Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2024 | May 03, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
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, $1.00 par value | |
Trading Symbol | MOFG | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 15,755,319 | |
Entity Central Index Key | 0001412665 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
ASSETS | ||
Cash and due from banks | $ 68,430 | $ 76,237 |
Interest earning deposits in banks | 29,328 | 5,479 |
Federal funds sold | 4 | 11 |
Total cash and cash equivalents | 97,762 | 81,727 |
Debt securities available for sale at fair value | 797,230 | 795,134 |
Held to maturity securities at amortized cost | 1,064,939 | 1,075,190 |
Total securities | 1,862,169 | 1,870,324 |
Loans held for sale | 2,329 | 1,045 |
Gross loans held for investment | 4,433,258 | 4,138,352 |
Unearned income, net | (18,612) | (11,405) |
Loans held for investment, net of unearned income | 4,414,646 | 4,126,947 |
Allowance for credit losses | (55,900) | (51,500) |
Total loans held for investment, net | 4,358,746 | 4,075,447 |
Premises and equipment, net | 95,986 | 85,742 |
Goodwill | 71,118 | 62,477 |
Other intangible assets, net | 29,531 | 24,069 |
Foreclosed assets, net | 3,897 | 3,929 |
Other assets | 226,477 | 222,780 |
Total assets | 6,748,015 | 6,427,540 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
Noninterest bearing deposits | 920,764 | 897,053 |
Interest bearing deposits | 4,664,472 | 4,498,620 |
Total deposits | 5,585,236 | 5,395,673 |
Short-term borrowings | 422,988 | 300,264 |
Long-term debt | 122,066 | 123,296 |
Other liabilities | 89,685 | 83,929 |
Total liabilities | 6,219,975 | 5,903,162 |
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 15,750,471 and 15,694,306 | 16,581 | 16,581 |
Additional paid-in capital | 300,845 | 302,157 |
Retained earnings | 294,066 | 294,784 |
Treasury stock at cost, 830,546 and 886,711 shares | (22,648) | (24,245) |
Accumulated other comprehensive loss | (60,804) | (64,899) |
Total shareholders' equity | 528,040 | 524,378 |
Total liabilities and shareholders' equity | $ 6,748,015 | $ 6,427,540 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2024 | Dec. 31, 2023 |
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) | 15,750,471 | 15,694,306 |
Treasury stock (in shares) | 830,546 | 886,711 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Interest income | ||
Loans, including fees | $ 57,947 | $ 46,490 |
Taxable investment securities | 9,460 | 10,444 |
Tax-exempt investment securities | 1,710 | 2,127 |
Other | 418 | 244 |
Total interest income | 69,535 | 59,305 |
Interest expense | ||
Deposits | 27,726 | 15,319 |
Short-term borrowings | 4,975 | 1,786 |
Long-term debt | 2,103 | 2,124 |
Total interest expense | 34,804 | 19,229 |
Net interest income | 34,731 | 40,076 |
Credit loss expense | 4,689 | 933 |
Net interest income after credit loss expense | 30,042 | 39,143 |
Noninterest income (loss) | ||
Investment services and trust activities | 3,503 | 2,933 |
Service charges and fees | 2,144 | 2,008 |
Card revenue | 1,943 | 1,748 |
Loan revenue | 856 | 1,420 |
Bank-owned life insurance | 660 | 602 |
Investment securities gains (losses), net | 36 | (13,170) |
Other | 608 | 413 |
Total noninterest income (loss) | 9,750 | (4,046) |
Noninterest expense | ||
Compensation and employee benefits | 20,930 | 19,607 |
Occupancy expense of premises, net | 2,813 | 2,746 |
Equipment | 2,600 | 2,171 |
Legal and professional | 2,059 | 1,736 |
Data processing | 1,360 | 1,363 |
Marketing | 598 | 986 |
Amortization of intangibles | 1,637 | 1,752 |
FDIC insurance | 942 | 749 |
Communications | 196 | 261 |
Foreclosed assets, net | 358 | (28) |
Other | 2,072 | 1,976 |
Total noninterest expense | 35,565 | 33,319 |
Income before income tax expense | 4,227 | 1,778 |
Income tax expense | 958 | 381 |
Net income | $ 3,269 | $ 1,397 |
Per common share information | ||
Earnings - basic (in dollars per share) | $ 0.21 | $ 0.09 |
Earnings - diluted (in dollars per share) | 0.21 | 0.09 |
Dividends paid (in dollars per share) | $ 0.2425 | $ 0.2425 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 3,269 | $ 1,397 |
Unrealized gain from AFS debt securities: | ||
Unrealized net gain (loss) on debt securities AFS | 2,151 | (285) |
Reclassification adjustment for (gains) losses included in net income | (36) | 13,170 |
Reclassification of the change in fair value of AFS debt securities attributable to change in hedged risk | 882 | 0 |
Income tax (expense) | (758) | (3,260) |
Unrealized net gain on AFS debt securities, net of reclassification adjustments | 2,239 | 9,625 |
Reclassification of AFS debt securities to HTM: | ||
Amortization of the net unrealized loss from the reclassification of AFS debt securities to HTM | 501 | 581 |
Income tax expense | (127) | (147) |
Amortization of net unrealized loss from the reclassification of AFS debt securities to HTM, net | 374 | 434 |
Unrealized gain from cash flow hedging instruments: | ||
Unrealized net gains in cash flow hedging instruments | 2,772 | 138 |
Reclassification adjustment for net gain in cash flow hedging instruments included in income | (788) | 0 |
Income tax expense | (502) | (35) |
Unrealized net gains on cash flow hedge instruments, net of reclassification adjustment | 1,482 | 103 |
Other comprehensive income, net of tax | 4,095 | 10,162 |
Comprehensive income | $ 7,364 | $ 11,559 |
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, 2022 | $ 492,793 | $ 16,581 | $ 302,085 | $ 289,289 | $ (26,115) | $ (89,047) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 1,397 | 1,397 | ||||
Other comprehensive income | 10,162 | 10,162 | ||||
Release/lapse of restriction on RSUs | (549) | (1,767) | (118) | 1,336 | ||
Share-based compensation | 648 | 648 | ||||
Dividends paid on common stock | (3,801) | (3,801) | ||||
Ending balance at Mar. 31, 2023 | 500,650 | 16,581 | 300,966 | 286,767 | (24,779) | (78,885) |
Beginning balance at Dec. 31, 2023 | 524,378 | 16,581 | 302,157 | 294,784 | (24,245) | (64,899) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 3,269 | 3,269 | ||||
Other comprehensive income | 4,095 | 4,095 | ||||
