Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2022 | Nov. 08, 2022 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-37621 | |
Entity Registrant Name | FIRST GUARANTY BANCSHARES, INC. | |
Entity Incorporation, State or Country Code | LA | |
Entity Tax Identification Number | 26-0513559 | |
Entity Address, Address Line One | 400 East Thomas Street | |
Entity Address, City or Town | Hammond, | |
Entity Address, State or Province | LA | |
Entity Address, Postal Zip Code | 70401 | |
City Area Code | (985) | |
Local Phone Number | 345-7685 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 10,716,796 | |
Entity Central Index Key | 0001408534 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Common Stock | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common Stock, $1 par value | |
Trading Symbol | FGBI | |
Security Exchange Name | NASDAQ | |
Noncumulative Preferred Stock | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Depository Shares (each representing a 1/40th interest in a share of 6.75% Series A Fixed-Rate Non-Cumulative perpetual preferred stock) | |
Trading Symbol | FGBIP | |
Security Exchange Name | NASDAQ |
CONSOLIDATED BALANCE SHEETS (un
CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Cash and cash equivalents: | ||
Cash and due from banks | $ 109,174 | $ 261,749 |
Federal funds sold | 183 | 183 |
Cash and cash equivalents | 109,357 | 261,932 |
Investment securities: | ||
Available for sale, at fair value | 131,318 | 210,620 |
Held to maturity, at cost (estimated fair value of $243,800 and $150,585 respectively) | 319,899 | 153,536 |
Investment securities | 451,217 | 364,156 |
Federal Home Loan Bank stock, at cost | 4,830 | 1,359 |
Loans held for sale | 0 | 0 |
Loans, net of unearned income | 2,417,327 | 2,159,359 |
Less: allowance for loan and lease losses | 23,468 | 24,029 |
Net loans | 2,393,859 | 2,135,330 |
Premises and equipment, net | 58,209 | 58,637 |
Goodwill | 12,900 | 12,900 |
Intangible assets, net | 5,267 | 5,922 |
Other real estate, net | 1,667 | 2,072 |
Accrued interest receivable | 12,067 | 12,047 |
Other assets | 47,424 | 23,765 |
Total Assets | 3,096,797 | 2,878,120 |
Deposits: | ||
Noninterest-bearing demand | 534,548 | 532,578 |
Interest-bearing demand | 1,421,877 | 1,275,544 |
Savings | 217,820 | 201,699 |
Time | 534,327 | 586,671 |
Total deposits | 2,708,572 | 2,596,492 |
Short-term advances from Federal Home Loan Bank | 80,000 | 0 |
Short-term borrowings | 20,000 | 0 |
Repurchase agreements | 6,408 | 6,439 |
Accrued interest payable | 3,641 | 4,480 |
Long-term advances from Federal Home Loan Bank | 0 | 3,208 |
Senior long-term debt | 22,738 | 25,170 |
Junior subordinated debentures | 15,000 | 14,818 |
Other liabilities | 9,000 | 3,624 |
Total Liabilities | 2,865,359 | 2,654,231 |
Preferred stock, Series A - $1,000 par value - 100,000 shares authorized | ||
Non-cumulative perpetual; 34,500 shares issued and outstanding | 33,058 | 33,058 |
Common stock, $1 par value - 100,600,000 shares authorized and 10,716,796 shares issued | 10,717 | 10,717 |
Surplus | 130,093 | 130,093 |
Retained earnings | 73,526 | 56,654 |
Accumulated other comprehensive (loss) income | (15,956) | (6,633) |
Total Shareholders' Equity | 231,438 | 223,889 |
Total Liabilities and Shareholders' Equity | $ 3,096,797 | $ 2,878,120 |
CONSOLIDATED BALANCE SHEETS (_2
CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Held to maturity, fair value | $ 243,800 | $ 150,585 |
Preferred stock, par value (in dollars per share) | $ 1,000 | $ 1,000 |
Preferred stock, shares authorized (in shares) | 100,000 | 100,000 |
Preferred stock, shares issued (in shares) | 34,500 | 34,500 |
Preferred stock, shares outstanding (in shares) | 34,500 | 34,500 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, shares authorized (in shares) | 100,600,000 | 100,600,000 |
Common stock, shares, issued (in shares) | 10,716,796 | 10,716,796 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | ||
Interest Income: | |||||
Loans (including fees) | $ 32,386 | $ 26,685 | $ 90,423 | $ 75,629 | |
Deposits with other banks | 561 | 69 | 924 | 210 | |
Securities (including FHLB stock) | 2,303 | 2,660 | 6,922 | 5,904 | |
Total Interest Income | 35,250 | 29,414 | 98,269 | 81,743 | |
Interest Expense: | |||||
Demand deposits | 6,243 | 1,983 | 11,403 | 5,222 | |
Savings deposits | 267 | 50 | 429 | 152 | |
Time deposits | 2,533 | 3,079 | 7,828 | 9,930 | |
Borrowings | 758 | 470 | 1,867 | 1,558 | |
Total Interest Expense | 9,801 | 5,582 | 21,527 | 16,862 | |
Net Interest Income | 25,449 | 23,832 | 76,742 | 64,881 | |
Provision for loan losses | 1,509 | 304 | 2,898 | 1,812 | |
Net Interest Income after Provision for Loan Losses | 23,940 | 23,528 | 73,844 | 63,069 | |
Noninterest Income: | |||||
Service charges, commissions and fees | 814 | 556 | 2,364 | 1,934 | |
ATM and debit card fees | 864 | 874 | 2,591 | 2,649 | |
Net (losses) gains on securities | 0 | (184) | (17) | 876 | |
Net gains on sale of loans | 1,624 | 110 | 1,713 | 435 | |
Other | 716 | 706 | 1,856 | 2,092 | |
Total Noninterest Income | 4,018 | 2,062 | 8,507 | 7,986 | |
Noninterest Expense: | |||||
Salaries and employee benefits | 9,181 | 8,131 | 27,246 | 23,678 | |
Occupancy and equipment expense | 2,295 | 2,227 | 6,748 | 6,746 | |
Other | 6,312 | 5,394 | 18,364 | 16,340 | |
Total Noninterest Expense | 17,788 | 15,752 | 52,358 | 46,764 | |
Income Before Income Taxes | 10,170 | 9,838 | 29,993 | 24,291 | |
Less: Provision for income taxes | 2,117 | 2,047 | 6,230 | 5,043 | |
Net Income | 8,053 | 7,791 | 23,763 | 19,248 | |
Less: Preferred stock dividends | 582 | 582 | 1,747 | 802 | |
Net Income Available to Common Shareholders | $ 7,471 | $ 7,209 | $ 22,016 | $ 18,446 | |
Per Common Share: | |||||
Earnings (in dollars per share) | [1] | $ 0.70 | $ 0.67 | $ 2.05 | $ 1.72 |
Cash dividends paid (in dollars per share) | [1] | $ 0.16 | $ 0.15 | $ 0.48 | $ 0.44 |
Weighted Average Common Shares Outstanding (in shares) | 10,716,796 | 10,716,796 | 10,716,796 | 10,716,796 | |
[1] 1 All share and per share amounts have been restated to reflect the ten percent stock dividend paid December 17, 2021 to shareholders of record as of December 15, 2021. |
CONSOLIDATED STATEMENTS OF IN_2
CONSOLIDATED STATEMENTS OF INCOME (unaudited) (Parenthetical) | Dec. 17, 2021 |
Income Statement [Abstract] | |
Common stock, dividend paid-in-kind percentage | 10% |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net Income | $ 8,053 | $ 7,791 | $ 23,763 | $ 19,248 |
Unrealized (losses) gains on securities: | ||||
Unrealized holding (losses) gains arising during the period | (1,082) | (1,327) | (11,818) | (7,140) |
Reclassification adjustments for losses (gains) included in net income | 0 | 184 | 17 | (876) |
Change in unrealized (losses) gains on securities | (1,082) | (1,143) | (11,801) | (8,016) |
Tax impact | 227 | 240 | 2,478 | 1,683 |
Other comprehensive (loss) income | (855) | (903) | (9,323) | (6,333) |
Comprehensive Income | $ 7,198 | $ 6,888 | $ 14,440 | $ 12,915 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (unaudited) - USD ($) $ in Thousands | Total | Preferred Stock $1,000 Par | Common Stock $1 Par | Surplus | Retained Earnings | Accumulated Other Comprehensive Income/(Loss) | |
Beginning balance at Dec. 31, 2020 | $ 178,591 | $ 0 | $ 10,717 | $ 130,093 | $ 37,134 | $ 647 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 19,248 | 19,248 | |||||
Other comprehensive income (loss) | (6,333) | (6,333) | |||||
Preferred stock issued, 34,500 shares, net of costs | 33,058 | 33,058 | |||||
Preferred stock dividends | (802) | (802) | |||||
Cash dividends on common stock | [1] | (4,677) | (4,677) | ||||
Ending balance at Sep. 30, 2021 | 219,085 | 33,058 | 10,717 | 130,093 | 50,903 | (5,686) | |
Beginning balance at Dec. 31, 2021 | 223,889 | 33,058 | 10,717 | 130,093 | 56,654 | (6,633) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 23,763 | 23,763 | |||||
Other comprehensive income (loss) | (9,323) | (9,323) | |||||
Preferred stock dividends | (1,747) | (1,747) | |||||
Cash dividends on common stock | (5,144) | (5,144) | |||||
Ending balance at Sep. 30, 2022 | $ 231,438 | $ 33,058 | $ 10,717 | $ 130,093 | $ 73,526 | $ (15,956) | |
[1] 1 All share and per share amounts have been restated to reflect the ten percent stock dividend paid December 17, 2021 to shareholders of record as of December 15, 2021. |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (unaudited) (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | |||||
Dec. 17, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | ||
Statement of Stockholders' Equity [Abstract] | |||||||
Preferred stock, par value (in dollars per share) | $ 1,000 | $ 1,000 | $ 1,000 | ||||
Common stock, par value (in dollars per share) | 1 | 1 | $ 1 | ||||
Preferred stock issued (in shares) | 34,500 | ||||||
Cash dividends paid (in dollars per share) | [1] | $ 0.16 | $ 0.15 | $ 0.48 | $ 0.44 | ||
Common stock, dividend paid-in-kind percentage | 10% | ||||||
[1] 1 All share and per share amounts have been restated to reflect the ten percent stock dividend paid December 17, 2021 to shareholders of record as of December 15, 2021. |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash Flows From Operating Activities | ||
Net income | $ 23,763 | $ 19,248 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for loan losses | 2,898 | 1,812 |
Depreciation and amortization | 3,000 | 3,414 |
Amortization/Accretion of investments | 1,298 | (284) |
Loss (gain) on sale/call of securities | 17 | (876) |
Gain on sale of assets | (1,774) | (458) |
Repossessed asset write downs, gains and losses on dispositions | 146 | 245 |
FHLB stock dividends | (7) | (12) |
Change in other assets and liabilities, net | 4,221 | (14,159) |
Net Cash Provided By Operating Activities | 33,562 | 8,930 |
Cash Flows From Investing Activities | ||
Proceeds from maturities, calls and sales of AFS securities | 52,876 | 396,951 |
Funds invested in AFS securities | (153,053) | (545,593) |
Funds invested in preferred securities | 0 | (1,000) |
Proceeds from redemption of preferred securities | 0 | 1,500 |
Funds invested in Federal Home Loan Bank stock | (3,464) | (155) |
Proceeds from sale/redemption of Federal Home Loan Bank stock | 0 | 2,160 |
Net increase in loans | (281,615) | (230,409) |
Purchase of premises and equipment | (1,903) | (2,026) |
Proceeds from sales of premises and equipment | 47 | 77 |
Proceeds from sales of other real estate owned | 787 | 627 |
Net Cash Used In Investing Activities | (386,325) | (377,868) |
Cash Flows From Financing Activities | ||
Net increase in deposits | 112,080 | 378,056 |
Net increase (decrease) in federal funds purchased and short-term borrowings | 99,969 | (50,042) |
Repayment of long-term borrowings | (4,970) | (16,483) |
Net proceeds from issuance of preferred stock | 0 | 33,058 |
Dividends paid on preferred stock | (1,747) | (802) |
Dividends paid on common stock | (5,144) | (4,677) |
Net Cash Provided By Financing Activities | 200,188 | 339,110 |
Net Decrease In Cash and Cash Equivalents | (152,575) | (29,828) |
Cash and Cash Equivalents at the Beginning of the Period | 261,932 | 299,605 |
Cash and Cash Equivalents at the End of the Period | 109,357 | 269,777 |
Noncash Activities: | ||
Acquisition of real estate in settlement of loans | 558 | 1,163 |
Transfer of securities from AFS to HTM | 176,181 | 160,014 |
Cash Paid During The Period: | ||
Interest on deposits and borrowed funds | 22,366 | 17,850 |
Federal | ||
Cash Paid During The Period: | ||
Income taxes paid | 6,600 | 6,900 |
State | ||
Cash Paid During The Period: | ||
Income taxes paid | $ 0 | $ 47 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles. The consolidated financial statements and the footnotes of First Guaranty Bancshares, Inc. ("First Guaranty") thereto should be read in conjunction with the audited consolidated financial statements and note disclosures for First Guaranty previously filed with the Securities and Exchange Commission in First Guaranty's Annual Report on Form 10-K for the year ended December 31, 2021. The consolidated financial statements include the accounts of First Guaranty Bancshares, Inc. and its wholly owned subsidiary First Guaranty Bank (the "Bank"). All significant intercompany balances and transactions have been eliminated in consolidation. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments necessary for a fair presentation of the consolidated financial statements. Those adjustments are of a normal recurring nature. The results of operations at September 30, 2022 and for the three and nine month periods ended September 30, 2022 and 2021 are not necessarily indicative of the results expected for the full year or any other interim period. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near-term relate to the determination of the allowance for loan and lease losses, the valuation of real estate acquired in connection with foreclosures or in satisfaction of loans, and the valuation of investment securities. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting PronouncementsIn June 2016, the FASB issued ASU 2016-13, "Financial Instruments- Credit Losses: Measurement of Credit Losses on Financial Instruments". This ASU amends guidance on reporting credit losses for assets held at amortized cost basis and available for sale debt securities. The ASU amendments require the measurement of all expected credit losses for financial assets held at the reporting date be based on historical experience, current conditions, and reasonable and supportable forecasts. The ASU requires assets held at cost basis to reflect the company's current estimate of all expected credit losses. For available for sale debt securities, credit losses should be presented as an allowance rather than as a write-down. In addition, this ASU amends the accounting for purchased financial assets with credit deterioration. On October 16, 2019, the FASB approved an effective date delay applicable to smaller reporting companies until fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. First Guaranty is a smaller reporting company and has delayed the adoption of ASU 2016-13. First Guaranty is currently assessing the impact of adoption of this guidance. |
Securities
Securities | 9 Months Ended |
Sep. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Securities A summary comparison of securities by type at September 30, 2022 and December 31, 2021 is shown below. September 30, 2022 December 31, 2021 (in thousands) Amortized Cost Gross Gross Fair Value Amortized Cost Gross Unrealized Gains Gross Fair Value Available for sale: U.S. Treasuries $ 100,956 $ — $ (2,728) $ 98,228 $ — $ — $ — $ — U.S. Government Agencies — — — — 116,733 — (623) 116,110 Corporate debt securities 16,750 — (658) 16,092 79,344 732 (1,851) 78,225 Municipal bonds 14,831 89 (467) 14,453 15,543 156 — 15,699 Mortgage-backed securities 2,735 — (190) 2,545 576 10 — 586 Total available for sale securities $ 135,272 $ 89 $ (4,043) $ 131,318 $ 212,196 $ 898 $ (2,474) $ 210,620 Held to maturity: U.S. Government Agencies $ 264,927 $ — $ (66,708) $ 198,219 $ 153,536 $ — $ (2,951) $ 150,585 Corporate debt securities 54,972 62 (9,453) 45,581 — — — — Total held to maturity securities $ 319,899 $ 62 $ (76,161) $ 243,800 $ 153,536 $ — $ (2,951) $ 150,585 First Guaranty designated available for sale U.S. Government Agency securities and corporate debt securities for held to maturity status in the first quarter of 2022. The U.S. Government Agency securities had an amortized cost of $116.7 million and a corresponding fair value of $111.0 million. The corporate securities had an amortized cost of $59.4 million and a corresponding fair value of $54.8 million. The net unrealized loss net of taxes at the date of transfer was $8.2 million. The fair value of the held to maturity securities at the date of transfer becomes the securities' new cost basis. The unrealized holding loss at the time of transfer continues to be reported in accumulated other comprehensive income, net of tax and is amortized over the remaining lives of the securities as an adjustment of the yield. The amortization of the unamortized holding loss reported in accumulated other comprehensive income will directly offset the effect on interest income from the accretion of the reduced amortized cost for the transferred securities. Because of this transfer, the total losses less than 12 months and greater than 12 months reported in the table below will not agree to the unrealized losses reported in the inventory of held to maturity securities. The inventory table reports unrealized gains and losses based upon the transferred securities adjusted cost basis and current fair value. The reporting of losses less than 12 months and greater than 12 months represents that actual period of time that these securities have been in an unrealized loss position and the securities amortized cost basis as if the transfer did not occur. The scheduled maturities of securities at September 30, 2022, by contractual maturity, are shown below. Actual maturities may differ from contractual maturities due to calls or prepayments. Mortgage-backed securities are not due at a single maturity because of amortization and potential prepayment of the underlying mortgages. For this reason, they are presented separately in the maturity table below: At September 30, 2022 (in thousands) Amortized Cost Fair Value Available for sale: Due in one year or less $ 51,151 $ 50,622 Due after one year through five years 53,855 51,621 Due after five years through 10 years 20,037 19,398 Over 10 years 7,494 7,132 Subtotal 132,537 128,773 Mortgage-backed securities 2,735 2,545 Total available for sale securities $ 135,272 $ 131,318 Held to maturity: Due in one year or less $ — $ — Due after one year through five years 385 428 Due after five years through 10 years 74,046 60,648 Over 10 years 245,468 182,724 Total held to maturity securities $ 319,899 $ 243,800 At September 30, 2022, $254.7 million of First Guaranty's securities were pledged to secure public funds deposits and borrowings. The pledged securities had a market value of $196.7 million as of September 30, 2022. The following is a summary of the fair value of securities with gross unrealized losses and an aging of those gross unrealized losses at September 30, 2022. At September 30, 2022 Less Than 12 Months 12 Months or More Total (in thousands) Number Fair Value Gross Number Fair Value Gross Number Fair Value Gross Available for sale: U.S. Treasuries 6 $ 98,228 $ (2,728) — $ — $ — 6 $ 98,228 $ (2,728) Corporate debt securities 14 14,709 (541) 2 1,383 (117) 16 16,092 (658) Municipal bonds 52 7,803 (463) 1 62 (4) 53 7,865 (467) Mortgage-backed securities 3 2,539 (190) 6 6 — 9 2,545 (190) Total available for sale securities 75 $ 123,279 $ (3,922) 9 $ 1,451 $ (121) 84 $ 124,730 $ (4,043) Held to maturity: U.S. Government Agencies 13 $ 90,650 $ (20,655) 16 $ 107,569 $ (46,053) 29 $ 198,219 $ (66,708) Corporate debt securities 58 45,381 (9,453) — — — 58 45,381 (9,453) Total held to maturity securities 71 $ 136,031 $ (30,108) 16 $ 107,569 $ (46,053) 87 $ 243,600 $ (76,161) The following is a summary of the fair value of securities with gross unrealized losses and an aging of those gross unrealized losses at December 31, 2021. At December 31, 2021 Less Than 12 Months 12 Months or More Total (in thousands) Number Fair Value Gross Number Fair Value Gross Number Fair Value Gross Available for sale: U.S. Treasuries — $ — $ — — $ — $ — — $ — $ — U.S. Government Agencies 13 116,110 (623) — — — 13 116,110 (623) Corporate debt securities 61 61,551 (1,677) 2 445 (174) 63 61,996 (1,851) Municipal bonds 1 66 — — — — 1 66 — Mortgage-backed securities — — — 6 9 — 6 9 — Total available for sale securities 75 $ 177,727 $ (2,300) 8 $ 454 $ (174) 83 $ 178,181 $ (2,474) Held to maturity: U.S. Government Agencies 16 $ 150,585 $ (2,951) — $ — $ — 16 $ 150,585 $ (2,951) Total held to maturity securities 16 $ 150,585 $ (2,951) — $ — $ — 16 $ 150,585 $ (2,951) As of September 30, 2022, 171 of First Guaranty's debt securities had unrealized losses totaling 17.9% of the individual securities' amortized cost basis and 17.6% of First Guaranty's total amortized cost basis of the investment securities portfolio. 25 of the 171 securities had been in a continuous loss position for over 12 months at such date. The 25 securities had an aggregate amortized cost basis of $155.2 million and an unrealized loss of $46.1 million at September 30, 2022. Management has the intent and ability to hold these debt securities until maturity or until anticipated recovery. Securities are evaluated for other-than-temporary impairment at least quarterly and more frequently when economic or market conditions warrant such evaluation. Consideration is given to (i) the length of time and the extent to which the fair value has been less than cost, (ii) the financial condition and near-term prospects of the issuer, (iii) the recovery of contractual principal and interest and (iv) the intent and ability of First Guaranty to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. Investment securities issued by the U.S. Government and Government sponsored enterprises with unrealized losses and the amount of unrealized losses on those investment securities that are the result of changes in market interest rates will not be other-than-temporarily impaired. First Guaranty has the ability and intent to hold these securities until recovery, which may not be until maturity. Corporate debt securities in a loss position consist primarily of corporate bonds issued by businesses in the financial, insurance, utility, manufacturing, industrial, consumer products and oil and gas industries. There were no securities with an other-than-temporary impairment loss at September 30, 2022. First Guaranty believes that the remaining issuers will be able to fulfill the obligations of these securities based on evaluations described above. First Guaranty has the ability and intent to hold these securities until they recover, which could be at their maturity dates. There were no other-than-temporary impairment losses recognized on securities during the nine months ended September 30, 2022 and 2021. The following table presents a roll-forward of the amount of credit losses on debt securities held by First Guaranty for which a portion of OTTI was recognized in other comprehensive income for the nine months ended September 30, 2022 and 2021: (in thousands) Nine Months Ended Nine Months Ended Beginning balance of credit losses at end of prior year $ — $ 100 Other-than-temporary impairment credit losses on securities not previously OTTI — — Increases for additional credit losses on securities previously determined to be OTTI — — Reduction for increases in cash flows — — Reduction due to credit impaired securities sold or fully settled — (100) Ending balance of cumulative credit losses recognized in earnings at end of period $ — $ — In the first nine months of 2022 there were no other-than-temporary impairment credit losses on securities for which we had previously recognized OTTI. For securities that have indications of credit related impairment, management analyzes future expected cash flows to determine if any credit related impairment is evident. Estimated cash flows are determined using management's best estimate of future cash flows based on specific assumptions. The assumptions used to determine the cash flows were based on estimates of loss severity and credit default probabilities. Management reviews reports from credit rating agencies and public filings of issuers. At September 30, 2022, First Guaranty's exposure to bond issuers that exceeded 10% of shareholders' equity is below: At September 30, 2022 (in thousands) Amortized Cost Fair Value U.S. Government Treasuries (U.S.) $ 100,956 $ 98,228 Federal Home Loan Bank (FHLB) 32,068 25,169 Federal Home Loan Mortgage Corporation (Freddie Mac-FHLMC) 97,444 68,312 Federal Farm Credit Bank (FFCB) 138,148 107,281 Total $ 368,616 $ 298,990 |
