
Accretable yield | (255) | |
Fair value of acquired loans | 25,447 | |
Almena State Bank [Member] | Non Credit Impaired Loans [Member] | Commercial Real Estate [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired loans | 3,895 | |
Almena State Bank [Member] | Non Credit Impaired Loans [Member] | Commercial and Industrial [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired loans | 5,848 | |
Almena State Bank [Member] | Non Credit Impaired Loans [Member] | Residential Real Estate [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired loans | 3,157 | |
Almena State Bank [Member] | Non Credit Impaired Loans [Member] | Agricultural Real Estate [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired loans | 3,226 | |
Almena State Bank [Member] | Non Credit Impaired Loans [Member] | Agricultural [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired loans | 7,552 | |
Almena State Bank [Member] | Non Credit Impaired Loans [Member] | Consumer [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired loans | 1,769 | |
Almena State Bank [Member] | Purchase Credit Impaired Loans [Member] | ||
Business Acquisition [Line Items] | ||
Contractually required principal | 20,597 | |
Non-accretable difference (expected losses) | (10,889) | |
Cash flows expected to be collected | 9,708 | |
Fair value of acquired loans | 9,708 | |
Almena State Bank [Member] | Purchase Credit Impaired Loans [Member] | Commercial Real Estate [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired loans | 2,298 | |
Almena State Bank [Member] | Purchase Credit Impaired Loans [Member] | Commercial and Industrial [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired loans | 2,028 | |
Almena State Bank [Member] | Purchase Credit Impaired Loans [Member] | Residential Real Estate [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired loans | 173 | |
Almena State Bank [Member] | Purchase Credit Impaired Loans [Member] | Agricultural Real Estate [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired loans | 2,172 | |
Almena State Bank [Member] | Purchase Credit Impaired Loans [Member] | Agricultural [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired loans | $ 3,037 |
Business Combinations - Carryin
Business Combinations - Carrying Value of Loans Acquired (Detail) - USD ($) $ in Thousands | Dec. 03, 2021 | Oct. 23, 2020 |
Security Bank Of Kansas City [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired loans | $ 1,365 | |
Security Bank Of Kansas City [Member] | Commercial Real Estate [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired loans | 61 | |
Security Bank Of Kansas City [Member] | Residential Real Estate [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired loans | 1,116 | |
Security Bank Of Kansas City [Member] | Consumer [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired loans | $ 188 | |
Almena State Bank [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired loans | $ 35,155 | |
Almena State Bank [Member] | Non Credit Impaired Loans [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired loans | 25,447 | |
Almena State Bank [Member] | Purchase Credit Impaired Loans [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired loans | 9,708 | |
Almena State Bank [Member] | Commercial Real Estate [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired loans | 6,193 | |
Almena State Bank [Member] | Commercial Real Estate [Member] | Non Credit Impaired Loans [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired loans | 3,895 | |
Almena State Bank [Member] | Commercial Real Estate [Member] | Purchase Credit Impaired Loans [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired loans | 2,298 | |
Almena State Bank [Member] | Commercial and Industrial [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired loans | 7,876 | |
Almena State Bank [Member] | Commercial and Industrial [Member] | Non Credit Impaired Loans [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired loans | 5,848 | |
Almena State Bank [Member] | Commercial and Industrial [Member] | Purchase Credit Impaired Loans [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired loans | 2,028 | |
Almena State Bank [Member] | Residential Real Estate [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired loans | 3,330 | |
Almena State Bank [Member] | Residential Real Estate [Member] | Non Credit Impaired Loans [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired loans | 3,157 | |
Almena State Bank [Member] | Residential Real Estate [Member] | Purchase Credit Impaired Loans [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired loans | 173 | |
Almena State Bank [Member] | Agricultural Real Estate [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired loans | 5,398 | |
Almena State Bank [Member] | Agricultural Real Estate [Member] | Non Credit Impaired Loans [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired loans | 3,226 | |
Almena State Bank [Member] | Agricultural Real Estate [Member] | Purchase Credit Impaired Loans [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired loans | 2,172 | |
Almena State Bank [Member] | Agricultural [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired loans | 10,589 | |
Almena State Bank [Member] | Agricultural [Member] | Non Credit Impaired Loans [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired loans | 7,552 | |
Almena State Bank [Member] | Agricultural [Member] | Purchase Credit Impaired Loans [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired loans | 3,037 | |
Almena State Bank [Member] | Consumer [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired loans | 1,769 | |
Almena State Bank [Member] | Consumer [Member] | Non Credit Impaired Loans [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of acquired loans | $ 1,769 |
Securities - Amortized Cost and
Securities - Amortized Cost and Fair Value of Securities Available-for-Sale (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-Sale, Amortized Cost | $ 1,325,015 | $ 845,401 |
Available-for-Sale, Gross Unrealized Gains | 15,296 | 26,670 |
Available-for-Sale, Gross Unrealized Losses | (12,869) | (244) |
Available-for-Sale, Fair Value | 1,327,442 | 871,827 |
U.S. Government Sponsored Entities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-Sale, Amortized Cost | 124,898 | 996 |
Available-for-Sale, Gross Unrealized Gains | 13 | 27 |
Available-for-Sale, Gross Unrealized Losses | (1,504) | |
Available-for-Sale, Fair Value | 123,407 | 1,023 |
U.S. Treasury securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-Sale, Amortized Cost | 157,289 | 4,024 |
Available-for-Sale, Gross Unrealized Gains | 1 | |
Available-for-Sale, Gross Unrealized Losses | (1,687) | |
Available-for-Sale, Fair Value | 155,602 | 4,025 |
Government-Sponsored Residential Mortgage-Backed Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-Sale, Amortized Cost | 661,584 | 630,485 |
Available-for-Sale, Gross Unrealized Gains | 10,215 | 21,049 |
Available-for-Sale, Gross Unrealized Losses | (6,912) | (109) |
Available-for-Sale, Fair Value | 664,887 | 651,425 |
Private Label Residential Mortgage-Backed Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-Sale, Amortized Cost | 173,717 | 44,302 |
Available-for-Sale, Gross Unrealized Gains | 5 | |
Available-for-Sale, Gross Unrealized Losses | (2,029) | (129) |
Available-for-Sale, Fair Value | 171,688 | 44,178 |
Corporate [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-Sale, Amortized Cost | 52,555 | 52,503 |
Available-for-Sale, Gross Unrealized Gains | 1,437 | 1,153 |
Available-for-Sale, Gross Unrealized Losses | (215) | (6) |
Available-for-Sale, Fair Value | 53,777 | 53,650 |
Small Business Administration Loan Pools [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-Sale, Amortized Cost | 16,568 | 1,226 |
Available-for-Sale, Gross Unrealized Gains | 13 | 44 |
Available-for-Sale, Gross Unrealized Losses | (106) | |
Available-for-Sale, Fair Value | 16,475 | 1,270 |
State and Political Subdivisions [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-Sale, Amortized Cost | 138,404 | 111,865 |
Available-for-Sale, Gross Unrealized Gains | 3,618 | 4,391 |
Available-for-Sale, Gross Unrealized Losses | (416) | |
Available-for-Sale, Fair Value | $ 141,606 | $ 116,256 |
Securities - Fair Value and Amo
Securities - Fair Value and Amortized Cost of Debt Securities by Contractual Maturity (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Investments Debt And Equity Securities [Abstract] | ||
Available-for-Sale, Amortized Cost, Within one year | $ 8,192 | |
Available-for-Sale, Amortized Cost, One to five years | 98,660 | |
Available-for-Sale, Amortized Cost, Five to ten years | 301,043 | |
Available-for-Sale, Amortized Cost, After ten years | 81,819 | |
Available-for-Sale, Amortized Cost, Mortgage-backed securities | 835,301 | |
Available-for-Sale, Amortized Cost | 1,325,015 | $ 845,401 |
Available-for-Sale, Fair Value, Within one year | 8,260 | |
Available-for-Sale, Fair Value, One to five years | 98,570 | |
Available-for-Sale, Fair Value, Five to ten years | 300,490 | |
Available-for-Sale, Fair Value, After ten years | 83,547 | |
Available-for-Sale, Fair Value, Mortgage-backed securities | 836,575 | |
Available-for-Sale, Fair Value, Total debt securities | $ 1,327,442 | $ 871,827 |
Securities - Additional Informa
Securities - Additional Information (Detail) $ in Thousands | Dec. 31, 2021USD ($)Security | Dec. 31, 2020USD ($)Security |
Investments Debt And Equity Securities [Abstract] | ||
Carrying value of securities pledged as collateral | $ | $ 892,182 | $ 713,001 |
Number of securities of single issuer with book value greater than ten percent of stockholders equity | 0 | 0 |
Number of unrealized loss position, available-for-sale securities | 166 |
Securities - Summary of Gross U
Securities - Summary of Gross Unrealized Losses and Fair Value of Securities (Detail) - USD ($) $ in Thousands | Dec. 31, 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 | $ 859,344 | $ 61,045 |
Total temporarily impaired securities, Available-for-sale securities, Less Than 12 Months, Unrealized Loss | (12,766) | (244) |
Total temporarily impaired securities, Available-for-sale securities, 12 Months or More, Fair Value | 5,076 | |
Total temporarily impaired securities, Available-for-sale securities, 12 Months or More, Unrealized Loss | (103) | |
Total temporarily impaired securities, Available-for-sale securities, Fair Value | 864,420 | 61,045 |
Total temporarily impaired securities, Available-for-sale securities, Unrealized Loss | (12,869) | (244) |
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 | 378,057 | 28,770 |
Total temporarily impaired securities, Available-for-sale securities, Less Than 12 Months, Unrealized Loss | (6,860) | (109) |
Total temporarily impaired securities, Available-for-sale securities, 12 Months or More, Fair Value | 2,868 | |
Total temporarily impaired securities, Available-for-sale securities, 12 Months or More, Unrealized Loss | (52) | |
Total temporarily impaired securities, Available-for-sale securities, Fair Value | 380,925 | 28,770 |
Total temporarily impaired securities, Available-for-sale securities, Unrealized Loss | (6,912) | (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 | 159,381 | 28,367 |
Total temporarily impaired securities, Available-for-sale securities, Less Than 12 Months, Unrealized Loss | (1,978) | (129) |
Total temporarily impaired securities, Available-for-sale securities, 12 Months or More, Fair Value | 2,208 | |
Total temporarily impaired securities, Available-for-sale securities, 12 Months or More, Unrealized Loss | (51) | |
Total temporarily impaired securities, Available-for-sale securities, Fair Value | 161,589 | 28,367 |
Total temporarily impaired securities, Available-for-sale securities, Unrealized Loss | (2,029) | (129) |
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 | 117,618 | |
Total temporarily impaired securities, Available-for-sale securities, Less Than 12 Months, Unrealized Loss | (1,504) | |
Total temporarily impaired securities, Available-for-sale securities, Fair Value | 117,618 | |
Total temporarily impaired securities, Available-for-sale securities, Unrealized Loss | (1,504) | |
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 | 155,601 | |
Total temporarily impaired securities, Available-for-sale securities, Less Than 12 Months, Unrealized Loss | (1,687) | |
Total temporarily impaired securities, Available-for-sale securities, Fair Value | 155,601 | |
Total temporarily impaired securities, Available-for-sale securities, Unrealized Loss | (1,687) | |
Corporate [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Total temporarily impaired securities, Available-for-sale securities, Less Than 12 Months, Fair Value | 4,785 | 3,908 |
Total temporarily impaired securities, Available-for-sale securities, Less Than 12 Months, Unrealized Loss | (215) | (6) |
Total temporarily impaired securities, Available-for-sale securities, Fair Value | 4,785 | 3,908 |
Total temporarily impaired securities, Available-for-sale securities, Unrealized Loss | (215) | $ (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 | 15,459 | |
Total temporarily impaired securities, Available-for-sale securities, Less Than 12 Months, Unrealized Loss | (106) | |
Total temporarily impaired securities, Available-for-sale securities, Fair Value | 15,459 | |
Total temporarily impaired securities, Available-for-sale securities, Unrealized Loss | (106) | |
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 | 28,443 | |
Total temporarily impaired securities, Available-for-sale securities, Less Than 12 Months, Unrealized Loss | (416) | |
Total temporarily impaired securities, Available-for-sale securities, Fair Value | 28,443 | |
Total temporarily impaired securities, Available-for-sale securities, Unrealized Loss | $ (416) |
Securities - Summary of Proceed
Securities - Summary of Proceeds from Sales and Associated Gains and Losses (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Investments Debt And Equity Securities [Abstract] | |
Proceeds | $ 50,395 |
Gross gains | 368 |
Income tax expense on net realized gains | $ 93 |
Loans and Allowance for Credi_3
Loans and Allowance for Credit Losses - Categories of Loans (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans | $ 3,155,627 | $ 2,591,696 | ||
Allowance for loan losses | (48,365) | (33,709) | $ (12,232) | $ (11,454) |
Net loans | 3,107,262 | 2,557,987 | ||
Commercial Real Estate [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans | 1,486,148 | 1,188,696 | ||
Allowance for loan losses | (22,478) | (9,012) | (3,919) | (4,662) |
