Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2024 | Aug. 08, 2024 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2024 | |
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 | 12,504,717 | |
Entity Central Index Key | 0001408534 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q2 | |
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 | Jun. 30, 2024 | Dec. 31, 2023 |
Cash and cash equivalents: | ||
Cash and due from banks | $ 298,574 | $ 286,114 |
Federal funds sold | 392 | 341 |
Cash and cash equivalents | 298,966 | 286,455 |
Investment securities: | ||
Available for sale, at fair value (amortized cost of $39,006 and $85,464, respectively) | 37,403 | 83,485 |
Held to maturity, at cost and net of allowance for credit losses of $80 (estimated fair value of $251,247 and $253,584, respectively) | 321,164 | 320,638 |
Investment securities | 358,567 | 404,123 |
Federal Home Loan Bank stock, at cost | 12,204 | 13,390 |
Loans held for sale | 0 | 0 |
Loans, net of unearned income | 2,833,350 | 2,748,708 |
Less: allowance for credit losses | 30,287 | 30,926 |
Net loans | 2,803,063 | 2,717,782 |
Premises and equipment, net | 69,439 | 69,792 |
Goodwill | 12,900 | 12,900 |
Intangible assets, net | 3,881 | 4,298 |
Other real estate, net | 1,032 | 1,250 |
Accrued interest receivable | 18,137 | 15,713 |
Other assets | 37,382 | 27,069 |
Total Assets | 3,615,571 | 3,552,772 |
Deposits: | ||
Noninterest-bearing demand | 407,607 | 442,755 |
Interest-bearing demand | 1,502,703 | 1,526,628 |
Savings | 234,306 | 218,986 |
Time | 898,835 | 820,725 |
Total deposits | 3,043,451 | 3,009,094 |
Short-term advances from Federal Home Loan Bank | 60,000 | 50,000 |
Short-term borrowings | 0 | 10,000 |
Repurchase agreements | 6,971 | 6,297 |
Accrued interest payable | 12,991 | 11,807 |
Long-term advances from Federal Home Loan Bank | 155,000 | 155,000 |
Senior long-term debt | 17,156 | 39,099 |
Junior subordinated debentures | 44,715 | 15,000 |
Other liabilities | 20,143 | 6,844 |
Total Liabilities | 3,360,427 | 3,303,141 |
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; 12,504,717 and 12,475,424 shares issued and outstanding | 12,505 | 12,475 |
Surplus | 149,389 | 149,085 |
Retained earnings | 72,317 | 67,972 |
Accumulated other comprehensive (loss) income | (12,125) | (12,959) |
Total Shareholders' Equity | 255,144 | 249,631 |
Total Liabilities and Shareholders' Equity | $ 3,615,571 | $ 3,552,772 |
CONSOLIDATED BALANCE SHEETS (_2
CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Available for sale, amortized cost | $ 39,006 | $ 85,464 |
Held to maturity, allowance for credit losses | 80 | 80 |
Securities, held for maturity | $ 251,247 | $ 253,584 |
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) | 12,504,717 | 12,504,717 |
Common stock, shares, outstanding (in shares) | 12,475,424 | 12,475,424 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Interest Income: | ||||
Loans (including fees) | $ 47,552 | $ 40,290 | $ 94,470 | $ 78,439 |
Deposits with other banks | 3,626 | 1,071 | 7,102 | 1,822 |
Securities (including FHLB stock) | 2,473 | 2,420 | 4,987 | 4,807 |
Total Interest Income | 53,651 | 43,781 | 106,559 | 85,068 |
Interest Expense: | ||||
Demand deposits | 17,059 | 15,036 | 34,035 | 28,085 |
Savings deposits | 1,327 | 838 | 2,554 | 1,417 |
Time deposits | 10,446 | 5,224 | 20,018 | 8,800 |
Borrowings | 3,577 | 1,770 | 6,789 | 3,552 |
Total Interest Expense | 32,409 | 22,868 | 63,396 | 41,854 |
Net Interest Income | 21,242 | 20,913 | 43,163 | 43,214 |
Less: Provision for credit losses | 6,805 | 548 | 9,109 | 862 |
Net Interest Income after Provision for Credit Losses | 14,437 | 20,365 | 34,054 | 42,352 |
Noninterest Income: | ||||
Service charges, commissions and fees | 795 | 818 | 1,528 | 1,603 |
ATM and debit card fees | 804 | 828 | 1,568 | 1,653 |
Net gains on securities | 0 | 0 | 0 | 0 |
Net gains on sale of loans | 10 | 0 | 10 | 12 |
Net gains on sale of assets | 13,207 | 7 | 13,213 | 18 |
Other | 710 | 1,159 | 1,515 | 2,230 |
Total Noninterest Income | 15,526 | 2,812 | 17,834 | 5,516 |
Noninterest Expense: | ||||
Salaries and employee benefits | 10,440 | 9,932 | 20,340 | 19,936 |
Occupancy and equipment expense | 2,547 | 2,219 | 4,818 | 4,421 |
Other | 7,622 | 7,584 | 14,385 | 15,544 |
Total Noninterest Expense | 20,609 | 19,735 | 39,543 | 39,901 |
Income Before Income Taxes | 9,354 | 3,442 | 12,345 | 7,967 |
Less: Provision for income taxes | 2,153 | 766 | 2,834 | 1,823 |
Net Income | 7,201 | 2,676 | 9,511 | 6,144 |
Less: Preferred stock dividends | 582 | 582 | 1,164 | 1,164 |
Net Income Available to Common Shareholders | $ 6,619 | $ 2,094 | $ 8,347 | $ 4,980 |
Per Common Share: | ||||
Earnings (in dollars per share) | $ 0.53 | $ 0.19 | $ 0.67 | $ 0.46 |
Cash dividends paid (in dollars per share) | $ 0.16 | $ 0.16 | $ 0.32 | $ 0.32 |
Weighted Average Common Shares Outstanding (in shares) | 12,504,717 | 10,913,029 | 12,497,313 | 10,815,454 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Statement of Comprehensive Income [Abstract] | ||||
Net Income | $ 7,201 | $ 2,676 | $ 9,511 | $ 6,144 |
Unrealized (losses) gains on securities: | ||||
Unrealized holding gains arising during the period | 261 | (106) | 1,056 | 418 |
Reclassification adjustments for (gains) losses included in net income | 0 | 0 | 0 | 0 |
Change in unrealized gains on securities | 261 | (106) | 1,056 | 418 |
Tax impact | (55) | 22 | (222) | (88) |
Other comprehensive income | 206 | (84) | 834 | 330 |
Comprehensive Income | $ 7,407 | $ 2,592 | $ 10,345 | $ 6,474 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (unaudited) - USD ($) $ in Thousands | Total | Cumulative effect of adoption of ASC Topic 326, net of tax | Preferred Stock $1,000 Par | Common Stock $1 Par | Surplus | Retained Earnings | Retained Earnings Cumulative effect of adoption of ASC Topic 326, net of tax | Accumulated Other Comprehensive Income/(Loss) |
Beginning balance at Dec. 31, 2022 | $ 234,991 | $ (7,900) | $ 33,058 | $ 10,717 | $ 130,093 | $ 76,351 | $ (7,900) | $ (15,228) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 3,468 | 3,468 | ||||||
Other comprehensive income (loss) | 414 | 414 | ||||||
Preferred stock dividends | (582) | (582) | ||||||
Cash dividends on common stock | (1,715) | (1,715) | ||||||
Ending balance at Mar. 31, 2023 | 228,676 | 33,058 | 10,717 | 130,093 | 69,622 | (14,814) | ||
Beginning balance at Dec. 31, 2022 | 234,991 | $ (7,900) | 33,058 | 10,717 | 130,093 | 76,351 | $ (7,900) | (15,228) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 6,144 | |||||||
Other comprehensive income (loss) | 330 | |||||||
Preferred stock dividends | (1,164) | |||||||
Ending balance at Jun. 30, 2023 | 238,857 | 33,058 | 11,431 | 139,379 | 69,887 | (14,898) | ||
Beginning balance at Mar. 31, 2023 | 228,676 | 33,058 | 10,717 | 130,093 | 69,622 | (14,814) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 2,676 | 2,676 | ||||||
Common stock issued in private placement | 10,000 | 714 | 9,286 | |||||
Other comprehensive income (loss) | (84) | (84) | ||||||
Preferred stock dividends | (582) | (582) | ||||||
Cash dividends on common stock | (1,829) | (1,829) | ||||||
Ending balance at Jun. 30, 2023 | 238,857 | 33,058 | 11,431 | 139,379 | 69,887 | (14,898) | ||
Beginning balance at Dec. 31, 2023 | 249,631 | 33,058 | 12,475 | 149,085 | 67,972 | (12,959) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 2,310 | 2,310 | ||||||
Common stock issued in private placement | 334 | 30 | 304 | |||||
Other comprehensive income (loss) | 628 | 628 | ||||||
Preferred stock dividends | (582) | (582) | ||||||
Cash dividends on common stock | (2,001) | (2,001) | ||||||
Ending balance at Mar. 31, 2024 | 250,320 | 33,058 | 12,505 | 149,389 | 67,699 | (12,331) | ||
Beginning balance at Dec. 31, 2023 | 249,631 | 33,058 | 12,475 | 149,085 | 67,972 | (12,959) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 9,511 | |||||||
Other comprehensive income (loss) | 834 | |||||||
Preferred stock dividends | (1,164) | |||||||
Ending balance at Jun. 30, 2024 | 255,144 | 33,058 | 12,505 | 149,389 | 72,317 | (12,125) | ||
Beginning balance at Mar. 31, 2024 | 250,320 | 33,058 | 12,505 | 149,389 | 67,699 | (12,331) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 7,201 | 7,201 | ||||||
Other comprehensive income (loss) | 206 | 206 | ||||||
Preferred stock dividends | (582) | (582) | ||||||
Cash dividends on common stock | (2,001) | (2,001) | ||||||
Ending balance at Jun. 30, 2024 | $ 255,144 | $ 33,058 | $ 12,505 | $ 149,389 | $ 72,317 | $ (12,125) |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (unaudited) (Parenthetical) | 3 Months Ended | |
Mar. 31, 2024 $ / shares shares | Jun. 30, 2023 $ / shares shares | |
Statement of Stockholders' Equity [Abstract] | ||
Common stock issued (in shares) | shares | 29,293 | 714,287 |
Cash dividends paid (in dollars per share) | $ / shares | $ 0.16 | $ 0.16 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Cash Flows From Operating Activities | ||
Net income | $ 9,511 | $ 6,144 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for credit losses | 9,109 | 862 |
Depreciation and amortization | 2,181 | 2,020 |
Amortization/Accretion of investments | 206 | 484 |
(Gain) loss on sale/call of securities | 0 | 0 |
(Gain) loss on sale of assets | (13,203) | (30) |
Repossessed asset write downs, gains and losses on dispositions | (9) | 53 |
FHLB stock dividends | (397) | (142) |
Change in other assets and liabilities, net | 2,497 | 2,322 |
Net Cash Provided By Operating Activities | 9,895 | 11,713 |
Cash Flows From Investing Activities | ||
Proceeds from maturities and calls of HTM securities | 0 | 0 |
Proceeds from maturities, calls and sales of AFS securities | 50,606 | 50,684 |
Funds invested in AFS securities | (4,200) | 0 |
Funds invested in Federal Home Loan Bank stock | (1,599) | (3,656) |
Proceeds from sale/redemption of Federal Home Loan Bank stock | 3,182 | 2,425 |
Net increase in loans | (95,476) | (72,392) |
Purchase of premises and equipment | (2,892) | (4,362) |
Proceeds from sales of premises and equipment | 14,816 | 276 |
Proceeds from sales of other real estate owned | 295 | 60 |
Net Cash Used In Investing Activities | (35,268) | (26,965) |
Cash Flows From Financing Activities | ||
Net increase in deposits | 34,357 | 43,627 |
Net (decrease) increase in federal funds purchased and short-term borrowings | 674 | (89,033) |
Proceeds from long-term borrowings | 0 | 120,000 |
Repayment of long-term borrowings | (22,015) | (1,625) |
Proceeds from subordinated debentures | 29,700 | 0 |
Proceeds from issuance of common stock | 334 | 10,000 |
Dividends paid on preferred stock | (1,164) | (1,164) |
Dividends paid on common stock | (4,002) | (3,544) |
Net Cash Provided By Financing Activities | 37,884 | 78,261 |
Net Increase (Decrease) In Cash and Cash Equivalents | 12,511 | 63,009 |
Cash and Cash Equivalents at the Beginning of the Period | 286,455 | 83,219 |
Cash and Cash Equivalents at the End of the Period | 298,966 | 146,228 |
Noncash Activities: | ||
Acquisition of real estate in settlement of loans | 161 | 1,273 |
Cash Paid During The Period: | ||
Interest on deposits and borrowed funds | 62,212 | 39,147 |
Federal income taxes | ||
Cash Paid During The Period: | ||
Income taxes paid | 0 | 2,500 |
State income taxes | ||
Cash Paid During The Period: | ||
Income taxes paid | $ 0 | $ 330 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2024 | |
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, 2023. 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 June 30, 2024 and for the three and six month periods ended June 30, 2024 and 2023 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 credit 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 | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Accounting Standards Adopted in 2024 None. Accounting Pronouncements Not Yet Adopted ASU No. 2023-09, "Improvements to Tax Disclosures" ("ASU 2023-09") is intended to enhance the transparency and decision usefulness of income tax disclosures primarily through changes to the rate reconciliation and income taxes paid information. This update is effective for annual periods beginning after December 15, 2024, though early adoption is permitted. We do not expect it to have a material effect on First Guaranty's consolidated financial statements. |
Securities
Securities | 6 Months Ended |
Jun. 30, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Securities A summary comparison of securities by type at June 30, 2024 and December 31, 2023 is shown below. June 30, 2024 December 31, 2023 (in thousands) Amortized Cost Gross Gross Fair Value Amortized Cost Gross Unrealized Gains Gross Fair Value Available for sale: U.S. Treasuries $ — $ — $ — $ — $ 50,048 $ — $ (218) $ 49,830 U.S. Government Agencies — — — — — — — — Corporate debt securities 16,750 — (1,111) 15,639 16,750 3 (1,279) 15,474 Municipal bonds 17,167 155 (416) 16,906 13,522 31 (372) 13,181 Mortgage-backed securities 5,089 — (231) 4,858 5,144 — (144) 5,000 Total available for sale securities $ 39,006 $ 155 $ (1,758) $ 37,403 $ 85,464 $ 34 $ (2,013) $ 83,485 Held to maturity: U.S. Government Agencies $ 266,329 $ — $ (63,618) $ 202,711 $ 265,896 $ — $ (61,532) $ 204,364 Corporate debt securities 54,915 — (6,379) 48,536 54,822 — (5,602) 49,220 Total held to maturity securities $ 321,244 $ — $ (69,997) $ 251,247 $ 320,718 $ — $ (67,134) $ 253,584 The scheduled maturities of securities at June 30, 2024, 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 June 30, 2024 (in thousands) Amortized Cost Fair Value Available for sale: Due in one year or less $ 652 $ 649 Due after one year through five years 4,399 4,383 Due after five years through 10 years 21,902 20,864 Over 10 years 6,964 6,649 Subtotal 33,917 32,545 Mortgage-backed securities 5,089 4,858 Total available for sale securities $ 39,006 $ 37,403 Held to maturity: Due in one year or less $ — $ — Due after one year through five years 3,396 3,109 Due after five years through 10 years 138,485 117,982 Over 10 years 179,363 130,156 Total held to maturity securities $ 321,244 $ 251,247 At June 30, 2024, $179.7 million of First Guaranty's securities were pledged to secure public funds deposits and borrowings. The pledged securities had a market value of $138.5 million as of June 30, 2024. Accrued interest receivable on First Guaranty's investment securities was $1.4 million and $1.8 million at June 30, 2024 and December 31, 2023, respectively, and was included in accrued interest receivable on the consolidated balance sheet. First Guaranty had a $0.1 million allowance for credit losses related to the held to maturity portfolio at June 30, 2024 and December 31, 2023. The following is a summary of the fair value of securities with gross unrealized losses and an aging of those gross unrealized losses at June 30, 2024. At June 30, 2024 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 — $ — $ — — $ — $ — — $ — $ — Corporate debt securities 1 992 (8) 15 14,647 (1,103) 16 15,639 (1,111) Municipal bonds 14 4,714 (15) 39 6,308 (401) 53 11,022 (416) Mortgage-backed securities 2 2,569 (41) 5 2,289 (190) 7 4,858 (231) Total available for sale securities 17 $ 8,275 $ (64) 59 $ 23,244 $ (1,694) 76 $ 31,519 $ (1,758) Held to maturity: U.S. Government Agencies — $ — $ — 29 $ 202,711 $ (63,618) 29 $ 202,711 $ (63,618) Corporate debt securities — — — 57 48,536 (6,379) 57 48,536 (6,379) Total held to maturity securities — $ — $ — 86 $ 251,247 $ (69,997) 86 $ 251,247 $ (69,997) 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, 2023. At December 31, 2023 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 — $ — $ — 3 $ 49,830 $ (218) 3 $ 49,830 $ (218) U.S. Government Agencies — — — — — — — — — Corporate debt securities — — — 15 14,471 (1,279) 15 14,471 (1,279) Municipal bonds 12 3,417 (6) 41 5,895 (366) 53 9,312 (372) Mortgage-backed securities 2 2,606 (21) 5 2,394 (123) 7 5,000 (144) Total available for sale securities 14 $ 6,023 $ (27) 64 $ 72,590 $ (1,986) 78 $ 78,613 $ (2,013) Held to maturity: U.S. Government Agencies — $ — $ — 29 $ 204,364 $ (61,532) 29 $ 204,364 $ (61,532) Corporate debt securities — — — 57 49,220 (5,602) 57 49,220 (5,602) Total held to maturity securities — $ — $ — 86 $ 253,584 $ (67,134) 86 $ 253,584 $ (67,134) As of June 30, 2024, 162 of First Guaranty's debt securities had unrealized losses totaling 20.2% of the individual securities' amortized cost basis and 19.9% of First Guaranty's total amortized cost basis of the investment securities portfolio. 145 of the 162 securities had been in a continuous loss position for over 12 months at such date. The 145 securities had an aggregate amortized cost basis of $346.2 million and an unrealized loss of $71.7 million at June 30, 2024. Management has the intent and ability to hold these debt securities until maturity or until anticipated recovery. Securities are evaluated for impairment from credit losses at least quarterly and more frequently when economic or market conditions warrant such evaluation. Consideration is given to (i) 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 credit 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 was one held to maturity corporate security with a credit related impairment loss at June 30, 2024. 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 charge-offs recognized on securities during the six months ended June 30, 2024 and 2023. There were no provisions for credit losses recognized on securities during the six months ended June 30, 2024 and 2023. 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 June 30, 2024, First Guaranty's exposure to bond issuers that exceeded 10% of shareholders' equity is below: At June 30, 2024 (in thousands) Amortized Cost Fair Value U.S. Government Treasuries (U.S.) $ — $ — Federal Home Loan Bank (FHLB) 32,249 25,729 Federal Home Loan Mortgage Corporation (Freddie Mac-FHLMC) 97,585 69,720 Federal Farm Credit Bank (FFCB) 138,976 109,554 Total $ 268,810 $ 205,003 |
