Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2022 | May 03, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-35968 | |
Entity Registrant Name | MIDWESTONE FINANCIAL GROUP, INC. | |
Entity Incorporation, State or Country Code | IA | |
Entity Tax Identification Number | 42-1206172 | |
Entity Address, Address Line One | 102 South Clinton Street | |
Entity Address, City or Town | Iowa City | |
Entity Address, State or Province | IA | |
Entity Address, Postal Zip Code | 52240 | |
City Area Code | 319 | |
Local Phone Number | 356-5800 | |
Title of 12(b) Security | Common stock, $1.00 par value | |
Trading Symbol | MOFG | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 15,680,463 | |
Entity Central Index Key | 0001412665 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
ASSETS | ||
Cash and due from banks | $ 47,677 | $ 42,949 |
Interest earning deposits in banks | 12,152 | 160,881 |
Total cash and cash equivalents | 59,829 | 203,830 |
Debt securities available for sale at fair value | 1,145,638 | 2,288,110 |
Held to maturity securities at amortized cost | 1,204,212 | |
Total securities | 2,349,850 | 2,288,110 |
Loans held for sale | 6,466 | 12,917 |
Gross loans held for investment | 3,256,294 | 3,252,194 |
Unearned income, net | (6,259) | (7,182) |
Loans held for investment, net of unearned income | 3,250,035 | 3,245,012 |
Allowance for credit losses | (46,200) | (48,700) |
Total loans held for investment, net | 3,203,835 | 3,196,312 |
Premises and equipment, net | 82,603 | 83,492 |
Goodwill | 62,477 | 62,477 |
Other intangible assets, net | 18,658 | 19,885 |
Foreclosed assets, net | 273 | 357 |
Other assets | 176,223 | 157,748 |
Total assets | 5,960,214 | 6,025,128 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
Noninterest bearing deposits | 1,002,415 | 1,005,369 |
Interest bearing deposits | 4,075,310 | 4,109,150 |
Total deposits | 5,077,725 | 5,114,519 |
Short-term borrowings | 181,193 | 181,368 |
Long-term debt | 139,898 | 154,879 |
Other liabilities | 56,941 | 46,887 |
Total liabilities | 5,455,757 | 5,497,653 |
Shareholders' equity | ||
Preferred stock, no par value; authorized 500,000 shares; no shares issued and outstanding | 0 | 0 |
Common stock, $1.00 par value; authorized 30,000,000 shares; issued shares of 16,581,017 and 16,581,017; outstanding shares of 15,690,125 and 15,671,147 | 16,581 | 16,581 |
Additional paid-in capital | 300,505 | 300,940 |
Retained earnings | 253,500 | 243,365 |
Treasury stock at cost, 890,892 and 909,870 shares | (24,113) | (24,546) |
Accumulated other comprehensive loss | (42,016) | (8,865) |
Total shareholders' equity | 504,457 | 527,475 |
Total liabilities and shareholders' equity | $ 5,960,214 | $ 6,025,128 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0 | $ 0 |
Preferred stock, shares authorized (in shares) | 500,000 | 500,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, shares authorized (in shares) | 30,000,000 | 30,000,000 |
Common stock, shares issued (in shares) | 16,581,017 | 16,581,017 |
Common stock, shares outstanding (in shares) | 15,690,125 | 15,671,147 |
Treasury stock (in shares) | 890,892 | 909,870 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Interest income | ||
Loans, including fees | $ 31,318 | $ 36,542 |
Taxable investment securities | 8,123 | 5,093 |
Tax-exempt investment securities | 2,383 | 2,555 |
Other | 28 | 14 |
Total interest income | 41,852 | 44,204 |
Interest expense | ||
Deposits | 2,910 | 3,608 |
Short-term borrowings | 119 | 128 |
Long-term debt | 1,487 | 1,851 |
Total interest expense | 4,516 | 5,587 |
Net interest income | 37,336 | 38,617 |
Credit loss (benefit) expense | 0 | (4,734) |
Net interest income after credit loss (benefit) expense | 37,336 | 43,351 |
Noninterest income | ||
Investment services and trust activities | 3,011 | 2,836 |
Service charges and fees | 1,657 | 1,487 |
Card revenue | 1,650 | 1,536 |
Loan revenue | 4,293 | 4,730 |
Bank-owned life insurance | 531 | 542 |
Investment securities gains, net | 40 | 27 |
Other | 462 | 666 |
Total noninterest income | 11,644 | 11,824 |
Noninterest expense | ||
Compensation and employee benefits | 18,664 | 16,917 |
Occupancy expense of premises, net | 2,779 | 2,318 |
Equipment | 1,901 | 1,793 |
Legal and professional | 2,353 | 783 |
Data processing | 1,231 | 1,252 |
Marketing | 1,029 | 1,006 |
Amortization of intangibles | 1,227 | 1,507 |
FDIC insurance | 420 | 512 |
Communications | 272 | 409 |
Foreclosed assets, net | (112) | 47 |
Other | 1,879 | 1,156 |
Total noninterest expense | 31,643 | 27,700 |
Income before income tax expense | 17,337 | 27,475 |
Income tax expense | 3,442 | 5,827 |
Net income | $ 13,895 | $ 21,648 |
Per common share information | ||
Earnings (loss) - basic (in dollars per share) | $ 0.89 | $ 1.35 |
Earnings (loss) - diluted (in dollars per share) | 0.88 | 1.35 |
Dividends paid (in dollars per share) | $ 0.2375 | $ 0.2250 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 13,895 | $ 21,648 |
Unrealized gain (loss) from available for sale debt securities: | ||
Unrealized net holding loss on debt securities available for sale arising during the period | (46,221) | (27,784) |
Reclassification adjustment for gains included in net income | (40) | (27) |
Income tax benefit | 12,074 | 7,259 |
Unrealized net loss on available for sale debt securities, net of reclassification adjustments | (34,187) | (20,552) |
Reclassification of available for sale debt securities to held to maturity: | ||
Amortization of the net unrealized loss from the reclassification of available for sale debt securities to held to maturity | 1,402 | 0 |
Income tax expense | (366) | 0 |
Amortization of net unrealized loss from the reclassification of available for sale debt securities to held to maturity, net | 1,036 | 0 |
Other comprehensive loss, net of tax | (33,151) | (20,552) |
Comprehensive (loss) income | $ (19,256) | $ 1,096 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income (Loss) |
Beginning balance at Dec. 31, 2020 | $ 515,250 | $ 16,581 | $ 300,137 | $ 188,191 | $ (14,251) | $ 24,592 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 21,648 | 21,648 | ||||
Other comprehensive loss | (20,552) | (20,552) | ||||
Release/lapse of restriction on RSUs | (113) | (774) | (11) | 672 | ||
Repurchase of common stock | (1,699) | (1,699) | ||||
Share-based compensation | 384 | 384 | ||||
Dividends paid on common stock | (3,598) | (3,598) | ||||
Ending balance at Mar. 31, 2021 | 511,320 | 16,581 | 299,747 | 206,230 | (15,278) | 4,040 |
Beginning balance at Dec. 31, 2021 | 527,475 | 16,581 | 300,940 | 243,365 | (24,546) | (8,865) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 13,895 | 13,895 | ||||
Other comprehensive loss | (33,151) | (33,151) | ||||
Release/lapse of restriction on RSUs | (237) | (995) | (31) | 789 | ||
Repurchase of common stock | (356) | (356) | ||||
Share-based compensation | 560 | 560 | ||||
Dividends paid on common stock | (3,729) | (3,729) | ||||
Ending balance at Mar. 31, 2022 | $ 504,457 | $ 16,581 | $ 300,505 | $ 253,500 | $ (24,113) | $ (42,016) |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||
Release/lapse of restriction on RSUs (in shares) | 30,478 | 26,896 |
Repurchase of common stock (in shares) | 11,500 | 62,588 |
Dividends paid on common stock (in dollars per share) | $ 0.2375 | $ 0.2250 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash flows from operating activities: | ||
Net income | $ 13,895 | $ 21,648 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Credit loss (benefit) expense | 0 | (4,734) |
Depreciation, amortization, and accretion | 2,469 | (342) |
Net change in premises and equipment due to writedown or sale | 410 | 0 |
Share-based compensation | 560 | 384 |
Net gain on sale or call of debt securities available for sale | (40) | (27) |
Net change in foreclosed assets due to writedown or sale | (112) | (1) |
Net gain on sale of loans held for sale | (817) | (3,089) |
Origination of loans held for sale | (32,564) | (82,898) |
Proceeds from sales of loans held for sale | 43,232 | 87,610 |
Increase in cash surrender value of bank-owned life insurance | (531) | (541) |
Decrease in deferred income taxes, net | 1,441 | 810 |
Change in: | ||
Other assets | (7,514) | 4,871 |
Other liabilities | 5,747 | (8,666) |
Net cash provided by operating activities | 26,176 | 15,025 |
Cash flows from investing activities: | ||
Proceeds from maturities and calls of debt securities available for sale | 45,174 | 109,003 |
Purchases of debt securities available for sale | (198,857) | (369,754) |
Proceeds from maturities and calls of debt securities held to maturity | 49,839 | 0 |
Net (increase) decrease in loans held for investment | (9,239) | 128,164 |
Purchases of premises and equipment | (938) | (349) |
Proceeds from sale of foreclosed assets | 196 | 1,010 |
Proceeds from sale of premises and equipment | 8 | 0 |
Net cash used in investing activities | (113,817) | (131,926) |
Cash flows from financing activities: | ||
Deposits | (36,825) | 247,469 |
Short-term borrowings | (175) | (55,004) |
Payments of subordinated debt issuance costs | 0 | (9) |
Payments on finance lease liability | (39) | (35) |
Payments of Federal Home Loan Bank borrowings | (15,000) | (7,000) |
Taxes paid relating to the release/lapse of restriction on RSUs | (236) | (113) |
Dividends paid | (3,729) | (3,598) |
Repurchase of common stock | (356) | (1,699) |
Net cash used in (provided by) financing activities | (56,360) | 180,011 |
Net (decrease) increase in cash and cash equivalents | (144,001) | 63,110 |
Cash and cash equivalents: | ||
Beginning of Period | 203,830 | 82,659 |
Ending balance | 59,829 | 145,769 |
Supplemental disclosures of cash flow information: | ||
Cash paid during the period for interest | 5,466 | 6,835 |
Supplemental schedule of non-cash investing and financing activities: | ||
Transfer of loans to foreclosed assets, net | 0 | 180 |
Transfer of loans held for investment to loans held for sale | 3,400 | 0 |
Investment securities purchased but not settled | 6,509 | 7,945 |
Transfer of premises and equipment to assets held for sale | 628 | 0 |
Transfer of debt securities available for sale to debt securities held to maturity | $ 1,253,179 | $ 0 |
Nature of Business and Signific
Nature of Business and Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Business and Significant Accounting Policies | Nature of Business and Significant Accounting Policies Nature of Business MidWest One Financial Group, Inc. (the "Company"), an Iowa corporation formed in 1983, is a bank holding company under the BHCA and a financial holding company under the GLBA. Our principal executive offices are located at 102 South Clinton Street, Iowa City, Iowa 52240. The Company owns all of the outstanding common stock of MidWest One Bank, an Iowa state non-member bank chartered in 1934 with its main office in Iowa City, Iowa. We operate primarily through MidWest One Bank, our bank subsidiary. Basis of Presentation The accompanying interim condensed consolidated financial statements are prepared in accordance with GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Article 10 of Regulation S-X of the Securities Exchange Act of 1934. Accordingly, certain disclosures accompanying annual consolidated financial statements are omitted. In the opinion of management, all significant intercompany accounts and transactions have been eliminated and adjustments, consisting solely of normal recurring accruals and considered necessary for the fair presentation of financial statements for the interim periods, have been included. The current period's results of operations are not necessarily indicative of the results that ultimately may be achieved for the year. The interim condensed consolidated financial statements and notes thereto should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Form 10-K for the year ended December 31, 2021, filed with the SEC on March 10, 2022. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect: (1) the reported amounts of assets and liabilities, (2) the disclosure of contingent assets and liabilities at the date of the financial statements, and (3) the reported amounts of revenues and expenses during the reporting period. These estimates are based on information available to management at the time the estimates are made. Actual results could differ from those estimates. The results for the three months ended March 31, 2022 may not be indicative of results for the year ending December 31, 2022, or for any other period. All significant accounting policies followed in the preparation of the quarterly financial statements are disclosed in the Annual Report on Form 10-K for the year ended December 31, 2021, filed with the SEC on March 10, 2022, except for the policy related to held to maturity debt securities. Held to Maturity Debt Securities - Certain debt securities that the Company has the positive intent and ability to hold to maturity are classified as held to maturity and recorded at amortized cost. A debt security is placed on nonaccrual status at the time any principal or interest payments become 90 days delinquent. Interest accrued but not received for a security placed on nonaccrual is reversed against interest income. The Company evaluates debt securities held to maturity for current expected credit losses. Held-to-maturity securities are evaluated on a quarterly basis using historical probability of default and loss given default information specific to the investment category. If this evaluation determines that credit losses exist, an allowance for credit loss is recorded and included in earnings as a component of credit loss expense. The Company's mortgage-backed securities and collateralized mortgage obligations are issued by U.S. government agencies and U.S. government-sponsored enterprises and are implicitly guaranteed by the U.S. government, and as such are excluded from the credit loss evaluation. Accrued interest receivable on held to maturity debt securities is recorded within 'Other Assets,' and is excluded from the estimate of credit losses. Segment Reporting The Company’s activities are considered to be one reportable segment for financial reporting purposes. The Company is engaged in the business of commercial and retail banking and trust and investment management services with operations throughout central and eastern Iowa, the Minneapolis/St. Paul metropolitan area of Minnesota, southwestern Wisconsin, Naples and Fort Myers, Florida, and Denver, Colorado. Substantially all income is derived from a diverse base of commercial, mortgage and retail lending activities, and investments. Effect of New Financial Accounting Standards Accounting Guidance Pending Adoption at March 31, 2022 On March 12, 2020, the FASB issued ASU 2020-04, Reference Rate Reform (ASC 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . ASC 848 contains optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform. Certain optional expedients and exceptions for contract modifications and hedging relationships were amended in ASU 2021-01, Reference Rate Reform (Topic 848): Scope Refinement , issued on January 7, 2021. Entities may apply the provision as of the beginning of the reporting period when the election is made and are available until December 31, 2022. The adoption of ASU ASU 2020-04 is not expected to have a material impact on the Company’s consolidated financial statements. On March 31, 2022, the FASB issued ASU 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. For creditors that have adopted the CECL accounting guidance within ASU 2016-13, the amendments eliminate the accounting guidance for TDRs within ASC 310-40, while also enhancing the disclosure requirements for certain loan refinancings and restructurings when a borrower is experiencing financial difficulty. In addition, public business entities must also disclose current-period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of ASC 326-20. The amendments are effective for fiscal years beginning after December 15, 2022 and should be applied prospectively, with an option to apply a modified retrospective transition approach for the recognition and measurement of TDRs. The Company is currently evaluating the impact of ASU 2022-02. |
Debt Securities
Debt Securities | 3 Months Ended |
Mar. 31, 2022 | |
Debt Securities [Abstract] | |
Debt Securities | Debt Securities On January 1, 2022, the Company transferred, at fair value, $1.25 billion of mortgage-backed securities, collateralized mortgage obligations, and securities issued by state and political subdivisions from the available for sale classification to the held to maturity classification. The net unrealized after tax loss of $11.5 million associated with those re-classified securities remained in accumulated other comprehensive loss and will be amortized over the remaining life of the securities. No gains or losses were recognized in earnings at the time of the transfer. The following tables summarize the amortized cost, gross unrealized gains and losses and the resulting fair value of debt securities for the periods indicated. There were no held to maturity debt securities as of December 31, 2021. As of March 31, 2022 (in thousands) Amortized Cost (1) Gross Gross Allowance for Credit Loss related to Debt Securities Fair Value Available for Sale State and political subdivisions $ 294,697 $ 1,019 $ 6,728 $ — $ 288,988 Mortgage-backed securities 7,059 49 7 — 7,101 Collateralized mortgage obligations 180,229 66 8,798 — 171,497 Corporate debt securities 706,373 2,002 30,323 — 678,052 Total available for sale debt securities $ 1,188,358 $ 3,136 $ 45,856 $ — $ 1,145,638 Held to Maturity State and political subdivisions $ 541,801 $ 1 $ 52,139 $ — $ 489,663 Mortgage-backed securities 88,281 — 5,901 — 82,380 Collateralized mortgage obligations 574,130 — 40,359 — 533,771 Total held to maturity debt securities $ 1,204,212 $ 1 $ 98,399 $ — $ 1,105,814 (1) Amortized cost for the held to maturity securities includes $0.3 million of unamortized gain in state and political subdivisions, $22 thousand of unamortized losses in mortgage-backed securities and $14.4 million of unamortized losses in collateralized mortgage obligations related to the re-classification of securities from from available for sale to held to maturity on January 1, 2022. As of December 31, 2021 (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Allowance for Credit Loss related to Debt Securities Fair Value Available for Sale U.S. Government agencies and corporations $ 265 $ 1 $ — $ — $ 266 State and political subdivisions 760,894 10,484 5,636 — 765,742 Mortgage-backed securities 100,325 932 631 — 100,626 Collateralized mortgage obligations 785,945 1,274 18,320 — 768,899 Corporate debt securities 652,677 6,305 6,405 — 652,577 Total debt securities $ 2,300,106 $ 18,996 $ 30,992 $ — $ 2,288,110 Investment securities with a fair value of $519.1 million and $582.2 million at March 31, 2022 and December 31, 2021, respectively, were pledged on public deposits, securities sold under agreements to repurchase and for other purposes, as required or permitted by law. Accrued interest receivable on available for sale debt securities and held to maturity debt securities is recorded within 'Other Assets,' and is excluded from the estimate of credit losses. At March 31, 2022 the accrued interest receivable on available for sale debt securities and held to maturity debt securities totaled $6.4 million and $3.8 million, respectively. At December 31, 2021 the accrued interest receivable on available for sale debt securities totaled $9.5 million. There was no accrued interest receivable on held to maturity debt security at December 31, 2021. The following table presents debt securities AFS in an unrealized loss position for which an allowance for credit losses has not been recorded at March 31, 2022, aggregated by investment category and length of time in a continuous loss position: As of March 31, 2022 Number of Securities Less than 12 Months 12 Months or More Total Available for Sale Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (in thousands, except number of securities) State and political subdivisions 228 $ 181,805 $ 6,176 $ 5,364 $ 552 $ 187,169 $ 6,728 Mortgage-backed securities 4 4,531 7 48 — 4,579 7 Collateralized mortgage obligations 16 116,360 6,774 17,973 2,024 134,333 8,798 Corporate debt securities 99 419,928 22,041 84,621 8,282 504,549 30,323 Total 347 $ 722,624 $ 34,998 $ 108,006 $ 10,858 $ 830,630 $ 45,856 As of March 31, 2022, 228 state and political subdivisions securities with total unrealized losses of $6.7 million were held by the Company. Management evaluated these securities through a process that included consideration of credit agency ratings and payment history. In addition, management may evaluate securities by considering the yield spread to treasury securities and the most recent financial information available. Based on this evaluation, management concluded that the decline in fair value was not attributable to credit losses. As of March 31, 2022, 4 mortgage-backed securities and 16 collateralized mortgage obligations with unrealized losses totaling $8.8 million were held by the Company. Management evaluated the payment history of these securities. In addition, management considered the implied U.S. government guarantee of these agency securities and the level of credit enhancement for non-agency securities. Based on this evaluation, management concluded that the decline in fair value was not attributable to credit losses. As of March 31, 2022, 99 corporate debt securities with total unrealized losses of $30.3 million were held by the Company. Management evaluated these securities by considering credit agency ratings and payment history. In addition, management may evaluate securities by considering the yield spread to treasury securities and the most recent financial information available. Based on this evaluation, management concluded that the decline in fair value was not attributable to credit losses. The following table presents debt securities AFS in an unrealized loss position for which an allowance for credit losses has not been recorded at December 31, 2021, aggregated by investment category and length of time in a continuous loss position: As of December 31, 2021 Available for Sale Number of Securities Less than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (in thousands, except number of securities) State and political subdivisions 136 $ 311,960 $ 5,216 $ 15,343 $ 420 $ 327,303 $ 5,636 Mortgage-backed securities 6 43,319 631 80 — 43,399 631 Collateralized mortgage obligations 44 605,729 15,693 61,984 2,627 667,713 18,320 Corporate debt securities 52 303,750 4,567 27,071 1,838 330,821 6,405 Total 238 $ 1,264,758 $ 26,107 $ 104,478 $ 4,885 $ 1,369,236 $ 30,992 The Company evaluates debt securities held to maturity for current expected credit losses. There were no debt securities held to maturity classified as nonaccrual or past due as of March 31, 2022. Held-to-maturity securities are evaluated on a quarterly basis using historical probability of default and loss given default information specific to the investment category. If this evaluation determines that credit losses exist, an allowance for credit loss is recorded and included in earnings as a component of credit loss expense. Based on this evaluation, management concluded that no allowance for credit loss for these securities was required. There were no sales of debt securities available for sale, and therefore no realized gains or losses on sales, for the three months ended March 31, 2022 and 2021. The contractual maturity distribution of investment debt securities at March 31, 2022, is shown below. Expected maturities of MBS and CMO may differ from contractual maturities because the mortgages underlying the securities may be called or prepaid without any penalties. Therefore, these securities are not included in the maturity categories in the following summary. Available for Sale Held to Maturity (in thousands) Amortized Cost Fair Value Amortized Cost Fair Value Due in one year or less $ 59,984 $ 60,555 $ 1,513 $ 1,507 Due after one year through five years 530,381 512,427 39,918 38,131 Due after five years through ten years 355,802 340,809 240,528 222,477 Due after ten years 54,903 53,249 259,842 227,548 $ 1,001,070 $ 967,040 $ 541,801 $ 489,663 Mortgage-backed securities 7,059 7,101 88,281 82,380 Collateralized mortgage obligations 180,229 171,497 574,130 533,771 Total $ 1,188,358 $ 1,145,638 $ 1,204,212 $ 1,105,814 |
Loans Receivable and the Allowa
Loans Receivable and the Allowance for Credit Losses | 3 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