Release/lapse of restriction on RSUs | (523) | (1,953) | (167) | 1,597 | ||
Share-based compensation | 641 | 641 | ||||
Dividends paid on common stock | (3,820) | (3,820) | ||||
Ending balance at Mar. 31, 2024 | $ 528,040 | $ 16,581 | $ 300,845 | $ 294,066 | $ (22,648) | $ (60,804) |
CONSOLIDATED STATEMENTS OF SH_2
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Stockholders' Equity [Abstract] | ||
Release/lapse of restriction on RSUs (in shares) | 56,165 | 51,348 |
Dividends paid on common stock (in dollars per share) | $ 0.2425 | $ 0.2425 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Operating Activities: | ||
Net income | $ 3,269 | $ 1,397 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Credit loss expense | 4,689 | 933 |
Depreciation, amortization, and accretion | 2,992 | 2,891 |
Net change in premises and equipment due to writedown or sale | 79 | (19) |
Share-based compensation | 641 | 648 |
Net (gain) loss on call or sale of debt securities available for sale | (36) | 13,170 |
Net change in foreclosed assets due to writedown or sale | 311 | (31) |
Net gain on sale of loans held for sale | (181) | (75) |
Origination of loans held for sale | (9,386) | (9,976) |
Proceeds from sales of loans held for sale | 8,283 | 8,110 |
Increase in cash surrender value of bank-owned life insurance | (661) | (602) |
Increase in deferred income taxes, net | (221) | (410) |
Change in: | ||
Other assets | (2,430) | 14,434 |
Other liabilities | 2,239 | (12,871) |
Net cash provided by operating activities | 9,588 | 17,599 |
Investing Activities: | ||
Purchases of equity securities | (250) | 0 |
Proceeds from sales of debt securities available for sale | 52,323 | 218,667 |
Proceeds from maturities and calls of debt securities available for sale | 27,951 | 34,746 |
Purchases of debt securities available for sale | (28,376) | (54,690) |
Proceeds from maturities and calls of debt securities held to maturity | 10,268 | 11,798 |
Net increase in loans held for investment | (79,756) | (77,890) |
Purchases of premises and equipment | (519) | (404) |
Proceeds from sale of foreclosed assets | 2 | 134 |
Proceeds from sale of premises and equipment | 0 | 183 |
Net cash paid in business acquisition | (19,980) | 0 |
Net cash (used in) provided by investing activities | (38,337) | 132,544 |
Financing Activities: | ||
Deposits | (34,797) | 86,175 |
Short-term borrowings | 85,224 | (247,892) |
Payments on finance lease liability | (50) | (43) |
Payments of other long-term debt | (1,250) | (1,250) |
Taxes paid relating to the release/lapse of restriction on RSUs | (523) | (549) |
Dividends paid | (3,820) | (3,801) |
Net cash provided by (used in) financing activities | 44,784 | (167,360) |
Net change in cash and cash equivalents | 16,035 | (17,217) |
Cash and cash equivalents at beginning of period | 81,727 | 86,435 |
Cash and cash equivalents at end of period | 97,762 | 69,218 |
Supplemental disclosures of cash flow information: | ||
Cash paid during the period for interest | 33,369 | 16,599 |
Supplemental schedule of non-cash investing and financing activities: | ||
Transfer of loans to foreclosed assets, net | 281 | |
Non-cash assets acquired: | ||
Goodwill | 71,118 | |
DNVB | ||
Non-cash assets acquired: | ||
Investment securities | 52,493 | 0 |
Total loans held for investment, net | 207,095 | 0 |
Premises and equipment | 11,091 | 0 |
Assets held for sale | 2,379 | 0 |
Goodwill | 8,641 | 0 |
Core deposit intangible | 7,100 | 0 |
Other assets | 4,987 | 0 |
Total non-cash assets acquired | 293,786 | 0 |
Liabilities assumed: | ||
Deposits | 224,248 | 0 |
Short-term borrowings | 37,500 | 0 |
Other liabilities | 3,417 | 0 |
Total liabilities assumed | $ 265,165 | $ 0 |
Nature of Business and Signific
Nature of Business and Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
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 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. On January 31, 2024, the Company completed the acquisition of DNVB, a bank holding company whose wholly-owned banking subsidiary was BOD. Immediately following completion of the acquisition, BOD was merged with and into the Bank. As consideration for the merger, we paid cash in the amount of $32.6 million. 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, 2023, filed with the SEC on March 8, 2024. 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, 2024 may not be indicative of results for the year ending December 31, 2024, 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, 2023, filed with the SEC on March 8, 2024. 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, 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, 2024 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. In addition, ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 , deferred the sunset date of Topic 848 from December 31, 2022 to December 31, 2024, after which time entities will no longer be permitted to apply the relief in Topic 848. The adoption of ASU 2020-04 is not expected to have a material impact on the Company’s consolidated financial statements. On November 27, 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Enhanced disclosures about significant segment expenses are included within this ASU. The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with an option to early adopt. The amendments should be applied retrospectively to all prior periods presented in the financial statements, with the segment expense categories and amounts disclosed in prior periods being based on the significant segment expense categories identified and disclosed in the period of adoption. The Company is currently evaluating the impact of ASU 2023-07. On December 14, 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures . Additional transparency about income tax information through improvements to income tax disclosures, primarily related to the rate reconciliation and income taxes paid information, will be required. The amendments are effective for annual periods beginning after December 15, 2024, with an option to early adopt. The amendments should be applied on a prospective basis, with retrospective application being