Loans
Loans | 6 Months Ended |
Jun. 30, 2024 | |
Receivables [Abstract] | |
Loans | Loans The following table summarizes the components of First Guaranty's loan portfolio as of June 30, 2024 and December 31, 2023: June 30, 2024 December 31, 2023 (in thousands except for %) Balance As % of Category Balance As % of Category Real Estate: Construction & land development $ 355,216 12.5 % $ 399,435 14.5 % Farmland 38,493 1.3 % 32,530 1.2 % 1- 4 Family 457,263 16.1 % 444,850 16.1 % Multifamily 160,256 5.6 % 118,921 4.3 % Non-farm non-residential 1,164,117 41.0 % 1,045,865 37.9 % Total Real Estate 2,175,345 76.5 % 2,041,601 74.0 % Non-Real Estate: Agricultural 47,852 1.7 % 41,008 1.5 % Commercial and industrial (1) 300,597 10.6 % 334,972 12.1 % Commercial leases 269,428 9.5 % 285,415 10.4 % Consumer and other 47,836 1.7 % 54,485 2.0 % Total Non-Real Estate 665,713 23.5 % 715,880 26.0 % Total Loans Before Unearned Income 2,841,058 100.0 % 2,757,481 100.0 % Unearned income (7,708) (8,773) Total Loans Net of Unearned Income $ 2,833,350 $ 2,748,708 (1) Includes PPP loans fully guaranteed by the SBA of $2.3 million and $2.8 million at June 30, 2024 and December 31, 2023, respectively. Accrued interest receivable on First Guaranty's loans totaled $16.7 million and $13.9 million at June 30, 2024 and December 31, 2023, respectively, and is included in accrued interest receivable on the consolidated balance sheet. Accrued interest receivable is excluded from First Guaranty's estimate of the allowance for credit losses. The following table summarizes fixed and floating rate loans by contractual maturity, excluding nonaccrual loans, as of June 30, 2024 and December 31, 2023 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. June 30, 2024 December 31, 2023 (in thousands) Fixed Floating Total Fixed Floating Total One year or less $ 210,374 $ 131,394 $ 341,768 $ 268,864 $ 88,884 $ 357,748 More than one to five years 725,809 332,564 1,058,373 782,754 357,981 1,140,735 More than five to 15 years 79,759 306,513 386,272 88,490 269,918 358,408 Over 15 years 380,859 611,461 992,320 334,337 541,066 875,403 Subtotal $ 1,396,801 $ 1,381,932 2,778,733 $ 1,474,445 $ 1,257,849 2,732,294 Nonaccrual loans 62,325 25,187 Total Loans Before Unearned Income 2,841,058 2,757,481 Unearned income (7,708) (8,773) Total Loans Net of Unearned Income $ 2,833,350 $ 2,748,708 Included in floating rate loans are loans that adjust to a floating rate following an initial fixed rate period. The initial fixed rate periods are typically one three The following tables present the age analysis of past due loans at June 30, 2024 and December 31, 2023: As of June 30, 2024 (in thousands) 30-89 Days Past Due 90 Days or Greater Total Past Due Current Total Loans Recorded Investment Real Estate: Construction & land development $ 2,298 $ 2,314 $ 4,612 $ 350,604 $ 355,216 $ — Farmland 425 666 1,091 37,402 38,493 — 1- 4 family 8,775 7,977 16,752 440,511 457,263 77 Multifamily 3,978 537 4,515 155,741 160,256 — Non-farm non-residential 29,075 41,748 70,823 1,093,294 1,164,117 122 Total Real Estate 44,551 53,242 97,793 2,077,552 2,175,345 199 Non-Real Estate: Agricultural 565 1,379 1,944 45,908 47,852 — Commercial and industrial 1,402 4,084 5,486 295,111 300,597 — Commercial leases — 3,552 3,552 265,876 269,428 — Consumer and other 1,024 267 1,291 46,545 47,836 — Total Non-Real Estate 2,991 9,282 12,273 653,440 665,713 — Total Loans Before Unearned Income $ 47,542 $ 62,524 $ 110,066 $ 2,730,992 $ 2,841,058 $ 199 Unearned income (7,708) Total Loans Net of Unearned Income $ 2,833,350 As of December 31, 2023 (in thousands) 30-89 Days Past Due 90 Days or Greater Total Past Due Current Total Loans Recorded Investment Real Estate: Construction & land development $ 1,281 $ 530 $ 1,811 $ 397,624 $ 399,435 $ — Farmland 97 836 933 31,597 32,530 — 1- 4 family 3,929 7,109 11,038 433,812 444,850 124 Multifamily 824 537 1,361 117,560 118,921 — Non-farm non-residential 1,020 24,451 25,471 1,020,394 1,045,865 14,711 Total Real Estate 7,151 33,463 40,614 2,000,987 2,041,601 14,835 Non-Real Estate: Agricultural 240 1,426 1,666 39,342 41,008 57 Commercial and industrial 2,483 1,976 4,459 330,513 334,972 395 Commercial leases — 1,799 1,799 283,616 285,415 — Consumer and other 1,037 1,810 2,847 51,638 54,485 — Total Non-Real Estate 3,760 7,011 10,771 705,109 715,880 452 Total Loans Before Unearned Income $ 10,911 $ 40,474 $ 51,385 $ 2,706,096 $ 2,757,481 $ 15,287 Unearned income (8,773) Total Loans Net of Unearned Income $ 2,748,708 The tables above include $62.3 million and $25.2 million of nonaccrual loans at June 30, 2024 and December 31, 2023, 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: As of June 30, 2024 (in thousands) With Related Allowance Without Related Allowance Total Real Estate: Construction & land development $ 1,945 $ 369 $ 2,314 Farmland 265 401 666 1- 4 family 6,444 1,456 7,900 Multifamily — 537 537 Non-farm non-residential 3,573 38,053 41,626 Total Real Estate 12,227 40,816 53,043 Non-Real Estate: Agricultural 754 625 1,379 Commercial and industrial 3,460 624 4,084 Commercial leases — 3,552 3,552 Consumer and other 267 — 267 Total Non-Real Estate 4,481 4,801 9,282 Total Nonaccrual Loans $ 16,708 $ 45,617 $ 62,325 As of December 31, 2023 (in thousands) With Related Allowance Without Related Allowance Total Real Estate: Construction & land development $ 530 $ — $ 530 Farmland 511 325 836 1- 4 family 5,417 1,568 6,985 Multifamily — 537 537 Non-farm non-residential 8,730 1,010 9,740 Total Real Estate 15,188 3,440 18,628 Non-Real Estate: Agricultural 399 970 1,369 Commercial and industrial 1,581 — 1,581 Commercial leases — 1,799 1,799 Consumer and other 1,810 — 1,810 Total Non-Real Estate 3,790 2,769 6,559 Total Nonaccrual Loans $ 18,978 $ 6,209 $ 25,187 The following table presents First Guaranty's loan portfolio by credit quality classification and origination year as of the date indicated: As of June 30, 2024 Term Loans by Origination Year (in thousands) 2024 2023 2022 2021 2020 Prior Revolving Loans Total Real Estate: Construction & land development: Pass $ 32,123 $ 136,823 $ 124,746 $ 18,402 $ 1,826 7,571 $ 17,079 $ 338,570 Special Mention — 180 408 164 83 296 — 1,131 Substandard 6,132 5,951 1,340 452 263 1,287 — 15,425 Doubtful — — — 90 — — — 90 Total Construction & land development 38,255 142,954 126,494 19,108 2,172 9,154 17,079 355,216 Current period gross charge-offs — — 39 — — — — 39 Farmland Pass 1,022 12,489 3,959 3,316 1,682 3,556 3,634 29,658 Special Mention — — 214 — 1,780 178 807 2,979 Substandard — — — 2,667 2,552 637 — 5,856 Doubtful — — — — — — — — Total Farmland 1,022 12,489 4,173 5,983 6,014 4,371 4,441 38,493 Current period gross charge-offs — — 258 — — — — 258 1- 4 family Pass 36,519 105,531 102,692 67,515 39,471 61,994 17,768 431,490 Special Mention 337 1,516 1,552 368 1,096 1,971 472 7,312 Substandard — 4,141 2,638 4,593 1,595 4,716 380 18,063 Doubtful — — 72 — — 253 73 398 Total 1- 4 family 36,856 111,188 106,954 72,476 42,162 68,934 18,693 457,263 Current period gross charge-offs — — 50 59 — 664 — 773 Multifamily Pass 450 7,578 75,013 47,967 14,856 1,000 1,066 147,930 Special Mention — — 7,063 — — 2,595 22 9,680 Substandard — — 2,109 — — 537 — 2,646 Doubtful — — — — — — — — Total Multifamily 450 7,578 84,185 47,967 14,856 4,132 1,088 160,256 Current period gross charge-offs — — — — — — — — Non-farm non-residential Pass 65,262 179,120 245,127 109,042 86,100 317,168 44,387 1,046,206 Special Mention 2,508 3,107 409 24,681 388 16,858 2,127 50,078 Substandard 1,452 1,655 37,156 19,367 — 4,978 3,159 67,767 Doubtful — — — — 66 — — 66 Total non-farm non-residential 69,222 183,882 282,692 153,090 86,554 339,004 49,673 1,164,117 Current period gross charge-offs — 3,789 — — 331 — — 4,120 Total Real Estate 145,805 458,091 604,498 298,624 151,758 425,595 90,974 2,175,345 Non-Real Estate: Agricultural Pass 1,376 3,417 8,356 3,027 1,189 3,520 21,807 42,692 Special Mention — 25 1,805 10 143 101 64 2,148 Substandard 147 27 — 692 158 1,958 2 2,984 Doubtful — — — — — 28 — 28 Total Agricultural 1,523 3,469 10,161 3,729 1,490 5,607 21,873 47,852 Current period gross charge-offs — — — 33 — — — 33 Commercial and industrial Pass 18,478 29,976 21,867 43,129 43,502 34,518 87,219 278,689 Special Mention 4,347 561 74 59 120 70 3,672 8,903 Substandard 30 332 243 182 361 2,303 9,554 13,005 Doubtful — — — — — — — — Total Commercial and industrial 22,855 30,869 22,184 43,370 43,983 36,891 100,445 300,597 Current period gross charge-offs — 302 693 238 2,133 204 — 3,570 Commercial leases Pass 46,495 64,680 97,199 52,720 4,782 — — 265,876 Special Mention — — — — — — — — Substandard — — 3,552 — — — — 3,552 Doubtful — — — — — — — — Total Commercial leases 46,495 64,680 100,751 52,720 4,782 — — 269,428 Current period gross charge-offs — — — — — — — — Consumer and other loans Pass 5,552 18,015 6,264 4,562 5,198 7,056 — 46,647 Special Mention — 30 79 124 44 25 — 302 Substandard 25 123 356 242 70 64 — 880 Doubtful — — — — — 7 — 7 Total Consumer and other loans 5,577 18,168 6,699 4,928 5,312 7,152 — 47,836 Current period gross charge-offs 143 524 748 536 234 74 — 2,259 Total Non-Real Estate 76,450 117,186 139,795 104,747 55,567 49,650 122,318 665,713 Total Loans Pass 207,277 557,629 685,223 349,680 198,606 436,383 192,960 2,627,758 Special Mention 7,192 5,419 11,604 25,406 3,654 22,094 7,164 82,533 Substandard 7,786 12,229 47,394 28,195 4,999 16,480 13,095 130,178 Doubtful — — 72 90 66 288 73 589 Total Loans Before Unearned Income $ 222,255 $ 575,277 $ 744,293 $ 403,371 $ 207,325 $ 475,245 $ 213,292 $ 2,841,058 Unearned income (7,708) Total Loans Net of Unearned Income $ 2,833,350 Total Current Period Gross Charge-offs $ 143 $ 4,615 $ 1,788 $ 866 $ 2,698 $ 942 $ — $ 11,052 As of December 31, 2023 Term Loans by Origination Year (in thousands) 2023 2022 2021 2020 2019 Prior Revolving Loans Total Real Estate: Construction & land development: Pass $ 134,527 $ 140,068 $ 75,884 $ 3,369 $ 8,533 11,940 $ 18,907 $ 393,228 Special Mention 789 1,579 170 — 90 250 — 2,878 Substandard — 716 458 263 94 1,668 — 3,199 Doubtful — 39 91 — — — — 130 Total Construction & land development 135,316 142,402 76,603 3,632 8,717 13,858 18,907 399,435 Current period gross charge-offs — — — — — — — — Farmland Pass 9,513 4,032 3,340 1,768 253 2,730 2,162 23,798 Special Mention — 194 — 514 — 359 — 1,067 Substandard — 251 1,369 3,877 115 653 1,355 7,620 Doubtful — — — — — — 45 45 Total Farmland 9,513 4,477 4,709 6,159 368 3,742 3,562 32,530 Current period gross charge-offs — — — — — — — — 1- 4 family Pass 112,636 110,978 70,599 41,766 19,542 47,374 17,215 420,110 Special Mention 1,307 2,505 749 1,544 775 997 667 8,544 Substandard 48 2,625 5,368 1,357 1,956 3,086 773 15,213 Doubtful — 122 391 — 239 159 72 983 Total 1- 4 family 113,991 116,230 77,107 44,667 22,512 51,616 18,727 444,850 Current period gross charge-offs — — — — — 964 — 964 Multifamily Pass 9,945 76,217 6,121 15,131 1,877 2,311 5,110 116,712 Special Mention — — — — — 1,648 24 1,672 Substandard — — — — — 537 — 537 Doubtful — — — — — — — — Total Multifamily 9,945 76,217 6,121 15,131 1,877 4,496 5,134 118,921 Current period gross charge-offs — — — — — — — — Non-farm non-residential Pass 162,234 247,182 111,054 88,039 73,797 256,032 33,907 972,245 Special Mention 708 369 1,014 388 15,846 5,191 1,525 25,041 Substandard 247 18,930 18,488 — — 6,125 4,723 48,513 Doubtful — — — 66 — — — 66 Total non-farm non-residential 163,189 266,481 130,556 88,493 89,643 267,348 40,155 1,045,865 Current period gross charge-offs — — — 138 — — — 138 Total Real Estate 431,954 605,807 295,096 158,082 123,117 341,060 86,485 2,041,601 Non-Real Estate: Agricultural Pass 2,555 10,406 3,142 1,336 1,532 2,378 16,259 37,608 Special Mention — 104 — 81 — — 25 210 Substandard — — 692 279 20 2,100 57 3,148 Doubtful — — — — — 42 — 42 Total Agricultural 2,555 10,510 3,834 1,696 1,552 4,520 16,341 41,008 Current period gross charge-offs — — — — — — — — Commercial and industrial Pass 41,105 27,800 48,097 53,585 5,613 27,634 119,886 323,720 Special Mention 63 37 4,382 146 — 53 598 5,279 Substandard 45 283 178 602 27 4,531 145 5,811 Doubtful — — — — — 162 — 162 Total Commercial and industrial 41,213 28,120 52,657 54,333 5,640 32,380 120,629 334,972 Current period gross charge-offs 29 791 133 532 — 209 — 1,694 Commercial leases Pass 74,456 117,566 67,615 6,087 4,428 — — 270,152 Special Mention — 11,867 1,597 — — — — 13,464 Substandard — 1,799 — — — — — 1,799 Doubtful — — — — — — — — Total Commercial leases 74,456 131,232 69,212 6,087 4,428 — — 285,415 Current period gross charge-offs — — — — — — — — Consumer and other loans Pass 21,257 8,770 6,463 6,164 650 7,887 150 51,341 Special Mention 36 151 255 87 15 19 — 563 Substandard 164 1,077 790 265 86 68 — 2,450 Doubtful — — 34 79 2 16 — 131 Total Consumer and other loans 21,457 9,998 7,542 6,595 753 7,990 150 54,485 Current period gross charge-offs 598 1,126 820 359 28 44 — 2,975 Total Non-Real Estate 139,681 179,860 133,245 68,711 12,373 44,890 137,120 715,880 Total Loans Pass 568,228 743,019 392,315 217,245 116,225 358,286 213,596 2,608,914 Special Mention 2,903 16,806 8,167 2,760 16,726 8,517 2,839 58,718 Substandard 504 25,681 27,343 6,643 2,298 18,768 7,053 88,290 Doubtful — 161 516 145 241 379 117 1,559 Total Loans Before Unearned Income $ 571,635 $ 785,667 $ 428,341 $ 226,793 $ 135,490 $ 385,950 $ 223,605 $ 2,757,481 Unearned income (8,773) Total Loans Net of Unearned Income $ 2,748,708 Total Current Period Gross Charge-offs $ 627 $ 1,917 $ 953 $ 1,029 $ 28 $ 1,217 $ — $ 5,771 |
Allowance for Credit Losses on
Allowance for Credit Losses on Loans | 6 Months Ended |
Jun. 30, 2024 | |
Receivables [Abstract] | |
Allowance for Credit Losses on Loans | Allowance for Credit Losses on Loans A summary of changes in the allowance for credit losses, by portfolio type, for the six months ended June 30, 2024 and 2023 are as follows: For the Six Months Ended June 30, 2024 (in thousands) Beginning Allowance (12/31/2023) Charge-offs Recoveries Provision Ending Allowance (6/30/2024) Real Estate: Construction & land development $ 5,845 $ (39) $ 1 $ (919) $ 4,888 Farmland 36 (258) — 247 25 1- 4 family 6,653 (773) 7 763 6,650 Multifamily 1,614 — — 101 1,715 Non-farm non-residential 10,596 (4,120) 21 2,440 8,937 Total Real Estate 24,744 (5,190) 29 2,632 22,215 Non-Real Estate: Agricultural 97 (33) 18 20 102 Commercial and industrial 2,711 (3,570) 126 2,515 1,782 Commercial leases 1,948 — — (50) 1,898 Consumer and other 1,426 (2,259) 331 3,154 2,652 Unallocated — — — 1,638 1,638 Total Non-Real Estate 6,182 (5,862) 475 7,277 8,072 Total $ 30,926 $ (11,052) $ 504 $ 9,909 $ 30,287 For the Six Months Ended June 30, 2023 (in thousands) Beginning Allowance (12/31/2022) ASC 326 Adoption Day 1 Adjustment Charge-offs Recoveries Provision Ending Allowance (6/30/2023) Real Estate: Construction & land development $ 1,232 $ 1,891 $ — $ — $ 737 $ 3,860 Farmland 83 (39) — — 3 47 1- 4 family 1,761 3,465 (100) 6 937 6,069 Multifamily 746 1,418 — — 73 2,237 Non-farm non-residential 9,280 307 (138) 211 278 9,938 Total Real Estate 13,102 7,042 (238) 217 2,028 22,151 Non-Real Estate: Agricultural 240 (98) — 407 (407) 142 Commercial and industrial 2,194 2,971 (45) 159 (1,476) 3,803 Commercial leases 4,879 (162) — — (2,525) 2,192 Consumer and other 2,506 (1,042) (1,265) 216 1,147 1,562 Unallocated 597 (591) — — 2,005 2,011 Total Non-Real Estate 10,416 1,078 (1,310) 782 (1,256) 9,710 Total $ 23,518 $ 8,120 $ (1,548) $ 999 $ 772 $ 31,861 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 credit loss reserve from one category to another. A summary of the allowance along with loans and leases individually and collectively evaluated are as follows: As of June 30, 2024 (in thousands) Allowance Allowance Total Allowance Loans Loans Total Loans Real Estate: Construction & land development $ — $ 4,888 $ 4,888 $ 1,907 $ 353,309 $ 355,216 Farmland — 25 25 5,620 32,873 38,493 1- 4 family — 6,650 6,650 3,759 453,504 457,263 Multifamily — 1,715 1,715 537 159,719 160,256 Non-farm non-residential 182 8,755 8,937 40,571 1,123,546 1,164,117 Total Real Estate 182 22,033 22,215 52,394 2,122,951 2,175,345 Non-Real Estate: Agricultural 11 91 102 1,472 46,380 47,852 Commercial and industrial 152 1,630 1,782 1,487 299,110 300,597 Commercial leases — 1,898 1,898 3,552 265,876 269,428 Consumer and other — 2,652 2,652 — 47,836 47,836 Unallocated — 1,638 1,638 — — — Total Non-Real Estate 163 7,909 8,072 6,511 659,202 665,713 Total $ 345 $ 29,942 $ 30,287 $ 58,905 $ 2,782,153 2,841,058 Unearned Income (7,708) Total Loans Net of Unearned Income $ 2,833,350 All loans individually evaluated for impairment as of June 30, 2024 were considered collateral dependent loans. As of December 31, 2023 (in thousands) Allowance Allowance Total Allowance Loans Loans Total Loans Real Estate: Construction & land development $ — $ 5,845 $ 5,845 $ 1,389 $ 398,046 $ 399,435 Farmland — 36 36 5,670 26,860 32,530 1- 4 family 316 6,337 6,653 5,066 439,784 444,850 Multifamily — 1,614 1,614 537 118,384 118,921 Non-farm non-residential 3,047 7,549 10,596 46,571 999,294 1,045,865 Total Real Estate 3,363 21,381 24,744 59,233 1,982,368 2,041,601 Non-Real Estate: Agricultural 1 96 97 1,466 39,542 41,008 Commercial and industrial 758 1,953 2,711 4,464 330,508 334,972 Commercial leases — 1,948 1,948 1,799 283,616 285,415 Consumer and other — 1,426 1,426 — 54,485 54,485 Unallocated — — — — — — Total Non-Real Estate 759 5,423 6,182 7,729 708,151 715,880 Total $ 4,122 $ 26,804 $ 30,926 $ 66,962 $ 2,690,519 2,757,481 Unearned Income (8,773) Total loans net of unearned income $ 2,748,708 All loans individually evaluated for impairment as of December 31, 2023 were considered collateral dependent loans. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 6 Months Ended |