Loans
Loans | 9 Months Ended |
Sep. 30, 2022 | |
Receivables [Abstract] | |
Loans | Loans The following table summarizes the components of First Guaranty's loan portfolio as of September 30, 2022 and December 31, 2021: September 30, 2022 December 31, 2021 (in thousands except for %) Balance As % of Category Balance As % of Category Real Estate: Construction & land development $ 204,640 8.4 % $ 174,334 8.1 % Farmland 24,556 1.0 % 31,810 1.5 % 1- 4 Family 352,501 14.5 % 288,347 13.3 % Multifamily 118,273 4.9 % 65,848 3.0 % Non-farm non-residential 981,954 40.5 % 886,407 40.9 % Total Real Estate 1,681,924 69.3 % 1,446,746 66.8 % Non-Real Estate: Agricultural 47,642 2.0 % 26,747 1.2 % Commercial and industrial (1) 365,549 15.1 % 398,391 18.4 % Commercial leases 281,010 11.6 % 246,022 11.4 % Consumer and other 48,188 2.0 % 48,142 2.2 % Total Non-Real Estate 742,389 30.7 % 719,302 33.2 % Total Loans Before Unearned Income 2,424,313 100.0 % 2,166,048 100.0 % Unearned income (6,986) (6,689) Total Loans Net of Unearned Income $ 2,417,327 $ 2,159,359 (1) Includes PPP loans fully guaranteed by the SBA of $6.1 million and $35.4 million at September 30, 2022 and December 31, 2021, respectively. The following table summarizes fixed and floating rate loans by contractual maturity, excluding nonaccrual loans, as of September 30, 2022 and December 31, 2021 unadjusted for scheduled principal payments, prepayments, or repricing opportunities. The average life of the loan portfolio may be substantially less than the contractual terms when these adjustments are considered. September 30, 2022 December 31, 2021 (in thousands) Fixed Floating Total Fixed Floating Total One year or less $ 222,294 $ 123,864 $ 346,158 $ 239,423 $ 117,697 $ 357,120 More than one to five years 900,499 340,962 1,241,461 926,640 385,509 1,312,149 More than five to 15 years 117,972 209,048 327,020 114,976 106,579 221,555 Over 15 years 222,710 276,606 499,316 179,522 78,987 258,509 Subtotal $ 1,463,475 $ 950,480 2,413,955 $ 1,460,561 $ 688,772 2,149,333 Nonaccrual loans 10,358 16,715 Total Loans Before Unearned Income 2,424,313 2,166,048 Unearned income (6,986) (6,689) Total Loans Net of Unearned Income $ 2,417,327 $ 2,159,359 As of September 30, 2022, $177.3 million of floating rate loans were at their interest rate floor. At December 31, 2021, $349.1 million of floating rate loans were at their interest rate floor. Nonaccrual loans have been excluded from these totals. The following tables present the age analysis of past due loans at September 30, 2022 and December 31, 2021: As of September 30, 2022 (in thousands) 30-89 Days Past Due 90 Days or Greater Total Past Due Current Total Loans Recorded Investment Real Estate: Construction & land development $ 852 $ 430 $ 1,282 $ 203,358 $ 204,640 $ 326 Farmland — 290 290 24,266 24,556 — 1- 4 family 2,363 4,005 6,368 346,133 352,501 359 Multifamily 184 13 197 118,076 118,273 13 Non-farm non-residential 4,321 2,947 7,268 974,686 981,954 318 Total Real Estate 7,720 7,685 15,405 1,666,519 1,681,924 1,016 Non-Real Estate: Agricultural 221 1,645 1,866 45,776 47,642 — Commercial and industrial 939 1,320 2,259 363,290 365,549 444 Commercial leases 1,930 — 1,930 279,080 281,010 — Consumer and other 1,492 1,168 2,660 45,528 48,188 — Total Non-Real Estate 4,582 4,133 8,715 733,674 742,389 444 Total Loans Before Unearned Income $ 12,302 $ 11,818 $ 24,120 $ 2,400,193 $ 2,424,313 $ 1,460 Unearned income (6,986) Total Loans Net of Unearned Income $ 2,417,327 As of December 31, 2021 (in thousands) 30-89 Days Past Due 90 Days or Greater Total Past Due Current Total Loans Recorded Investment Real Estate: Construction & land development $ 956 $ 776 $ 1,732 $ 172,602 $ 174,334 $ 246 Farmland 17 787 804 31,006 31,810 — 1- 4 family 3,932 3,375 7,307 281,040 288,347 514 Multifamily 1,669 162 1,831 64,017 65,848 162 Non-farm non-residential 1,352 9,014 10,366 876,041 886,407 281 Total Real Estate 7,926 14,114 22,040 1,424,706 1,446,746 1,203 Non-Real Estate: Agricultural 97 2,302 2,399 24,348 26,747 — Commercial and industrial 1,233 722 1,955 396,436 398,391 23 Commercial leases — — — 246,022 246,022 — Consumer and other 920 822 1,742 46,400 48,142 19 Total Non-Real Estate 2,250 3,846 6,096 713,206 719,302 42 Total Loans Before Unearned Income $ 10,176 $ 17,960 $ 28,136 $ 2,137,912 $ 2,166,048 $ 1,245 Unearned income (6,689) Total Loans Net of Unearned Income $ 2,159,359 The tables above include $10.4 million and $16.7 million of nonaccrual loans at September 30, 2022 and December 31, 2021, respectively. See the tables below for more detail on nonaccrual loans. The following is a summary of nonaccrual loans by class at the dates indicated: (in thousands) As of September 30, 2022 As of December 31, 2021 Real Estate: Construction & land development $ 104 $ 530 Farmland 290 787 1- 4 family 3,646 2,861 Multifamily — — Non-farm non-residential 2,629 8,733 Total Real Estate 6,669 12,911 Non-Real Estate: Agricultural 1,645 2,302 Commercial and industrial 876 699 Commercial leases — — Consumer and other 1,168 803 Total Non-Real Estate 3,689 3,804 Total Nonaccrual Loans $ 10,358 $ 16,715 The following table identifies the credit exposure of the loan portfolio, including loans acquired with deteriorated credit quality, by specific credit ratings as of the dates indicated: As of September 30, 2022 As of December 31, 2021 (in thousands) Pass Special Mention Substandard Doubtful Total Pass Special Mention Substandard Doubtful Total Real Estate: Construction & land development $ 200,959 $ 2,984 $ 697 $ — $ 204,640 $ 151,220 $ 21,997 $ 1,117 $ — $ 174,334 Farmland 23,738 35 783 — 24,556 27,678 40 4,092 — 31,810 1- 4 family 334,064 8,946 9,491 — 352,501 270,866 7,644 9,837 — 288,347 Multifamily 112,702 449 5,122 — 118,273 56,686 2,212 6,950 — 65,848 Non-farm 957,272 15,348 9,334 — 981,954 795,495 72,103 18,809 — 886,407 Total Real Estate 1,628,735 27,762 25,427 — 1,681,924 1,301,945 103,996 40,805 — 1,446,746 Non-Real Estate: Agricultural 44,822 163 2,657 — 47,642 23,952 128 2,667 — 26,747 Commercial 355,436 1,893 8,220 — 365,549 355,407 34,220 8,764 — 398,391 Commercial leases 279,175 — 1835 — 281,010 245,869 — 153 — 246,022 Consumer and other 45,911 886 1,391 — 48,188 46,804 374 964 — 48,142 Total Non-Real Estate 725,344 2,942 14,103 — 742,389 672,032 34,722 12,548 — 719,302 Total Loans Before Unearned Income $ 2,354,079 $ 30,704 $ 39,530 $ — 2,424,313 $ 1,973,977 $ 138,718 $ 53,353 $ — 2,166,048 Unearned income (6,986) (6,689) Total Loans Net of Unearned Income $ 2,417,327 $ 2,159,359 Purchased Impaired Loans As part of the acquisition of Union Bancshares, Incorporated on November 7, 2019 and Premier Bancshares, Inc. on June 16, 2017, First Guaranty purchased credit impaired loans for which there was, at acquisition, evidence of deterioration of credit quality since their origination and it was probable, at acquisition, that all contractually required payments would not be collected. The carrying amount of those loans is as follows at September 30, 2022 and December 31, 2021. (in thousands) As of September 30, 2022 As of December 31, 2021 Real Estate: Construction & land development $ 315 $ 146 Farmland — — 1- 4 family 1,318 1,848 Multifamily — — Non-farm non-residential 1,908 2,192 Total Real Estate 3,541 4,186 Non-Real Estate: Agricultural — 159 Commercial and industrial 742 798 Commercial leases — — Consumer and other — — Total Non-Real Estate 742 957 Total $ 4,283 $ 5,143 For those purchased loans disclosed above, there was an allowance for loan and lease losses of $0.7 million at September 30, 2022 and December 31, 2021. Where First Guaranty can reasonably estimate the cash flows expected to be collected on the loans, a portion of the purchase discount is allocated to an accretable yield adjustment based upon the present value of the future estimated cash flows versus the current carrying value of the loan and the accretable yield portion is being recognized as interest income over the remaining life of the loan. Where First Guaranty cannot reasonably estimate the cash flows expected to be collected on the loans, it has decided to account for those loans using the cost recovery method of income recognition. As such, no portion of a purchase discount adjustment has been determined to meet the definition of an accretable yield adjustment on those loans accounted for using the cost recovery method. If, in the future, cash flows from the borrower(s) can be reasonably estimated, a portion of the purchase discount would be allocated to an accretable yield adjustment based upon the present value of the future estimated cash flows versus the current carrying value of the loan and the accretable yield portion would be recognized as interest income over the remaining life of the loan. Until such accretable yield can be calculated, under the cost recovery method of income recognition, all payments will be used to reduce the carrying value of the loan and no income will be recognized on the loan until the carrying value is reduced to zero. The accretable yield, or income expected to be collected, on the purchased loans above is as follows for the nine months ended September 30, 2022 and 2021. (in thousands) Nine Months Ended September 30, 2022 Nine Months Ended September 30, 2021 Balance, beginning of period $ 2,378 $ 2,892 Acquisition accretable yield — — Accretion (208) (370) Net transfers from nonaccretable difference to accretable yield — — Balance, end of period $ 2,170 $ 2,522 |
Allowance for Loan and Lease Lo
Allowance for Loan and Lease Losses | 9 Months Ended |
Sep. 30, 2022 | |
Receivables [Abstract] | |
Allowance for Loan and Lease Losses | Allowance for Loan and Lease Losses A summary of changes in the allowance for loan and lease losses, by portfolio type, for the nine months ended September 30, 2022 and 2021 are as follows: For the Nine Months Ended September 30, 2022 2021 (in thousands) Beginning Allowance (12/31/2021) Charge-offs Recoveries Provision Ending Allowance (9/30/2022) Beginning Allowance (12/31/2020) Charge-offs Recoveries Provision Ending Allowance (9/30/2021) Real Estate: Construction & land development $ 769 $ (66) $ 339 $ 145 $ 1,187 $ 1,029 $ — $ — $ (284) $ 745 Farmland 478 — — (378) 100 462 — 90 (74) 478 1- 4 family 1,921 (94) 37 43 1,907 2,510 (174) 34 (486) 1,884 Multifamily 940 — 452 (291) 1,101 978 (12) — 101 1,067 Non-farm 12,730 (598) 250 (2,719) 9,663 15,064 (51) 7 269 15,289 Total Real Estate 16,838 (758) 1,078 (3,200) 13,958 20,043 (237) 131 (474) 19,463 Non-Real Estate: Agricultural 183 (460) 133 401 257 181 (147) — 206 240 Commercial 2,363 (437) 72 672 2,670 2,802 (89) 79 (493) 2,299 Commercial leases 2,486 (150) 3 458 2,797 583 — 4 1,623 2,210 Consumer and other 1,371 (3,274) 334 3,679 2,110 907 (985) 252 952 1,126 Unallocated 788 — — 888 1,676 2 — — (2) — Total Non-Real Estate 7,191 (4,321) 542 6,098 9,510 4,475 (1,221) 335 2,286 5,875 Total $ 24,029 $ (5,079) $ 1,620 $ 2,898 $ 23,468 $ 24,518 $ (1,458) $ 466 $ 1,812 $ 25,338 Negative provisions are caused by changes in the composition and credit quality of the loan portfolio and by recoveries. The result is an allocation of the loan loss reserve from one category to another. A summary of the allowance along with loans and leases, including loans acquired with deteriorated credit quality, individually and collectively evaluated for impairment are as follows: As of September 30, 2022 (in thousands) Allowance Allowance Individually Evaluated for Purchased Credit-Impairment Allowance Total Allowance Loans Loans Individually Evaluated for Purchased Credit-Impairment Loans Total Loans Real Estate: Construction & land development $ — $ — $ 1,187 $ 1,187 $ — $ 315 $ 204,325 $ 204,640 Farmland — — 100 100 — — 24,556 24,556 1- 4 family — — 1,907 1,907 — 1,318 351,183 352,501 Multifamily — — 1,101 1,101 — — 118,273 118,273 Non-farm 82 512 9,069 9,663 2,985 1,908 977,061 981,954 Total Real Estate 82 512 13,364 13,958 2,985 3,541 1,675,398 1,681,924 Non-Real Estate: Agricultural — — 257 257 939 — 46,703 47,642 Commercial and industrial 431 212 2,027 2,670 1,090 742 363,717 365,549 Commercial leases — — 2,797 2,797 1,835 — 279,175 281,010 Consumer and other — — 2,110 2,110 — — 48,188 48,188 Unallocated — — 1,676 1,676 — — — — Total Non-Real Estate 431 212 8,867 9,510 3,864 742 737,783 742,389 Total $ 513 $ 724 $ 22,231 $ 23,468 $ 6,849 $ 4,283 $ 2,413,181 2,424,313 Unearned Income (6,986) Total Loans Net of Unearned Income $ 2,417,327 As of December 31, 2021 (in thousands) Allowance Allowance Individually Evaluated for Purchased Credit-Impairment Allowance Total Allowance Loans Loans Individually Evaluated for Purchased Credit-Impairment Loans Total Loans Real Estate: Construction & land development $ — $ — $ 769 $ 769 $ — $ 146 $ 174,188 $ 174,334 Farmland 19 — 459 478 496 — 31,314 31,810 1- 4 family 258 — 1,663 1,921 961 1,848 285,538 288,347 Multifamily — — 940 940 — — 65,848 65,848 Non-farm non-residential 1,822 509 10,399 12,730 10,899 2,192 873,316 886,407 Total Real Estate 2,099 509 14,230 16,838 12,356 4,186 1,430,204 1,446,746 Non-Real Estate: Agricultural — — 183 183 1,383 159 25,205 26,747 Commercial and industrial 72 216 2,075 2,363 1,286 798 396,307 398,391 Commercial leases — — 2,486 2,486 — — 246,022 246,022 Consumer and other — — 1,371 1,371 — — 48,142 48,142 Unallocated — — 788 788 — — — — Total Non-Real Estate 72 216 6,903 7,191 2,669 957 715,676 719,302 Total $ 2,171 $ 725 $ 21,133 $ 24,029 $ 15,025 $ 5,143 $ 2,145,880 2,166,048 Unearned Income (6,689) Total loans net of unearned income $ 2,159,359 A loan is considered impaired when, based on current information and events, it is probable that First Guaranty will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Payment status, collateral value and the probability of collecting scheduled principal and interest payments when due are considered in evaluating loan impairment. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. The following is a summary of impaired loans, excluding loans acquired with deteriorated credit quality, by class as of the date indicated: As of September 30, 2022 (in thousands) Recorded Unpaid Related Average Interest Income Interest Income Impaired Loans with no related allowance: Real Estate: Construction & land development $ — $ — $ — $ — $ — $ — Farmland — — — — — — 1- 4 family — — — — — — Multifamily — — — — — — Non-farm non-residential 2,013 2,012 — 2,023 37 36 Total Real Estate 2,013 2,012 — 2,023 37 36 Non-Real Estate: Agricultural 939 1,093 — 939 — — Commercial and industrial — — — — — — Commercial leases 1,835 1,835 — 1,384 12 28 Consumer and other — — — — — — Total Non-Real Estate 2,774 2,928 — 2,323 12 28 Total Impaired Loans with no related allowance 4,787 4,940 — 4,346 49 64 Impaired Loans with an allowance recorded: Real Estate: Construction & land development — — — — — — Farmland — — — — — — 1- 4 family — — — — — — Multifamily — — — — — — Non-farm non-residential 972 1,546 82 973 4 3 Total Real Estate 972 1,546 82 973 4 3 Non-Real Estate: Agricultural — — — — — — Commercial and industrial 1,090 1,090 431 1,134 21 37 Commercial leases — — — — — — Consumer and other — — — — — — Total Non-Real Estate 1,090 1,090 431 1,134 21 37 Total Impaired Loans with an allowance recorded 2,062 2,636 513 2,107 25 40 Total Impaired Loans $ 6,849 $ 7,576 $ 513 $ 6,453 $ 74 $ 104 As of December 31, 2021 (in thousands) Recorded Unpaid Related Average Interest Income Interest Income Impaired Loans with no related allowance: Real Estate: Construction & land development $ — $ — $ — $ — $ — $ — Farmland — — — — — — 1- 4 family — — — — — — Multifamily — — — — — — Non-farm non-residential 5,164 5,818 — 5,935 137 101 Total Real Estate 5,164 5,818 — 5,935 137 101 Non-Real Estate: Agricultural 1,383 1,668 — 1,412 — — Commercial and industrial 470 470 — 479 30 33 Commercial leases — — — — — — Consumer and other — — — — — — Total Non-Real Estate 1,853 2,138 — 1,891 30 33 Total Impaired Loans with no related allowance 7,017 7,956 — 7,826 167 134 Impaired Loans with an allowance recorded: Real Estate: Construction & land development — — — — — — Farmland 496 626 19 515 — — 1- 4 family 961 961 258 968 56 62 Multifamily — — — — — — Non-farm non-residential 5,735 5,996 1,822 5,842 90 95 Total Real Estate 7,192 7,583 2,099 7,325 146 157 Non-Real Estate: Agricultural — — — — — — Commercial and industrial 816 816 72 875 28 52 Commercial leases — — — — — — Consumer and other — — — — — — Total Non-Real Estate 816 816 72 875 28 52 Total Impaired Loans with an allowance recorded 8,008 8,399 2,171 8,200 174 209 Total Impaired Loans $ 15,025 $ 16,355 $ 2,171 $ 16,026 $ 341 $ 343 Troubled Debt Restructurings A troubled debt restructuring ("TDR") is considered such if the lender for economic or legal reasons related to the debtor's financial difficulties grants a concession to the debtor that it would not otherwise consider. The modifications to First Guaranty's TDRs are generally concessions on either the interest rate charged or the amortization. The effect of the modifications to First Guaranty would be a reduction in interest income. First Guaranty has not restructured any loans that are considered TDRs in the nine months ended September 30, 2022. At September 30, 2022 First Guaranty had no outstanding TDRs. Under section 4013 of the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), which was signed into law on March 27, 2020 and as amended by subsequent legislation, financial institutions had the option to temporarily suspend certain requirements under U.S. generally accepted accounting principles related to troubled debt restructurings for a limited period of time to account for the effects of COVID-19. This provision allowed a financial institution the option to not apply the guidance on accounting for troubled debt restructurings to loan modifications, such as extensions or deferrals, related to COVID-19 made between March 1, 2020 and the earlier of (i) January 1, 2022 or (ii) 60 days after the end of the COVID-19 national emergency. The relief could only be applied to modifications for borrowers that were not more than 30 days past due as of December 31, 2019. First Guaranty elected to adopt these provisions of the CARES Act. The following table identifies the TDRs as of September 30, 2022 and December 31, 2021: September 30, 2022 December 31, 2021 Accruing Loans Accruing Loans (in thousands) Current 30-89 Days Past Due Nonaccrual Total TDRs Current 30-89 Days Past Due Nonaccrual Total TDRs Real Estate: Construction & land development $ — $ — $ — $ — $ — $ — $ — $ — Farmland — — — — — — — — 1- 4 family — — — — — — — — Multifamily — — — — — — — — Non-farm non-residential — — — — — — 3,382 3,382 Total Real Estate — — — — — — 3,382 3,382 Non-Real Estate: Agricultural — — — — — — — — Commercial and industrial — — — — — — — — Commercial leases — — — — — — — — Consumer and other — — — — — — — — Total Non-Real Estate — — — — — — — — Total $ — $ — $ — $ — $ — $ — $ 3,382 $ 3,382 The following table discloses TDR activity for the nine months ended September 30, 2022. Troubled Debt Restructured Loans Activity Nine Months Ended September 30, 2022 (in thousands) Beginning balance December 31, 2021 New TDRs Charge-offs post-modification Transferred to ORE Paydowns Construction to permanent financing Restructured to market terms Other adjustments / sales of loans Ending balance September 30, 2022 Real Estate: Construction & land development $ — $ — $ — $ — $ — $ — $ — $ — $ — Farmland — — — — — — — — — 1- 4 family — — — — — — — — — Multifamily — — — — — — — — — Non-farm non-residential 3,382 — — — (36) — — (3,346) — Total Real Estate 3,382 — — — (36) — — (3,346) — Non-Real Estate: Agricultural — — — — — — — — — Commercial and industrial — — — — — — — — — Commercial leases — — — — — — — — — Consumer and other — — — — — — — — — Total Non-Real Estate — — — — — — — — — Total $ 3,382 $ — $ — $ — $ (36) $ — $ — (3,346) $ — |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 9 Months Ended |