Commercial and Industrial [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans | 567,497 | 734,495 | ||
Allowance for loan losses | (12,248) | (12,456) | (3,061) | (2,707) |
Residential Real Estate [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans | 638,087 | 381,958 | ||
Allowance for loan losses | (5,560) | (4,559) | (2,676) | (2,320) |
Agricultural Real Estate [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans | 198,330 | 133,693 | ||
Allowance for loan losses | (2,235) | (904) | (608) | (391) |
Consumer [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans | 98,590 | 58,532 | ||
Allowance for loan losses | (2,088) | (6,020) | (1,422) | (1,070) |
Agricultural [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans | 166,975 | 94,322 | ||
Allowance for loan losses | $ (3,756) | $ (758) | $ (546) | $ (304) |
Loans and Allowance for Credi_4
Loans and Allowance for Credit Losses - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2021USD ($)PoolLoan | Dec. 31, 2020USD ($)PoolLoan | Dec. 31, 2019USD ($) | |
Accounts Notes And Loans Receivable [Line Items] | |||
Loans | $ 3,107,262,000 | $ 2,557,987,000 | |
Payments to acquire loans | 363,892,000 | ||
Unamortized loan Fees | 2,300,000 | 7,000,000 | |
Unamortized discount of merger purchase accounting adjustments | 6,649,000 | 5,510,000 | |
Loans purchased at discount | $ 527,422,000 | $ 380,058,000 | |
Number of loans | Loan | 20 | 28 | |
Total loans | $ 3,155,627,000 | $ 2,591,696,000 | |
Provision for credit losses | $ (8,480,000) | $ 24,255,000 | $ 18,354,000 |
Trouble debt restructurings, Number of loans | Loan | 17 | 0 | |
Interest income recognized | $ 0 | $ 0 | |
Financing receivable, troubled debt Restructuring, subsequent default, Number of loans | Loan | 0 | 0 | |
Outstanding commitments on loans | $ 0 | $ 0 | |
Payment Deferral [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 36,300,000 | 60,900,000 | |
Consumer Loans [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Over-draft deposit accounts | 886,000 | 597,000 | |
Purchased Credit Impaired Loans [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Accretable yield | 2,630,000 | 3,127,000 | |
Interest income recognized | 1,583,000 | 2,227,000 | |
Provision for credit losses | 1,359,000 | 628,000 | |
Residential Real Estate Loan Pools [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans | 372,069,000 | 86,093,000 | |
Payments to acquire loans | $ 363,892,000 | $ 752,000 | |
Purchased pools of residential real estate | Pool | 6 | 1 | |
Commercial and Industrial [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | $ 567,497,000 | $ 734,495,000 | |
Provision for credit losses | $ 3,653,000 | 10,643,000 | $ 14,193,000 |
Trouble debt restructurings, Number of loans | Loan | 2 | ||
Commercial and Industrial [Member] | Small Business Administration Paycheck Protection Program [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans | $ 44,783,000 | $ 253,741,000 |
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 | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Allowance for Loan Losses, Beginning Balance | $ 33,709 | $ 12,232 | $ 11,454 |
Provision for credit losses | (8,480) | 24,255 | 18,354 |
Loans charged-off | (11,377) | (3,322) | (18,690) |
Recoveries | 2,732 | 544 | 1,114 |
Allowance for Loan Losses, Ending Balance | 48,365 | 33,709 | 12,232 |
PCD Loans [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
PCD mark on acquired loans | 5,611 | ||
ASU 2016-13 [Member] | PCD Loans [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Allowance for Loan Losses, Beginning Balance | 10,438 | ||
Allowance for Loan Losses, Ending 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 | ||
Allowance for Loan Losses, Ending Balance | 15,732 | ||
Commercial Real Estate [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Allowance for Loan Losses, Beginning Balance | 9,012 | 3,919 | 4,662 |
Provision for credit losses | (565) | 5,312 | 1,310 |
Loans charged-off | (169) | (421) | (2,178) |
Recoveries | 298 | 202 | 125 |
Allowance for Loan Losses, Ending Balance | 22,478 | 9,012 | 3,919 |
Commercial Real Estate [Member] | PCD Loans [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
PCD mark on acquired loans | 3,719 | ||
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 | ||
Allowance for Loan Losses, Ending 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 | ||
Allowance for Loan Losses, Ending Balance | 5,612 | ||
Commercial and Industrial [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Allowance for Loan Losses, Beginning Balance | 12,456 | 3,061 | 2,707 |
Provision for credit losses | 3,653 | 10,643 | 14,193 |
Loans charged-off | (9,839) | (1,304) | (13,911) |
Recoveries | 1,969 | 56 | 72 |
Allowance for Loan Losses, Ending Balance | 12,248 | 12,456 | 3,061 |
Commercial and Industrial [Member] | PCD Loans [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
PCD mark on acquired loans | 60 | ||
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) | ||
Allowance for Loan Losses, Ending 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 | ||
Allowance for Loan Losses, Ending Balance | 4,167 | ||
Residential Real Estate [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Allowance for Loan Losses, Beginning Balance | 4,559 | 2,676 | 2,320 |
Provision for credit losses | (8,385) | 2,284 | 941 |
Loans charged-off | (39) | (446) | (1,077) |
Recoveries | 91 | 45 | 492 |
Allowance for Loan Losses, Ending Balance | 5,560 | 4,559 | 2,676 |
Residential Real Estate [Member] | PCD Loans [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
PCD mark on acquired loans | 244 | ||
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 | ||
Allowance for Loan Losses, Ending 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 | ||
Allowance for Loan Losses, Ending Balance | 8,870 | ||
Agricultural Real Estate [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Allowance for Loan Losses, Beginning Balance | 904 | 608 | 391 |
Provision for credit losses | 257 | 469 | 213 |
Loans charged-off | (506) | (191) | (43) |
Recoveries | 33 | 18 | 47 |
Allowance for Loan Losses, Ending Balance | 2,235 | 904 | 608 |
Agricultural Real Estate [Member] | PCD Loans [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
PCD mark on acquired loans | 420 | ||
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 | ||
Allowance for Loan Losses, Ending 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 | ||
Allowance for Loan Losses, Ending Balance | 167 | ||
Agricultural [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Allowance for Loan Losses, Beginning Balance | 758 | 546 | 304 |
Provision for credit losses | (2,834) | 215 | 310 |
Loans charged-off | (1) | (11) | (87) |
Recoveries | 22 | 8 | 19 |
Allowance for Loan Losses, Ending Balance | 3,756 | 758 | 546 |
Agricultural [Member] | PCD Loans [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
PCD mark on acquired loans | 1,113 | ||
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 | ||
Allowance for Loan Losses, Ending 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) | ||
Allowance for Loan Losses, Ending Balance | (207) | ||
Consumer [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Allowance for Loan Losses, Beginning Balance | 6,020 | 1,422 | 1,070 |
Provision for credit losses | (606) | 5,332 | 1,387 |
Loans charged-off | (823) | (949) | (1,394) |
Recoveries | 319 | 215 | 359 |
Allowance for Loan Losses, Ending Balance | 2,088 | 6,020 | $ 1,422 |
Consumer [Member] | PCD Loans [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
PCD mark on acquired loans | 55 | ||
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) | ||
Allowance for Loan Losses, Ending 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 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Financing Receivable Impaired [Line Items] | ||||
Individually evaluated for impairment, Allowance for loan losses | $ 14,032 | $ 8,860 | ||
Collectively evaluated for impairment, Allowance for loan losses | 34,333 | 23,210 | ||
Purchased credit impaired loans, Allowance for loan losses | 1,639 | |||
Total Allowance for Loan Losses | 48,365 | 33,709 | $ 12,232 | $ 11,454 |
Individually evaluated for impairment | 92,934 | 32,296 | ||
Collectively evaluated for impairment | 3,062,693 | 2,535,428 | ||
Purchased credit impaired loans | 23,972 | |||
Total Loans | 3,155,627 | 2,591,696 | ||
Commercial Real Estate [Member] | ||||
Financing Receivable Impaired [Line Items] | ||||
Individually evaluated for impairment, Allowance for loan losses | 4,381 | 2,159 | ||
Collectively evaluated for impairment, Allowance for loan losses | 18,097 | 6,472 | ||
Purchased credit impaired loans, Allowance for loan losses | 381 | |||
Total Allowance for Loan Losses | 22,478 | 9,012 | 3,919 | 4,662 |
Individually evaluated for impairment | 45,421 | 4,752 | ||
Collectively evaluated for impairment | 1,440,727 | 1,176,403 | ||
Purchased credit impaired loans | 7,541 | |||
Total Loans | 1,486,148 | 1,188,696 | ||
Commercial and Industrial [Member] | ||||
Financing Receivable Impaired [Line Items] | ||||
Individually evaluated for impairment, Allowance for loan losses | 3,650 | 5,457 | ||
Collectively evaluated for impairment, Allowance for loan losses | 8,598 | 5,985 | ||
Purchased credit impaired loans, Allowance for loan losses | 1,014 | |||
Total Allowance for Loan Losses | 12,248 | 12,456 | 3,061 | 2,707 |
Individually evaluated for impairment | 13,786 | 20,421 | ||
Collectively evaluated for impairment | 553,711 | 710,038 | ||
Purchased credit impaired loans | 4,036 | |||
Total Loans | 567,497 | 734,495 | ||
Residential Real Estate [Member] | ||||
Financing Receivable Impaired [Line Items] | ||||
Individually evaluated for impairment, Allowance for loan losses | 892 | 485 | ||
Collectively evaluated for impairment, Allowance for loan losses | 4,668 | 3,949 | ||
Purchased credit impaired loans, Allowance for loan losses | 125 | |||
Total Allowance for Loan Losses | 5,560 | 4,559 | 2,676 | 2,320 |
Individually evaluated for impairment | 5,362 | 1,939 | ||
Collectively evaluated for impairment | 632,725 | 377,331 | ||
Purchased credit impaired loans | 2,688 | |||
Total Loans | 638,087 | 381,958 | ||
Agricultural Real Estate [Member] | ||||
Financing Receivable Impaired [Line Items] | ||||
Individually evaluated for impairment, Allowance for loan losses | 1,488 | 595 | ||
Collectively evaluated for impairment, Allowance for loan losses | 747 | 266 | ||
Purchased credit impaired loans, Allowance for loan losses | 43 | |||
Total Allowance for Loan Losses | 2,235 | 904 | 608 | 391 |
Individually evaluated for impairment | 14,959 | 2,711 | ||
Collectively evaluated for impairment | 183,371 | 126,256 | ||
Purchased credit impaired loans | 4,726 | |||
Total Loans | 198,330 | 133,693 | ||
Agricultural [Member] | ||||
Financing Receivable Impaired [Line Items] | ||||
Individually evaluated for impairment, Allowance for loan losses | 3,546 | 96 | ||
Collectively evaluated for impairment, Allowance for loan losses | 210 | 586 | ||
Purchased credit impaired loans, Allowance for loan losses | 76 | |||
Total Allowance for Loan Losses | 3,756 | 758 | 546 | 304 |
Individually evaluated for impairment | 13,049 | 2,201 | ||
Collectively evaluated for impairment | 153,926 | 87,158 | ||
Purchased credit impaired loans | 4,963 | |||
Total Loans | 166,975 | 94,322 | ||
Consumer [Member] | ||||
Financing Receivable Impaired [Line Items] | ||||
Individually evaluated for impairment, Allowance for loan losses | 75 | 68 | ||
Collectively evaluated for impairment, Allowance for loan losses | 2,013 | 5,952 | ||
Total Allowance for Loan Losses | 2,088 | 6,020 | $ 1,422 | $ 1,070 |
Individually evaluated for impairment | 357 | 272 | ||
Collectively evaluated for impairment | 98,233 | 58,242 | ||
Purchased credit impaired loans | 18 | |||
Total Loans | $ 98,590 | $ 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 | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Financing Receivable Impaired [Line Items] | ||
With no related allowance recorded, Unpaid Principal Balance | $ 8,513 | $ 23,370 |
With no related allowance recorded, Recorded Investment | 4,102 | 8,088 |
With no related allowance recorded, Average Recorded Investment | 4,896 | 17,337 |
With no related allowance recorded, Interest Income Recognized | 192 | 86 |
With an allowance recorded, Unpaid Principal Balance | 30,712 | 44,500 |
With an allowance recorded, Recorded Investment | 25,259 | 35,601 |
Allowance for Loan Losses Allocated | 7,338 | 10,499 |
With an allowance recorded, Average Recorded Investment | 45,573 | 26,321 |
With an allowance recorded, Interest Income Recognized | 356 | 453 |
Unpaid Principal Balance | 39,225 | 67,870 |
Recorded Investment | 29,361 | 43,689 |
Average Recorded Investment | 50,469 | 43,658 |
Interest Income Recognized | 548 | 539 |
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 no related allowance recorded, Average Recorded Investment | 336 | 782 |
With no related allowance recorded, Interest Income Recognized | 3 | 36 |
With an allowance recorded, Unpaid Principal Balance | 7,690 | 7,134 |
With an allowance recorded, Recorded Investment | 6,833 | 5,899 |
Allowance for Loan Losses Allocated | 1,632 | 2,540 |
With an allowance recorded, Average Recorded Investment | 6,985 | 5,713 |
With an allowance recorded, Interest Income Recognized | 19 | 35 |
Commercial and Industrial [Member] | ||
Financing Receivable Impaired [Line Items] | ||
With no related allowance recorded, Unpaid Principal Balance | 6,060 | 2,087 |
With no related allowance recorded, Recorded Investment | 1,964 | 643 |
With no related allowance recorded, Average Recorded Investment | 521 | 11,512 |
With no related allowance recorded, Interest Income Recognized | 101 | 28 |
With an allowance recorded, Unpaid Principal Balance | 4,976 | 29,245 |
With an allowance recorded, Recorded Investment | 4,593 | 22,814 |
Allowance for Loan Losses Allocated | 1,800 | 6,471 |
With an allowance recorded, Average Recorded Investment | 25,881 | 12,168 |
With an allowance recorded, Interest Income Recognized | 119 | 362 |
Residential Real Estate [Member] | ||
Financing Receivable Impaired [Line Items] | ||
With no related allowance recorded, Unpaid Principal Balance | 609 | 270 |
With no related allowance recorded, Recorded Investment | 429 | 180 |
With no related allowance recorded, Average Recorded Investment | 126 | 3,475 |
With no related allowance recorded, Interest Income Recognized | 4 | 17 |
With an allowance recorded, Unpaid Principal Balance | 5,170 | 3,023 |
With an allowance recorded, Recorded Investment | 4,646 | 2,775 |
Allowance for Loan Losses Allocated | 888 | 610 |