Jun. 30, 2024 | |
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 June 30, 2024 and December 31, 2023. No impairment charges have been recognized on First Guaranty's intangible assets since acquisition. Loan servicing assets totaled $0.5 million at June 30, 2024 and December 31, 2023. 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 4.8 years at June 30, 2024. 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) | 6 Months Ended |
Jun. 30, 2024 | |
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) June 30, 2024 December 31, 2023 Real Estate Owned Acquired by Foreclosure: Residential $ 141 $ 309 Construction & land development 201 251 Non-farm non-residential 690 690 Total Other Real Estate Owned and Foreclosed Property 1,032 1,250 Allowance for Other Real Estate Owned losses — — Net Other Real Estate Owned and Foreclosed Property $ 1,032 $ 1,250 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2024 | |
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 June 30, 2024 and December 31, 2023: Contract Amount (in thousands) June 30, 2024 December 31, 2023 Commitments to Extend Credit $ 225,503 $ 304,218 Unfunded Commitments under lines of credit $ 180,500 $ 214,546 Commercial and Standby letters of credit $ 14,683 $ 13,971 Allowance For Credit Losses - Off- Balance-Sheet Credit Exposures The provision for credit losses on unfunded commitments was a reversal of $0.8 million for the six months ended June 30, 2024. The ACL on off-balance-sheet credit exposures total $2.0 million at June 30, 2024 and $2.8 million at December 31, 2023 and is included in other liabilities on the accompanying consolidated balance sheets. 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 Bank is a defendant in a lawsuit alleging fault for a loss of funds by a customer related to fraud by a third party with a possible loss range of $0.0 million to $1.5 million. The Bank denies the allegations and intends to vigorously defend against this lawsuit, which is in early stages and no trial date has been set. 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 was recorded for recovery by a claim against First Guaranty's insurer. During the second quarter of 2024, First Guaranty received $0.5 million of the $0.9 million receivable. The remaining $0.4 million was written off. In the opinion of management, neither First Guaranty nor First Guaranty Bank is currently involved in such legal proceedings, either individually or in the aggregate, that the resolution is expected to have a material adverse effect on First Guaranty’s consolidated results of operations, financial condition, or cash flows. However, one or more unfavorable outcomes in these ordinary claims or litigation against First Guaranty or First Guaranty Bank could have a material adverse effect for the period in which they are resolved. In addition, regardless of their merits or ultimate outcomes, such matters are costly, divert management’s attention, and may materially and adversely affect the reputation of First Guaranty and First Guaranty Bank, even if resolved favorably. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2024 | |
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 June 30, 2024 includes corporate debt and municipal securities. Loan individually evaluated for impairment. Fair value 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 June 30, 2024 and December 31, 2023, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value: (in thousands) June 30, 2024 December 31, 2023 Available for Sale Securities Fair Value Measurements Using: Level 1: Quoted Prices in Active Markets For Identical Assets $ — $ 49,830 Level 2: Significant Other Observable Inputs 27,375 23,172 Level 3: Significant Unobservable Inputs 10,028 10,483 Securities available for sale measured at fair value $ 37,403 $ 83,485 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, 2023 to June 30, 2024 was due to a net decrease in Treasury bills of $49.8 million. There were no transfers between Level 2 and Level 3 from December 31, 2023 to June 30, 2024. There were no transfers between Level 1 and 2 securities available for sale from December 31, 2023 to June 30, 2024. The following table reconciles assets measured at fair value on a recurring basis using unobservable inputs (Level 3) : Level 3 Changes (in thousands) June 30, 2024 Balance, beginning of year $ 10,483 Total gains or losses (realized/unrealized): Included in earnings — Included in other comprehensive income 14 Purchases, sales, issuances and settlements, net (469) Transfers in and/or out of Level 3 — Balance as of end of period $ 10,028 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 June 30, 2024. The following table measures financial assets and financial liabilities measured at fair value on a non-recurring basis as of June 30, 2024 and December 31, 2023, segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value: (in thousands) At June 30, 2024 At December 31, 2023 Fair Value Measurements Using: Loans Individually Evaluated for Impairment Level 1: Quoted Prices in Active Markets For Identical Assets $ — $ — Level 2: Significant Other Observable Inputs — — Level 3: Significant Unobservable Inputs 4,663 8,083 Loans individually evaluated for impairment measured at fair value $ 4,663 $ 8,083 Fair Value Measurements Using: Other Real Estate Owned Level 1: Quoted Prices in Active Markets For Identical Assets $ — $ — Level 2: Significant Other Observable Inputs 303 1,250 Level 3: Significant Unobservable Inputs 729 — Other real estate owned measured at fair value $ 1,032 $ 1,250 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 | 6 Months Ended |
Jun. 30, 2024 | |
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. Loan individually evaluated for impairment. Fair value 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 June 30, 2024 and December 31, 2023, 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 June 30, 2024 were as follows: Fair Value Measurements at June 30, 2024 Using (in thousands) Carrying Amount Level 1 Level 2 Level 3 Total Assets Cash and due from banks $ 298,574 $ 298,574 $ — $ — $ 298,574 Federal funds sold 392 392 — — 392 Securities, available for sale 37,403 — 27,375 10,028 37,403 Securities, held for maturity 321,164 — 251,247 — 251,247 Loans held for sale — — — — — Loans, net 2,803,063 — — 2,650,629 2,650,629 Cash surrender value of BOLI 5,935 — — 5,935 5,935 Accrued interest receivable 18,137 — — 18,137 18,137 Liabilities Deposits $ 3,043,451 $ — $ — $ 3,041,490 3,041,490 Short-term advances from Federal Home Loan Bank 60,000 60,000 60,000 Short-term borrowings — — — — — Repurchase agreements 6,971 — — 6,956 6,956 Accrued interest payable 12,991 — — 12,991 12,991 Long-term advances from Federal Home Loan Bank 155,000 — — 153,791 153,791 Senior long-term debt 17,156 — — 17,289 17,289 Junior subordinated debentures 44,715 — — 44,715 44,715 The carrying amounts and estimated fair values of financial instruments at December 31, 2023 were as follows: Fair Value Measurements at December 31, 2023 Using (in thousands) Carrying Amount Level 1 Level 2 Level 3 Total Assets Cash and due from banks $ 286,114 $ 286,114 $ — $ — $ 286,114 Federal funds sold 341 341 — — 341 Securities, available for sale 83,485 49,830 23,172 10,483 83,485 Securities, held for maturity 320,638 — 253,584 — 253,584 Loans, net 2,717,782 — — 2,581,979 2,581,979 Cash surrender value of BOLI 5,861 — — 5,861 5,861 Accrued interest receivable 15,713 — — 15,713 15,713 Liabilities Deposits $ 3,009,094 $ — $ — $ 3,001,498 3,001,498 Short-term advances from Federal Home Loan Bank 50,000 — — 50,000 50,000 Short-term borrowings 10,000 — — 10,000 10,000 Repurchase agreements 6,297 — — 6,285 6,285 Accrued interest payable 11,807 — — 11,807 11,807 Long-term advances from Federal Home Loan Bank 155,000 — — 152,299 152,299 Senior long-term debt 39,099 — — 39,304 39,304 Junior subordinated debentures 15,000 — — 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. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Pay vs Performance Disclosure | ||||||
Net income | $ 7,201 | $ 2,310 | $ 2,676 | $ 3,468 | $ 9,511 | $ 6,144 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
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, 2023. 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 June 30, 2024 and for the three and six month periods ended June 30, 2024 and 2023 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 credit 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 Pronouncements Accounting Standards Adopted in 2024 None. Accounting Pronouncements Not Yet Adopted ASU No. 2023-09, "Improvements to Tax Disclosures" ("ASU 2023-09") is intended to enhance the transparency and decision usefulness of income tax disclosures primarily through changes to the rate reconciliation and income taxes paid information. This update is effective for annual periods beginning after December 15, 2024, though early adoption is permitted. We do not expect it to have a material effect on First Guaranty's consolidated financial statements. |
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 June 30, 2024 includes corporate debt and municipal securities. Loan individually evaluated for impairment. Fair value 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) | 6 Months Ended |
Jun. 30, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Comparison of Securities by Type | A summary comparison of securities by type at June 30, 2024 and December 31, 2023 is shown below. June 30, 2024 December 31, 2023 (in thousands) Amortized Cost Gross Gross Fair Value Amortized Cost Gross Unrealized Gains Gross Fair Value Available for sale: U.S. Treasuries $ — $ — $ — $ — $ 50,048 $ — $ (218) $ 49,830 U.S. Government Agencies — — — — — — — — Corporate debt securities 16,750 — (1,111) 15,639 16,750 3 (1,279) 15,474 Municipal bonds 17,167 155 (416) 16,906 13,522 31 (372) 13,181 Mortgage-backed securities 5,089 — (231) 4,858 5,144 — (144) 5,000 Total available for sale securities $ 39,006 $ 155 $ (1,758) $ 37,403 $ 85,464 $ 34 $ (2,013) $ 83,485 Held to maturity: U.S. Government Agencies $ 266,329 $ — $ (63,618) $ 202,711 $ 265,896 $ — $ (61,532) $ 204,364 Corporate debt securities 54,915 — (6,379) 48,536 54,822 — (5,602) 49,220 Total held to maturity securities $ 321,244 $ — $ (69,997) $ 251,247 $ 320,718 $ — $ (67,134) $ 253,584 |
Schedule of Investments Classified by Contractual Maturity Date | The scheduled maturities of securities at June 30, 2024, 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 June 30, 2024 (in thousands) Amortized Cost Fair Value Available for sale: Due in one year or less $ 652 $ 649 Due after one year through five years 4,399 4,383 Due after five years through 10 years 21,902 20,864 Over 10 years 6,964 6,649 Subtotal 33,917 32,545 Mortgage-backed securities 5,089 4,858 Total available for sale securities $ 39,006 $ 37,403 Held to maturity: Due in one year or less $ — $ — Due after one year through five years 3,396 3,109 Due after five years through 10 years 138,485 117,982 Over 10 years 179,363 130,156 Total held to maturity securities $ 321,244 $ 251,247 |
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 June 30, 2024. At June 30, 2024 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 — $ — $ — — $ — $ — — $ — $ — Corporate debt securities 1 992 (8) 15 14,647 (1,103) 16 15,639 (1,111) Municipal bonds 14 4,714 (15) 39 6,308 (401) 53 11,022 (416) Mortgage-backed securities 2 2,569 (41) 5 2,289 (190) 7 4,858 (231) Total available for sale securities 17 $ 8,275 $ (64) 59 $ 23,244 $ (1,694) 76 $ 31,519 $ (1,758) Held to maturity: U.S. Government Agencies — $ — $ — 29 $ 202,711 $ (63,618) 29 $ 202,711 $ (63,618) Corporate debt securities — — — 57 48,536 (6,379) 57 48,536 (6,379) Total held to maturity securities — $ — $ — 86 $ 251,247 $ (69,997) 86 $ 251,247 $ (69,997) 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, 2023. At December 31, 2023 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 — $ — $ — 3 $ 49,830 $ (218) 3 $ 49,830 $ (218) U.S. Government Agencies — — — — — — — — — Corporate debt securities — — — 15 14,471 (1,279) 15 14,471 (1,279) Municipal bonds 12 3,417 (6) 41 5,895 (366) 53 9,312 (372) Mortgage-backed securities 2 2,606 (21) 5 2,394 (123) 7 5,000 (144) Total available for sale securities 14 $ 6,023 $ (27) 64 $ 72,590 $ (1,986) 78 $ 78,613 $ (2,013) Held to maturity: U.S. Government Agencies — $ — $ — 29 $ 204,364 $ (61,532) 29 $ 204,364 $ (61,532) Corporate debt securities — — — 57 49,220 (5,602) 57 49,220 (5,602) Total held to maturity securities — $ — $ — 86 $ 253,584 $ (67,134) 86 $ 253,584 $ (67,134) |
Schedule of Exposure to Investment Securities Issuers that Exceeded 10% of Shareholders' Equity | At June 30, 2024, First Guaranty's exposure to bond issuers that exceeded 10% of shareholders' equity is below: At June 30, 2024 (in thousands) Amortized Cost Fair Value U.S. Government Treasuries (U.S.) $ — $ — Federal Home Loan Bank (FHLB) 32,249 25,729 Federal Home Loan Mortgage Corporation (Freddie Mac-FHLMC) 97,585 69,720 Federal Farm Credit Bank (FFCB) 138,976 109,554 Total $ 268,810 $ 205,003 |
Loans (Tables)
Loans (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Receivables [Abstract] | |
Schedule of Components of Loan Portfolio | The following table summarizes the components of First Guaranty's loan portfolio as of June 30, 2024 and December 31, 2023: June 30, 2024 December 31, 2023 (in thousands except for %) Balance As % of Category Balance As % of Category Real Estate: Construction & land development $ 355,216 12.5 % $ 399,435 14.5 % Farmland 38,493 1.3 % 32,530 1.2 % 1- 4 Family 457,263 16.1 % 444,850 16.1 % Multifamily 160,256 5.6 % 118,921 4.3 % Non-farm non-residential 1,164,117 41.0 % 1,045,865 37.9 % Total Real Estate 2,175,345 76.5 % 2,041,601 74.0 % Non-Real Estate: Agricultural 47,852 1.7 % 41,008 1.5 % Commercial and industrial (1) 300,597 10.6 % 334,972 12.1 % Commercial leases 269,428 9.5 % 285,415 10.4 % Consumer and other 47,836 1.7 % 54,485 2.0 % Total Non-Real Estate 665,713 23.5 % 715,880 26.0 % Total Loans Before Unearned Income 2,841,058 100.0 % 2,757,481 100.0 % Unearned income (7,708) (8,773) Total Loans Net of Unearned Income $ 2,833,350 $ 2,748,708 (1) Includes PPP loans fully guaranteed by the SBA of $2.3 million and $2.8 million at June 30, 2024 and December 31, 2023, respectively. |
Schedule 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 June 30, 2024 and December 31, 2023 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. June 30, 2024 December 31, 2023 (in thousands) Fixed Floating Total Fixed Floating Total One year or less $ 210,374 $ 131,394 $ 341,768 $ 268,864 $ 88,884 $ 357,748 More than one to five years 725,809 332,564 1,058,373 782,754 357,981 1,140,735 More than five to 15 years 79,759 306,513 386,272 88,490 269,918 358,408 Over 15 years 380,859 611,461 992,320 334,337 541,066 875,403 Subtotal $ 1,396,801 $ 1,381,932 2,778,733 $ 1,474,445 $ 1,257,849 2,732,294 Nonaccrual loans 62,325 25,187 Total Loans Before Unearned Income 2,841,058 2,757,481 Unearned income (7,708) (8,773) Total Loans Net of Unearned Income $ 2,833,350 $ 2,748,708 |