Sep. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill and intangible assets deemed to have indefinite lives are no longer amortized but are subject to impairment testing. Other intangible assets continue to be amortized over their useful lives. First Guaranty's goodwill is the difference in purchase price over the fair value of net assets acquired from its acquisition of Homestead Bancorp in 2007, Premier Bancshares, Inc. in 2017 and Union Bancshares, Incorporated in 2019. Goodwill totaled $12.9 million at September 30, 2022 and December 31, 2021. No impairment charges have been recognized on First Guaranty's intangible assets since acquisition. Loan servicing assets decreased $0.1 million to $0.7 million at September 30, 2022 compared to $0.9 million at December 31, 2021. Other intangible assets recorded include core deposit intangibles, which are subject to amortization. The weighted-average amortization period remaining for First Guaranty's core deposit intangibles is 6.5 years at September 30, 2022. The core deposits intangible reflect the value of deposit relationships, including the beneficial rates, which arose from acquisitions. |
Other Real Estate (ORE)
Other Real Estate (ORE) | 9 Months Ended |
Sep. 30, 2022 | |
Real Estate [Abstract] | |
Other Real Estate (ORE) | Other Real Estate (ORE) Other real estate owned consists of the following at the dates indicated: (in thousands) September 30, 2022 December 31, 2021 Real Estate Owned Acquired by Foreclosure: Residential $ 249 $ 817 Construction & land development — — Non-farm non-residential 2,064 1,776 Total Other Real Estate Owned and Foreclosed Property 2,313 2,593 Allowance (646) (521) Net Other Real Estate Owned and Foreclosed Property $ 1,667 $ 2,072 Other real estate owned had a net carrying amount of $1.7 million which is made up of the outstanding balance of $2.3 million net of a valuation allowance of $0.6 million at September 30, 2022. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Off-balance sheet commitments First Guaranty is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers and to reduce its own exposure to fluctuations in interest rates. These financial instruments include commitments to extend credit and standby and commercial letters of credit. Those instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the consolidated balance sheets. The contract or notional amounts of those instruments reflect the extent of the involvement in particular classes of financial instruments. The exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit and standby and commercial letters of credit is represented by the contractual notional amount of those instruments. The same credit policies are used in making commitments and conditional obligations as it does for balance sheet instruments. Unless otherwise noted, collateral or other security is not required to support financial instruments with credit risk. Below is a summary of the notional amounts of the financial instruments with off-balance sheet risk at September 30, 2022 and December 31, 2021: Contract Amount (in thousands) September 30, 2022 December 31, 2021 Commitments to Extend Credit $ 208,279 $ 198,444 Unfunded Commitments under lines of credit $ 248,172 $ 250,231 Commercial and Standby letters of credit $ 14,062 $ 13,787 Litigation First Guaranty is subject to various legal proceedings in the normal course of its business. First Guaranty assesses its liabilities and contingencies in connection with outstanding legal proceedings. Where it is probable that First Guaranty will incur a loss and the amount of the loss can be reasonably estimated, First Guaranty records a liability in its consolidated financial statements. First Guaranty does not record a loss if the loss is not probable or the amount of the loss is not estimable. First Guaranty is a defendant in a lawsuit alleging overpayment of interest on a loan with a possible loss range of $0.0 million to $0.5 million. Judgment has been rendered against First Guaranty for the full amount, but First Guaranty is exercising its appeal rights. First Guaranty had an accrued liability of $0.1 million at September 30, 2022 related to this lawsuit. First Guaranty is also a defendant in a lawsuit alleging fault for a loss of funds by a customer with a possible loss range of $0.0 million to $1.5 million. No accrued liability has been recorded related to this lawsuit. First Guaranty settled a case in the third quarter of 2021 for $1.1 million. A receivable for $0.9 million has been recorded for recovery through First Guaranty's insurance coverage. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The fair value of a financial instrument is the current amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability. Valuation techniques use certain inputs to arrive at fair value. Inputs to valuation techniques are the assumptions that market participants would use in pricing the asset or liability. They may be observable or unobservable. First Guaranty uses a fair value hierarchy for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair value hierarchy is as follows: Level 1 Inputs – Unadjusted quoted market prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 Inputs – Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, volatilities, prepayment speeds or credit risks) or inputs that are derived principally from or corroborated by market data by correlation or other means. Level 3 Inputs – Unobservable inputs for determining the fair values of assets or liabilities that reflect an entity's own assumptions about the assumptions that market participants would use in pricing the assets or liabilities. A description of the valuation methodologies used for instruments measured at fair value follows, as well as the classification of such instruments within the valuation hierarchy. Securities available for sale. Securities are classified within Level 1 where quoted market prices are available in an active market. Inputs include securities that have quoted prices in active markets for identical assets. If quoted market prices are unavailable, fair value is estimated using quoted prices of securities with similar characteristics, at which point the securities would be classified within Level 2 of the hierarchy. Securities classified within Level 3 in First Guaranty's portfolio as of September 30, 2022 includes corporate debt and municipal securities. Impaired loans. Loans are measured for impairment using the methods permitted by ASC Topic 310. Fair value of impaired loans is measured by either the fair value of the collateral if the loan is collateral dependent (Level 2 or Level 3), or the present value of expected future cash flows, discounted at the loan's effective interest rate (Level 3). Fair value of the collateral is determined by appraisals or by independent valuation. Other real estate owned. Properties are recorded at the balance of the loan or at estimated fair value less estimated selling costs, whichever is less, at the date acquired. Fair values of other real estate owned ("OREO") are determined by sales agreement or appraisal, and costs to sell are based on estimation per the terms and conditions of the sales agreement or amounts commonly used in real estate transactions. Inputs include appraisal values or recent sales activity for similar assets in the property's market; thus, OREO measured at fair value would be classified within either Level 2 or Level 3 of the hierarchy. Certain non-financial assets and non-financial liabilities are measured at fair value on a non-recurring basis including assets and liabilities related to reporting units measured at fair value in the testing of goodwill impairment, as well as intangible assets and other non-financial long-lived assets measured at fair value for impairment assessment. The following table summarizes financial assets measured at fair value on a recurring basis as of September 30, 2022 and December 31, 2021, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value: (in thousands) September 30, 2022 December 31, 2021 Available for Sale Securities Fair Value Measurements Using: Level 1: Quoted Prices in Active Markets For Identical Assets $ 98,228 $ — Level 2: Significant Other Observable Inputs 21,853 198,315 Level 3: Significant Unobservable Inputs 11,237 12,305 Securities available for sale measured at fair value $ 131,318 $ 210,620 First Guaranty's valuation methodologies may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. While the methodologies used are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value. The change in Level 1 securities available for sale from December 31, 2021 to September 30, 2022 was due to a net increase in Treasury bills of $98.2 million. The change in Level 2 securities available for sale from December 31, 2021 to September 30, 2022 was due to the transfer of $111.0 million in U.S. Government agency securities and $54.8 million in corporate debt securities from the available for sale to the held to maturity portfolio. There were no transfers between Level 2 and Level 3 from December 31, 2021 to September 30, 2022. There were no transfers between Level 1 and 2 securities available for sale from December 31, 2021 to September 30, 2022. The following table reconciles assets measured at fair value on a recurring basis using unobservable inputs (Level 3) : Level 3 Changes (in thousands) September 30, 2022 Balance, beginning of year $ 12,305 Total gains or losses (realized/unrealized): Included in earnings — Included in other comprehensive income (628) Purchases, sales, issuances and settlements, net (440) Transfers in and/or out of Level 3 — Balance as of end of period $ 11,237 There were no gains or losses for the period included in earnings attributable to the change in unrealized gains or losses related to assets still held as of September 30, 2022. The following table measures financial assets and financial liabilities measured at fair value on a non-recurring basis as of September 30, 2022 and December 31, 2021, segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value: (in thousands) At September 30, 2022 At December 31, 2021 Impaired Loans - Fair Value Measurements Using: Level 1: Quoted Prices in Active Markets For Identical Assets $ — $ — Level 2: Significant Other Observable Inputs — — Level 3: Significant Unobservable Inputs 2,846 8,494 Impaired loans measured at fair value $ 2,846 $ 8,494 Other Real Estate Owned - Fair Value Measurements Using: Level 1: Quoted Prices in Active Markets For Identical Assets $ — $ — Level 2: Significant Other Observable Inputs 701 817 Level 3: Significant Unobservable Inputs 966 1,255 Other real estate owned measured at fair value $ 1,667 $ 2,072 ASC 825-10 provides First Guaranty with an option to report selected financial assets and liabilities at fair value. The fair value option established by this statement permits First Guaranty to choose to measure eligible items at fair value at specified election dates and report unrealized gains and losses on items for which the fair value option has been elected in earnings at each reporting date subsequent to implementation. First Guaranty has chosen not to elect the fair value option for any items that are not already required to be measured at fair value in accordance with accounting principles generally accepted in the United States. |
Financial Instruments
Financial Instruments | 9 Months Ended |
Sep. 30, 2022 | |
Investments, All Other Investments [Abstract] | |
Financial Instruments | Financial Instruments Fair value estimates are generally subjective in nature and are dependent upon a number of significant assumptions associated with each instrument or group of similar instruments, including estimates of discount rates, risks associated with specific financial instruments, estimates of future cash flows and relevant available market information. Fair value information is intended to represent an estimate of an amount at which a financial instrument could be exchanged in a current transaction between a willing buyer and seller engaging in an exchange transaction. However, since there are no established trading markets for a significant portion of First Guaranty's financial instruments, First Guaranty may not be able to immediately settle financial instruments; as such, the fair values are not necessarily indicative of the amounts that could be realized through immediate settlement. In addition, the majority of the financial instruments, such as loans and deposits, are held to maturity and are realized or paid according to the contractual agreement with the customer. Quoted market prices are used to estimate fair values when available. However, due to the nature of the financial instruments, in many instances quoted market prices are not available. Accordingly, estimated fair values have been estimated based on other valuation techniques, such as discounting estimated future cash flows using a rate commensurate with the risks involved or other acceptable methods. Fair values are estimated without regard to any premium or discount that may result from concentrations of ownership of financial instruments, possible income tax ramifications or estimated transaction costs. The fair value estimates are subjective in nature and involve matters of significant judgment and, therefore, cannot be determined with precision. Fair values are also estimated at a specific point in time and are based on interest rates and other assumptions at that date. As events change the assumptions underlying these estimates, the fair values of financial instruments will change. Disclosure of fair values is not required for certain items such as lease financing, investments accounted for under the equity method of accounting, obligations of pension and other postretirement benefits, premises and equipment, other real estate, prepaid expenses, the value of long-term relationships with depositors (core deposit intangibles) and other customer relationships, other intangible assets and income tax assets and liabilities. Fair value estimates are presented for existing on- and off-balance sheet financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. In addition, the tax ramifications related to the realization of the unrealized gains and losses have not been considered in the estimates. Accordingly, the aggregate fair value amounts presented do not purport to represent and should not be considered representative of the underlying market or franchise value of First Guaranty. Because the standard permits many alternative calculation techniques and because numerous assumptions have been used to estimate the fair values, reasonable comparison of the fair value information with other financial institutions' fair value information cannot necessarily be made. The methods and assumptions used to estimate the fair values of financial instruments are as follows: Cash and due from banks, interest-bearing deposits with banks, federal funds sold and federal funds purchased. These items are generally short-term and the carrying amounts reported in the consolidated balance sheets are a reasonable estimation of the fair values. Investment Securities. Fair values are principally based on quoted market prices. If quoted market prices are not available, fair values are based on quoted market prices of comparable instruments or the use of discounted cash flow analyses. Loans Held for Sale. Fair values of mortgage loans held for sale are based on commitments on hand from investors or prevailing market prices. These loans are classified within level 3 of the fair value hierarchy. Loans, net. Market values are computed present values using net present value formulas. The present value is the sum of the present value of all projected cash flows on an item at a specified discount rate. The discount rate is set as an appropriate rate index, plus or minus an appropriate spread. These loans are classified within level 3 of the fair value hierarchy. Impaired loans. Fair value of impaired loans is measured by either the fair value of the collateral if the loan is collateral dependent (Level 2 or Level 3), or the present value of expected future cash flows, discounted at the loan's effective interest rate (Level 3). Fair value of the collateral is determined by appraisals or by independent valuation. Cash Surrender of BOLI. The cash surrender value of BOLI approximates fair value. Accrued interest receivable. The carrying amount of accrued interest receivable approximates its fair value. Deposits. The fair value of customer deposits, excluding certificates of deposit, is the amount payable on demand. Market values of certificates of deposit are actually computed present values using net present value formulas. The present value is the sum of the present value of all projected cash flows on an item at a specified discount rate. The discount rate is set as an appropriate rate index, plus or minus an appropriate spread. Deposits are classified within level 3 of the fair value hierarchy. Accrued interest payable. The carrying amount of accrued interest payable approximates its fair value. Borrowings. The carrying amount of federal funds purchased and other short-term borrowings approximate their fair values. The fair value of First Guaranty's long-term borrowings is computed using net present value formulas. The present value is the sum of the present value of all projected cash flows on an item at a specified discount rate. The discount rate is set as an appropriate rate index, plus or minus an appropriate spread. Borrowings are classified within level 3 of the fair value hierarchy. Other Unrecognized Financial Instruments. The fair value of commitments to extend credit is estimated using the fees charged to enter into similar legally binding agreements, taking into account the remaining terms of the agreements and customers' credit ratings. For fixed-rate loan commitments, fair value also considers the difference between current levels of interest rates and the committed rates. The fair values of letters of credit are based on fees charged for similar agreements or on estimated cost to terminate them or otherwise settle the obligations with the counterparties at the reporting date. At September 30, 2022 and December 31, 2021, the fair value of guarantees under commercial and standby letters of credit was not material. The carrying amounts and estimated fair values of financial instruments at September 30, 2022 were as follows: Fair Value Measurements at September 30, 2022 Using (in thousands) Carrying Amount Level 1 Level 2 Level 3 Total Assets Cash and due from banks $ 109,174 $ 109,174 $ — $ — $ 109,174 Federal funds sold 183 183 — — 183 Securities, available for sale 131,318 98,228 21,853 11,237 131,318 Securities, held for maturity 319,899 — 243,800 — 243,800 Loans held for sale — — — — — Loans, net 2,393,859 — — 2,359,097 2,359,097 Cash surrender value of BOLI 5,676 — — 5,676 5,676 Accrued interest receivable 12,067 — — 12,067 12,067 Liabilities Deposits $ 2,708,572 $ — $ — $ 2,710,723 2,710,723 Short-term advances from Federal Home Loan Bank 80,000 80,000 80,000 Short-term borrowings 20,000 — — 20,000 20,000 Repurchase agreements 6,408 — — 6,432 6,432 Accrued interest payable 3,641 — — 3,641 3,641 Long-term advances from Federal Home Loan Bank — — — — — Senior long-term debt 22,738 — — 22,750 22,750 Junior subordinated debentures 15,000 — — 15,000 15,000 The carrying amounts and estimated fair values of financial instruments at December 31, 2021 were as follows: Fair Value Measurements at December 31, 2021 Using (in thousands) Carrying Amount Level 1 Level 2 Level 3 Total Assets Cash and due from banks $ 261,749 $ 261,749 $ — $ — $ 261,749 Federal funds sold 183 183 — — 183 Securities, available for sale 210,620 — 198,315 12,305 210,620 Securities, held for maturity 153,536 — 150,585 — 150,585 Loans, net 2,135,330 — — 2,152,590 2,152,590 Cash surrender value of BOLI 5,568 — — 5,568 5,568 Accrued interest receivable 12,047 — — 12,047 12,047 Liabilities Deposits $ 2,596,492 $ — $ — $ 2,606,635 2,606,635 Short-term borrowings — — — — — Repurchase agreements 6,439 — — 6,462 6,462 Accrued interest payable 4,480 — — 4,480 4,480 Long-term advances from Federal Home Loan Bank 3,208 — — 3,208 3,208 Senior long-term debt 25,170 — — 25,187 25,187 Junior subordinated debentures 14,818 — — 15,000 15,000 There is no material difference between the contract amount and the estimated fair value of off-balance sheet items that are primarily comprised of short-term unfunded loan commitments that are generally at market prices. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles. The consolidated financial statements and the footnotes of First Guaranty Bancshares, Inc. ("First Guaranty") thereto should be read in conjunction with the audited consolidated financial statements and note disclosures for First Guaranty previously filed with the Securities and Exchange Commission in First Guaranty's Annual Report on Form 10-K for the year ended December 31, 2021. The consolidated financial statements include the accounts of First Guaranty Bancshares, Inc. and its wholly owned subsidiary First Guaranty Bank (the "Bank"). All significant intercompany balances and transactions have been eliminated in consolidation. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments necessary for a fair presentation of the consolidated financial statements. Those adjustments are of a normal recurring nature. The results of operations at September 30, 2022 and for the three and nine month periods ended September 30, 2022 and 2021 are not necessarily indicative of the results expected for the full year or any other interim period. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near-term relate to the determination of the allowance for loan and lease losses, the valuation of real estate acquired in connection with foreclosures or in satisfaction of loans, and the valuation of investment securities. |