Loans Receivable and the Allowance for Credit Losses | Loans Receivable and the Allowance for Credit Losses The composition of loans by class of receivable was as follows: As of (in thousands) March 31, 2022 December 31, 2021 Agricultural $ 94,649 $ 103,417 Commercial and industrial 898,942 902,314 Commercial real estate: Construction & development 193,130 172,160 Farmland 140,846 144,673 Multifamily 259,609 244,503 Commercial real estate-other 1,130,306 1,143,205 Total commercial real estate 1,723,891 1,704,541 Residential real estate: One- to four- family first liens 331,883 333,308 One- to four- family junior liens 131,793 133,014 Total residential real estate 463,676 466,322 Consumer 68,877 68,418 Loans held for investment, net of unearned income 3,250,035 3,245,012 Allowance for credit losses (46,200) (48,700) Total loans held for investment, net $ 3,203,835 $ 3,196,312 Loans with unpaid principal in the amount of $830.4 million and $816.0 million at March 31, 2022 and December 31, 2021, respectively, were pledged to the FHLB as collateral for borrowings. Non-accrual and Delinquent Status Loans are placed on non-accrual when (1) payment in full of principal and interest is no longer expected or (2) principal or interest has been in default for 90 days or more unless the loan is both well secured with marketable collateral and in the process of collection. All loans rated doubtful or worse, and certain loans rated substandard, are placed on non-accrual. A non-accrual loan may be restored to an accrual status when (1) all past due principal and interest has been paid (excluding renewals and modifications that involve the capitalizing of interest) or (2) the loan becomes well secured with marketable collateral and is in the process of collection. An established track record of performance is also considered when determining accrual status. Loans are considered past due or delinquent when the contractual principal or interest due in accordance with the terms of the loan agreement or any portion thereof remains unpaid after the due date of the scheduled payment. The following table presents the amortized cost basis of loans based on delinquency status: Age Analysis of Past-Due Financial Assets 90 Days or More Past Due And Accruing (in thousands) Current 30 - 59 Days Past Due 60 - 89 Days Past Due 90 Days or More Past Due Total March 31, 2022 Agricultural $ 93,002 $ 970 $ 5 $ 672 $ 94,649 $ — Commercial and industrial 896,143 677 54 2,068 898,942 — Commercial real estate: Construction and development 192,185 — — 945 193,130 — Farmland 138,496 1,053 — 1,297 140,846 — Multifamily 258,224 — 1,385 — 259,609 — Commercial real estate-other 1,110,690 2,250 128 17,238 1,130,306 — Total commercial real estate 1,699,595 3,303 1,513 19,480 1,723,891 — Residential real estate: One- to four- family first liens 329,465 2,147 27 244 331,883 — One- to four- family junior liens 130,955 467 88 283 131,793 — Total residential real estate 460,420 2,614 115 527 463,676 — Consumer 68,744 58 58 17 68,877 — Total $ 3,217,904 $ 7,622 $ 1,745 $ 22,764 $ 3,250,035 $ — December 31, 2021 Agricultural $ 102,352 $ 244 $ — $ 821 $ 103,417 $ — Commercial and industrial 899,423 529 134 2,228 902,314 — Commercial real estate: Construction and development 171,169 396 — 595 172,160 — Farmland 141,814 116 — 2,743 144,673 — Multifamily 243,117 — 1,386 — 244,503 — Commercial real estate-other 1,129,073 8,417 306 5,409 1,143,205 — Total commercial real estate 1,685,173 8,929 1,692 8,747 1,704,541 — Residential real estate: One- to four- family first liens 330,992 1,057 1,057 202 333,308 — One- to four- family junior liens 132,392 261 135 226 133,014 — Total residential real estate 463,384 1,318 1,192 428 466,322 — Consumer 68,326 66 14 12 68,418 — Total $ 3,218,658 $ 11,086 $ 3,032 $ 12,236 $ 3,245,012 $ — The following table presents the amortized cost basis of loans on non-accrual status, amortized cost basis of loans on non-accrual status with no allowance for credit losses recorded, and loans past due 90 days or more and still accruing by class of loan: Nonaccrual Nonaccrual with no Allowance for Credit Losses 90 Days or More Past Due And Accruing (in thousands) March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 Agricultural $ 1,238 $ 2,090 $ 804 $ 1,341 $ — $ — Commercial and industrial 3,344 3,803 1,749 1,341 — — Commercial real estate: Construction and development 945 595 945 595 — — Farmland 4,448 5,499 3,978 4,156 — — Multifamily 973 987 318 323 — — Commercial real estate-other 18,593 16,544 14,602 1,063 — — Total commercial real estate 24,959 23,625 19,843 6,137 — — Residential real estate: One- to four- family first liens 947 1,275 80 345 — — One- to four- family junior liens 659 713 — — — — Total residential real estate 1,606 1,988 80 345 — — Consumer 35 34 — — — — Total $ 31,182 $ 31,540 $ 22,476 $ 9,164 $ — $ — The interest income recognized on loans that were on nonaccrual for the three months ended March 31, 2022 and March 31, 2021 was $70 thousand and $90 thousand, respectively. Credit Quality Information The Company aggregates loans into risk categories based on relevant information about the ability of borrowers to service their debt, such as: current financial information, historical payment experience, credit documentation, and other factors. The Company analyzes loans individually to classify the loans as to credit risk. This analysis includes non-homogenous loans, such as agricultural, commercial and industrial, and commercial real estate loans. Loans not meeting the criteria described below that are analyzed individually are considered to be pass-rated. The Company uses the following definitions for risk ratings: Special Mention/Watch - A special mention/watch asset has potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or in the Company’s credit position at some future date. Special mention/watch assets are not adversely classified and do not expose the Company to sufficient risk to warrant adverse classification. Substandard - Substandard loans are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. Doubtful - Loans classified as doubtful have all the weaknesses inherent in those classified as substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently known facts, conditions and values, highly questionable and improbable. Loss - Loans classified as loss are considered uncollectible and of such little value that their continuance as bankable assets is not warranted. This classification does not mean that the loan has absolutely no recovery or salvage value but rather it is not practical or desirable to defer writing off this basically worthless asset even though partial recovery may be affected in the future. Homogenous loans, including residential real estate and consumer loans, are not individually risk rated. Instead, these loans are categorized based on performance: performing and nonperforming. Nonperforming loans include those loans on nonaccrual and loans greater than 90 days past due and on accrual. The following table sets forth the amortized cost basis of loans by class of receivable by credit quality indicator and vintage based on the most recent analysis performed, as of March 31, 2022. As of March 31, 2022, there were no 'loss' rated credits. Term Loans by Origination Year Revolving Loans March 31, 2022 (in thousands) 2022 2021 2020 2019 2018 Prior Total Agricultural Pass $ 8,413 $ 15,512 $ 6,747 $ 3,742 $ 926 $ 1,043 $ 51,051 $ 87,434 Special mention / watch 107 958 133 173 — 909 1,485 3,765 Substandard — 302 699 18 191 274 1,966 3,450 Doubtful — — — — — — — — Total $ 8,520 $ 16,772 $ 7,579 $ 3,933 $ 1,117 $ 2,226 $ 54,502 $ 94,649 Commercial and industrial Pass $ 38,246 $ 263,108 $ 173,340 $ 55,961 $ 33,094 $ 127,574 $ 160,281 $ 851,604 Special mention / watch 3,011 1,119 3,309 693 444 18,277 8,169 35,022 Substandard — 6 1,260 1,171 725 2,856 6,298 12,316 Doubtful — — — — — — — — Total $ 41,257 $ 264,233 $ 177,909 $ 57,825 $ 34,263 $ 148,707 $ 174,748 $ 898,942 CRE - Construction and development Pass $ 12,980 $ 102,092 $ 37,967 $ 1,907 $ 1,552 $ 2,205 $ 31,925 $ 190,628 Special mention / watch — 867 — 167 — — — 1,034 Substandard — — 863 595 — 10 — 1,468 Doubtful — — — — — — — — Total $ 12,980 $ 102,959 $ 38,830 $ 2,669 $ 1,552 $ 2,215 $ 31,925 $ 193,130 CRE - Farmland Pass $ 17,486 $ 50,457 $ 26,514 $ 11,994 $ 4,906 $ 13,945 $ 1,074 $ 126,376 Special mention / watch 450 817 3,664 — 715 352 — 5,998 Substandard 29 1,473 1,901 1,209 1,797 2,063 — 8,472 Doubtful — — — — — — — — Total $ 17,965 $ 52,747 $ 32,079 $ 13,203 $ 7,418 $ 16,360 $ 1,074 $ 140,846 CRE - Multifamily Pass $ 18,941 $ 99,165 $ 96,159 $ 18,912 $ 2,680 $ 4,823 $ 26 $ 240,706 Special mention / watch 17 7,834 — — 6,000 2,357 — 16,208 Substandard — 654 2,041 — — — — 2,695 Doubtful — — — — — — — — Total $ 18,958 $ 107,653 $ 98,200 $ 18,912 $ 8,680 $ 7,180 $ 26 $ 259,609 CRE - other Pass $ 53,917 $ 324,261 $ 353,204 $ 86,320 $ 40,417 $ 92,908 $ 62,962 $ 1,013,989 Special mention / watch 10,589 2,535 10,980 4,174 10,769 3,520 1,647 44,214 Substandard 757 2,753 46,538 12,426 1,635 7,994 — 72,103 Doubtful — — — — — — — — Total $ 65,263 $ 329,549 $ 410,722 $ 102,920 $ 52,821 $ 104,422 $ 64,609 $ 1,130,306 RRE - One- to four- family first liens Performing $ 35,714 $ 101,835 $ 67,237 $ 25,627 $ 22,357 $ 73,556 $ 4,611 $ 330,937 Nonperforming — 83 5 45 184 629 — 946 Total $ 35,714 $ 101,918 $ 67,242 $ 25,672 $ 22,541 $ 74,185 $ 4,611 $ 331,883 RRE - One- to four- family junior liens Performing $ 9,889 $ 27,499 $ 10,933 $ 3,746 $ 4,479 $ 8,286 $ 66,302 $ 131,134 Nonperforming — 82 — 226 190 161 — 659 Total $ 9,889 $ 27,581 $ 10,933 $ 3,972 $ 4,669 $ 8,447 $ 66,302 $ 131,793 Consumer Performing $ 9,907 $ 28,639 $ 11,968 $ 4,985 $ 3,301 $ 6,985 $ 3,056 $ 68,841 Nonperforming — — 1 15 5 15 — 36 Total $ 9,907 $ 28,639 $ 11,969 $ 5,000 $ 3,306 $ 7,000 $ 3,056 $ 68,877 Total by Credit Quality Indicator Category Pass $ 149,983 $ 854,595 $ 693,931 $ 178,836 $ 83,575 $ 242,498 $ 307,319 $ 2,510,737 Special mention / watch 14,174 14,130 18,086 5,207 17,928 25,415 11,301 106,241 Substandard 786 5,188 53,302 15,419 4,348 13,197 8,264 100,504 Doubtful — — — — — — — — Performing 55,510 157,973 90,138 34,358 30,137 88,827 73,969 530,912 Nonperforming — 165 6 286 379 805 — 1,641 Total $ 220,453 $ 1,032,051 $ 855,463 $ 234,106 $ 136,367 $ 370,742 $ 400,853 $ 3,250,035 The following table sets forth the amortized cost basis of loans by class of receivable by credit quality indicator and vintage based on the most recent analysis performed, as of December 31, 2021. As of December 31, 2021, there were no 'loss' rated credits. Term Loans by Origination Year Revolving Loans December 31, 2021 (in thousands) 2021 2020 2019 2018 2017 Prior Total Agricultural Pass $ 20,145 $ 8,604 $ 4,367 $ 1,260 $ 885 $ 947 $ 58,119 $ 94,327 Special mention / watch 1,255 148 245 — 17 993 1,685 4,343 Substandard 649 827 126 221 4 278 2,642 4,747 Doubtful — — — — — — — — Total $ 22,049 $ 9,579 $ 4,738 $ 1,481 $ 906 $ 2,218 $ 62,446 $ 103,417 Commercial and industrial Pass $ 297,285 $ 199,324 $ 56,258 $ 35,522 $ 60,294 $ 75,342 $ 132,323 $ 856,348 Special mention / watch 4,268 2,342 781 470 4,304 14,274 6,938 33,377 Substandard 8 1,772 1,255 772 37 2,922 5,823 12,589 Doubtful — — — — — — — — Total $ 301,561 $ 203,438 $ 58,294 $ 36,764 $ 64,635 $ 92,538 $ 145,084 $ 902,314 CRE - Construction and development Pass $ 90,662 $ 37,098 $ 4,942 $ 1,611 $ 1,543 $ 578 $ 33,197 $ 169,631 Special mention / watch 874 — 169 — — — — 1,043 Substandard — 879 596 — — 11 — 1,486 Doubtful — — — — — — — — Total $ 91,536 $ 37,977 $ 5,707 $ 1,611 $ 1,543 $ 589 $ 33,197 $ 172,160 CRE - Farmland Pass $ 51,682 $ 33,870 $ 18,674 $ 5,105 $ 5,060 $ 10,240 $ 1,812 $ 126,443 Special mention / watch 3,105 3,824 — 734 292 223 — 8,178 Substandard 1,580 2,004 1,681 2,562 1,667 558 — 10,052 Doubtful — — — — — — — — Total $ 56,367 $ 39,698 $ 20,355 $ 8,401 $ 7,019 $ 11,021 $ 1,812 $ 144,673 CRE - Multifamily Pass $ 97,188 $ 96,389 $ 19,234 $ 2,754 $ 4,555 $ 3,813 $ 273 $ 224,206 Special mention / watch 7,871 — — 6,000 1,859 544 — 16,274 Substandard 663 2,049 — — — 1,311 — 4,023 Doubtful — — — — — — — — Total $ 105,722 $ 98,438 $ 19,234 $ 8,754 $ 6,414 $ 5,668 $ 273 $ 244,503 CRE - other Pass $ 325,902 $ 384,591 $ 94,449 $ 37,960 $ 60,890 $ 60,543 $ 45,910 $ 1,010,245 Special mention / watch 5,302 26,239 5,172 11,243 2,557 1,905 1,768 54,186 Substandard 4,182 48,885 12,497 5,401 973 6,836 — 78,774 Doubtful — — — — — — — — Total $ 335,386 $ 459,715 $ 112,118 $ 54,604 $ 64,420 $ 69,284 $ 47,678 $ 1,143,205 RRE - One- to four- family first liens Performing $ 115,539 $ 77,086 $ 27,279 $ 24,697 $ 16,425 $ 65,676 $ 5,331 $ 332,033 Nonperforming 352 20 45 295 — 563 — 1,275 Total $ 115,891 $ 77,106 $ 27,324 $ 24,992 $ 16,425 $ 66,239 $ 5,331 $ 333,308 RRE - One- to four- family junior liens Performing $ 29,904 $ 13,335 $ 4,295 $ 5,109 $ 3,574 $ 5,104 $ 70,980 $ 132,301 Nonperforming 31 — 156 198 16 207 105 713 Total $ 29,935 $ 13,335 $ 4,451 $ 5,307 $ 3,590 $ 5,311 $ 71,085 $ 133,014 Consumer Performing $ 33,124 $ 14,386 $ 5,917 $ 4,080 $ 1,686 $ 5,778 $ 3,412 $ 68,383 Nonperforming — — 15 — 13 7 — 35 Total $ 33,124 $ 14,386 $ 5,932 $ 4,080 $ 1,699 $ 5,785 $ 3,412 $ 68,418 Total by Credit Quality Indicator Category Pass $ 882,864 $ 759,876 $ 197,924 $ 84,212 $ 133,227 $ 151,463 $ 271,634 $ 2,481,200 Special mention / watch 22,675 32,553 6,367 18,447 9,029 17,939 10,391 117,401 Substandard 7,082 56,416 16,155 8,956 2,681 11,916 8,465 111,671 Doubtful — — — — — — — — Performing 178,567 104,807 37,491 33,886 21,685 76,558 79,723 532,717 Nonperforming 383 20 216 493 29 777 105 2,023 Total $ 1,091,571 $ 953,672 $ 258,153 $ 145,994 $ 166,651 $ 258,653 $ 370,318 $ 3,245,012 Allowance for Credit Losses At March 31, 2022, the economic forecast used by the Company showed the following: (1) Midwest unemployment – decreases over the next four forecasted quarters; (2) Year-to-year change in national retail sales - increases over the next four forecasted quarters; (3) Year-to-year change in CRE Index - increases over the next four forecasted quarters; (4) Year-to-year change in U.S. GDP - increases over the next four forecasted quarters; (5) Year-to-year change in National Home Price Index – increases over the next four forecasted quarters; and (6) Rental Vacancy - increases over the next four forecasted quarters. The decline in the ACL between the three-months ended ended March 31, 2021 and the three-months ended March 31, 2022 is reflective of overall improvements in forecasted economic conditions and the continued improvement in overall asset quality. Net loan charge-offs were $2.2 million for the three-months ended March 31, 2022 as compared to net loan charge-offs of $0.3 million for the three-months ended ended March 31, 2021. We have made a policy election to report interest receivable as a separate line on the balance sheet. Accrued interest receivable, which is recorded within 'Other Assets', totaled $9.3 million at March 31, 2022 and $10.4 million at December 31, 2021 and is excluded from the estimate of credit losses. The changes in the allowance for credit losses by portfolio segment were as follows: For the Three Months Ended March 31, 2022 and 2021 (in thousands) Agricultural Commercial and Industrial Commercial Real Estate Residential Real Estate Consumer Total For the Three Months Ended March 31, 2022 Beginning balance $ 667 $ 17,294 $ 26,120 $ 4,010 $ 609 $ 48,700 Charge-offs — (233) (2,184) (30) (184) (2,631) Recoveries 7 225 117 16 44 409 Credit loss (benefit) expense (1) (294) (11) 4 (88) 111 (278) Ending balance $ 380 $ 17,275 $ 24,057 $ 3,908 $ 580 $ 46,200 For the Three Months Ended March 31, 2021 Beginning balance $ 1,346 $ 15,689 $ 32,640 $ 4,882 $ 943 $ 55,500 Charge-offs (41) (666) (66) (35) (195) (1,003) Recoveries 27 292 306 9 53 687 Credit loss (benefit) expense (1) (222) (1,671) (2,455) (201) 15 (4,534) Ending balance $ 1,110 $ 13,644 $ 30,425 $ 4,655 $ 816 $ 50,650 (1) The difference in the credit loss expense reported herein as compared to the Consolidated Statements of Income is associated with the credit loss (benefit) expense of $0.3 million and $(0.2) million related to off-balance sheet credit exposures for the three months ended March 31, 2022 and March 31, 2021, respectively. The composition of allowance for credit losses by portfolio segment based on evaluation method were as follows: As of March 31, 2022 (in thousands) Agricultural Commercial and Industrial Commercial Real Estate Residential Real Estate Consumer Total Loans held for investment, net of unearned income Individually evaluated for impairment $ 804 $ 2,846 $ 24,646 $ 290 $ — $ 28,586 Collectively evaluated for impairment 93,845 896,096 1,699,245 463,386 68,877 3,221,449 Total $ 94,649 $ 898,942 $ 1,723,891 $ 463,676 $ 68,877 $ 3,250,035 Allowance for credit losses: Individually evaluated for impairment $ — $ 420 $ 1,762 $ 209 $ — $ 2,391 Collectively evaluated for impairment 380 16,855 22,295 3,699 580 43,809 Total $ 380 $ 17,275 $ 24,057 $ 3,908 $ 580 $ 46,200 As of December 31, 2021 (in thousands) Agricultural Commercial and Industrial Commercial Real Estate Residential Real Estate Consumer Total Loans held for investment, net of unearned income Individually evaluated for impairment $ 1,341 $ 3,005 $ 23,118 $ 570 $ — $ 28,034 Collectively evaluated for impairment 102,076 899,309 1,681,423 465,752 68,418 3,216,978 Total $ 103,417 $ 902,314 $ 1,704,541 $ 466,322 $ 68,418 $ 3,245,012 Allowance for credit losses: Individually evaluated for impairment $ — $ 681 $ 2,193 $ 224 $ — $ 3,098 Collectively evaluated for impairment 667 16,613 23,927 3,786 609 45,602 Total $ 667 $ 17,294 $ 26,120 $ 4,010 $ 609 $ 48,700 The following table presents the amortized cost basis of collateral dependent loans, by the primary collateral type, which are individually evaluated to determine expected credit losses, and the related ACL allocated to these loans: As of March 31, 2022 (in thousands) Primary Type of Collateral Real Estate Equipment Other Total ACL Allocation Agricultural $ 591 $ 213 $ — $ 804 $ — Commercial and industrial 408 514 1,924 2,846 420 Commercial real estate: Construction and development 945 — — 945 — Farmland 4,323 — — 4,323 6 Multifamily 972 — — 972 375 Commercial real estate-other 16,761 — 1,645 18,406 1,381 Residential real estate: One- to four- family first liens 145 — — 145 65 One- to four- family junior liens — — 145 145 144 Consumer — — — — — Total $ 24,145 $ 727 $ 3,714 $ 28,586 $ 2,391 As of December 31, 2021 (in thousands) Primary Type of Collateral Real Estate Equipment Other Total ACL Allocation Agricultural $ 916 $ 425 $ — $ 1,341 $ — Commercial and industrial 408 374 2,223 3,005 681 Commercial real estate: Construction and development 595 — — 595 — Farmland 5,185 — — 5,185 22 Multifamily 987 — — 987 387 Commercial real estate-other 16,130 — 221 16,351 1,784 Residential real estate: One- to four- family first liens 410 — — 410 64 One- to four- family junior liens — — 160 160 160 Consumer — — — — — Total $ 24,631 $ 799 $ 2,604 $ 28,034 $ 3,098 Troubled Debt Restructurings TDRs totaled $18.9 million and $20.0 million as of March 31, 2022 and December 31, 2021, respectively. As of March 31, 2022, the Company had $8 thousand of commitments to lend additional funds to borrowers with loans classified as TDR. The following table sets forth information on the Company's TDRs by class of financing receivable occurring during the stated periods. TDRs include multiple concessions, and the disclosure classifications in the table are based on the primary concession provided to the borrower. Three Months Ended March 31, 2022 2021 Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment (dollars in thousands) CONCESSION - Extended maturity date One- to four- family first liens — $ — $ — 1 $ 93 $ 93 CONCESSION - Other Agricultural 1 140 140 — — — Farmland 3 1,529 1,529 — — — Commercial real estate-other — — — 1 44 44 One- to four- family first liens — — — 1 150 150 Total 4 $ 1,669 $ 1,669 3 $ 287 $ 287 Loans by class of financing receivable modified as TDRs that redefaulted within 12 months subsequent to restructure during the stated periods were as follows: Three Months Ended March 31, 2022 2021 Number of Contracts Recorded Investment Number of Contracts Recorded Investment (dollars in thousands) CONCESSION - Extended maturity date Commercial real estate-other 1 $ 7,388 — $ — Total 1 $ 7,388 — $ — |
Derivatives, Hedging Activities
Derivatives, Hedging Activities and Balance Sheet Offsetting | 3 Months Ended |
Mar. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives, Hedging Activities and Balance Sheet Offsetting | Derivatives, Hedging Activities and Balance Sheet Offsetting The following table presents the total notional amounts and gross fair values of the Company’s derivatives as of the dates indicated. The derivative asset and liability balances are presented on a gross basis, prior to the application of master netting agreements, as included in other assets and other liabilities, respectively, on the consolidated balance sheets. The fair values of the Company's derivative instrument assets and liabilities are summarized as follows: As of March 31, 2022 As of December 31, 2021 Notional Amount Fair Value Notional Amount Fair Value (in thousands) Assets Liabilities Assets Liabilities Designated as hedging instruments: Fair value hedges: Interest rate swaps $ 24,610 $ 1,037 $ 458 $ 24,802 $ 424 $ 1,400 Total $ 24,610 $ 1,037 $ 458 $ 24,802 $ 424 $ 1,400 Not designated as hedging instruments: Interest rate swaps $ 353,581 $ 8,998 $ 9,004 $ 356,636 $ 5,352 $ 5,363 RPAs - protection sold 4,167 — — 4,229 — — RPAs - protection purchased 9,579 — — 9,629 — 2 Interest rate lock commitments 12,582 — 51 17,438 330 — Interest rate forward loan sales contracts 15,271 334 — 22,710 — (24) Total $ 395,180 $ 9,332 $ 9,055 $ 410,642 $ 5,682 $ 5,341 Derivatives Designated as Hedging Instruments The Company uses derivative instruments to hedge its exposure to economic risks, including interest rate, liquidity, and credit risk. Certain hedging relationships are formally designated and qualify for hedge accounting under GAAP as fair value or cash flow hedges. Fair Value Hedges - Derivatives are designated as fair value hedges to limit the Company's exposure to changes in the fair value of assets or liabilities due to movements in interest rates. The Company entered into pay-fixed receive-floating interest rate swaps to manage its exposure to changes in fair value in certain fixed-rate assets. The gain or loss on the derivative as well as the offsetting loss or gain on the hedged item attributable to the hedged risk are recognized in interest income. The table below presents the effect of the Company’s derivative financial instruments designated as hedging instruments on the consolidated statements of income for the periods indicated: Location and Amount of Gain or Loss Recognized in Income on Fair Value Hedging Relationships For the Three Months Ended March 31, 2022 2021 (in thousands) Interest Income Other Income Interest Income Other Income Total amounts of income and expense line items presented in the consolidated statements of income in which the effects of fair value hedges are recorded $ (104) $ — $ (108) $ — Gain (loss) on fair value hedging relationships in subtopic 815-20: Interest contracts: Hedged items (1,553) — (1,633) — Derivative designated as hedging instruments 942 — 1,123 — As of March 31, 2022, the following amounts were recorded on the balance sheet related to cumulative basis adjustment for fair value hedges: Line Item in the Balance Sheet in Which the Hedged Item is Included Carrying Amount of the Hedged Assets Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Asset (in thousands) Loans $ 24,058 $ (574) Derivatives Not Designated as Hedging Instruments Interest Rate Swaps - The Company periodically enters into commercial loan interest rate swap agreements in order to provide commercial loan customers with the ability to convert from variable to fixed interest rates. These derivative contracts relate to transactions in which the Company enters into an interest rate swap with a customer, while simultaneously entering into an offsetting interest rate swap with an institutional counterparty. Credit Risk Participation Agreements -The Company enters into RPAs to manage the credit exposure on interest rate contracts associated with a syndicated loan. The Company may enter into protection purchased RPAs with institutional counterparties to decrease or increase its exposure to a borrower. Under the RPA, the Company will receive or make payment if a borrower defaults on the related interest rate contract. The notional amount of the RPAs reflects the Company’s pro-rata share of the derivative instrument. Interest Rate Forward Loan Sales Contracts & Interest Rate Lock Commitments - The Company enters into forward delivery contracts to sell residential mortgage loans at specific prices and dates in order to hedge the interest rate risk in its portfolio of mortgage loans held for sale and its residential mortgage interest rate lock commitments. The following table presents the net gains (losses) recognized on the consolidated statements of income related to the derivatives not designated as hedging instruments for the periods indicated: Location in the Consolidated Statements of Income For the Three Months Ended March 31, (in thousands) 2022 2021 Interest rate swaps Other income $ (5) $ (34) RPAs Other income (1) — Interest rate lock commitments Loan revenue 381 — Interest rate forward loan sales contracts Loan revenue (311) — Total $ 64 $ (34) Offsetting of Derivatives The Company has entered into agreements with certain counterparty financial institutions, which include master netting agreements. However, the Company has elected to account for all derivatives with counterparty institutions on a gross basis. The Company manages the risk of default by its borrower counterparties through its normal loan underwriting and credit monitoring policies and procedures. The table below presents gross derivatives and the respective collateral received or pledged in the form of other financial instruments as of March 31, 2022 and December 31, 2021, which are generally marketable securities and/or cash. The collateral amounts in the table below are limited to the outstanding balances of the related asset or liability (after netting is applied); thus instances of over-collateralization are not shown. Further, the net amounts of derivative assets or liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the consolidated balance sheets. Gross Amounts Not Offset in the Balance Sheet (in thousands) Gross Amounts of Recognized Assets (Liabilities) Gross Amounts Offset in the Balance Sheet Net Amounts of Assets (Liabilities) presented in the Balance Sheet Financial Instruments Cash Collateral Received (Paid) Net Assets (Liabilities) As of March 31, 2022 Asset Derivatives $ 10,369 $ — $ 10,369 $ — $ 8,310 $ 2,059 Liability Derivatives (9,513) — (9,513) — 1,100 (10,613) As of December 31, 2021 Asset Derivatives $ 6,106 $ — $ 6,106 $ — $ — $ 6,106 Liability Derivatives (6,741) — (6,741) — (3,250) (3,491) Credit-risk-related Contingent Features The Company has an unsecured federal funds line with its institutional derivative counterparty. The Company has an agreement with its institutional derivative counterparty that contains a provision under which if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its derivative obligations. The Company also has an agreement with its derivative counterparty that contains a provision under which the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company’s default on the indebtedness. As of March 31, 2022, the fair value of derivatives in a net liability position, which includes accrued interest but excludes any adjustment for nonperformance risk, related to these agreements was $0.7 million. As of March 31, 2022, the Company had minimum collateral posting thresholds with certain of its derivative counterparties and had posted $1.1 million of collateral related to these agreements. If the Company had breached any of these provisions at March 31, 2022, it could have been required to settle its obligations under the agreements at their termination value of $0.7 million. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 3 Months Ended |
Mar. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets The carrying amount of goodwill was $62.5 million at March 31, 2022 and December 31, 2021. The following table presents the gross carrying amount, accumulated amortization, and net carrying amount of other intangible assets at the dates indicated: As of March 31, 2022 As of December 31, 2021 (in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Core deposit intangible $ 41,745 $ (31,610) $ 10,135 $ 41,745 $ (30,629) $ 11,116 Customer relationship intangible 5,265 (3,916) 1,349 5,265 (3,692) 1,573 Other 2,700 (2,566) 134 2,700 (2,544) 156 $ 49,710 $ (38,092) $ 11,618 $ 49,710 $ (36,865) $ 12,845 Indefinite-lived trade name intangible $ 7,040 $ 7,040 The following table provides the estimated future amortization expense for the remaining nine months ending December 31, 2022 and the succeeding annual periods: (in thousands) Core Deposit Intangible Customer Relationship Intangible Other Total 2022 $ 2,506 $ 573 $ 57 $ 3,136 2023 2,833 518 51 3,402 2024 2,180 239 24 2,443 2025 1,526 19 2 1,547 2026 872 — — 872 Thereafter 218 — — 218 Total $ 10,135 $ 1,349 $ 134 $ 11,618 |
Other Assets
Other Assets | 3 Months Ended |
Mar. 31, 2022 | |
Other Assets [Abstract] | |