Schedule of Past due Financing Receivables | The following tables present the age analysis of past due loans at June 30, 2024 and December 31, 2023: As of June 30, 2024 (in thousands) 30-89 Days Past Due 90 Days or Greater Total Past Due Current Total Loans Recorded Investment Real Estate: Construction & land development $ 2,298 $ 2,314 $ 4,612 $ 350,604 $ 355,216 $ — Farmland 425 666 1,091 37,402 38,493 — 1- 4 family 8,775 7,977 16,752 440,511 457,263 77 Multifamily 3,978 537 4,515 155,741 160,256 — Non-farm non-residential 29,075 41,748 70,823 1,093,294 1,164,117 122 Total Real Estate 44,551 53,242 97,793 2,077,552 2,175,345 199 Non-Real Estate: Agricultural 565 1,379 1,944 45,908 47,852 — Commercial and industrial 1,402 4,084 5,486 295,111 300,597 — Commercial leases — 3,552 3,552 265,876 269,428 — Consumer and other 1,024 267 1,291 46,545 47,836 — Total Non-Real Estate 2,991 9,282 12,273 653,440 665,713 — Total Loans Before Unearned Income $ 47,542 $ 62,524 $ 110,066 $ 2,730,992 $ 2,841,058 $ 199 Unearned income (7,708) Total Loans Net of Unearned Income $ 2,833,350 As of December 31, 2023 (in thousands) 30-89 Days Past Due 90 Days or Greater Total Past Due Current Total Loans Recorded Investment Real Estate: Construction & land development $ 1,281 $ 530 $ 1,811 $ 397,624 $ 399,435 $ — Farmland 97 836 933 31,597 32,530 — 1- 4 family 3,929 7,109 11,038 433,812 444,850 124 Multifamily 824 537 1,361 117,560 118,921 — Non-farm non-residential 1,020 24,451 25,471 1,020,394 1,045,865 14,711 Total Real Estate 7,151 33,463 40,614 2,000,987 2,041,601 14,835 Non-Real Estate: Agricultural 240 1,426 1,666 39,342 41,008 57 Commercial and industrial 2,483 1,976 4,459 330,513 334,972 395 Commercial leases — 1,799 1,799 283,616 285,415 — Consumer and other 1,037 1,810 2,847 51,638 54,485 — Total Non-Real Estate 3,760 7,011 10,771 705,109 715,880 452 Total Loans Before Unearned Income $ 10,911 $ 40,474 $ 51,385 $ 2,706,096 $ 2,757,481 $ 15,287 Unearned income (8,773) Total Loans Net of Unearned Income $ 2,748,708 |
Schedule of Nonaccrual Loans by Class | The following is a summary of nonaccrual loans by class at the dates indicated: As of June 30, 2024 (in thousands) With Related Allowance Without Related Allowance Total Real Estate: Construction & land development $ 1,945 $ 369 $ 2,314 Farmland 265 401 666 1- 4 family 6,444 1,456 7,900 Multifamily — 537 537 Non-farm non-residential 3,573 38,053 41,626 Total Real Estate 12,227 40,816 53,043 Non-Real Estate: Agricultural 754 625 1,379 Commercial and industrial 3,460 624 4,084 Commercial leases — 3,552 3,552 Consumer and other 267 — 267 Total Non-Real Estate 4,481 4,801 9,282 Total Nonaccrual Loans $ 16,708 $ 45,617 $ 62,325 As of December 31, 2023 (in thousands) With Related Allowance Without Related Allowance Total Real Estate: Construction & land development $ 530 $ — $ 530 Farmland 511 325 836 1- 4 family 5,417 1,568 6,985 Multifamily — 537 537 Non-farm non-residential 8,730 1,010 9,740 Total Real Estate 15,188 3,440 18,628 Non-Real Estate: Agricultural 399 970 1,369 Commercial and industrial 1,581 — 1,581 Commercial leases — 1,799 1,799 Consumer and other 1,810 — 1,810 Total Non-Real Estate 3,790 2,769 6,559 Total Nonaccrual Loans $ 18,978 $ 6,209 $ 25,187 |
Schedule of Credit Exposure of Loan Portfolio, Including Loans Acquired with Deteriorated Credit Quality, by Specific Credit Ratings | The following table presents First Guaranty's loan portfolio by credit quality classification and origination year as of the date indicated: As of June 30, 2024 Term Loans by Origination Year (in thousands) 2024 2023 2022 2021 2020 Prior Revolving Loans Total Real Estate: Construction & land development: Pass $ 32,123 $ 136,823 $ 124,746 $ 18,402 $ 1,826 7,571 $ 17,079 $ 338,570 Special Mention — 180 408 164 83 296 — 1,131 Substandard 6,132 5,951 1,340 452 263 1,287 — 15,425 Doubtful — — — 90 — — — 90 Total Construction & land development 38,255 142,954 126,494 19,108 2,172 9,154 17,079 355,216 Current period gross charge-offs — — 39 — — — — 39 Farmland Pass 1,022 12,489 3,959 3,316 1,682 3,556 3,634 29,658 Special Mention — — 214 — 1,780 178 807 2,979 Substandard — — — 2,667 2,552 637 — 5,856 Doubtful — — — — — — — — Total Farmland 1,022 12,489 4,173 5,983 6,014 4,371 4,441 38,493 Current period gross charge-offs — — 258 — — — — 258 1- 4 family Pass 36,519 105,531 102,692 67,515 39,471 61,994 17,768 431,490 Special Mention 337 1,516 1,552 368 1,096 1,971 472 7,312 Substandard — 4,141 2,638 4,593 1,595 4,716 380 18,063 Doubtful — — 72 — — 253 73 398 Total 1- 4 family 36,856 111,188 106,954 72,476 42,162 68,934 18,693 457,263 Current period gross charge-offs — — 50 59 — 664 — 773 Multifamily Pass 450 7,578 75,013 47,967 14,856 1,000 1,066 147,930 Special Mention — — 7,063 — — 2,595 22 9,680 Substandard — — 2,109 — — 537 — 2,646 Doubtful — — — — — — — — Total Multifamily 450 7,578 84,185 47,967 14,856 4,132 1,088 160,256 Current period gross charge-offs — — — — — — — — Non-farm non-residential Pass 65,262 179,120 245,127 109,042 86,100 317,168 44,387 1,046,206 Special Mention 2,508 3,107 409 24,681 388 16,858 2,127 50,078 Substandard 1,452 1,655 37,156 19,367 — 4,978 3,159 67,767 Doubtful — — — — 66 — — 66 Total non-farm non-residential 69,222 183,882 282,692 153,090 86,554 339,004 49,673 1,164,117 Current period gross charge-offs — 3,789 — — 331 — — 4,120 Total Real Estate 145,805 458,091 604,498 298,624 151,758 425,595 90,974 2,175,345 Non-Real Estate: Agricultural Pass 1,376 3,417 8,356 3,027 1,189 3,520 21,807 42,692 Special Mention — 25 1,805 10 143 101 64 2,148 Substandard 147 27 — 692 158 1,958 2 2,984 Doubtful — — — — — 28 — 28 Total Agricultural 1,523 3,469 10,161 3,729 1,490 5,607 21,873 47,852 Current period gross charge-offs — — — 33 — — — 33 Commercial and industrial Pass 18,478 29,976 21,867 43,129 43,502 34,518 87,219 278,689 Special Mention 4,347 561 74 59 120 70 3,672 8,903 Substandard 30 332 243 182 361 2,303 9,554 13,005 Doubtful — — — — — — — — Total Commercial and industrial 22,855 30,869 22,184 43,370 43,983 36,891 100,445 300,597 Current period gross charge-offs — 302 693 238 2,133 204 — 3,570 Commercial leases Pass 46,495 64,680 97,199 52,720 4,782 — — 265,876 Special Mention — — — — — — — — Substandard — — 3,552 — — — — 3,552 Doubtful — — — — — — — — Total Commercial leases 46,495 64,680 100,751 52,720 4,782 — — 269,428 Current period gross charge-offs — — — — — — — — Consumer and other loans Pass 5,552 18,015 6,264 4,562 5,198 7,056 — 46,647 Special Mention — 30 79 124 44 25 — 302 Substandard 25 123 356 242 70 64 — 880 Doubtful — — — — — 7 — 7 Total Consumer and other loans 5,577 18,168 6,699 4,928 5,312 7,152 — 47,836 Current period gross charge-offs 143 524 748 536 234 74 — 2,259 Total Non-Real Estate 76,450 117,186 139,795 104,747 55,567 49,650 122,318 665,713 Total Loans Pass 207,277 557,629 685,223 349,680 198,606 436,383 192,960 2,627,758 Special Mention 7,192 5,419 11,604 25,406 3,654 22,094 7,164 82,533 Substandard 7,786 12,229 47,394 28,195 4,999 16,480 13,095 130,178 Doubtful — — 72 90 66 288 73 589 Total Loans Before Unearned Income $ 222,255 $ 575,277 $ 744,293 $ 403,371 $ 207,325 $ 475,245 $ 213,292 $ 2,841,058 Unearned income (7,708) Total Loans Net of Unearned Income $ 2,833,350 Total Current Period Gross Charge-offs $ 143 $ 4,615 $ 1,788 $ 866 $ 2,698 $ 942 $ — $ 11,052 As of December 31, 2023 Term Loans by Origination Year (in thousands) 2023 2022 2021 2020 2019 Prior Revolving Loans Total Real Estate: Construction & land development: Pass $ 134,527 $ 140,068 $ 75,884 $ 3,369 $ 8,533 11,940 $ 18,907 $ 393,228 Special Mention 789 1,579 170 — 90 250 — 2,878 Substandard — 716 458 263 94 1,668 — 3,199 Doubtful — 39 91 — — — — 130 Total Construction & land development 135,316 142,402 76,603 3,632 8,717 13,858 18,907 399,435 Current period gross charge-offs — — — — — — — — Farmland Pass 9,513 4,032 3,340 1,768 253 2,730 2,162 23,798 Special Mention — 194 — 514 — 359 — 1,067 Substandard — 251 1,369 3,877 115 653 1,355 7,620 Doubtful — — — — — — 45 45 Total Farmland 9,513 4,477 4,709 6,159 368 3,742 3,562 32,530 Current period gross charge-offs — — — — — — — — 1- 4 family Pass 112,636 110,978 70,599 41,766 19,542 47,374 17,215 420,110 Special Mention 1,307 2,505 749 1,544 775 997 667 8,544 Substandard 48 2,625 5,368 1,357 1,956 3,086 773 15,213 Doubtful — 122 391 — 239 159 72 983 Total 1- 4 family 113,991 116,230 77,107 44,667 22,512 51,616 18,727 444,850 Current period gross charge-offs — — — — — 964 — 964 Multifamily Pass 9,945 76,217 6,121 15,131 1,877 2,311 5,110 116,712 Special Mention — — — — — 1,648 24 1,672 Substandard — — — — — 537 — 537 Doubtful — — — — — — — — Total Multifamily 9,945 76,217 6,121 15,131 1,877 4,496 5,134 118,921 Current period gross charge-offs — — — — — — — — Non-farm non-residential Pass 162,234 247,182 111,054 88,039 73,797 256,032 33,907 972,245 Special Mention 708 369 1,014 388 15,846 5,191 1,525 25,041 Substandard 247 18,930 18,488 — — 6,125 4,723 48,513 Doubtful — — — 66 — — — 66 Total non-farm non-residential 163,189 266,481 130,556 88,493 89,643 267,348 40,155 1,045,865 Current period gross charge-offs — — — 138 — — — 138 Total Real Estate 431,954 605,807 295,096 158,082 123,117 341,060 86,485 2,041,601 Non-Real Estate: Agricultural Pass 2,555 10,406 3,142 1,336 1,532 2,378 16,259 37,608 Special Mention — 104 — 81 — — 25 210 Substandard — — 692 279 20 2,100 57 3,148 Doubtful — — — — — 42 — 42 Total Agricultural 2,555 10,510 3,834 1,696 1,552 4,520 16,341 41,008 Current period gross charge-offs — — — — — — — — Commercial and industrial Pass 41,105 27,800 48,097 53,585 5,613 27,634 119,886 323,720 Special Mention 63 37 4,382 146 — 53 598 5,279 Substandard 45 283 178 602 27 4,531 145 5,811 Doubtful — — — — — 162 — 162 Total Commercial and industrial 41,213 28,120 52,657 54,333 5,640 32,380 120,629 334,972 Current period gross charge-offs 29 791 133 532 — 209 — 1,694 Commercial leases Pass 74,456 117,566 67,615 6,087 4,428 — — 270,152 Special Mention — 11,867 1,597 — — — — 13,464 Substandard — 1,799 — — — — — 1,799 Doubtful — — — — — — — — Total Commercial leases 74,456 131,232 69,212 6,087 4,428 — — 285,415 Current period gross charge-offs — — — — — — — — Consumer and other loans Pass 21,257 8,770 6,463 6,164 650 7,887 150 51,341 Special Mention 36 151 255 87 15 19 — 563 Substandard 164 1,077 790 265 86 68 — 2,450 Doubtful — — 34 79 2 16 — 131 Total Consumer and other loans 21,457 9,998 7,542 6,595 753 7,990 150 54,485 Current period gross charge-offs 598 1,126 820 359 28 44 — 2,975 Total Non-Real Estate 139,681 179,860 133,245 68,711 12,373 44,890 137,120 715,880 Total Loans Pass 568,228 743,019 392,315 217,245 116,225 358,286 213,596 2,608,914 Special Mention 2,903 16,806 8,167 2,760 16,726 8,517 2,839 58,718 Substandard 504 25,681 27,343 6,643 2,298 18,768 7,053 88,290 Doubtful — 161 516 145 241 379 117 1,559 Total Loans Before Unearned Income $ 571,635 $ 785,667 $ 428,341 $ 226,793 $ 135,490 $ 385,950 $ 223,605 $ 2,757,481 Unearned income (8,773) Total Loans Net of Unearned Income $ 2,748,708 Total Current Period Gross Charge-offs $ 627 $ 1,917 $ 953 $ 1,029 $ 28 $ 1,217 $ — $ 5,771 |
Allowance for Credit Losses o_2
Allowance for Credit Losses on Loans (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Receivables [Abstract] | |
Schedule 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 credit losses, by portfolio type, for the six months ended June 30, 2024 and 2023 are as follows: For the Six Months Ended June 30, 2024 (in thousands) Beginning Allowance (12/31/2023) Charge-offs Recoveries Provision Ending Allowance (6/30/2024) Real Estate: Construction & land development $ 5,845 $ (39) $ 1 $ (919) $ 4,888 Farmland 36 (258) — 247 25 1- 4 family 6,653 (773) 7 763 6,650 Multifamily 1,614 — — 101 1,715 Non-farm non-residential 10,596 (4,120) 21 2,440 8,937 Total Real Estate 24,744 (5,190) 29 2,632 22,215 Non-Real Estate: Agricultural 97 (33) 18 20 102 Commercial and industrial 2,711 (3,570) 126 2,515 1,782 Commercial leases 1,948 — — (50) 1,898 Consumer and other 1,426 (2,259) 331 3,154 2,652 Unallocated — — — 1,638 1,638 Total Non-Real Estate 6,182 (5,862) 475 7,277 8,072 Total $ 30,926 $ (11,052) $ 504 $ 9,909 $ 30,287 For the Six Months Ended June 30, 2023 (in thousands) Beginning Allowance (12/31/2022) ASC 326 Adoption Day 1 Adjustment Charge-offs Recoveries Provision Ending Allowance (6/30/2023) Real Estate: Construction & land development $ 1,232 $ 1,891 $ — $ — $ 737 $ 3,860 Farmland 83 (39) — — 3 47 1- 4 family 1,761 3,465 (100) 6 937 6,069 Multifamily 746 1,418 — — 73 2,237 Non-farm non-residential 9,280 307 (138) 211 278 9,938 Total Real Estate 13,102 7,042 (238) 217 2,028 22,151 Non-Real Estate: Agricultural 240 (98) — 407 (407) 142 Commercial and industrial 2,194 2,971 (45) 159 (1,476) 3,803 Commercial leases 4,879 (162) — — (2,525) 2,192 Consumer and other 2,506 (1,042) (1,265) 216 1,147 1,562 Unallocated 597 (591) — — 2,005 2,011 Total Non-Real Estate 10,416 1,078 (1,310) 782 (1,256) 9,710 Total $ 23,518 $ 8,120 $ (1,548) $ 999 $ 772 $ 31,861 A summary of the allowance along with loans and leases individually and collectively evaluated are as follows: As of June 30, 2024 (in thousands) Allowance Allowance Total Allowance Loans Loans Total Loans Real Estate: Construction & land development $ — $ 4,888 $ 4,888 $ 1,907 $ 353,309 $ 355,216 Farmland — 25 25 5,620 32,873 38,493 1- 4 family — 6,650 6,650 3,759 453,504 457,263 Multifamily — 1,715 1,715 537 159,719 160,256 Non-farm non-residential 182 8,755 8,937 40,571 1,123,546 1,164,117 Total Real Estate 182 22,033 22,215 52,394 2,122,951 2,175,345 Non-Real Estate: Agricultural 11 91 102 1,472 46,380 47,852 Commercial and industrial 152 1,630 1,782 1,487 299,110 300,597 Commercial leases — 1,898 1,898 3,552 265,876 269,428 Consumer and other — 2,652 2,652 — 47,836 47,836 Unallocated — 1,638 1,638 — — — Total Non-Real Estate 163 7,909 8,072 6,511 659,202 665,713 Total $ 345 $ 29,942 $ 30,287 $ 58,905 $ 2,782,153 2,841,058 Unearned Income (7,708) Total Loans Net of Unearned Income $ 2,833,350 All loans individually evaluated for impairment as of June 30, 2024 were considered collateral dependent loans. As of December 31, 2023 (in thousands) Allowance Allowance Total Allowance Loans Loans Total Loans Real Estate: Construction & land development $ — $ 5,845 $ 5,845 $ 1,389 $ 398,046 $ 399,435 Farmland — 36 36 5,670 26,860 32,530 1- 4 family 316 6,337 6,653 5,066 439,784 444,850 Multifamily — 1,614 1,614 537 118,384 118,921 Non-farm non-residential 3,047 7,549 10,596 46,571 999,294 1,045,865 Total Real Estate 3,363 21,381 24,744 59,233 1,982,368 2,041,601 Non-Real Estate: Agricultural 1 96 97 1,466 39,542 41,008 Commercial and industrial 758 1,953 2,711 4,464 330,508 334,972 Commercial leases — 1,948 1,948 1,799 283,616 285,415 Consumer and other — 1,426 1,426 — 54,485 54,485 Unallocated — — — — — — Total Non-Real Estate 759 5,423 6,182 7,729 708,151 715,880 Total $ 4,122 $ 26,804 $ 30,926 $ 66,962 $ 2,690,519 2,757,481 Unearned Income (8,773) Total loans net of unearned income $ 2,748,708 |
Other Real Estate (ORE) (Tables
Other Real Estate (ORE) (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Real Estate [Abstract] | |
Schedule of Other Real Estate Owned | Other real estate owned consists of the following at the dates indicated: (in thousands) June 30, 2024 December 31, 2023 Real Estate Owned Acquired by Foreclosure: Residential $ 141 $ 309 Construction & land development 201 251 Non-farm non-residential 690 690 Total Other Real Estate Owned and Foreclosed Property 1,032 1,250 Allowance for Other Real Estate Owned losses — — Net Other Real Estate Owned and Foreclosed Property $ 1,032 $ 1,250 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule 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 June 30, 2024 and December 31, 2023: Contract Amount (in thousands) June 30, 2024 December 31, 2023 Commitments to Extend Credit $ 225,503 $ 304,218 Unfunded Commitments under lines of credit $ 180,500 $ 214,546 Commercial and Standby letters of credit $ 14,683 $ 13,971 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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 June 30, 2024 and December 31, 2023, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value: (in thousands) June 30, 2024 December 31, 2023 Available for Sale Securities Fair Value Measurements Using: Level 1: Quoted Prices in Active Markets For Identical Assets $ — $ 49,830 Level 2: Significant Other Observable Inputs 27,375 23,172 Level 3: Significant Unobservable Inputs 10,028 10,483 Securities available for sale measured at fair value $ 37,403 $ 83,485 |