Recent Accounting Pronouncements | Recent Accounting PronouncementsIn June 2016, the FASB issued ASU 2016-13, "Financial Instruments- Credit Losses: Measurement of Credit Losses on Financial Instruments". This ASU amends guidance on reporting credit losses for assets held at amortized cost basis and available for sale debt securities. The ASU amendments require the measurement of all expected credit losses for financial assets held at the reporting date be based on historical experience, current conditions, and reasonable and supportable forecasts. The ASU requires assets held at cost basis to reflect the company's current estimate of all expected credit losses. For available for sale debt securities, credit losses should be presented as an allowance rather than as a write-down. In addition, this ASU amends the accounting for purchased financial assets with credit deterioration. On October 16, 2019, the FASB approved an effective date delay applicable to smaller reporting companies until fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. First Guaranty is a smaller reporting company and has delayed the adoption of ASU 2016-13. First Guaranty is currently assessing the impact of adoption of this guidance. |
Fair Value Measurements | Fair Value Measurements The fair value of a financial instrument is the current amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability. Valuation techniques use certain inputs to arrive at fair value. Inputs to valuation techniques are the assumptions that market participants would use in pricing the asset or liability. They may be observable or unobservable. First Guaranty uses a fair value hierarchy for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair value hierarchy is as follows: Level 1 Inputs – Unadjusted quoted market prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 Inputs – Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, volatilities, prepayment speeds or credit risks) or inputs that are derived principally from or corroborated by market data by correlation or other means. Level 3 Inputs – Unobservable inputs for determining the fair values of assets or liabilities that reflect an entity's own assumptions about the assumptions that market participants would use in pricing the assets or liabilities. A description of the valuation methodologies used for instruments measured at fair value follows, as well as the classification of such instruments within the valuation hierarchy. Securities available for sale. Securities are classified within Level 1 where quoted market prices are available in an active market. Inputs include securities that have quoted prices in active markets for identical assets. If quoted market prices are unavailable, fair value is estimated using quoted prices of securities with similar characteristics, at which point the securities would be classified within Level 2 of the hierarchy. Securities classified within Level 3 in First Guaranty's portfolio as of September 30, 2022 includes corporate debt and municipal securities. Impaired loans. Loans are measured for impairment using the methods permitted by ASC Topic 310. Fair value of impaired loans is measured by either the fair value of the collateral if the loan is collateral dependent (Level 2 or Level 3), or the present value of expected future cash flows, discounted at the loan's effective interest rate (Level 3). Fair value of the collateral is determined by appraisals or by independent valuation. Other real estate owned. Properties are recorded at the balance of the loan or at estimated fair value less estimated selling costs, whichever is less, at the date acquired. Fair values of other real estate owned ("OREO") are determined by sales agreement or appraisal, and costs to sell are based on estimation per the terms and conditions of the sales agreement or amounts commonly used in real estate transactions. Inputs include appraisal values or recent sales activity for similar assets in the property's market; thus, OREO measured at fair value would be classified within either Level 2 or Level 3 of the hierarchy. Certain non-financial assets and non-financial liabilities are measured at fair value on a non-recurring basis including assets and liabilities related to reporting units measured at fair value in the testing of goodwill impairment, as well as intangible assets and other non-financial long-lived assets measured at fair value for impairment assessment. ASC 825-10 provides First Guaranty with an option to report selected financial assets and liabilities at fair value. The fair value option established by this statement permits First Guaranty to choose to measure eligible items at fair value at specified election dates and report unrealized gains and losses on items for which the fair value option has been elected in earnings at each reporting date subsequent to implementation. First Guaranty has chosen not to elect the fair value option for any items that are not already required to be measured at fair value in accordance with accounting principles generally accepted in the United States. |
Securities (Tables)
Securities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary Comparison of Securities by Type | A summary comparison of securities by type at September 30, 2022 and December 31, 2021 is shown below. September 30, 2022 December 31, 2021 (in thousands) Amortized Cost Gross Gross Fair Value Amortized Cost Gross Unrealized Gains Gross Fair Value Available for sale: U.S. Treasuries $ 100,956 $ — $ (2,728) $ 98,228 $ — $ — $ — $ — U.S. Government Agencies — — — — 116,733 — (623) 116,110 Corporate debt securities 16,750 — (658) 16,092 79,344 732 (1,851) 78,225 Municipal bonds 14,831 89 (467) 14,453 15,543 156 — 15,699 Mortgage-backed securities 2,735 — (190) 2,545 576 10 — 586 Total available for sale securities $ 135,272 $ 89 $ (4,043) $ 131,318 $ 212,196 $ 898 $ (2,474) $ 210,620 Held to maturity: U.S. Government Agencies $ 264,927 $ — $ (66,708) $ 198,219 $ 153,536 $ — $ (2,951) $ 150,585 Corporate debt securities 54,972 62 (9,453) 45,581 — — — — Total held to maturity securities $ 319,899 $ 62 $ (76,161) $ 243,800 $ 153,536 $ — $ (2,951) $ 150,585 |
Schedule of Investments Classified by Contractual Maturity Date | For this reason, they are presented separately in the maturity table below: At September 30, 2022 (in thousands) Amortized Cost Fair Value Available for sale: Due in one year or less $ 51,151 $ 50,622 Due after one year through five years 53,855 51,621 Due after five years through 10 years 20,037 19,398 Over 10 years 7,494 7,132 Subtotal 132,537 128,773 Mortgage-backed securities 2,735 2,545 Total available for sale securities $ 135,272 $ 131,318 Held to maturity: Due in one year or less $ — $ — Due after one year through five years 385 428 Due after five years through 10 years 74,046 60,648 Over 10 years 245,468 182,724 Total held to maturity securities $ 319,899 $ 243,800 |
Schedule of Unrealized Loss on Investments | The following is a summary of the fair value of securities with gross unrealized losses and an aging of those gross unrealized losses at September 30, 2022. At September 30, 2022 Less Than 12 Months 12 Months or More Total (in thousands) Number Fair Value Gross Number Fair Value Gross Number Fair Value Gross Available for sale: U.S. Treasuries 6 $ 98,228 $ (2,728) — $ — $ — 6 $ 98,228 $ (2,728) Corporate debt securities 14 14,709 (541) 2 1,383 (117) 16 16,092 (658) Municipal bonds 52 7,803 (463) 1 62 (4) 53 7,865 (467) Mortgage-backed securities 3 2,539 (190) 6 6 — 9 2,545 (190) Total available for sale securities 75 $ 123,279 $ (3,922) 9 $ 1,451 $ (121) 84 $ 124,730 $ (4,043) Held to maturity: U.S. Government Agencies 13 $ 90,650 $ (20,655) 16 $ 107,569 $ (46,053) 29 $ 198,219 $ (66,708) Corporate debt securities 58 45,381 (9,453) — — — 58 45,381 (9,453) Total held to maturity securities 71 $ 136,031 $ (30,108) 16 $ 107,569 $ (46,053) 87 $ 243,600 $ (76,161) The following is a summary of the fair value of securities with gross unrealized losses and an aging of those gross unrealized losses at December 31, 2021. At December 31, 2021 Less Than 12 Months 12 Months or More Total (in thousands) Number Fair Value Gross Number Fair Value Gross Number Fair Value Gross Available for sale: U.S. Treasuries — $ — $ — — $ — $ — — $ — $ — U.S. Government Agencies 13 116,110 (623) — — — 13 116,110 (623) Corporate debt securities 61 61,551 (1,677) 2 445 (174) 63 61,996 (1,851) Municipal bonds 1 66 — — — — 1 66 — Mortgage-backed securities — — — 6 9 — 6 9 — Total available for sale securities 75 $ 177,727 $ (2,300) 8 $ 454 $ (174) 83 $ 178,181 $ (2,474) Held to maturity: U.S. Government Agencies 16 $ 150,585 $ (2,951) — $ — $ — 16 $ 150,585 $ (2,951) Total held to maturity securities 16 $ 150,585 $ (2,951) — $ — $ — 16 $ 150,585 $ (2,951) |
Schedule of Credit Losses on Debt Securities for which Portion of OTTI Recognized in OCI | The following table presents a roll-forward of the amount of credit losses on debt securities held by First Guaranty for which a portion of OTTI was recognized in other comprehensive income for the nine months ended September 30, 2022 and 2021: (in thousands) Nine Months Ended Nine Months Ended Beginning balance of credit losses at end of prior year $ — $ 100 Other-than-temporary impairment credit losses on securities not previously OTTI — — Increases for additional credit losses on securities previously determined to be OTTI — — Reduction for increases in cash flows — — Reduction due to credit impaired securities sold or fully settled — (100) Ending balance of cumulative credit losses recognized in earnings at end of period $ — $ — |
Schedule of Exposure to Investment Securities Issuers that Exceeded 10% of Shareholders' Equity | At September 30, 2022, First Guaranty's exposure to bond issuers that exceeded 10% of shareholders' equity is below: At September 30, 2022 (in thousands) Amortized Cost Fair Value U.S. Government Treasuries (U.S.) $ 100,956 $ 98,228 Federal Home Loan Bank (FHLB) 32,068 25,169 Federal Home Loan Mortgage Corporation (Freddie Mac-FHLMC) 97,444 68,312 Federal Farm Credit Bank (FFCB) 138,148 107,281 Total $ 368,616 $ 298,990 |
Loans (Tables)
Loans (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Receivables [Abstract] | |
Summary of Components of Loan Portfolio | The following table summarizes the components of First Guaranty's loan portfolio as of September 30, 2022 and December 31, 2021: September 30, 2022 December 31, 2021 (in thousands except for %) Balance As % of Category Balance As % of Category Real Estate: Construction & land development $ 204,640 8.4 % $ 174,334 8.1 % Farmland 24,556 1.0 % 31,810 1.5 % 1- 4 Family 352,501 14.5 % 288,347 13.3 % Multifamily 118,273 4.9 % 65,848 3.0 % Non-farm non-residential 981,954 40.5 % 886,407 40.9 % Total Real Estate 1,681,924 69.3 % 1,446,746 66.8 % Non-Real Estate: Agricultural 47,642 2.0 % 26,747 1.2 % Commercial and industrial (1) 365,549 15.1 % 398,391 18.4 % Commercial leases 281,010 11.6 % 246,022 11.4 % Consumer and other 48,188 2.0 % 48,142 2.2 % Total Non-Real Estate 742,389 30.7 % 719,302 33.2 % Total Loans Before Unearned Income 2,424,313 100.0 % 2,166,048 100.0 % Unearned income (6,986) (6,689) Total Loans Net of Unearned Income $ 2,417,327 $ 2,159,359 (1) Includes PPP loans fully guaranteed by the SBA of $6.1 million and $35.4 million at September 30, 2022 and December 31, 2021, respectively. |
Summary of Fixed and Floating Rate Loans by Contractual Maturity, Excluding Nonaccrual Loans | The following table summarizes fixed and floating rate loans by contractual maturity, excluding nonaccrual loans, as of September 30, 2022 and December 31, 2021 unadjusted for scheduled principal payments, prepayments, or repricing opportunities. The average life of the loan portfolio may be substantially less than the contractual terms when these adjustments are considered. September 30, 2022 December 31, 2021 (in thousands) Fixed Floating Total Fixed Floating Total One year or less $ 222,294 $ 123,864 $ 346,158 $ 239,423 $ 117,697 $ 357,120 More than one to five years 900,499 340,962 1,241,461 926,640 385,509 1,312,149 More than five to 15 years 117,972 209,048 327,020 114,976 106,579 221,555 Over 15 years 222,710 276,606 499,316 179,522 78,987 258,509 Subtotal $ 1,463,475 $ 950,480 2,413,955 $ 1,460,561 $ 688,772 2,149,333 Nonaccrual loans 10,358 16,715 Total Loans Before Unearned Income 2,424,313 2,166,048 Unearned income (6,986) (6,689) Total Loans Net of Unearned Income $ 2,417,327 $ 2,159,359 |
Schedule of Past due Financing Receivables | The following tables present the age analysis of past due loans at September 30, 2022 and December 31, 2021: As of September 30, 2022 (in thousands) 30-89 Days Past Due 90 Days or Greater Total Past Due Current Total Loans Recorded Investment Real Estate: Construction & land development $ 852 $ 430 $ 1,282 $ 203,358 $ 204,640 $ 326 Farmland — 290 290 24,266 24,556 — 1- 4 family 2,363 4,005 6,368 346,133 352,501 359 Multifamily 184 13 197 118,076 118,273 13 Non-farm non-residential 4,321 2,947 7,268 974,686 981,954 318 Total Real Estate 7,720 7,685 15,405 1,666,519 1,681,924 1,016 Non-Real Estate: Agricultural 221 1,645 1,866 45,776 47,642 — Commercial and industrial 939 1,320 2,259 363,290 365,549 444 Commercial leases 1,930 — 1,930 279,080 281,010 — Consumer and other 1,492 1,168 2,660 45,528 48,188 — Total Non-Real Estate 4,582 4,133 8,715 733,674 742,389 444 Total Loans Before Unearned Income $ 12,302 $ 11,818 $ 24,120 $ 2,400,193 $ 2,424,313 $ 1,460 Unearned income (6,986) Total Loans Net of Unearned Income $ 2,417,327 As of December 31, 2021 (in thousands) 30-89 Days Past Due 90 Days or Greater Total Past Due Current Total Loans Recorded Investment Real Estate: Construction & land development $ 956 $ 776 $ 1,732 $ 172,602 $ 174,334 $ 246 Farmland 17 787 804 31,006 31,810 — 1- 4 family 3,932 3,375 7,307 281,040 288,347 514 Multifamily 1,669 162 1,831 64,017 65,848 162 Non-farm non-residential 1,352 9,014 10,366 876,041 886,407 281 Total Real Estate 7,926 14,114 22,040 1,424,706 1,446,746 1,203 Non-Real Estate: Agricultural 97 2,302 2,399 24,348 26,747 — Commercial and industrial 1,233 722 1,955 396,436 398,391 23 Commercial leases — — — 246,022 246,022 — Consumer and other 920 822 1,742 46,400 48,142 19 Total Non-Real Estate 2,250 3,846 6,096 713,206 719,302 42 Total Loans Before Unearned Income $ 10,176 $ 17,960 $ 28,136 $ 2,137,912 $ 2,166,048 $ 1,245 Unearned income (6,689) Total Loans Net of Unearned Income $ 2,159,359 |
Summary of Nonaccrual Loans by Class | The following is a summary of nonaccrual loans by class at the dates indicated: (in thousands) As of September 30, 2022 As of December 31, 2021 Real Estate: Construction & land development $ 104 $ 530 Farmland 290 787 1- 4 family 3,646 2,861 Multifamily — — Non-farm non-residential 2,629 8,733 Total Real Estate 6,669 12,911 Non-Real Estate: Agricultural 1,645 2,302 Commercial and industrial 876 699 Commercial leases — — Consumer and other 1,168 803 Total Non-Real Estate 3,689 3,804 Total Nonaccrual Loans $ 10,358 $ 16,715 |
Schedule of Credit Exposure of Loan Portfolio, Including Loans Acquired with Deteriorated Credit Quality, by Specific Credit Ratings | The following table identifies the credit exposure of the loan portfolio, including loans acquired with deteriorated credit quality, by specific credit ratings as of the dates indicated: As of September 30, 2022 As of December 31, 2021 (in thousands) Pass Special Mention Substandard Doubtful Total Pass Special Mention Substandard Doubtful Total Real Estate: Construction & land development $ 200,959 $ 2,984 $ 697 $ — $ 204,640 $ 151,220 $ 21,997 $ 1,117 $ — $ 174,334 Farmland 23,738 35 783 — 24,556 27,678 40 4,092 — 31,810 1- 4 family 334,064 8,946 9,491 — 352,501 270,866 7,644 9,837 — 288,347 Multifamily 112,702 449 5,122 — 118,273 56,686 2,212 6,950 — 65,848 Non-farm 957,272 15,348 9,334 — 981,954 795,495 72,103 18,809 — 886,407 Total Real Estate 1,628,735 27,762 25,427 — 1,681,924 1,301,945 103,996 40,805 — 1,446,746 Non-Real Estate: Agricultural 44,822 163 2,657 — 47,642 23,952 128 2,667 — 26,747 Commercial 355,436 1,893 8,220 — 365,549 355,407 34,220 8,764 — 398,391 Commercial leases 279,175 — 1835 — 281,010 245,869 — 153 — 246,022 Consumer and other 45,911 886 1,391 — 48,188 46,804 374 964 — 48,142 Total Non-Real Estate 725,344 2,942 14,103 — 742,389 672,032 34,722 12,548 — 719,302 Total Loans Before Unearned Income $ 2,354,079 $ 30,704 $ 39,530 $ — 2,424,313 $ 1,973,977 $ 138,718 $ 53,353 $ — 2,166,048 Unearned income (6,986) (6,689) Total Loans Net of Unearned Income $ 2,417,327 $ 2,159,359 |
Schedule of Carrying Amount of Purchased Impaired Loans | The carrying amount of those loans is as follows at September 30, 2022 and December 31, 2021. (in thousands) As of September 30, 2022 As of December 31, 2021 Real Estate: Construction & land development $ 315 $ 146 Farmland — — 1- 4 family 1,318 1,848 Multifamily — — Non-farm non-residential 1,908 2,192 Total Real Estate 3,541 4,186 Non-Real Estate: Agricultural — 159 Commercial and industrial 742 798 Commercial leases — — Consumer and other — — Total Non-Real Estate 742 957 Total $ 4,283 $ 5,143 |
Schedule of Accretable Yield, or Income Expected to be Collected, on Purchased Loans | The accretable yield, or income expected to be collected, on the purchased loans above is as follows for the nine months ended September 30, 2022 and 2021. (in thousands) Nine Months Ended September 30, 2022 Nine Months Ended September 30, 2021 Balance, beginning of period $ 2,378 $ 2,892 Acquisition accretable yield — — Accretion (208) (370) Net transfers from nonaccretable difference to accretable yield — — Balance, end of period $ 2,170 $ 2,522 |
Allowance for Loan and Lease _2
Allowance for Loan and Lease Losses (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Receivables [Abstract] | |
Summary of Changes in Allowance for Loan Losses and Allowance and Loans Individually and Collectively Evaluated for Impairment | A summary of changes in the allowance for loan and lease losses, by portfolio type, for the nine months ended September 30, 2022 and 2021 are as follows: For the Nine Months Ended September 30, 2022 2021 (in thousands) Beginning Allowance (12/31/2021) Charge-offs Recoveries Provision Ending Allowance (9/30/2022) Beginning Allowance (12/31/2020) Charge-offs Recoveries Provision Ending Allowance (9/30/2021) Real Estate: Construction & land development $ 769 $ (66) $ 339 $ 145 $ 1,187 $ 1,029 $ — $ — $ (284) $ 745 Farmland 478 — — (378) 100 462 — 90 (74) 478 1- 4 family 1,921 (94) 37 43 1,907 2,510 (174) 34 (486) 1,884 Multifamily 940 — 452 (291) 1,101 978 (12) — 101 1,067 Non-farm 12,730 (598) 250 (2,719) 9,663 15,064 (51) 7 269 15,289 Total Real Estate 16,838 (758) 1,078 (3,200) 13,958 20,043 (237) 131 (474) 19,463 Non-Real Estate: Agricultural 183 (460) 133 401 257 181 (147) — 206 240 Commercial 2,363 (437) 72 672 2,670 2,802 (89) 79 (493) 2,299 Commercial leases 2,486 (150) 3 458 2,797 583 — 4 1,623 2,210 Consumer and other 1,371 (3,274) 334 3,679 2,110 907 (985) 252 952 1,126 Unallocated 788 — — 888 1,676 2 — — (2) — Total Non-Real Estate 7,191 (4,321) 542 6,098 9,510 4,475 (1,221) 335 2,286 5,875 Total $ 24,029 $ (5,079) $ 1,620 $ 2,898 $ 23,468 $ 24,518 $ (1,458) $ 466 $ 1,812 $ 25,338 A summary of the allowance along with loans and leases, including loans acquired with deteriorated credit quality, individually and collectively evaluated for impairment are as follows: As of September 30, 2022 (in thousands) Allowance Allowance Individually Evaluated for Purchased Credit-Impairment Allowance Total Allowance Loans Loans Individually Evaluated for Purchased Credit-Impairment Loans Total Loans Real Estate: Construction & land development $ — $ — $ 1,187 $ 1,187 $ — $ 315 $ 204,325 $ 204,640 Farmland — — 100 100 — — 24,556 24,556 1- 4 family — — 1,907 1,907 — 1,318 351,183 352,501 Multifamily — — 1,101 1,101 — — 118,273 118,273 Non-farm 82 512 9,069 9,663 2,985 1,908 977,061 981,954 Total Real Estate 82 512 13,364 13,958 2,985 3,541 1,675,398 1,681,924 Non-Real Estate: Agricultural — — 257 257 939 — 46,703 47,642 Commercial and industrial 431 212 2,027 2,670 1,090 742 363,717 365,549 Commercial leases — — 2,797 2,797 1,835 — 279,175 281,010 Consumer and other — — 2,110 2,110 — — 48,188 48,188 Unallocated — — 1,676 1,676 — — — — Total Non-Real Estate 431 212 8,867 9,510 3,864 742 737,783 742,389 Total $ 513 $ 724 $ 22,231 $ 23,468 $ 6,849 $ 4,283 $ 2,413,181 2,424,313 Unearned Income (6,986) Total Loans Net of Unearned Income $ 2,417,327 As of December 31, 2021 (in thousands) Allowance Allowance Individually Evaluated for Purchased Credit-Impairment Allowance Total Allowance Loans Loans Individually Evaluated for Purchased Credit-Impairment Loans Total Loans Real Estate: Construction & land development $ — $ — $ 769 $ 769 $ — $ 146 $ 174,188 $ 174,334 Farmland 19 — 459 478 496 — 31,314 31,810 1- 4 family 258 — 1,663 1,921 961 1,848 285,538 288,347 Multifamily — — 940 940 — — 65,848 65,848 Non-farm non-residential 1,822 509 10,399 12,730 10,899 2,192 873,316 886,407 Total Real Estate 2,099 509 14,230 16,838 12,356 4,186 1,430,204 1,446,746 Non-Real Estate: Agricultural — — 183 183 1,383 159 25,205 26,747 Commercial and industrial 72 216 2,075 2,363 1,286 798 396,307 398,391 Commercial leases — — 2,486 2,486 — — 246,022 246,022 Consumer and other — — 1,371 1,371 — — 48,142 48,142 Unallocated — — 788 788 — — — — Total Non-Real Estate 72 216 6,903 7,191 2,669 957 715,676 719,302 Total $ 2,171 $ 725 $ 21,133 $ 24,029 $ 15,025 $ 5,143 $ 2,145,880 2,166,048 Unearned Income (6,689) Total loans net of unearned income $ 2,159,359 |