Other Assets | Other Assets The components of the Company's other assets as of March 31, 2022 and December 31, 2021 were as follows: (in thousands) March 31, 2022 December 31, 2021 Bank-owned life insurance $ 85,903 $ 85,372 Interest receivable 19,649 20,117 FHLB stock 11,302 10,157 Mortgage servicing rights 9,276 6,532 Operating lease right-of-use assets, net 2,589 2,840 Federal and state income taxes, current — 178 Federal and state income taxes, deferred 24,160 13,893 Derivative assets 10,369 6,106 Other receivables/assets 12,975 12,553 $ 176,223 $ 157,748 |
Deposits
Deposits | 3 Months Ended |
Mar. 31, 2022 | |
Deposits [Abstract] | |
Deposits | Deposits The following table presents the composition of our deposits as of the dates indicated: (in thousands) March 31, 2022 December 31, 2021 Noninterest bearing deposits $ 1,002,415 $ 1,005,369 Interest checking deposits 1,601,249 1,619,136 Money market deposits 983,709 939,523 Savings deposits 650,314 628,242 Time deposits under $250 501,903 505,392 Time deposits of $250 or more 338,135 416,857 Total deposits $ 5,077,725 $ 5,114,519 The Company had $5.0 million and $3.4 million in reciprocal time deposits as of March 31, 2022 and December 31, 2021, respectively. Included in interest-bearing checking and money market deposits at March 31, 2022 and December 31, 2021 were $34.9 million and $35.4 million, respectively, of reciprocal deposits. These reciprocal deposits are part of the IntraFi Network Deposits program, which is used by financial institutions to spread deposits that exceed the FDIC insurance coverage limits out to numerous institutions in order to provide insurance coverage for all participating deposits. As of March 31, 2022 and December 31, 2021, the Company had public entity deposits that were collateralized by investment securities of $268.0 million and $303.3 million, respectively. |
Short-Term Borrowings
Short-Term Borrowings | 3 Months Ended |
Mar. 31, 2022 | |
Short-term Debt [Abstract] | |
Short-Term Borrowings | Short-Term Borrowings The following table summarizes our short-term borrowings as of the dates indicated: March 31, 2022 December 31, 2021 (in thousands) Weighted Average Rate Balance Weighted Average Rate Balance Securities sold under agreements to repurchase 0.24 % $ 148,293 0.24 % $ 181,368 Federal Home Loan Bank advances 0.54 32,900 — — Total 0.30 % $ 181,193 0.24 % $ 181,368 Securities Sold Under an Agreement to Repurchase - Securities sold under agreements to repurchase are agreements in which the Company acquires funds by selling assets to another party under a simultaneous agreement to repurchase the same assets at a specified price and date. The Company enters into repurchase agreements and also offers a demand deposit account product to customers that sweeps their balances in excess of an agreed upon target amount into overnight repurchase agreements. All securities sold under agreements to repurchase are recorded on the face of the balance sheet. Federal Home Loan Bank Advances - The Bank has a secured line of credit with the FHLBDM. Advances from the FHLBDM are collateralized primarily by one- to four-family residential, commercial and agricultural real estate first mortgages equal to various percentages of the total outstanding notes. See Note 3. Loans Receivable and the Allowance for Credit Losses of the notes to the consolidated financial statements. Federal Funds Purchased - The Bank has unsecured federal funds lines totaling $155.0 million from multiple correspondent banking relationships. There were no borrowings from such lines at either March 31, 2022 or December 31, 2021. Other - At March 31, 2022 and December 31, 2021, the Company had no Federal Reserve Discount Window borrowings, while the financing capacity was $56.8 million as of March 31, 2022 and $60.2 million as of December 31, 2021. As of March 31, 2022 and December 31, 2021, the Bank had municipal securities with a market value of $61.3 million and $65.2 million, respectively, pledged to the Federal Reserve Bank of Chicago to secure potential borrowings. |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt Junior Subordinated Notes Issued to Capital Trusts The table below summarizes the terms of each issuance of junior subordinated notes outstanding as of the dates indicated: (in thousands) Face Value Book Value Interest Rate Rate Maturity Date Callable Date March 31, 2022 ATBancorp Statutory Trust I $ 7,732 $ 6,898 Three-month LIBOR + 1.68% 2.51 % 06/15/2036 06/15/2011 ATBancorp Statutory Trust II 12,372 10,923 Three-month LIBOR + 1.65% 2.48 % 09/15/2037 06/15/2012 Barron Investment Capital Trust I 2,062 1,808 Three-month LIBOR + 2.15% 3.11 % 09/23/2036 09/23/2011 Central Bancshares Capital Trust II 7,217 6,891 Three-month LIBOR + 3.50% 4.33 % 03/15/2038 03/15/2013 MidWestOne Statutory Trust II 15,464 15,464 Three-month LIBOR + 1.59% 2.42 % 12/15/2037 12/15/2012 Total $ 44,847 $ 41,984 December 31, 2021 ATBancorp Statutory Trust I $ 7,732 $ 6,888 Three-month LIBOR + 1.68% 1.88 % 06/15/2036 06/15/2011 ATBancorp Statutory Trust II 12,372 10,908 Three-month LIBOR + 1.65% 1.85 % 09/15/2037 06/15/2012 Barron Investment Capital Trust I 2,062 1,800 Three-month LIBOR + 2.15% 2.37 % 09/23/2036 09/23/2011 Central Bancshares Capital Trust II 7,217 6,880 Three-month LIBOR + 3.50% 3.70 % 03/15/2038 03/15/2013 MidWestOne Statutory Trust II 15,464 15,464 Three-month LIBOR + 1.59% 1.79 % 12/15/2037 12/15/2012 Total $ 44,847 $ 41,940 The trust preferred securities are subject to mandatory redemption, in whole or in part, upon repayment of the junior subordinated notes at the stated maturity date or upon redemption of the junior subordinated notes. Each trust’s ability to pay amounts due on the trust preferred securities is solely dependent upon the Company making payment on the related junior subordinated notes. The Company’s obligation under the junior subordinated notes and other relevant trust agreements, in aggregate, constitutes a full and unconditional guarantee by the Company of each trust’s obligations under the trust preferred securities issued by each trust. The Company has the right to defer payment of interest on the junior subordinated notes and, therefore, distributions on the trust preferred securities, for up to five years, but not beyond the stated maturity date in the table above. During any such deferral period the Company may not pay cash dividends on its stock and generally may not repurchase its stock. Subordinated Debentures On July 28, 2020, the Company completed the private placement offering of $65.0 million of its subordinated notes, of which $63.75 million have been exchanged for subordinated notes registered under the Securities Act of 1933. The 5.75% fixed-to-floating rate subordinated notes are due July 30, 2030. At March 31, 2022, 100% of the subordinated notes qualified as Tier 2 capital. Per applicable Federal Reserve rules and regulations, the amount of the subordinated notes qualifying as Tier 2 regulatory capital will be phased-out by 20% of the amount of the subordinated notes in each of the five years beginning on the fifth anniversary preceding the maturity date of the subordinated notes. Other Long-Term Debt Long-term borrowings were as follows as of March 31, 2022 and December 31, 2021: March 31, 2022 December 31, 2021 (in thousands) Weighted Average Rate Balance Weighted Average Rate Balance Finance lease payable 8.89 % $ 912 8.89 % $ 951 FHLB borrowings 2.74 33,094 2.76 48,113 Total 2.90 % $ 34,006 2.88 % $ 49,064 As a member of the FHLBDM, the Bank may borrow funds from the FHLB in amounts up to 45% of the Bank’s total assets, provided the Bank is able to pledge an adequate amount of qualified assets to secure the borrowings. Advances from the FHLB are collateralized primarily by one- to four-family residential, commercial and agricultural real estate first mortgages equal to various percentages of the total outstanding notes. See Note 3. Loans Receivable and the Allowance for Credit Losses of the notes to the unaudited consolidated financial statements. At March 31, 2022, FHLB long-term borrowings included advances from the FHLBC, which were collateralized by investment securities. See Note 2. Debt Securities of the notes to the unaudited consolidated financial statements. As of March 31, 2022, FHLB borrowings were as follows: (in thousands) Weighted Average Rate Amount Due in 2022 2.56 % $ 16,000 Due in 2023 2.79 % 11,000 Due in 2024 3.15 % 6,000 Total 33,000 Valuation adjustment from acquisition accounting 94 Total $ 33,094 |
Earnings per Share
Earnings per Share | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings per Share | Earnings per Share The following table presents the computation of basic and diluted earnings per common share for the periods indicated: Three Months Ended March 31, (dollars in thousands, except per share amounts) 2022 2021 Basic Earnings Per Share: Net income $ 13,895 $ 21,648 Weighted average shares outstanding 15,683,136 15,990,724 Basic earnings per common share $ 0.89 $ 1.35 Diluted Earnings Per Share: Net income $ 13,895 $ 21,648 Weighted average shares outstanding, including all dilutive potential shares 15,717,960 16,020,920 Diluted earnings per common share $ 0.88 $ 1.35 |
Regulatory Capital Requirements
Regulatory Capital Requirements and Restrictions on Subsidiary Cash | 3 Months Ended |
Mar. 31, 2022 | |
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract] | |
Regulatory Capital Requirements and Restrictions on Subsidiary Cash | Regulatory Capital Requirements and Restrictions on Subsidiary Cash Regulatory Capital and Reserve Requirement - The Company (on a consolidated basis) and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company's consolidated financial statements. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. As of March 31, 2022 and December 31, 2021, the Bank was not required to maintain reserve balances in cash on hand or on deposit with Federal Reserve Banks, and therefore the total amount held in reserve for each of these periods was zero dollars. A comparison of the Company's and the Bank's capital with the corresponding minimum regulatory requirements in effect as of March 31, 2022 and December 31, 2021, is presented below: Actual For Capital Adequacy Purposes With Capital Conservation Buffer (1) To Be Well Capitalized Under Prompt Corrective Action Provisions (dollars in thousands) Amount Ratio Amount Ratio Amount Ratio At March 31, 2022 Consolidated: Total capital/risk weighted assets $624,401 12.89% $508,653 10.50% N/A N/A Tier 1 capital/risk weighted assets 517,418 10.68 411,767 8.50 N/A N/A Common equity tier 1 capital/risk weighted assets 475,434 9.81 339,102 7.00 N/A N/A Tier 1 leverage capital/average assets 517,418 8.85 233,833 4.00 N/A N/A MidWest One Bank: Total capital/risk weighted assets $585,720 12.12% $507,416 10.50% $483,253 10.00% Tier 1 capital/risk weighted assets 543,737 11.25 410,765 8.50 386,603 8.00 Common equity tier 1 capital/risk weighted assets 543,737 11.25 338,277 7.00 314,115 6.50 Tier 1 leverage capital/average assets 543,737 9.30 233,765 4.00 292,206 5.00 At December 31, 2021 Consolidated: Total capital/risk weighted assets $615,060 13.09% $493,283 10.50% N/A N/A Tier 1 capital/risk weighted assets 508,687 10.83 399,324 8.50 N/A N/A Common equity tier 1 capital/risk weighted assets 466,747 9.94 328,855 7.00 N/A N/A Tier 1 leverage capital/average assets 508,687 8.67 234,745 4.00 N/A N/A MidWest One Bank: Total capital/risk weighted assets $584,348 12.46% $492,436 10.50% $468,987 10.00% Tier 1 capital/risk weighted assets 542,975 11.58 398,639 8.50 375,189 8.00 Common equity tier 1 capital/risk weighted assets 542,975 11.58 328,291 7.00 304,841 6.50 Tier 1 leverage capital/average assets 542,975 9.25 234,686 4.00 293,358 5.00 (1) Includes a capital conservation buffer of 2.50%. Subordinated Notes - The Company completed a private placement of $65.0 million aggregate principal amount of 5.75% fixed-to-floating rate subordinated notes on July 28, 2020. The subordinated notes are intended to qualify as Tier 2 capital for regulatory purposes. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Credit-related financial instruments - The Bank 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. These financial instruments include commitments to extend credit, commitments to sell loans, and standby letters of credit. These instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized in the balance sheets. The Bank uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments. The following table summarizes the Bank’s commitments as of the dates indicated: March 31, 2022 December 31, 2021 (in thousands) Commitments to extend credit $ 1,034,843 $ 1,014,397 Commitments to sell loans 6,466 12,917 Standby letters of credit 16,757 16,342 Total $ 1,058,066 $ 1,043,656 The Bank’s exposure to credit loss in the event of nonperformance by the counterparty to the financial instrument for commitments to extend credit is represented by the contractual amount of those instruments. Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Bank evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Bank upon extension of credit, is based on management’s credit evaluation of the party. Collateral held varies, but may include accounts receivable, crops, livestock, inventory, property and equipment, residential real estate and income-producing commercial properties. Commitments to sell loans are agreements to sell loans held for sale to third parties at an agreed upon price. Standby letters of credit are conditional commitments issued to guarantee the performance of a customer to a third party. Those guarantees are primarily issued to support public and private borrowing arrangements and, generally, have terms of one year or less. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. The Bank holds collateral, which may include accounts receivable, inventory, property, equipment and income-producing properties, that support those commitments, if deemed necessary. In the event the customer does not perform in accordance with the terms of the agreement with the third party, the Bank would be required to fund the commitment. The maximum potential amount of future payments the Bank could be required to make is represented by the contractual amount shown in the summary above. If the commitment is funded, the Bank would be entitled to seek recovery from the customer. Liability for Off-Balance Sheet Credit Losses - The Company records a liability for off-balance sheet credit losses through a charge to credit loss expense (or a reversal of credit loss expense) on the Company's consolidated statements of income and other liabilities on the Company's consolidated balance sheets. At March 31, 2022, the liability for off-balance-sheet credit losses totaled $4.3 million, whereas the total amount of the liability as of December 31, 2021 was $4.0 million. The total amount recorded in credit loss expense (benefit) for the three-months ended March 31, 2022 was an expense of $0.3 million, while a credit loss benefit of $0.2 million was recorded for the three-months ended March 31, 2021. Litigation - In the normal course of business, the Company and its subsidiaries have been named, from time to time, as defendants in various legal actions. Certain of the actual or threatened legal actions may include claims for substantial compensatory and/or punitive damages or claims for indeterminate amounts of damages. Management, after consulting with legal counsel, is of the opinion that the ultimate liability, if any, resulting from these pending or threatened actions and proceedings will not have a material effect on the financial statements of the Company. Concentrations of credit risk - Substantially all of the Bank’s loans, commitments to extend credit and standby letters of credit have been granted to customers in the Bank’s market areas. Although the loan portfolio of the Bank is diversified, approximately 63% of the loans are real estate loans, excluding farmland, and approximately 7% are agriculturally related. The concentrations of credit by type of loan are set forth in Note 3. Loans Receivable and the Allowance for Credit Losses |
Fair Value of Financial Instrum
Fair Value of Financial Instruments and Fair Value Measurements | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments and Fair Value Measurements | Fair Value of Financial Instruments and Fair Value Measurements Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values: • Level 1 – Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. • Level 2 – Significant other observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. • Level 3 – Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. For additional information regarding the valuation methodologies used to measure the Company's assets recorded at fair value, and for estimating fair value for financial instruments not recorded at fair value, see Note 1. Nature of Business and Significant Accounting Policies and Note 20. Estimated Fair Value of Financial Instruments and Fair Value Measurements to the consolidated financial statements in the Company's 2021 Annual Report on Form 10-K, filed with the SEC on March 10, 2022. The Company uses fair value to measure certain assets and liabilities on a recurring basis, primarily available for sale debt securities, derivatives and mortgage servicing rights. For assets measured at the lower of cost or fair value, the fair value measurement criteria may or may not be met during a reporting period, and such measurements are therefore considered "nonrecurring" for purposes of disclosing the Company's fair value measurements. Fair value is used on a nonrecurring basis to adjust carrying values for collateral dependent individually analyzed loans and other real estate owned. Recurring Basis The following table summarizes assets and liabilities measured at fair value on a recurring basis as of the dates indicated, by level within the fair value hierarchy: Fair Value Measurement at March 31, 2022 Using (in thousands) Total Level 1 Level 2 Level 3 Assets: Available for sale debt securities: State and political subdivisions $ 288,988 $ — $ 288,988 $ — Mortgage-backed securities 7,101 — 7,101 — Collateralized mortgage obligations 171,497 — 171,497 — Corporate debt securities 678,052 — 678,052 — Derivative assets 10,369 — 10,369 — Mortgage servicing rights 9,276 — 9,276 — Liabilities: Derivative liabilities $ 9,513 $ — $ 9,462 $ 51 Fair Value Measurement at December 31, 2021 Using (in thousands) Total Level 1 Level 2 Level 3 Assets: Debt securities available for sale: U.S. Government agencies and corporations $ 266 $ — $ 266 $ — State and political subdivisions 765,742 — 765,742 — Mortgage-backed securities 100,626 — 100,626 — Collateralized mortgage obligations 768,899 — 768,899 — Corporate debt securities 652,577 — 652,577 — Derivative assets 6,106 — 5,776 330 Mortgage servicing rights 6,532 — 6,532 — Liabilities: Derivative liabilities $ 6,741 $ — $ 6,741 $ — There were no transfers of assets between Level 3 and other levels of the fair value hierarchy during the three months ended March 31, 2022 or the year ended December 31, 2021. Changes in the fair value of available for sale debt securities are included in other comprehensive income. The following table presents the valuation technique, significant unobservable inputs, and quantitative information about the unobservable inputs used for fair value measurements of the financial instruments held by the Company and categorized within Level 3 of the fair value hierarchy as of the dates indicated: Fair Value at (dollars in thousands) March 31, 2022 December 31, 2021 Valuation Techniques(s) Unobservable Input Range of Inputs Weighted Average Interest rate lock commitments $ (51) $ 330 Quoted or published market prices of similar instruments, adjusted for factors such as pull-through rate assumptions Pull-through rate 70 % - 100 % 91 % Nonrecurring Basis The following table presents assets measured at fair value on a nonrecurring basis as of the dates indicated: Fair Value Measurement at March 31, 2022 Using (in thousands) Total Level 1 Level 2 Level 3 Collateral dependent individually analyzed loans $ 3,721 $ — $ — $ 3,721 Foreclosed assets, net 273 — — 273 Fair Value Measurement at December 31, 2021 Using (in thousands) Total Level 1 Level 2 Level 3 Collateral dependent individually analyzed loans $ 15,772 $ — $ — $ 15,772 Foreclosed assets, net 357 — — 357 The following table presents the valuation technique(s), unobservable inputs, and quantitative information about the unobservable inputs used for fair value measurements of the financial instruments held by the Company and categorized within Level 3 of the fair value hierarchy as of the dates indicated: Fair Value at (dollars in thousands) March 31, 2022 December 31, 2021 Valuation Techniques(s) Unobservable Input Range of Inputs Weighted Average Collateral dependent individually analyzed loans $ 3,721 $ 15,772 Fair value of collateral Valuation adjustments — % - 60 % 25 % Foreclosed assets, net $ 273 $ 357 Fair value of collateral Valuation adjustments 8 % - 12 % 10 % Changes in assumptions or estimation methodologies may have a material effect on these estimated fair values. Carrying Amount and Estimated Fair Value of Financial Instruments The carrying amount and estimated fair value of financial instruments at March 31, 2022 and December 31, 2021 were as follows: March 31, 2022 (in thousands) Carrying Estimated Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 59,829 $ 59,829 $ 59,829 $ — $ — Debt securities available for sale 1,145,638 1,145,638 — 1,145,638 — Debt securities held to maturity 1,204,212 1,105,814 — 1,105,814 — Loans held for sale 6,466 6,361 — 6,361 — Loans held for investment, net 3,203,835 3,212,334 — — 3,212,334 Interest receivable 19,649 19,649 — 19,649 — FHLB stock 11,302 11,302 — 11,302 — Derivative assets 10,369 10,369 — 10,369 — Financial liabilities: Noninterest bearing deposits 1,002,415 1,002,415 1,002,415 — — Interest bearing deposits 4,075,310 4,063,299 3,235,272 828,027 — Short-term borrowings 181,193 181,193 181,193 — — Finance leases payable 912 912 — 912 — FHLB borrowings 33,094 33,088 — 33,088 — Junior subordinated notes issued to capital trusts 41,984 37,208 — 37,208 — Subordinated debentures 63,908 67,485 — 67,485 — Derivative liabilities 9,513 9,513 — 9,462 51 December 31, 2021 (in thousands) Carrying Amount Estimated Fair Value Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 203,830 $ 203,830 $ 203,830 $ — $ — Debt securities available for sale 2,288,110 2,288,110 — 2,288,110 — Debt securities held to maturity — — — — — Loans held for sale 12,917 12,970 — 12,970 — Loans held for investment, net 3,196,312 3,207,314 — — 3,207,314 Interest receivable 20,117 20,117 — 20,117 — FHLB stock 10,157 10,157 — 10,157 — Derivative assets 6,106 6,106 — 5,776 330 Financial liabilities: Noninterest bearing deposits 1,005,369 1,005,369 1,005,369 — — Interest bearing deposits 4,109,150 4,105,858 3,186,901 918,957 — Short-term borrowings 181,368 181,368 181,368 — — Finance leases payable 951 951 — 951 — FHLB borrowings 48,113 48,947 — 48,947 — Junior subordinated notes issued to capital trusts 41,940 35,545 — 35,545 — Subordinated debentures 63,875 68,207 — 68,207 — Derivative liabilities 6,741 6,741 — 6,741 — |
Leases
Leases | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Leases | LeasesSubstantially all of the leases in which the Company is the lessee are comprised of real estate property for banking offices and office space. We do not have any subleased properties. Substantially all of our leases are classified as operating leases, with the Company only holding one existing finance lease for a banking office location with a lease term through 2025. Supplemental balance sheet information related to leases was as follows: (in thousands) Classification March 31, 2022 December 31, 2021 Operating lease right-of-use assets Other assets $ 2,589 $ 2,840 Finance lease right-of-use asset Premises and equipment, net 422 446 Total right-of-use assets $ 3,011 $ 3,286 Operating lease liability Other liabilities $ 3,496 $ 3,778 Finance lease liability Long-term debt 912 951 Total lease liabilities $ 4,408 $ 4,729 Weighted-average remaining lease term Operating leases 9.41 years 9.13 years Finance lease 4.42 years 4.67 years Weighted-average discount rate Operating leases 4.20 % 4.13 % Finance lease 8.89 % 8.89 % The following table represents lease costs and other lease information. As the Company elected, for all classes of underlying assets, not to separate lease and non-lease components and instead to account for them as a single lease component, the variable lease cost primarily represents variable payments such as common area maintenance and utilities. Three Months Ended March 31, (in thousands) 2022 2021 Lease Costs Operating lease cost $ 296 $ 299 Variable lease cost 21 72 Interest on lease liabilities (1) 20 23 Amortization of right-of-use assets 24 24 Net lease cost $ 361 $ 418 Other Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 596 $ 572 Operating cash flows from finance lease 20 23 Finance cash flows from finance lease 39 35 (1) Included in long-term debt interest expense in the Company’s consolidated statements of income. All other lease costs in this table are included in occupancy expense of premises, net. Future minimum payments for finance leases and operating leases with initial or remaining terms of one year or more for the remaining nine-months ending December 31, 2022 and the succeeding annual periods were as follows: (in thousands) Finance Leases Operating Leases December 31, 2022 $ 180 $ 746 December 31, 2023 245 947 December 31, 2024 250 717 December 31, 2025 255 247 December 31, 2026 171 153 Thereafter — 1,820 Total undiscounted lease payment $ 1,101 $ 4,630 Amounts representing interest (189) (1,134) Lease liability $ 912 $ 3,496 |
Leases | LeasesSubstantially all of the leases in which the Company is the lessee are comprised of real estate property for banking offices and office space. We do not have any subleased properties. Substantially all of our leases are classified as operating leases, with the Company only holding one existing finance lease for a banking office location with a lease term through 2025. Supplemental balance sheet information related to leases was as follows: (in thousands) Classification March 31, 2022 December 31, 2021 Operating lease right-of-use assets Other assets $ 2,589 $ 2,840 Finance lease right-of-use asset Premises and equipment, net 422 446 Total right-of-use assets $ 3,011 $ 3,286 Operating lease liability Other liabilities $ 3,496 $ 3,778 Finance lease liability Long-term debt 912 951 Total lease liabilities $ 4,408 $ 4,729 Weighted-average remaining lease term Operating leases 9.41 years 9.13 years Finance lease 4.42 years 4.67 years Weighted-average discount rate Operating leases 4.20 % 4.13 % Finance lease 8.89 % 8.89 % The following table represents lease costs and other lease information. As the Company elected, for all classes of underlying assets, not to separate lease and non-lease components and instead to account for them as a single lease component, the variable lease cost primarily represents variable payments such as common area maintenance and utilities. Three Months Ended March 31, (in thousands) 2022 2021 Lease Costs Operating lease cost $ 296 $ 299 Variable lease cost 21 72 Interest on lease liabilities (1) 20 23 Amortization of right-of-use assets 24 24 Net lease cost $ 361 $ 418 Other Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 596 $ 572 Operating cash flows from finance lease 20 23 Finance cash flows from finance lease 39 35 (1) Included in long-term debt interest expense in the Company’s consolidated statements of income. All other lease costs in this table are included in occupancy expense of premises, net. Future minimum payments for finance leases and operating leases with initial or remaining terms of one year or more for the remaining nine-months ending December 31, 2022 and the succeeding annual periods were as follows: (in thousands) Finance Leases Operating Leases December 31, 2022 $ 180 $ 746 December 31, 2023 245 947 December 31, 2024 250 717 December 31, 2025 255 247 December 31, 2026 171 153 Thereafter — 1,820 Total undiscounted lease payment $ 1,101 $ 4,630 Amounts representing interest (189) (1,134) Lease liability $ 912 $ 3,496 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent EventsThe Company has evaluated events that have occurred subsequent to March 31, 2022 and has concluded there are no other subsequent events that would require recognition in the accompanying consolidated financial statements.On April 28, 2022, the board of directors of the Company declared a cash dividend of $0.2375 per share payable on June 15, 2022 to shareholders of record as of the close of business on June 1, 2022. |