With an allowance recorded, Average Recorded Investment | 3,204 | 3,414 |
With an allowance recorded, Interest Income Recognized | 41 | 14 |
Agricultural Real Estate [Member] | ||
Financing Receivable Impaired [Line Items] | ||
With no related allowance recorded, Unpaid Principal Balance | 1,795 | 3,408 |
With no related allowance recorded, Recorded Investment | 1,660 | 1,090 |
With no related allowance recorded, Average Recorded Investment | 2,178 | 670 |
With no related allowance recorded, Interest Income Recognized | 82 | 5 |
With an allowance recorded, Unpaid Principal Balance | 3,726 | 3,474 |
With an allowance recorded, Recorded Investment | 2,738 | 3,021 |
Allowance for Loan Losses Allocated | 637 | 638 |
With an allowance recorded, Average Recorded Investment | 3,224 | 3,432 |
With an allowance recorded, Interest Income Recognized | 56 | 34 |
Consumer [Member] | ||
Financing Receivable Impaired [Line Items] | ||
With no related allowance recorded, Unpaid Principal Balance | 49 | |
With no related allowance recorded, Recorded Investment | 49 | |
With no related allowance recorded, Average Recorded Investment | 10 | |
With no related allowance recorded, Interest Income Recognized | 2 | |
With an allowance recorded, Unpaid Principal Balance | 314 | 294 |
With an allowance recorded, Recorded Investment | 274 | 272 |
Allowance for Loan Losses Allocated | 74 | 68 |
With an allowance recorded, Average Recorded Investment | 251 | 309 |
With an allowance recorded, Interest Income Recognized | 8 | 7 |
Agricultural [Member] | ||
Financing Receivable Impaired [Line Items] | ||
With no related allowance recorded, Unpaid Principal Balance | 11,326 | |
With no related allowance recorded, Recorded Investment | 4,492 | |
With no related allowance recorded, Average Recorded Investment | 1,725 | 898 |
With an allowance recorded, Unpaid Principal Balance | 8,836 | 1,330 |
With an allowance recorded, Recorded Investment | 6,175 | 820 |
Allowance for Loan Losses Allocated | 2,307 | 172 |
With an allowance recorded, Average Recorded Investment | 6,028 | 1,285 |
With an allowance recorded, Interest Income Recognized | $ 113 | $ 1 |
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 | Dec. 31, 2021 | Dec. 31, 2020 |
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Greater Than 90 Days Past Due Still On Accrual | $ 256 | $ 143 |
Nonaccrual | 29,361 | 43,689 |
Total Loans | 3,155,627 | 2,591,696 |
30 to 59 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Financing Receivables, Past Due | 6,026 | 2,804 |
60 to 89 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Financing Receivables, Past Due | 1,740 | 4,944 |
Loans Not Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Financing Receivables, Past Due | 3,118,244 | 2,540,116 |
Commercial Real Estate [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Financing Receivables, Past Due | 1,486,148 | |
Greater Than 90 Days Past Due Still On Accrual | 256 | |
Nonaccrual | 6,833 | 7,582 |
Total Loans | 1,486,148 | 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 | 4,633 | 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 | 408 | 172 |
Commercial Real Estate [Member] | Loans Not Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Financing Receivables, Past Due | 1,474,018 | 1,179,568 |
Commercial and Industrial [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Financing Receivables, Past Due | 567,497 | |
Nonaccrual | 6,557 | 23,457 |
Total Loans | 567,497 | 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 | 424 | 261 |
Commercial and Industrial [Member] | 60 to 89 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Financing Receivables, Past Due | 88 | |
Commercial and Industrial [Member] | Loans Not Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Financing Receivables, Past Due | 560,428 | 710,777 |
Residential Real Estate [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Financing Receivables, Past Due | 638,087 | |
Nonaccrual | 5,075 | 2,955 |
Total Loans | 638,087 | 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 | 620 | 377 |
Residential Real Estate [Member] | 60 to 89 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Financing Receivables, Past Due | 1,126 | 4,712 |
Residential Real Estate [Member] | Loans Not Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Financing Receivables, Past Due | 631,266 | 373,914 |
Agricultural Real Estate [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Financing Receivables, Past Due | 198,330 | |
Greater Than 90 Days Past Due Still On Accrual | 98 | |
Nonaccrual | 4,398 | 4,111 |
Total Loans | 198,330 | 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 | 28 | 260 |
Agricultural Real Estate [Member] | 60 to 89 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Financing Receivables, Past Due | 57 | |
Agricultural Real Estate [Member] | Loans Not Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Financing Receivables, Past Due | 193,847 | 129,224 |
Consumer [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Financing Receivables, Past Due | 98,590 | |
Greater Than 90 Days Past Due Still On Accrual | 45 | |
Nonaccrual | 323 | 272 |
Total Loans | 98,590 | 58,532 |
Consumer [Member] | 30 to 59 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Financing Receivables, Past Due | 316 | 336 |
Consumer [Member] | 60 to 89 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Financing Receivables, Past Due | 61 | 60 |
Consumer [Member] | Loans Not Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Financing Receivables, Past Due | 97,890 | 57,819 |
Agricultural [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Financing Receivables, Past Due | 166,975 | |
Nonaccrual | 6,175 | 5,312 |
Total Loans | 166,975 | 94,322 |
Agricultural [Member] | 30 to 59 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Financing Receivables, Past Due | 5 | 196 |
Agricultural [Member] | Loans Not Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Financing Receivables, Past Due | $ 160,795 | $ 88,814 |
Loans and Allowance for Credi_9
Loans and Allowance for Credit Losses - Schedule of Allowance for Credit Losses on Off-Balance Sheet Credit Exposures (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans, allowance for loan losses | $ 48,365 | $ 33,709 | $ 12,232 | $ 11,454 |
Commercial Real Estate [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans, allowance for loan losses | 22,478 | 9,012 | 3,919 | 4,662 |
Commercial and Industrial [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans, allowance for loan losses | 12,248 | 12,456 | 3,061 | 2,707 |
Residential Real Estate [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans, allowance for loan losses | 5,560 | 4,559 | 2,676 | 2,320 |
Agricultural Real Estate [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans, allowance for loan losses | 2,235 | 904 | 608 | 391 |
Agricultural [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans, allowance for loan losses | 3,756 | 758 | 546 | 304 |
Consumer [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans, allowance for loan losses | 2,088 | $ 6,020 | $ 1,422 | $ 1,070 |
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans, allowance for loan losses | 2,223 | |||
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | Commercial Real Estate [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans, allowance for loan losses | 484 | |||
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | Commercial and Industrial [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans, allowance for loan losses | 1,323 | |||
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | Residential Real Estate [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans, allowance for loan losses | 16 | |||
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | Agricultural [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans, allowance for loan losses | 3 | |||
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | Consumer [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans, allowance for loan losses | $ 397 |
Loans and Allowance for Cred_10
Loans and Allowance for Credit Losses - Schedule of Risk Category of Loans by Class of Loans (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | $ 3,155,627 | $ 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 | 303,760 | |
2020 | 213,730 | |
2019 | 159,519 | |
2018 | 146,359 | |
2017 | 74,245 | |
Prior | 178,832 | |
Revolving Loans Amortized Cost | 409,109 | |
Revolving Loans Converted to Term | 594 | |
Total | 1,486,148 | |
Total loans | 1,486,148 | 1,188,696 |
Commercial Real Estate [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 301,947 | |
2020 | 212,444 | |
2019 | 159,374 | |
2018 | 134,465 | |
2017 | 72,249 | |
Prior | 164,363 | |
Revolving Loans Amortized Cost | 409,109 | |
Revolving Loans Converted to Term | 594 | |
Total | 1,454,545 | |
Commercial Real Estate [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 126 | |
2020 | 885 | |
2018 | 11,817 | |
2017 | 1,168 | |
Prior | 8,705 | |
Total | 22,701 | |
Commercial Real Estate [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 1,687 | |
2020 | 401 | |
2019 | 145 | |
2018 | 77 | |
2017 | 828 | |
Prior | 5,764 | |
Total | 8,902 | |
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 | 174,482 | |
2020 | 105,867 | |
2019 | 70,151 | |
2018 | 13,918 | |
2017 | 18,055 | |
Prior | 14,648 | |
Revolving Loans Amortized Cost | 160,650 | |
Revolving Loans Converted to Term | 9,726 | |
Total | 567,497 | |
Total loans | 567,497 | 734,495 |
Commercial and Industrial [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 170,263 | |
2020 | 100,457 | |
2019 | 57,955 | |
2018 | 11,019 | |
2017 | 17,327 | |
Prior | 8,855 | |
Revolving Loans Amortized Cost | 155,181 | |
Revolving Loans Converted to Term | 9,726 | |
Total | 530,783 | |
Commercial and Industrial [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 19 | |
2019 | 1,958 | |
2018 | 1,482 | |
2017 | 284 | |
Prior | 5,750 | |
Total | 9,493 | |
Commercial and Industrial [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 4,200 | |
2020 | 5,410 | |
2019 | 10,238 | |
2018 | 1,417 | |
2017 | 444 | |
Prior | 43 | |
Revolving Loans Amortized Cost | 5,469 | |
Total | 27,221 | |
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 | 336,775 | |
2020 | 24,712 | |
2019 | 22,568 | |
2018 | 60,620 | |
2017 | 36,362 | |
Prior | 105,128 | |
Revolving Loans Amortized Cost | 51,738 | |
Revolving Loans Converted to Term | 184 | |
Total | 638,087 | |
Total loans | 638,087 | 381,958 |
Residential Real Estate [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 336,775 | |
2020 | 24,633 | |
2019 | 22,520 | |
2018 | 60,461 | |
2017 | 34,453 | |
Prior | 102,363 | |
Revolving Loans Amortized Cost | 51,584 | |
Revolving Loans Converted to Term | 184 | |
Total | 632,973 | |
Residential Real Estate [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Prior | 25 | |
Total | 25 | |
Residential Real Estate [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2020 | 79 | |
2019 | 48 | |
2018 | 159 | |
2017 | 1,909 | |
Prior | 2,740 | |
Revolving Loans Amortized Cost | 154 | |
Total | 5,089 | |
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 | 40,799 | |
2020 | 36,873 | |
2019 | 24,462 | |
2018 | 12,734 | |
2017 | 17,002 | |
Prior | 22,802 | |
Revolving Loans Amortized Cost | 43,658 | |
Total | 198,330 | |
Total loans | 198,330 | 133,693 |
Agricultural Real Estate [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 38,412 | |
2020 | 36,667 | |
2019 | 18,442 | |
2018 | 12,142 | |
2017 | 14,432 | |
Prior | 21,792 | |
Revolving Loans Amortized Cost | 42,541 | |
Total | 184,428 | |
Agricultural Real Estate [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 682 | |
2017 | 40 | |
Prior | 456 | |
Revolving Loans Amortized Cost | 32 | |
Total | 1,210 | |
Agricultural Real Estate [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 1,705 | |
2020 | 206 | |
2019 | 6,020 | |
2018 | 592 | |
2017 | 2,530 | |
Prior | 554 | |
Revolving Loans Amortized Cost | 1,085 | |
Total | 12,692 | |
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 | 40,698 | |
2020 | 15,325 | |
2019 | 7,280 | |
2018 | 3,655 | |
2017 | 2,252 | |
Prior | 3,580 | |
Revolving Loans Amortized Cost | 25,799 | |
Revolving Loans Converted to Term | 1 | |
Total | 98,590 | |
Total loans | 98,590 | 58,532 |
Consumer [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 40,692 | |
2020 | 15,171 | |
2019 | 7,186 | |
2018 | 3,640 | |
2017 | 2,228 | |
Prior | 3,551 | |
Revolving Loans Amortized Cost | 25,799 | |
Revolving Loans Converted to Term | 1 | |
Total | 98,268 | |
Consumer [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 6 | |
2020 | 154 | |
2019 | 94 | |
2018 | 15 | |
2017 | 24 | |
Prior | 29 | |
Total | 322 | |
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 | 31,093 | |
2020 | 19,505 | |
2019 | 7,895 | |
2018 | 5,349 | |
2017 | 3,067 | |
Prior | 3,402 | |
Revolving Loans Amortized Cost | 96,492 | |
Revolving Loans Converted to Term | 172 | |
Total | 166,975 | |
Total loans | 166,975 | 94,322 |
Agricultural [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 27,637 | |
2020 | 17,393 | |
2019 | 6,391 | |
2018 | 2,399 | |
2017 | 2,930 | |
Prior | 1,593 | |
Revolving Loans Amortized Cost | 93,982 | |
Revolving Loans Converted to Term | 172 | |
Total | 152,497 | |
Agricultural [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2019 | 90 | |
2018 | 1,299 | |
Prior | 645 | |
Total | 2,034 | |
Agricultural [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 3,456 | |
2020 | 2,112 | |
2019 | 1,414 | |
2018 | 1,651 | |
2017 | 137 | |
Prior | 1,164 | |
Revolving Loans Amortized Cost | 2,510 | |
Total | 12,444 | |
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 | 927,607 | |
2020 | 416,012 | |
2019 | 291,875 | |
2018 | 242,635 | |
2017 | 150,983 | |
Prior | 328,392 | |
Revolving Loans Amortized Cost | 787,446 | |
Revolving Loans Converted to Term | 10,677 | |
Total | 3,155,627 | |
Total Loans Portfolio Segment [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 915,726 | |
2020 | 406,765 | |
2019 | 271,868 | |
2018 | 224,126 | |
2017 | 143,619 | |
Prior | 302,517 | |
Revolving Loans Amortized Cost | 778,196 | |
Revolving Loans Converted to Term | 10,677 | |
Total | 3,053,494 | |
Total Loans Portfolio Segment [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 827 | |
2020 | 885 | |
2019 | 2,048 | |
2018 | 14,598 | |
2017 | 1,492 | |
Prior | 15,581 | |
Revolving Loans Amortized Cost | 32 | |
Total | 35,463 | |
Total Loans Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 11,054 | |
2020 | 8,362 | |
2019 | 17,959 | |
2018 | 3,911 | |
2017 | 5,872 | |
Prior | 10,294 | |