Summary of Impaired Loans, Excluding Loans Acquired with Deteriorated Credit Quality, by Class | The following is a summary of impaired loans, excluding loans acquired with deteriorated credit quality, by class as of the date indicated: As of September 30, 2022 (in thousands) Recorded Unpaid Related Average Interest Income Interest Income Impaired Loans with no related allowance: Real Estate: Construction & land development $ — $ — $ — $ — $ — $ — Farmland — — — — — — 1- 4 family — — — — — — Multifamily — — — — — — Non-farm non-residential 2,013 2,012 — 2,023 37 36 Total Real Estate 2,013 2,012 — 2,023 37 36 Non-Real Estate: Agricultural 939 1,093 — 939 — — Commercial and industrial — — — — — — Commercial leases 1,835 1,835 — 1,384 12 28 Consumer and other — — — — — — Total Non-Real Estate 2,774 2,928 — 2,323 12 28 Total Impaired Loans with no related allowance 4,787 4,940 — 4,346 49 64 Impaired Loans with an allowance recorded: Real Estate: Construction & land development — — — — — — Farmland — — — — — — 1- 4 family — — — — — — Multifamily — — — — — — Non-farm non-residential 972 1,546 82 973 4 3 Total Real Estate 972 1,546 82 973 4 3 Non-Real Estate: Agricultural — — — — — — Commercial and industrial 1,090 1,090 431 1,134 21 37 Commercial leases — — — — — — Consumer and other — — — — — — Total Non-Real Estate 1,090 1,090 431 1,134 21 37 Total Impaired Loans with an allowance recorded 2,062 2,636 513 2,107 25 40 Total Impaired Loans $ 6,849 $ 7,576 $ 513 $ 6,453 $ 74 $ 104 As of December 31, 2021 (in thousands) Recorded Unpaid Related Average Interest Income Interest Income Impaired Loans with no related allowance: Real Estate: Construction & land development $ — $ — $ — $ — $ — $ — Farmland — — — — — — 1- 4 family — — — — — — Multifamily — — — — — — Non-farm non-residential 5,164 5,818 — 5,935 137 101 Total Real Estate 5,164 5,818 — 5,935 137 101 Non-Real Estate: Agricultural 1,383 1,668 — 1,412 — — Commercial and industrial 470 470 — 479 30 33 Commercial leases — — — — — — Consumer and other — — — — — — Total Non-Real Estate 1,853 2,138 — 1,891 30 33 Total Impaired Loans with no related allowance 7,017 7,956 — 7,826 167 134 Impaired Loans with an allowance recorded: Real Estate: Construction & land development — — — — — — Farmland 496 626 19 515 — — 1- 4 family 961 961 258 968 56 62 Multifamily — — — — — — Non-farm non-residential 5,735 5,996 1,822 5,842 90 95 Total Real Estate 7,192 7,583 2,099 7,325 146 157 Non-Real Estate: Agricultural — — — — — — Commercial and industrial 816 816 72 875 28 52 Commercial leases — — — — — — Consumer and other — — — — — — Total Non-Real Estate 816 816 72 875 28 52 Total Impaired Loans with an allowance recorded 8,008 8,399 2,171 8,200 174 209 Total Impaired Loans $ 15,025 $ 16,355 $ 2,171 $ 16,026 $ 341 $ 343 |
Schedule of Troubled Debt Restructurings | The following table identifies the TDRs as of September 30, 2022 and December 31, 2021: September 30, 2022 December 31, 2021 Accruing Loans Accruing Loans (in thousands) Current 30-89 Days Past Due Nonaccrual Total TDRs Current 30-89 Days Past Due Nonaccrual Total TDRs Real Estate: Construction & land development $ — $ — $ — $ — $ — $ — $ — $ — Farmland — — — — — — — — 1- 4 family — — — — — — — — Multifamily — — — — — — — — Non-farm non-residential — — — — — — 3,382 3,382 Total Real Estate — — — — — — 3,382 3,382 Non-Real Estate: Agricultural — — — — — — — — Commercial and industrial — — — — — — — — Commercial leases — — — — — — — — Consumer and other — — — — — — — — Total Non-Real Estate — — — — — — — — Total $ — $ — $ — $ — $ — $ — $ 3,382 $ 3,382 The following table discloses TDR activity for the nine months ended September 30, 2022. Troubled Debt Restructured Loans Activity Nine Months Ended September 30, 2022 (in thousands) Beginning balance December 31, 2021 New TDRs Charge-offs post-modification Transferred to ORE Paydowns Construction to permanent financing Restructured to market terms Other adjustments / sales of loans Ending balance September 30, 2022 Real Estate: Construction & land development $ — $ — $ — $ — $ — $ — $ — $ — $ — Farmland — — — — — — — — — 1- 4 family — — — — — — — — — Multifamily — — — — — — — — — Non-farm non-residential 3,382 — — — (36) — — (3,346) — Total Real Estate 3,382 — — — (36) — — (3,346) — Non-Real Estate: Agricultural — — — — — — — — — Commercial and industrial — — — — — — — — — Commercial leases — — — — — — — — — Consumer and other — — — — — — — — — Total Non-Real Estate — — — — — — — — — Total $ 3,382 $ — $ — $ — $ (36) $ — $ — (3,346) $ — |
Other Real Estate (ORE) (Tables
Other Real Estate (ORE) (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Real Estate [Abstract] | |
Schedule of Other Real Estate Owned | Other real estate owned consists of the following at the dates indicated: (in thousands) September 30, 2022 December 31, 2021 Real Estate Owned Acquired by Foreclosure: Residential $ 249 $ 817 Construction & land development — — Non-farm non-residential 2,064 1,776 Total Other Real Estate Owned and Foreclosed Property 2,313 2,593 Allowance (646) (521) Net Other Real Estate Owned and Foreclosed Property $ 1,667 $ 2,072 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Notional Amounts of Financial Instruments with Off-Balance Sheet Risk | Below is a summary of the notional amounts of the financial instruments with off-balance sheet risk at September 30, 2022 and December 31, 2021: Contract Amount (in thousands) September 30, 2022 December 31, 2021 Commitments to Extend Credit $ 208,279 $ 198,444 Unfunded Commitments under lines of credit $ 248,172 $ 250,231 Commercial and Standby letters of credit $ 14,062 $ 13,787 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets Measured on Recurring Basis | The following table summarizes financial assets measured at fair value on a recurring basis as of September 30, 2022 and December 31, 2021, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value: (in thousands) September 30, 2022 December 31, 2021 Available for Sale Securities Fair Value Measurements Using: Level 1: Quoted Prices in Active Markets For Identical Assets $ 98,228 $ — Level 2: Significant Other Observable Inputs 21,853 198,315 Level 3: Significant Unobservable Inputs 11,237 12,305 Securities available for sale measured at fair value $ 131,318 $ 210,620 |
Schedule of Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The following table reconciles assets measured at fair value on a recurring basis using unobservable inputs (Level 3) : Level 3 Changes (in thousands) September 30, 2022 Balance, beginning of year $ 12,305 Total gains or losses (realized/unrealized): Included in earnings — Included in other comprehensive income (628) Purchases, sales, issuances and settlements, net (440) Transfers in and/or out of Level 3 — Balance as of end of period $ 11,237 |
Schedule of Fair Value Measurements, Nonrecurring | The following table measures financial assets and financial liabilities measured at fair value on a non-recurring basis as of September 30, 2022 and December 31, 2021, segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value: (in thousands) At September 30, 2022 At December 31, 2021 Impaired Loans - Fair Value Measurements Using: Level 1: Quoted Prices in Active Markets For Identical Assets $ — $ — Level 2: Significant Other Observable Inputs — — Level 3: Significant Unobservable Inputs 2,846 8,494 Impaired loans measured at fair value $ 2,846 $ 8,494 Other Real Estate Owned - Fair Value Measurements Using: Level 1: Quoted Prices in Active Markets For Identical Assets $ — $ — Level 2: Significant Other Observable Inputs 701 817 Level 3: Significant Unobservable Inputs 966 1,255 Other real estate owned measured at fair value $ 1,667 $ 2,072 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Investments, All Other Investments [Abstract] | |
Schedule of Estimated Fair Values and Carrying Values of Financial Instruments | The carrying amounts and estimated fair values of financial instruments at September 30, 2022 were as follows: Fair Value Measurements at September 30, 2022 Using (in thousands) Carrying Amount Level 1 Level 2 Level 3 Total Assets Cash and due from banks $ 109,174 $ 109,174 $ — $ — $ 109,174 Federal funds sold 183 183 — — 183 Securities, available for sale 131,318 98,228 21,853 11,237 131,318 Securities, held for maturity 319,899 — 243,800 — 243,800 Loans held for sale — — — — — Loans, net 2,393,859 — — 2,359,097 2,359,097 Cash surrender value of BOLI 5,676 — — 5,676 5,676 Accrued interest receivable 12,067 — — 12,067 12,067 Liabilities Deposits $ 2,708,572 $ — $ — $ 2,710,723 2,710,723 Short-term advances from Federal Home Loan Bank 80,000 80,000 80,000 Short-term borrowings 20,000 — — 20,000 20,000 Repurchase agreements 6,408 — — 6,432 6,432 Accrued interest payable 3,641 — — 3,641 3,641 Long-term advances from Federal Home Loan Bank — — — — — Senior long-term debt 22,738 — — 22,750 22,750 Junior subordinated debentures 15,000 — — 15,000 15,000 The carrying amounts and estimated fair values of financial instruments at December 31, 2021 were as follows: Fair Value Measurements at December 31, 2021 Using (in thousands) Carrying Amount Level 1 Level 2 Level 3 Total Assets Cash and due from banks $ 261,749 $ 261,749 $ — $ — $ 261,749 Federal funds sold 183 183 — — 183 Securities, available for sale 210,620 — 198,315 12,305 210,620 Securities, held for maturity 153,536 — 150,585 — 150,585 Loans, net 2,135,330 — — 2,152,590 2,152,590 Cash surrender value of BOLI 5,568 — — 5,568 5,568 Accrued interest receivable 12,047 — — 12,047 12,047 Liabilities Deposits $ 2,596,492 $ — $ — $ 2,606,635 2,606,635 Short-term borrowings — — — — — Repurchase agreements 6,439 — — 6,462 6,462 Accrued interest payable 4,480 — — 4,480 4,480 Long-term advances from Federal Home Loan Bank 3,208 — — 3,208 3,208 Senior long-term debt 25,170 — — 25,187 25,187 Junior subordinated debentures 14,818 — — 15,000 15,000 |
Securities - Summary Comparison
Securities - Summary Comparison of Securities by Type (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Available for sale: | ||
Amortized Cost | $ 135,272 | $ 212,196 |
Gross Unrealized Gains | 89 | 898 |
Gross Unrealized Losses | (4,043) | (2,474) |
Fair Value | 131,318 | 210,620 |
Held to maturity: | ||
Amortized Cost | 319,899 | 153,536 |
Gross Unrealized Gains | 62 | 0 |
Gross Unrealized Losses | (76,161) | (2,951) |
Fair Value | 243,800 | 150,585 |
U.S. Treasuries | ||
Available for sale: | ||
Amortized Cost | 100,956 | 0 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (2,728) | 0 |
Fair Value | 98,228 | 0 |
U.S. Government Agencies | ||
Available for sale: | ||
Amortized Cost | 0 | 116,733 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | (623) |
Fair Value | 0 | 116,110 |
Held to maturity: | ||
Amortized Cost | 264,927 | 153,536 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (66,708) | (2,951) |
Fair Value | 198,219 | 150,585 |
Corporate debt securities | ||
Available for sale: | ||
Amortized Cost | 16,750 | 79,344 |
Gross Unrealized Gains | 0 | 732 |
Gross Unrealized Losses | (658) | (1,851) |
Fair Value | 16,092 | 78,225 |
Held to maturity: | ||
Amortized Cost | 54,972 | 0 |
Gross Unrealized Gains | 62 | 0 |
Gross Unrealized Losses | (9,453) | 0 |
Fair Value | 45,581 | 0 |
Municipal bonds | ||
Available for sale: | ||
Amortized Cost | 14,831 | 15,543 |
Gross Unrealized Gains | 89 | 156 |
Gross Unrealized Losses | (467) | 0 |
Fair Value | 14,453 | 15,699 |
Mortgage-backed securities | ||
Available for sale: | ||
Amortized Cost | 2,735 | 576 |
Gross Unrealized Gains | 0 | 10 |
Gross Unrealized Losses | (190) | 0 |
Fair Value | $ 2,545 | $ 586 |
Securities - Narrative (Details
Securities - Narrative (Details) | 9 Months Ended | |||
Sep. 30, 2022 USD ($) security | Sep. 30, 2021 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Debt Securities, Available-for-sale [Line Items] | ||||
Total held to maturity securities | $ 319,899,000 | $ 153,536,000 | ||
Held to maturity, fair value | 243,800,000 | 150,585,000 | ||
Unrealized loss | 76,161,000 | 2,951,000 | ||
Amortized Cost | $ 451,217,000 | 364,156,000 | ||
Number of debt securities with unrealized losses | security | 171 | |||
Unrealized losses on debt securities in continuous loss position as percentage of total individual securities' amortized cost basis | 17.90% | |||
Unrealized losses on debt securities in continuous loss position as percentage of amortized cost basis of investment securities portfolio | 17.60% | |||
Number of debt securities in continuous loss position for over 12 months | security | 25 | |||
Debt securities in a continuous loss position for over 12 months, amortized cost basis | $ 155,200,000 | |||
Debt securities in a continuous loss position for over 12 months, unrealized loss | 46,100,000 | |||
Increases for additional credit losses on securities previously determined to be OTTI | 0 | $ 0 | ||
Deposits | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | 254,700,000 | |||
Debt securities, available-for-sale and held-to-maturity, fair value | 196,700,000 | |||
Securities Transferred from Available for Sale | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Unrealized loss | $ 8,200,000 | |||
U.S. Government Agencies | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Total held to maturity securities | 264,927,000 | 153,536,000 | ||
Held to maturity, fair value | 198,219,000 | 150,585,000 | ||
Unrealized loss | 66,708,000 | 2,951,000 | ||
U.S. Government Agencies | Securities Transferred from Available for Sale | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Total held to maturity securities | 116,700,000 | |||
Held to maturity, fair value | 111,000,000 | |||
Corporate debt securities | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Total held to maturity securities | 54,972,000 | 0 | ||
Held to maturity, fair value | 45,581,000 | 0 | ||
Unrealized loss | $ 9,453,000 | $ 0 | ||
Corporate debt securities | Securities Transferred from Available for Sale | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Total held to maturity securities | 59,400,000 | |||
Held to maturity, fair value | $ 54,800,000 |
Securities - Scheduled Maturiti
Securities - Scheduled Maturities of Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Amortized Cost | ||
Due in one year or less | $ 51,151 | |
Due after one year through five years | 53,855 | |
Due after five years through 10 years | 20,037 | |
Over 10 years | 7,494 | |
Subtotal | 132,537 | |
Amortized Cost | 135,272 | $ 212,196 |
Fair Value | ||
Due in one year or less | 50,622 | |
Due after one year through five years | 51,621 | |
Due after five years through 10 years | 19,398 | |
Over 10 years | 7,132 | |
Subtotal | 128,773 | |
Fair Value | 131,318 | 210,620 |
Amortized Cost | ||
Due in one year or less | 0 | |
Due after one year through five years | 385 | |
Due after five years through 10 years | 74,046 | |
Over 10 years | 245,468 | |
Amortized Cost | 319,899 | 153,536 |
Fair Value | ||
Due in one year or less | 0 | |
Due after one year through five years | 428 | |
Due after five years through 10 years | 60,648 | |
Over 10 years | 182,724 | |
Fair Value | 243,800 | 150,585 |
Mortgage-backed securities | ||
Amortized Cost | ||
Mortgage-backed securities | 2,735 | |
Amortized Cost | 2,735 | 576 |
Fair Value | ||
Mortgage-backed securities | 2,545 | |
Fair Value | $ 2,545 | $ 586 |
Securities - Summary of Securit
Securities - Summary of Securities in Continuous Unrealized Loss Position (Details) $ in Thousands | Sep. 30, 2022 USD ($) security | Dec. 31, 2021 USD ($) security |
Available for sale: | ||
Less Than 12 Months, Number of Securities | security | 75 | 75 |
Less Than 12 Months, Fair Value | $ 123,279 | $ 177,727 |
Less Than 12 Months, Gross Unrealized Losses | $ (3,922) | $ (2,300) |
12 Months or More, Number of Securities | security | 9 | 8 |
12 Months or More, Fair Value | $ 1,451 | $ 454 |
12 Months or More, Gross Unrealized Losses | $ (121) | $ (174) |
Total, Number of Securities | security | 84 | 83 |
Total, Fair Value | $ 124,730 | $ 178,181 |
Total, Gross Unrealized Losses | $ (4,043) | $ (2,474) |
Held to maturity: | ||
Less Than 12 Months, Number of Securities | security | 71 | 16 |
Less Than 12 Months, Fair Value | $ 136,031 | $ 150,585 |
Less Than 12 Months, Gross Unrealized Losses | $ (30,108) | $ (2,951) |
12 Months or More, Number of Securities | security | 16 | 0 |
12 Months or More, Fair Value | $ 107,569 | $ 0 |
12 Months or More, Gross Unrealized Losses | $ (46,053) | $ 0 |
Total, Number of Securities | security | 87 | 16 |
Total, Fair Value | $ 243,600 | $ 150,585 |
Total, Gross Unrealized Losses | $ (76,161) | $ (2,951) |
U.S. Treasuries | ||
Available for sale: | ||
Less Than 12 Months, Number of Securities | security | 6 | 0 |
Less Than 12 Months, Fair Value | $ 98,228 | $ 0 |
Less Than 12 Months, Gross Unrealized Losses | $ (2,728) | $ 0 |
12 Months or More, Number of Securities | security | 0 | 0 |
12 Months or More, Fair Value | $ 0 | $ 0 |
12 Months or More, Gross Unrealized Losses | $ 0 | $ 0 |
Total, Number of Securities | security | 6 | 0 |
Total, Fair Value | $ 98,228 | $ 0 |
Total, Gross Unrealized Losses | $ (2,728) | $ 0 |
U.S. Government Agencies | ||
Available for sale: | ||
Less Than 12 Months, Number of Securities | security | 13 | |
Less Than 12 Months, Fair Value | $ 116,110 | |
Less Than 12 Months, Gross Unrealized Losses | $ (623) | |
12 Months or More, Number of Securities | security | 0 | |
12 Months or More, Fair Value | $ 0 | |
12 Months or More, Gross Unrealized Losses | $ 0 | |
Total, Number of Securities | security | 13 | |
Total, Fair Value | $ 116,110 | |
Total, Gross Unrealized Losses | $ (623) | |
Held to maturity: | ||
Less Than 12 Months, Number of Securities | security | 13 | 16 |
Less Than 12 Months, Fair Value | $ 90,650 | $ 150,585 |
Less Than 12 Months, Gross Unrealized Losses | $ (20,655) | $ (2,951) |
12 Months or More, Number of Securities | security | 16 | 0 |
12 Months or More, Fair Value | $ 107,569 | $ 0 |
12 Months or More, Gross Unrealized Losses | $ (46,053) | $ 0 |
Total, Number of Securities | security | 29 | 16 |
Total, Fair Value | $ 198,219 | $ 150,585 |
Total, Gross Unrealized Losses | $ (66,708) | $ (2,951) |
Corporate debt securities | ||
Available for sale: | ||
Less Than 12 Months, Number of Securities | security | 14 | 61 |
Less Than 12 Months, Fair Value | $ 14,709 | $ 61,551 |
Less Than 12 Months, Gross Unrealized Losses | $ (541) | $ (1,677) |
12 Months or More, Number of Securities | security | 2 | 2 |
12 Months or More, Fair Value | $ 1,383 | $ 445 |
12 Months or More, Gross Unrealized Losses | $ (117) | $ (174) |
Total, Number of Securities | security | 16 | 63 |
Total, Fair Value | $ 16,092 | $ 61,996 |
Total, Gross Unrealized Losses | $ (658) | $ (1,851) |
Held to maturity: | ||
Less Than 12 Months, Number of Securities | security | 58 | |
Less Than 12 Months, Fair Value | $ 45,381 | |
Less Than 12 Months, Gross Unrealized Losses | $ (9,453) | |
12 Months or More, Number of Securities | security | 0 | |
12 Months or More, Fair Value | $ 0 | |
12 Months or More, Gross Unrealized Losses | $ 0 | |
Total, Number of Securities | security | 58 | |
Total, Fair Value | $ 45,381 | |
Total, Gross Unrealized Losses | $ (9,453) | |
Municipal bonds | ||
Available for sale: | ||
Less Than 12 Months, Number of Securities | security | 52 | 1 |
Less Than 12 Months, Fair Value | $ 7,803 | $ 66 |
Less Than 12 Months, Gross Unrealized Losses | $ (463) | $ 0 |
12 Months or More, Number of Securities | security | 1 | 0 |
12 Months or More, Fair Value | $ 62 | $ 0 |
12 Months or More, Gross Unrealized Losses | $ (4) | $ 0 |