Nature of Business and Signif_2
Nature of Business and Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying interim condensed consolidated financial statements are prepared in accordance with GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Article 10 of Regulation S-X of the Securities Exchange Act of 1934. Accordingly, certain disclosures accompanying annual consolidated financial statements are omitted. In the opinion of management, all significant intercompany accounts and transactions have been eliminated and adjustments, consisting solely of normal recurring accruals and considered necessary for the fair presentation of financial statements for the interim periods, have been included. The current period's results of operations are not necessarily indicative of the results that ultimately may be achieved for the year. The interim condensed consolidated financial statements and notes thereto should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Form 10-K for the year ended December 31, 2021, filed with the SEC on March 10, 2022. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect: (1) the reported amounts of assets and liabilities, (2) the disclosure of contingent assets and liabilities at the date of the financial statements, and (3) the reported amounts of revenues and expenses during the reporting period. These estimates are based on information available to management at the time the estimates are made. Actual results could differ from those estimates. The results for the three months ended March 31, 2022 may not be indicative of results for the year ending December 31, 2022, or for any other period. All significant accounting policies followed in the preparation of the quarterly financial statements are disclosed in the Annual Report on Form 10-K for the year ended December 31, 2021, filed with the SEC on March 10, 2022, except for the policy related to held to maturity debt securities. |
Held to Maturity Debt Securities | Held to Maturity Debt Securities - Certain debt securities that the Company has the positive intent and ability to hold to maturity are classified as held to maturity and recorded at amortized cost. A debt security is placed on nonaccrual status at the time any principal or interest payments become 90 days delinquent. Interest accrued but not received for a security placed on nonaccrual is reversed against interest income. The Company evaluates debt securities held to maturity for current expected credit losses. Held-to-maturity securities are evaluated on a quarterly basis using historical probability of default and loss given default information specific to the investment category. If this evaluation determines that credit losses exist, an allowance for credit loss is recorded and included in earnings as a component of credit loss expense. The Company's mortgage-backed securities and collateralized mortgage obligations are issued by U.S. government agencies and U.S. government-sponsored enterprises and are implicitly guaranteed by the U.S. government, and as such are excluded from the credit loss evaluation. Accrued interest receivable on held to maturity debt securities is recorded within 'Other Assets,' and is excluded from the estimate of credit losses. |
Segment Reporting | Segment Reporting The Company’s activities are considered to be one reportable segment for financial reporting purposes. The Company is engaged in the business of commercial and retail banking and trust and investment management services with operations throughout central and eastern Iowa, the Minneapolis/St. Paul metropolitan area of Minnesota, southwestern Wisconsin, Naples |
Effect of New Financial Accounting Standards | Effect of New Financial Accounting Standards Accounting Guidance Pending Adoption at March 31, 2022 On March 12, 2020, the FASB issued ASU 2020-04, Reference Rate Reform (ASC 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . ASC 848 contains optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform. Certain optional expedients and exceptions for contract modifications and hedging relationships were amended in ASU 2021-01, Reference Rate Reform (Topic 848): Scope Refinement , issued on January 7, 2021. Entities may apply the provision as of the beginning of the reporting period when the election is made and are available until December 31, 2022. The adoption of ASU ASU 2020-04 is not expected to have a material impact on the Company’s consolidated financial statements. On March 31, 2022, the FASB issued ASU 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. For creditors that have adopted the CECL accounting guidance within ASU 2016-13, the amendments eliminate the accounting guidance for TDRs within ASC 310-40, while also enhancing the disclosure requirements for certain loan refinancings and restructurings when a borrower is experiencing financial difficulty. In addition, public business entities must also disclose current-period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of ASC 326-20. The amendments are effective for fiscal years beginning after December 15, 2022 and should be applied prospectively, with an option to apply a modified retrospective transition approach for the recognition and measurement of TDRs. The Company is currently evaluating the impact of ASU 2022-02. |
Derivatives | Derivatives Designated as Hedging Instruments The Company uses derivative instruments to hedge its exposure to economic risks, including interest rate, liquidity, and credit risk. Certain hedging relationships are formally designated and qualify for hedge accounting under GAAP as fair value or cash flow hedges. |
Fair Value Measurements | Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values: • Level 1 – Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. • Level 2 – Significant other observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. • Level 3 – Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. For additional information regarding the valuation methodologies used to measure the Company's assets recorded at fair value, and for estimating fair value for financial instruments not recorded at fair value, see Note 1. Nature of Business and Significant Accounting Policies and Note 20. Estimated Fair Value of Financial Instruments and Fair Value Measurements to the consolidated financial statements in the Company's 2021 Annual Report on Form 10-K, filed with the SEC on March 10, 2022. The Company uses fair value to measure certain assets and liabilities on a recurring basis, primarily available for sale debt securities, derivatives and mortgage servicing rights. For assets measured at the lower of cost or fair value, the fair value measurement criteria may or may not be met during a reporting period, and such measurements are therefore considered "nonrecurring" for purposes of disclosing the Company's fair value measurements. Fair value is used on a nonrecurring basis to adjust carrying values for collateral dependent individually analyzed loans and other real estate owned. |
Debt Securities (Tables)
Debt Securities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Debt Securities [Abstract] | |
Schedule of Debt Securities, Available-for-sale | The following tables summarize the amortized cost, gross unrealized gains and losses and the resulting fair value of debt securities for the periods indicated. There were no held to maturity debt securities as of December 31, 2021. As of March 31, 2022 (in thousands) Amortized Cost (1) Gross Gross Allowance for Credit Loss related to Debt Securities Fair Value Available for Sale State and political subdivisions $ 294,697 $ 1,019 $ 6,728 $ — $ 288,988 Mortgage-backed securities 7,059 49 7 — 7,101 Collateralized mortgage obligations 180,229 66 8,798 — 171,497 Corporate debt securities 706,373 2,002 30,323 — 678,052 Total available for sale debt securities $ 1,188,358 $ 3,136 $ 45,856 $ — $ 1,145,638 Held to Maturity State and political subdivisions $ 541,801 $ 1 $ 52,139 $ — $ 489,663 Mortgage-backed securities 88,281 — 5,901 — 82,380 Collateralized mortgage obligations 574,130 — 40,359 — 533,771 Total held to maturity debt securities $ 1,204,212 $ 1 $ 98,399 $ — $ 1,105,814 (1) Amortized cost for the held to maturity securities includes $0.3 million of unamortized gain in state and political subdivisions, $22 thousand of unamortized losses in mortgage-backed securities and $14.4 million of unamortized losses in collateralized mortgage obligations related to the re-classification of securities from from available for sale to held to maturity on January 1, 2022. As of December 31, 2021 (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Allowance for Credit Loss related to Debt Securities Fair Value Available for Sale U.S. Government agencies and corporations $ 265 $ 1 $ — $ — $ 266 State and political subdivisions 760,894 10,484 5,636 — 765,742 Mortgage-backed securities 100,325 932 631 — 100,626 Collateralized mortgage obligations 785,945 1,274 18,320 — 768,899 Corporate debt securities 652,677 6,305 6,405 — 652,577 Total debt securities $ 2,300,106 $ 18,996 $ 30,992 $ — $ 2,288,110 |
Schedule of Debt Securities, Held-to-maturity | The following tables summarize the amortized cost, gross unrealized gains and losses and the resulting fair value of debt securities for the periods indicated. There were no held to maturity debt securities as of December 31, 2021. As of March 31, 2022 (in thousands) Amortized Cost (1) Gross Gross Allowance for Credit Loss related to Debt Securities Fair Value Available for Sale State and political subdivisions $ 294,697 $ 1,019 $ 6,728 $ — $ 288,988 Mortgage-backed securities 7,059 49 7 — 7,101 Collateralized mortgage obligations 180,229 66 8,798 — 171,497 Corporate debt securities 706,373 2,002 30,323 — 678,052 Total available for sale debt securities $ 1,188,358 $ 3,136 $ 45,856 $ — $ 1,145,638 Held to Maturity State and political subdivisions $ 541,801 $ 1 $ 52,139 $ — $ 489,663 Mortgage-backed securities 88,281 — 5,901 — 82,380 Collateralized mortgage obligations 574,130 — 40,359 — 533,771 Total held to maturity debt securities $ 1,204,212 $ 1 $ 98,399 $ — $ 1,105,814 (1) Amortized cost for the held to maturity securities includes $0.3 million of unamortized gain in state and political subdivisions, $22 thousand of unamortized losses in mortgage-backed securities and $14.4 million of unamortized losses in collateralized mortgage obligations related to the re-classification of securities from from available for sale to held to maturity on January 1, 2022. As of December 31, 2021 (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Allowance for Credit Loss related to Debt Securities Fair Value Available for Sale U.S. Government agencies and corporations $ 265 $ 1 $ — $ — $ 266 State and political subdivisions 760,894 10,484 5,636 — 765,742 Mortgage-backed securities 100,325 932 631 — 100,626 Collateralized mortgage obligations 785,945 1,274 18,320 — 768,899 Corporate debt securities 652,677 6,305 6,405 — 652,577 Total debt securities $ 2,300,106 $ 18,996 $ 30,992 $ — $ 2,288,110 |
Schedule of Temporary Impairment Losses | The following table presents debt securities AFS in an unrealized loss position for which an allowance for credit losses has not been recorded at March 31, 2022, aggregated by investment category and length of time in a continuous loss position: As of March 31, 2022 Number of Securities Less than 12 Months 12 Months or More Total Available for Sale Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (in thousands, except number of securities) State and political subdivisions 228 $ 181,805 $ 6,176 $ 5,364 $ 552 $ 187,169 $ 6,728 Mortgage-backed securities 4 4,531 7 48 — 4,579 7 Collateralized mortgage obligations 16 116,360 6,774 17,973 2,024 134,333 8,798 Corporate debt securities 99 419,928 22,041 84,621 8,282 504,549 30,323 Total 347 $ 722,624 $ 34,998 $ 108,006 $ 10,858 $ 830,630 $ 45,856 The following table presents debt securities AFS in an unrealized loss position for which an allowance for credit losses has not been recorded at December 31, 2021, aggregated by investment category and length of time in a continuous loss position: As of December 31, 2021 Available for Sale Number of Securities Less than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (in thousands, except number of securities) State and political subdivisions 136 $ 311,960 $ 5,216 $ 15,343 $ 420 $ 327,303 $ 5,636 Mortgage-backed securities 6 43,319 631 80 — 43,399 631 Collateralized mortgage obligations 44 605,729 15,693 61,984 2,627 667,713 18,320 Corporate debt securities 52 303,750 4,567 27,071 1,838 330,821 6,405 Total 238 $ 1,264,758 $ 26,107 $ 104,478 $ 4,885 $ 1,369,236 $ 30,992 The Company evaluates debt securities held to maturity for current expected credit losses. There were no debt securities held to maturity classified as nonaccrual or past due as of March 31, 2022. Held-to-maturity securities are evaluated on a quarterly basis using historical probability of default and loss given default information specific to the investment category. If this evaluation determines that credit losses exist, an allowance for credit loss is recorded and included in earnings as a component of credit loss expense. Based on this evaluation, management concluded that no allowance for credit loss for these securities was required. |
Schedule of Investments Classified by Contractual Maturity Date | The contractual maturity distribution of investment debt securities at March 31, 2022, is shown below. Expected maturities of MBS and CMO may differ from contractual maturities because the mortgages underlying the securities may be called or prepaid without any penalties. Therefore, these securities are not included in the maturity categories in the following summary. Available for Sale Held to Maturity (in thousands) Amortized Cost Fair Value Amortized Cost Fair Value Due in one year or less $ 59,984 $ 60,555 $ 1,513 $ 1,507 Due after one year through five years 530,381 512,427 39,918 38,131 Due after five years through ten years 355,802 340,809 240,528 222,477 Due after ten years 54,903 53,249 259,842 227,548 $ 1,001,070 $ 967,040 $ 541,801 $ 489,663 Mortgage-backed securities 7,059 7,101 88,281 82,380 Collateralized mortgage obligations 180,229 171,497 574,130 533,771 Total $ 1,188,358 $ 1,145,638 $ 1,204,212 $ 1,105,814 |
Loans Receivable and the Allo_2
Loans Receivable and the Allowance for Credit Losses (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
Schedule of Loans by Lending Classification | The composition of loans by class of receivable was as follows: As of (in thousands) March 31, 2022 December 31, 2021 Agricultural $ 94,649 $ 103,417 Commercial and industrial 898,942 902,314 Commercial real estate: Construction & development 193,130 172,160 Farmland 140,846 144,673 Multifamily 259,609 244,503 Commercial real estate-other 1,130,306 1,143,205 Total commercial real estate 1,723,891 1,704,541 Residential real estate: One- to four- family first liens 331,883 333,308 One- to four- family junior liens 131,793 133,014 Total residential real estate 463,676 466,322 Consumer 68,877 68,418 Loans held for investment, net of unearned income 3,250,035 3,245,012 Allowance for credit losses (46,200) (48,700) Total loans held for investment, net $ 3,203,835 $ 3,196,312 |
Schedule of Loans Based on Delinquency Status | The following table presents the amortized cost basis of loans based on delinquency status: Age Analysis of Past-Due Financial Assets 90 Days or More Past Due And Accruing (in thousands) Current 30 - 59 Days Past Due 60 - 89 Days Past Due 90 Days or More Past Due Total March 31, 2022 Agricultural $ 93,002 $ 970 $ 5 $ 672 $ 94,649 $ — Commercial and industrial 896,143 677 54 2,068 898,942 — Commercial real estate: Construction and development 192,185 — — 945 193,130 — Farmland 138,496 1,053 — 1,297 140,846 — Multifamily 258,224 — 1,385 — 259,609 — Commercial real estate-other 1,110,690 2,250 128 17,238 1,130,306 — Total commercial real estate 1,699,595 3,303 1,513 19,480 1,723,891 — Residential real estate: One- to four- family first liens 329,465 2,147 27 244 331,883 — One- to four- family junior liens 130,955 467 88 283 131,793 — Total residential real estate 460,420 2,614 115 527 463,676 — Consumer 68,744 58 58 17 68,877 — Total $ 3,217,904 $ 7,622 $ 1,745 $ 22,764 $ 3,250,035 $ — December 31, 2021 Agricultural $ 102,352 $ 244 $ — $ 821 $ 103,417 $ — Commercial and industrial 899,423 529 134 2,228 902,314 — Commercial real estate: Construction and development 171,169 396 — 595 172,160 — Farmland 141,814 116 — 2,743 144,673 — Multifamily 243,117 — 1,386 — 244,503 — Commercial real estate-other 1,129,073 8,417 306 5,409 1,143,205 — Total commercial real estate 1,685,173 8,929 1,692 8,747 1,704,541 — Residential real estate: One- to four- family first liens 330,992 1,057 1,057 202 333,308 — One- to four- family junior liens 132,392 261 135 226 133,014 — Total residential real estate 463,384 1,318 1,192 428 466,322 — Consumer 68,326 66 14 12 68,418 — Total $ 3,218,658 $ 11,086 $ 3,032 $ 12,236 $ 3,245,012 $ — |
Schedule of Amortized Cost Basis on Nonaccrual Status | The following table presents the amortized cost basis of loans on non-accrual status, amortized cost basis of loans on non-accrual status with no allowance for credit losses recorded, and loans past due 90 days or more and still accruing by class of loan: Nonaccrual Nonaccrual with no Allowance for Credit Losses 90 Days or More Past Due And Accruing (in thousands) March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 Agricultural $ 1,238 $ 2,090 $ 804 $ 1,341 $ — $ — Commercial and industrial 3,344 3,803 1,749 1,341 — — Commercial real estate: Construction and development 945 595 945 595 — — Farmland 4,448 5,499 3,978 4,156 — — Multifamily 973 987 318 323 — — Commercial real estate-other 18,593 16,544 14,602 1,063 — — Total commercial real estate 24,959 23,625 19,843 6,137 — — Residential real estate: One- to four- family first liens 947 1,275 80 345 — — One- to four- family junior liens 659 713 — — — — Total residential real estate 1,606 1,988 80 345 — — Consumer 35 34 — — — — Total $ 31,182 $ 31,540 $ 22,476 $ 9,164 $ — $ — |
Schedule of Credit Quality Indicator | The following table sets forth the amortized cost basis of loans by class of receivable by credit quality indicator and vintage based on the most recent analysis performed, as of March 31, 2022. As of March 31, 2022, there were no 'loss' rated credits. Term Loans by Origination Year Revolving Loans March 31, 2022 (in thousands) 2022 2021 2020 2019 2018 Prior Total Agricultural Pass $ 8,413 $ 15,512 $ 6,747 $ 3,742 $ 926 $ 1,043 $ 51,051 $ 87,434 Special mention / watch 107 958 133 173 — 909 1,485 3,765 Substandard — 302 699 18 191 274 1,966 3,450 Doubtful — — — — — — — — Total $ 8,520 $ 16,772 $ 7,579 $ 3,933 $ 1,117 $ 2,226 $ 54,502 $ 94,649 Commercial and industrial Pass $ 38,246 $ 263,108 $ 173,340 $ 55,961 $ 33,094 $ 127,574 $ 160,281 $ 851,604 Special mention / watch 3,011 1,119 3,309 693 444 18,277 8,169 35,022 Substandard — 6 1,260 1,171 725 2,856 6,298 12,316 Doubtful — — — — — — — — Total $ 41,257 $ 264,233 $ 177,909 $ 57,825 $ 34,263 $ 148,707 $ 174,748 $ 898,942 CRE - Construction and development Pass $ 12,980 $ 102,092 $ 37,967 $ 1,907 $ 1,552 $ 2,205 $ 31,925 $ 190,628 Special mention / watch — 867 — 167 — — — 1,034 Substandard — — 863 595 — 10 — 1,468 Doubtful — — — — — — — — Total $ 12,980 $ 102,959 $ 38,830 $ 2,669 $ 1,552 $ 2,215 $ 31,925 $ 193,130 CRE - Farmland Pass $ 17,486 $ 50,457 $ 26,514 $ 11,994 $ 4,906 $ 13,945 $ 1,074 $ 126,376 Special mention / watch 450 817 3,664 — 715 352 — 5,998 Substandard 29 1,473 1,901 1,209 1,797 2,063 — 8,472 Doubtful — — — — — — — — Total $ 17,965 $ 52,747 $ 32,079 $ 13,203 $ 7,418 $ 16,360 $ 1,074 $ 140,846 CRE - Multifamily Pass $ 18,941 $ 99,165 $ 96,159 $ 18,912 $ 2,680 $ 4,823 $ 26 $ 240,706 Special mention / watch 17 7,834 — — 6,000 2,357 — 16,208 Substandard — 654 2,041 — — — — 2,695 Doubtful — — — — — — — — Total $ 18,958 $ 107,653 $ 98,200 $ 18,912 $ 8,680 $ 7,180 $ 26 $ 259,609 CRE - other Pass $ 53,917 $ 324,261 $ 353,204 $ 86,320 $ 40,417 $ 92,908 $ 62,962 $ 1,013,989 Special mention / watch 10,589 2,535 10,980 4,174 10,769 3,520 1,647 44,214 Substandard 757 2,753 46,538 12,426 1,635 7,994 — 72,103 Doubtful — — — — — — — — Total $ 65,263 $ 329,549 $ 410,722 $ 102,920 $ 52,821 $ 104,422 $ 64,609 $ 1,130,306 RRE - One- to four- family first liens Performing $ 35,714 $ 101,835 $ 67,237 $ 25,627 $ 22,357 $ 73,556 $ 4,611 $ 330,937 Nonperforming — 83 5 45 184 629 — 946 Total $ 35,714 $ 101,918 $ 67,242 $ 25,672 $ 22,541 $ 74,185 $ 4,611 $ 331,883 RRE - One- to four- family junior liens Performing $ 9,889 $ 27,499 $ 10,933 $ 3,746 $ 4,479 $ 8,286 $ 66,302 $ 131,134 Nonperforming — 82 — 226 190 161 — 659 Total $ 9,889 $ 27,581 $ 10,933 $ 3,972 $ 4,669 $ 8,447 $ 66,302 $ 131,793 Consumer Performing $ 9,907 $ 28,639 $ 11,968 $ 4,985 $ 3,301 $ 6,985 $ 3,056 $ 68,841 Nonperforming — — 1 15 5 15 — 36 Total $ 9,907 $ 28,639 $ 11,969 $ 5,000 $ 3,306 $ 7,000 $ 3,056 $ 68,877 Total by Credit Quality Indicator Category Pass $ 149,983 $ 854,595 $ 693,931 $ 178,836 $ 83,575 $ 242,498 $ 307,319 $ 2,510,737 Special mention / watch 14,174 14,130 18,086 5,207 17,928 25,415 11,301 106,241 Substandard 786 5,188 53,302 15,419 4,348 13,197 8,264 100,504 Doubtful — — — — — — — — Performing 55,510 157,973 90,138 34,358 30,137 88,827 73,969 530,912 Nonperforming — 165 6 286 379 805 — 1,641 Total $ 220,453 $ 1,032,051 $ 855,463 $ 234,106 $ 136,367 $ 370,742 $ 400,853 $ 3,250,035 The following table sets forth the amortized cost basis of loans by class of receivable by credit quality indicator and vintage based on the most recent analysis performed, as of December 31, 2021. As of December 31, 2021, there were no 'loss' rated credits. Term Loans by Origination Year Revolving Loans December 31, 2021 (in thousands) 2021 2020 2019 2018 2017 Prior Total Agricultural Pass $ 20,145 $ 8,604 $ 4,367 $ 1,260 $ 885 $ 947 $ 58,119 $ 94,327 Special mention / watch 1,255 148 245 — 17 993 1,685 4,343 Substandard 649 827 126 221 4 278 2,642 4,747 Doubtful — — — — — — — — Total $ 22,049 $ 9,579 $ 4,738 $ 1,481 $ 906 $ 2,218 $ 62,446 $ 103,417 Commercial and industrial Pass $ 297,285 $ 199,324 $ 56,258 $ 35,522 $ 60,294 $ 75,342 $ 132,323 $ 856,348 Special mention / watch 4,268 2,342 781 470 4,304 14,274 6,938 33,377 Substandard 8 1,772 1,255 772 37 2,922 5,823 12,589 Doubtful — — — — — — — — Total $ 301,561 $ 203,438 $ 58,294 $ 36,764 $ 64,635 $ 92,538 $ 145,084 $ 902,314 CRE - Construction and development Pass $ 90,662 $ 37,098 $ 4,942 $ 1,611 $ 1,543 $ 578 $ 33,197 $ 169,631 Special mention / watch 874 — 169 — — — — 1,043 Substandard — 879 596 — — 11 — 1,486 Doubtful — — — — — — — — Total $ 91,536 $ 37,977 $ 5,707 $ 1,611 $ 1,543 $ 589 $ 33,197 $ 172,160 CRE - Farmland Pass $ 51,682 $ 33,870 $ 18,674 $ 5,105 $ 5,060 $ 10,240 $ 1,812 $ 126,443 Special mention / watch 3,105 3,824 — 734 292 223 — 8,178 Substandard 1,580 2,004 1,681 2,562 1,667 558 — 10,052 Doubtful — — — — — — — — Total $ 56,367 $ 39,698 $ 20,355 $ 8,401 $ 7,019 $ 11,021 $ 1,812 $ 144,673 CRE - Multifamily Pass $ 97,188 $ 96,389 $ 19,234 $ 2,754 $ 4,555 $ 3,813 $ 273 $ 224,206 Special mention / watch 7,871 — — 6,000 1,859 544 — 16,274 Substandard 663 2,049 — — — 1,311 — 4,023 Doubtful — — — — — — — — Total $ 105,722 $ 98,438 $ 19,234 $ 8,754 $ 6,414 $ 5,668 $ 273 $ 244,503 CRE - other Pass $ 325,902 $ 384,591 $ 94,449 $ 37,960 $ 60,890 $ 60,543 $ 45,910 $ 1,010,245 Special mention / watch 5,302 26,239 5,172 11,243 2,557 1,905 1,768 54,186 Substandard 4,182 48,885 12,497 5,401 973 6,836 — 78,774 Doubtful — — — — — — — — Total $ 335,386 $ 459,715 $ 112,118 $ 54,604 $ 64,420 $ 69,284 $ 47,678 $ 1,143,205 RRE - One- to four- family first liens Performing $ 115,539 $ 77,086 $ 27,279 $ 24,697 $ 16,425 $ 65,676 $ 5,331 $ 332,033 Nonperforming 352 20 45 295 — 563 — 1,275 Total $ 115,891 $ 77,106 $ 27,324 $ 24,992 $ 16,425 $ 66,239 $ 5,331 $ 333,308 RRE - One- to four- family junior liens Performing $ 29,904 $ 13,335 $ 4,295 $ 5,109 $ 3,574 $ 5,104 $ 70,980 $ 132,301 Nonperforming 31 — 156 198 16 207 105 713 Total $ 29,935 $ 13,335 $ 4,451 $ 5,307 $ 3,590 $ 5,311 $ 71,085 $ 133,014 Consumer Performing $ 33,124 $ 14,386 $ 5,917 $ 4,080 $ 1,686 $ 5,778 $ 3,412 $ 68,383 Nonperforming — — 15 — 13 7 — 35 Total $ 33,124 $ 14,386 $ 5,932 $ 4,080 $ 1,699 $ 5,785 $ 3,412 $ 68,418 Total by Credit Quality Indicator Category Pass $ 882,864 $ 759,876 $ 197,924 $ 84,212 $ 133,227 $ 151,463 $ 271,634 $ 2,481,200 Special mention / watch 22,675 32,553 6,367 18,447 9,029 17,939 10,391 117,401 Substandard 7,082 56,416 16,155 8,956 2,681 11,916 8,465 111,671 Doubtful — — — — — — — — Performing 178,567 104,807 37,491 33,886 21,685 76,558 79,723 532,717 Nonperforming 383 20 216 493 29 777 105 2,023 Total $ 1,091,571 $ 953,672 $ 258,153 $ 145,994 $ 166,651 $ 258,653 $ 370,318 $ 3,245,012 |