permitted. The Company is currently evaluating the impact of ASU 2023-09. Accounting Guidance Adopted in 2024 On March 29, 2023, the FASB issued ASU 2023-02, Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method . Under this ASU, if certain conditions are met, a reporting entity may elect to account for its tax equity investments by using the proportional amortization method regardless of the program from which it receives income tax credits. The amendments are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years, with an option to early adopt. The amendments must be applied on either a modified retrospective or a retrospective basis, with certain exceptions for low-income-housing tax credit structures that are not accounted for using the proportional amortization method. The adoption of ASU 2023-02 was applied on a modified retrospective basis and did not have a material impact on the Company's consolidated financial statements. |
Business Combinations
Business Combinations | 3 Months Ended |
Mar. 31, 2024 | |
Business Combination and Asset Acquisition [Abstract] | |
Business Combinations | Business Combinations On January 31, 2024, the Company acquired 100% of the equity of DNVB through a merger and acquired its wholly-owned banking subsidiary, Bank of Denver, for cash consideration of $32.6 million. The primary reason for the acquisition was to increase our presence in Denver, Colorado. Immediately following the completion of the acquisition, BOD was merged with and into the Bank. The assets acquired and liabilities assumed have been accounted for under the acquisition method of accounting. The assets and liabilities, both tangible and intangible, were recorded at their fair values as of the January 31, 2024 acquisition date net of any applicable tax effects using a methodology similar to the Company's legacy assets and liabilities (refer to Note 14. Fair Value of Financial Instruments and Fair Value Measurements for additional information regarding the fair value methodology). Initial accounting for the assets acquired and liabilities assumed was incomplete at March 31, 2024. Thus, such amounts recognized in the financial statements have been determined to be provisional. The excess of the consideration paid over the fair value of the net assets acquired is recorded as goodwill. This goodwill is not deductible for tax purposes. The revenue and earnings amount specific to DNVB since the acquisition date that are included in the consolidated results for the three months ended March 31, 2024 are not readily determinable. The disclosures of these amounts are impracticable due to the merging of certain processes and systems at the acquisition date. The table below summarizes the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed: (in thousands) January 31, 2024 Merger consideration Cash consideration $ 32,600 Identifiable net assets acquired, at fair value Assets acquired Cash and due from banks $ 462 Interest earning deposits in banks 3,517 Debt securities 52,493 Loans held for investment 207,095 Premises and equipment 13,470 Core deposit intangible 7,100 Other assets 4,987 Total assets acquired 289,124 Liabilities assumed Deposits $ (224,248) Short-term borrowings (37,500) Other liabilities (3,417) Total liabilities assumed (265,165) Identifiable net assets acquired, at fair value 23,959 Goodwill $ 8,641 For illustrative purposes only, the following table presents certain unaudited pro forma information for the three months ended March 31, 2024 and March 31, 2023. This unaudited, estimated pro forma information was calculated as if DNVB had been acquired as of the beginning of the year prior to the date of acquisition. This unaudited pro forma information combines the historical results of DNVB and the Company and includes adjustments for the estimated impact of certain fair value purchase accounting, interest expense, acquisition-related expenses, and income tax expense for the respective periods. The pro forma information is not indicative of what would have occurred had the acquisition occurred as of the beginning of the year prior to the acquisition. Additionally, MidWest One expects to achieve further operating cost savings and other business synergies, including revenue growth as a result of the acquisition, which are not reflected in the pro forma amounts that follow. As a result, actual amounts would have differed from the unaudited pro forma information presented. Unaudited Three Months Ended March 31, (in thousands, except per share amounts) 2024 2023 Total revenues $ 45,298 $ 38,963 Net income (loss) $ 6,466 $ (1,662) EPS - basic $ 0.41 $ (0.11) EPS - diluted $ 0.41 $ (0.11) The following table summarizes the DNVB acquisition-related expenses incurred during the three months ended March 31, 2024 and IOFB acquisition-related expenses incurred during the three months ended March 31, 2023, which are included in the respective income statement line items, for the periods indicated: Three Months Ended March 31, (in thousands) 2024 2023 Noninterest Expense Compensation and employee benefits $ 241 $ 70 Occupancy expense of premises, net 152 — Equipment 149 — Legal and professional 573 — Data processing 61 65 Marketing 32 — Communications 1 — Other 105 1 Total acquisition-related expenses $ 1,314 $ 136 |
Debt Securities
Debt Securities | 3 Months Ended |
Mar. 31, 2024 | |
Debt Securities [Abstract] | |