Revolving Loans Amortized Cost | 9,218 | |
Total | $ 66,670 |
Loans and Allowance for Cred_11
Loans and Allowance for Credit Losses - Schedule of Categories of Loans Under the Payment Deferral Program (Detail) $ in Thousands | Dec. 31, 2021USD ($) |
Accounts Notes And Loans Receivable [Line Items] | |
Total loans | $ 36,305 |
3 Months Principal And Interest, Then 6 Months Principal Only [Member] | |
Accounts Notes And Loans Receivable [Line Items] | |
Total loans | 34,936 |
6 Months Principal And Interest, Then 9 Months Principal Only [Member] | |
Accounts Notes And Loans Receivable [Line Items] | |
Total loans | 1,369 |
Commercial Real Estate [Member] | |
Accounts Notes And Loans Receivable [Line Items] | |
Total loans | 32,855 |
Commercial Real Estate [Member] | 3 Months Principal And Interest, Then 6 Months Principal Only [Member] | |
Accounts Notes And Loans Receivable [Line Items] | |
Total loans | 31,884 |
Commercial Real Estate [Member] | 6 Months Principal And Interest, Then 9 Months Principal Only [Member] | |
Accounts Notes And Loans Receivable [Line Items] | |
Total loans | 971 |
Commercial and Industrial [Member] | |
Accounts Notes And Loans Receivable [Line Items] | |
Total loans | 3,450 |
Commercial and Industrial [Member] | 3 Months Principal And Interest, Then 6 Months Principal Only [Member] | |
Accounts Notes And Loans Receivable [Line Items] | |
Total loans | 3,052 |
Commercial and Industrial [Member] | 6 Months Principal And Interest, Then 9 Months Principal Only [Member] | |
Accounts Notes And Loans Receivable [Line Items] | |
Total loans | $ 398 |
Loans and Allowance for Cred_12
Loans and Allowance for Credit Losses - Schedule of Credit Risk Classification of Loans Participating in Payment Deferral Program (Detail) $ in Thousands | Dec. 31, 2021USD ($) |
Accounts Notes And Loans Receivable [Line Items] | |
Total loans | $ 36,305 |
Unclassified [Member] | |
Accounts Notes And Loans Receivable [Line Items] | |
Total loans | 36,305 |
Commercial Real Estate [Member] | |
Accounts Notes And Loans Receivable [Line Items] | |
Total loans | 32,855 |
Commercial Real Estate [Member] | Unclassified [Member] | |
Accounts Notes And Loans Receivable [Line Items] | |
Total loans | 32,855 |
Commercial and Industrial [Member] | |
Accounts Notes And Loans Receivable [Line Items] | |
Total loans | 3,450 |
Commercial and Industrial [Member] | Unclassified [Member] | |
Accounts Notes And Loans Receivable [Line Items] | |
Total loans | $ 3,450 |
Loans and Allowance for Cred_13
Loans and Allowance for Credit Losses - Schedule of Recorded Investments in Purchase Credit Impaired Loans (Detail) - Purchased Credit Impaired Loans [Member] - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Acquired During Period [Line Items] | ||
Contractually required principal payments | $ 41,658 | $ 29,895 |
Discount | (17,686) | (6,505) |
Recorded investment | $ 23,972 | $ 23,390 |
Loans and Allowance for Cred_14
Loans and Allowance for Credit Losses - Schedule of Troubled Debt Restructurings by Accrual Status (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Financing Receivable Impaired [Line Items] | ||
Trouble debt restructurings, Nonaccrual | $ 10,799 | $ 14,780 |
Trouble debt restructurings, Related allowance for credit losses | 2,378 | 2,296 |
Commercial Real Estate [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Trouble debt restructurings, Nonaccrual | 5,784 | 1,167 |
Trouble debt restructurings, Related allowance for credit losses | 1,370 | 342 |
Commercial and Industrial [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Trouble debt restructurings, Nonaccrual | 54 | 13,613 |
Trouble debt restructurings, Related allowance for credit losses | 27 | $ 1,954 |
Residential Real Estate [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Trouble debt restructurings, Nonaccrual | 1,547 | |
Trouble debt restructurings, Related allowance for credit losses | 13 | |
Agricultural Real Estate [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Trouble debt restructurings, Nonaccrual | 2,122 | |
Trouble debt restructurings, Related allowance for credit losses | 488 | |
Agricultural [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Trouble debt restructurings, Nonaccrual | 1,292 | |
Trouble debt restructurings, Related allowance for credit losses | $ 480 |
Loans and Allowance for Cred_15
Loans and Allowance for Credit Losses - Schedule of Troubled Debt Restructurings (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021USD ($)Loan | Dec. 31, 2020Loan | |
Financing Receivable Impaired [Line Items] | ||
Trouble debt restructurings, Number of loans | Loan | 17 | 0 |
Trouble debt restructurings, Recorded investment | $ 9,033 | |
Trouble debt restructurings, Impairment recognized | $ 1,549 | |
Commercial Real Estate [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Trouble debt restructurings, Number of loans | Loan | 2 | |
Trouble debt restructurings, Recorded investment | $ 4,018 | |
Trouble debt restructurings, Impairment recognized | $ 541 | |
Commercial and Industrial [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Trouble debt restructurings, Number of loans | Loan | 2 | |
Trouble debt restructurings, Recorded investment | $ 54 | |
Trouble debt restructurings, Impairment recognized | $ 27 | |
Residential Real Estate [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Trouble debt restructurings, Number of loans | Loan | 2 | |
Trouble debt restructurings, Recorded investment | $ 1,547 | |
Trouble debt restructurings, Impairment recognized | $ 13 | |
Agricultural Real Estate [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Trouble debt restructurings, Number of loans | Loan | 4 | |
Trouble debt restructurings, Recorded investment | $ 2,122 | |
Trouble debt restructurings, Impairment recognized | $ 488 | |
Agricultural [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Trouble debt restructurings, Number of loans | Loan | 7 | |
Trouble debt restructurings, Recorded investment | $ 1,292 | |
Trouble debt restructurings, Impairment recognized | $ 480 |
Other Real Estate Owned - Sched
Other Real Estate Owned - Schedule for Changes in Other Real Estate Owned (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Real Estate [Abstract] | |||
Beginning of year | $ 11,733 | $ 8,293 | |
Transfers in | 2,222 | 10,729 | |
Acquired in acquisition | 636 | ||
Net (loss) gain on sales | 462 | 835 | $ (10) |
Proceeds from sales | (4,732) | (6,363) | (1,803) |
Other real estate | 9,685 | 14,130 | |
Additions to valuation reserve | (162) | (2,397) | |
Recorded investment | $ 9,523 | $ 11,733 | $ 8,293 |
Other Real Estate Owned - Summa
Other Real Estate Owned - Summary of Other Real Estate Owned Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Real Estate [Abstract] | |||
Net loss (gain) on sales | $ (462) | $ (835) | $ 10 |
Gain on initial valuation of other real estate properties received | (539) | (191) | |
Provision for unrealized losses | 162 | 2,397 | 250 |
Operating expenses, net of rental income | 651 | 748 | 638 |
Other real estate owned | $ (188) | $ 2,310 | $ 707 |
Other Real Estate Owned - Addit
Other Real Estate Owned - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Real Estate [Abstract] | ||
Residential Real Estate Foreclosed Assets | $ 329 | $ 996 |
Mortgage Loans in Process of Foreclosure, Amount | 394 | 1,334 |
Other real estate owned transferred from premise and equipment | $ 1,940 | $ 1,035 |
Premises and Equipment - Schedu
Premises and Equipment - Schedule of Premises and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | $ 130,756 | $ 111,964 |
Less: accumulated depreciation | (26,718) | (22,552) |
Premises and equipment, net | 104,038 | 89,412 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 21,217 | 20,113 |
Buildings and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 86,324 | 71,923 |
Furniture Fixtures and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | $ 23,215 | $ 19,928 |
Premises and Equipment - Additi
Premises and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Property Plant And Equipment [Abstract] | ||
Operating lease liabilities | $ 5,928 | $ 3,524 |
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Operating lease liabilities | Operating lease liabilities |
Operating lease, right-of-use asset | $ 5,963 | $ 3,540 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other | Other |
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 periods ended December 31, 2021 or 2020. |
Premises and Equipment - Sche_2
Premises and Equipment - Schedule of Right-of-use Asset and Lease Obligations by Type of Property (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Right-of-Use Asset | $ 5,963 | $ 3,540 |
Lease Liability | $ 5,928 | $ 3,524 |
Weighted Average Lease Term in Years | 13 years 3 months 18 days | 16 years 10 months 24 days |
Weighted Average Discount Rate | 2.30% | 2.99% |
Land and Building Leases [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Right-of-Use Asset | $ 5,963 | $ 3,540 |
Lease Liability | $ 5,928 | $ 3,524 |
Weighted Average Lease Term in Years | 13 years 3 months 18 days | 16 years 10 months 24 days |
Weighted Average Discount Rate | 2.30% | 2.99% |
Premises and Equipment - Sche_3
Premises and Equipment - Schedule of Operating Lease Costs (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Property Plant And Equipment [Abstract] | ||
Operating lease cost | $ 586 | $ 728 |
Variable lease cost | 35 | 34 |
Total operating lease cost | $ 621 | $ 762 |
Premises and Equipment - Sche_4
Premises and Equipment - Schedule of Maturity Analysis of Operating Lease Liabilities and Reconciliation of Undiscounted Cash Flows to Total Operating Lease Liability (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Property Plant And Equipment [Abstract] | ||
Due in one year or less | $ 757 | |
Due after one year through two years | 709 | |
Due after two years through three years | 547 | |
Due after three years through four years | 554 | |
Due after four years through five years | 552 | |
Thereafter | 3,999 | |
Total undiscounted cash flows | 7,118 | |
Discount on cash flows | (1,190) | |
Total | $ 5,928 | $ 3,524 |
Goodwill and Core Deposit Int_3
Goodwill and Core Deposit Intangibles - Additional Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2020 | |
Intangible Liability Disclosure [Abstract] | ||
Goodwill impairment | $ 104,831 | $ 104,831 |
Goodwill and Core Deposit Int_4
Goodwill and Core Deposit Intangibles - Schedule of Intangible Assets and Goodwill (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Finite-Lived Intangible Assets [Line Items] | |||
Goodwill, Beginning balance | $ 31,601 | $ 136,432 | |
Impairment | (104,831) | ||
Acquired in acquisition | 22,864 | ||
Goodwill, Ending balance | 54,465 | 31,601 | $ 136,432 |
Beginning Balance | 16,057 | ||
Amortization | (4,174) | (3,850) | (3,168) |
Ending Balance | 14,879 | 16,057 | |
Core Deposits [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Beginning Balance | 16,057 | 19,907 | |
Acquired in acquisition | 2,996 | ||
Amortization | (4,174) | (3,850) | |
Ending Balance | $ 14,879 | $ 16,057 | $ 19,907 |
Goodwill and Core Deposit Int_5
Goodwill and Core Deposit Intangibles - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Expensed in one year or less | $ 4,002 | |
Expensed after one year through two years | 3,099 | |
Expensed after two years through three years | 2,565 | |
Expensed after three years through four years | 1,945 | |
Expensed after four years through five years | 1,355 | |
Thereafter | 1,913 | |
Total | $ 14,879 | $ 16,057 |
Qualified Affordable Housing _2
Qualified Affordable Housing Project Investments- Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule Of Investments [Abstract] | |||
Investment in qualified affordable housing projects | $ 21,658 | $ 7,799 | $ 8,663 |
Unfunded Commitment in qualified affordable housing projects | $ 17,692 | 5,189 | 5,836 |
Commitments expected to be fulfill | The Company expects to fulfill these commitments during the years 2022 through 2036. | ||
Amortization expense for qualified affordable housing project investments | $ 1,142 | 860 | 522 |
Tax credits from investment in affordable housing | $ 565 | $ 600 | $ 636 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Additional Information (Detail) - Interest Rate Swaps [Member] | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Weighted average maturity period | 8 years 2 months 12 days | 6 years 3 months 18 days |
Weighted average pay rate | 4.35% | 5.19% |
Weighted average receive rate | 4.16% | 3.21% |
Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Derivative [Line Items] | ||
Weighted average maturity period | 8 years 9 months 18 days | 6 years 3 months 18 days |
Weighted average pay rate | 4.63% | 5.19% |
Weighted average receive rate | 3.11% | 3.21% |
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Weighted average maturity period | 13 years 8 months 12 days | |
Weighted average pay rate | 2.81% | |
Weighted average receive rate | 1.92% |
Derivative Financial Instrume_4
Derivative Financial Instruments - Summary of Notional Balance and Fair Values of Derivatives Outstanding (Detail) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Derivatives, Fair Value [Line Items] | ||
Notional Amount | $ 184,943,000 | $ 124,926,000 |
Derivative Assets | 5,021,000 | 7,172,000 |
Derivative Liabilities | 5,553,000 | 8,317,000 |
Cash collateral, Derivative Liabilities | (8,441,000) | (8,440,000) |
Netting adjustments, Derivative Assets | 2,994,000 | 123,000 |
Netting adjustments, Derivative Liabilities | 2,994,000 | 123,000 |
Net amount presented in Balance Sheet, Derivative Assets | 8,015,000 | 7,295,000 |
Net amount presented in Balance Sheet, Derivative Liabilities | 106,000 | |
Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 34,163,000 | 5,585,000 |
Derivative Assets | 602,000 | |
Derivative Liabilities | 369,000 | 497,000 |
Designated as Hedging Instrument [Member] | Interest Rate Swaps [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 26,663,000 | 5,585,000 |
Derivative Liabilities | 369,000 | 497,000 |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Interest Rate Swaps [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 7,500,000 | |
Derivative Assets | 602,000 | |
Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 150,780,000 | 119,341,000 |
Derivative Assets | 4,419,000 | 7,172,000 |
Derivative Liabilities | 5,184,000 | 7,820,000 |
Not Designated as Hedging Instrument [Member] | Interest Rate Swaps [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 150,780,000 | 119,341,000 |
Derivative Assets | 4,419,000 | 7,172,000 |