Total, Number of Securities | security | 53 | 1 |
Total, Fair Value | $ 7,865 | $ 66 |
Total, Gross Unrealized Losses | $ (467) | $ 0 |
Mortgage-backed securities | ||
Available for sale: | ||
Less Than 12 Months, Number of Securities | security | 3 | 0 |
Less Than 12 Months, Fair Value | $ 2,539 | $ 0 |
Less Than 12 Months, Gross Unrealized Losses | $ (190) | $ 0 |
12 Months or More, Number of Securities | security | 6 | 6 |
12 Months or More, Fair Value | $ 6 | $ 9 |
12 Months or More, Gross Unrealized Losses | $ 0 | $ 0 |
Total, Number of Securities | security | 9 | 6 |
Total, Fair Value | $ 2,545 | $ 9 |
Total, Gross Unrealized Losses | $ (190) | $ 0 |
Securities - Other Than Tempora
Securities - Other Than Temporary Impairments (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ||
Beginning balance of credit losses at end of prior year | $ 0 | $ 100,000 |
Other-than-temporary impairment credit losses on securities not previously OTTI | 0 | 0 |
Increases for additional credit losses on securities previously determined to be OTTI | 0 | 0 |
Reduction for increases in cash flows | 0 | 0 |
Reduction due to credit impaired securities sold or fully settled | 0 | (100,000) |
Ending balance of cumulative credit losses recognized in earnings at end of period | $ 0 | $ 0 |
Securities - Exposure to Bond I
Securities - Exposure to Bond Issuers that Exceeded 10% of Stockholders' Equity (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Concentration Risk [Line Items] | ||
Amortized Cost | $ 451,217 | $ 364,156 |
Stockholders' Equity, Total | ||
Concentration Risk [Line Items] | ||
Amortized Cost | 368,616 | |
Fair Value | 298,990 | |
Stockholders' Equity, Total | U.S. Government Treasuries (U.S.) | ||
Concentration Risk [Line Items] | ||
Amortized Cost | 100,956 | |
Fair Value | 98,228 | |
Stockholders' Equity, Total | Federal Home Loan Bank (FHLB) | ||
Concentration Risk [Line Items] | ||
Amortized Cost | 32,068 | |
Fair Value | 25,169 | |
Stockholders' Equity, Total | Federal Home Loan Mortgage Corporation (Freddie Mac-FHLMC) | ||
Concentration Risk [Line Items] | ||
Amortized Cost | 97,444 | |
Fair Value | 68,312 | |
Stockholders' Equity, Total | Federal Farm Credit Bank (FFCB) | ||
Concentration Risk [Line Items] | ||
Amortized Cost | 138,148 | |
Fair Value | $ 107,281 |
Loans - Components of Loan Port
Loans - Components of Loan Portfolio (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Balance | ||
Total Loans before Unearned Income | $ 2,424,313 | $ 2,166,048 |
Unearned Income | (6,986) | (6,689) |
Total loans net of unearned income | $ 2,417,327 | $ 2,159,359 |
As % of Category | ||
As % of Category | 100% | 100% |
Real Estate | ||
Balance | ||
Total Loans before Unearned Income | $ 1,681,924 | $ 1,446,746 |
As % of Category | ||
As % of Category | 69.30% | 66.80% |
Real Estate | Construction & land development | ||
Balance | ||
Total Loans before Unearned Income | $ 204,640 | $ 174,334 |
As % of Category | ||
As % of Category | 8.40% | 8.10% |
Real Estate | Farmland | ||
Balance | ||
Total Loans before Unearned Income | $ 24,556 | $ 31,810 |
As % of Category | ||
As % of Category | 1% | 1.50% |
Real Estate | 1- 4 Family | ||
Balance | ||
Total Loans before Unearned Income | $ 352,501 | $ 288,347 |
As % of Category | ||
As % of Category | 14.50% | 13.30% |
Real Estate | Multifamily | ||
Balance | ||
Total Loans before Unearned Income | $ 118,273 | $ 65,848 |
As % of Category | ||
As % of Category | 4.90% | 3% |
Real Estate | Non-farm non-residential | ||
Balance | ||
Total Loans before Unearned Income | $ 981,954 | $ 886,407 |
As % of Category | ||
As % of Category | 40.50% | 40.90% |
Non-Real Estate | ||
Balance | ||
Total Loans before Unearned Income | $ 742,389 | $ 719,302 |
As % of Category | ||
As % of Category | 30.70% | 33.20% |
Non-Real Estate | Agricultural | ||
Balance | ||
Total Loans before Unearned Income | $ 47,642 | $ 26,747 |
As % of Category | ||
As % of Category | 2% | 1.20% |
Non-Real Estate | Commercial and industrial | ||
Balance | ||
Total Loans before Unearned Income | $ 365,549 | $ 398,391 |
As % of Category | ||
As % of Category | 15.10% | 18.40% |
PPP loans fully guaranteed by the SBA | $ 6,100 | $ 35,400 |
Non-Real Estate | Commercial leases | ||
Balance | ||
Total Loans before Unearned Income | $ 281,010 | $ 246,022 |
As % of Category | ||
As % of Category | 11.60% | 11.40% |
Non-Real Estate | Consumer and other | ||
Balance | ||
Total Loans before Unearned Income | $ 48,188 | $ 48,142 |
As % of Category | ||
As % of Category | 2% | 2.20% |
Loans - Fixed and Floating Rate
Loans - Fixed and Floating Rate Loans by Contractual Maturity (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Financing receivables, fixed and floating rate loans by contractual maturity [Abstract] | ||
One year or less | $ 346,158 | $ 357,120 |
More than one to five years | 1,241,461 | 1,312,149 |
More than five to 15 years | 327,020 | 221,555 |
Over 15 years | 499,316 | 258,509 |
Subtotal | 2,413,955 | 2,149,333 |
Nonaccrual loans | 10,358 | 16,715 |
Total Loans before Unearned Income | 2,424,313 | 2,166,048 |
Unearned income | (6,986) | (6,689) |
Total loans net of unearned income | 2,417,327 | 2,159,359 |
Fixed | ||
Financing receivables, fixed and floating rate loans by contractual maturity [Abstract] | ||
One year or less | 222,294 | 239,423 |
More than one to five years | 900,499 | 926,640 |
More than five to 15 years | 117,972 | 114,976 |
Over 15 years | 222,710 | 179,522 |
Subtotal | 1,463,475 | 1,460,561 |
Floating | ||
Financing receivables, fixed and floating rate loans by contractual maturity [Abstract] | ||
One year or less | 123,864 | 117,697 |
More than one to five years | 340,962 | 385,509 |
More than five to 15 years | 209,048 | 106,579 |
Over 15 years | 276,606 | 78,987 |
Subtotal | 950,480 | 688,772 |
Loans at interest rate floor | $ 177,300 | $ 349,100 |
Loans - Receivables Past Due (D
Loans - Receivables Past Due (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | $ 2,424,313 | $ 2,166,048 |
Unearned income | (6,986) | (6,689) |
Total loans net of unearned income | 2,417,327 | 2,159,359 |
Recorded Investment 90 Days Accruing | 1,460 | 1,245 |
Nonaccrual loans | 10,358 | 16,715 |
30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 12,302 | 10,176 |
90 Days or Greater | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 11,818 | 17,960 |
Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 24,120 | 28,136 |
Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 2,400,193 | 2,137,912 |
Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 1,681,924 | 1,446,746 |
Recorded Investment 90 Days Accruing | 1,016 | 1,203 |
Nonaccrual loans | 6,669 | 12,911 |
Real Estate | 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 7,720 | 7,926 |
Real Estate | 90 Days or Greater | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 7,685 | 14,114 |
Real Estate | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 15,405 | 22,040 |
Real Estate | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 1,666,519 | 1,424,706 |
Real Estate | Construction & land development | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 204,640 | 174,334 |
Recorded Investment 90 Days Accruing | 326 | 246 |
Nonaccrual loans | 104 | 530 |
Real Estate | Construction & land development | 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 852 | 956 |
Real Estate | Construction & land development | 90 Days or Greater | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 430 | 776 |
Real Estate | Construction & land development | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 1,282 | 1,732 |
Real Estate | Construction & land development | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 203,358 | 172,602 |
Real Estate | Farmland | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 24,556 | 31,810 |
Recorded Investment 90 Days Accruing | 0 | 0 |
Nonaccrual loans | 290 | 787 |
Real Estate | Farmland | 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 0 | 17 |
Real Estate | Farmland | 90 Days or Greater | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 290 | 787 |
Real Estate | Farmland | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 290 | 804 |
Real Estate | Farmland | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 24,266 | 31,006 |
Real Estate | 1- 4 family | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 352,501 | 288,347 |
Recorded Investment 90 Days Accruing | 359 | 514 |
Nonaccrual loans | 3,646 | 2,861 |
Real Estate | 1- 4 family | 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 2,363 | 3,932 |
Real Estate | 1- 4 family | 90 Days or Greater | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 4,005 | 3,375 |
Real Estate | 1- 4 family | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 6,368 | 7,307 |
Real Estate | 1- 4 family | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 346,133 | 281,040 |
Real Estate | Multifamily | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 118,273 | 65,848 |
Recorded Investment 90 Days Accruing | 13 | 162 |
Nonaccrual loans | 0 | 0 |
Real Estate | Multifamily | 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 184 | 1,669 |
Real Estate | Multifamily | 90 Days or Greater | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 13 | 162 |
Real Estate | Multifamily | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 197 | 1,831 |
Real Estate | Multifamily | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 118,076 | 64,017 |
Real Estate | Non-farm non-residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 981,954 | 886,407 |
Recorded Investment 90 Days Accruing | 318 | 281 |
Nonaccrual loans | 2,629 | 8,733 |
Real Estate | Non-farm non-residential | 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 4,321 | 1,352 |
Real Estate | Non-farm non-residential | 90 Days or Greater | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 2,947 | 9,014 |
Real Estate | Non-farm non-residential | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 7,268 | 10,366 |
Real Estate | Non-farm non-residential | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 974,686 | 876,041 |
Non-Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 742,389 | 719,302 |
Recorded Investment 90 Days Accruing | 444 | 42 |
Nonaccrual loans | 3,689 | 3,804 |
Non-Real Estate | 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 4,582 | 2,250 |
Non-Real Estate | 90 Days or Greater | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 4,133 | 3,846 |
Non-Real Estate | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 8,715 | 6,096 |
Non-Real Estate | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 733,674 | 713,206 |
Non-Real Estate | Agricultural | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 47,642 | 26,747 |
Recorded Investment 90 Days Accruing | 0 | 0 |
Nonaccrual loans | 1,645 | 2,302 |
Non-Real Estate | Agricultural | 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 221 | 97 |
Non-Real Estate | Agricultural | 90 Days or Greater | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 1,645 | 2,302 |
Non-Real Estate | Agricultural | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 1,866 | 2,399 |
Non-Real Estate | Agricultural | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 45,776 | 24,348 |
Non-Real Estate | Commercial and industrial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 365,549 | 398,391 |
Recorded Investment 90 Days Accruing | 444 | 23 |
Nonaccrual loans | 876 | 699 |
Non-Real Estate | Commercial and industrial | 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 939 | 1,233 |
Non-Real Estate | Commercial and industrial | 90 Days or Greater | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 1,320 | 722 |
Non-Real Estate | Commercial and industrial | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 2,259 | 1,955 |
Non-Real Estate | Commercial and industrial | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 363,290 | 396,436 |
Non-Real Estate | Commercial leases | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 281,010 | 246,022 |
Recorded Investment 90 Days Accruing | 0 | 0 |
Nonaccrual loans | 0 | 0 |
Non-Real Estate | Commercial leases | 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 1,930 | 0 |
Non-Real Estate | Commercial leases | 90 Days or Greater | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 0 | 0 |
Non-Real Estate | Commercial leases | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 1,930 | 0 |
Non-Real Estate | Commercial leases | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 279,080 | 246,022 |
Non-Real Estate | Consumer and other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 48,188 | 48,142 |
Recorded Investment 90 Days Accruing | 0 | 19 |
Nonaccrual loans | 1,168 | 803 |
Non-Real Estate | Consumer and other | 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 1,492 | 920 |
Non-Real Estate | Consumer and other | 90 Days or Greater | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 1,168 | 822 |
Non-Real Estate | Consumer and other | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 2,660 | 1,742 |
Non-Real Estate | Consumer and other | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | $ 45,528 | $ 46,400 |
Loans - Nonaccrual Loans (Detai
Loans - Nonaccrual Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Summary of nonaccrual loans by class [Abstract] | ||
Nonaccrual loans | $ 10,358 | $ 16,715 |
Real Estate | ||
Summary of nonaccrual loans by class [Abstract] | ||
Nonaccrual loans | 6,669 | 12,911 |
Real Estate | Construction & land development | ||
Summary of nonaccrual loans by class [Abstract] | ||
Nonaccrual loans | 104 | 530 |
Real Estate | Farmland | ||
Summary of nonaccrual loans by class [Abstract] | ||
Nonaccrual loans | 290 | 787 |
Real Estate | 1- 4 family | ||
Summary of nonaccrual loans by class [Abstract] | ||
Nonaccrual loans | 3,646 | 2,861 |
Real Estate | Multifamily | ||
Summary of nonaccrual loans by class [Abstract] | ||
Nonaccrual loans | 0 | 0 |
Real Estate | Non-farm non-residential | ||
Summary of nonaccrual loans by class [Abstract] | ||
Nonaccrual loans | 2,629 | 8,733 |
Non-Real Estate | ||
Summary of nonaccrual loans by class [Abstract] | ||
Nonaccrual loans | 3,689 | 3,804 |
Non-Real Estate | Agricultural | ||
Summary of nonaccrual loans by class [Abstract] | ||
Nonaccrual loans | 1,645 | 2,302 |
Non-Real Estate | Commercial and industrial | ||
Summary of nonaccrual loans by class [Abstract] | ||
Nonaccrual loans | 876 | 699 |
Non-Real Estate | Commercial leases | ||
Summary of nonaccrual loans by class [Abstract] | ||
Nonaccrual loans | 0 | 0 |
Non-Real Estate | Consumer and other | ||
Summary of nonaccrual loans by class [Abstract] | ||
Nonaccrual loans | $ 1,168 | $ 803 |
Loans - Credit Exposure of Port
Loans - Credit Exposure of Portfolio (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans before Unearned Income | $ 2,424,313 | $ 2,166,048 |
Unearned income | (6,986) | (6,689) |
Total loans net of unearned income | 2,417,327 | 2,159,359 |
Pass | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans before Unearned Income | 2,354,079 | 1,973,977 |
Special Mention | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans before Unearned Income | 30,704 | 138,718 |
Substandard | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans before Unearned Income | 39,530 | 53,353 |
Doubtful | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans before Unearned Income | 0 | 0 |
Real Estate | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans before Unearned Income | 1,681,924 | 1,446,746 |
Real Estate | Pass | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans before Unearned Income | 1,628,735 | 1,301,945 |
Real Estate | Special Mention | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans before Unearned Income | 27,762 | 103,996 |
Real Estate | Substandard | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans before Unearned Income | 25,427 | 40,805 |
Real Estate | Doubtful | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans before Unearned Income | 0 | 0 |
Real Estate | Construction & land development | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans before Unearned Income | 204,640 | 174,334 |
Real Estate | Construction & land development | Pass | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans before Unearned Income | 200,959 | 151,220 |
Real Estate | Construction & land development | Special Mention | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans before Unearned Income | 2,984 | 21,997 |
Real Estate | Construction & land development | Substandard | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans before Unearned Income | 697 | 1,117 |
Real Estate | Construction & land development | Doubtful | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans before Unearned Income | 0 | 0 |
Real Estate | Farmland | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans before Unearned Income | 24,556 | 31,810 |
Real Estate | Farmland | Pass | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans before Unearned Income | 23,738 | 27,678 |
Real Estate | Farmland | Special Mention | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans before Unearned Income | 35 | 40 |
Real Estate | Farmland | Substandard | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans before Unearned Income | 783 | 4,092 |
Real Estate | Farmland | Doubtful | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans before Unearned Income | 0 | 0 |
Real Estate | 1- 4 family | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans before Unearned Income | 352,501 | 288,347 |
Real Estate | 1- 4 family | Pass | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans before Unearned Income | 334,064 | 270,866 |
Real Estate | 1- 4 family | Special Mention | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans before Unearned Income | 8,946 | 7,644 |
Real Estate | 1- 4 family | Substandard | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans before Unearned Income | 9,491 | 9,837 |
Real Estate | 1- 4 family | Doubtful | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans before Unearned Income | 0 | 0 |
Real Estate | Multifamily | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans before Unearned Income | 118,273 | 65,848 |
Real Estate | Multifamily | Pass | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans before Unearned Income | 112,702 | 56,686 |
Real Estate | Multifamily | Special Mention | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans before Unearned Income | 449 | 2,212 |
Real Estate | Multifamily | Substandard | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans before Unearned Income | 5,122 | 6,950 |
Real Estate | Multifamily | Doubtful | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans before Unearned Income | 0 | 0 |
Real Estate | Non-farm non-residential | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans before Unearned Income | 981,954 | 886,407 |
Real Estate | Non-farm non-residential | Pass | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans before Unearned Income | 957,272 | 795,495 |
Real Estate | Non-farm non-residential | Special Mention | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans before Unearned Income | 15,348 | 72,103 |
Real Estate | Non-farm non-residential | Substandard | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans before Unearned Income | 9,334 | 18,809 |
Real Estate | Non-farm non-residential | Doubtful | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans before Unearned Income | 0 | 0 |
Non-Real Estate | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans before Unearned Income | 742,389 | 719,302 |
Non-Real Estate | Pass | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans before Unearned Income | 725,344 | 672,032 |
Non-Real Estate | Special Mention | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans before Unearned Income | 2,942 | 34,722 |
Non-Real Estate | Substandard | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans before Unearned Income | 14,103 | 12,548 |
Non-Real Estate | Doubtful | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans before Unearned Income | 0 | 0 |
Non-Real Estate | Agricultural | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans before Unearned Income | 47,642 | 26,747 |
Non-Real Estate | Agricultural | Pass | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans before Unearned Income | 44,822 | 23,952 |
Non-Real Estate | Agricultural | Special Mention | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans before Unearned Income | 163 | 128 |
Non-Real Estate | Agricultural | Substandard | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans before Unearned Income | 2,657 | 2,667 |
Non-Real Estate | Agricultural | Doubtful | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans before Unearned Income | 0 | 0 |
Non-Real Estate | Commercial and industrial | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans before Unearned Income | 365,549 | 398,391 |
Non-Real Estate | Commercial and industrial | Pass | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans before Unearned Income | 355,436 | 355,407 |
Non-Real Estate | Commercial and industrial | Special Mention | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans before Unearned Income | 1,893 | 34,220 |
Non-Real Estate | Commercial and industrial | Substandard | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans before Unearned Income | 8,220 | 8,764 |