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) June 30, 2024 Balance, beginning of year $ 10,483 Total gains or losses (realized/unrealized): Included in earnings — Included in other comprehensive income 14 Purchases, sales, issuances and settlements, net (469) Transfers in and/or out of Level 3 — Balance as of end of period $ 10,028 |
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 June 30, 2024 and December 31, 2023, segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value: (in thousands) At June 30, 2024 At December 31, 2023 Fair Value Measurements Using: Loans Individually Evaluated for Impairment Level 1: Quoted Prices in Active Markets For Identical Assets $ — $ — Level 2: Significant Other Observable Inputs — — Level 3: Significant Unobservable Inputs 4,663 8,083 Loans individually evaluated for impairment measured at fair value $ 4,663 $ 8,083 Fair Value Measurements Using: Other Real Estate Owned Level 1: Quoted Prices in Active Markets For Identical Assets $ — $ — Level 2: Significant Other Observable Inputs 303 1,250 Level 3: Significant Unobservable Inputs 729 — Other real estate owned measured at fair value $ 1,032 $ 1,250 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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 June 30, 2024 were as follows: Fair Value Measurements at June 30, 2024 Using (in thousands) Carrying Amount Level 1 Level 2 Level 3 Total Assets Cash and due from banks $ 298,574 $ 298,574 $ — $ — $ 298,574 Federal funds sold 392 392 — — 392 Securities, available for sale 37,403 — 27,375 10,028 37,403 Securities, held for maturity 321,164 — 251,247 — 251,247 Loans held for sale — — — — — Loans, net 2,803,063 — — 2,650,629 2,650,629 Cash surrender value of BOLI 5,935 — — 5,935 5,935 Accrued interest receivable 18,137 — — 18,137 18,137 Liabilities Deposits $ 3,043,451 $ — $ — $ 3,041,490 3,041,490 Short-term advances from Federal Home Loan Bank 60,000 60,000 60,000 Short-term borrowings — — — — — Repurchase agreements 6,971 — — 6,956 6,956 Accrued interest payable 12,991 — — 12,991 12,991 Long-term advances from Federal Home Loan Bank 155,000 — — 153,791 153,791 Senior long-term debt 17,156 — — 17,289 17,289 Junior subordinated debentures 44,715 — — 44,715 44,715 The carrying amounts and estimated fair values of financial instruments at December 31, 2023 were as follows: Fair Value Measurements at December 31, 2023 Using (in thousands) Carrying Amount Level 1 Level 2 Level 3 Total Assets Cash and due from banks $ 286,114 $ 286,114 $ — $ — $ 286,114 Federal funds sold 341 341 — — 341 Securities, available for sale 83,485 49,830 23,172 10,483 83,485 Securities, held for maturity 320,638 — 253,584 — 253,584 Loans, net 2,717,782 — — 2,581,979 2,581,979 Cash surrender value of BOLI 5,861 — — 5,861 5,861 Accrued interest receivable 15,713 — — 15,713 15,713 Liabilities Deposits $ 3,009,094 $ — $ — $ 3,001,498 3,001,498 Short-term advances from Federal Home Loan Bank 50,000 — — 50,000 50,000 Short-term borrowings 10,000 — — 10,000 10,000 Repurchase agreements 6,297 — — 6,285 6,285 Accrued interest payable 11,807 — — 11,807 11,807 Long-term advances from Federal Home Loan Bank 155,000 — — 152,299 152,299 Senior long-term debt 39,099 — — 39,304 39,304 Junior subordinated debentures 15,000 — — 15,000 15,000 |
Securities - Schedule of Compar
Securities - Schedule of Comparison of Securities by Type (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Available for sale: | ||
Amortized Cost | $ 39,006 | $ 85,464 |
Gross Unrealized Gains | 155 | 34 |
Gross Unrealized Losses | (1,758) | (2,013) |
Fair Value | 37,403 | 83,485 |
Held to maturity: | ||
Amortized Cost | 321,244 | 320,718 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (69,997) | (67,134) |
Fair Value | 251,247 | 253,584 |
U.S. Treasuries | ||
Available for sale: | ||
Amortized Cost | 0 | 50,048 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | (218) |
Fair Value | 0 | 49,830 |
U.S. Government Agencies | ||
Available for sale: | ||
Amortized Cost | 0 | 0 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 0 | 0 |
Held to maturity: | ||
Amortized Cost | 266,329 | 265,896 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (63,618) | (61,532) |
Fair Value | 202,711 | 204,364 |
Corporate debt securities | ||
Available for sale: | ||
Amortized Cost | 16,750 | 16,750 |
Gross Unrealized Gains | 0 | 3 |
Gross Unrealized Losses | (1,111) | (1,279) |
Fair Value | 15,639 | 15,474 |
Held to maturity: | ||
Amortized Cost | 54,915 | 54,822 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (6,379) | (5,602) |
Fair Value | 48,536 | 49,220 |
Municipal bonds | ||
Available for sale: | ||
Amortized Cost | 17,167 | 13,522 |
Gross Unrealized Gains | 155 | 31 |
Gross Unrealized Losses | (416) | (372) |
Fair Value | 16,906 | 13,181 |
Mortgage-backed securities | ||
Available for sale: | ||
Amortized Cost | 5,089 | 5,144 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (231) | (144) |
Fair Value | $ 4,858 | $ 5,000 |
Securities - Scheduled Maturiti
Securities - Scheduled Maturities of Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Amortized Cost | ||
Due in one year or less | $ 652 | |
Due after one year through five years | 4,399 | |
Due after five years through 10 years | 21,902 | |
Over 10 years | 6,964 | |
Subtotal | 33,917 | |
Amortized Cost | 39,006 | $ 85,464 |
Fair Value | ||
Due in one year or less | 649 | |
Due after one year through five years | 4,383 | |
Due after five years through 10 years | 20,864 | |
Over 10 years | 6,649 | |
Subtotal | 32,545 | |
Fair Value | 37,403 | 83,485 |
Amortized Cost | ||
Due in one year or less | 0 | |
Due after one year through five years | 3,396 | |
Due after five years through 10 years | 138,485 | |
Over 10 years | 179,363 | |
Amortized Cost | 321,244 | 320,718 |
Fair Value | ||
Due in one year or less | 0 | |
Due after one year through five years | 3,109 | |
Due after five years through 10 years | 117,982 | |
Over 10 years | 130,156 | |
Fair Value | 251,247 | 253,584 |
Mortgage-backed securities | ||
Amortized Cost | ||
Mortgage-backed securities | 5,089 | |
Amortized Cost | 5,089 | 5,144 |
Fair Value | ||
Mortgage-backed securities | 4,858 | |
Fair Value | $ 4,858 | $ 5,000 |
Securities - Narrative (Details
Securities - Narrative (Details) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 USD ($) chargeoff security | Jun. 30, 2023 USD ($) chargeoff | Jun. 30, 2024 USD ($) chargeoff security | Jun. 30, 2023 USD ($) chargeoff | Dec. 31, 2023 USD ($) | |
Debt Securities, Available-for-sale [Line Items] | |||||
Marketable securities | $ 358,567,000 | $ 358,567,000 | $ 404,123,000 | ||
Debt securities, accrued interest | 1,400,000 | 1,400,000 | 1,800,000 | ||
Held to maturity, allowance for credit losses | $ 80,000 | $ 80,000 | $ 80,000 | ||
Number of debt securities with unrealized losses | security | 162 | 162 | |||
Unrealized losses on debt securities in continuous loss position as percentage of total individual securities' amortized cost basis (as a percent) | 20.20% | 20.20% | |||
Unrealized losses on debt securities in continuous loss position as percentage of amortized cost basis of investment securities portfolio (as a percent) | 19.90% | 19.90% | |||
Number of debt securities in continuous loss position for over 12 months | security | 145 | 145 | |||
Debt securities in a continuous loss position for over 12 months, amortized cost basis | $ 346,200,000 | $ 346,200,000 | |||
Debt securities in a continuous loss position for over 12 months, unrealized loss | $ 71,700,000 | $ 71,700,000 | |||
Number of held to maturity corporate security with a credit related impairment loss | security | 1 | 1 | |||
Provision for credit losses | $ 6,805,000 | $ 548,000 | $ 9,109,000 | $ 862,000 | |
Corporate debt securities | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Number of charge-offs | chargeoff | 0 | 0 | 0 | 0 | |
Held-to-Maturity and Available-for-Sale Securities | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Provision for credit losses | $ 0 | $ 0 | |||
Deposits | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Marketable securities | $ 179,700,000 | 179,700,000 | |||
Debt securities, available-for-sale and held-to-maturity, fair value | $ 138,500,000 | $ 138,500,000 |
Securities - Schedule of Securi
Securities - Schedule of Securities in Continuous Unrealized Loss Position (Details) $ in Thousands | Jun. 30, 2024 USD ($) security | Dec. 31, 2023 USD ($) security |
Available for sale: | ||
Less Than 12 Months, Number of Securities | security | 17 | 14 |
Less Than 12 Months, Fair Value | $ 8,275 | $ 6,023 |
Less Than 12 Months, Gross Unrealized Losses | $ (64) | $ (27) |
12 Months or More, Number of Securities | security | 59 | 64 |
12 Months or More, Fair Value | $ 23,244 | $ 72,590 |
12 Months or More, Gross Unrealized Losses | $ (1,694) | $ (1,986) |
Total, Number of Securities | security | 76 | 78 |
Total, Fair Value | $ 31,519 | $ 78,613 |
Total, Gross Unrealized Losses | $ (1,758) | $ (2,013) |
Held to maturity: | ||
Less Than 12 Months, Number of Securities | security | 0 | 0 |
Less Than 12 Months, Fair Value | $ 0 | $ 0 |
Less Than 12 Months, Gross Unrealized Losses | $ 0 | $ 0 |
12 Months or More, Number of Securities | security | 86 | 86 |
12 Months or More, Fair Value | $ 251,247 | $ 253,584 |
12 Months or More, Gross Unrealized Losses | $ (69,997) | $ (67,134) |
Total, Number of Securities | security | 86 | 86 |
Total, Fair Value | $ 251,247 | $ 253,584 |
Total, Gross Unrealized Losses | $ (69,997) | $ (67,134) |
U.S. Treasuries | ||
Available for sale: | ||
Less Than 12 Months, Number of Securities | security | 0 | 0 |
Less Than 12 Months, Fair Value | $ 0 | $ 0 |
Less Than 12 Months, Gross Unrealized Losses | $ 0 | $ 0 |
12 Months or More, Number of Securities | security | 0 | 3 |
12 Months or More, Fair Value | $ 0 | $ 49,830 |
12 Months or More, Gross Unrealized Losses | $ 0 | $ (218) |
Total, Number of Securities | security | 0 | 3 |
Total, Fair Value | $ 0 | $ 49,830 |
Total, Gross Unrealized Losses | $ 0 | $ (218) |
U.S. Government Agencies | ||
Available for sale: | ||
Less Than 12 Months, Number of Securities | security | 0 | |
Less Than 12 Months, Fair Value | $ 0 | |
Less Than 12 Months, Gross Unrealized Losses | $ 0 | |
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 | 0 | |
Total, Fair Value | $ 0 | |
Total, Gross Unrealized Losses | $ 0 | |
Held to maturity: | ||
Less Than 12 Months, Number of Securities | security | 0 | 0 |
Less Than 12 Months, Fair Value | $ 0 | $ 0 |
Less Than 12 Months, Gross Unrealized Losses | $ 0 | $ 0 |
12 Months or More, Number of Securities | security | 29 | 29 |
12 Months or More, Fair Value | $ 202,711 | $ 204,364 |
12 Months or More, Gross Unrealized Losses | $ (63,618) | $ (61,532) |
Total, Number of Securities | security | 29 | 29 |
Total, Fair Value | $ 202,711 | $ 204,364 |
Total, Gross Unrealized Losses | $ (63,618) | $ (61,532) |
Corporate debt securities | ||
Available for sale: | ||
Less Than 12 Months, Number of Securities | security | 1 | 0 |
Less Than 12 Months, Fair Value | $ 992 | $ 0 |
Less Than 12 Months, Gross Unrealized Losses | $ (8) | $ 0 |
12 Months or More, Number of Securities | security | 15 | 15 |
12 Months or More, Fair Value | $ 14,647 | $ 14,471 |
12 Months or More, Gross Unrealized Losses | $ (1,103) | $ (1,279) |
Total, Number of Securities | security | 16 | 15 |
Total, Fair Value | $ 15,639 | $ 14,471 |
Total, Gross Unrealized Losses | $ (1,111) | $ (1,279) |
Held to maturity: | ||
Less Than 12 Months, Number of Securities | security | 0 | 0 |
Less Than 12 Months, Fair Value | $ 0 | $ 0 |
Less Than 12 Months, Gross Unrealized Losses | $ 0 | $ 0 |
12 Months or More, Number of Securities | security | 57 | 57 |
12 Months or More, Fair Value | $ 48,536 | $ 49,220 |
12 Months or More, Gross Unrealized Losses | $ (6,379) | $ (5,602) |
Total, Number of Securities | security | 57 | 57 |
Total, Fair Value | $ 48,536 | $ 49,220 |
Total, Gross Unrealized Losses | $ (6,379) | $ (5,602) |
Municipal bonds | ||
Available for sale: | ||
Less Than 12 Months, Number of Securities | security | 14 | 12 |
Less Than 12 Months, Fair Value | $ 4,714 | $ 3,417 |
Less Than 12 Months, Gross Unrealized Losses | $ (15) | $ (6) |
12 Months or More, Number of Securities | security | 39 | 41 |
12 Months or More, Fair Value | $ 6,308 | $ 5,895 |
12 Months or More, Gross Unrealized Losses | $ (401) | $ (366) |
Total, Number of Securities | security | 53 | 53 |
Total, Fair Value | $ 11,022 | $ 9,312 |
Total, Gross Unrealized Losses | $ (416) | $ (372) |
Mortgage-backed securities | ||
Available for sale: | ||
Less Than 12 Months, Number of Securities | security | 2 | 2 |
Less Than 12 Months, Fair Value | $ 2,569 | $ 2,606 |
Less Than 12 Months, Gross Unrealized Losses | $ (41) | $ (21) |
12 Months or More, Number of Securities | security | 5 | 5 |
12 Months or More, Fair Value | $ 2,289 | $ 2,394 |
12 Months or More, Gross Unrealized Losses | $ (190) | $ (123) |
Total, Number of Securities | security | 7 | 7 |
Total, Fair Value | $ 4,858 | $ 5,000 |
Total, Gross Unrealized Losses | $ (231) | $ (144) |
Securities - Schedule of Exposu
Securities - Schedule of Exposure to Bond Issuers that Exceeded 10% of Stockholders' Equity (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Concentration Risk [Line Items] | ||
Amortized Cost | $ 358,567 | $ 404,123 |
Stockholders' Equity, Total | ||
Concentration Risk [Line Items] | ||
Amortized Cost | 268,810 | |
Fair Value | 205,003 | |
Stockholders' Equity, Total | U.S. Government Treasuries (U.S.) | ||
Concentration Risk [Line Items] | ||
Amortized Cost | 0 | |
Fair Value | 0 | |
Stockholders' Equity, Total | Federal Home Loan Bank (FHLB) | ||
Concentration Risk [Line Items] | ||
Amortized Cost | 32,249 | |
Fair Value | 25,729 | |
Stockholders' Equity, Total | Federal Home Loan Mortgage Corporation (Freddie Mac-FHLMC) | ||
Concentration Risk [Line Items] | ||
Amortized Cost | 97,585 | |
Fair Value | 69,720 | |
Stockholders' Equity, Total | Federal Farm Credit Bank (FFCB) | ||
Concentration Risk [Line Items] | ||
Amortized Cost | 138,976 | |
Fair Value | $ 109,554 |
Loans - Components of Loan Port
Loans - Components of Loan Portfolio (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Balance | ||
Total Loans before Unearned Income | $ 2,841,058 | $ 2,757,481 |
Unearned Income | (7,708) | (8,773) |
Total loans net of unearned income | $ 2,833,350 | $ 2,748,708 |
As % of Category | ||
As % of Category | 100% | 100% |
Real Estate | ||
Balance | ||
Total Loans before Unearned Income | $ 2,175,345 | $ 2,041,601 |
As % of Category | ||
As % of Category | 76.50% | 74% |
Real Estate | Construction & land development | ||
Balance | ||
Total Loans before Unearned Income | $ 355,216 | $ 399,435 |
As % of Category | ||
As % of Category | 12.50% | 14.50% |
Real Estate | Farmland | ||
Balance | ||
Total Loans before Unearned Income | $ 38,493 | $ 32,530 |
As % of Category | ||
As % of Category | 1.30% | 1.20% |
Real Estate | 1- 4 Family | ||
Balance | ||
Total Loans before Unearned Income | $ 457,263 | $ 444,850 |
As % of Category | ||
As % of Category | 16.10% | 16.10% |
Real Estate | Multifamily | ||
Balance | ||
Total Loans before Unearned Income | $ 160,256 | $ 118,921 |
As % of Category | ||
As % of Category | 5.60% | 4.30% |
Real Estate | Non-farm non-residential | ||
Balance | ||
Total Loans before Unearned Income | $ 1,164,117 | $ 1,045,865 |
As % of Category | ||
As % of Category | 41% | 37.90% |
Non-Real Estate | ||
Balance | ||
Total Loans before Unearned Income | $ 665,713 | $ 715,880 |
As % of Category | ||
As % of Category | 23.50% | 26% |
Non-Real Estate | Agricultural | ||
Balance | ||
Total Loans before Unearned Income | $ 47,852 | $ 41,008 |
As % of Category | ||
As % of Category | 1.70% | 1.50% |
Non-Real Estate | Commercial and industrial | ||
Balance | ||
Total Loans before Unearned Income | $ 300,597 | $ 334,972 |
As % of Category | ||
As % of Category | 10.60% | 12.10% |
PPP loans fully guaranteed by the SBA | $ 2,300 | $ 2,800 |
Non-Real Estate | Commercial leases | ||
Balance | ||
Total Loans before Unearned Income | $ 269,428 | $ 285,415 |
As % of Category | ||
As % of Category | 9.50% | 10.40% |
Non-Real Estate | Consumer and other | ||
Balance | ||
Total Loans before Unearned Income | $ 47,836 | $ 54,485 |
As % of Category | ||
As % of Category | 1.70% | 2% |
Loans - Narrative (Details)
Loans - Narrative (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Dec. 31, 2023 | |
Receivables [Abstract] | ||
Accrued interest receivable | $ 16,700 | $ 13,900 |
Initial fixed rate period, tranche one | 1 year | |
Initial fixed rate period, tranche two | 3 years | |
Initial fixed rate period, tranche three | 5 years | |
Nonaccrual loans | $ 62,325 | $ 25,187 |
Loans - Fixed and Floating Rate