Schedule of Changes in Allowance for Credit Losses | The changes in the allowance for credit losses by portfolio segment were as follows: For the Three Months Ended March 31, 2022 and 2021 (in thousands) Agricultural Commercial and Industrial Commercial Real Estate Residential Real Estate Consumer Total For the Three Months Ended March 31, 2022 Beginning balance $ 667 $ 17,294 $ 26,120 $ 4,010 $ 609 $ 48,700 Charge-offs — (233) (2,184) (30) (184) (2,631) Recoveries 7 225 117 16 44 409 Credit loss (benefit) expense (1) (294) (11) 4 (88) 111 (278) Ending balance $ 380 $ 17,275 $ 24,057 $ 3,908 $ 580 $ 46,200 For the Three Months Ended March 31, 2021 Beginning balance $ 1,346 $ 15,689 $ 32,640 $ 4,882 $ 943 $ 55,500 Charge-offs (41) (666) (66) (35) (195) (1,003) Recoveries 27 292 306 9 53 687 Credit loss (benefit) expense (1) (222) (1,671) (2,455) (201) 15 (4,534) Ending balance $ 1,110 $ 13,644 $ 30,425 $ 4,655 $ 816 $ 50,650 (1) The difference in the credit loss expense reported herein as compared to the Consolidated Statements of Income is associated with the credit loss (benefit) expense of $0.3 million and $(0.2) million related to off-balance sheet credit exposures for the three months ended March 31, 2022 and March 31, 2021, respectively. The composition of allowance for credit losses by portfolio segment based on evaluation method were as follows: As of March 31, 2022 (in thousands) Agricultural Commercial and Industrial Commercial Real Estate Residential Real Estate Consumer Total Loans held for investment, net of unearned income Individually evaluated for impairment $ 804 $ 2,846 $ 24,646 $ 290 $ — $ 28,586 Collectively evaluated for impairment 93,845 896,096 1,699,245 463,386 68,877 3,221,449 Total $ 94,649 $ 898,942 $ 1,723,891 $ 463,676 $ 68,877 $ 3,250,035 Allowance for credit losses: Individually evaluated for impairment $ — $ 420 $ 1,762 $ 209 $ — $ 2,391 Collectively evaluated for impairment 380 16,855 22,295 3,699 580 43,809 Total $ 380 $ 17,275 $ 24,057 $ 3,908 $ 580 $ 46,200 As of December 31, 2021 (in thousands) Agricultural Commercial and Industrial Commercial Real Estate Residential Real Estate Consumer Total Loans held for investment, net of unearned income Individually evaluated for impairment $ 1,341 $ 3,005 $ 23,118 $ 570 $ — $ 28,034 Collectively evaluated for impairment 102,076 899,309 1,681,423 465,752 68,418 3,216,978 Total $ 103,417 $ 902,314 $ 1,704,541 $ 466,322 $ 68,418 $ 3,245,012 Allowance for credit losses: Individually evaluated for impairment $ — $ 681 $ 2,193 $ 224 $ — $ 3,098 Collectively evaluated for impairment 667 16,613 23,927 3,786 609 45,602 Total $ 667 $ 17,294 $ 26,120 $ 4,010 $ 609 $ 48,700 |
Schedule of Financing Receivable, Collateral Depend Loans | The following table presents the amortized cost basis of collateral dependent loans, by the primary collateral type, which are individually evaluated to determine expected credit losses, and the related ACL allocated to these loans: As of March 31, 2022 (in thousands) Primary Type of Collateral Real Estate Equipment Other Total ACL Allocation Agricultural $ 591 $ 213 $ — $ 804 $ — Commercial and industrial 408 514 1,924 2,846 420 Commercial real estate: Construction and development 945 — — 945 — Farmland 4,323 — — 4,323 6 Multifamily 972 — — 972 375 Commercial real estate-other 16,761 — 1,645 18,406 1,381 Residential real estate: One- to four- family first liens 145 — — 145 65 One- to four- family junior liens — — 145 145 144 Consumer — — — — — Total $ 24,145 $ 727 $ 3,714 $ 28,586 $ 2,391 As of December 31, 2021 (in thousands) Primary Type of Collateral Real Estate Equipment Other Total ACL Allocation Agricultural $ 916 $ 425 $ — $ 1,341 $ — Commercial and industrial 408 374 2,223 3,005 681 Commercial real estate: Construction and development 595 — — 595 — Farmland 5,185 — — 5,185 22 Multifamily 987 — — 987 387 Commercial real estate-other 16,130 — 221 16,351 1,784 Residential real estate: One- to four- family first liens 410 — — 410 64 One- to four- family junior liens — — 160 160 160 Consumer — — — — — Total $ 24,631 $ 799 $ 2,604 $ 28,034 $ 3,098 |
Schedule of TDRs by Class of Financing Receivable | The following table sets forth information on the Company's TDRs by class of financing receivable occurring during the stated periods. TDRs include multiple concessions, and the disclosure classifications in the table are based on the primary concession provided to the borrower. Three Months Ended March 31, 2022 2021 Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment (dollars in thousands) CONCESSION - Extended maturity date One- to four- family first liens — $ — $ — 1 $ 93 $ 93 CONCESSION - Other Agricultural 1 140 140 — — — Farmland 3 1,529 1,529 — — — Commercial real estate-other — — — 1 44 44 One- to four- family first liens — — — 1 150 150 Total 4 $ 1,669 $ 1,669 3 $ 287 $ 287 Loans by class of financing receivable modified as TDRs that redefaulted within 12 months subsequent to restructure during the stated periods were as follows: Three Months Ended March 31, 2022 2021 Number of Contracts Recorded Investment Number of Contracts Recorded Investment (dollars in thousands) CONCESSION - Extended maturity date Commercial real estate-other 1 $ 7,388 — $ — Total 1 $ 7,388 — $ — |
Derivatives, Hedging Activiti_2
Derivatives, Hedging Activities and Balance Sheet Offsetting (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments | The following table presents the total notional amounts and gross fair values of the Company’s derivatives as of the dates indicated. The derivative asset and liability balances are presented on a gross basis, prior to the application of master netting agreements, as included in other assets and other liabilities, respectively, on the consolidated balance sheets. The fair values of the Company's derivative instrument assets and liabilities are summarized as follows: As of March 31, 2022 As of December 31, 2021 Notional Amount Fair Value Notional Amount Fair Value (in thousands) Assets Liabilities Assets Liabilities Designated as hedging instruments: Fair value hedges: Interest rate swaps $ 24,610 $ 1,037 $ 458 $ 24,802 $ 424 $ 1,400 Total $ 24,610 $ 1,037 $ 458 $ 24,802 $ 424 $ 1,400 Not designated as hedging instruments: Interest rate swaps $ 353,581 $ 8,998 $ 9,004 $ 356,636 $ 5,352 $ 5,363 RPAs - protection sold 4,167 — — 4,229 — — RPAs - protection purchased 9,579 — — 9,629 — 2 Interest rate lock commitments 12,582 — 51 17,438 330 — Interest rate forward loan sales contracts 15,271 334 — 22,710 — (24) Total $ 395,180 $ 9,332 $ 9,055 $ 410,642 $ 5,682 $ 5,341 |
Schedule of Derivatives Instrument Impacts on Statements | The table below presents the effect of the Company’s derivative financial instruments designated as hedging instruments on the consolidated statements of income for the periods indicated: Location and Amount of Gain or Loss Recognized in Income on Fair Value Hedging Relationships For the Three Months Ended March 31, 2022 2021 (in thousands) Interest Income Other Income Interest Income Other Income Total amounts of income and expense line items presented in the consolidated statements of income in which the effects of fair value hedges are recorded $ (104) $ — $ (108) $ — Gain (loss) on fair value hedging relationships in subtopic 815-20: Interest contracts: Hedged items (1,553) — (1,633) — Derivative designated as hedging instruments 942 — 1,123 — |
Schedule of Hedged Items In Fair Value Hedging Relationship | As of March 31, 2022, the following amounts were recorded on the balance sheet related to cumulative basis adjustment for fair value hedges: Line Item in the Balance Sheet in Which the Hedged Item is Included Carrying Amount of the Hedged Assets Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Asset (in thousands) Loans $ 24,058 $ (574) |
Schedule of Derivatives Not Designated as Hedging Instruments | The following table presents the net gains (losses) recognized on the consolidated statements of income related to the derivatives not designated as hedging instruments for the periods indicated: Location in the Consolidated Statements of Income For the Three Months Ended March 31, (in thousands) 2022 2021 Interest rate swaps Other income $ (5) $ (34) RPAs Other income (1) — Interest rate lock commitments Loan revenue 381 — Interest rate forward loan sales contracts Loan revenue (311) — Total $ 64 $ (34) |
Schedule of Offsetting Derivative Assets And Liabilities | The table below presents gross derivatives and the respective collateral received or pledged in the form of other financial instruments as of March 31, 2022 and December 31, 2021, which are generally marketable securities and/or cash. The collateral amounts in the table below are limited to the outstanding balances of the related asset or liability (after netting is applied); thus instances of over-collateralization are not shown. Further, the net amounts of derivative assets or liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the consolidated balance sheets. Gross Amounts Not Offset in the Balance Sheet (in thousands) Gross Amounts of Recognized Assets (Liabilities) Gross Amounts Offset in the Balance Sheet Net Amounts of Assets (Liabilities) presented in the Balance Sheet Financial Instruments Cash Collateral Received (Paid) Net Assets (Liabilities) As of March 31, 2022 Asset Derivatives $ 10,369 $ — $ 10,369 $ — $ 8,310 $ 2,059 Liability Derivatives (9,513) — (9,513) — 1,100 (10,613) As of December 31, 2021 Asset Derivatives $ 6,106 $ — $ 6,106 $ — $ — $ 6,106 Liability Derivatives (6,741) — (6,741) — (3,250) (3,491) |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets | The following table presents the gross carrying amount, accumulated amortization, and net carrying amount of other intangible assets at the dates indicated: As of March 31, 2022 As of December 31, 2021 (in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Core deposit intangible $ 41,745 $ (31,610) $ 10,135 $ 41,745 $ (30,629) $ 11,116 Customer relationship intangible 5,265 (3,916) 1,349 5,265 (3,692) 1,573 Other 2,700 (2,566) 134 2,700 (2,544) 156 $ 49,710 $ (38,092) $ 11,618 $ 49,710 $ (36,865) $ 12,845 Indefinite-lived trade name intangible $ 7,040 $ 7,040 |
Schedule of Indefinite-Lived Intangible Assets | The following table presents the gross carrying amount, accumulated amortization, and net carrying amount of other intangible assets at the dates indicated: As of March 31, 2022 As of December 31, 2021 (in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Core deposit intangible $ 41,745 $ (31,610) $ 10,135 $ 41,745 $ (30,629) $ 11,116 Customer relationship intangible 5,265 (3,916) 1,349 5,265 (3,692) 1,573 Other 2,700 (2,566) 134 2,700 (2,544) 156 $ 49,710 $ (38,092) $ 11,618 $ 49,710 $ (36,865) $ 12,845 Indefinite-lived trade name intangible $ 7,040 $ 7,040 |
Schedule of Future Amortization Expense | The following table provides the estimated future amortization expense for the remaining nine months ending December 31, 2022 and the succeeding annual periods: (in thousands) Core Deposit Intangible Customer Relationship Intangible Other Total 2022 $ 2,506 $ 573 $ 57 $ 3,136 2023 2,833 518 51 3,402 2024 2,180 239 24 2,443 2025 1,526 19 2 1,547 2026 872 — — 872 Thereafter 218 — — 218 Total $ 10,135 $ 1,349 $ 134 $ 11,618 |
Other Assets (Tables)
Other Assets (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Other Assets [Abstract] | |
Schedule of Other Assets | The components of the Company's other assets as of March 31, 2022 and December 31, 2021 were as follows: (in thousands) March 31, 2022 December 31, 2021 Bank-owned life insurance $ 85,903 $ 85,372 Interest receivable 19,649 20,117 FHLB stock 11,302 10,157 Mortgage servicing rights 9,276 6,532 Operating lease right-of-use assets, net 2,589 2,840 Federal and state income taxes, current — 178 Federal and state income taxes, deferred 24,160 13,893 Derivative assets 10,369 6,106 Other receivables/assets 12,975 12,553 $ 176,223 $ 157,748 |
Deposits (Tables)
Deposits (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Deposits [Abstract] | |
Schedule of Deposit Liabilities | The following table presents the composition of our deposits as of the dates indicated: (in thousands) March 31, 2022 December 31, 2021 Noninterest bearing deposits $ 1,002,415 $ 1,005,369 Interest checking deposits 1,601,249 1,619,136 Money market deposits 983,709 939,523 Savings deposits 650,314 628,242 Time deposits under $250 501,903 505,392 Time deposits of $250 or more 338,135 416,857 Total deposits $ 5,077,725 $ 5,114,519 |
Short-Term Borrowings (Tables)
Short-Term Borrowings (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Short-term Debt [Abstract] | |
Schedule of Short-Term Borrowings | The following table summarizes our short-term borrowings as of the dates indicated: March 31, 2022 December 31, 2021 (in thousands) Weighted Average Rate Balance Weighted Average Rate Balance Securities sold under agreements to repurchase 0.24 % $ 148,293 0.24 % $ 181,368 Federal Home Loan Bank advances 0.54 32,900 — — Total 0.30 % $ 181,193 0.24 % $ 181,368 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt | The table below summarizes the terms of each issuance of junior subordinated notes outstanding as of the dates indicated: (in thousands) Face Value Book Value Interest Rate Rate Maturity Date Callable Date March 31, 2022 ATBancorp Statutory Trust I $ 7,732 $ 6,898 Three-month LIBOR + 1.68% 2.51 % 06/15/2036 06/15/2011 ATBancorp Statutory Trust II 12,372 10,923 Three-month LIBOR + 1.65% 2.48 % 09/15/2037 06/15/2012 Barron Investment Capital Trust I 2,062 1,808 Three-month LIBOR + 2.15% 3.11 % 09/23/2036 09/23/2011 Central Bancshares Capital Trust II 7,217 6,891 Three-month LIBOR + 3.50% 4.33 % 03/15/2038 03/15/2013 MidWestOne Statutory Trust II 15,464 15,464 Three-month LIBOR + 1.59% 2.42 % 12/15/2037 12/15/2012 Total $ 44,847 $ 41,984 December 31, 2021 ATBancorp Statutory Trust I $ 7,732 $ 6,888 Three-month LIBOR + 1.68% 1.88 % 06/15/2036 06/15/2011 ATBancorp Statutory Trust II 12,372 10,908 Three-month LIBOR + 1.65% 1.85 % 09/15/2037 06/15/2012 Barron Investment Capital Trust I 2,062 1,800 Three-month LIBOR + 2.15% 2.37 % 09/23/2036 09/23/2011 Central Bancshares Capital Trust II 7,217 6,880 Three-month LIBOR + 3.50% 3.70 % 03/15/2038 03/15/2013 MidWestOne Statutory Trust II 15,464 15,464 Three-month LIBOR + 1.59% 1.79 % 12/15/2037 12/15/2012 Total $ 44,847 $ 41,940 Long-term borrowings were as follows as of March 31, 2022 and December 31, 2021: March 31, 2022 December 31, 2021 (in thousands) Weighted Average Rate Balance Weighted Average Rate Balance Finance lease payable 8.89 % $ 912 8.89 % $ 951 FHLB borrowings 2.74 33,094 2.76 48,113 Total 2.90 % $ 34,006 2.88 % $ 49,064 |
Schedule of Federal Home Loan Bank, Advances, by Branch of FHLB Bank | As of March 31, 2022, FHLB borrowings were as follows: (in thousands) Weighted Average Rate Amount Due in 2022 2.56 % $ 16,000 Due in 2023 2.79 % 11,000 Due in 2024 3.15 % 6,000 Total 33,000 Valuation adjustment from acquisition accounting 94 Total $ 33,094 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share | The following table presents the computation of basic and diluted earnings per common share for the periods indicated: Three Months Ended March 31, (dollars in thousands, except per share amounts) 2022 2021 Basic Earnings Per Share: Net income $ 13,895 $ 21,648 Weighted average shares outstanding 15,683,136 15,990,724 Basic earnings per common share $ 0.89 $ 1.35 Diluted Earnings Per Share: Net income $ 13,895 $ 21,648 Weighted average shares outstanding, including all dilutive potential shares 15,717,960 16,020,920 Diluted earnings per common share $ 0.88 $ 1.35 |
Regulatory Capital Requiremen_2
Regulatory Capital Requirements and Restrictions on Subsidiary Cash (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements Under Banking Regulations | A comparison of the Company's and the Bank's capital with the corresponding minimum regulatory requirements in effect as of March 31, 2022 and December 31, 2021, is presented below: Actual For Capital Adequacy Purposes With Capital Conservation Buffer (1) To Be Well Capitalized Under Prompt Corrective Action Provisions (dollars in thousands) Amount Ratio Amount Ratio Amount Ratio At March 31, 2022 Consolidated: Total capital/risk weighted assets $624,401 12.89% $508,653 10.50% N/A N/A Tier 1 capital/risk weighted assets 517,418 10.68 411,767 8.50 N/A N/A Common equity tier 1 capital/risk weighted assets 475,434 9.81 339,102 7.00 N/A N/A Tier 1 leverage capital/average assets 517,418 8.85 233,833 4.00 N/A N/A MidWest One Bank: Total capital/risk weighted assets $585,720 12.12% $507,416 10.50% $483,253 10.00% Tier 1 capital/risk weighted assets 543,737 11.25 410,765 8.50 386,603 8.00 Common equity tier 1 capital/risk weighted assets 543,737 11.25 338,277 7.00 314,115 6.50 Tier 1 leverage capital/average assets 543,737 9.30 233,765 4.00 292,206 5.00 At December 31, 2021 Consolidated: Total capital/risk weighted assets $615,060 13.09% $493,283 10.50% N/A N/A Tier 1 capital/risk weighted assets 508,687 10.83 399,324 8.50 N/A N/A Common equity tier 1 capital/risk weighted assets 466,747 9.94 328,855 7.00 N/A N/A Tier 1 leverage capital/average assets 508,687 8.67 234,745 4.00 N/A N/A MidWest One Bank: Total capital/risk weighted assets $584,348 12.46% $492,436 10.50% $468,987 10.00% Tier 1 capital/risk weighted assets 542,975 11.58 398,639 8.50 375,189 8.00 Common equity tier 1 capital/risk weighted assets 542,975 11.58 328,291 7.00 304,841 6.50 Tier 1 leverage capital/average assets 542,975 9.25 234,686 4.00 293,358 5.00 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Commitments | March 31, 2022 December 31, 2021 (in thousands) Commitments to extend credit $ 1,034,843 $ 1,014,397 Commitments to sell loans 6,466 12,917 Standby letters of credit 16,757 16,342 Total $ 1,058,066 $ 1,043,656 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments and Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value Measured on Recurring Basis | The following table summarizes assets and liabilities measured at fair value on a recurring basis as of the dates indicated, by level within the fair value hierarchy: Fair Value Measurement at March 31, 2022 Using (in thousands) Total Level 1 Level 2 Level 3 Assets: Available for sale debt securities: State and political subdivisions $ 288,988 $ — $ 288,988 $ — Mortgage-backed securities 7,101 — 7,101 — Collateralized mortgage obligations 171,497 — 171,497 — Corporate debt securities 678,052 — 678,052 — Derivative assets 10,369 — 10,369 — Mortgage servicing rights 9,276 — 9,276 — Liabilities: Derivative liabilities $ 9,513 $ — $ 9,462 $ 51 Fair Value Measurement at December 31, 2021 Using (in thousands) Total Level 1 Level 2 Level 3 Assets: Debt securities available for sale: U.S. Government agencies and corporations $ 266 $ — $ 266 $ — State and political subdivisions 765,742 — 765,742 — Mortgage-backed securities 100,626 — 100,626 — Collateralized mortgage obligations 768,899 — 768,899 — Corporate debt securities 652,577 — 652,577 — Derivative assets 6,106 — 5,776 330 Mortgage servicing rights 6,532 — 6,532 — Liabilities: Derivative liabilities $ 6,741 $ — $ 6,741 $ — |
Schedule of Valuation Techniques | The following table presents the valuation technique, significant unobservable inputs, and quantitative information about the unobservable inputs used for fair value measurements of the financial instruments held by the Company and categorized within Level 3 of the fair value hierarchy as of the dates indicated: Fair Value at (dollars in thousands) March 31, 2022 December 31, 2021 Valuation Techniques(s) Unobservable Input Range of Inputs Weighted Average Interest rate lock commitments $ (51) $ 330 Quoted or published market prices of similar instruments, adjusted for factors such as pull-through rate assumptions Pull-through rate 70 % - 100 % 91 % The following table presents the valuation technique(s), unobservable inputs, and quantitative information about the unobservable inputs used for fair value measurements of the financial instruments held by the Company and categorized within Level 3 of the fair value hierarchy as of the dates indicated: Fair Value at (dollars in thousands) March 31, 2022 December 31, 2021 Valuation Techniques(s) Unobservable Input Range of Inputs Weighted Average Collateral dependent individually analyzed loans $ 3,721 $ 15,772 Fair value of collateral Valuation adjustments — % - 60 % 25 % Foreclosed assets, net $ 273 $ 357 Fair value of collateral Valuation adjustments 8 % - 12 % 10 % |
Schedule of Fair Value Measured on Nonrecurring Basis | The following table presents assets measured at fair value on a nonrecurring basis as of the dates indicated: Fair Value Measurement at March 31, 2022 Using (in thousands) Total Level 1 Level 2 Level 3 Collateral dependent individually analyzed loans $ 3,721 $ — $ — $ 3,721 Foreclosed assets, net 273 — — 273 Fair Value Measurement at December 31, 2021 Using (in thousands) Total Level 1 Level 2 Level 3 Collateral dependent individually analyzed loans $ 15,772 $ — $ — $ 15,772 Foreclosed assets, net 357 — — 357 |
Schedule of Fair Value, by Balance Sheet Grouping | The carrying amount and estimated fair value of financial instruments at March 31, 2022 and December 31, 2021 were as follows: March 31, 2022 (in thousands) Carrying Estimated Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 59,829 $ 59,829 $ 59,829 $ — $ — Debt securities available for sale 1,145,638 1,145,638 — 1,145,638 — Debt securities held to maturity 1,204,212 1,105,814 — 1,105,814 — Loans held for sale 6,466 6,361 — 6,361 — Loans held for investment, net 3,203,835 3,212,334 — — 3,212,334 Interest receivable 19,649 19,649 — 19,649 — FHLB stock 11,302 11,302 — 11,302 — Derivative assets 10,369 10,369 — 10,369 — Financial liabilities: Noninterest bearing deposits 1,002,415 1,002,415 1,002,415 — — Interest bearing deposits 4,075,310 4,063,299 3,235,272 828,027 — Short-term borrowings 181,193 181,193 181,193 — — Finance leases payable 912 912 — 912 — FHLB borrowings 33,094 33,088 — 33,088 — Junior subordinated notes issued to capital trusts 41,984 37,208 — 37,208 — Subordinated debentures 63,908 67,485 — 67,485 — Derivative liabilities 9,513 9,513 — 9,462 51 December 31, 2021 (in thousands) Carrying Amount Estimated Fair Value Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 203,830 $ 203,830 $ 203,830 $ — $ — Debt securities available for sale 2,288,110 2,288,110 — 2,288,110 — Debt securities held to maturity — — — — — Loans held for sale 12,917 12,970 — 12,970 — Loans held for investment, net 3,196,312 3,207,314 — — 3,207,314 Interest receivable 20,117 20,117 — 20,117 — FHLB stock 10,157 10,157 — 10,157 — Derivative assets 6,106 6,106 — 5,776 330 Financial liabilities: Noninterest bearing deposits 1,005,369 1,005,369 1,005,369 — — Interest bearing deposits 4,109,150 4,105,858 3,186,901 918,957 — Short-term borrowings 181,368 181,368 181,368 — — Finance leases payable 951 951 — 951 — FHLB borrowings 48,113 48,947 — 48,947 — Junior subordinated notes issued to capital trusts 41,940 35,545 — 35,545 — Subordinated debentures 63,875 68,207 — 68,207 — Derivative liabilities 6,741 6,741 — 6,741 — |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Schedule of Lease Assets and Liabilities | Supplemental balance sheet information related to leases was as follows: (in thousands) Classification March 31, 2022 December 31, 2021 Operating lease right-of-use assets Other assets $ 2,589 $ 2,840 Finance lease right-of-use asset Premises and equipment, net 422 446 Total right-of-use assets $ 3,011 $ 3,286 Operating lease liability Other liabilities $ 3,496 $ 3,778 Finance lease liability Long-term debt 912 951 Total lease liabilities $ 4,408 $ 4,729 Weighted-average remaining lease term Operating leases 9.41 years 9.13 years Finance lease 4.42 years 4.67 years Weighted-average discount rate Operating leases 4.20 % 4.13 % Finance lease 8.89 % 8.89 % |
Schedule of Lease Costs and Other Information | The following table represents lease costs and other lease information. As the Company elected, for all classes of underlying assets, not to separate lease and non-lease components and instead to account for them as a single lease component, the variable lease cost primarily represents variable payments such as common area maintenance and utilities. Three Months Ended March 31, (in thousands) 2022 2021 Lease Costs Operating lease cost $ 296 $ 299 Variable lease cost 21 72 Interest on lease liabilities (1) 20 23 Amortization of right-of-use assets 24 24 Net lease cost $ 361 $ 418 Other Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 596 $ 572 Operating cash flows from finance lease 20 23 Finance cash flows from finance lease 39 35 (1) Included in long-term debt interest expense in the Company’s consolidated statements of income. All other lease costs in this table are included in occupancy expense of premises, net. |
Schedule of Finance Lease Liability Maturity | Future minimum payments for finance leases and operating leases with initial or remaining terms of one year or more for the remaining nine-months ending December 31, 2022 and the succeeding annual periods were as follows: (in thousands) Finance Leases Operating Leases December 31, 2022 $ 180 $ 746 December 31, 2023 245 947 December 31, 2024 250 717 December 31, 2025 255 247 December 31, 2026 171 153 Thereafter — 1,820 Total undiscounted lease payment $ 1,101 $ 4,630 Amounts representing interest (189) (1,134) Lease liability $ 912 $ 3,496 |
Schedule of Operating Lease Liability Maturity | Future minimum payments for finance leases and operating leases with initial or remaining terms of one year or more for the remaining nine-months ending December 31, 2022 and the succeeding annual periods were as follows: (in thousands) Finance Leases Operating Leases December 31, 2022 $ 180 $ 746 December 31, 2023 245 947 December 31, 2024 250 717 December 31, 2025 255 247 December 31, 2026 171 153 Thereafter — 1,820 Total undiscounted lease payment $ 1,101 $ 4,630 Amounts representing interest (189) (1,134) Lease liability $ 912 $ 3,496 |
Nature of Business and Signif_3
Nature of Business and Significant Accounting Policies (Details) | 3 Months Ended |
Mar. 31, 2022segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of reportable segments | 1 |
Debt Securities - Schedule of A
Debt Securities - Schedule of Available for Sale Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Jan. 01, 2022 | Dec. 31, 2021 |
Schedule of Available-for-sale Securities | |||
Amortized cost | $ 1,188,358 | $ 2,300,106 | |
Gross Unrealized Gains | 3,136 | 18,996 | |
Gross Unrealized Losses | 45,856 | 30,992 | |
Allowance for Credit Loss related to Debt Securities | 0 | 0 | |
Debt securities available for sale | 1,145,638 | 2,288,110 | |
Schedule of Held-to-maturity Securities | |||
Amortized cost | 1,204,212 | ||
Gross Unrealized Gains | 1 | ||
Gross Unrealized Losses | 98,399 | ||
Allowance for Credit Loss related to Debt Securities | 0 | ||
Fair Value | 1,105,814 | ||
U.S. Government agencies and corporations | |||
Schedule of Available-for-sale Securities | |||
Amortized cost | 265 | ||
Gross Unrealized Gains | 1 | ||
Gross Unrealized Losses | 0 | ||
Allowance for Credit Loss related to Debt Securities | 0 | ||
Debt securities available for sale | 266 | ||
State and political subdivisions | |||
Schedule of Available-for-sale Securities | |||
Amortized cost | 294,697 | 760,894 | |
Gross Unrealized Gains | 1,019 | 10,484 | |
Gross Unrealized Losses | 6,728 | 5,636 | |
Allowance for Credit Loss related to Debt Securities | 0 | 0 | |
Debt securities available for sale | 288,988 | 765,742 | |
Schedule of Held-to-maturity Securities | |||
Amortized cost | 541,801 | ||
Gross Unrealized Gains | 1 | $ 300 | |
Gross Unrealized Losses | 52,139 | ||
Allowance for Credit Loss related to Debt Securities | 0 | ||
Fair Value | 489,663 | ||
Mortgage-backed securities | |||
Schedule of Available-for-sale Securities | |||
Amortized cost | 7,059 | 100,325 | |
Gross Unrealized Gains | 49 | 932 | |
Gross Unrealized Losses | 7 | 631 | |
Allowance for Credit Loss related to Debt Securities | 0 | 0 | |
Debt securities available for sale | 7,101 | 100,626 | |