Debt Securities | Debt Securities At March 31, 2024, there was $6.6 million of net unrealized after tax loss remaining in accumulated other comprehensive loss, related to the transfer of securities classified as available for sale to held to maturity on January 1, 2022. The following tables summarize the amortized cost, gross unrealized gains and losses and the resulting fair value of debt securities as of the dates indicated: As of March 31, 2024 (in thousands) Amortized Cost (1) Gross Gross Allowance for Credit Loss related to Debt Securities Fair Value Available for Sale U.S. Treasury securities $ 247 $ — $ — $ — $ 247 State and political subdivisions 132,150 1 8,773 — 123,378 Mortgage-backed securities 5,347 3 151 — 5,199 Collateralized loan obligations 61,914 200 248 — 61,866 Collateralized mortgage obligations 201,242 — 22,620 — 178,622 Corporate debt securities 472,217 110 44,409 — 427,918 Total available for sale debt securities $ 873,117 $ 314 $ 76,201 $ — $ 797,230 Held to Maturity State and political subdivisions $ 531,961 $ — $ 71,245 $ — $ 460,716 Mortgage-backed securities 73,668 — 12,685 — 60,983 Collateralized mortgage obligations 459,310 — 105,365 — 353,945 Total held to maturity debt securities $ 1,064,939 $ — $ 189,295 $ — $ 875,644 (1) Amortized cost for the held to maturity securities includes $231 thousand of unamortized gain in state and political subdivisions, $74 thousand of unamortized gains in mortgage-backed securities and $9.3 million of unamortized losses in collateralized mortgage obligations related to the re-classification of securities from available for sale to held to maturity on January 1, 2022. As of December 31, 2023 (in thousands) Amortized Gross Gross Allowance for Credit Loss related to Debt Securities Fair Value Available for Sale State and political subdivisions $ 139,482 $ 2 $ 9,345 $ — $ 130,139 Mortgage-backed securities 5,448 5 142 — 5,311 Collateralized loan obligations 50,541 135 239 — 50,437 Collateralized mortgage obligations 190,304 — 21,108 — 169,196 Corporate debt securities 487,361 57 47,367 — 440,051 Total available for sale debt securities $ 873,136 $ 199 $ 78,201 $ — $ 795,134 Held to Maturity State and political subdivisions $ 532,422 $ — $ 65,932 $ — $ 466,490 Mortgage-backed securities 74,904 — 11,635 — 63,269 Collateralized mortgage obligations 467,864 — 102,360 — 365,504 Total held to maturity debt securities $ 1,075,190 $ — $ 179,927 $ — $ 895,263 (1) Amortized cost for the held to maturity securities includes $227 thousand of unamortized gain in state and political subdivisions, $58 thousand of unamortized gains in mortgage-backed securities and $9.7 million of unamortized losses in collateralized mortgage obligations related to the re-classification of securities from available for sale to held to maturity on January 1, 2022. Investment securities with a fair value of $1.24 billion and $1.16 billion at March 31, 2024 and December 31, 2023, 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, 2024 the accrued interest receivable on available for sale debt securities and held to maturity debt securities totaled $5.8 million and $3.5 million, respectively. At December 31, 2023 the accrued interest receivable on available for sale debt securities and held to maturity debt securities totaled $5.5 million and $3.7 million, respectively. The following table presents debt securities AFS in an unrealized loss position for which an allowance for credit losses has not been recorded as of March 31, 2024, aggregated by investment category and length of time in a continuous loss position: As of March 31, 2024 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) U.S. Treasury securities 1 $ 247 $ — $ — $ — $ 247 $ — State and political subdivisions 149 3,837 114 118,100 8,659 121,937 8,773 Mortgage-backed securities 21 5 — 4,808 151 4,813 151 Collateralized loan obligations 3 22,817 234 2,929 14 25,746 248 Collateralized mortgage obligations 22 54,982 718 123,640 21,902 178,622 22,620 Corporate debt securities 130 1,929 30 417,479 44,379 419,408 44,409 Total 326 $ 83,817 $ 1,096 $ 666,956 $ 75,105 $ 750,773 $ 76,201 As of March 31, 2024, 149 state and political subdivisions securities with total unrealized losses of $8.8 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 evaluated 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, 2024, 21 mortgage-backed securities, and 22 collateralized mortgage obligations with unrealized losses totaling $22.8 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, 2024, 3 collateralized loan obligations with unrealized losses of $0.2 million were held by the Company. Management evaluated these securities through a process that included consideration of credit agency ratings, priority of cash flows and the amount of over-collateralization. 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, 2024, 130 corporate debt securities with total unrealized losses of $44.4 million were held by the Company. Management evaluated these securities by considering credit agency ratings and payment history. In addition, management evaluated 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 as of December 31, 2023, aggregated by investment category and length of time in a continuous loss position: As of December 31, 2023 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 149 $ 8,417 $ 492 $ 114,713 $ 8,853 $ 123,130 $ 9,345 Mortgage-backed securities 19 — — 4,906 142 4,906 142 Collateralized loan obligations 2 17,696 239 — — 17,696 239 Collateralized mortgage obligations 20 6,278 90 127,792 21,018 134,070 21,108 Corporate debt securities 133 2,377 80 429,222 47,287 431,599 47,367 Total 323 $ 34,768 $ 901 $ 676,633 $ 77,300 $ 711,401 $ 78,201 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, 2024. 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. Proceeds and gross realized gains and losses on debt securities available for sale for the three months ended March 31, 2024 and 2023, were as follows: Three Months Ended (in thousands) March 31, 2024 March 31, 2023 Proceeds from sales of debt securities available for sale $ 52,323 $ 218,667 Gross realized losses from sales of debt securities available for sale (1) — (13,170) Net realized loss from sales of debt securities available for sale (1) $ — $ (13,170) (1) The difference in investment security gains, net reported herein as compared to the Consolidated Statements of Income is associated with the net realized gain from the call of debt securities of $36 thousand for the three months ended March 31, 2024, with no net realized gain from the call of debt securities recorded during the three months ended March 31, 2023. The contractual maturity distribution of investment debt securities at March 31, 2024, is shown below. Expected maturities of MBS, CLO 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 $ 60,692 $ 59,887 $ 2,510 $ 2,484 Due after one year through five years 371,630 342,646 150,788 137,380 Due after five years through ten years 145,334 125,889 250,580 214,093 Due after ten years 26,958 23,121 128,083 106,759 $ 604,614 $ 551,543 $ 531,961 $ 460,716 Mortgage-backed securities 5,347 5,199 73,668 60,983 Collateralized loan obligations 61,914 61,866 — — Collateralized mortgage obligations 201,242 178,622 459,310 353,945 Total $ 873,117 $ 797,230 $ 1,064,939 $ 875,644 |