Loans - Fixed and Floating Rate Loans by Contractual Maturity (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Financing receivables, fixed and floating rate loans by contractual maturity [Abstract] | ||
One year or less | $ 341,768 | $ 357,748 |
More than one to five years | 1,058,373 | 1,140,735 |
More than five to 15 years | 386,272 | 358,408 |
Over 15 years | 992,320 | 875,403 |
Subtotal | 2,778,733 | 2,732,294 |
Nonaccrual loans | 62,325 | 25,187 |
Total Loans before Unearned Income | 2,841,058 | 2,757,481 |
Unearned income | (7,708) | (8,773) |
Total Loans Net of Unearned Income | 2,833,350 | 2,748,708 |
Fixed | ||
Financing receivables, fixed and floating rate loans by contractual maturity [Abstract] | ||
One year or less | 210,374 | 268,864 |
More than one to five years | 725,809 | 782,754 |
More than five to 15 years | 79,759 | 88,490 |
Over 15 years | 380,859 | 334,337 |
Subtotal | 1,396,801 | 1,474,445 |
Floating | ||
Financing receivables, fixed and floating rate loans by contractual maturity [Abstract] | ||
One year or less | 131,394 | 88,884 |
More than one to five years | 332,564 | 357,981 |
More than five to 15 years | 306,513 | 269,918 |
Over 15 years | 611,461 | 541,066 |
Subtotal | $ 1,381,932 | $ 1,257,849 |
Loans - Receivables Past Due (D
Loans - Receivables Past Due (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | $ 2,841,058 | $ 2,757,481 |
Unearned income | (7,708) | (8,773) |
Total loans net of unearned income | 2,833,350 | 2,748,708 |
Recorded Investment 90 Days Accruing | 199 | 15,287 |
Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 110,066 | 51,385 |
30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 47,542 | 10,911 |
90 Days or Greater | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 62,524 | 40,474 |
Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 2,730,992 | 2,706,096 |
Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 2,175,345 | 2,041,601 |
Recorded Investment 90 Days Accruing | 199 | 14,835 |
Real Estate | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 97,793 | 40,614 |
Real Estate | 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 44,551 | 7,151 |
Real Estate | 90 Days or Greater | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 53,242 | 33,463 |
Real Estate | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 2,077,552 | 2,000,987 |
Real Estate | Construction & land development | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 355,216 | 399,435 |
Recorded Investment 90 Days Accruing | 0 | 0 |
Real Estate | Construction & land development | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 4,612 | 1,811 |
Real Estate | Construction & land development | 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 2,298 | 1,281 |
Real Estate | Construction & land development | 90 Days or Greater | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 2,314 | 530 |
Real Estate | Construction & land development | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 350,604 | 397,624 |
Real Estate | Farmland | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 38,493 | 32,530 |
Recorded Investment 90 Days Accruing | 0 | 0 |
Real Estate | Farmland | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 1,091 | 933 |
Real Estate | Farmland | 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 425 | 97 |
Real Estate | Farmland | 90 Days or Greater | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 666 | 836 |
Real Estate | Farmland | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 37,402 | 31,597 |
Real Estate | 1- 4 family | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 457,263 | 444,850 |
Recorded Investment 90 Days Accruing | 77 | 124 |
Real Estate | 1- 4 family | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 16,752 | 11,038 |
Real Estate | 1- 4 family | 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 8,775 | 3,929 |
Real Estate | 1- 4 family | 90 Days or Greater | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 7,977 | 7,109 |
Real Estate | 1- 4 family | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 440,511 | 433,812 |
Real Estate | Multifamily | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 160,256 | 118,921 |
Recorded Investment 90 Days Accruing | 0 | 0 |
Real Estate | Multifamily | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 4,515 | 1,361 |
Real Estate | Multifamily | 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 3,978 | 824 |
Real Estate | Multifamily | 90 Days or Greater | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 537 | 537 |
Real Estate | Multifamily | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 155,741 | 117,560 |
Real Estate | Non-farm non-residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 1,164,117 | 1,045,865 |
Recorded Investment 90 Days Accruing | 122 | 14,711 |
Real Estate | Non-farm non-residential | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 70,823 | 25,471 |
Real Estate | Non-farm non-residential | 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 29,075 | 1,020 |
Real Estate | Non-farm non-residential | 90 Days or Greater | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 41,748 | 24,451 |
Real Estate | Non-farm non-residential | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 1,093,294 | 1,020,394 |
Non-Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 665,713 | 715,880 |
Recorded Investment 90 Days Accruing | 0 | 452 |
Non-Real Estate | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 12,273 | 10,771 |
Non-Real Estate | 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 2,991 | 3,760 |
Non-Real Estate | 90 Days or Greater | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 9,282 | 7,011 |
Non-Real Estate | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 653,440 | 705,109 |
Non-Real Estate | Agricultural | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 47,852 | 41,008 |
Recorded Investment 90 Days Accruing | 0 | 57 |
Non-Real Estate | Agricultural | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 1,944 | 1,666 |
Non-Real Estate | Agricultural | 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 565 | 240 |
Non-Real Estate | Agricultural | 90 Days or Greater | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 1,379 | 1,426 |
Non-Real Estate | Agricultural | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 45,908 | 39,342 |
Non-Real Estate | Commercial and industrial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 300,597 | 334,972 |
Recorded Investment 90 Days Accruing | 0 | 395 |
Non-Real Estate | Commercial and industrial | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 5,486 | 4,459 |
Non-Real Estate | Commercial and industrial | 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 1,402 | 2,483 |
Non-Real Estate | Commercial and industrial | 90 Days or Greater | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 4,084 | 1,976 |
Non-Real Estate | Commercial and industrial | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 295,111 | 330,513 |
Non-Real Estate | Commercial leases | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 269,428 | 285,415 |
Recorded Investment 90 Days Accruing | 0 | 0 |
Non-Real Estate | Commercial leases | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 3,552 | 1,799 |
Non-Real Estate | Commercial leases | 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 0 | 0 |
Non-Real Estate | Commercial leases | 90 Days or Greater | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 3,552 | 1,799 |
Non-Real Estate | Commercial leases | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 265,876 | 283,616 |
Non-Real Estate | Consumer and other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 47,836 | 54,485 |
Recorded Investment 90 Days Accruing | 0 | 0 |
Non-Real Estate | Consumer and other | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 1,291 | 2,847 |
Non-Real Estate | Consumer and other | 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 1,024 | 1,037 |
Non-Real Estate | Consumer and other | 90 Days or Greater | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | 267 | 1,810 |
Non-Real Estate | Consumer and other | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans before Unearned Income | $ 46,545 | $ 51,638 |
Loans - Nonaccrual Loans (Detai
Loans - Nonaccrual Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Summary of nonaccrual loans by class [Abstract] | ||
With Related Allowance | $ 16,708 | $ 18,978 |
Without Related Allowance | 45,617 | 6,209 |
Total | 62,325 | 25,187 |
Real Estate | ||
Summary of nonaccrual loans by class [Abstract] | ||
With Related Allowance | 12,227 | 15,188 |
Without Related Allowance | 40,816 | 3,440 |
Total | 53,043 | 18,628 |
Real Estate | Construction & land development | ||
Summary of nonaccrual loans by class [Abstract] | ||
With Related Allowance | 1,945 | 530 |
Without Related Allowance | 369 | 0 |
Total | 2,314 | 530 |
Real Estate | Farmland | ||
Summary of nonaccrual loans by class [Abstract] | ||
With Related Allowance | 265 | 511 |
Without Related Allowance | 401 | 325 |
Total | 666 | 836 |
Real Estate | 1- 4 family | ||
Summary of nonaccrual loans by class [Abstract] | ||
With Related Allowance | 6,444 | 5,417 |
Without Related Allowance | 1,456 | 1,568 |
Total | 7,900 | 6,985 |
Real Estate | Multifamily | ||
Summary of nonaccrual loans by class [Abstract] | ||
With Related Allowance | 0 | 0 |
Without Related Allowance | 537 | 537 |
Total | 537 | 537 |
Real Estate | Non-farm non-residential | ||
Summary of nonaccrual loans by class [Abstract] | ||
With Related Allowance | 3,573 | 8,730 |
Without Related Allowance | 38,053 | 1,010 |
Total | 41,626 | 9,740 |
Non-Real Estate | ||
Summary of nonaccrual loans by class [Abstract] | ||
With Related Allowance | 4,481 | 3,790 |
Without Related Allowance | 4,801 | 2,769 |
Total | 9,282 | 6,559 |
Non-Real Estate | Agricultural | ||
Summary of nonaccrual loans by class [Abstract] | ||
With Related Allowance | 754 | 399 |
Without Related Allowance | 625 | 970 |
Total | 1,379 | 1,369 |
Non-Real Estate | Commercial and industrial | ||
Summary of nonaccrual loans by class [Abstract] | ||
With Related Allowance | 3,460 | 1,581 |
Without Related Allowance | 624 | 0 |
Total | 4,084 | 1,581 |
Non-Real Estate | Commercial leases | ||
Summary of nonaccrual loans by class [Abstract] | ||
With Related Allowance | 0 | 0 |
Without Related Allowance | 3,552 | 1,799 |
Total | 3,552 | 1,799 |
Non-Real Estate | Consumer and other | ||
Summary of nonaccrual loans by class [Abstract] | ||
With Related Allowance | 267 | 1,810 |
Without Related Allowance | 0 | 0 |
Total | $ 267 | $ 1,810 |
Loans - Credit Exposure of Port
Loans - Credit Exposure of Portfolio (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Credit exposure of loan portfolio by specific credit ratings [Abstract] | |||
Year one | $ 222,255 | $ 571,635 | |
Year two | 575,277 | 785,667 | |
Year three | 744,293 | 428,341 | |
Year four | 403,371 | 226,793 | |
Year five | 207,325 | 135,490 | |
Prior | 475,245 | 385,950 | |
Revolving Loans | 213,292 | 223,605 | |
Total Loans before Unearned Income | 2,841,058 | 2,757,481 | |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract] | |||
Year one | 143 | 627 | |
Year two | 4,615 | 1,917 | |
Year three | 1,788 | 953 | |
Year four | 866 | 1,029 | |
Year five | 2,698 | 28 | |
Prior | 942 | 1,217 | |
Revolving Loans | 0 | 0 | |
Total | 11,052 | $ 1,548 | 5,771 |
Unearned income | (7,708) | (8,773) | |
Total loans net of unearned income | 2,833,350 | 2,748,708 | |
Pass | |||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | |||
Year one | 207,277 | 568,228 | |
Year two | 557,629 | 743,019 | |
Year three | 685,223 | 392,315 | |
Year four | 349,680 | 217,245 | |
Year five | 198,606 | 116,225 | |
Prior | 436,383 | 358,286 | |
Revolving Loans | 192,960 | 213,596 | |
Total Loans before Unearned Income | 2,627,758 | 2,608,914 | |
Special Mention | |||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | |||
Year one | 7,192 | 2,903 | |
Year two | 5,419 | 16,806 | |
Year three | 11,604 | 8,167 | |
Year four | 25,406 | 2,760 | |
Year five | 3,654 | 16,726 | |
Prior | 22,094 | 8,517 | |
Revolving Loans | 7,164 | 2,839 | |
Total Loans before Unearned Income | 82,533 | 58,718 | |
Substandard | |||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | |||
Year one | 7,786 | 504 | |
Year two | 12,229 | 25,681 | |
Year three | 47,394 | 27,343 | |
Year four | 28,195 | 6,643 | |
Year five | 4,999 | 2,298 | |
Prior | 16,480 | 18,768 | |
Revolving Loans | 13,095 | 7,053 | |
Total Loans before Unearned Income | 130,178 | 88,290 | |
Doubtful | |||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | |||
Year one | 0 | 0 | |
Year two | 0 | 161 | |
Year three | 72 | 516 | |
Year four | 90 | 145 | |
Year five | 66 | 241 | |
Prior | 288 | 379 | |
Revolving Loans | 73 | 117 | |
Total Loans before Unearned Income | 589 | 1,559 | |
Real Estate | |||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | |||
Year one | 145,805 | 431,954 | |
Year two | 458,091 | 605,807 | |
Year three | 604,498 | 295,096 | |
Year four | 298,624 | 158,082 | |
Year five | 151,758 | 123,117 | |
Prior | 425,595 | 341,060 | |
Revolving Loans | 90,974 | 86,485 | |
Total Loans before Unearned Income | 2,175,345 | 2,041,601 | |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract] | |||
Total | 5,190 | 238 | |
Real Estate | Construction & land development | |||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | |||
Year one | 38,255 | 135,316 | |
Year two | 142,954 | 142,402 | |
Year three | 126,494 | 76,603 | |
Year four | 19,108 | 3,632 | |
Year five | 2,172 | 8,717 | |
Prior | 9,154 | 13,858 | |
Revolving Loans | 17,079 | 18,907 | |
Total Loans before Unearned Income | 355,216 | 399,435 | |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract] | |||
Year one | 0 | 0 | |
Year two | 0 | 0 | |
Year three | 39 | 0 | |
Year four | 0 | 0 | |
Year five | 0 | 0 | |
Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Total | 39 | 0 | 0 |
Real Estate | Construction & land development | Pass | |||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | |||
Year one | 32,123 | 134,527 | |
Year two | 136,823 | 140,068 | |
Year three | 124,746 | 75,884 | |
Year four | 18,402 | 3,369 | |
Year five | 1,826 | 8,533 | |
Prior | 7,571 | 11,940 | |
Revolving Loans | 17,079 | 18,907 | |
Total Loans before Unearned Income | 338,570 | 393,228 | |
Real Estate | Construction & land development | Special Mention | |||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | |||
Year one | 0 | 789 | |
Year two | 180 | 1,579 | |
Year three | 408 | 170 | |
Year four | 164 | 0 | |
Year five | 83 | 90 | |
Prior | 296 | 250 | |
Revolving Loans | 0 | 0 | |
Total Loans before Unearned Income | 1,131 | 2,878 | |
Real Estate | Construction & land development | Substandard | |||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | |||
Year one | 6,132 | 0 | |
Year two | 5,951 | 716 | |
Year three | 1,340 | 458 | |
Year four | 452 | 263 | |
Year five | 263 | 94 | |
Prior | 1,287 | 1,668 | |
Revolving Loans | 0 | 0 | |
Total Loans before Unearned Income | 15,425 | 3,199 | |
Real Estate | Construction & land development | Doubtful | |||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | |||
Year one | 0 | 0 | |
Year two | 0 | 39 | |
Year three | 0 | 91 | |
Year four | 90 | 0 | |
Year five | 0 | 0 | |
Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Total Loans before Unearned Income | 90 | 130 | |
Real Estate | Farmland | |||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | |||
Year one | 1,022 | 9,513 | |
Year two | 12,489 | 4,477 | |
Year three | 4,173 | 4,709 | |
Year four | 5,983 | 6,159 | |
Year five | 6,014 | 368 | |
Prior | 4,371 | 3,742 | |
Revolving Loans | 4,441 | 3,562 | |
Total Loans before Unearned Income | 38,493 | 32,530 | |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract] | |||
Year one | 0 | 0 | |
Year two | 0 | 0 | |
Year three | 258 | 0 | |
Year four | 0 | 0 | |
Year five | 0 | 0 | |
Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Total | 258 | 0 | 0 |
Real Estate | Farmland | Pass | |||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | |||
Year one | 1,022 | 9,513 | |
Year two | 12,489 | 4,032 | |
Year three | 3,959 | 3,340 | |
Year four | 3,316 | 1,768 | |
Year five | 1,682 | 253 | |
Prior | 3,556 | 2,730 | |
Revolving Loans | 3,634 | 2,162 | |
Total Loans before Unearned Income | 29,658 | 23,798 | |
Real Estate | Farmland | Special Mention | |||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | |||
Year one | 0 | 0 | |
Year two | 0 | 194 | |
Year three | 214 | 0 | |
Year four | 0 | 514 | |
Year five | 1,780 | 0 | |
Prior | 178 | 359 | |
Revolving Loans | 807 | 0 | |
Total Loans before Unearned Income | 2,979 | 1,067 | |
Real Estate | Farmland | Substandard | |||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | |||
Year one | 0 | 0 | |
Year two | 0 | 251 | |
Year three | 0 | 1,369 | |
Year four | 2,667 | 3,877 | |