Schedule of Held-to-maturity Securities | |||
Amortized cost | 88,281 | ||
Gross Unrealized Gains | 0 | ||
Gross Unrealized Losses | 5,901 | 22 | |
Allowance for Credit Loss related to Debt Securities | 0 | ||
Fair Value | 82,380 | ||
Collateralized mortgage obligations | |||
Schedule of Available-for-sale Securities | |||
Amortized cost | 180,229 | 785,945 | |
Gross Unrealized Gains | 66 | 1,274 | |
Gross Unrealized Losses | 8,798 | 18,320 | |
Allowance for Credit Loss related to Debt Securities | 0 | 0 | |
Debt securities available for sale | 171,497 | 768,899 | |
Schedule of Held-to-maturity Securities | |||
Amortized cost | 574,130 | ||
Gross Unrealized Gains | 0 | ||
Gross Unrealized Losses | 40,359 | $ 14,400 | |
Allowance for Credit Loss related to Debt Securities | 0 | ||
Fair Value | 533,771 | ||
Corporate debt securities | |||
Schedule of Available-for-sale Securities | |||
Amortized cost | 706,373 | 652,677 | |
Gross Unrealized Gains | 2,002 | 6,305 | |
Gross Unrealized Losses | 30,323 | 6,405 | |
Allowance for Credit Loss related to Debt Securities | 0 | 0 | |
Debt securities available for sale | $ 678,052 | $ 652,577 |
Debt Securities - Additional In
Debt Securities - Additional Information (Details) | Jan. 01, 2022USD ($) | Mar. 31, 2022USD ($)security | Dec. 31, 2021USD ($)security |
Schedule of Available-for-sale Securities | |||
AFS transferred to held-to-maturity classifications, fair value | $ 1,250,000,000 | ||
Net unrealized after tax loss from transfer of AFS to held-to-maturity classification | $ 11,500,000 | ||
Held to maturity securities at amortized cost | $ 1,204,212,000 | ||
Pledged securities | 519,100,000 | $ 582,200,000 | |
Interest receivable | $ 19,649,000 | $ 20,117,000 | |
Securities in continuous unrealized loss position | security | 347 | 238 | |
Accumulated unrealized losses | $ 45,856,000 | $ 30,992,000 | |
State and political subdivisions | |||
Schedule of Available-for-sale Securities | |||
Held to maturity securities at amortized cost | $ 541,801,000 | ||
Securities in continuous unrealized loss position | security | 228 | 136 | |
Accumulated unrealized losses | $ 6,728,000 | $ 5,636,000 | |
Mortgage-backed securities | |||
Schedule of Available-for-sale Securities | |||
Held to maturity securities at amortized cost | $ 88,281,000 | ||
Securities in continuous unrealized loss position | security | 4 | 6 | |
Accumulated unrealized losses | $ 7,000 | $ 631,000 | |
Mortgage backed securities and collateralized mortgage obligations | |||
Schedule of Available-for-sale Securities | |||
Accumulated unrealized losses | $ 8,800,000 | ||
Corporate debt securities | |||
Schedule of Available-for-sale Securities | |||
Securities in continuous unrealized loss position | security | 99 | 52 | |
Accumulated unrealized losses | $ 30,323,000 | $ 6,405,000 | |
Available-for-sale Securities | |||
Schedule of Available-for-sale Securities | |||
Interest receivable | 6,400,000 | 9,500,000 | |
Held-to-maturity Securities | |||
Schedule of Available-for-sale Securities | |||
Interest receivable | $ 3,800,000 | $ 0 |
Debt Securities - Available for
Debt Securities - Available for Sale Securities in Continuous Loss Position (Details) $ in Thousands | Mar. 31, 2022USD ($)security | Dec. 31, 2021USD ($)security |
Schedule of Available-for-sale Securities | ||
Number of Securities | security | 347 | 238 |
Less than 12 months, fair value | $ 722,624 | $ 1,264,758 |
Less than 12 months, unrealized losses | 34,998 | 26,107 |
12 Months or more, fair value | 108,006 | 104,478 |
12 Months or more, unrealized loss | 10,858 | 4,885 |
Fair Value | 830,630 | 1,369,236 |
Unrealized Losses | $ 45,856 | $ 30,992 |
State and political subdivisions | ||
Schedule of Available-for-sale Securities | ||
Number of Securities | security | 228 | 136 |
Less than 12 months, fair value | $ 181,805 | $ 311,960 |
Less than 12 months, unrealized losses | 6,176 | 5,216 |
12 Months or more, fair value | 5,364 | 15,343 |
12 Months or more, unrealized loss | 552 | 420 |
Fair Value | 187,169 | 327,303 |
Unrealized Losses | $ 6,728 | $ 5,636 |
Mortgage-backed securities | ||
Schedule of Available-for-sale Securities | ||
Number of Securities | security | 4 | 6 |
Less than 12 months, fair value | $ 4,531 | $ 43,319 |
Less than 12 months, unrealized losses | 7 | 631 |
12 Months or more, fair value | 48 | 80 |
12 Months or more, unrealized loss | 0 | 0 |
Fair Value | 4,579 | 43,399 |
Unrealized Losses | $ 7 | $ 631 |
Collateralized mortgage obligations | ||
Schedule of Available-for-sale Securities | ||
Number of Securities | security | 16 | 44 |
Less than 12 months, fair value | $ 116,360 | $ 605,729 |
Less than 12 months, unrealized losses | 6,774 | 15,693 |
12 Months or more, fair value | 17,973 | 61,984 |
12 Months or more, unrealized loss | 2,024 | 2,627 |
Fair Value | 134,333 | 667,713 |
Unrealized Losses | $ 8,798 | $ 18,320 |
Corporate debt securities | ||
Schedule of Available-for-sale Securities | ||
Number of Securities | security | 99 | 52 |
Less than 12 months, fair value | $ 419,928 | $ 303,750 |
Less than 12 months, unrealized losses | 22,041 | 4,567 |
12 Months or more, fair value | 84,621 | 27,071 |
12 Months or more, unrealized loss | 8,282 | 1,838 |
Fair Value | 504,549 | 330,821 |
Unrealized Losses | $ 30,323 | $ 6,405 |
Debt Securities - Investments C
Debt Securities - Investments Classified by Contractual Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Amortized Cost | ||
Due in one year or less, amortized cost | $ 59,984 | |
Due after one year through five years, amortized cost | 530,381 | |
Due after five years through ten years, amortized cost | 355,802 | |
Due after ten years, amortized cost | 54,903 | |
Total maturing securities, amortized cost | 1,001,070 | |
Amortized cost | 1,188,358 | $ 2,300,106 |
Fair Value | ||
Due in one year or less, estimated fair value | 60,555 | |
Due after one year through five years, estimated fair value | 512,427 | |
Due after five years through ten years, estimated fair value | 340,809 | |
Due after ten years, estimated fair value | 53,249 | |
Total maturing securities, fair value | 967,040 | |
Debt securities available for sale at fair value | 1,145,638 | 2,288,110 |
Amortized Cost | ||
Due in one year or less, amortized cost | 1,513 | |
Due after one year through five years, amortized cost | 39,918 | |
Due after five years through ten years, amortized cost | 240,528 | |
Due after ten years, amortized cost | 259,842 | |
Total maturing securities, amortized cost | 541,801 | |
Held to maturity securities at amortized cost | 1,204,212 | |
Fair Value | ||
Due in one year or less, estimated fair value | 1,507 | |
Due after one year through five years, estimated fair value | 38,131 | |
Due after five years through ten years, estimated fair value | 222,477 | |
Due after ten years, estimated fair value | 227,548 | |
Total maturing securities, fair value | 489,663 | |
Debt securities held to maturity | 1,105,814 | |
Mortgage-backed securities | ||
Amortized Cost | ||
Amortized cost | 7,059 | 100,325 |
Fair Value | ||
Debt securities available for sale at fair value | 7,101 | 100,626 |
Amortized Cost | ||
Held to maturity securities at amortized cost | 88,281 | |
Fair Value | ||
Debt securities held to maturity | 82,380 | |
Collateralized mortgage obligations | ||
Amortized Cost | ||
Amortized cost | 180,229 | 785,945 |
Fair Value | ||
Debt securities available for sale at fair value | 171,497 | $ 768,899 |
Amortized Cost | ||
Held to maturity securities at amortized cost | 574,130 | |
Fair Value | ||
Debt securities held to maturity | $ 533,771 |
Loans Receivable and the Allo_3
Loans Receivable and the Allowance for Credit Losses - Composition of Loans by Lending Classification (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans held for investment, net of unearned income | $ 3,250,035 | $ 3,245,012 | ||
Allowance for credit losses | (46,200) | (48,700) | $ (50,650) | $ (55,500) |
Total loans held for investment, net | 3,203,835 | 3,196,312 | ||
Loans pledged for FHLB debt | 830,400 | 816,000 | ||
Agricultural | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans held for investment, net of unearned income | 94,649 | 103,417 | ||
Allowance for credit losses | (380) | (667) | (1,110) | (1,346) |
Commercial and industrial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans held for investment, net of unearned income | 898,942 | 902,314 | ||
Allowance for credit losses | (17,275) | (17,294) | (13,644) | (15,689) |
Commercial real estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans held for investment, net of unearned income | 1,723,891 | 1,704,541 | ||
Allowance for credit losses | (24,057) | (26,120) | (30,425) | (32,640) |
Commercial real estate | Construction & development | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans held for investment, net of unearned income | 193,130 | 172,160 | ||
Commercial real estate | Farmland | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans held for investment, net of unearned income | 140,846 | 144,673 | ||
Commercial real estate | Multifamily | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans held for investment, net of unearned income | 259,609 | 244,503 | ||
Commercial real estate | Commercial real estate-other | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans held for investment, net of unearned income | 1,130,306 | 1,143,205 | ||
Residential real estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans held for investment, net of unearned income | 463,676 | 466,322 | ||
Allowance for credit losses | (3,908) | (4,010) | (4,655) | (4,882) |
Residential real estate | One- to four- family first liens | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans held for investment, net of unearned income | 331,883 | 333,308 | ||
Residential real estate | One- to four- family junior liens | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans held for investment, net of unearned income | 131,793 | 133,014 | ||
Consumer | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans held for investment, net of unearned income | 68,877 | 68,418 | ||
Allowance for credit losses | $ (580) | $ (609) | $ (816) | $ (943) |
Loans Receivable and the Allo_4
Loans Receivable and the Allowance for Credit Losses - Amortized Cost Basis Based on Delinquency Status (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | $ 3,250,035 | $ 3,245,012 |
90 Days or More Past Due And Accruing | 0 | 0 |
Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 3,217,904 | 3,218,658 |
30 - 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 7,622 | 11,086 |
60 - 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 1,745 | 3,032 |
90 Days or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 22,764 | 12,236 |
Agricultural | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 94,649 | 103,417 |
90 Days or More Past Due And Accruing | 0 | 0 |
Agricultural | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 93,002 | 102,352 |
Agricultural | 30 - 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 970 | 244 |
Agricultural | 60 - 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 5 | 0 |
Agricultural | 90 Days or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 672 | 821 |
Commercial and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 898,942 | 902,314 |
90 Days or More Past Due And Accruing | 0 | 0 |
Commercial and industrial | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 896,143 | 899,423 |
Commercial and industrial | 30 - 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 677 | 529 |
Commercial and industrial | 60 - 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 54 | 134 |
Commercial and industrial | 90 Days or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 2,068 | 2,228 |
Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 1,723,891 | 1,704,541 |
90 Days or More Past Due And Accruing | 0 | 0 |
Commercial real estate | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 1,699,595 | 1,685,173 |
Commercial real estate | 30 - 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 3,303 | 8,929 |
Commercial real estate | 60 - 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 1,513 | 1,692 |
Commercial real estate | 90 Days or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 19,480 | 8,747 |
Commercial real estate | Construction & development | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 193,130 | 172,160 |
90 Days or More Past Due And Accruing | 0 | 0 |
Commercial real estate | Construction & development | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 192,185 | 171,169 |
Commercial real estate | Construction & development | 30 - 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 0 | 396 |
Commercial real estate | Construction & development | 60 - 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 0 | 0 |
Commercial real estate | Construction & development | 90 Days or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 945 | 595 |
Commercial real estate | Farmland | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 140,846 | 144,673 |
90 Days or More Past Due And Accruing | 0 | 0 |
Commercial real estate | Farmland | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 138,496 | 141,814 |
Commercial real estate | Farmland | 30 - 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 1,053 | 116 |
Commercial real estate | Farmland | 60 - 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 0 | 0 |
Commercial real estate | Farmland | 90 Days or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 1,297 | 2,743 |
Commercial real estate | Multifamily | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 259,609 | 244,503 |
90 Days or More Past Due And Accruing | 0 | 0 |
Commercial real estate | Multifamily | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 258,224 | 243,117 |
Commercial real estate | Multifamily | 30 - 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 0 | 0 |
Commercial real estate | Multifamily | 60 - 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 1,385 | 1,386 |
Commercial real estate | Multifamily | 90 Days or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 0 | 0 |
Commercial real estate | Commercial real estate-other | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 1,130,306 | 1,143,205 |
90 Days or More Past Due And Accruing | 0 | 0 |
Commercial real estate | Commercial real estate-other | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 1,110,690 | 1,129,073 |
Commercial real estate | Commercial real estate-other | 30 - 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 2,250 | 8,417 |
Commercial real estate | Commercial real estate-other | 60 - 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 128 | 306 |
Commercial real estate | Commercial real estate-other | 90 Days or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 17,238 | 5,409 |
Residential real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 463,676 | 466,322 |
90 Days or More Past Due And Accruing | 0 | 0 |
Residential real estate | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 460,420 | 463,384 |
Residential real estate | 30 - 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 2,614 | 1,318 |
Residential real estate | 60 - 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 115 | 1,192 |
Residential real estate | 90 Days or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 527 | 428 |
Residential real estate | One- to four- family first liens | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 331,883 | 333,308 |
90 Days or More Past Due And Accruing | 0 | 0 |
Residential real estate | One- to four- family first liens | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 329,465 | 330,992 |
Residential real estate | One- to four- family first liens | 30 - 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 2,147 | 1,057 |
Residential real estate | One- to four- family first liens | 60 - 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 27 | 1,057 |
Residential real estate | One- to four- family first liens | 90 Days or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 244 | 202 |
Residential real estate | One- to four- family junior liens | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 131,793 | 133,014 |
90 Days or More Past Due And Accruing | 0 | 0 |
Residential real estate | One- to four- family junior liens | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 130,955 | 132,392 |
Residential real estate | One- to four- family junior liens | 30 - 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 467 | 261 |
Residential real estate | One- to four- family junior liens | 60 - 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 88 | 135 |
Residential real estate | One- to four- family junior liens | 90 Days or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 283 | 226 |
Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 68,877 | 68,418 |
90 Days or More Past Due And Accruing | 0 | 0 |
Consumer | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 68,744 | 68,326 |
Consumer | 30 - 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 58 | 66 |
Consumer | 60 - 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 58 | 14 |
Consumer | 90 Days or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | $ 17 | $ 12 |
Loans Receivable and the Allo_5
Loans Receivable and the Allowance for Credit Losses - Nonaccrual Status and Interest Income (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Financing Receivable, Past Due [Line Items] | |||
Nonaccrual | $ 31,182 | $ 31,540 | |
Nonaccrual with no Allowance for Credit Losses | 22,476 | 9,164 | |
90 Days or More Past Due And Accruing | 0 | 0 | |
Financing receivable, nonaccrual, interest income | 70 | $ 90 | |
Agricultural | |||
Financing Receivable, Past Due [Line Items] | |||
Nonaccrual | 1,238 | 2,090 | |
Nonaccrual with no Allowance for Credit Losses | 804 | 1,341 | |
90 Days or More Past Due And Accruing | 0 | 0 | |
Commercial and industrial | |||
Financing Receivable, Past Due [Line Items] | |||
Nonaccrual | 3,344 | 3,803 | |
Nonaccrual with no Allowance for Credit Losses | 1,749 | 1,341 | |
90 Days or More Past Due And Accruing | 0 | 0 | |
Commercial real estate | |||
Financing Receivable, Past Due [Line Items] | |||
Nonaccrual | 24,959 | 23,625 | |
Nonaccrual with no Allowance for Credit Losses | 19,843 | 6,137 | |
90 Days or More Past Due And Accruing | 0 | 0 | |
Commercial real estate | Construction & development | |||
Financing Receivable, Past Due [Line Items] | |||
Nonaccrual | 945 | 595 | |
Nonaccrual with no Allowance for Credit Losses | 945 | 595 | |
90 Days or More Past Due And Accruing | 0 | 0 | |
Commercial real estate | Farmland | |||
Financing Receivable, Past Due [Line Items] | |||
Nonaccrual | 4,448 | 5,499 | |
Nonaccrual with no Allowance for Credit Losses | 3,978 | 4,156 | |
90 Days or More Past Due And Accruing | 0 | 0 | |
Commercial real estate | Multifamily | |||
Financing Receivable, Past Due [Line Items] | |||
Nonaccrual | 973 | 987 | |
Nonaccrual with no Allowance for Credit Losses | 318 | 323 | |
90 Days or More Past Due And Accruing | 0 | 0 | |
Commercial real estate | Commercial real estate-other | |||
Financing Receivable, Past Due [Line Items] | |||
Nonaccrual | 18,593 | 16,544 | |
Nonaccrual with no Allowance for Credit Losses | 14,602 | 1,063 | |
90 Days or More Past Due And Accruing | 0 | 0 | |
Residential real estate | |||
Financing Receivable, Past Due [Line Items] | |||
Nonaccrual | 1,606 | 1,988 | |
Nonaccrual with no Allowance for Credit Losses | 80 | 345 | |
90 Days or More Past Due And Accruing | 0 | 0 | |
Residential real estate | One- to four- family first liens | |||
Financing Receivable, Past Due [Line Items] | |||
Nonaccrual | 947 | 1,275 | |
Nonaccrual with no Allowance for Credit Losses | 80 | 345 | |
90 Days or More Past Due And Accruing | 0 | 0 | |
Residential real estate | One- to four- family junior liens | |||
Financing Receivable, Past Due [Line Items] | |||
Nonaccrual | 659 | 713 | |
Nonaccrual with no Allowance for Credit Losses | 0 | 0 | |
90 Days or More Past Due And Accruing | 0 | 0 | |
Consumer | |||
Financing Receivable, Past Due [Line Items] | |||
Nonaccrual | 35 | 34 | |
Nonaccrual with no Allowance for Credit Losses | 0 | 0 | |
90 Days or More Past Due And Accruing | $ 0 | $ 0 |
Loans Receivable and the Allo_6
Loans Receivable and the Allowance for Credit Losses - Loans by Credit Quality Indicator (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | $ 220,453 | $ 1,091,571 |
2021 | 1,032,051 | 953,672 |
2020 | 855,463 | 258,153 |
2019 | 234,106 | 145,994 |
2018 | 136,367 | 166,651 |
Prior | 370,742 | 258,653 |
Revolving Loans | 400,853 | 370,318 |
Loans held for investment, net of unearned income | 3,250,035 | 3,245,012 |
Performing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 55,510 | 178,567 |
2021 | 157,973 | 104,807 |
2020 | 90,138 | 37,491 |
2019 | 34,358 | 33,886 |
2018 | 30,137 | 21,685 |
Prior | 88,827 | 76,558 |
Revolving Loans | 73,969 | 79,723 |
Loans held for investment, net of unearned income | 530,912 | 532,717 |
Nonperforming | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 383 |
2021 | 165 | 20 |
2020 | 6 | 216 |
2019 | 286 | 493 |
2018 | 379 | 29 |
Prior | 805 | 777 |
Revolving Loans | 0 | 105 |
Loans held for investment, net of unearned income | 1,641 | 2,023 |
Agricultural | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 8,520 | 22,049 |
2021 | 16,772 | 9,579 |
2020 | 7,579 | 4,738 |
2019 | 3,933 | 1,481 |
2018 | 1,117 | 906 |
Prior | 2,226 | 2,218 |
Revolving Loans | 54,502 | 62,446 |
Loans held for investment, net of unearned income | 94,649 | 103,417 |
Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 41,257 | 301,561 |
2021 | 264,233 | 203,438 |
2020 | 177,909 | 58,294 |
2019 | 57,825 | 36,764 |
2018 | 34,263 | 64,635 |
Prior | 148,707 | 92,538 |
Revolving Loans | 174,748 | 145,084 |
Loans held for investment, net of unearned income | 898,942 | 902,314 |
Commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, net of unearned income | 1,723,891 | 1,704,541 |
Commercial real estate | Construction & development | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 12,980 | 91,536 |
2021 | 102,959 | 37,977 |
2020 | 38,830 | 5,707 |
2019 | 2,669 | 1,611 |
2018 | 1,552 | 1,543 |
Prior | 2,215 | 589 |
Revolving Loans | 31,925 | 33,197 |
Loans held for investment, net of unearned income | 193,130 | 172,160 |
Commercial real estate | Farmland | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 17,965 | 56,367 |
2021 | 52,747 | 39,698 |
2020 | 32,079 | 20,355 |
2019 | 13,203 | 8,401 |
2018 | 7,418 | 7,019 |
Prior | 16,360 | 11,021 |
Revolving Loans | 1,074 | 1,812 |
Loans held for investment, net of unearned income | 140,846 | 144,673 |
Commercial real estate | Multifamily | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 18,958 | 105,722 |
2021 | 107,653 | 98,438 |
2020 | 98,200 | 19,234 |
2019 | 18,912 | 8,754 |
2018 | 8,680 | 6,414 |
Prior | 7,180 | 5,668 |
Revolving Loans | 26 | 273 |
Loans held for investment, net of unearned income | 259,609 | 244,503 |
Commercial real estate | Commercial real estate-other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 65,263 | 335,386 |
2021 | 329,549 | 459,715 |
2020 | 410,722 | 112,118 |
2019 | 102,920 | 54,604 |
2018 | 52,821 | 64,420 |
Prior | 104,422 | 69,284 |
Revolving Loans | 64,609 | 47,678 |
Loans held for investment, net of unearned income | 1,130,306 | 1,143,205 |
Residential real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, net of unearned income | 463,676 | 466,322 |
Residential real estate | One- to four- family first liens | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 35,714 | 115,891 |
2021 | 101,918 | 77,106 |
2020 | 67,242 | 27,324 |
2019 | 25,672 | 24,992 |
2018 | 22,541 | 16,425 |
Prior | 74,185 | 66,239 |
Revolving Loans | 4,611 | 5,331 |
Loans held for investment, net of unearned income | 331,883 | 333,308 |
Residential real estate | One- to four- family first liens | Performing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 35,714 | 115,539 |
2021 | 101,835 | 77,086 |
2020 | 67,237 | 27,279 |
2019 | 25,627 | 24,697 |
2018 | 22,357 | 16,425 |
Prior | 73,556 | 65,676 |
Revolving Loans | 4,611 | 5,331 |
Loans held for investment, net of unearned income | 330,937 | 332,033 |
Residential real estate | One- to four- family first liens | Nonperforming | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 352 |
2021 | 83 | 20 |
2020 | 5 | 45 |
2019 | 45 | 295 |
2018 | 184 | 0 |
Prior | 629 | 563 |
Revolving Loans | 0 | 0 |
Loans held for investment, net of unearned income | 946 | 1,275 |
Residential real estate | One- to four- family junior liens | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 9,889 | 29,935 |
2021 | 27,581 | 13,335 |
2020 | 10,933 | 4,451 |
2019 | 3,972 | 5,307 |
2018 | 4,669 | 3,590 |
Prior | 8,447 | 5,311 |
Revolving Loans | 66,302 | 71,085 |
Loans held for investment, net of unearned income | 131,793 | 133,014 |
Residential real estate | One- to four- family junior liens | Performing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 9,889 | 29,904 |
2021 | 27,499 | 13,335 |
2020 | 10,933 | 4,295 |
2019 | 3,746 | 5,109 |
2018 | 4,479 | 3,574 |
Prior | 8,286 | 5,104 |
Revolving Loans | 66,302 | 70,980 |
Loans held for investment, net of unearned income | 131,134 | 132,301 |
Residential real estate | One- to four- family junior liens | Nonperforming | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 31 |
2021 | 82 | 0 |
2020 | 0 | 156 |
2019 | 226 | 198 |
2018 | 190 | 16 |
Prior | 161 | 207 |
Revolving Loans | 0 | 105 |
Loans held for investment, net of unearned income | 659 | 713 |
Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 9,907 | 33,124 |
2021 | 28,639 | 14,386 |
2020 | 11,969 | 5,932 |
2019 | 5,000 | 4,080 |
2018 | 3,306 | 1,699 |
Prior | 7,000 | 5,785 |
Revolving Loans | 3,056 | 3,412 |
Loans held for investment, net of unearned income | 68,877 | 68,418 |
Consumer | Performing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 9,907 | 33,124 |
2021 | 28,639 | 14,386 |
2020 | 11,968 | 5,917 |
2019 | 4,985 | 4,080 |
2018 | 3,301 | 1,686 |
Prior | 6,985 | 5,778 |
Revolving Loans | 3,056 | 3,412 |
Loans held for investment, net of unearned income | 68,841 | 68,383 |
Consumer | Nonperforming | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 1 | 15 |
2019 | 15 | 0 |
2018 | 5 | 13 |
Prior | 15 | 7 |
Revolving Loans | 0 | 0 |
Loans held for investment, net of unearned income | 36 | 35 |
Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 149,983 | 882,864 |
2021 | 854,595 | 759,876 |
2020 | 693,931 | 197,924 |
2019 | 178,836 | 84,212 |
2018 | 83,575 | 133,227 |
Prior | 242,498 | 151,463 |
Revolving Loans | 307,319 | 271,634 |
Loans held for investment, net of unearned income | 2,510,737 | 2,481,200 |
Pass | Agricultural | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 8,413 | 20,145 |
2021 | 15,512 | 8,604 |
2020 | 6,747 | 4,367 |
2019 | 3,742 | 1,260 |
2018 | 926 | 885 |
Prior | 1,043 | 947 |
Revolving Loans | 51,051 | 58,119 |
Loans held for investment, net of unearned income | 87,434 | 94,327 |
Pass | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 38,246 | 297,285 |
2021 | 263,108 | 199,324 |
2020 | 173,340 | 56,258 |
2019 | 55,961 | 35,522 |