Non-Real Estate | Commercial and industrial | Doubtful | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans before Unearned Income | 0 | 0 |
Non-Real Estate | Commercial leases | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans before Unearned Income | 281,010 | 246,022 |
Non-Real Estate | Commercial leases | Pass | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans before Unearned Income | 279,175 | 245,869 |
Non-Real Estate | Commercial leases | Special Mention | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans before Unearned Income | 0 | 0 |
Non-Real Estate | Commercial leases | Substandard | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans before Unearned Income | 1,835 | 153 |
Non-Real Estate | Commercial leases | Doubtful | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans before Unearned Income | 0 | 0 |
Non-Real Estate | Consumer and other | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans before Unearned Income | 48,188 | 48,142 |
Non-Real Estate | Consumer and other | Pass | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans before Unearned Income | 45,911 | 46,804 |
Non-Real Estate | Consumer and other | Special Mention | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans before Unearned Income | 886 | 374 |
Non-Real Estate | Consumer and other | Substandard | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans before Unearned Income | 1,391 | 964 |
Non-Real Estate | Consumer and other | Doubtful | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans before Unearned Income | $ 0 | $ 0 |
Loans - Purchased Impaired Loan
Loans - Purchased Impaired Loans (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities [Abstract] | |||
Carry amount | $ 4,283 | $ 5,143 | |
Loans acquired in transfer not accounted for as debt securities, provision for loan losses | 700 | 700 | |
Purchased impaired loans | |||
Balance, beginning of period | 2,378 | $ 2,892 | 2,892 |
Acquisition accretable yield | 0 | 0 | |
Accretion | (208) | (370) | |
Net transfers from nonaccretable difference to accretable yield | 0 | 0 | |
Balance, end of period | 2,170 | $ 2,522 | 2,378 |
Real Estate | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities [Abstract] | |||
Carry amount | 3,541 | 4,186 | |
Real Estate | Construction & land development | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities [Abstract] | |||
Carry amount | 315 | 146 | |
Real Estate | Farmland | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities [Abstract] | |||
Carry amount | 0 | 0 | |
Real Estate | 1- 4 family | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities [Abstract] | |||
Carry amount | 1,318 | 1,848 | |
Real Estate | Multifamily | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities [Abstract] | |||
Carry amount | 0 | 0 | |
Real Estate | Non-farm non-residential | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities [Abstract] | |||
Carry amount | 1,908 | 2,192 | |
Non-Real Estate | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities [Abstract] | |||
Carry amount | 742 | 957 | |
Non-Real Estate | Agricultural | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities [Abstract] | |||
Carry amount | 0 | 159 | |
Non-Real Estate | Commercial and industrial | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities [Abstract] | |||
Carry amount | 742 | 798 | |
Non-Real Estate | Commercial leases | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities [Abstract] | |||
Carry amount | 0 | 0 | |
Non-Real Estate | Consumer and other | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities [Abstract] | |||
Carry amount | $ 0 | $ 0 |
Allowance for Loan and Lease _3
Allowance for Loan and Lease Losses - Summary of Changes in Allowance for Loan Losses, by Portfolio Type (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning allowance | $ 24,029 | $ 24,518 | ||
Charge-offs | (5,079) | (1,458) | ||
Recoveries | 1,620 | 466 | ||
Provision | $ 1,509 | $ 304 | 2,898 | 1,812 |
Ending allowance | 23,468 | 25,338 | 23,468 | 25,338 |
Real Estate | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning allowance | 16,838 | 20,043 | ||
Charge-offs | (758) | (237) | ||
Recoveries | 1,078 | 131 | ||
Provision | (3,200) | (474) | ||
Ending allowance | 13,958 | 19,463 | 13,958 | 19,463 |
Real Estate | Construction & land development | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning allowance | 769 | 1,029 | ||
Charge-offs | (66) | 0 | ||
Recoveries | 339 | 0 | ||
Provision | 145 | (284) | ||
Ending allowance | 1,187 | 745 | 1,187 | 745 |
Real Estate | Farmland | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning allowance | 478 | 462 | ||
Charge-offs | 0 | 0 | ||
Recoveries | 0 | 90 | ||
Provision | (378) | (74) | ||
Ending allowance | 100 | 478 | 100 | 478 |
Real Estate | 1- 4 family | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning allowance | 1,921 | 2,510 | ||
Charge-offs | (94) | (174) | ||
Recoveries | 37 | 34 | ||
Provision | 43 | (486) | ||
Ending allowance | 1,907 | 1,884 | 1,907 | 1,884 |
Real Estate | Multifamily | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning allowance | 940 | 978 | ||
Charge-offs | 0 | (12) | ||
Recoveries | 452 | 0 | ||
Provision | (291) | 101 | ||
Ending allowance | 1,101 | 1,067 | 1,101 | 1,067 |
Real Estate | Non-farm non-residential | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning allowance | 12,730 | 15,064 | ||
Charge-offs | (598) | (51) | ||
Recoveries | 250 | 7 | ||
Provision | (2,719) | 269 | ||
Ending allowance | 9,663 | 15,289 | 9,663 | 15,289 |
Non-Real Estate | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning allowance | 7,191 | 4,475 | ||
Charge-offs | (4,321) | (1,221) | ||
Recoveries | 542 | 335 | ||
Provision | 6,098 | 2,286 | ||
Ending allowance | 9,510 | 5,875 | 9,510 | 5,875 |
Non-Real Estate | Agricultural | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning allowance | 183 | 181 | ||
Charge-offs | (460) | (147) | ||
Recoveries | 133 | 0 | ||
Provision | 401 | 206 | ||
Ending allowance | 257 | 240 | 257 | 240 |
Non-Real Estate | Commercial and industrial | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning allowance | 2,363 | 2,802 | ||
Charge-offs | (437) | (89) | ||
Recoveries | 72 | 79 | ||
Provision | 672 | (493) | ||
Ending allowance | 2,670 | 2,299 | 2,670 | 2,299 |
Non-Real Estate | Commercial leases | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning allowance | 2,486 | 583 | ||
Charge-offs | (150) | 0 | ||
Recoveries | 3 | 4 | ||
Provision | 458 | 1,623 | ||
Ending allowance | 2,797 | 2,210 | 2,797 | 2,210 |
Non-Real Estate | Consumer and other | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning allowance | 1,371 | 907 | ||
Charge-offs | (3,274) | (985) | ||
Recoveries | 334 | 252 | ||
Provision | 3,679 | 952 | ||
Ending allowance | 2,110 | 1,126 | 2,110 | 1,126 |
Non-Real Estate | Unallocated | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning allowance | 788 | 2 | ||
Charge-offs | 0 | 0 | ||
Recoveries | 0 | 0 | ||
Provision | 888 | (2) | ||
Ending allowance | $ 1,676 | $ 0 | $ 1,676 | $ 0 |
Allowance for Loan and Lease _4
Allowance for Loan and Lease Losses - Summary of Allowance and Loans Individually and Collectively Evaluated for Impairment (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||
Allowance Individually Evaluated for Impairment | $ 513 | $ 2,171 | ||
Allowance Individually Evaluated for Purchased Credit-Impairment | 724 | 725 | ||
Allowance Collectively Evaluated for Impairment | 22,231 | 21,133 | ||
Total Allowance for Credit Losses | 23,468 | 24,029 | $ 25,338 | $ 24,518 |
Loans Individually Evaluated for Impairment | 6,849 | 15,025 | ||
Loans Individually Evaluated for Purchased Credit-Impairment | 4,283 | 5,143 | ||
Loans Collectively Evaluated for Impairment | 2,413,181 | 2,145,880 | ||
Total Loans before Unearned Income | 2,424,313 | 2,166,048 | ||
Unearned Income | (6,986) | (6,689) | ||
Total loans net of unearned income | 2,417,327 | 2,159,359 | ||
Real Estate | ||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||
Allowance Individually Evaluated for Impairment | 82 | 2,099 | ||
Allowance Individually Evaluated for Purchased Credit-Impairment | 512 | 509 | ||
Allowance Collectively Evaluated for Impairment | 13,364 | 14,230 | ||
Total Allowance for Credit Losses | 13,958 | 16,838 | 19,463 | 20,043 |
Loans Individually Evaluated for Impairment | 2,985 | 12,356 | ||
Loans Individually Evaluated for Purchased Credit-Impairment | 3,541 | 4,186 | ||
Loans Collectively Evaluated for Impairment | 1,675,398 | 1,430,204 | ||
Total Loans before Unearned Income | 1,681,924 | 1,446,746 | ||
Real Estate | Construction & land development | ||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||
Allowance Individually Evaluated for Impairment | 0 | 0 | ||
Allowance Individually Evaluated for Purchased Credit-Impairment | 0 | 0 | ||
Allowance Collectively Evaluated for Impairment | 1,187 | 769 | ||
Total Allowance for Credit Losses | 1,187 | 769 | 745 | 1,029 |
Loans Individually Evaluated for Impairment | 0 | 0 | ||
Loans Individually Evaluated for Purchased Credit-Impairment | 315 | 146 | ||
Loans Collectively Evaluated for Impairment | 204,325 | 174,188 | ||
Total Loans before Unearned Income | 204,640 | 174,334 | ||
Real Estate | Farmland | ||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||
Allowance Individually Evaluated for Impairment | 0 | 19 | ||
Allowance Individually Evaluated for Purchased Credit-Impairment | 0 | 0 | ||
Allowance Collectively Evaluated for Impairment | 100 | 459 | ||
Total Allowance for Credit Losses | 100 | 478 | 478 | 462 |
Loans Individually Evaluated for Impairment | 0 | 496 | ||
Loans Individually Evaluated for Purchased Credit-Impairment | 0 | 0 | ||
Loans Collectively Evaluated for Impairment | 24,556 | 31,314 | ||
Total Loans before Unearned Income | 24,556 | 31,810 | ||
Real Estate | 1- 4 family | ||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||
Allowance Individually Evaluated for Impairment | 0 | 258 | ||
Allowance Individually Evaluated for Purchased Credit-Impairment | 0 | 0 | ||
Allowance Collectively Evaluated for Impairment | 1,907 | 1,663 | ||
Total Allowance for Credit Losses | 1,907 | 1,921 | 1,884 | 2,510 |
Loans Individually Evaluated for Impairment | 0 | 961 | ||
Loans Individually Evaluated for Purchased Credit-Impairment | 1,318 | 1,848 | ||
Loans Collectively Evaluated for Impairment | 351,183 | 285,538 | ||
Total Loans before Unearned Income | 352,501 | 288,347 | ||
Real Estate | Multifamily | ||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||
Allowance Individually Evaluated for Impairment | 0 | 0 | ||
Allowance Individually Evaluated for Purchased Credit-Impairment | 0 | 0 | ||
Allowance Collectively Evaluated for Impairment | 1,101 | 940 | ||
Total Allowance for Credit Losses | 1,101 | 940 | 1,067 | 978 |
Loans Individually Evaluated for Impairment | 0 | 0 | ||
Loans Individually Evaluated for Purchased Credit-Impairment | 0 | 0 | ||
Loans Collectively Evaluated for Impairment | 118,273 | 65,848 | ||
Total Loans before Unearned Income | 118,273 | 65,848 | ||
Real Estate | Non-farm non-residential | ||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||
Allowance Individually Evaluated for Impairment | 82 | 1,822 | ||
Allowance Individually Evaluated for Purchased Credit-Impairment | 512 | 509 | ||
Allowance Collectively Evaluated for Impairment | 9,069 | 10,399 | ||
Total Allowance for Credit Losses | 9,663 | 12,730 | 15,289 | 15,064 |
Loans Individually Evaluated for Impairment | 2,985 | 10,899 | ||
Loans Individually Evaluated for Purchased Credit-Impairment | 1,908 | 2,192 | ||
Loans Collectively Evaluated for Impairment | 977,061 | 873,316 | ||
Total Loans before Unearned Income | 981,954 | 886,407 | ||
Non-Real Estate | ||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||
Allowance Individually Evaluated for Impairment | 431 | 72 | ||
Allowance Individually Evaluated for Purchased Credit-Impairment | 212 | 216 | ||
Allowance Collectively Evaluated for Impairment | 8,867 | 6,903 | ||
Total Allowance for Credit Losses | 9,510 | 7,191 | 5,875 | 4,475 |
Loans Individually Evaluated for Impairment | 3,864 | 2,669 | ||
Loans Individually Evaluated for Purchased Credit-Impairment | 742 | 957 | ||
Loans Collectively Evaluated for Impairment | 737,783 | 715,676 | ||
Total Loans before Unearned Income | 742,389 | 719,302 | ||
Non-Real Estate | Agricultural | ||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||
Allowance Individually Evaluated for Impairment | 0 | 0 | ||
Allowance Individually Evaluated for Purchased Credit-Impairment | 0 | 0 | ||
Allowance Collectively Evaluated for Impairment | 257 | 183 | ||
Total Allowance for Credit Losses | 257 | 183 | 240 | 181 |
Loans Individually Evaluated for Impairment | 939 | 1,383 | ||
Loans Individually Evaluated for Purchased Credit-Impairment | 0 | 159 | ||
Loans Collectively Evaluated for Impairment | 46,703 | 25,205 | ||
Total Loans before Unearned Income | 47,642 | 26,747 | ||
Non-Real Estate | Commercial and industrial | ||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||
Allowance Individually Evaluated for Impairment | 431 | 72 | ||
Allowance Individually Evaluated for Purchased Credit-Impairment | 212 | 216 | ||
Allowance Collectively Evaluated for Impairment | 2,027 | 2,075 | ||
Total Allowance for Credit Losses | 2,670 | 2,363 | 2,299 | 2,802 |
Loans Individually Evaluated for Impairment | 1,090 | 1,286 | ||
Loans Individually Evaluated for Purchased Credit-Impairment | 742 | 798 | ||
Loans Collectively Evaluated for Impairment | 363,717 | 396,307 | ||
Total Loans before Unearned Income | 365,549 | 398,391 | ||
Non-Real Estate | Commercial leases | ||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||
Allowance Individually Evaluated for Impairment | 0 | 0 | ||
Allowance Individually Evaluated for Purchased Credit-Impairment | 0 | 0 | ||
Allowance Collectively Evaluated for Impairment | 2,797 | 2,486 | ||
Total Allowance for Credit Losses | 2,797 | 2,486 | 2,210 | 583 |
Loans Individually Evaluated for Impairment | 1,835 | 0 | ||
Loans Individually Evaluated for Purchased Credit-Impairment | 0 | 0 | ||
Loans Collectively Evaluated for Impairment | 279,175 | 246,022 | ||
Total Loans before Unearned Income | 281,010 | 246,022 | ||
Non-Real Estate | Consumer and other | ||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||
Allowance Individually Evaluated for Impairment | 0 | 0 | ||
Allowance Individually Evaluated for Purchased Credit-Impairment | 0 | 0 | ||
Allowance Collectively Evaluated for Impairment | 2,110 | 1,371 | ||
Total Allowance for Credit Losses | 2,110 | 1,371 | 1,126 | 907 |
Loans Individually Evaluated for Impairment | 0 | 0 | ||
Loans Individually Evaluated for Purchased Credit-Impairment | 0 | 0 | ||
Loans Collectively Evaluated for Impairment | 48,188 | 48,142 | ||
Total Loans before Unearned Income | 48,188 | 48,142 | ||
Non-Real Estate | Unallocated | ||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||
Allowance Individually Evaluated for Impairment | 0 | 0 | ||
Allowance Individually Evaluated for Purchased Credit-Impairment | 0 | 0 | ||
Allowance Collectively Evaluated for Impairment | 1,676 | 788 | ||
Total Allowance for Credit Losses | 1,676 | 788 | $ 0 | $ 2 |
Loans Individually Evaluated for Impairment | 0 | 0 | ||
Loans Individually Evaluated for Purchased Credit-Impairment | 0 | 0 | ||
Loans Collectively Evaluated for Impairment | 0 | 0 | ||
Total Loans before Unearned Income | $ 0 | $ 0 |
Allowance for Loan and Lease _5
Allowance for Loan and Lease Losses - Impaired Loans by Class (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Impaired Loans with no related allowance: | ||
Recorded Investment | $ 4,787 | $ 7,017 |
Unpaid Principal Balance | 4,940 | 7,956 |
Average Recorded Investment | 4,346 | 7,826 |
Interest Income Recognized | 49 | 167 |
Interest Income Cash Basis | 64 | 134 |
Impaired Loans with an allowance recorded: | ||
Recorded Investment | 2,062 | 8,008 |
Unpaid Principal Balance | 2,636 | 8,399 |
Related Allowance | 513 | 2,171 |
Average Recorded Investment | 2,107 | 8,200 |
Interest Income Recognized | 25 | 174 |
Interest Income Cash Basis | 40 | 209 |
Total Impaired Loans | ||
Recorded Investment | 6,849 | 15,025 |
Unpaid Principal Balance | 7,576 | 16,355 |
Related Allowance | 513 | 2,171 |
Average Recorded Investment | 6,453 | 16,026 |
Interest Income Recognized | 74 | 341 |
Interest Income Cash Basis | 104 | 343 |
Real Estate | ||
Impaired Loans with no related allowance: | ||
Recorded Investment | 2,013 | 5,164 |
Unpaid Principal Balance | 2,012 | 5,818 |
Average Recorded Investment | 2,023 | 5,935 |
Interest Income Recognized | 37 | 137 |
Interest Income Cash Basis | 36 | 101 |
Impaired Loans with an allowance recorded: | ||
Recorded Investment | 972 | 7,192 |
Unpaid Principal Balance | 1,546 | 7,583 |
Related Allowance | 82 | 2,099 |
Average Recorded Investment | 973 | 7,325 |
Interest Income Recognized | 4 | 146 |
Interest Income Cash Basis | 3 | 157 |
Total Impaired Loans | ||
Related Allowance | 82 | 2,099 |
Real Estate | Construction & land development | ||
Impaired Loans with no related allowance: | ||
Recorded Investment | 0 | 0 |
Unpaid Principal Balance | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
Interest Income Cash Basis | 0 | 0 |
Impaired Loans with an allowance recorded: | ||
Recorded Investment | 0 | 0 |
Unpaid Principal Balance | 0 | 0 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
Interest Income Cash Basis | 0 | 0 |
Total Impaired Loans | ||
Related Allowance | 0 | 0 |
Real Estate | Farmland | ||
Impaired Loans with no related allowance: | ||
Recorded Investment | 0 | 0 |
Unpaid Principal Balance | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
Interest Income Cash Basis | 0 | 0 |
Impaired Loans with an allowance recorded: | ||
Recorded Investment | 0 | 496 |
Unpaid Principal Balance | 0 | 626 |
Related Allowance | 0 | 19 |
Average Recorded Investment | 0 | 515 |
Interest Income Recognized | 0 | 0 |
Interest Income Cash Basis | 0 | 0 |
Total Impaired Loans | ||
Related Allowance | 0 | 19 |
Real Estate | 1- 4 family | ||
Impaired Loans with no related allowance: | ||
Recorded Investment | 0 | 0 |
Unpaid Principal Balance | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
Interest Income Cash Basis | 0 | 0 |
Impaired Loans with an allowance recorded: | ||
Recorded Investment | 0 | 961 |
Unpaid Principal Balance | 0 | 961 |
Related Allowance | 0 | 258 |
Average Recorded Investment | 0 | 968 |
Interest Income Recognized | 0 | 56 |
Interest Income Cash Basis | 0 | 62 |
Total Impaired Loans | ||
Related Allowance | 0 | 258 |
Real Estate | Multifamily | ||
Impaired Loans with no related allowance: | ||
Recorded Investment | 0 | 0 |
Unpaid Principal Balance | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
Interest Income Cash Basis | 0 | 0 |
Impaired Loans with an allowance recorded: | ||
Recorded Investment | 0 | 0 |
Unpaid Principal Balance | 0 | 0 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
Interest Income Cash Basis | 0 | 0 |
Total Impaired Loans | ||
Related Allowance | 0 | 0 |
Real Estate | Non-farm non-residential | ||
Impaired Loans with no related allowance: | ||
Recorded Investment | 2,013 | 5,164 |
Unpaid Principal Balance | 2,012 | 5,818 |
Average Recorded Investment | 2,023 | 5,935 |
Interest Income Recognized | 37 | 137 |
Interest Income Cash Basis | 36 | 101 |
Impaired Loans with an allowance recorded: | ||
Recorded Investment | 972 | 5,735 |
Unpaid Principal Balance | 1,546 | 5,996 |
Related Allowance | 82 | 1,822 |
Average Recorded Investment | 973 | 5,842 |
Interest Income Recognized | 4 | 90 |
Interest Income Cash Basis | 3 | 95 |
Total Impaired Loans | ||
Related Allowance | 82 | 1,822 |
Non-Real Estate | ||
Impaired Loans with no related allowance: | ||
Recorded Investment | 2,774 | 1,853 |
Unpaid Principal Balance | 2,928 | 2,138 |
Average Recorded Investment | 2,323 | 1,891 |
Interest Income Recognized | 12 | 30 |
Interest Income Cash Basis | 28 | 33 |
Impaired Loans with an allowance recorded: | ||
Recorded Investment | 1,090 | 816 |
Unpaid Principal Balance | 1,090 | 816 |
Related Allowance | 431 | 72 |
Average Recorded Investment | 1,134 | 875 |
Interest Income Recognized | 21 | 28 |
Interest Income Cash Basis | 37 | 52 |
Total Impaired Loans | ||
Related Allowance | 431 | 72 |
Non-Real Estate | Agricultural | ||
Impaired Loans with no related allowance: | ||
Recorded Investment | 939 | 1,383 |
Unpaid Principal Balance | 1,093 | 1,668 |
Average Recorded Investment | 939 | 1,412 |
Interest Income Recognized | 0 | 0 |
Interest Income Cash Basis | 0 | 0 |
Impaired Loans with an allowance recorded: | ||
Recorded Investment | 0 | 0 |
Unpaid Principal Balance | 0 | 0 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
Interest Income Cash Basis | 0 | 0 |
Total Impaired Loans | ||
Related Allowance | 0 | 0 |
Non-Real Estate | Commercial and industrial | ||
Impaired Loans with no related allowance: | ||
Recorded Investment | 0 | 470 |
Unpaid Principal Balance | 0 | 470 |
Average Recorded Investment | 0 | 479 |
Interest Income Recognized | 0 | 30 |
Interest Income Cash Basis | 0 | 33 |
Impaired Loans with an allowance recorded: | ||
Recorded Investment | 1,090 | 816 |
Unpaid Principal Balance | 1,090 | 816 |
Related Allowance | 431 | 72 |
Average Recorded Investment | 1,134 | 875 |
Interest Income Recognized | 21 | 28 |
Interest Income Cash Basis | 37 | 52 |