Year five | 2,552 | 115 | |
Prior | 637 | 653 | |
Revolving Loans | 0 | 1,355 | |
Total Loans before Unearned Income | 5,856 | 7,620 | |
Real Estate | Farmland | Doubtful | |||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | |||
Year one | 0 | 0 | |
Year two | 0 | 0 | |
Year three | 0 | 0 | |
Year four | 0 | 0 | |
Year five | 0 | 0 | |
Prior | 0 | 0 | |
Revolving Loans | 0 | 45 | |
Total Loans before Unearned Income | 0 | 45 | |
Real Estate | 1- 4 family | |||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | |||
Year one | 36,856 | 113,991 | |
Year two | 111,188 | 116,230 | |
Year three | 106,954 | 77,107 | |
Year four | 72,476 | 44,667 | |
Year five | 42,162 | 22,512 | |
Prior | 68,934 | 51,616 | |
Revolving Loans | 18,693 | 18,727 | |
Total Loans before Unearned Income | 457,263 | 444,850 | |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract] | |||
Year one | 0 | 0 | |
Year two | 0 | 0 | |
Year three | 50 | 0 | |
Year four | 59 | 0 | |
Year five | 0 | 0 | |
Prior | 664 | 964 | |
Revolving Loans | 0 | 0 | |
Total | 773 | 100 | 964 |
Real Estate | 1- 4 family | Pass | |||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | |||
Year one | 36,519 | 112,636 | |
Year two | 105,531 | 110,978 | |
Year three | 102,692 | 70,599 | |
Year four | 67,515 | 41,766 | |
Year five | 39,471 | 19,542 | |
Prior | 61,994 | 47,374 | |
Revolving Loans | 17,768 | 17,215 | |
Total Loans before Unearned Income | 431,490 | 420,110 | |
Real Estate | 1- 4 family | Special Mention | |||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | |||
Year one | 337 | 1,307 | |
Year two | 1,516 | 2,505 | |
Year three | 1,552 | 749 | |
Year four | 368 | 1,544 | |
Year five | 1,096 | 775 | |
Prior | 1,971 | 997 | |
Revolving Loans | 472 | 667 | |
Total Loans before Unearned Income | 7,312 | 8,544 | |
Real Estate | 1- 4 family | Substandard | |||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | |||
Year one | 0 | 48 | |
Year two | 4,141 | 2,625 | |
Year three | 2,638 | 5,368 | |
Year four | 4,593 | 1,357 | |
Year five | 1,595 | 1,956 | |
Prior | 4,716 | 3,086 | |
Revolving Loans | 380 | 773 | |
Total Loans before Unearned Income | 18,063 | 15,213 | |
Real Estate | 1- 4 family | Doubtful | |||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | |||
Year one | 0 | 0 | |
Year two | 0 | 122 | |
Year three | 72 | 391 | |
Year four | 0 | 0 | |
Year five | 0 | 239 | |
Prior | 253 | 159 | |
Revolving Loans | 73 | 72 | |
Total Loans before Unearned Income | 398 | 983 | |
Real Estate | Multifamily | |||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | |||
Year one | 450 | 9,945 | |
Year two | 7,578 | 76,217 | |
Year three | 84,185 | 6,121 | |
Year four | 47,967 | 15,131 | |
Year five | 14,856 | 1,877 | |
Prior | 4,132 | 4,496 | |
Revolving Loans | 1,088 | 5,134 | |
Total Loans before Unearned Income | 160,256 | 118,921 | |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract] | |||
Year one | 0 | 0 | |
Year two | 0 | 0 | |
Year three | 0 | 0 | |
Year four | 0 | 0 | |
Year five | 0 | 0 | |
Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Total | 0 | 0 | 0 |
Real Estate | Multifamily | Pass | |||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | |||
Year one | 450 | 9,945 | |
Year two | 7,578 | 76,217 | |
Year three | 75,013 | 6,121 | |
Year four | 47,967 | 15,131 | |
Year five | 14,856 | 1,877 | |
Prior | 1,000 | 2,311 | |
Revolving Loans | 1,066 | 5,110 | |
Total Loans before Unearned Income | 147,930 | 116,712 | |
Real Estate | Multifamily | Special Mention | |||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | |||
Year one | 0 | 0 | |
Year two | 0 | 0 | |
Year three | 7,063 | 0 | |
Year four | 0 | 0 | |
Year five | 0 | 0 | |
Prior | 2,595 | 1,648 | |
Revolving Loans | 22 | 24 | |
Total Loans before Unearned Income | 9,680 | 1,672 | |
Real Estate | Multifamily | Substandard | |||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | |||
Year one | 0 | 0 | |
Year two | 0 | 0 | |
Year three | 2,109 | 0 | |
Year four | 0 | 0 | |
Year five | 0 | 0 | |
Prior | 537 | 537 | |
Revolving Loans | 0 | 0 | |
Total Loans before Unearned Income | 2,646 | 537 | |
Real Estate | Multifamily | Doubtful | |||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | |||
Year one | 0 | 0 | |
Year two | 0 | 0 | |
Year three | 0 | 0 | |
Year four | 0 | 0 | |
Year five | 0 | 0 | |
Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Total Loans before Unearned Income | 0 | 0 | |
Real Estate | Non-farm non-residential | |||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | |||
Year one | 69,222 | 163,189 | |
Year two | 183,882 | 266,481 | |
Year three | 282,692 | 130,556 | |
Year four | 153,090 | 88,493 | |
Year five | 86,554 | 89,643 | |
Prior | 339,004 | 267,348 | |
Revolving Loans | 49,673 | 40,155 | |
Total Loans before Unearned Income | 1,164,117 | 1,045,865 | |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract] | |||
Year one | 0 | 0 | |
Year two | 3,789 | 0 | |
Year three | 0 | 0 | |
Year four | 0 | 138 | |
Year five | 331 | 0 | |
Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Total | 4,120 | 138 | 138 |
Real Estate | Non-farm non-residential | Pass | |||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | |||
Year one | 65,262 | 162,234 | |
Year two | 179,120 | 247,182 | |
Year three | 245,127 | 111,054 | |
Year four | 109,042 | 88,039 | |
Year five | 86,100 | 73,797 | |
Prior | 317,168 | 256,032 | |
Revolving Loans | 44,387 | 33,907 | |
Total Loans before Unearned Income | 1,046,206 | 972,245 | |
Real Estate | Non-farm non-residential | Special Mention | |||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | |||
Year one | 2,508 | 708 | |
Year two | 3,107 | 369 | |
Year three | 409 | 1,014 | |
Year four | 24,681 | 388 | |
Year five | 388 | 15,846 | |
Prior | 16,858 | 5,191 | |
Revolving Loans | 2,127 | 1,525 | |
Total Loans before Unearned Income | 50,078 | 25,041 | |
Real Estate | Non-farm non-residential | Substandard | |||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | |||
Year one | 1,452 | 247 | |
Year two | 1,655 | 18,930 | |
Year three | 37,156 | 18,488 | |
Year four | 19,367 | 0 | |
Year five | 0 | 0 | |
Prior | 4,978 | 6,125 | |
Revolving Loans | 3,159 | 4,723 | |
Total Loans before Unearned Income | 67,767 | 48,513 | |
Real Estate | Non-farm non-residential | Doubtful | |||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | |||
Year one | 0 | 0 | |
Year two | 0 | 0 | |
Year three | 0 | 0 | |
Year four | 0 | 66 | |
Year five | 66 | 0 | |
Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Total Loans before Unearned Income | 66 | 66 | |
Non-Real Estate | |||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | |||
Year one | 76,450 | 139,681 | |
Year two | 117,186 | 179,860 | |
Year three | 139,795 | 133,245 | |
Year four | 104,747 | 68,711 | |
Year five | 55,567 | 12,373 | |
Prior | 49,650 | 44,890 | |
Revolving Loans | 122,318 | 137,120 | |
Total Loans before Unearned Income | 665,713 | 715,880 | |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract] | |||
Total | 5,862 | 1,310 | |
Non-Real Estate | Agricultural | |||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | |||
Year one | 1,523 | 2,555 | |
Year two | 3,469 | 10,510 | |
Year three | 10,161 | 3,834 | |
Year four | 3,729 | 1,696 | |
Year five | 1,490 | 1,552 | |
Prior | 5,607 | 4,520 | |
Revolving Loans | 21,873 | 16,341 | |
Total Loans before Unearned Income | 47,852 | 41,008 | |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract] | |||
Year one | 0 | 0 | |
Year two | 0 | 0 | |
Year three | 0 | 0 | |
Year four | 33 | 0 | |
Year five | 0 | 0 | |
Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Total | 33 | 0 | 0 |
Non-Real Estate | Agricultural | Pass | |||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | |||
Year one | 1,376 | 2,555 | |
Year two | 3,417 | 10,406 | |
Year three | 8,356 | 3,142 | |
Year four | 3,027 | 1,336 | |
Year five | 1,189 | 1,532 | |
Prior | 3,520 | 2,378 | |
Revolving Loans | 21,807 | 16,259 | |
Total Loans before Unearned Income | 42,692 | 37,608 | |
Non-Real Estate | Agricultural | Special Mention | |||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | |||
Year one | 0 | 0 | |
Year two | 25 | 104 | |
Year three | 1,805 | 0 | |
Year four | 10 | 81 | |
Year five | 143 | 0 | |
Prior | 101 | 0 | |
Revolving Loans | 64 | 25 | |
Total Loans before Unearned Income | 2,148 | 210 | |
Non-Real Estate | Agricultural | Substandard | |||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | |||
Year one | 147 | 0 | |
Year two | 27 | 0 | |
Year three | 0 | 692 | |
Year four | 692 | 279 | |
Year five | 158 | 20 | |
Prior | 1,958 | 2,100 | |
Revolving Loans | 2 | 57 | |
Total Loans before Unearned Income | 2,984 | 3,148 | |
Non-Real Estate | Agricultural | Doubtful | |||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | |||
Year one | 0 | 0 | |
Year two | 0 | 0 | |
Year three | 0 | 0 | |
Year four | 0 | 0 | |
Year five | 0 | 0 | |
Prior | 28 | 42 | |
Revolving Loans | 0 | 0 | |
Total Loans before Unearned Income | 28 | 42 | |
Non-Real Estate | Commercial and industrial | |||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | |||
Year one | 22,855 | 41,213 | |
Year two | 30,869 | 28,120 | |
Year three | 22,184 | 52,657 | |
Year four | 43,370 | 54,333 | |
Year five | 43,983 | 5,640 | |
Prior | 36,891 | 32,380 | |
Revolving Loans | 100,445 | 120,629 | |
Total Loans before Unearned Income | 300,597 | 334,972 | |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract] | |||
Year one | 0 | 29 | |
Year two | 302 | 791 | |
Year three | 693 | 133 | |
Year four | 238 | 532 | |
Year five | 2,133 | 0 | |
Prior | 204 | 209 | |
Revolving Loans | 0 | 0 | |
Total | 3,570 | 45 | 1,694 |
Non-Real Estate | Commercial and industrial | Pass | |||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | |||
Year one | 18,478 | 41,105 | |
Year two | 29,976 | 27,800 | |
Year three | 21,867 | 48,097 | |
Year four | 43,129 | 53,585 | |
Year five | 43,502 | 5,613 | |
Prior | 34,518 | 27,634 | |
Revolving Loans | 87,219 | 119,886 | |
Total Loans before Unearned Income | 278,689 | 323,720 | |
Non-Real Estate | Commercial and industrial | Special Mention | |||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | |||
Year one | 4,347 | 63 | |
Year two | 561 | 37 | |
Year three | 74 | 4,382 | |
Year four | 59 | 146 | |
Year five | 120 | 0 | |
Prior | 70 | 53 | |
Revolving Loans | 3,672 | 598 | |
Total Loans before Unearned Income | 8,903 | 5,279 | |
Non-Real Estate | Commercial and industrial | Substandard | |||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | |||
Year one | 30 | 45 | |
Year two | 332 | 283 | |
Year three | 243 | 178 | |
Year four | 182 | 602 | |
Year five | 361 | 27 | |
Prior | 2,303 | 4,531 | |
Revolving Loans | 9,554 | 145 | |
Total Loans before Unearned Income | 13,005 | 5,811 | |
Non-Real Estate | Commercial and industrial | Doubtful | |||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | |||
Year one | 0 | 0 | |
Year two | 0 | 0 | |
Year three | 0 | 0 | |
Year four | 0 | 0 | |
Year five | 0 | 0 | |
Prior | 0 | 162 | |
Revolving Loans | 0 | 0 | |
Total Loans before Unearned Income | 0 | 162 | |
Non-Real Estate | Commercial leases | |||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | |||
Year one | 46,495 | 74,456 | |
Year two | 64,680 | 131,232 | |
Year three | 100,751 | 69,212 | |
Year four | 52,720 | 6,087 | |
Year five | 4,782 | 4,428 | |
Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Total Loans before Unearned Income | 269,428 | 285,415 | |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract] | |||
Year one | 0 | 0 | |
Year two | 0 | 0 | |
Year three | 0 | 0 | |
Year four | 0 | 0 | |
Year five | 0 | 0 | |
Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Total | 0 | 0 | 0 |
Non-Real Estate | Commercial leases | Pass | |||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | |||
Year one | 46,495 | 74,456 | |
Year two | 64,680 | 117,566 | |
Year three | 97,199 | 67,615 | |
Year four | 52,720 | 6,087 | |
Year five | 4,782 | 4,428 | |
Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Total Loans before Unearned Income | 265,876 | 270,152 | |
Non-Real Estate | Commercial leases | Special Mention | |||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | |||
Year one | 0 | 0 | |
Year two | 0 | 11,867 | |
Year three | 0 | 1,597 | |
Year four | 0 | 0 | |
Year five | 0 | 0 | |
Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Total Loans before Unearned Income | 0 | 13,464 | |
Non-Real Estate | Commercial leases | Substandard | |||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | |||
Year one | 0 | 0 | |
Year two | 0 | 1,799 | |
Year three | 3,552 | 0 | |
Year four | 0 | 0 | |
Year five | 0 | 0 | |
Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Total Loans before Unearned Income | 3,552 | 1,799 | |
Non-Real Estate | Commercial leases | Doubtful | |||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | |||
Year one | 0 | 0 | |
Year two | 0 | 0 | |
Year three | 0 | 0 | |
Year four | 0 | 0 | |
Year five | 0 | 0 | |
Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Total Loans before Unearned Income | 0 | 0 | |
Non-Real Estate | Consumer and other | |||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | |||
Year one | 5,577 | 21,457 | |
Year two | 18,168 | 9,998 | |
Year three | 6,699 | 7,542 | |
Year four | 4,928 | 6,595 | |
Year five | 5,312 | 753 | |
Prior | 7,152 | 7,990 | |
Revolving Loans | 0 | 150 | |
Total Loans before Unearned Income | 47,836 | 54,485 | |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract] | |||
Year one | 143 | 598 | |
Year two | 524 | 1,126 | |
Year three | 748 | 820 | |
Year four | 536 | 359 | |
Year five | 234 | 28 | |
Prior | 74 | 44 | |
Revolving Loans | 0 | 0 | |
Total | 2,259 | $ 1,265 | 2,975 |
Non-Real Estate | Consumer and other | Pass | |||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | |||
Year one | 5,552 | 21,257 | |
Year two | 18,015 | 8,770 | |
Year three | 6,264 | 6,463 | |
Year four | 4,562 | 6,164 | |
Year five | 5,198 | 650 | |
Prior | 7,056 | 7,887 | |
Revolving Loans | 0 | 150 | |
Total Loans before Unearned Income | 46,647 | 51,341 | |
Non-Real Estate | Consumer and other | Special Mention | |||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | |||
Year one | 0 | 36 | |
Year two | 30 | 151 | |
Year three | 79 | 255 | |
Year four | 124 | 87 | |
Year five | 44 | 15 | |
Prior | 25 | 19 | |
Revolving Loans | 0 | 0 | |
Total Loans before Unearned Income | 302 | 563 | |
Non-Real Estate | Consumer and other | Substandard | |||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | |||
Year one | 25 | 164 | |
Year two | 123 | 1,077 | |
Year three | 356 | 790 | |
Year four | 242 | 265 | |
Year five | 70 | 86 | |
Prior | 64 | 68 | |
Revolving Loans | 0 | 0 | |
Total Loans before Unearned Income | 880 | 2,450 | |
Non-Real Estate | Consumer and other | Doubtful | |||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | |||
Year one | 0 | 0 | |
Year two | 0 | 0 | |
Year three | 0 | 34 | |
Year four | 0 | 79 | |
Year five | 0 | 2 | |
Prior | 7 | 16 | |
Revolving Loans | 0 | 0 | |
Total Loans before Unearned Income | $ 7 | $ 131 |
Allowance for Credit Losses o_3
Allowance for Credit Losses on Loans - Summary of Changes in Allowance for Loan Losses, by Portfolio Type (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning allowance | $ 30,926 | $ 23,518 | $ 23,518 |
ASC 326 Adoption Day 1 Adjustment | 8,120 | ||
Charge-offs | (11,052) | (1,548) | (5,771) |
Recoveries | 504 | 999 | |
Provision | 9,909 | 772 | |
Ending allowance | 30,287 | 31,861 | 30,926 |
Real Estate | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning allowance | 24,744 | 13,102 | 13,102 |
ASC 326 Adoption Day 1 Adjustment | 7,042 | ||
Charge-offs | (5,190) | (238) | |
Recoveries | 29 | 217 | |
Provision | 2,632 | 2,028 | |
Ending allowance | 22,215 | 22,151 | 24,744 |
Real Estate | Construction & land development | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning allowance | 5,845 | 1,232 | 1,232 |
ASC 326 Adoption Day 1 Adjustment | 1,891 | ||
Charge-offs | (39) | 0 | 0 |
Recoveries | 1 | 0 | |
Provision | (919) | 737 | |
Ending allowance | 4,888 | 3,860 | 5,845 |
Real Estate | Farmland | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning allowance | 36 | 83 | 83 |
ASC 326 Adoption Day 1 Adjustment | (39) | ||
Charge-offs | (258) | 0 | 0 |
Recoveries | 0 | 0 | |
Provision | 247 | 3 | |
Ending allowance | 25 | 47 | 36 |
Real Estate | 1- 4 family | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning allowance | 6,653 | 1,761 | 1,761 |
ASC 326 Adoption Day 1 Adjustment | 3,465 | ||
Charge-offs | (773) | (100) | (964) |
Recoveries | 7 | 6 | |
Provision | 763 | 937 | |
Ending allowance | 6,650 | 6,069 | 6,653 |
Real Estate | Multifamily | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning allowance | 1,614 | 746 | 746 |
ASC 326 Adoption Day 1 Adjustment | 1,418 | ||
Charge-offs | 0 | 0 | 0 |
Recoveries | 0 | 0 | |
Provision | 101 | 73 | |