2018 | 33,094 | 60,294 |
Prior | 127,574 | 75,342 |
Revolving Loans | 160,281 | 132,323 |
Loans held for investment, net of unearned income | 851,604 | 856,348 |
Pass | Commercial real estate | Construction & development | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 12,980 | 90,662 |
2021 | 102,092 | 37,098 |
2020 | 37,967 | 4,942 |
2019 | 1,907 | 1,611 |
2018 | 1,552 | 1,543 |
Prior | 2,205 | 578 |
Revolving Loans | 31,925 | 33,197 |
Loans held for investment, net of unearned income | 190,628 | 169,631 |
Pass | Commercial real estate | Farmland | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 17,486 | 51,682 |
2021 | 50,457 | 33,870 |
2020 | 26,514 | 18,674 |
2019 | 11,994 | 5,105 |
2018 | 4,906 | 5,060 |
Prior | 13,945 | 10,240 |
Revolving Loans | 1,074 | 1,812 |
Loans held for investment, net of unearned income | 126,376 | 126,443 |
Pass | Commercial real estate | Multifamily | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 18,941 | 97,188 |
2021 | 99,165 | 96,389 |
2020 | 96,159 | 19,234 |
2019 | 18,912 | 2,754 |
2018 | 2,680 | 4,555 |
Prior | 4,823 | 3,813 |
Revolving Loans | 26 | 273 |
Loans held for investment, net of unearned income | 240,706 | 224,206 |
Pass | Commercial real estate | Commercial real estate-other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 53,917 | 325,902 |
2021 | 324,261 | 384,591 |
2020 | 353,204 | 94,449 |
2019 | 86,320 | 37,960 |
2018 | 40,417 | 60,890 |
Prior | 92,908 | 60,543 |
Revolving Loans | 62,962 | 45,910 |
Loans held for investment, net of unearned income | 1,013,989 | 1,010,245 |
Special mention / watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 14,174 | 22,675 |
2021 | 14,130 | 32,553 |
2020 | 18,086 | 6,367 |
2019 | 5,207 | 18,447 |
2018 | 17,928 | 9,029 |
Prior | 25,415 | 17,939 |
Revolving Loans | 11,301 | 10,391 |
Loans held for investment, net of unearned income | 106,241 | 117,401 |
Special mention / watch | Agricultural | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 107 | 1,255 |
2021 | 958 | 148 |
2020 | 133 | 245 |
2019 | 173 | 0 |
2018 | 0 | 17 |
Prior | 909 | 993 |
Revolving Loans | 1,485 | 1,685 |
Loans held for investment, net of unearned income | 3,765 | 4,343 |
Special mention / watch | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 3,011 | 4,268 |
2021 | 1,119 | 2,342 |
2020 | 3,309 | 781 |
2019 | 693 | 470 |
2018 | 444 | 4,304 |
Prior | 18,277 | 14,274 |
Revolving Loans | 8,169 | 6,938 |
Loans held for investment, net of unearned income | 35,022 | 33,377 |
Special mention / watch | Commercial real estate | Construction & development | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 874 |
2021 | 867 | 0 |
2020 | 0 | 169 |
2019 | 167 | 0 |
2018 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Loans held for investment, net of unearned income | 1,034 | 1,043 |
Special mention / watch | Commercial real estate | Farmland | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 450 | 3,105 |
2021 | 817 | 3,824 |
2020 | 3,664 | 0 |
2019 | 0 | 734 |
2018 | 715 | 292 |
Prior | 352 | 223 |
Revolving Loans | 0 | 0 |
Loans held for investment, net of unearned income | 5,998 | 8,178 |
Special mention / watch | Commercial real estate | Multifamily | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 17 | 7,871 |
2021 | 7,834 | 0 |
2020 | 0 | 0 |
2019 | 0 | 6,000 |
2018 | 6,000 | 1,859 |
Prior | 2,357 | 544 |
Revolving Loans | 0 | 0 |
Loans held for investment, net of unearned income | 16,208 | 16,274 |
Special mention / watch | Commercial real estate | Commercial real estate-other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 10,589 | 5,302 |
2021 | 2,535 | 26,239 |
2020 | 10,980 | 5,172 |
2019 | 4,174 | 11,243 |
2018 | 10,769 | 2,557 |
Prior | 3,520 | 1,905 |
Revolving Loans | 1,647 | 1,768 |
Loans held for investment, net of unearned income | 44,214 | 54,186 |
Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 786 | 7,082 |
2021 | 5,188 | 56,416 |
2020 | 53,302 | 16,155 |
2019 | 15,419 | 8,956 |
2018 | 4,348 | 2,681 |
Prior | 13,197 | 11,916 |
Revolving Loans | 8,264 | 8,465 |
Loans held for investment, net of unearned income | 100,504 | 111,671 |
Substandard | Agricultural | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 649 |
2021 | 302 | 827 |
2020 | 699 | 126 |
2019 | 18 | 221 |
2018 | 191 | 4 |
Prior | 274 | 278 |
Revolving Loans | 1,966 | 2,642 |
Loans held for investment, net of unearned income | 3,450 | 4,747 |
Substandard | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 8 |
2021 | 6 | 1,772 |
2020 | 1,260 | 1,255 |
2019 | 1,171 | 772 |
2018 | 725 | 37 |
Prior | 2,856 | 2,922 |
Revolving Loans | 6,298 | 5,823 |
Loans held for investment, net of unearned income | 12,316 | 12,589 |
Substandard | Commercial real estate | Construction & development | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 879 |
2020 | 863 | 596 |
2019 | 595 | 0 |
2018 | 0 | 0 |
Prior | 10 | 11 |
Revolving Loans | 0 | 0 |
Loans held for investment, net of unearned income | 1,468 | 1,486 |
Substandard | Commercial real estate | Farmland | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 29 | 1,580 |
2021 | 1,473 | 2,004 |
2020 | 1,901 | 1,681 |
2019 | 1,209 | 2,562 |
2018 | 1,797 | 1,667 |
Prior | 2,063 | 558 |
Revolving Loans | 0 | 0 |
Loans held for investment, net of unearned income | 8,472 | 10,052 |
Substandard | Commercial real estate | Multifamily | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 663 |
2021 | 654 | 2,049 |
2020 | 2,041 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior | 0 | 1,311 |
Revolving Loans | 0 | 0 |
Loans held for investment, net of unearned income | 2,695 | 4,023 |
Substandard | Commercial real estate | Commercial real estate-other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 757 | 4,182 |
2021 | 2,753 | 48,885 |
2020 | 46,538 | 12,497 |
2019 | 12,426 | 5,401 |
2018 | 1,635 | 973 |
Prior | 7,994 | 6,836 |
Revolving Loans | 0 | 0 |
Loans held for investment, net of unearned income | 72,103 | 78,774 |
Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Loans held for investment, net of unearned income | 0 | 0 |
Doubtful | Agricultural | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Loans held for investment, net of unearned income | 0 | 0 |
Doubtful | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Loans held for investment, net of unearned income | 0 | 0 |
Doubtful | Commercial real estate | Construction & development | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Loans held for investment, net of unearned income | 0 | 0 |
Doubtful | Commercial real estate | Farmland | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Loans held for investment, net of unearned income | 0 | 0 |
Doubtful | Commercial real estate | Multifamily | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Loans held for investment, net of unearned income | 0 | 0 |
Doubtful | Commercial real estate | Commercial real estate-other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Loans held for investment, net of unearned income | $ 0 | $ 0 |
Loans Receivable and the Allo_7
Loans Receivable and the Allowance for Credit Losses - Activity in Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Net charge-offs (recoveries) | $ 2,200 | $ 300 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 48,700 | 55,500 | |
Charge-offs | (2,631) | (1,003) | |
Recoveries | 409 | 687 | |
Credit loss (benefit) expense | (278) | (4,534) | |
Ending balance | 46,200 | 50,650 | |
Credit loss expense, off balance sheet credit exposure | 300 | (200) | |
Loans receivable | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Accrued interest receivable | 9,300 | $ 10,400 | |
Agricultural | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 667 | 1,346 | |
Charge-offs | 0 | (41) | |
Recoveries | 7 | 27 | |
Credit loss (benefit) expense | (294) | (222) | |
Ending balance | 380 | 1,110 | |
Commercial and industrial | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 17,294 | 15,689 | |
Charge-offs | (233) | (666) | |
Recoveries | 225 | 292 | |
Credit loss (benefit) expense | (11) | (1,671) | |
Ending balance | 17,275 | 13,644 | |
Commercial real estate | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 26,120 | 32,640 | |
Charge-offs | (2,184) | (66) | |
Recoveries | 117 | 306 | |
Credit loss (benefit) expense | 4 | (2,455) | |
Ending balance | 24,057 | 30,425 | |
Residential real estate | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 4,010 | 4,882 | |
Charge-offs | (30) | (35) | |
Recoveries | 16 | 9 | |
Credit loss (benefit) expense | (88) | (201) | |
Ending balance | 3,908 | 4,655 | |
Consumer | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 609 | 943 | |
Charge-offs | (184) | (195) | |
Recoveries | 44 | 53 | |
Credit loss (benefit) expense | 111 | 15 | |
Ending balance | $ 580 | $ 816 |
Loans Receivable and the Allo_8
Loans Receivable and the Allowance for Credit Losses - Allowance for Loan Losses Based on Evaluation Method (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Loans and Leases Receivable Disclosure [Line Items] | ||||
Individually evaluated for impairment | $ 28,586 | $ 28,034 | ||
Collectively evaluated for impairment | 3,221,449 | 3,216,978 | ||
Total | 3,250,035 | 3,245,012 | ||
Allowance for credit losses: | ||||
Individually evaluated for impairment | 2,391 | 3,098 | ||
Collectively evaluated for impairment | 43,809 | 45,602 | ||
Total | 46,200 | 48,700 | $ 50,650 | $ 55,500 |
Agricultural | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Individually evaluated for impairment | 804 | 1,341 | ||
Collectively evaluated for impairment | 93,845 | 102,076 | ||
Total | 94,649 | 103,417 | ||
Allowance for credit losses: | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 380 | 667 | ||
Total | 380 | 667 | 1,110 | 1,346 |
Commercial and industrial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Individually evaluated for impairment | 2,846 | 3,005 | ||
Collectively evaluated for impairment | 896,096 | 899,309 | ||
Total | 898,942 | 902,314 | ||
Allowance for credit losses: | ||||
Individually evaluated for impairment | 420 | 681 | ||
Collectively evaluated for impairment | 16,855 | 16,613 | ||
Total | 17,275 | 17,294 | 13,644 | 15,689 |
Commercial real estate | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Individually evaluated for impairment | 24,646 | 23,118 | ||
Collectively evaluated for impairment | 1,699,245 | 1,681,423 | ||
Total | 1,723,891 | 1,704,541 | ||
Allowance for credit losses: | ||||
Individually evaluated for impairment | 1,762 | 2,193 | ||
Collectively evaluated for impairment | 22,295 | 23,927 | ||
Total | 24,057 | 26,120 | 30,425 | 32,640 |
Residential real estate | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Individually evaluated for impairment | 290 | 570 | ||
Collectively evaluated for impairment | 463,386 | 465,752 | ||
Total | 463,676 | 466,322 | ||
Allowance for credit losses: | ||||
Individually evaluated for impairment | 209 | 224 | ||
Collectively evaluated for impairment | 3,699 | 3,786 | ||
Total | 3,908 | 4,010 | 4,655 | 4,882 |
Consumer | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 68,877 | 68,418 | ||
Total | 68,877 | 68,418 | ||
Allowance for credit losses: | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 580 | 609 | ||
Total | $ 580 | $ 609 | $ 816 | $ 943 |
Loans Receivable and the Allo_9
Loans Receivable and the Allowance for Credit Losses - Primary Type of Collateral (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment, net | $ 3,203,835 | $ 3,196,312 | ||
ACL Allocation | 46,200 | 48,700 | $ 50,650 | $ 55,500 |
Real Estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment, net | 24,145 | 24,631 | ||
Equipment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment, net | 727 | 799 | ||
Other | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment, net | 3,714 | 2,604 | ||
Collateral Pledged | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment, net | 28,586 | 28,034 | ||
ACL Allocation | 2,391 | 3,098 | ||
Agricultural | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
ACL Allocation | 380 | 667 | 1,110 | 1,346 |
Agricultural | Real Estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment, net | 591 | 916 | ||
Agricultural | Equipment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment, net | 213 | 425 | ||
Agricultural | Other | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment, net | 0 | 0 | ||
Agricultural | Collateral Pledged | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment, net | 804 | 1,341 | ||
ACL Allocation | 0 | 0 | ||
Commercial and industrial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
ACL Allocation | 17,275 | 17,294 | 13,644 | 15,689 |
Commercial and industrial | Real Estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment, net | 408 | 408 | ||
Commercial and industrial | Equipment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment, net | 514 | 374 | ||
Commercial and industrial | Other | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment, net | 1,924 | 2,223 | ||
Commercial and industrial | Collateral Pledged | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment, net | 2,846 | 3,005 | ||
ACL Allocation | 420 | 681 | ||
Commercial real estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
ACL Allocation | 24,057 | 26,120 | 30,425 | 32,640 |
Commercial real estate | Construction & development | Real Estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment, net | 945 | 595 | ||
Commercial real estate | Construction & development | Equipment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment, net | 0 | 0 | ||
Commercial real estate | Construction & development | Other | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment, net | 0 | 0 | ||
Commercial real estate | Construction & development | Collateral Pledged | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment, net | 945 | 595 | ||
ACL Allocation | 0 | 0 | ||
Commercial real estate | Farmland | Real Estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment, net | 4,323 | 5,185 | ||
Commercial real estate | Farmland | Equipment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment, net | 0 | 0 | ||
Commercial real estate | Farmland | Other | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment, net | 0 | 0 | ||
Commercial real estate | Farmland | Collateral Pledged | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment, net | 4,323 | 5,185 | ||
ACL Allocation | 6 | 22 | ||
Commercial real estate | Multifamily | Real Estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment, net | 972 | 987 | ||
Commercial real estate | Multifamily | Equipment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment, net | 0 | 0 | ||
Commercial real estate | Multifamily | Other | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment, net | 0 | 0 | ||
Commercial real estate | Multifamily | Collateral Pledged | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment, net | 972 | 987 | ||
ACL Allocation | 375 | 387 | ||
Commercial real estate | Commercial real estate-other | Real Estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment, net | 16,761 | 16,130 | ||
Commercial real estate | Commercial real estate-other | Equipment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment, net | 0 | 0 | ||
Commercial real estate | Commercial real estate-other | Other | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment, net | 1,645 | 221 | ||
Commercial real estate | Commercial real estate-other | Collateral Pledged | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment, net | 18,406 | 16,351 | ||
ACL Allocation | 1,381 | 1,784 | ||
Residential real estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
ACL Allocation | 3,908 | 4,010 | 4,655 | 4,882 |
Residential real estate | One- to four- family first liens | Real Estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment, net | 145 | 410 | ||
Residential real estate | One- to four- family first liens | Equipment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment, net | 0 | 0 | ||
Residential real estate | One- to four- family first liens | Other | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment, net | 0 | 0 | ||
Residential real estate | One- to four- family first liens | Collateral Pledged | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment, net | 145 | 410 | ||
ACL Allocation | 65 | 64 | ||
Residential real estate | One- to four- family junior liens | Real Estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment, net | 0 | 0 | ||
Residential real estate | One- to four- family junior liens | Equipment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment, net | 0 | 0 | ||
Residential real estate | One- to four- family junior liens | Other | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment, net | 145 | 160 | ||
Residential real estate | One- to four- family junior liens | Collateral Pledged | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment, net | 145 | 160 | ||
ACL Allocation | 144 | 160 | ||
Consumer | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
ACL Allocation | 580 | 609 | $ 816 | $ 943 |
Consumer | Real Estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment, net | 0 | 0 | ||
Consumer | Equipment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment, net | 0 | 0 | ||
Consumer | Other | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment, net | 0 | 0 | ||
Consumer | Collateral Pledged | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment, net | 0 | 0 | ||
ACL Allocation | $ 0 | $ 0 |
Loans Receivable and the All_10
Loans Receivable and the Allowance for Credit Losses - TDR Disclosures (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022USD ($)contractsecurity | Mar. 31, 2021USD ($)securitycontract | Dec. 31, 2021USD ($) | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing receivable, TDR | $ 18,900 | $ 20,000 | |
Loans and leases receivable, impaired, commitment to lend | $ 8 | ||
Number of Contracts | contract | 4 | 3 | |
Pre-Modification Outstanding Recorded Investment | $ 1,669 | $ 287 | |
Post-Modification Outstanding Recorded Investment | $ 1,669 | $ 287 | |
TDR, subsequent to restructure, number of contracts | security | 1 | 0 | |
TDR, subsequent to restructure, recorded investment | $ 7,388 | $ 0 | |
Residential real estate | One- to four- family first liens | Extended maturity | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | contract | 0 | 1 | |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 93 | |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 93 | |
Residential real estate | One- to four- family first liens | Other | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | contract | 0 | 1 | |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 150 | |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 150 | |
Commercial real estate | Commercial real estate-other | Other | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | contract | 0 | 1 | |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 44 | |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 44 | |
Commercial real estate | Farmland | Extended maturity | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
TDR, subsequent to restructure, number of contracts | security | 1 | 0 | |
TDR, subsequent to restructure, recorded investment | $ 7,388 | $ 0 | |
Agricultural | Other | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | contract | 1 | 0 | |
Pre-Modification Outstanding Recorded Investment | $ 140 | $ 0 | |
Post-Modification Outstanding Recorded Investment | $ 140 | $ 0 | |
Farmland | Other | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | contract | 3 | 0 | |
Pre-Modification Outstanding Recorded Investment | $ 1,529 | $ 0 | |
Post-Modification Outstanding Recorded Investment | $ 1,529 | $ 0 |
Derivatives, Hedging Activiti_3
Derivatives, Hedging Activities and Balance Sheet Offsetting - Derivatives and Hedging Activities (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Derivatives, Fair Value [Line Items] | ||
Derivative assets, fair value | $ 10,369 | $ 6,106 |
Derivative liabilities, fair value | 9,513 | 6,741 |
Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, notional amount | 24,610 | 24,802 |
Derivative assets, fair value | 1,037 | 424 |
Derivative liabilities, fair value | 458 | 1,400 |
Designated as Hedging Instrument | Interest rate swaps | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, notional amount | 24,610 | 24,802 |
Derivative assets, fair value | 1,037 | 424 |
Derivative liabilities, fair value | 458 | 1,400 |
Not Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, notional amount | 395,180 | 410,642 |
Derivative assets, fair value | 9,332 | 5,682 |
Derivative liabilities, fair value | 9,055 | 5,341 |
Not Designated as Hedging Instrument | Interest rate swaps | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, notional amount | 353,581 | 356,636 |
Derivative assets, fair value | 8,998 | 5,352 |
Derivative liabilities, fair value | 9,004 | 5,363 |
Not Designated as Hedging Instrument | RPAs | RPAs - protection sold | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, notional amount | 4,167 | 4,229 |
Derivative assets, fair value | 0 | 0 |
Derivative liabilities, fair value | 0 | 0 |
Not Designated as Hedging Instrument | RPAs | RPAs - protection purchased | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, notional amount | 9,579 | 9,629 |
Derivative assets, fair value | 0 | 0 |
Derivative liabilities, fair value | 0 | 2 |
Not Designated as Hedging Instrument | Interest rate lock commitments | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, notional amount | 12,582 | 17,438 |
Derivative assets, fair value | 0 | 330 |
Derivative liabilities, fair value | 51 | 0 |
Not Designated as Hedging Instrument | Interest rate forward loan sales contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, notional amount | 15,271 | 22,710 |
Derivative assets, fair value | 334 | 0 |
Derivative liabilities, fair value | $ 0 | $ (24) |
Derivatives, Hedging Activiti_4
Derivatives, Hedging Activities and Balance Sheet Offsetting - Schedule of Impacts on Statements (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Interest Income | $ 37,336 | $ 38,617 |
Designated as Hedging Instrument | Interest rate swaps | Fair value hedges: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Interest Income | (104) | (108) |
Other Income | 0 | 0 |
Designated as Hedging Instrument | Interest rate swaps | Interest Income | Fair value hedges: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Hedged items | (1,553) | (1,633) |
Derivative designated as hedging instruments | 942 | 1,123 |
Designated as Hedging Instrument | Interest rate swaps | Other income | Fair value hedges: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Hedged items | 0 | 0 |
Derivative designated as hedging instruments | $ 0 | $ 0 |
Derivatives, Hedging Activiti_5
Derivatives, Hedging Activities and Balance Sheet Offsetting - Hedged Items in Fair Value Hedging Relationship (Details) - Interest rate swaps - Designated as Hedging Instrument - Fair value hedges: $ in Thousands | Mar. 31, 2022USD ($) |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Carrying Amount of the Hedged Assets | $ 24,058 |
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Asset | $ (574) |
Derivatives, Hedging Activiti_6
Derivatives, Hedging Activities and Balance Sheet Offsetting - Additional Information (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Fair value of derivatives in a net liability position, including accrued interest | $ 700 | |
Cash Collateral Received (Paid) | 1,100 | $ (3,250) |
Assets needed for immediate settlement, aggregate fair value | $ 700 |
Derivatives, Hedging Activiti_7
Derivatives, Hedging Activities and Balance Sheet Offsetting - Schedule of Other Derivatives Not Designated as Hedging Instruments (Details) - Not Designated as Hedging Instrument - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivatives not designated as hedging, gain (loss) | $ 64 | $ (34) |
Interest rate swaps | Other income | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivatives not designated as hedging, gain (loss) | (5) | (34) |
RPAs | Other income | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivatives not designated as hedging, gain (loss) | (1) | 0 |
Interest rate lock commitments | Loan revenue | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivatives not designated as hedging, gain (loss) | 381 | 0 |
Interest rate forward loan sales contracts | Loan revenue | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivatives not designated as hedging, gain (loss) | $ (311) | $ 0 |
Derivatives, Hedging Activiti_8
Derivatives, Hedging Activities and Balance Sheet Offsetting - Offsetting Derivative Assets and Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Asset Derivatives | ||
Gross Amounts of Recognized Assets (Liabilities) | $ 10,369 | $ 6,106 |
Gross Amounts Offset in the Balance Sheet | 0 | 0 |
Net Amounts of Assets (Liabilities) presented in the Balance Sheet | 10,369 | 6,106 |
Financial Instruments | 0 | 0 |
Cash Collateral Received (Paid) | 8,310 | 0 |
Net Assets (Liabilities) | 2,059 | 6,106 |
Liability Derivatives | ||
Gross Amounts of Recognized Assets (Liabilities) | (9,513) | (6,741) |
Gross Amounts Offset in the Balance Sheet | 0 | 0 |
Net Amounts of Assets (Liabilities) presented in the Balance Sheet | (9,513) | (6,741) |
Financial Instruments | 0 | 0 |
Cash Collateral Received (Paid) | 1,100 | (3,250) |
Net Assets (Liabilities) | $ (10,613) | $ (3,491) |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Goodwill and Additional Information (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Goodwill | $ 62,477 | $ 62,477 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 49,710 | $ 49,710 |
Accumulated Amortization | (38,092) | (36,865) |
Net Carrying Amount | 11,618 | 12,845 |
Indefinite-lived trade name intangible | 7,040 | 7,040 |
Core deposit intangible | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 41,745 | 41,745 |
Accumulated Amortization | (31,610) | (30,629) |
Net Carrying Amount | 10,135 | 11,116 |
Customer relationship intangible | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 5,265 | 5,265 |
Accumulated Amortization | (3,916) | (3,692) |
Net Carrying Amount | 1,349 | 1,573 |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 2,700 | 2,700 |
Accumulated Amortization | (2,566) | (2,544) |
Net Carrying Amount | $ 134 | $ 156 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Schedule of Future Amortization Expense (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Finite-Lived Intangible Assets [Line Items] | ||
2022 | $ 3,136 | |
2023 | 3,402 | |
2024 | 2,443 | |
2025 | 1,547 | |
2026 | 872 | |
Thereafter | 218 | |
Net Carrying Amount | 11,618 | $ 12,845 |
Core deposit intangible | ||
Finite-Lived Intangible Assets [Line Items] | ||
2022 | 2,506 | |
2023 | 2,833 | |
2024 | 2,180 | |
2025 | 1,526 | |
2026 | 872 | |
Thereafter | 218 | |
Net Carrying Amount | 10,135 | 11,116 |
Customer relationship intangible | ||
Finite-Lived Intangible Assets [Line Items] | ||
2022 | 573 | |
2023 | 518 | |
2024 | 239 | |
2025 | 19 | |
2026 | 0 | |
Thereafter | 0 | |
Net Carrying Amount | 1,349 | 1,573 |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
2022 | 57 | |
2023 | 51 | |
2024 | 24 | |