Derivative Liabilities | $ 5,184,000 | $ 7,820,000 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Summary of Net Gains or Losses on Derivatives and Hedging Activities (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Derivatives designated as hedging instruments: | |||
Total net gains (losses) related to derivatives designated as hedging instruments | $ 28 | $ 0 | $ 0 |
Total net gains (losses) related to derivatives designated as cash flow hedges | 0 | 0 | 0 |
Total net gain (loss) related to hedging relationships | 28 | 0 | 0 |
Derivatives not designated as hedging instruments: | |||
Total net gains (losses) related to derivatives not designated as hedging instruments | 757 | 254 | 307 |
Net gains (losses) on derivatives and hedging activities | 785 | 254 | 307 |
Interest Rate Swaps [Member] | |||
Derivatives designated as hedging instruments: | |||
Total net gains (losses) related to derivatives designated as hedging instruments | 28 | 0 | 0 |
Total net gains (losses) related to derivatives designated as cash flow hedges | 0 | 0 | 0 |
Derivatives not designated as hedging instruments: | |||
Total net gains (losses) related to derivatives not designated as hedging instruments | $ 757 | $ 254 | $ 307 |
Derivative Financial Instrume_6
Derivative Financial Instruments - Summary of Recorded Net Gains or Losses on Derivatives and Related Hedged Items in Fair Value Hedging Relationships (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net Fair Value Hedge Gain/(Loss) | $ 28 | $ 0 | $ 0 |
Fair Value Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain/(Loss) on Derivatives | (14) | 367 | (387) |
Gain/(Loss) on Hedged Items | 42 | (367) | 387 |
Net Fair Value Hedge Gain/(Loss) | 28 | 0 | 0 |
Effect of Derivatives on Net Interest Income | (156) | (90) | 21 |
Fair Value Hedging [Member] | Commercial Real Estate [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain/(Loss) on Derivatives | (14) | 367 | (387) |
Gain/(Loss) on Hedged Items | 42 | (367) | 387 |
Net Fair Value Hedge Gain/(Loss) | 28 | 0 | 0 |
Effect of Derivatives on Net Interest Income | $ (156) | $ (90) | $ 21 |
Deposits - Additional Informati
Deposits - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Time Deposits [Line Items] | ||
Total time deposits that met or exceeded the FDIC insurance limit of $250,000 | $ 233,460 | $ 170,556 |
Insured Cash Sweep (“ICS”) reciprocal demand deposits | 52,173 | 256,037 |
Insured Cash Sweep (“ICS”) reciprocal demand deposits included savings and money market | 308,374 | 23,733 |
CDARS deposits included in time deposit balance | 2,969 | 14,857 |
Reciprocal Deposits [Member] | ||
Time Deposits [Line Items] | ||
Insured Cash Sweep (“ICS”) reciprocal demand deposits | 52,173 | 256,037 |
Insured Cash Sweep (“ICS”) reciprocal demand deposits included savings and money market | 308,374 | 23,733 |
Reciprocal customer funds placed in the CDARS program | $ 2,969 | $ 14,857 |
Reciprocal deposits, description | Reciprocal deposits are not considered brokered deposits as long as the aggregate balance is less than the lesser of 20% of total liabilities or $5 billion and Equity Bank is well capitalized and well rated. All non-reciprocal deposits and reciprocal deposits in excess of regulatory limits are considered brokered deposits. | |
Interest bearing domestic deposit, certificates of deposits | $ 5,000,000 | |
Reciprocal Deposits [Member] | Minimum [Member] | ||
Time Deposits [Line Items] | ||
Percentage of interest bearing domestic certificates of deposit liabilities to total liabilities | 20.00% |
Deposits - Summary of Reciproca
Deposits - Summary of Reciprocal and Brokered Deposits (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Time Deposits [Line Items] | ||
Total interest-bearing demand | $ 52,173 | $ 256,037 |
Total saving and money market | 308,374 | 23,733 |
Total time | 12,969 | 14,857 |
Total reciprocal and brokered deposits | 373,516 | 294,627 |
Reciprocal [Member] | ||
Time Deposits [Line Items] | ||
Total interest-bearing demand | 52,173 | 256,037 |
Total saving and money market | 308,374 | 23,733 |
Total time | 2,969 | $ 14,857 |
Non-Reciprocal Brokered [Member] | ||
Time Deposits [Line Items] | ||
Total time | $ 10,000 |
Deposits - Summary of Scheduled
Deposits - Summary of Scheduled Maturities of Time Deposits (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Banking And Thrift Disclosure [Abstract] | ||
Due in one year or less | $ 534,149 | |
Due after one year through two years | 79,329 | |
Due after two years through three years | 18,688 | |
Due after three years through four years | 11,191 | |
Due after four years through five years | 9,776 | |
Thereafter | 465 | |
Total | $ 653,598 | $ 626,854 |
Borrowings - Schedule of Federa
Borrowings - Schedule of Federal Funds Purchased and Retail Repurchase Agreements (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Federal Funds Purchased And Securities Sold Under Agreements To Repurchase [Abstract] | ||
Federal funds purchased | $ 0 | $ 0 |
Retail repurchase agreements | $ 56,006 | $ 36,029 |
Borrowings - Additional Informa
Borrowings - Additional Information (Detail) - USD ($) | Feb. 11, 2022 | Jun. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||||
Drawing against Federal Home Loan Bank advances | $ 10,144,000 | |||
Line of credit facility maximum borrowing capacity | $ 40,000,000 | |||
Debt Instrument, Maturity Date | Aug. 15, 2021 | |||
Debt instrument extended date | Feb. 11, 2022 | |||
Debt Instrument, Term | 5 years | |||
Debt instrument floating daily, floor Interest Rate | 3.50% | |||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.20% | |||
Bank stock loan | $ 0 | |||
Subsequent Event [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Maturity Date | Feb. 11, 2023 | |||
Debt instrument floating daily, floor Interest Rate | 3.25% | |||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.20% | |||
Maximum [Member] | Subsequent Event [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility maximum borrowing capacity | $ 40,000,000 | |||
Minimum [Member] | Subsequent Event [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility maximum borrowing capacity | $ 25,000,000 | |||
Federal Home Loan Bank Advances [Member] | ||||
Debt Instrument [Line Items] | ||||
Drawing against Federal Home Loan Bank advances | 0 | 0 | ||
Letter of credit | 17,025,000 | 91,700,000 | ||
Line of credit facility maximum borrowing capacity | 710,302,000 | |||
Line of credit facility additional borrowing capacity | 691,149,000 | 661,490,000 | ||
Federal Home Loan Bank Advances [Member] | Securities [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility maximum borrowing capacity | 15,409,000 | |||
Federal Home Loan Bank Advances [Member] | Qualifying Loans [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility maximum borrowing capacity | 694,892,000 | 763,506,000 | ||
Federal Home Loan Bank Line of Credit Advances [Member] | ||||
Debt Instrument [Line Items] | ||||
Drawing against Federal Home Loan Bank advances | 0 | 0 | ||
Government-Sponsored Residential Mortgage-Backed Securities [Member] | ||||
Debt Instrument [Line Items] | ||||
Residential mortgage-backed securities, fair value | $ 55,605,000 | $ 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 | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Disclosure [Abstract] | ||
Average daily balance during the period | $ 45,819 | $ 45,041 |
Average interest rate during the period | 0.23% | 0.23% |
Maximum month-end balance during the period | $ 56,006 | $ 53,543 |
Weighted average interest rate at period-end | 0.23% | 0.22% |
Borrowings - Summary of Federal
Borrowings - Summary of Federal Home Loan Bank Advances (Detail) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
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 | 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 Principal Outstanding [Member] | ||
Federal Home Loan Bank Advances [Line Items] | ||
Total Federal Home Loan Bank advances | 10,107,000 | |
Federal Home Loan Bank Fixed Rate Term Advances, Fair Market Value Adjustments [Member] | ||
Federal Home Loan Bank Advances [Line Items] | ||
Total Federal Home Loan Bank advances | $ 37,000 |
Subordinated Debt - Schedule of
Subordinated Debt - Schedule of Total Subordinated Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Subordinated Borrowing [Line Items] | ||
Subordinated debentures | $ 22,924 | $ 14,872 |
Subordinated debt | 95,885 | 87,684 |
Subordinated Notes [Member] | ||
Subordinated Borrowing [Line Items] | ||
Subordinated debentures | 72,961 | |
Subordinated debt | $ 72,961 | $ 72,812 |
Subordinated Debt - Additional
Subordinated Debt - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 29, 2020 | Jun. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Jul. 23, 2020 | |
Subordinated Borrowing [Line Items] | |||||
Maturity date of trust preferred securities | Aug. 15, 2021 | ||||
Floating rate subordinated debentures | $ 95,885 | $ 87,684 | |||
Estimated fair value of debentures | 8,270 | ||||
Subordinated Notes [Member] | |||||
Subordinated Borrowing [Line Items] | |||||
Quarterly distributions, trust preferred securities | 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 | ||||
Maturity date of trust preferred securities | Jun. 30, 2030 | ||||
Floating rate subordinated debentures | 72,961 | 72,812 | |||
Subordinated notes aggregate principal amount | $ 42,000 | $ 75,000 | $ 33,000 | ||
Subordinated notes commencement date | Dec. 30, 2020 | ||||
Subordinated notes fixed interest rate percentage | 7.00% | ||||
Debt instrument, frequency of periodic payment | semi-annually | ||||
Subordinated Notes [Member] | SOFR plus [Member] | |||||
Subordinated Borrowing [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 | ||||
Community First Bancshares, Inc. [Member] | |||||
Subordinated Borrowing [Line Items] | |||||
Estimated fair value of debentures | $ 4,187 | ||||
Trust Preferred Securities [Member] | FCB Capital Trust II [Member] | |||||
Subordinated Borrowing [Line Items] | |||||
Variable rate trust preferred securities | $ 10,000 | $ 10,000 | |||
Quarterly distributions, trust preferred securities | three-month LIBOR plus 2.00% | ||||
LIBOR plus rate, percentage | 2.00% | ||||
Interest rate on trust preferred securities | 2.12% | 2.24% | |||
Maturity date of trust preferred securities | Apr. 15, 2035 | ||||
Proceeds from the sale of the trust preferred securities and the issuance of common securities | $ 310 | ||||
Floating rate subordinated debentures | 10,310 | ||||
Trust Preferred Securities [Member] | FCB Capital Trust III [Member] | |||||
Subordinated Borrowing [Line Items] | |||||
Variable rate trust preferred securities | $ 5,000 | $ 5,000 | |||
Quarterly distributions, trust preferred securities | three-month LIBOR plus 1.89% | ||||
LIBOR plus rate, percentage | 1.89% | ||||
Interest rate on trust preferred securities | 2.09% | 2.11% | |||
Maturity date of trust preferred securities | Jun. 15, 2037 | ||||
Proceeds from the sale of the trust preferred securities and the issuance of common securities | $ 155 | ||||
Floating rate subordinated debentures | $ 5,155 | ||||
Trust Preferred Securities [Member] | Community First Statutory Trust I [Member] | Community First Bancshares, Inc. [Member] | |||||
Subordinated Borrowing [Line Items] | |||||
Quarterly distributions, trust preferred securities | three-month LIBOR plus 3.25% | ||||
LIBOR plus rate, percentage | 3.25% | ||||
Interest rate on trust preferred securities | 3.47% | 3.50% | |||
Maturity date of trust preferred securities | Dec. 26, 2032 | ||||
Trust Preferred Securities [Member] | American State Bank Statutory Trust I [Member] | |||||
Subordinated Borrowing [Line Items] | |||||
Variable rate trust preferred securities | $ 7,500 | ||||
Maturity date of trust preferred securities | Sep. 15, 2035 | ||||
Proceeds from the sale of the trust preferred securities and the issuance of common securities | $ 232 | ||||
Floating rate subordinated debentures | $ 7,732 | ||||
Trust Preferred Securities [Member] | American State Bank Statutory Trust I [Member] | American State Bank Trust Company [Member] | |||||
Subordinated Borrowing [Line Items] | |||||
Quarterly distributions, trust preferred securities | three-month LIBOR plus 1.80% | ||||
LIBOR plus rate, percentage | 1.80% | ||||
Interest rate on trust preferred securities | 2.00% | ||||
Maturity date of trust preferred securities | Sep. 15, 2035 |
Subordinated Debt - Summary of
Subordinated Debt - Summary of Contractual Balance and Unamortized Fair Value Adjustments (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Brokers And Dealers [Abstract] | ||
Contractual balance | $ 28,352 | $ 20,620 |
Unamortized fair value adjustment | (5,428) | (5,748) |
Net book value | $ 22,924 | $ 14,872 |
Subordinated Debt - Schedule _2
Subordinated Debt - Schedule of Subordinated Notes (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Jul. 23, 2020 | Jun. 29, 2020 | |
Subordinated Borrowing [Line Items] | ||||
Total subordinated notes | $ 22,924 | $ 14,872 | ||
Debt Instrument, Term | 5 years | |||
Subordinated Notes [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Subordinated notes aggregate principal amount | $ 75,000 | $ 33,000 | $ 42,000 | |
Total principal outstanding | 75,000 | |||
Debt issuance cost | (2,039) | |||
Total subordinated notes | $ 72,961 | |||
Weighted Average Rate | 7.00% | |||
Debt Instrument, Term | 8 years 6 months |
Subordinated Debt - Schedule _3
Subordinated Debt - Schedule of Future Principal Repayments (Detail) $ in Thousands | Dec. 31, 2021USD ($) |
Subordinated Borrowing [Line Items] | |
Due in one year or less | $ 56,006 |
Thereafter | 103,352 |
Total | 159,358 |
Retail Repurchase Agreements [Member] | |
Subordinated Borrowing [Line Items] | |
Due in one year or less | 56,006 |
Total | 56,006 |
Subordinated Debentures [Member] | |
Subordinated Borrowing [Line Items] | |
Thereafter | 28,352 |
Total | 28,352 |
Subordinated Notes [Member] | |
Subordinated Borrowing [Line Items] | |
Thereafter | 75,000 |
Total | $ 75,000 |
Contractual Obligations - Addit
Contractual Obligations - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Commitments And Contingencies Disclosure [Abstract] | ||
Contractual obligation | $ 17,692 | $ 5,189 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||
May 31, 2015 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2015 | Oct. 31, 2021 | Sep. 01, 2020 | Apr. 18, 2019 | |
Class of Stock [Line Items] | ||||||||
Preferred Stock, shares outstanding | 0 | 0 | 0 | |||||
Repurchase of shares | 1,100,000 | 1,100,000 | ||||||
Outstanding common stock at an average price paid per Share | $ 21.54 | $ 21.54 | ||||||