Ending allowance | 1,715 | 2,237 | 1,614 |
Real Estate | Non-farm non-residential | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning allowance | 10,596 | 9,280 | 9,280 |
ASC 326 Adoption Day 1 Adjustment | 307 | ||
Charge-offs | (4,120) | (138) | (138) |
Recoveries | 21 | 211 | |
Provision | 2,440 | 278 | |
Ending allowance | 8,937 | 9,938 | 10,596 |
Non-Real Estate | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning allowance | 6,182 | 10,416 | 10,416 |
ASC 326 Adoption Day 1 Adjustment | 1,078 | ||
Charge-offs | (5,862) | (1,310) | |
Recoveries | 475 | 782 | |
Provision | 7,277 | (1,256) | |
Ending allowance | 8,072 | 9,710 | 6,182 |
Non-Real Estate | Agricultural | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning allowance | 97 | 240 | 240 |
ASC 326 Adoption Day 1 Adjustment | (98) | ||
Charge-offs | (33) | 0 | 0 |
Recoveries | 18 | 407 | |
Provision | 20 | (407) | |
Ending allowance | 102 | 142 | 97 |
Non-Real Estate | Commercial and industrial | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning allowance | 2,711 | 2,194 | 2,194 |
ASC 326 Adoption Day 1 Adjustment | 2,971 | ||
Charge-offs | (3,570) | (45) | (1,694) |
Recoveries | 126 | 159 | |
Provision | 2,515 | (1,476) | |
Ending allowance | 1,782 | 3,803 | 2,711 |
Non-Real Estate | Commercial leases | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning allowance | 1,948 | 4,879 | 4,879 |
ASC 326 Adoption Day 1 Adjustment | (162) | ||
Charge-offs | 0 | 0 | 0 |
Recoveries | 0 | 0 | |
Provision | (50) | (2,525) | |
Ending allowance | 1,898 | 2,192 | 1,948 |
Non-Real Estate | Consumer and other | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning allowance | 1,426 | 2,506 | 2,506 |
ASC 326 Adoption Day 1 Adjustment | (1,042) | ||
Charge-offs | (2,259) | (1,265) | (2,975) |
Recoveries | 331 | 216 | |
Provision | 3,154 | 1,147 | |
Ending allowance | 2,652 | 1,562 | 1,426 |
Non-Real Estate | Unallocated | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning allowance | 0 | 597 | 597 |
ASC 326 Adoption Day 1 Adjustment | (591) | ||
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Provision | 1,638 | 2,005 | |
Ending allowance | $ 1,638 | $ 2,011 | $ 0 |
Allowance for Credit Losses o_4
Allowance for Credit Losses on Loans - Schedule of Allowance and Loans Individually and Collectively Evaluated for Impairment (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | Dec. 31, 2022 |
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||
Allowance Individually Evaluated | $ 345 | $ 4,122 | ||
Allowance Collectively Evaluated | 29,942 | 26,804 | ||
Total Allowance for Credit Losses | 30,287 | 30,926 | $ 31,861 | $ 23,518 |
Loans Individually Evaluated | 58,905 | 66,962 | ||
Loans Collectively Evaluated | 2,782,153 | 2,690,519 | ||
Total Loans before Unearned Income | 2,841,058 | 2,757,481 | ||
Unearned Income | (7,708) | (8,773) | ||
Total loans net of unearned income | 2,833,350 | 2,748,708 | ||
Real Estate | ||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||
Allowance Individually Evaluated | 182 | 3,363 | ||
Allowance Collectively Evaluated | 22,033 | 21,381 | ||
Total Allowance for Credit Losses | 22,215 | 24,744 | 22,151 | 13,102 |
Loans Individually Evaluated | 52,394 | 59,233 | ||
Loans Collectively Evaluated | 2,122,951 | 1,982,368 | ||
Total Loans before Unearned Income | 2,175,345 | 2,041,601 | ||
Real Estate | Construction & land development | ||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||
Allowance Individually Evaluated | 0 | 0 | ||
Allowance Collectively Evaluated | 4,888 | 5,845 | ||
Total Allowance for Credit Losses | 4,888 | 5,845 | 3,860 | 1,232 |
Loans Individually Evaluated | 1,907 | 1,389 | ||
Loans Collectively Evaluated | 353,309 | 398,046 | ||
Total Loans before Unearned Income | 355,216 | 399,435 | ||
Real Estate | Farmland | ||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||
Allowance Individually Evaluated | 0 | 0 | ||
Allowance Collectively Evaluated | 25 | 36 | ||
Total Allowance for Credit Losses | 25 | 36 | 47 | 83 |
Loans Individually Evaluated | 5,620 | 5,670 | ||
Loans Collectively Evaluated | 32,873 | 26,860 | ||
Total Loans before Unearned Income | 38,493 | 32,530 | ||
Real Estate | 1- 4 family | ||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||
Allowance Individually Evaluated | 0 | 316 | ||
Allowance Collectively Evaluated | 6,650 | 6,337 | ||
Total Allowance for Credit Losses | 6,650 | 6,653 | 6,069 | 1,761 |
Loans Individually Evaluated | 3,759 | 5,066 | ||
Loans Collectively Evaluated | 453,504 | 439,784 | ||
Total Loans before Unearned Income | 457,263 | 444,850 | ||
Real Estate | Multifamily | ||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||
Allowance Individually Evaluated | 0 | 0 | ||
Allowance Collectively Evaluated | 1,715 | 1,614 | ||
Total Allowance for Credit Losses | 1,715 | 1,614 | 2,237 | 746 |
Loans Individually Evaluated | 537 | 537 | ||
Loans Collectively Evaluated | 159,719 | 118,384 | ||
Total Loans before Unearned Income | 160,256 | 118,921 | ||
Real Estate | Non-farm non-residential | ||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||
Allowance Individually Evaluated | 182 | 3,047 | ||
Allowance Collectively Evaluated | 8,755 | 7,549 | ||
Total Allowance for Credit Losses | 8,937 | 10,596 | 9,938 | 9,280 |
Loans Individually Evaluated | 40,571 | 46,571 | ||
Loans Collectively Evaluated | 1,123,546 | 999,294 | ||
Total Loans before Unearned Income | 1,164,117 | 1,045,865 | ||
Non-Real Estate | ||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||
Allowance Individually Evaluated | 163 | 759 | ||
Allowance Collectively Evaluated | 7,909 | 5,423 | ||
Total Allowance for Credit Losses | 8,072 | 6,182 | 9,710 | 10,416 |
Loans Individually Evaluated | 6,511 | 7,729 | ||
Loans Collectively Evaluated | 659,202 | 708,151 | ||
Total Loans before Unearned Income | 665,713 | 715,880 | ||
Non-Real Estate | Agricultural | ||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||
Allowance Individually Evaluated | 11 | 1 | ||
Allowance Collectively Evaluated | 91 | 96 | ||
Total Allowance for Credit Losses | 102 | 97 | 142 | 240 |
Loans Individually Evaluated | 1,472 | 1,466 | ||
Loans Collectively Evaluated | 46,380 | 39,542 | ||
Total Loans before Unearned Income | 47,852 | 41,008 | ||
Non-Real Estate | Commercial and industrial | ||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||
Allowance Individually Evaluated | 152 | 758 | ||
Allowance Collectively Evaluated | 1,630 | 1,953 | ||
Total Allowance for Credit Losses | 1,782 | 2,711 | 3,803 | 2,194 |
Loans Individually Evaluated | 1,487 | 4,464 | ||
Loans Collectively Evaluated | 299,110 | 330,508 | ||
Total Loans before Unearned Income | 300,597 | 334,972 | ||
Non-Real Estate | Commercial leases | ||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||
Allowance Individually Evaluated | 0 | 0 | ||
Allowance Collectively Evaluated | 1,898 | 1,948 | ||
Total Allowance for Credit Losses | 1,898 | 1,948 | 2,192 | 4,879 |
Loans Individually Evaluated | 3,552 | 1,799 | ||
Loans Collectively Evaluated | 265,876 | 283,616 | ||
Total Loans before Unearned Income | 269,428 | 285,415 | ||
Non-Real Estate | Consumer and other | ||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||
Allowance Individually Evaluated | 0 | 0 | ||
Allowance Collectively Evaluated | 2,652 | 1,426 | ||
Total Allowance for Credit Losses | 2,652 | 1,426 | 1,562 | 2,506 |
Loans Individually Evaluated | 0 | 0 | ||
Loans Collectively Evaluated | 47,836 | 54,485 | ||
Total Loans before Unearned Income | 47,836 | 54,485 | ||
Non-Real Estate | Unallocated | ||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||
Allowance Individually Evaluated | 0 | 0 | ||
Allowance Collectively Evaluated | 1,638 | 0 | ||
Total Allowance for Credit Losses | 1,638 | 0 | $ 2,011 | $ 597 |
Loans Individually Evaluated | 0 | 0 | ||
Loans Collectively Evaluated | 0 | 0 | ||
Total Loans before Unearned Income | $ 0 | $ 0 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2024 | Dec. 31, 2023 | |
Finite-Lived Intangible Assets [Line Items] | ||
Goodwill | $ 12,900,000 | $ 12,900,000 |
Impairment charges recognized on the company's intangible assets | 0 | |
Loan servicing assets | $ 500,000 | $ 500,000 |
Core Deposits | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted-average amortization period | 4 years 9 months 18 days |
Other Real Estate (ORE) - Sched
Other Real Estate (ORE) - Schedule of Other Real Estate Owned (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Real Estate Owned Acquired by Foreclosure | ||
Total Other Real Estate Owned and Foreclosed Property | $ 1,032 | $ 1,250 |
Allowance for Other Real Estate Owned losses | 0 | 0 |
Net Other Real Estate Owned and Foreclosed Property | 1,032 | 1,250 |
Residential | ||
Real Estate Owned Acquired by Foreclosure | ||
Total Other Real Estate Owned and Foreclosed Property | 141 | 309 |
Construction & land development | ||
Real Estate Owned Acquired by Foreclosure | ||
Total Other Real Estate Owned and Foreclosed Property | 201 | 251 |
Non-farm non-residential | ||
Real Estate Owned Acquired by Foreclosure | ||
Total Other Real Estate Owned and Foreclosed Property | $ 690 | $ 690 |
Other Real Estate (ORE) - Narra
Other Real Estate (ORE) - Narrative (Details) $ in Millions | Jun. 30, 2024 USD ($) |
Real Estate | 1- 4 family | |
Real Estate [Line Items] | |
Loans in process of foreclosure | $ 1.5 |
Commitments and Contingencies -
Commitments and Contingencies - Notional Amounts of Financial Instruments with Off-Balance Sheet Risk (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Commitments to Extend Credit | ||
Off-balance sheet commitments [Abstract] | ||
Notional value | $ 225,503 | $ 304,218 |
Unfunded Commitments under lines of credit | ||
Off-balance sheet commitments [Abstract] | ||
Notional value | 180,500 | 214,546 |
Commercial and Standby letters of credit | ||
Off-balance sheet commitments [Abstract] | ||
Notional value | $ 14,683 | $ 13,971 |
Commitments and Contingencies_2
Commitments and Contingencies - Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Sep. 30, 2021 | Jun. 30, 2024 | Dec. 31, 2023 | |
Loss Contingencies [Line Items] | ||||
Off-balance-sheet, credit loss, liability | $ 2,000,000 | $ 2,000,000 | $ 2,800,000 | |
Case Settled in the Third Quarter of 2021 | ||||
Loss Contingencies [Line Items] | ||||
Litigation settlement, amount | $ 1,100,000 | |||
Loss contingency, receivable | $ 900,000 | |||
Loss contingency, receivable, proceeds | 500,000 | |||
Loss contingency, receivable, period decrease | 400,000 | |||
Minimum | Lawsuit Alleging Fault For a Loss Of Funds | ||||
Loss Contingencies [Line Items] | ||||
Lawsuit alleging fault for a loss of funds with possible loss | 0 | 0 | ||
Maximum | Lawsuit Alleging Fault For a Loss Of Funds | ||||
Loss Contingencies [Line Items] | ||||
Lawsuit alleging fault for a loss of funds with possible loss | 1,500,000 | 1,500,000 | ||
Loss contingency, accrued | $ 0 | 0 | ||
Unfunded Commitments under lines of credit | ||||
Loss Contingencies [Line Items] | ||||
Financing receivable, credit loss, reversal | $ 800,000 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets Measured on Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities, available for sale | $ 37,403 | $ 83,485 |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities, available for sale | 37,403 | 83,485 |
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 | 0 | 49,830 |
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 | 27,375 | 23,172 |
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 | $ 10,028 | $ 10,483 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2024 USD ($) | |
Fair Value, Measurements, Recurring | Level 1 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Decrease in available for sale securities | $ 49.8 |
Fair Value Measurements - Unobs
Fair Value Measurements - Unobservable Input Reconciliation (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2024 USD ($) | |
Level 3 Changes | |
Balance, beginning of year | $ 10,483 |
Total gains or losses (realized/unrealized): | |
Included in earnings | 0 |
Included in other comprehensive income | 14 |
Purchases, sales, issuances and settlements, net | (469) |
Transfers in and/or out of Level 3 | 0 |
Balance as of end of period | $ 10,028 |
Fair Value Measurements - Nonre
Fair Value Measurements - Nonrecurring (Details) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans individually evaluated for impairment measured at fair value | $ 4,663 | $ 8,083 |
Other real estate owned measured at fair value | 1,032 | 1,250 |
Level 1: Quoted Prices in Active Markets For Identical Assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans individually evaluated for impairment 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] | ||
Loans individually evaluated for impairment measured at fair value | 0 | 0 |
Other real estate owned measured at fair value | 303 | 1,250 |
Level 3: Significant Unobservable Inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans individually evaluated for impairment measured at fair value | 4,663 | 8,083 |
Other real estate owned measured at fair value | $ 729 | $ 0 |
Financial Instruments (Details)
Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Assets | ||
Securities, available for sale | $ 37,403 | $ 83,485 |
Securities, held for maturity | 251,247 | 253,584 |
Carrying Amount | ||
Assets | ||
Federal funds sold | 392 | 341 |
Securities, available for sale | 37,403 | 83,485 |
Securities, held for maturity | 321,164 | 320,638 |
Loans held for sale | 0 | |
Loans, net | 2,803,063 | 2,717,782 |
Cash surrender value of BOLI | 5,935 | 5,861 |
Accrued interest receivable | 18,137 | 15,713 |
Liabilities | ||
Deposits | 3,043,451 | 3,009,094 |
Short-term advances from Federal Home Loan Bank | 60,000 | 50,000 |
Short-term borrowings | 0 | 10,000 |
Repurchase agreements | 6,971 | 6,297 |
Accrued interest payable | 12,991 | 11,807 |
Long-term advances from Federal Home Loan Bank | 155,000 | 155,000 |
Senior long-term debt | 17,156 | 39,099 |
Junior subordinated debentures | 44,715 | 15,000 |
Carrying Amount | Cash and due from banks | ||
Assets | ||
Cash and due from banks | 298,574 | 286,114 |
Fair Value Measurements | ||
Assets | ||
Federal funds sold | 392 | 341 |
Securities, available for sale | 37,403 | 83,485 |
Securities, held for maturity | 251,247 | 253,584 |
Loans held for sale | 0 | |
Loans, net | 2,650,629 | 2,581,979 |
Cash surrender value of BOLI | 5,935 | 5,861 |
Accrued interest receivable | 18,137 | 15,713 |
Liabilities | ||
Deposits | 3,041,490 | 3,001,498 |
Short-term advances from Federal Home Loan Bank | 60,000 | 50,000 |
Short-term borrowings | 0 | 10,000 |
Repurchase agreements | 6,956 | 6,285 |
Accrued interest payable | 12,991 | 11,807 |
Long-term advances from Federal Home Loan Bank | 153,791 | 152,299 |
Senior long-term debt | 17,289 | 39,304 |
Junior subordinated debentures | 44,715 | 15,000 |
Fair Value Measurements | Cash and due from banks | ||
Assets | ||
Cash and due from banks | 298,574 | 286,114 |
Fair Value Measurements | Level 1 | ||
Assets | ||
Federal funds sold | 392 | 341 |
Securities, available for sale | 0 | 49,830 |
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 | 0 | |
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 |
Fair Value Measurements | Level 1 | Cash and due from banks | ||
Assets | ||
Cash and due from banks | 298,574 | 286,114 |
Fair Value Measurements | Level 2 | ||
Assets | ||
Federal funds sold | 0 | 0 |
Securities, available for sale | 27,375 | 23,172 |
Securities, held for maturity | 251,247 | 253,584 |
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 | 0 | |
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 |
Fair Value Measurements | Level 2 | Cash and due from banks | ||
Assets | ||
Cash and due from banks | 0 | 0 |
Fair Value Measurements | Level 3 | ||
Assets | ||
Federal funds sold | 0 | 0 |
Securities, available for sale | 10,028 | 10,483 |
Securities, held for maturity | 0 | 0 |
Loans held for sale | 0 | |
Loans, net | 2,650,629 | 2,581,979 |
Cash surrender value of BOLI | 5,935 | 5,861 |
Accrued interest receivable | 18,137 | 15,713 |
Liabilities | ||
Deposits | 3,041,490 | 3,001,498 |
Short-term advances from Federal Home Loan Bank | 60,000 | 50,000 |
Short-term borrowings | 0 | 10,000 |
Repurchase agreements | 6,956 | 6,285 |
Accrued interest payable | 12,991 | 11,807 |
Long-term advances from Federal Home Loan Bank | 153,791 | 152,299 |
Senior long-term debt | 17,289 | 39,304 |
Junior subordinated debentures | 44,715 | 15,000 |
Fair Value Measurements | Level 3 | Cash and due from banks | ||
Assets | ||
Cash and due from banks | $ 0 | $ 0 |
Uncategorized Items - fgbi-2024
Label | Element | Value |
Accounting Standards Update [Extensible Enumeration] | us-gaap_AccountingStandardsUpdateExtensibleList | Accounting Standards Update 2016-13 [Member] |