2025 | 2 | |
2026 | 0 | |
Thereafter | 0 | |
Net Carrying Amount | $ 134 | $ 156 |
Other Assets (Details)
Other Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Other Assets [Abstract] | ||
Bank-owned life insurance | $ 85,903 | $ 85,372 |
Interest receivable | 19,649 | 20,117 |
FHLB stock | 11,302 | 10,157 |
Mortgage servicing rights | 9,276 | 6,532 |
Operating lease right-of-use assets, net | 2,589 | 2,840 |
Federal and state income taxes, current | 0 | 178 |
Federal and state income taxes, deferred | 24,160 | 13,893 |
Derivative assets | 10,369 | 6,106 |
Other receivables/assets | 12,975 | 12,553 |
Other assets | $ 176,223 | $ 157,748 |
Deposits (Details)
Deposits (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Deposits [Abstract] | ||
Noninterest bearing deposits | $ 1,002,415 | $ 1,005,369 |
Interest checking deposits | 1,601,249 | 1,619,136 |
Money market deposits | 983,709 | 939,523 |
Savings deposits | 650,314 | 628,242 |
Time deposits under $250 | 501,903 | 505,392 |
Time deposits of $250 or more | 338,135 | 416,857 |
Total deposits | 5,077,725 | 5,114,519 |
Domestic time deposit, brokered | 5,000 | 3,400 |
Domestic non-time deposit, brokered | 34,900 | 35,400 |
Deposits of government entities | $ 268,000 | $ 303,300 |
Short-Term Borrowings (Details)
Short-Term Borrowings (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Short-term Debt [Line Items] | ||
Weighted Average Rate | 0.30% | 0.24% |
Short-term borrowings | $ 181,193,000 | $ 181,368,000 |
Pledged securities | $ 519,100,000 | $ 582,200,000 |
Securities sold under agreements to repurchase | ||
Short-term Debt [Line Items] | ||
Weighted Average Rate | 0.24% | 0.24% |
Short-term borrowings | $ 148,293,000 | $ 181,368,000 |
Federal Home Loan Bank advances | ||
Short-term Debt [Line Items] | ||
Weighted Average Rate | 0.54% | 0.00% |
Short-term borrowings | $ 32,900,000 | $ 0 |
Federal funds purchased | ||
Short-term Debt [Line Items] | ||
Short-term borrowings | 0 | 0 |
Unsecured line of credit, maximum borrowing capacity | 155,000,000 | |
Federal Reserve Bank advances | ||
Short-term Debt [Line Items] | ||
Short-term borrowings | 0 | 0 |
Financing capacity | 56,800,000 | 60,200,000 |
Pledged securities | 61,300,000 | 65,200,000 |
Unsecured line of credit | ||
Short-term Debt [Line Items] | ||
Short-term borrowings | 0 | $ 0 |
Unsecured line of credit, maximum borrowing capacity | $ 25,000,000 | |
Unused commitment fee percentage | 0.30% | |
Unsecured line of credit | SOFR Rate | ||
Short-term Debt [Line Items] | ||
Debt instrument, basis spread on variable rate | 1.70% |
Long-Term Debt - Junior Subordi
Long-Term Debt - Junior Subordinated Notes (Details) - Junior subordinated notes - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||
Debt instrument, face amount | $ 44,847 | $ 44,847 |
Debt instrument, book value | $ 41,984 | 41,940 |
Stated maturity date | 5 years | |
ATBancorp Statutory Trust I | ||
Debt Instrument [Line Items] | ||
Debt instrument, face amount | $ 7,732 | 7,732 |
Debt instrument, book value | $ 6,898 | $ 6,888 |
Interest rate | 2.51% | 1.88% |
ATBancorp Statutory Trust I | LIBOR | ||
Debt Instrument [Line Items] | ||
Debt instrument, basis spread on variable rate | 1.68% | 1.68% |
ATBancorp Statutory Trust II | ||
Debt Instrument [Line Items] | ||
Debt instrument, face amount | $ 12,372 | $ 12,372 |
Debt instrument, book value | $ 10,923 | $ 10,908 |
Interest rate | 2.48% | 1.85% |
ATBancorp Statutory Trust II | LIBOR | ||
Debt Instrument [Line Items] | ||
Debt instrument, basis spread on variable rate | 1.65% | 1.65% |
Barron Investment Capital Trust I | ||
Debt Instrument [Line Items] | ||
Debt instrument, face amount | $ 2,062 | $ 2,062 |
Debt instrument, book value | $ 1,808 | $ 1,800 |
Interest rate | 3.11% | 2.37% |
Barron Investment Capital Trust I | LIBOR | ||
Debt Instrument [Line Items] | ||
Debt instrument, basis spread on variable rate | 2.15% | 2.15% |
Central Bancshares Capital Trust II | ||
Debt Instrument [Line Items] | ||
Debt instrument, face amount | $ 7,217 | $ 7,217 |
Debt instrument, book value | $ 6,891 | $ 6,880 |
Interest rate | 4.33% | 3.70% |
Central Bancshares Capital Trust II | LIBOR | ||
Debt Instrument [Line Items] | ||
Debt instrument, basis spread on variable rate | 3.50% | 3.50% |
MidWestOne Statutory Trust II | ||
Debt Instrument [Line Items] | ||
Debt instrument, face amount | $ 15,464 | $ 15,464 |
Debt instrument, book value | $ 15,464 | $ 15,464 |
Interest rate | 2.42% | 1.79% |
MidWestOne Statutory Trust II | LIBOR | ||
Debt Instrument [Line Items] | ||
Debt instrument, basis spread on variable rate | 1.59% | 1.59% |
Long-Term Debt - Subordinated D
Long-Term Debt - Subordinated Debentures (Details) - Subordinated debt - USD ($) | Jul. 28, 2020 | Mar. 31, 2022 |
Debt Instrument [Line Items] | ||
Percentage of debentures categorized as tier 2 capital | 100.00% | |
Percentage of debentures, decrease to tier 2 treatment, per year | 20.00% | |
Decrease to tier 2 treatment, period of recognition | 5 years | |
5.75% Fixed to floating subordinated notes | ||
Debt Instrument [Line Items] | ||
Debt instrument, face amount | $ 63,750,000 | |
Interest rate | 5.75% | |
5.75% Fixed to floating subordinated notes | Private placement | ||
Debt Instrument [Line Items] | ||
Sale of equity | $ 65,000,000 |
Long-Term Debt - Other Long-Ter
Long-Term Debt - Other Long-Term Debt (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||
Weighted Average Rate | 2.90% | 2.88% |
Balance | $ 34,006 | $ 49,064 |
Finance lease payable | ||
Debt Instrument [Line Items] | ||
Weighted Average Rate | 8.89% | 8.89% |
Balance | $ 912 | $ 951 |
FHLB borrowings | ||
Debt Instrument [Line Items] | ||
Weighted Average Rate | 2.74% | 2.76% |
Balance | $ 33,094 | $ 48,113 |
Federal home loan, bank advances general debt obligations, disclosures maximum borrowing capacity as percentage of total assets | 45.00% |
Long-Term Debt - Federal Home L
Long-Term Debt - Federal Home Loan Bank Advances (Details) $ in Thousands | Mar. 31, 2022USD ($) |
Weighted Average Rate | |
Due in 2022 | 2.56% |
Due in 2023 | 2.79% |
Due in 2024 | 3.15% |
Amount | |
Due in 2022 | $ 16,000 |
Due in 2023 | 11,000 |
Due in 2024 | 6,000 |
Total | 33,000 |
Valuation adjustment from acquisition accounting | 94 |
Total | $ 33,094 |
Earnings per Share - Basic And
Earnings per Share - Basic And Diluted Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Basic Earnings Per Share: | ||
Net income | $ 13,895 | $ 21,648 |
Weighted average shares outstanding (in shares) | 15,683,136 | 15,990,724 |
Basic earnings per common share (in dollars per share) | $ 0.89 | $ 1.35 |
Diluted Earnings Per Share: | ||
Net income | $ 13,895 | $ 21,648 |
Weighted average shares outstanding, including all dilutive potential shares (in shares) | 15,717,960 | 16,020,920 |
Diluted earnings per common share (in dollars per share) | $ 0.88 | $ 1.35 |
Regulatory Capital Requiremen_3
Regulatory Capital Requirements and Restrictions on Subsidiary Cash (Details) | Jul. 28, 2020USD ($) | Mar. 31, 2022USD ($) | Dec. 31, 2021USD ($) |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Cash reserve deposit required and made | $ 0 | $ 0 | |
Capital | $ 624,401,000 | $ 615,060,000 | |
Capital to risk weighted assets | 0.1289 | 0.1309 | |
Capital required for capital adequacy | $ 508,653,000 | $ 493,283,000 | |
Capital required for capital adequacy to risk weighted assets | 0.1050 | 0.1050 | |
Tier one risk based capital | $ 517,418,000 | $ 508,687,000 | |
Tier one risk based capital to risk weighted assets | 0.1068 | 0.1083 | |
Tier one risk based capital required for capital adequacy | $ 411,767,000 | $ 399,324,000 | |
Tier one risk based capital required for capital adequacy to risk weighted assets | 0.0850 | 0.0850 | |
Common equity tier one capital | $ 475,434,000 | $ 466,747,000 | |
Common equity tier one capital to risk weighted assets | 9.81% | 9.94% | |
Common equity tier one capital required for capital adequacy | $ 339,102,000 | $ 328,855,000 | |
Common equity tier one capital required for capital adequacy to risk weighted assets | 7.00% | 7.00% | |
Tier one leverage capital | $ 517,418,000 | $ 508,687,000 | |
Tier one leverage capital to average assets | 0.0885 | 0.0867 | |
Tier one leverage capital required for capital adequacy | $ 233,833,000 | $ 234,745,000 | |
Tier one leverage capital required for capital adequacy to average assets | 0.0400 | 0.0400 | |
Capital Conservation Buffer | 2.50% | 2.50% | |
5.75% Fixed to floating subordinated notes | Subordinated debt | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Interest rate | 5.75% | ||
5.75% Fixed to floating subordinated notes | Subordinated debt | Private placement | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Sale of equity | $ 65,000,000 | ||
MidWestOne Bank | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Capital | $ 585,720,000 | $ 584,348,000 | |
Capital to risk weighted assets | 0.1212 | 0.1246 | |
Capital required for capital adequacy | $ 507,416,000 | $ 492,436,000 | |
Capital required for capital adequacy to risk weighted assets | 0.1050 | 0.1050 | |
Capital required to be well capitalized | $ 483,253,000 | $ 468,987,000 | |
Capital required to be well capitalized to risk weighted assets | 0.1000 | 0.1000 | |
Tier one risk based capital | $ 543,737,000 | $ 542,975,000 | |
Tier one risk based capital to risk weighted assets | 0.1125 | 0.1158 | |
Tier one risk based capital required for capital adequacy | $ 410,765,000 | $ 398,639,000 | |
Tier one risk based capital required for capital adequacy to risk weighted assets | 0.0850 | 0.0850 | |
Tier one risk based capital required to be well capitalized | $ 386,603,000 | $ 375,189,000 | |
Tier one risk based capital required to be well capitalized to risk weighted assets | 0.0800 | 0.0800 | |
Common equity tier one capital | $ 543,737,000 | $ 542,975,000 | |
Common equity tier one capital to risk weighted assets | 11.25% | 11.58% | |
Common equity tier one capital required for capital adequacy | $ 338,277,000 | $ 328,291,000 | |
Common equity tier one capital required for capital adequacy to risk weighted assets | 7.00% | 7.00% | |
Common equity tier one risk based capital required to be well capitalized | $ 314,115,000 | $ 304,841,000 | |
Common equity tier one risk based capital required to be well capitalized to risk weighted assets | 6.50% | 6.50% | |
Tier one leverage capital | $ 543,737,000 | $ 542,975,000 | |
Tier one leverage capital to average assets | 0.0930 | 0.0925 | |
Tier one leverage capital required for capital adequacy | $ 233,765,000 | $ 234,686,000 | |
Tier one leverage capital required for capital adequacy to average assets | 0.0400 | 0.0400 | |
Tier one leverage capital required to be well capitalized | $ 292,206,000 | $ 293,358,000 | |
Tier one leverage capital required to be well capitalized to average assets | 0.0500 | 0.0500 |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Commitments (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Other Commitments [Line Items] | ||
Other commitment | $ 1,058,066 | $ 1,043,656 |
Commitments to sell loans | ||
Other Commitments [Line Items] | ||
Other commitment | 6,466 | 12,917 |
Commitments to extend credit | ||
Other Commitments [Line Items] | ||
Other commitment | 1,034,843 | 1,014,397 |
Standby letters of credit | ||
Other Commitments [Line Items] | ||
Other commitment | $ 16,757 | $ 16,342 |
Commitments and Contingencies_2
Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Concentration Risk [Line Items] | |||
Off-balance sheet, credit loss, liability | $ 4.3 | $ 4 | |
Credit loss expense, off balance sheet credit exposure | $ 0.3 | $ (0.2) | |
Credit Concentration Risk | Loans Concentration | Commercial real estate | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 63.00% | ||
Credit Concentration Risk | Loans Concentration | Agricultural Related Loan Financing Receivable | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 7.00% | ||
Credit Concentration Risk | Investment Securities | State and political subdivisions | IOWA | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 15.00% | ||
Credit Concentration Risk | Investment Securities | State and political subdivisions | MINNESOTA | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 11.00% |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments and Fair Value Measurements - Measured on a Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Debt securities available for sale | $ 1,145,638 | $ 2,288,110 |
Derivative assets | 10,369 | 6,106 |
Mortgage servicing rights | 9,276 | 6,532 |
Derivative liabilities | 9,513 | 6,741 |
U.S. Government agencies and corporations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Debt securities available for sale | 266 | |
State and political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Debt securities available for sale | 288,988 | 765,742 |
Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Debt securities available for sale | 7,101 | 100,626 |
Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Debt securities available for sale | 678,052 | 652,577 |
Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Derivative assets | 10,369 | 6,106 |
Mortgage servicing rights | 9,276 | 6,532 |
Derivative liabilities | 9,513 | 6,741 |
Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Derivative assets | 0 | 0 |
Mortgage servicing rights | 0 | 0 |
Derivative liabilities | 0 | 0 |
Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Derivative assets | 10,369 | 5,776 |
Mortgage servicing rights | 9,276 | 6,532 |
Derivative liabilities | 9,462 | 6,741 |
Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Derivative assets | 0 | 330 |
Mortgage servicing rights | 0 | 0 |
Derivative liabilities | 51 | 0 |
Recurring | U.S. Government agencies and corporations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Debt securities available for sale | 266 | |
Recurring | U.S. Government agencies and corporations | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Debt securities available for sale | 0 | |
Recurring | U.S. Government agencies and corporations | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Debt securities available for sale | 266 | |
Recurring | U.S. Government agencies and corporations | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Debt securities available for sale | 0 | |
Recurring | State and political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Debt securities available for sale | 288,988 | 765,742 |
Recurring | State and political subdivisions | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Debt securities available for sale | 0 | 0 |
Recurring | State and political subdivisions | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Debt securities available for sale | 288,988 | 765,742 |
Recurring | State and political subdivisions | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Debt securities available for sale | 0 | 0 |
Recurring | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Debt securities available for sale | 7,101 | 100,626 |
Recurring | Mortgage-backed securities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Debt securities available for sale | 0 | 0 |
Recurring | Mortgage-backed securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Debt securities available for sale | 7,101 | 100,626 |
Recurring | Mortgage-backed securities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Debt securities available for sale | 0 | 0 |
Recurring | Collateralized mortgage obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Debt securities available for sale | 171,497 | 768,899 |
Recurring | Collateralized mortgage obligations | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Debt securities available for sale | 0 | 0 |
Recurring | Collateralized mortgage obligations | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Debt securities available for sale | 171,497 | 768,899 |
Recurring | Collateralized mortgage obligations | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Debt securities available for sale | 0 | 0 |
Recurring | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Debt securities available for sale | 678,052 | 652,577 |
Recurring | Corporate debt securities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Debt securities available for sale | 0 | 0 |
Recurring | Corporate debt securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Debt securities available for sale | 678,052 | 652,577 |
Recurring | Corporate debt securities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Debt securities available for sale | $ 0 | $ 0 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments and Fair Value Measurements - Valuation Techniques (Details) $ in Thousands | Mar. 31, 2022USD ($) | Dec. 31, 2021USD ($) |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets, fair value | $ 10,369 | $ 6,106 |
Recurring | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets, fair value | 10,369 | 6,106 |
Level 3 | Recurring | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets, fair value | 0 | 330 |
Interest rate lock commitments | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets, fair value | $ (51) | $ 330 |
Interest rate lock commitments | Minimum | Level 3 | Recurring | Pull-through rate | Valuation, Market Approach | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative asset, measurement input | 0.70 | |
Interest rate lock commitments | Maximum | Level 3 | Recurring | Pull-through rate | Valuation, Market Approach | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative asset, measurement input | 1 | |
Interest rate lock commitments | Weighted Average | Level 3 | Recurring | Pull-through rate | Valuation, Market Approach | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative asset, measurement input | 0.91 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments and Fair Value Measurements - Measured on a Nonrecurring Basis (Details) $ in Thousands | Mar. 31, 2022USD ($) | Dec. 31, 2021USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Foreclosed assets, net | $ 273 | $ 357 |
Nonrecurring | Collateral dependent individually analyzed loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Collateral dependent individually analyzed loans | 3,721 | 15,772 |
Nonrecurring | Collateral dependent individually analyzed loans | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Collateral dependent individually analyzed loans | 0 | 0 |
Nonrecurring | Collateral dependent individually analyzed loans | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Collateral dependent individually analyzed loans | 0 | 0 |
Nonrecurring | Collateral dependent individually analyzed loans | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Collateral dependent individually analyzed loans | $ 3,721 | 15,772 |
Nonrecurring | Collateral dependent individually analyzed loans | Level 3 | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Measurement input | 0 | |
Nonrecurring | Collateral dependent individually analyzed loans | Level 3 | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Measurement input | 0.60 | |
Nonrecurring | Collateral dependent individually analyzed loans | Level 3 | Weighted Average | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Measurement input | 0.25 | |
Nonrecurring | Foreclosed assets, net | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Foreclosed assets, net | $ 273 | 357 |
Nonrecurring | Foreclosed assets, net | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Foreclosed assets, net | 0 | 0 |
Nonrecurring | Foreclosed assets, net | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Foreclosed assets, net | 0 | 0 |
Nonrecurring | Foreclosed assets, net | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Foreclosed assets, net | $ 273 | $ 357 |
Nonrecurring | Foreclosed assets, net | Level 3 | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Measurement input | 0.08 | |
Nonrecurring | Foreclosed assets, net | Level 3 | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Measurement input | 0.12 | |
Nonrecurring | Foreclosed assets, net | Level 3 | Weighted Average | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Measurement input | 0.10 |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments and Fair Value Measurements - Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Financial assets: | ||
Debt securities available for sale | $ 1,145,638 | $ 2,288,110 |
Debt securities held to maturity | 1,105,814 | |
Interest receivable | 19,649 | 20,117 |
FHLB stock | 11,302 | 10,157 |
Derivative assets | 10,369 | 6,106 |
Financial liabilities: | ||
Interest bearing deposits | 1,601,249 | 1,619,136 |
Short-term borrowings | 181,193 | 181,368 |
Finance leases payable | 912 | 951 |
Derivative liabilities | 9,513 | 6,741 |
Carrying Amount | ||
Financial assets: | ||
Cash and cash equivalents | 59,829 | 203,830 |
Debt securities available for sale | 1,145,638 | 2,288,110 |
Debt securities held to maturity | 1,204,212 | 0 |
Loans held for sale | 6,466 | 12,917 |
Loans held for investment, net | 3,203,835 | 3,196,312 |
Interest receivable | 19,649 | 20,117 |
FHLB stock | 11,302 | |
Derivative assets | 10,369 | 6,106 |
Financial liabilities: | ||
Noninterest bearing deposits | 1,002,415 | 1,005,369 |
Interest bearing deposits | 4,075,310 | 4,109,150 |
Short-term borrowings | 181,193 | 181,368 |
Finance leases payable | 912 | 951 |
FHLB borrowings | 33,094 | 48,113 |
Junior subordinated notes issued to capital trusts | 41,984 | 41,940 |
Subordinated debentures | 63,908 | 63,875 |
Derivative liabilities | 9,513 | 6,741 |
Estimated Fair Value | ||
Financial assets: | ||
Cash and cash equivalents | 59,829 | 203,830 |
Debt securities available for sale | 1,145,638 | 2,288,110 |
Debt securities held to maturity | 1,105,814 | 0 |
Loans held for sale | 6,361 | 12,970 |
Loans held for investment, net | 3,212,334 | 3,207,314 |
Interest receivable | 19,649 | 20,117 |
FHLB stock | 11,302 | 10,157 |
Derivative assets | 10,369 | 6,106 |
Financial liabilities: | ||
Noninterest bearing deposits | 1,002,415 | 1,005,369 |
Interest bearing deposits | 4,063,299 | 4,105,858 |
Short-term borrowings | 181,193 | 181,368 |
Finance leases payable | 912 | 951 |
FHLB borrowings | 33,088 | 48,947 |
Junior subordinated notes issued to capital trusts | 37,208 | 35,545 |
Subordinated debentures | 67,485 | 68,207 |
Derivative liabilities | 9,513 | 6,741 |
Level 1 | Estimated Fair Value | ||
Financial assets: | ||
Cash and cash equivalents | 59,829 | 203,830 |
Debt securities available for sale | 0 | 0 |
Debt securities held to maturity | 0 | 0 |
Loans held for sale | 0 | 0 |
Loans held for investment, net | 0 | 0 |
Interest receivable | 0 | 0 |
FHLB stock | 0 | 0 |
Derivative assets | 0 | 0 |
Financial liabilities: | ||
Noninterest bearing deposits | 1,002,415 | 1,005,369 |
Interest bearing deposits | 3,235,272 | 3,186,901 |
Short-term borrowings | 181,193 | 181,368 |
Finance leases payable | 0 | 0 |
FHLB borrowings | 0 | 0 |
Junior subordinated notes issued to capital trusts | 0 | 0 |
Subordinated debentures | 0 | 0 |
Derivative liabilities | 0 | 0 |
Level 2 | Estimated Fair Value | ||
Financial assets: | ||
Cash and cash equivalents | 0 | 0 |
Debt securities available for sale | 1,145,638 | 2,288,110 |
Debt securities held to maturity | 1,105,814 | 0 |
Loans held for sale | 6,361 | 12,970 |
Loans held for investment, net | 0 | 0 |
Interest receivable | 19,649 | 20,117 |
FHLB stock | 11,302 | 10,157 |
Derivative assets | 10,369 | 5,776 |
Financial liabilities: | ||
Noninterest bearing deposits | 0 | 0 |
Interest bearing deposits | 828,027 | 918,957 |
Short-term borrowings | 0 | 0 |
Finance leases payable | 912 | 951 |
FHLB borrowings | 33,088 | 48,947 |
Junior subordinated notes issued to capital trusts | 37,208 | 35,545 |
Subordinated debentures | 67,485 | 68,207 |
Derivative liabilities | 9,462 | 6,741 |
Level 3 | Estimated Fair Value | ||
Financial assets: | ||
Cash and cash equivalents | 0 | 0 |
Debt securities available for sale | 0 | 0 |
Debt securities held to maturity | 0 | 0 |
Loans held for sale | 0 | 0 |
Loans held for investment, net | 3,212,334 | 3,207,314 |
Interest receivable | 0 | 0 |
FHLB stock | 0 | 0 |
Derivative assets | 0 | 330 |
Financial liabilities: | ||
Noninterest bearing deposits | 0 | 0 |
Interest bearing deposits | 0 | 0 |
Short-term borrowings | 0 | 0 |
Finance leases payable | 0 | 0 |
FHLB borrowings | 0 | 0 |
Junior subordinated notes issued to capital trusts | 0 | 0 |
Subordinated debentures | 0 | 0 |
Derivative liabilities | $ 51 | $ 0 |
Leases - Assets and Liabilities
Leases - Assets and Liabilities (Details) $ in Thousands | Mar. 31, 2022USD ($)lease | Dec. 31, 2021USD ($) |
Leases [Abstract] | ||
Number of leases | lease | 1 | |
Lease Right of Use Assets [Abstract] | ||
Operating lease right-of-use assets | $ 2,589 | $ 2,840 |
Finance lease right-of-use asset | 422 | 446 |
Total right-of-use assets | 3,011 | 3,286 |
Lease Liabilities [Abstract] | ||
Operating lease liability | 3,496 | 3,778 |
Finance lease liability | 912 | 951 |
Total lease liabilities | $ 4,408 | $ 4,729 |
Weighted-average remaining lease term | ||
Operating leases | 9 years 4 months 28 days | 9 years 1 month 17 days |
Finance lease | 4 years 5 months 1 day | 4 years 8 months 1 day |
Weighted-average discount rate | ||
Operating leases | 4.20% | 4.13% |
Finance lease | 8.89% | 8.89% |
Operating lease, right-of-use asset, statement of financial position [Extensible List] | Other assets | Other assets |
Finance lease, right-of-use asset, statement of financial position [Extensible List] | Premises and equipment, net | Premises and equipment, net |
Operating lease, liability, statement of financial position [Extensible List] | Other liabilities | Other liabilities |
Finance lease, liability, statement of financial position [Extensible List] | Long-term debt | Long-term debt |
Leases - Lease Cost (Details)
Leases - Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Leases [Abstract] | ||
Operating lease cost | $ 296 | $ 299 |
Variable lease cost | 21 | 72 |
Interest on lease liabilities | 20 | 23 |
Amortization of right-of-use assets | 24 | 24 |
Net lease cost | 361 | 418 |
Operating cash flows from operating leases | 596 | 572 |
Operating cash flows from finance lease | 20 | 23 |
Finance cash flows from finance lease | $ 39 | $ 35 |
Leases - Maturity Schedule (Det
Leases - Maturity Schedule (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Finance Leases | ||
December 31, 2022 | $ 180 | |
December 31, 2023 | 245 | |
December 31, 2024 | 250 | |
December 31, 2025 | 255 | |
December 31, 2026 | 171 | |
Thereafter | 0 | |
Total undiscounted lease payment | 1,101 | |
Amounts representing interest | (189) | |
Finance lease liability | 912 | $ 951 |
Operating Leases | ||
December 31, 2022 | 746 | |
December 31, 2023 | 947 | |
December 31, 2024 | 717 | |
December 31, 2025 | 247 | |
December 31, 2026 | 153 | |
Thereafter | 1,820 | |
Total undiscounted lease payment | 4,630 | |
Amounts representing interest | (1,134) | |
Operating lease liability | $ 3,496 | $ 3,778 |
Subsequent Events (Details)
Subsequent Events (Details) | Apr. 28, 2022$ / shares |
Common Stock | Subsequent Event | |
Subsequent Event [Line Items] | |
Dividends payable (in dollars per share) | $ 0.2375 |