Loans Receivable and the Allowa
Loans Receivable and the Allowance for Credit Losses | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 December 31, 2023 Agricultural $ 113,029 $ 118,414 Commercial and industrial 1,105,718 1,075,003 Commercial real estate: Construction & development 403,571 323,195 Farmland 184,109 184,955 Multifamily 409,504 383,178 Commercial real estate-other 1,440,645 1,333,982 Total commercial real estate 2,437,829 2,225,310 Residential real estate: One- to four- family first liens 495,408 459,798 One- to four- family junior liens 182,001 180,639 Total residential real estate 677,409 640,437 Consumer 80,661 67,783 Loans held for investment, net of unearned income 4,414,646 4,126,947 Allowance for credit losses (55,900) (51,500) Total loans held for investment, net $ 4,358,746 $ 4,075,447 Loans with unpaid principal in the amount of $1.12 billion and $1.13 billion at March 31, 2024 and December 31, 2023, 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 for all loan types, except owner occupied residential real estate, which are moved to non-accrual at 120 days or more past due, 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 tables present 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, 2024 Agricultural $ 112,185 $ 384 $ — $ 460 $ 113,029 $ — Commercial and industrial 1,087,725 360 194 17,439 1,105,718 — Commercial real estate: Construction and development 403,571 — — — 403,571 — Farmland 182,368 339 — 1,402 184,109 — Multifamily 409,504 — — — 409,504 — Commercial real estate-other 1,434,435 1,561 — 4,649 1,440,645 — Total commercial real estate 2,429,878 1,900 — 6,051 2,437,829 — Residential real estate: One- to four- family first liens 488,382 3,362 1,279 2,385 495,408 925 One- to four- family junior liens 180,461 567 335 638 182,001 — Total residential real estate 668,843 3,929 1,614 3,023 677,409 925 Consumer 80,306 242 71 42 80,661 42 Total $ 4,378,937 $ 6,815 $ 1,879 $ 27,015 $ 4,414,646 $ 967 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 December 31, 2023 Agricultural $ 117,852 $ 338 $ — $ 224 $ 118,414 $ — Commercial and industrial 1,058,301 440 401 15,861 1,075,003 — Commercial real estate: Construction and development 323,165 30 — — 323,195 — Farmland 182,759 677 352 1,167 184,955 — Multifamily 383,178 — — — 383,178 — Commercial real estate-other 1,327,727 2,129 1,290 2,836 1,333,982 — Total commercial real estate 2,216,829 2,836 1,642 4,003 2,225,310 — Residential real estate: One- to four- family first liens 453,212 3,572 1,741 1,273 459,798 468 One- to four- family junior liens 179,339 356 690 254 180,639 — Total residential real estate 632,551 3,928 2,431 1,527 640,437 468 Consumer 67,622 118 28 15 67,783 — Total $ 4,093,155 $ 7,660 $ 4,502 $ 21,630 $ 4,126,947 $ 468 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, 2024 December 31, 2023 March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 Agricultural $ 460 $ 235 $ 219 $ 12 $ — $ — Commercial and industrial 17,966 17,770 12,455 12,549 — — Commercial real estate: Construction and development — — — — — — Farmland 1,538 1,654 1,390 1,490 — — Multifamily — — — — — — Commercial real estate-other 4,926 3,441 2,486 853 — — Total commercial real estate 6,464 5,095 3,876 2,343 — — Residential real estate: One- to four- family first liens 2,294 1,888 853 455 925 468 One- to four- family junior liens 1,078 876 124 — — — Total residential real estate 3,372 2,764 977 455 925 468 Consumer 38 27 — — 42 — Total $ 28,300 $ 25,891 $ 17,527 $ 15,359 $ 967 $ 468 The interest income recognized on loans that were on nonaccrual for the three months ended March 31, 2024 and March 31, 2023 was $129 thousand and $56 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, commercial real estate and non-owner occupied residential 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 owner occupied 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, in addition to the current period gross write-offs by class of receivable and vintage, based on the most recent analysis performed, as of March 31, 2024. As of March 31, 2024, there were no 'loss' rated credits. Term Loans by Origination Year Revolving Loans March 31, 2024 (in thousands) 2024 2023 2022 2021 2020 Prior Total Agricultural Pass $ 7,515 $ 9,909 $ 12,420 $ 7,156 $ 2,399 $ 1,847 $ 66,311 $ 107,557 Special mention / watch — 319 452 635 124 488 1,643 3,661 Substandard — 39 262 285 215 214 796 1,811 Doubtful — — — — — — — — Total $ 7,515 $ 10,267 $ 13,134 $ 8,076 $ 2,738 $ 2,549 $ 68,750 $ 113,029 Commercial and industrial Pass $ 27,582 $ 173,057 $ 200,277 $ 188,288 $ 112,151 $ 135,262 $ 175,914 $ 1,012,531 Special mention / watch 58 2,896 17,886 865 3,198 2,533 15,821 43,257 Substandard — 931 1,221 3,074 136 37,472 7,096 49,930 Doubtful — — — — — — — — Total $ 27,640 $ 176,884 $ 219,384 $ 192,227 $ 115,485 $ 175,267 $ 198,831 $ 1,105,718 CRE - Construction and development Pass $ 30,069 $ 123,679 $ 179,633 $ 49,896 $ 3,346 $ 2,451 $ 12,132 $ 401,206 Special mention / watch 623 263 — 454 — — 467 1,807 Substandard — 327 231 — — — — 558 Doubtful — — — — — — — — Total $ 30,692 $ 124,269 $ 179,864 $ 50,350 $ 3,346 $ 2,451 $ 12,599 $ 403,571 CRE - Farmland Pass $ 6,592 $ 26,072 $ 43,144 $ 45,254 $ 18,449 $ 19,303 $ 2,540 $ 161,354 Special mention / watch — — 6,695 2,405 5,804 1,070 719 16,693 Substandard — 383 382 1,285 1,186 2,796 30 6,062 Doubtful — — — — — — — — Total $ 6,592 $ 26,455 $ 50,221 $ 48,944 $ 25,439 $ 23,169 $ 3,289 $ 184,109 CRE - Multifamily Pass $ 456 $ 42,595 $ 97,726 $ 114,264 $ 69,748 $ 22,308 $ 5,352 $ 352,449 Special mention / watch 5,318 — 1,230 272 29,979 12,384 — 49,183 Substandard — — — 7,532 326 14 — 7,872 Doubtful — — — — — — — — Total $ 5,774 $ 42,595 $ 98,956 $ 122,068 $ 