Total Impaired Loans | ||
Related Allowance | 431 | 72 |
Non-Real Estate | Commercial leases | ||
Impaired Loans with no related allowance: | ||
Recorded Investment | 1,835 | 0 |
Unpaid Principal Balance | 1,835 | 0 |
Average Recorded Investment | 1,384 | 0 |
Interest Income Recognized | 12 | 0 |
Interest Income Cash Basis | 28 | 0 |
Impaired Loans with an allowance recorded: | ||
Recorded Investment | 0 | 0 |
Unpaid Principal Balance | 0 | 0 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
Interest Income Cash Basis | 0 | 0 |
Total Impaired Loans | ||
Related Allowance | 0 | 0 |
Non-Real Estate | Consumer and other | ||
Impaired Loans with no related allowance: | ||
Recorded Investment | 0 | 0 |
Unpaid Principal Balance | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
Interest Income Cash Basis | 0 | 0 |
Impaired Loans with an allowance recorded: | ||
Recorded Investment | 0 | 0 |
Unpaid Principal Balance | 0 | 0 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
Interest Income Cash Basis | 0 | 0 |
Total Impaired Loans | ||
Related Allowance | $ 0 | $ 0 |
Allowance for Loan and Lease _6
Allowance for Loan and Lease Losses - Age Analysis of TDRs (Details) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 USD ($) loan | Dec. 31, 2021 USD ($) | |
Receivables [Abstract] | ||
Financing receivable, modifications, number of contracts | loan | 0 | |
Troubled debt restructuring, number of contracts | loan | 0 | |
Troubled debt restructurings [Abstract] | ||
Total TDRs | $ 0 | $ 3,382 |
Nonaccrual | ||
Troubled debt restructurings [Abstract] | ||
Total TDRs | 0 | 3,382 |
Accruing Loans, Current | ||
Troubled debt restructurings [Abstract] | ||
Total TDRs | 0 | 0 |
Accruing Loans, 30-89 Days Past Due | ||
Troubled debt restructurings [Abstract] | ||
Total TDRs | 0 | 0 |
Real Estate | ||
Troubled debt restructurings [Abstract] | ||
Total TDRs | 0 | 3,382 |
Real Estate | Nonaccrual | ||
Troubled debt restructurings [Abstract] | ||
Total TDRs | 0 | 3,382 |
Real Estate | Accruing Loans, Current | ||
Troubled debt restructurings [Abstract] | ||
Total TDRs | 0 | 0 |
Real Estate | Accruing Loans, 30-89 Days Past Due | ||
Troubled debt restructurings [Abstract] | ||
Total TDRs | 0 | 0 |
Real Estate | Construction & land development | ||
Troubled debt restructurings [Abstract] | ||
Total TDRs | 0 | 0 |
Real Estate | Construction & land development | Nonaccrual | ||
Troubled debt restructurings [Abstract] | ||
Total TDRs | 0 | 0 |
Real Estate | Construction & land development | Accruing Loans, Current | ||
Troubled debt restructurings [Abstract] | ||
Total TDRs | 0 | 0 |
Real Estate | Construction & land development | Accruing Loans, 30-89 Days Past Due | ||
Troubled debt restructurings [Abstract] | ||
Total TDRs | 0 | 0 |
Real Estate | Farmland | ||
Troubled debt restructurings [Abstract] | ||
Total TDRs | 0 | 0 |
Real Estate | Farmland | Nonaccrual | ||
Troubled debt restructurings [Abstract] | ||
Total TDRs | 0 | 0 |
Real Estate | Farmland | Accruing Loans, Current | ||
Troubled debt restructurings [Abstract] | ||
Total TDRs | 0 | 0 |
Real Estate | Farmland | Accruing Loans, 30-89 Days Past Due | ||
Troubled debt restructurings [Abstract] | ||
Total TDRs | 0 | 0 |
Real Estate | 1- 4 family | ||
Troubled debt restructurings [Abstract] | ||
Total TDRs | 0 | 0 |
Real Estate | 1- 4 family | Nonaccrual | ||
Troubled debt restructurings [Abstract] | ||
Total TDRs | 0 | 0 |
Real Estate | 1- 4 family | Accruing Loans, Current | ||
Troubled debt restructurings [Abstract] | ||
Total TDRs | 0 | 0 |
Real Estate | 1- 4 family | Accruing Loans, 30-89 Days Past Due | ||
Troubled debt restructurings [Abstract] | ||
Total TDRs | 0 | 0 |
Real Estate | Multifamily | ||
Troubled debt restructurings [Abstract] | ||
Total TDRs | 0 | 0 |
Real Estate | Multifamily | Nonaccrual | ||
Troubled debt restructurings [Abstract] | ||
Total TDRs | 0 | 0 |
Real Estate | Multifamily | Accruing Loans, Current | ||
Troubled debt restructurings [Abstract] | ||
Total TDRs | 0 | 0 |
Real Estate | Multifamily | Accruing Loans, 30-89 Days Past Due | ||
Troubled debt restructurings [Abstract] | ||
Total TDRs | 0 | 0 |
Real Estate | Non-farm non-residential | ||
Troubled debt restructurings [Abstract] | ||
Total TDRs | 0 | 3,382 |
Real Estate | Non-farm non-residential | Nonaccrual | ||
Troubled debt restructurings [Abstract] | ||
Total TDRs | 0 | 3,382 |
Real Estate | Non-farm non-residential | Accruing Loans, Current | ||
Troubled debt restructurings [Abstract] | ||
Total TDRs | 0 | 0 |
Real Estate | Non-farm non-residential | Accruing Loans, 30-89 Days Past Due | ||
Troubled debt restructurings [Abstract] | ||
Total TDRs | 0 | 0 |
Non-Real Estate | ||
Troubled debt restructurings [Abstract] | ||
Total TDRs | 0 | 0 |
Non-Real Estate | Nonaccrual | ||
Troubled debt restructurings [Abstract] | ||
Total TDRs | 0 | 0 |
Non-Real Estate | Accruing Loans, Current | ||
Troubled debt restructurings [Abstract] | ||
Total TDRs | 0 | 0 |
Non-Real Estate | Accruing Loans, 30-89 Days Past Due | ||
Troubled debt restructurings [Abstract] | ||
Total TDRs | 0 | 0 |
Non-Real Estate | Agricultural | ||
Troubled debt restructurings [Abstract] | ||
Total TDRs | 0 | 0 |
Non-Real Estate | Agricultural | Nonaccrual | ||
Troubled debt restructurings [Abstract] | ||
Total TDRs | 0 | 0 |
Non-Real Estate | Agricultural | Accruing Loans, Current | ||
Troubled debt restructurings [Abstract] | ||
Total TDRs | 0 | 0 |
Non-Real Estate | Agricultural | Accruing Loans, 30-89 Days Past Due | ||
Troubled debt restructurings [Abstract] | ||
Total TDRs | 0 | 0 |
Non-Real Estate | Commercial and industrial | ||
Troubled debt restructurings [Abstract] | ||
Total TDRs | 0 | 0 |
Non-Real Estate | Commercial and industrial | Nonaccrual | ||
Troubled debt restructurings [Abstract] | ||
Total TDRs | 0 | 0 |
Non-Real Estate | Commercial and industrial | Accruing Loans, Current | ||
Troubled debt restructurings [Abstract] | ||
Total TDRs | 0 | 0 |
Non-Real Estate | Commercial and industrial | Accruing Loans, 30-89 Days Past Due | ||
Troubled debt restructurings [Abstract] | ||
Total TDRs | 0 | 0 |
Non-Real Estate | Commercial leases | ||
Troubled debt restructurings [Abstract] | ||
Total TDRs | 0 | 0 |
Non-Real Estate | Commercial leases | Nonaccrual | ||
Troubled debt restructurings [Abstract] | ||
Total TDRs | 0 | 0 |
Non-Real Estate | Commercial leases | Accruing Loans, Current | ||
Troubled debt restructurings [Abstract] | ||
Total TDRs | 0 | 0 |
Non-Real Estate | Commercial leases | Accruing Loans, 30-89 Days Past Due | ||
Troubled debt restructurings [Abstract] | ||
Total TDRs | 0 | 0 |
Non-Real Estate | Consumer and other | ||
Troubled debt restructurings [Abstract] | ||
Total TDRs | 0 | 0 |
Non-Real Estate | Consumer and other | Nonaccrual | ||
Troubled debt restructurings [Abstract] | ||
Total TDRs | 0 | 0 |
Non-Real Estate | Consumer and other | Accruing Loans, Current | ||
Troubled debt restructurings [Abstract] | ||
Total TDRs | 0 | 0 |
Non-Real Estate | Consumer and other | Accruing Loans, 30-89 Days Past Due | ||
Troubled debt restructurings [Abstract] | ||
Total TDRs | $ 0 | $ 0 |
Allowance for Loan and Lease _7
Allowance for Loan and Lease Losses - TDR Activity (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
TDR activity [Roll Forward] | |
Beginning balance | $ 3,382 |
New TDRs | 0 |
Charge-offs post-modification | 0 |
Transferred to ORE | 0 |
Paydowns | (36) |
Construction to permanent financing | 0 |
Restructured to market terms | 0 |
Other adjustments / sales of loans | (3,346) |
Ending balance | 0 |
Real Estate | |
TDR activity [Roll Forward] | |
Beginning balance | 3,382 |
New TDRs | 0 |
Charge-offs post-modification | 0 |
Transferred to ORE | 0 |
Paydowns | (36) |
Construction to permanent financing | 0 |
Restructured to market terms | 0 |
Other adjustments / sales of loans | (3,346) |
Ending balance | 0 |
Real Estate | Construction & land development | |
TDR activity [Roll Forward] | |
Beginning balance | 0 |
New TDRs | 0 |
Charge-offs post-modification | 0 |
Transferred to ORE | 0 |
Paydowns | 0 |
Construction to permanent financing | 0 |
Restructured to market terms | 0 |
Other adjustments / sales of loans | 0 |
Ending balance | 0 |
Real Estate | Farmland | |
TDR activity [Roll Forward] | |
Beginning balance | 0 |
New TDRs | 0 |
Charge-offs post-modification | 0 |
Transferred to ORE | 0 |
Paydowns | 0 |
Construction to permanent financing | 0 |
Restructured to market terms | 0 |
Other adjustments / sales of loans | 0 |
Ending balance | 0 |
Real Estate | 1- 4 family | |
TDR activity [Roll Forward] | |
Beginning balance | 0 |
New TDRs | 0 |
Charge-offs post-modification | 0 |
Transferred to ORE | 0 |
Paydowns | 0 |
Construction to permanent financing | 0 |
Restructured to market terms | 0 |
Other adjustments / sales of loans | 0 |
Ending balance | 0 |
Real Estate | Multifamily | |
TDR activity [Roll Forward] | |
Beginning balance | 0 |
New TDRs | 0 |
Charge-offs post-modification | 0 |
Transferred to ORE | 0 |
Paydowns | 0 |
Construction to permanent financing | 0 |
Restructured to market terms | 0 |
Other adjustments / sales of loans | 0 |
Ending balance | 0 |
Real Estate | Non-farm non-residential | |
TDR activity [Roll Forward] | |
Beginning balance | 3,382 |
New TDRs | 0 |
Charge-offs post-modification | 0 |
Transferred to ORE | 0 |
Paydowns | (36) |
Construction to permanent financing | 0 |
Restructured to market terms | 0 |
Other adjustments / sales of loans | (3,346) |
Ending balance | 0 |
Non-Real Estate | |
TDR activity [Roll Forward] | |
Beginning balance | 0 |
New TDRs | 0 |
Charge-offs post-modification | 0 |
Transferred to ORE | 0 |
Paydowns | 0 |
Construction to permanent financing | 0 |
Restructured to market terms | 0 |
Other adjustments / sales of loans | 0 |
Ending balance | 0 |
Non-Real Estate | Agricultural | |
TDR activity [Roll Forward] | |
Beginning balance | 0 |
New TDRs | 0 |
Charge-offs post-modification | 0 |
Transferred to ORE | 0 |
Paydowns | 0 |
Construction to permanent financing | 0 |
Restructured to market terms | 0 |
Other adjustments / sales of loans | 0 |
Ending balance | 0 |
Non-Real Estate | Commercial and industrial | |
TDR activity [Roll Forward] | |
Beginning balance | 0 |
New TDRs | 0 |
Charge-offs post-modification | 0 |
Transferred to ORE | 0 |
Paydowns | 0 |
Construction to permanent financing | 0 |
Restructured to market terms | 0 |
Other adjustments / sales of loans | 0 |
Ending balance | 0 |
Non-Real Estate | Commercial leases | |
TDR activity [Roll Forward] | |
Beginning balance | 0 |
New TDRs | 0 |
Charge-offs post-modification | 0 |
Transferred to ORE | 0 |
Paydowns | 0 |
Construction to permanent financing | 0 |
Restructured to market terms | 0 |
Other adjustments / sales of loans | 0 |
Ending balance | 0 |
Non-Real Estate | Consumer and other | |
TDR activity [Roll Forward] | |
Beginning balance | 0 |
New TDRs | 0 |
Charge-offs post-modification | 0 |
Transferred to ORE | 0 |
Paydowns | 0 |
Construction to permanent financing | 0 |
Restructured to market terms | 0 |
Other adjustments / sales of loans | 0 |
Ending balance | $ 0 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
Finite-Lived Intangible Assets [Line Items] | ||
Goodwill | $ 12,900,000 | $ 12,900,000 |
Impairment charges recognized on the company's intangible assets | 0 | |
Decrease in loan servicing assets | 100,000 | |
Loan servicing assets | $ 700,000 | $ 900,000 |
Core Deposits | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted-average amortization period | 6 years 6 months |
Other Real Estate (ORE) - Sched
Other Real Estate (ORE) - Schedule of Other Real Estate Owned (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Real Estate Owned Acquired by Foreclosure | ||
Total Other Real Estate Owned and Foreclosed Property | $ 2,313 | $ 2,593 |
Allowance | (646) | (521) |
Net Other Real Estate Owned and Foreclosed Property | 1,667 | 2,072 |
Residential | ||
Real Estate Owned Acquired by Foreclosure | ||
Total Other Real Estate Owned and Foreclosed Property | 249 | 817 |
Construction & land development | ||
Real Estate Owned Acquired by Foreclosure | ||
Total Other Real Estate Owned and Foreclosed Property | 0 | 0 |
Non-farm non-residential | ||
Real Estate Owned Acquired by Foreclosure | ||
Total Other Real Estate Owned and Foreclosed Property | $ 2,064 | $ 1,776 |
Other Real Estate (ORE) - Narra
Other Real Estate (ORE) - Narrative (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Real Estate [Line Items] | ||
Other real estate owned net carrying amount | $ 1,700 | |
Outstanding balance | 2,300 | |
Allowance for credit losses on other real estate | 646 | $ 521 |
Real Estate | 1- 4 family | ||
Real Estate [Line Items] | ||
Loans in process of foreclosure | $ 1,400 |
Commitments and Contingencies -
Commitments and Contingencies - Notional Amounts of Financial Instruments with Off-Balance Sheet Risk (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Commitments to Extend Credit | ||
Off-balance sheet commitments [Abstract] | ||
Notional value | $ 208,279 | $ 198,444 |
Unfunded Commitments under lines of credit | ||
Off-balance sheet commitments [Abstract] | ||
Notional value | 248,172 | 250,231 |
Commercial and Standby letters of credit | ||
Off-balance sheet commitments [Abstract] | ||
Notional value | $ 14,062 | $ 13,787 |
Commitment and Contingencies -
Commitment and Contingencies - Narrative (Details) - USD ($) | 3 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2022 | Dec. 31, 2021 | |
Overpayment Of Interest On A Loan | |||
Loss Contingencies [Line Items] | |||
Accrued liability | $ 100,000 | ||
Loss Of Funds By Customer | |||
Loss Contingencies [Line Items] | |||
Accrued liability | 0 | ||
Case Settled in the Third Quarter of 2021 | |||
Loss Contingencies [Line Items] | |||
Litigation settlement, amount | $ 1,100,000 | ||
Insurance coverage receivable | $ 900,000 | ||
Minimum | Overpayment Of Interest On A Loan | |||
Loss Contingencies [Line Items] | |||
Lawsuit alleging fault for a loss of funds with possible loss | 0 | ||
Minimum | Loss Of Funds By Customer | |||
Loss Contingencies [Line Items] | |||
Lawsuit alleging fault for a loss of funds with possible loss | 0 | ||
Maximum | Overpayment Of Interest On A Loan | |||
Loss Contingencies [Line Items] | |||
Lawsuit alleging fault for a loss of funds with possible loss | 500,000 | ||
Maximum | Loss Of Funds By Customer | |||
Loss Contingencies [Line Items] | |||
Lawsuit alleging fault for a loss of funds with possible loss | $ 1,500,000 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets Measured on Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities, available for sale | $ 131,318 | $ 210,620 |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities, available for sale | 131,318 | 210,620 |
Fair Value, Measurements, Recurring | Level 1: Quoted Prices in Active Markets For Identical Assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities, available for sale | 98,228 | 0 |
Fair Value, Measurements, Recurring | Level 2: Significant Other Observable Inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities, available for sale | 21,853 | 198,315 |
Fair Value, Measurements, Recurring | Level 3: Significant Unobservable Inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities, available for sale | $ 11,237 | $ 12,305 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Transfer of securities from AFS to HTM | $ 176,181 | $ 160,014 |
Fair Value, Measurements, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Increase in available for sale securities | 98,200 | |
Fair Value, Measurements, Recurring | Level 2 | U.S. Government Agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Transfer of securities from AFS to HTM | 111,000 | |
Fair Value, Measurements, Recurring | Level 2 | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Transfer of securities from AFS to HTM | $ 54,800 |
Fair Value Measurements - Unobs
Fair Value Measurements - Unobservable Input Reconciliation (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Level 3 Changes | |
Balance, beginning of year | $ 12,305 |
Total gains or losses (realized/unrealized): | |
Included in earnings | 0 |
Included in other comprehensive income | (628) |
Purchases, sales, issuances and settlements, net | (440) |
Transfers in and/or out of Level 3 | 0 |
Balance as of end of period | $ 11,237 |
Fair Value Measurements - Nonre
Fair Value Measurements - Nonrecurring (Details) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans measured at fair value | $ 2,846 | $ 8,494 |
Other real estate owned measured at fair value | 1,667 | 2,072 |
Level 1: Quoted Prices in Active Markets For Identical Assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans measured at fair value | 0 | 0 |
Other real estate owned measured at fair value | 0 | 0 |
Level 2: Significant Other Observable Inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans measured at fair value | 0 | 0 |
Other real estate owned measured at fair value | 701 | 817 |
Level 3: Significant Unobservable Inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans measured at fair value | 2,846 | 8,494 |
Other real estate owned measured at fair value | $ 966 | $ 1,255 |
Financial Instruments - Schedul
Financial Instruments - Schedule Of Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Assets | ||
Securities, available for sale | $ 131,318 | $ 210,620 |
Securities, held for maturity | 319,899 | 153,536 |
Liabilities | ||
Short-term advances from Federal Home Loan Bank | 80,000 | 0 |
Carrying Amount | ||
Assets | ||
Federal funds sold | 183 | 183 |
Securities, available for sale | 131,318 | 210,620 |
Securities, held for maturity | 319,899 | 153,536 |
Loans held for sale | 0 | |
Loans, net | 2,393,859 | 2,135,330 |
Cash surrender value of BOLI | 5,676 | 5,568 |
Accrued interest receivable | 12,067 | 12,047 |
Liabilities | ||
Deposits | 2,708,572 | 2,596,492 |
Short-term advances from Federal Home Loan Bank | 80,000 | |
Short-term borrowings | 20,000 | 0 |
Repurchase agreements | 6,408 | 6,439 |
Accrued interest payable | 3,641 | 4,480 |
Long-term advances from Federal Home Loan Bank | 0 | 3,208 |
Senior long-term debt | 22,738 | 25,170 |
Junior subordinated debentures | 15,000 | 14,818 |
Carrying Amount | Cash and due from banks | ||
Assets | ||
Cash and due from banks | 109,174 | 261,749 |
Fair Value Measurements | ||
Assets | ||
Federal funds sold | 183 | 183 |
Securities, available for sale | 131,318 | 210,620 |
Securities, held for maturity | 243,800 | 150,585 |
Loans held for sale | 0 | |
Loans, net | 2,359,097 | 2,152,590 |
Cash surrender value of BOLI | 5,676 | 5,568 |
Accrued interest receivable | 12,067 | 12,047 |
Liabilities | ||
Deposits | 2,710,723 | 2,606,635 |
Short-term advances from Federal Home Loan Bank | 80,000 | |
Short-term borrowings | 20,000 | 0 |
Repurchase agreements | 6,432 | 6,462 |
Accrued interest payable | 3,641 | 4,480 |
Long-term advances from Federal Home Loan Bank | 0 | 3,208 |
Senior long-term debt | 22,750 | 25,187 |
Junior subordinated debentures | 15,000 | 15,000 |
Fair Value Measurements | Cash and due from banks | ||
Assets | ||
Cash and due from banks | 109,174 | 261,749 |
Level 1 | Fair Value Measurements | ||
Assets | ||
Federal funds sold | 183 | 183 |
Securities, available for sale | 98,228 | 0 |
Securities, held for maturity | 0 | 0 |
Loans held for sale | 0 | |
Loans, net | 0 | 0 |
Cash surrender value of BOLI | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Liabilities | ||
Deposits | 0 | 0 |
Short-term advances from Federal Home Loan Bank | ||
Short-term borrowings | 0 | 0 |
Repurchase agreements | 0 | 0 |
Accrued interest payable | 0 | 0 |
Long-term advances from Federal Home Loan Bank | 0 | 0 |
Senior long-term debt | 0 | 0 |
Junior subordinated debentures | 0 | 0 |
Level 1 | Fair Value Measurements | Cash and due from banks | ||
Assets | ||
Cash and due from banks | 109,174 | 261,749 |
Level 2 | Fair Value Measurements | ||
Assets | ||
Federal funds sold | 0 | 0 |
Securities, available for sale | 21,853 | 198,315 |
Securities, held for maturity | 243,800 | 150,585 |
Loans held for sale | 0 | |
Loans, net | 0 | 0 |
Cash surrender value of BOLI | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Liabilities | ||
Deposits | 0 | 0 |
Short-term advances from Federal Home Loan Bank | ||
Short-term borrowings | 0 | 0 |
Repurchase agreements | 0 | 0 |
Accrued interest payable | 0 | 0 |
Long-term advances from Federal Home Loan Bank | 0 | 0 |
Senior long-term debt | 0 | 0 |
Junior subordinated debentures | 0 | 0 |
Level 2 | Fair Value Measurements | Cash and due from banks | ||
Assets | ||
Cash and due from banks | 0 | 0 |
Level 3 | Fair Value Measurements | ||
Assets | ||
Federal funds sold | 0 | 0 |
Securities, available for sale | 11,237 | 12,305 |
Securities, held for maturity | 0 | 0 |
Loans held for sale | 0 | |
Loans, net | 2,359,097 | 2,152,590 |
Cash surrender value of BOLI | 5,676 | 5,568 |
Accrued interest receivable | 12,067 | 12,047 |
Liabilities | ||
Deposits | 2,710,723 | 2,606,635 |
Short-term advances from Federal Home Loan Bank | 80,000 | |
Short-term borrowings | 20,000 | 0 |
Repurchase agreements | 6,432 | 6,462 |
Accrued interest payable | 3,641 | 4,480 |
Long-term advances from Federal Home Loan Bank | 0 | 3,208 |
Senior long-term debt | 22,750 | 25,187 |
Junior subordinated debentures | 15,000 | 15,000 |
Level 3 | Fair Value Measurements | Cash and due from banks | ||
Assets | ||
Cash and due from banks | $ 0 | $ 0 |