Tax benefit in connection with stock compensation expense | $ 224 | |||||||
Employee stock loan amount | $ 43 | |||||||
Employee stock loan maturity date | Mar. 31, 2021 | |||||||
Employee stock loan interest rate | 1.60% | |||||||
Reclassification adjustment for net gains included in net income | $ 368 | $ 0 | $ 0 | |||||
Reclassification adjustment of accretion expense to taxable interest income on securities | $ 509 | $ 903 | ||||||
Additional Repurchase [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Repurchase of shares | 132,873 | 679,557 | ||||||
Outstanding common stock at an average price paid per Share | $ 32.99 | $ 24.12 | ||||||
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 | 1,000,000 | 800,000 | ||||||
Class A Common Stock [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Number of common stock shares authorized | 45,000,000 | |||||||
Shares issued, par value | $ 0.01 | |||||||
Shares issued to employees | 203,216 | |||||||
Class B Common Stock [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Number of common stock shares authorized | 5,000,000 | |||||||
Shares issued, par value | $ 0.01 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Shares Issued and Held in Treasury or Outstanding (Detail) - shares | Dec. 31, 2021 | Dec. 31, 2020 |
Class A Common Stock [Member] | ||
Class of Stock [Line Items] | ||
Common stock - issued | 20,077,059 | 17,224,830 |
Common stock - held in treasury | (3,316,944) | (2,684,274) |
Common stock - outstanding | 16,760,115 | 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 - Componen
Stockholders' Equity - Components of Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Total | $ 1,776 | $ 19,781 |
Accumulated Net Unrealized Investment Gain (Losses) [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Net unrealized or unamortized gains (losses) | 2,368 | 26,426 |
Tax effect | (592) | (6,645) |
Cash Flow Hedging [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Total | (44) | |
Cash Flow Hedging [Member] | Accumulated Net Unrealized Investment Gain (Losses) [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Net unrealized or unamortized gains (losses) | (58) | |
Tax effect | 14 | |
Available for Sale Securities [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Total | 1,820 | 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 (losses) | 2,426 | 26,426 |
Tax effect | $ (606) | $ (6,645) |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Income Tax Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Current income tax expense | |||
Federal | $ 7,614 | $ 9,054 | $ 4,066 |
State | 2,750 | 2,435 | 1,649 |
Total current income tax expense | 10,364 | 11,489 | 5,715 |
Deferred income tax expense | |||
Federal | 1,009 | (8,770) | 1,444 |
State | 583 | (2,319) | 119 |
Total deferred income tax expense | 1,592 | (11,089) | 1,563 |
Total income tax expense | $ 11,956 | $ 400 | $ 7,278 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax [Line Items] | |||
U.S. federal statutory rate | 21.00% | 21.00% | 21.00% |
Acquired federal tax credits | $ 810 | ||
Domestic Tax Authority [Member] | |||
Income Tax [Line Items] | |||
Tax credits, expiration date | between 2029 and 2034 | ||
State and Local Jurisdiction [Member] | Kansas [Member] | |||
Income Tax [Line Items] | |||
Operating loss carryforwards | $ 37,728 | ||
Operating loss carryforwards duration | 10 years | ||
Operating loss carryforwards, valuation allowance | $ 19,902 | ||
Operating loss carryforwards, through acquisitions | 37,728 | ||
Operating loss carryforwards, through acquisitions valuation allowance | 19,902 | ||
State and Local Jurisdiction [Member] | First Independence Corporation and Subsidiary [Member] | Kansas [Member] | |||
Income Tax [Line Items] | |||
Operating loss carryforwards | $ 1,638 | ||
Operating loss carry forwards, expiration date | between 2022 and 2024 |
Income Taxes - Schedule of Effe
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Computed at the statutory rate | $ 13,532 | $ (15,660) | $ 6,900 |
Increase (decrease) resulting from: | |||
State and local taxes, net of federal benefit | 2,333 | 407 | 1,422 |
Tax-exempt interest | (597) | (766) | (885) |
Non-taxable life insurance income | (736) | (408) | (419) |
Non-deductible expenses | 409 | 183 | 353 |
Share-based payments | (480) | 77 | 18 |
Federal tax credits | (2,754) | (600) | (636) |
Non-deductible goodwill | 17,584 | ||
Bargain purchase gain | (123) | (450) | |
Change in valuation allowance | 379 | 164 | 396 |
Other | (176) | (131) | 129 |
Non-deductible transactions costs | 169 | ||
Total income tax expense | $ 11,956 | $ 400 | $ 7,278 |
Income Taxes - Components of De
Income Taxes - Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax assets | ||
Allowance for loan losses | $ 12,514 | $ 8,376 |
Tax credit carryforwards | 810 | 897 |
Goodwill amortization | 2,996 | 3,102 |
Accrued compensation | 2,583 | 2,159 |
Net operating loss and attribute carryforwards | 1,907 | 1,189 |
Other real estate owned | 508 | 708 |
Acquired loans fair market value adjustments | 72 | 1,897 |
Deferred revenue | 566 | |
Other | 1,389 | 1,342 |
Gross deferred tax assets | 23,345 | 19,670 |
Deferred tax liabilities | ||
Assumed debt fair market value adjustments | 1,348 | 1,389 |
Depreciation | 5,148 | 4,491 |
Federal Home Loan Bank stock dividends | 219 | 445 |
Acquisition related basis adjustment | 938 | |
Net unrealized or unamortized gains (losses) on securities | 590 | 6,646 |
Core deposit intangibles | 2,330 | 2,757 |
Other | 493 | 377 |
Gross deferred tax liabilities | 10,128 | 17,043 |
Valuation allowance | (2,348) | (1,479) |
Net deferred tax asset (liability) | $ 10,869 | $ 1,148 |
Regulatory Matters - Additional
Regulatory Matters - Additional Information (Detail) | 1 Months Ended | |
Jan. 31, 2016 | Dec. 31, 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% | |
Capital conservation buffer yearly increase | 0.625% |
Regulatory Matters - Summary of
Regulatory Matters - Summary of Company's and Equity Bank's Capital Amounts and Ratios (Detail) $ in Thousands | Dec. 31, 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 | $ 571,514 | $ 462,865 |
Total capital to risk weighted assets, Actual Ratio | 0.1596 | 0.1735 |
Tier 1 capital to risk weighted assets, Actual Amount | $ 453,718 | $ 356,707 |
Tier 1 capital to risk weighted assets, Actual Ratio | 0.1267 | 0.1337 |
Common equity Tier 1 capital to risk weighted assets, Actual Amount | $ 430,794 | $ 341,835 |
Common equity Tier 1 capital to risk weighted assets, Actual Ratio | 0.1203 | 0.1282 |
Tier 1 leverage to average assets, Actual Amount | $ 453,718 | $ 356,707 |
Tier 1 leverage to average assets, Actual Ratio | 0.0909 | 0.0930 |
Equity Bank [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total capital to risk weighted assets, Actual Amount | $ 546,503 | $ 418,992 |
Total capital to risk weighted assets, Actual Ratio | 0.1528 | 0.1573 |
Total capital to risk weighted assets, To Be Well Capitalized Under Prompt Corrective Provisions, Actual Amount | $ 357,758 | $ 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 | $ 501,711 | $ 385,696 |
Tier 1 capital to risk weighted assets, Actual Ratio | 0.1402 | 0.1448 |
Tier 1 capital to risk weighted assets, To Be Well Capitalized Under Prompt Corrective Provisions, Actual Amount | $ 286,206 | $ 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 | $ 501,711 | $ 385,696 |
Common equity Tier 1 capital to risk weighted assets, Actual Ratio | 0.1402 | 0.1448 |
Common equity Tier 1 capital to risk weighted assets, To Be Well Capitalized Under Prompt Corrective Provisions, Actual Amount | $ 232,543 | $ 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 | $ 501,711 | $ 385,696 |
Tier 1 leverage to average assets, Actual Ratio | 0.1007 | 0.1007 |
Tier 1 leverage to average assets, To Be Well Capitalized Under Prompt Corrective Provisions, Actual Amount | $ 249,226 | $ 191,595 |
Tier 1 leverage to average assets, To Be Well Capitalized Under Prompt Corrective Provisions, Actual Ratio | 0.0500 | 0.0500 |
Base III Phase-In [Member] | Equity Bancshares, Inc. [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 | $ 376,013 | $ 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 | $ 304,391 | $ 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 | $ 250,675 | $ 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 Amount | $ 199,563 | $ 153,490 |
Tier 1 leverage to average assets, Minimum Required for Capital Adequacy Purposes, Actual Ratio | 0.0400 | 0.0400 |
Base III Phase-In [Member] | Equity Bank [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 | $ 375,646 | $ 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 | $ 304,094 | $ 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 | $ 250,430 | $ 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 Amount | $ 199,381 | $ 153,276 |
Tier 1 leverage to average assets, Minimum Required for Capital Adequacy Purposes, Actual Ratio | 0.0400 | 0.0400 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Related Party Transactions [Abstract] | ||
Loans outstanding to related parties | $ 12,358 | $ 1,978 |
Deposits from related parties | $ 20,936 | $ 6,108 |
Related Party Transactions - Ch
Related Party Transactions - Changes in Loans Outstanding to Related Parties (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Related Party Transactions [Abstract] | |
Beginning balance | $ 1,978 |
New loans/advances | 14,655 |
Repayments | (4,275) |
Ending balance | $ 12,358 |
Employee Benefits - Additional
Employee Benefits - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($)Agreement | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($)Participant | |
Defined Benefit Plan Disclosure [Line Items] | |||
Employer Identification Number | 72-1532188 | ||
Defined Contribution Profit Sharing Plan And Retirement Savings 401 (k) Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer contributions charged to expense | $ | $ 1,140 | $ 1,023 | $ 826 |
Pentegra Defined Benefit Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer Identification Number | 13-5645888 | ||
Plan number | 333 | ||
Number of collective bargaining agreements | Agreement | 0 | ||
Pentegra Defined Benefit Plan [Member] | Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of contributions to plan | 5.00% | ||
Pentegra Defined Benefit Plan [Member] | First Independence Corporation and Subsidiary [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Number of participants retaining benefits under the plan | Participant | 54 |
Employee Benefits - Schedule of
Employee Benefits - Schedule of Net Pension Cost and Funded Status (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule Of Net Pension Cost And Funded Status [Line Items] | ||
Net pension cost charged to salaries and employee benefits | $ 168 | $ 158 |
Pentegra defined benefit plan funded status as of July 1 | 129.62% | 108.20% |
Contributions paid to the plan | $ 150 | $ 144 |
Plan's Funded Status [Member] | ||
Schedule Of Net Pension Cost And Funded Status [Line Items] | ||
Pentegra defined benefit plan funded status as of July 1 | 101.26% | 90.55% |
Share-Based Payments - Addition
Share-Based Payments - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Jan. 27, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Tax benefit in connection with stock compensation expense | $ 224 | ||||
Amended and Restated 2013 Stock Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based compensation arrangement by share-based payment award, number of shares reserved | 1,500,000 | ||||
Stock issued during period share-based compensation, value | 10,242 | 17,703 | |||
Options, Granted | 4,163 | ||||
Fair values of stock options granted | $ 5.85 | $ 7.10 | |||
Amended and Restated 2013 Stock Incentive Plan [Member] | Stock Options [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock based compensation expense | $ 201 | $ 464 | $ 520 | ||
Tax benefit in connection with stock compensation expense | 51 | 117 | 131 | ||
Unrecognized compensation expense related to non-vested stock options | $ 109,000 | ||||
Unrecognized compensation expense not yet recognized, period for recognition | 4 years 8 months 12 days | ||||
Amended and Restated 2013 Stock Incentive Plan [Member] | Directors [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock based compensation expense | $ 285 | $ 260 | |||
Stock Option 2006 Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Options, Vested and Exercisable | 0 | 150,000 | |||
Options, Granted | 0 | 0 | |||
Shares available for equity awards | 391,101 | ||||
Restricted Stock Unit Plan [Member] | Restricted Stock Units (RSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock based compensation expense | $ 2,285 | $ 2,650 | 1,991 | ||
Tax benefit in connection with stock compensation expense | 575 | $ 667 | $ 501 | ||
Unrecognized compensation expense related to non-vested stock options | $ 4,500 | ||||
Unrecognized compensation expense not yet recognized, period for recognition | 2 years 4 months 24 days | ||||
Share-based compensation arrangement by share-based payment award, award vesting period | 10 days | ||||
2019 ESPP [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common stock reserved for future issuance | 500,000 | ||||
Percentage of common stock price per share equal to lower of fair market value of common stock | 85.00% |
Share-Based Payments - Summary
Share-Based Payments - Summary of Stock Option Activity (Detail) - Amended and Restated 2013 Stock Incentive Plan [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options, Outstanding at beginning of year | 751,333 | 785,758 | |
Options, Granted | 4,163 | ||
Options, Exercised | (247,895) | (1,150) | |
Options, Forfeited or expired | (28,760) | (33,275) | |
Options, Outstanding at end of year | 478,841 | 751,333 | 785,758 |
Options, Fully vested and expected to vest | 478,841 | 751,333 | |
Options, Exercisable at end of year | 437,801 | 647,861 | |
Weighted Average Exercise Price, Outstanding at beginning of year | $ 22.89 | $ 23.17 | |
Weighted Average Exercise Price, Granted | 22.08 | ||
Weighted Average Exercise Price, Exercised | 15.52 | 17.43 | |
Weighted Average Exercise Price, Forfeited or expired | 33.13 | 29.66 | |
Weighted Average Exercise Price, Outstanding at end of year | 26.08 | 22.89 | $ 23.17 |
Weighted Average Exercise Price, Fully vested and expected to vest | 26.08 | 22.89 | |
Weighted Average Exercise Price, Exercisable at end of year | $ 25.49 | $ 21.22 | |
Weighted Average Remaining Contractual Term, Outstanding | 5 years | 5 years | 6 years |
Weighted Average Remaining Contractual Term, Granted | 10 years | ||
Weighted Average Remaining Contractual Term, Exercised | 2 years | 4 years | |