100,053 $ 34,706 $ 5,352 $ 409,504 CRE - Other Pass $ 9,484 $ 202,773 $ 316,522 $ 271,467 $ 257,023 $ 200,086 $ 58,986 $ 1,316,341 Special mention / watch 454 8,093 6,675 3,227 4,426 7,295 3,987 34,157 Substandard 1,670 284 26,247 18,401 19,018 24,527 — 90,147 Doubtful — — — — — — — — Total $ 11,608 $ 211,150 $ 349,444 $ 293,095 $ 280,467 $ 231,908 $ 62,973 $ 1,440,645 RRE - One- to four- family first liens Pass / Performing $ 17,533 $ 61,643 $ 137,014 $ 95,695 $ 53,935 $ 102,592 $ 16,707 $ 485,119 Special mention / watch — 722 710 35 607 1,772 — 3,846 Substandard / Nonperforming — 1,369 190 785 104 3,995 — 6,443 Doubtful — — — — — — — — Total $ 17,533 $ 63,734 $ 137,914 $ 96,515 $ 54,646 $ 108,359 $ 16,707 $ 495,408 RRE - One- to four- family junior liens Performing $ 4,210 $ 21,539 $ 28,673 $ 17,968 $ 7,254 $ 9,781 $ 91,497 $ 180,922 Nonperforming — — 406 — 23 650 — 1,079 Total $ 4,210 $ 21,539 $ 29,079 $ 17,968 $ 7,277 $ 10,431 $ 91,497 $ 182,001 Consumer Performing $ 7,922 $ 30,997 $ 16,110 $ 8,941 $ 3,898 $ 7,990 $ 4,765 $ 80,623 Nonperforming — 16 21 — — 1 — 38 Total $ 7,922 $ 31,013 $ 16,131 $ 8,941 $ 3,898 $ 7,991 $ 4,765 $ 80,661 Term Loans by Origination Year Revolving Loans March 31, 2024 (in thousands) 2024 2023 2022 2021 2020 Prior Total Total by Credit Quality Indicator Category Pass $ 99,231 $ 639,728 $ 986,736 $ 772,020 $ 517,051 $ 483,849 $ 337,942 $ 3,836,557 Special mention / watch 6,453 12,293 33,648 7,893 44,138 25,542 22,637 152,604 Substandard 1,670 3,333 28,533 31,362 20,985 69,018 7,922 162,823 Doubtful — — — — — — — — Performing 12,132 52,536 44,783 26,909 11,152 17,771 96,262 261,545 Nonperforming — 16 427 — 23 651 — 1,117 Total $ 119,486 $ 707,906 $ 1,094,127 $ 838,184 $ 593,349 $ 596,831 $ 464,763 $ 4,414,646 Term Loans by Origination Year Revolving Loans March 31, 2024 2024 2023 2022 2021 2020 Prior Total Year-to-date Current Period Gross Write-offs Agricultural $ — $ — $ — $ 4 $ — $ — $ — $ 4 Commercial and industrial — — 128 129 29 13 — 299 CRE - Construction and development — — — — — — — — CRE - Farmland — — — — — — — — CRE - Multifamily — — — — — — — — CRE - Other — — — — — 35 — 35 RRE - One-to-four-family first liens — — — 19 — — — 19 RRE - One-to-four-family junior liens — — — — — — — — Consumer — 276 7 3 4 — 290 Total Current Period Gross Write-offs $ — $ 276 $ 135 $ 155 $ 29 $ 52 $ — $ 647 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, 2023. As of December 31, 2023, there were no 'loss' rated credits. Term Loans by Origination Year Revolving Loans December 31, 2023 (in thousands) 2023 2022 2021 2020 2019 Prior Total Agricultural Pass $ 11,859 $ 12,149 $ 8,352 $ 2,752 $ 689 $ 1,139 $ 71,680 $ 108,620 Special mention / watch 266 550 670 91 5 522 3,705 5,809 Substandard 709 193 302 208 — 224 2,349 3,985 Doubtful — — — — — — — — Total $ 12,834 $ 12,892 $ 9,324 $ 3,051 $ 694 $ 1,885 $ 77,734 $ 118,414 Commercial and industrial Pass $ 176,021 $ 224,924 $ 193,011 $ 117,326 $ 25,555 $ 116,661 $ 147,690 $ 1,001,188 Special mention / watch 2,541 416 3,209 3,385 193 272 14,692 24,708 Substandard 897 2,921 2,010 561 8,507 29,432 4,779 49,107 Doubtful — — — — — — — — Total $ 179,459 $ 228,261 $ 198,230 $ 121,272 $ 34,255 $ 146,365 $ 167,161 $ 1,075,003 CRE - Construction and development Pass $ 99,803 $ 163,126 $ 43,189 $ 3,393 $ 821 $ 700 $ 9,552 $ 320,584 Special mention / watch 1,097 — 464 — — — 467 2,028 Substandard 343 240 — — — — — 583 Doubtful — — — — — — — — Total $ 101,243 $ 163,366 $ 43,653 $ 3,393 $ 821 $ 700 $ 10,019 $ 323,195 CRE - Farmland Pass $ 25,666 $ 44,907 $ 47,068 $ 18,863 $ 6,587 $ 14,845 $ 1,642 $ 159,578 Special mention / watch 1,229 6,898 2,409 5,982 — 965 276 17,759 Substandard 1,830 210 1,542 1,052 926 2,029 29 7,618 Doubtful — — — — — — — — Total $ 28,725 $ 52,015 $ 51,019 $ 25,897 $ 7,513 $ 17,839 $ 1,947 $ 184,955 CRE - Multifamily Pass $ 32,077 $ 96,969 $ 111,032 $ 77,532 $ 8,701 $ 6,508 $ 4,208 $ 337,027 Special mention / watch 5,318 1,237 277 18,984 7,850 4,586 — 38,252 Substandard — — 7,572 327 — — — 7,899 Doubtful — — — — — — — — Total $ 37,395 $ 98,206 $ 118,881 $ 96,843 $ 16,551 $ 11,094 $ 4,208 $ 383,178 CRE - Other Pass $ 199,698 $ 295,066 $ 256,718 $ 250,676 $ 77,509 $ 90,170 $ 51,827 $ 1,221,664 Special mention / watch 364 1,306 3,300 4,823 4,282 2,395 3,856 20,326 Substandard 325 26,555 19,253 19,103 8,242 17,876 638 91,992 Doubtful — — — — — — — — Total $ 200,387 $ 322,927 $ 279,271 $ 274,602 $ 90,033 $ 110,441 $ 56,321 $ 1,333,982 RRE - One- to four- family first liens Pass / Performing $ 62,644 $ 125,777 $ 92,767 $ 54,028 $ 19,674 $ 81,660 $ 13,283 $ 449,833 Special mention / watch 629 716 36 620 1,827 319 — 4,147 Substandard / Nonperforming 1,156 191 738 165 164 3,404 — 5,818 Doubtful — — — — — — — — Total $ 64,429 $ 126,684 $ 93,541 $ 54,813 $ 21,665 $ 85,383 $ 13,283 $ 459,798 RRE - One- to four- family junior liens Performing $ 23,551 $ 29,919 $ 18,733 $ 7,292 $ 2,590 $ 7,867 $ 89,810 $ 179,762 Nonperforming — 192 — 25 23 637 — 877 Total $ 23,551 $ 30,111 $ 18,733 $ 7,317 $ 2,613 $ 8,504 $ 89,810 $ 180,639 Consumer Performing $ 26,028 $ 14,319 $ 10,042 $ 4,421 $ 1,451 $ 7,350 $ 4,145 $ 67,756 Nonperforming — 22 — — 3 2 — 27 Total $ 26,028 $ 14,341 $ 10,042 $ 4,421 $ 1,454 $ 7,352 $ 4,145 $ 67,783 Term Loans by Origination Year Revolving Loans December 31, 2023 2023 2022 2021 2020 2019 Prior Total Total by Credit Quality Indicator Category Pass $ 607,768 $ 962,918 $ 752,137 $ 524,570 $ 139,536 $ 311,683 $ 299,882 $ 3,598,494 Special mention / watch 11,444 11,123 10,365 33,885 14,157 9,059 22,996 113,029 Substandard 5,260 30,310 31,417 21,416 17,839 52,965 7,795 167,002 Doubtful — — — — — — — — Performing 49,579 44,238 28,775 11,713 4,041 15,217 93,955 247,518 Nonperforming — 214 — 25 26 639 — 904 Total $ 674,051 $ 1,048,803 $ 822,694 $ 591,609 $ 175,599 $ 389,563 $ 424,628 $ 4,126,947 Term Loans by Origination Year Revolving Loans December 31, 2023 2023 2022 2021 2020 2019 Prior Total Year-to-date Current Period Gross Write-offs Agricultural $ — $ 8 $ 1 $ 17 $ 2 $ — $ — $ 28 Commercial and industrial 239 343 223 133 464 45 — 1,447 CRE - Construction and development — — — — — — — — CRE - Farmland — — — — — — — — CRE - Multifamily — — — — — — — — CRE - Other — — — — — 2,337 — 2,337 RRE - One-to-four-family first liens — — — — — 36 — 36 RRE - One-to-four-family junior liens — 19 — — — — — 19 Consumer — 621 30 12 12 10 — 685 Total Current Period Gross Write-offs $ 239 $ 991 $ 254 $ 162 $ 478 $ 2,428 $ — $ 4,552 Allowance for Credit Losses The following are the economic factors utilized by the Company for its loan credit loss estimation process at March 31, 2024, and the forecast for each factor at that date: (1) Midwest unemployment – increases 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 - decreases 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. In addition, management utilized qualitative factors to adjust the calculated ACL as appropriate. Qualitative factors are based on management’s judgment of company, market, industry or business specific data, changes in underlying loan composition of specific portfolios, trends relating to credit quality, delinquency, non-performing and adversely rated loans, and reasonable and supportable forecasts of economic conditions. The increase in the ACL between March 31, 2024 and December 31, 2023 reflects $3.1 million of day 1 credit loss expense related to acquired DNVB loans, as well as additional reserve taken to support loan growth. Net loan charge-offs were $0.2 million for the three months ended March 31, 2024 as compared to net loan charge-offs of $0.3 million for the three months ended March 31, 2023. 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 $20.6 million at March 31, 2024 and $19.7 million at December 31, 2023 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, 2024 and 2023 (in thousands) Agricultural Commercial and Industrial Commercial Real Estate Residential Real Estate Consumer Total For the Three Months Ended March 31, 2024 Beginning balance $ 613 $ 21,743 $ 23,759 $ 4,762 $ 623 $ 51,500 Charge-offs (4) (299) (35) (19) (290) (647) Recoveries 355 46 8 9 40 458 Credit loss expense (benefit) (1) (316) 392 3,040 262 1,211 4,589 Ending balance $ 648 $ 21,882 $ 26,772 $ 5,014 $ 1,584 $ 55,900 For the Three Months Ended March 31, 2023 Beginning balance $ 923 $ 22,855 $ 20,123 $ 4,678 $ 621 $ 49,200 Charge-offs (1) (320) (18) — (148) (487) Recoveries 26 75 5 4 44 154 Credit loss expense (benefit) (1) (435) (265) 1,723 (137) 47 933 Ending balance $ 513 $ 22,345 $ 21,833 $ 4,545 $ 564 $ 49,800 (1) The difference in the credit loss expense reported herein as compared to the Consolidated Statements of Income is associated with the credit loss expense of $0.1 million related to off-balance sheet credit exposures for the three months ended March 31, 2024, with no credit loss expense related to off-balance sheet credit exposures being recorded for the three months ended March 31, 2023. The composition of the allowance for credit losses by portfolio segment based on evaluation method was as follows: As of March 31, 2024 (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 $ 219 $ 16,911 $ 8,433 $ 1,636 $ — $ 27,199 Collectively evaluated for impairment 112,810 1,088,807 2,429,396 675,773 80,661 4,387,447 Total $ 113,029 $ 1,105,718 $ 2,437,829 $ 677,409 $ 80,661 $ 4,414,646 Allowance for credit losses: Individually evaluated for impairment $ — $ 2,804 $ 47 $ 118 $ — $ 2,969 Collectively evaluated for impairment 648 19,078 26,725 4,896 1,584 52,931 Total $ 648 $ 21,882 $ 26,772 $ 5,014 $ 1,584 $ 55,900 As of December 31, 2023 (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 $ 11 $ 17,231 $ 10,932 $ 983 $ — $ 29,157 Collectively evaluated for impairment 118,403 1,057,772 2,214,378 639,454 67,783 4,097,790 Total $ 118,414 $ 1,075,003 $ 2,225,310 $ 640,437 $ 67,783 $ 4,126,947 Allowance for credit losses: Individually evaluated for impairment $ — $ 2,616 $ 705 $ 16 $ — $ 3,337 Collectively evaluated for impairment 613 19,127 23,054 4,746 623 48,163 Total $ 613 $ 21,743 $ 23,759 $ 4,762 $ 623 $ 51,500 The following tables present 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, 2024 (in thousands) Primary Type of Collateral Real Estate Equipment Other Total ACL Allocation Agricultural $ 11 $ — $ 208 $ 219 $ — Commercial and industrial 16,911 — — 16,911 2,804 Commercial real estate: Construction and development — — — — — Farmland 2,334 — 1,278 3,612 — Multifamily — — — — — Commercial real estate-other 4,821 — — 4,821 47 Residential real estate: One- to four- family first liens 853 — — 853 — One- to four- family junior liens 783 — — 783 118 Consumer — — — — — Total $ 25,713 $ — $ 1,486 $ 27,199 $ 2,969 As of December 31, 2023 (in thousands) Primary Type of Collateral Real Estate Equipment Other Total ACL Allocation Agricultural $ 11 $ — $ — $ 11 $ — Commercial and industrial 15,991 — 1,240 17,231 2,616 Commercial real estate: Construction and development — — — — — Farmland 5,403 — — 5,403 — Multifamily — — — — — Commercial real estate-other 5,350 — 179 5,529 705 Residential real estate: One- to four- family first liens 481 — — 481 — One- to four- family junior liens — — 502 502 16 Consumer — — — — — Total $ 27,236 $ — $ 1,921 $ 29,157 $ 3,337 Loan Modifications to Borrowers Experiencing Financial Difficulty Occasionally, the Company may modify loans to borrowers who are experiencing financial difficulty. Loan modifications to borrowers experiencing financial difficulty may be in the form of principal forgiveness, term extension, an other-than-insignificant payment delay, interest rate reduction, or combination thereof. The following tables present the amortized cost basis of loans as of March 31, 2024 and March 31, 2023 that were modified during the three months ended March 31, 2024 and March 31, 2023 and experiencing financial difficulty at the time of the modification by class and by type of modification: For the Three Months Ended March 31, 2024 Combination: (dollars in thousands) Principal Forgiveness Payment Delay Term Extension Interest Rate Reduction Term Extension & Interest Rate Reduction Principal Forgiveness & Term Extension Principal Forgiveness, Term Extension, & Interest Rate Reduction Payment Delay & Term Extension Total Class of Financing Receivable Three Months