Weighted Average Remaining Contractual Term, Forfeited or expired | 7 years | 6 years | |
Weighted Average Remaining Contractual Term, Fully vested and expected to vest | 5 years | 5 years | |
Weighted Average Remaining Contractual Term, Exercisable at end of year | 5 years | 4 years | |
Aggregate Intrinsic Value, Outstanding at beginning of year | $ 3,889 | $ 2,790 | $ 6,896 |
Aggregate Intrinsic Value, Fully vested and expected to vest | 3,889 | 2,790 | |
Aggregate Intrinsic Value, Exercisable at end of year | $ 3,806 | $ 2,790 |
Share-Based Payments - Schedule
Share-Based Payments - Schedule of Fair Values of Options Granted (Detail) - Amended and Restated 2013 Stock Incentive Plan [Member] - Stock Options [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk free rate | 0.62% | 2.52% |
Market value of stock on grant date | $ 22.08 | $ 32.43 |
Expected term (in years) | 6 years | 5 years 9 months 18 days |
Expected volatility | 26.13% | 15.71% |
Share-Based Payments - Summar_2
Share-Based Payments - Summary of Changes in Company's Non-vested RSUs (Detail) - Restricted Stock Units (RSUs) [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Non-vested Restricted Stock Units, Outstanding at beginning of year | 261,078 | 187,450 |
Non-vested Restricted Stock Units, Granted | 169,696 | 126,827 |
Non-vested Restricted Stock Units, Vested | (74,454) | (34,891) |
Non-vested Restricted Stock Units, Forfeited | (68,583) | (18,308) |
Non-vested Restricted Stock Units, Outstanding at end of year | 287,737 | 261,078 |
Weighted Average Grant Date Fair Value, Outstanding at beginning of year | $ 30.39 | $ 34.56 |
Weighted Average Grant Date Fair Value, Granted | 22.58 | 25.38 |
Weighted Average Grant Date Fair Value, Vested | 32.56 | 34.36 |
Weighted Average Grant Date Fair Value, Forfeited | 30.75 | 30.58 |
Weighted Average Grant Date Fair Value, Outstanding at end of year | $ 25.13 | $ 30.39 |
Share-Based Payments - Summar_3
Share-Based Payments - Summary of Offering Periods and Costs (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation | $ 2,906 | $ 3,473 | $ 2,870 |
2019 ESPP [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
First offering period, start date | Feb. 15, 2019 | ||
First offering period, end date | Aug. 14, 2019 | ||
Second offering period, start date | Aug. 15, 2019 | ||
Second offering period, end date | Feb. 14, 2020 | ||
Third offering period start date | Feb. 15, 2020 | ||
Third offering period, end date | Aug. 14, 2020 | ||
Third offering period, start date | Aug. 15, 2020 | ||
Fourth offering period, end date | Feb. 14, 2021 | ||
Fifth offering period, start date | Feb. 15, 2021 | ||
Fifth offering period, end date | Aug. 14, 2021 | ||
2019 ESPP [Member] | First Offering [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common stock issued under employee stock purchase plan, share | 19,221 | ||
Cost Per Share | $ 21.07 | ||
Stock-based compensation | $ 72 | ||
2019 ESPP [Member] | Second Offering [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common stock issued under employee stock purchase plan, share | 16,764 | ||
Cost Per Share | $ 21.11 | ||
Stock-based compensation | $ 63 | ||
2019 ESPP [Member] | Third Offering [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common stock issued under employee stock purchase plan, share | 17,829 | ||
Cost Per Share | $ 13.61 | ||
Stock-based compensation | $ 43 | ||
2019 ESPP [Member] | Fourth Offering [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common stock issued under employee stock purchase plan, share | 17,621 | ||
Cost Per Share | $ 13.68 | ||
Stock-based compensation | $ 42 | ||
2019 ESPP [Member] | Fifth Offering [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common stock issued under employee stock purchase plan, share | 16,034 | ||
Cost Per Share | $ 20.50 | ||
Stock-based compensation | $ 58 |
Earnings Per Share - Summary of
Earnings Per Share - Summary of Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Basic: | |||
Net income allocable to common stockholders | $ 52,480 | $ (74,970) | $ 25,579 |
Weighted average common shares outstanding | 15,016,725 | 15,097,726 | 15,618,690 |
Weighted average vested restricted stock units | 2,496 | 786 | 1,201 |
Weighted average shares | 15,019,221 | 15,098,512 | 15,619,891 |
Basic earnings per common share | $ 3.49 | $ (4.97) | $ 1.64 |
Diluted: | |||
Net income allocable to common stockholders | $ 52,480 | $ (74,970) | $ 25,579 |
Weighted average common shares outstanding for: | |||
Basic earnings per common share | 15,019,221 | 15,098,512 | 15,619,891 |
Dilutive effects of the assumed exercise | 98,943 | ||
Dilutive effects of the assumed redemption of RSUs | 120,622 | 21,839 | |
Average shares and dilutive potential common shares | 15,306,431 | 15,098,512 | 15,843,139 |
Diluted earnings per common share | $ 3.43 | $ (4.97) | $ 1.61 |
ESPP [Member] | |||
Weighted average common shares outstanding for: | |||
Dilutive effects of the assumed exercise | 1,884 | 3,367 | |
Stock Options [Member] | |||
Weighted average common shares outstanding for: | |||
Dilutive effects of the assumed exercise | 164,704 | 201,409 | |
Dilutive effects of the assumed redemption of RSUs | 37,677 |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Dilutive Shares Not Included In the Computation of Diluted Earnings (Loss) Per Share (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Dilutive effects of the assumed exercise | 98,943 | ||
Dilutive effects of the assumed redemption of RSUs | 120,622 | 21,839 | |
Total dilutive shares | 139,987 | ||
ESPP [Member] | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Dilutive effects of the assumed exercise | 1,884 | 3,367 | |
Stock Options [Member] | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Dilutive effects of the assumed exercise | 164,704 | 201,409 | |
Dilutive effects of the assumed redemption of RSUs | 37,677 |
Earnings Per Share - Schedule_2
Earnings Per Share - Schedule of Average Shares Not Included In the Computation of Diluted Earnings (Loss) Per Share (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Total antidilutive shares | 56,323 | 445,106 | 310,960 |
Stock Options [Member] | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Total antidilutive shares | 55,872 | 309,951 | 308,933 |
Restricted Stock Units (RSUs) [Member] | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Total antidilutive shares | 451 | 135,155 | 2,027 |
Fair Value - Assets and Liabili
Fair Value - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value Of Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Available-for-sale securities | $ 1,327,442 | $ 871,827 |
Cash collateral held by counterparty and netting adjustments | 2,994 | 123 |
U.S. Government Sponsored Entities [Member] | ||
Fair Value Of Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Available-for-sale securities | 123,407 | 1,023 |
U.S. Treasury securities [Member] | ||
Fair Value Of Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Available-for-sale securities | 155,602 | 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 | 664,887 | 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 | 171,688 | 44,178 |
Corporate [Member] | ||
Fair Value Of Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Available-for-sale securities | 53,777 | 53,650 |
Small Business Administration Loan Pools [Member] | ||
Fair Value Of Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Available-for-sale securities | 16,475 | 1,270 |
State and Political Subdivisions [Member] | ||
Fair Value Of Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Available-for-sale securities | 141,606 | 116,256 |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ||
Fair Value Of Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Derivative assets | 2,994 | 123 |
Cash collateral held by counterparty and netting adjustments | 2,994 | 123 |
Equity securities with readily determinable fair value | 644 | 506 |
Total other assets | 644 | 506 |
Total assets | 159,240 | 629 |
Derivative liabilities | (5,447) | (8,317) |
Cash collateral held by counterparty and netting adjustments | (5,447) | (8,317) |
Total liabilities | (5,447) | (8,317) |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | U.S. Treasury securities [Member] | ||
Fair Value Of Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Available-for-sale securities | 155,602 | |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Fair Value Of Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Derivative assets | 5,021 | 7,172 |
Total assets | 1,176,861 | 878,999 |
Derivative liabilities | 5,553 | 8,317 |
Total liabilities | 5,553 | 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 | 5,021 | 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 | 5,553 | 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 | 123,407 | 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 | 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 | 664,887 | 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 | 171,688 | 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 | 53,777 | 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 | 16,475 | 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 | $ 141,606 | $ 116,256 |
Fair Value - Additional Informa
Fair Value - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 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 | Dec. 31, 2021 | Dec. 31, 2020 |
Loans Individually Evaluated for Credit Losses [Member] | Commercial Real Estate [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Assets measured at fair value on non-recurring basis | $ 5,201 | |
Loans Individually Evaluated for Credit Losses [Member] | Commercial and Industrial [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Assets measured at fair value on non-recurring basis | 2,793 | |
Loans Individually Evaluated for Credit Losses [Member] | Residential Real Estate [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Assets measured at fair value on non-recurring basis | 3,758 | |
Loans Individually Evaluated for Credit Losses [Member] | Agricultural Real Estate [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Assets measured at fair value on non-recurring basis | 2,101 | |
Loans Individually Evaluated for Credit Losses [Member] | Other [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Assets measured at fair value on non-recurring basis | 4,068 | |
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 | 2,043 | $ 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 | $ 191 | 469 |
Impaired Loans [Member] | Commercial Real Estate [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Assets measured at fair value on non-recurring basis | 3,359 | |
Impaired Loans [Member] | Commercial and Industrial [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Assets measured at fair value on non-recurring basis | 16,343 | |
Impaired Loans [Member] | Residential Real Estate [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Assets measured at fair value on non-recurring basis | 2,165 | |
Impaired Loans [Member] | Agricultural Real Estate [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Assets measured at fair value on non-recurring basis | 2,383 | |
Impaired Loans [Member] | Other [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Assets measured at fair value on non-recurring basis | $ 852 |
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 | 12 Months Ended | |
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
Impaired Real Estate Loans [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value | $ 17,921 | $ 13,443 |
Alternative Investment Valuation Technique Extensible List | eqbk:SalesComparisonOnApproachMember | eqbk:SalesComparisonOnApproachMember |
Impaired Real Estate Loans [Member] | Minimum [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range | 0.02 | 0.03 |
Impaired Real Estate Loans [Member] | Maximum [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range | 0.22 | 0.12 |
Impaired Real Estate Loans [Member] | Weighted Average [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range | 0.12 | 0.08 |
Impaired Other Real Estate Owned [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value | $ 2,234 | $ 4,351 |
Alternative Investment Valuation Technique Extensible List | eqbk:SalesComparisonOnApproachMember | eqbk:SalesComparisonOnApproachMember |
Impaired Other Real Estate Owned [Member] | Minimum [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range | 0.16 | 0.10 |
Impaired Other Real Estate Owned [Member] | Maximum [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range | 0.42 | 0.55 |
Impaired Other Real Estate Owned [Member] | Weighted Average [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range | 0.29 | 0.32 |
Impaired Other Loans [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value | $ 11,659 | |
Alternative Investment Valuation Technique Extensible List | eqbk:MultiplesOfEarningsMember | |
Impaired Other Loans [Member] | Minimum [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range | 0.045 | |
Impaired Other Loans [Member] | Maximum [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range | 0.055 | |
Impaired Other Loans [Member] | Weighted Average [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range | 0.050 |
Fair Value - Carrying Amounts a
Fair Value - Carrying Amounts and Estimated Fair Values of Financial Instrument (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | $ 259,954 | $ 280,698 |
Interest-bearing deposits | 249 | |
Available-for-sale securities | 1,327,442 | 871,827 |
Loans held for sale | 4,214 | 12,394 |
Loans, net of allowance for credit losses | 3,107,262 | 2,557,987 |
Federal Reserve Bank and Federal Home Loan Bank stock | 17,510 | 16,415 |
Interest receivable | 18,048 | 15,831 |
Derivative assets | 5,021 | 7,172 |
Total assets | 5,137,631 | 4,013,356 |
Deposits | 4,420,004 | 3,447,590 |
Federal funds purchased and retail repurchase agreements | 56,006 | 36,029 |
Federal Home Loan Bank advances | 10,144 | |
Subordinated debt | 95,885 | 87,684 |
Contractual obligations | 17,692 | 5,189 |
Derivative Liabilities | 5,553 | 8,317 |
Total liabilities | 4,637,000 | 3,605,707 |
Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 259,954 | 280,698 |
Interest-bearing deposits | 249 | |
Available-for-sale securities | 1,327,442 | 871,827 |
Loans held for sale | 4,214 | 12,394 |
Loans, net of allowance for credit losses | 3,107,262 | 2,557,987 |
Federal Reserve Bank and Federal Home Loan Bank stock | 17,510 | 16,415 |
Interest receivable | 18,048 | 15,831 |
Derivative assets | 5,021 | 7,172 |
Cash collateral held by derivative counterparty and netting adjustments | 2,994 | (123) |
Total derivative assets | 8,015 | 7,295 |
Equity securities with readily determinable fair value | 644 | 506 |
Total assets | 4,743,089 | 3,763,202 |
Deposits | 4,420,004 | 3,447,590 |
Federal funds purchased and retail repurchase agreements | 56,006 | 36,029 |
Federal Home Loan Bank advances | 10,144 | |
Subordinated debt | 22,924 | 14,872 |
Subordinated notes | 72,961 | 72,812 |
Contractual obligations | 17,692 | 5,189 |
Interest payable | 3,187 | 1,231 |
Derivative Liabilities | 5,553 | 8,317 |
Cash collateral held by derivative counterparty and netting adjustments | (5,447) | (8,317) |
Total derivative liabilities | 106 | |
Total liabilities | 4,592,880 | 3,587,867 |
Estimated Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 259,954 | 280,698 |
Interest-bearing deposits | 249 | |
Available-for-sale securities | 1,327,442 | 871,827 |
Loans held for sale | 4,214 | 12,394 |
Loans, net of allowance for credit losses | 3,100,232 | 2,430,325 |
Federal Reserve Bank and Federal Home Loan Bank stock | 17,510 | 16,415 |
Interest receivable | 18,048 | 15,831 |
Derivative assets | 5,021 | 7,172 |
Cash collateral held by derivative counterparty and netting adjustments | 2,994 | 123 |
Total derivative assets | 8,015 | 7,295 |
Equity securities with readily determinable fair value | 644 | 506 |
Deposits | 4,421,441 | 3,451,366 |
Federal funds purchased and retail repurchase agreements | 56,006 | 36,029 |
Federal Home Loan Bank advances | 10,656 | |
Subordinated debt | 22,924 | 14,872 |
Subordinated notes | 80,880 | 80,448 |
Contractual obligations | 17,692 | 5,189 |
Interest payable | 3,187 | 1,231 |
Derivative Liabilities | 5,553 | 8,317 |
Cash collateral held by derivative counterparty and netting adjustments | (5,447) | (8,317) |
Total derivative liabilities | 106 | |
Total liabilities | 4,602,236 | 3,599,791 |
Estimated Fair Value [Member] | Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 259,954 | 280,698 |
Available-for-sale securities | 155,601 | |
Cash collateral held by derivative counterparty and netting adjustments | 2,994 | 123 |
Total derivative assets | 2,994 | 123 |
Equity securities with readily determinable fair value | 644 | 506 |
Cash collateral held by derivative counterparty and netting adjustments | (5,447) | (8,317) |
Total derivative liabilities | (5,447) | (8,317) |
Estimated Fair Value [Member] | Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest-bearing deposits | 249 | |
Available-for-sale securities | 1,171,841 | 871,827 |
Loans held for sale | 4,214 | 12,394 |
Federal Reserve Bank and Federal Home Loan Bank stock | 17,510 | 16,415 |
Interest receivable | 18,048 | 15,831 |
Derivative assets | 5,021 | 7,172 |
Total derivative assets | 5,021 | 7,172 |
Deposits | 4,421,441 | 3,451,366 |
Federal funds purchased and retail repurchase agreements | 56,006 | 36,029 |
Federal Home Loan Bank advances | 10,656 | |
Subordinated debt | 22,924 | 14,872 |
Subordinated notes | 80,880 | 80,448 |
Contractual obligations | 17,692 | 5,189 |
Interest payable | 3,187 | 1,231 |
Derivative Liabilities | 5,553 | 8,317 |
Total derivative liabilities | 5,553 | 8,317 |
Total liabilities | 4,607,683 | 3,608,108 |
Estimated Fair Value [Member] | Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans, net of allowance for credit losses | 3,100,232 | 2,430,325 |
Fair Value, Measurements, Nonrecurring [Member] | Estimated Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total assets | 4,736,059 | 3,635,540 |
Fair Value, Measurements, Nonrecurring [Member] | Estimated Fair Value [Member] | Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total assets | 419,193 | 281,327 |
Fair Value, Measurements, Nonrecurring [Member] | Estimated Fair Value [Member] | Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total assets | 1,216,634 | 923,888 |
Fair Value, Measurements, Nonrecurring [Member] | Estimated Fair Value [Member] | Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total assets | $ 3,100,232 | $ 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 | Dec. 31, 2021 | Dec. 31, 2020 |
Standby Letters of Credit [Member] | ||
Commitments And Contingencies [Line Items] | ||
Loans commitments, Fixed Rate | $ 14,656 | $ 9,020 |
Loans commitments, Variable Rate | 5,799 | 3,314 |
Commitments to Make Loans [Member] | ||
Commitments And Contingencies [Line Items] | ||
Loans commitments, Fixed Rate | 101,923 | 50,123 |
Loans commitments, Variable Rate | 173,976 | 129,860 |
Mortgage Loans in the Process of Origination [Member] | ||
Commitments And Contingencies [Line Items] | ||
Loans commitments, Fixed Rate | 7,404 | 13,826 |
Loans commitments, Variable Rate | 2,353 | 1,713 |
Unused Lines of Credit [Member] | ||
Commitments And Contingencies [Line Items] | ||
Loans commitments, Fixed Rate | 106,291 | 120,720 |
Loans commitments, Variable Rate | $ 317,249 | $ 226,731 |
Commitments and Credit Risk - A
Commitments and Credit Risk - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 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 | 18.00% |
Fixed interest rate loan commitments maturity period | 371 months |
Revenue Recognition - Summary o
Revenue Recognition - Summary of Company's Source of Non-interest Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Non-interest income | ||||
Increase in bank-owned life insurance | $ 3,506 | $ 1,941 | $ 1,998 | |
Net gain on acquisition(a) | 585 | 2,145 | ||
Net gain (loss) from securities transactions | 406 | 11 | 14 | |
Other non-interest income | ||||
Total non-interest income | 32,842 | 26,023 | 24,988 | |
Service Charges and Fees [Member] | ||||
Non-interest income | ||||
Non-interest income | 8,596 | 6,856 | 8,672 | |
Other non-interest income | ||||
Non-interest income | 8,596 | 6,856 | 8,672 | |
Debit Card Income [Member] | ||||
Non-interest income | ||||
Non-interest income | 10,236 | 9,136 | 8,230 | |
Other non-interest income | ||||
Non-interest income | 10,236 | 9,136 | 8,230 | |
Mortgage Banking [Member] | ||||
Non-interest income | ||||
Non-interest income | 3,306 | 3,153 | 2,468 | |
Other non-interest income | ||||
Non-interest income | 3,306 | 3,153 | $ 2,468 | |
Accounting Standards Update 2014-09 [Member] | ||||
Non-interest income | ||||
Increase in bank-owned life insurance | [1] | 3,506 | 1,941 | |
Net gain on acquisition(a) | [1] | 585 | 2,145 | |
Net gain (loss) from securities transactions | [1] | 406 | 11 | |
Other non-interest income | ||||
Recovery on zero-basis purchased loans(a) | [1] | 85 | 134 | |
Income from equity method investments(a) | [1] | (222) | (210) | |
Other non-interest income not related to loans and deposits(a) | [1] | 278 | 283 | |
Total other non-interest income | 6,207 | 2,781 | ||
Total non-interest income | 32,842 | 26,023 | ||
Accounting Standards Update 2014-09 [Member] | Service Charges and Fees [Member] | ||||
Non-interest income | ||||
Non-interest income | 8,596 | 6,856 | ||
Other non-interest income | ||||
Non-interest income | 8,596 | 6,856 | ||
Accounting Standards Update 2014-09 [Member] | Debit Card Income [Member] | ||||
Non-interest income | ||||
Non-interest income | 10,236 | 9,136 | ||
Other non-interest income | ||||
Non-interest income | 10,236 | 9,136 | ||
Accounting Standards Update 2014-09 [Member] | Mortgage Banking [Member] | ||||
Non-interest income | ||||
Non-interest income | [1] | 3,306 | 3,153 | |
Accounting Standards Update 2014-09 [Member] | Investment Referral Income [Member] | ||||
Non-interest income | ||||
Non-interest income | 678 | 567 | ||
Other non-interest income | ||||
Non-interest income | 678 | 567 | ||
Accounting Standards Update 2014-09 [Member] | Trust Income [Member] | ||||
Non-interest income | ||||
Non-interest income | 1,140 | 433 | ||
Other non-interest income | ||||
Non-interest income | 1,140 | 433 | ||
Accounting Standards Update 2014-09 [Member] | Insurance Sales Commissions [Member] | ||||
Non-interest income | ||||
Non-interest income | 545 | 275 | ||
Other non-interest income | ||||
Non-interest income | 545 | 275 | ||
Accounting Standards Update 2014-09 [Member] | Other Non Interest Income Related To Loans and Deposits [Member] | ||||
Non-interest income | ||||
Non-interest income | 3,703 | 1,299 | ||
Other non-interest income | ||||
Non-interest income | $ 3,703 | $ 1,299 | ||
[1] | (a) |
Condensed Financial Informati_3
Condensed Financial Information (Parent Company Only) - Condensed Balance Sheets (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
ASSETS | ||||
Cash and due from banks | $ 259,131 | $ 280,150 | ||
Other | 99,509 | 32,108 | ||
Total assets | 5,137,631 | 4,013,356 | ||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||
Bank stock loan | 0 | |||
Subordinated debt | 95,885 | 87,684 | ||
Interest payable and other liabilities | 47,413 | 19,071 | ||
Total liabilities | 4,637,000 | 3,605,707 | ||
Stockholders' equity | 500,631 | 407,649 | $ 478,060 | $ 455,941 |
Total liabilities and stockholders’ equity | 5,137,631 | 4,013,356 | ||
Equity Bancshares, Inc. [Member] | ||||
ASSETS | ||||
Cash and due from banks | 25,063 | 31,970 | ||
Investment | 572,414 | 452,304 | ||
Other | 342 | 7,657 | ||
Total assets | 601,357 | 495,846 | ||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||
Subordinated debt | 95,885 | 87,684 | ||
Interest payable and other liabilities | 4,841 | 513 | ||
Total liabilities | 100,726 | 88,197 | ||
Stockholders' equity | 500,631 | 407,649 | ||
Total liabilities and stockholders’ equity | 601,357 | 495,846 | ||
Equity Bancshares, Inc. [Member] | EBAC [Member] | ||||
ASSETS | ||||
Investment | $ 3,538 | $ 3,915 |
Condensed Financial Informati_4
Condensed Financial Information (Parent Company Only) - Condensed Statements of Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Expenses | |||
Interest expense | $ 14,789 | $ 22,909 | $ 49,641 |
Net income (loss) and net income (loss) allocable to common stockholders | 52,480 | (74,970) | 25,579 |
Equity Bancshares, Inc. [Member] | |||
Condensed Income Statements, Captions [Line Items] | |||
Dividends from Equity Bank | 14,251 | 7,500 | 23,000 |
Other income | 56 | 1 | 4 |
Total income | 14,307 | 7,501 | 23,004 |
Expenses | |||
Interest expense | 6,261 | 3,924 | 1,905 |
Other expenses | 3,450 | 2,536 | 2,254 |
Total expenses | 9,711 | 6,460 | 4,159 |
Income before income tax and equity in undistributed income (loss) of subsidiaries | 4,596 | 1,041 | 18,845 |
Income tax benefit | 1,551 | 1,504 | 1,081 |
Income before equity in undistributed income (loss) of subsidiaries | 6,147 | 2,545 | 19,926 |
Equity in undistributed income (loss) | 46,710 | (77,143) | 5,978 |
Net income (loss) and net income (loss) allocable to common stockholders | 52,480 | (74,970) | 25,579 |
Equity Bancshares, Inc. [Member] | EBAC [Member] | |||
Expenses | |||
Equity in undistributed income (loss) | $ (377) | $ (372) | $ (325) |
Condensed Financial Informati_5
Condensed Financial Information (Parent Company Only) - Condensed Statements of Cash Flows (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities | |||
Net income (loss) | $ 52,480 | $ (74,970) | $ 25,579 |
Adjustments to reconcile net income (loss) to net cash from operating activities: | |||
Stock based compensation | 2,906 | 3,473 | 2,870 |
Net amortization (accretion) of purchase valuation adjustments | 18,001 | (2,492) | (4,360) |
Net change in: | |||
Other assets | (6,503) | (6,253) | (3,823) |
Interest payable and other liabilities | 20,706 | 1,513 | (299) |
Net cash provided by operating activities | 102,698 | 43,621 | 48,521 |
Cash flows (to) from investing activities | |||
Proceeds from sales, calls, pay-downs and maturities of available-for-sale securities | 472,894 | 178,502 | 30,633 |
Net cash (used in) provided by investing activities | (315,339) | 96,004 | 96,101 |
Cash flows (to) from financing activities | |||
Borrowings on bank stock loan | 38,354 | 7,209 | |
Principal repayments on bank stock loan | (47,344) | (13,669) | |
Proceeds from exercise of employee stock options | 3,847 | 20 | 371 |
Principal payments on employee stock loan | 43 | 34 | 44 |
Proceeds from employee stock purchase plan | 569 | 596 | 405 |
Net cash provided by (used in) financing activities | 191,897 | 51,782 | (248,149) |
Proceeds from subordinated notes | 75,000 | ||
Debt issue cost of subordinated notes | (16) | (2,265) | |
Dividends paid on common stock | (1,149) | ||
Net change in cash and cash equivalents | (20,744) | 191,407 | (103,527) |
Cash and cash equivalents, beginning of period | 280,698 | 89,291 | 192,818 |
Ending cash and cash equivalents | 259,954 | 280,698 | 89,291 |
Equity Bancshares, Inc. [Member] | |||
Cash flows from operating activities | |||
Net income (loss) | 52,480 | (74,970) | 25,579 |
Adjustments to reconcile net income (loss) to net cash from operating activities: | |||
Stock based compensation | 2,906 | 3,473 | 2,870 |
Equity in undistributed (income) loss | (46,710) | 77,143 | (5,978) |
Net amortization (accretion) of purchase valuation adjustments | 485 | 388 | 301 |
Net change in: | |||
Other assets | 6,965 | (300) | (4,092) |
Interest payable and other liabilities | (207) | (4,524) | (147) |
Net cash provided by operating activities | 16,296 | 1,582 | 18,858 |
Cash flows (to) from investing activities | |||
Proceeds from sales, calls, pay-downs and maturities of available-for-sale securities | 376 | ||
Net cash (paid) received from acquisition | (8,209) | ||
Additional investment | (17,200) | ||
Net cash (used in) provided by investing activities | (7,833) | (17,650) | (900) |
Cash flows (to) from financing activities | |||
Borrowings on bank stock loan | 38,354 | 7,209 | |
Principal repayments on bank stock loan | (47,344) | (13,669) | |
Proceeds from exercise of employee stock options | 3,847 | 20 | 371 |
Principal payments on employee stock loan | 43 | 34 | 44 |
Proceeds from employee stock purchase plan | 569 | 596 | 405 |
Purchase of treasury stock | (18,664) | (19,348) | (10,867) |
Net cash provided by (used in) financing activities | (15,370) | 45,047 | (16,507) |
Proceeds from subordinated notes | 75,000 | ||
Debt issue cost of subordinated notes | (16) | (2,265) | |
Dividends paid on common stock | (1,149) | ||
Net change in cash and cash equivalents | (6,907) | 28,979 | 1,451 |
Cash and cash equivalents, beginning of period | 31,970 | 2,991 | 1,540 |
Ending cash and cash equivalents | 25,063 | 31,970 | 2,991 |
EBAC [Member] | Equity Bancshares, Inc. [Member] | |||
Adjustments to reconcile net income (loss) to net cash from operating activities: | |||
Equity in undistributed (income) loss | $ 377 | 372 | 325 |
Cash flows (to) from investing activities | |||
Additional investment | $ (450) | $ (900) |