Ended March 31, 2024 Commercial and industrial $ — $ — $ 350 $ — $ — $ — $ — $ — 0.03 % CRE - Other — — 202 — — — — — 0.01 % RRE - One- to four- family first liens — 253 — — — — — — 0.05 % RRE - One- to four- family junior liens — — 136 — — — — — 0.07 % Total $ — $ 253 $ 688 $ — $ — $ — $ — $ — For the Three Months Ended March 31, 2023 Combination: (dollars in thousands) Principal Forgiveness Payment Delay Term Extension Interest Rate Reduction Term Extension & Interest Rate Reduction Principal Forgiveness & Term Extension Principal Forgiveness, Term Extension, & Interest Rate Reduction Payment Delay & Term Extension Total Class of Financing Receivable Three Months Ended March 31, 2023 Agricultural $ — $ 16 $ 1,502 $ — $ — $ — $ — $ — 1.42 % Commercial and industrial — — 50 — 120 307 — — 0.04 % CRE - Other — — — — — — 20 — — % Total $ — $ 16 $ 1,552 $ — $ 120 $ 307 $ 20 $ — The Company has no additional commitments to lend amounts to the borrowers included in the previous tables as of March 31, 2024 and March 31, 2023. For the three months ended March 31, 2024, the Company had 9 modified loans totaling $1.4 million to borrowers experiencing financial difficulty that redefaulted within 12 months subsequent to the modification. For the three months ended March 31, 2023, the Company had no modified loans totaling to borrowers experiencing financial difficulty that redefaulted within 12 months subsequent to the modification. The following tables present the performance, as of March 31, 2024 and March 31, 2023, of loans that were modified while the borrower was experiencing financial difficulty at the time of modification in the last 12 months: As of March 31, 2024 (in thousands) Current 30 - 59 Days Past Due 60 - 89 Days Past Due 90 Days or More Past Due Total Commercial and industrial $ 4,028 $ 76 $ — $ 995 $ 5,099 CRE - Construction and development 559 — — — 559 CRE - Farmland 29 — — 352 381 CRE - Other 6,066 — — — 6,066 RRE - One- to four- family first liens 253 — — — 253 RRE - One- to four- family junior liens 149 — — — 149 Total $ 11,084 $ 76 $ — $ 1,347 $ 12,507 As of March 31, 2023 (in thousands) Current 30 - 59 Days Past Due 60 - 89 Days Past Due 90 Days or More Past Due Total Agricultural $ 1,518 $ — $ — $ — $ 1,518 Commercial and industrial 477 — — — 477 CRE - Other — — — 20 20 Total $ 1,995 $ — $ — $ 20 $ 2,015 The following tables present the financial effect of the loan modifications presented above to borrowers experiencing financial difficulty for the three months ended March 31, 2024 and March 31, 2023: (dollars in thousands) Principal Forgiveness Weighted Average Interest Rate Reduction Weighted Average Term Extension (Months) Three Months Ended March 31, 2024 Commercial and industrial $ — — % 4.4 CRE - Other — — % 5.4 RRE - One- to four- family junior liens — — % 122.0 Total $ — — % 27.9 (dollars in thousands) Principal Forgiveness Weighted Average Interest Rate Reduction Weighted Average Term Extension (Months) Three Months Ended March 31, 2023 Agricultural $ — — % 2.37 Commercial and industrial 63 1.25 11.89 CRE - Other 18 7.00 2.47 Total $ 81 2.07 % 4.64 |
Derivatives, Hedging Activities
Derivatives, Hedging Activities and Balance Sheet Offsetting | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 As of December 31, 2023 Notional Amount Fair Value Notional Amount Fair Value (in thousands) Assets Liabilities Assets Liabilities Designated as hedging instruments: Fair value hedges: Interest rate swaps - loans $ 50,425 $ 2,529 $ 601 $ 41,101 $ 2,071 $ 902 Interest rate swaps - securities 150,000 144 90 150,000 — 821 Cash flow hedges Interest rate swaps 200,000 2,660 — 200,000 940 264 Total $ 400,425 $ 5,333 $ 691 $ 391,101 $ 3,011 $ 1,987 Not designated as hedging instruments: Interest rate swaps $ 522,777 $ 22,429 $ 22,438 $ 432,648 $ 22,028 $ 22,038 RPAs - protection sold 31,175 5 — 18,778 4 — RPAs - protection purchased 31,089 — 4 31,145 — 9 Interest rate lock commitments 3,623 77 — 1,461 50 — Interest rate forward loan sales contracts 3,730 — 8 2,075 — 23 Total $ 592,394 $ 22,511 $ 22,450 $ 486,107 $ 22,082 $ 22,070 Derivatives Designated as Hedging Instruments The Company uses derivative instruments to hedge its exposure to economic risks. 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, including AFS debt securities and loans. The gain or loss on the loan fair value hedge derivative, as well as the offsetting loss or gain on the hedged item attributable to the hedged risk are recognized in interest income. The change in the fair value of the available for sale securities attributable to changes in the hedged risk is recorded in accumulated other comprehensive income and subsequently reclassified into interest income, as applicable, in the same period(s) to offset the changes in the fair value of the swap, which is also recognized in interest income. Cash Flow Hedges - Derivatives are designated as cash flow hedges in order to minimize the variability in cash flows of earning assets or forecasted transactions caused by movement in interest rates. The Company has previously entered into pay-fixed receive-variable interest rate swaps to hedge against adverse fluctuations in interest rates by reducing exposure to variability in cash flows relating to interest payments on the Company's variable rate debt, including brokered deposits. The gain or loss on the derivatives is recorded in accumulated other comprehensive income and subsequently reclassified into interest expense, as applicable, in the same period(s) during which the hedged transaction affects earnings. During the next 12 months, the Company estimates that an additional $2.2 million of income will be reclassified into interest expense. The table below presents the effect of cash flow hedge accounting on AOCI for the three months ended March 31, 2024 and 2023: Amount of Gain (Loss) Recognized in AOCI on Derivative Location of Gain (Loss) Reclassified from AOCI into Income Amount of Gain (Loss) Reclassified from AOCI into Income Three Months Ended March 31, Three Months Ended March 31, (in thousands) 2024 2023 2024 2023 Interest rate swaps $ 2,772 $ 138 Interest Expense $ 788 $ — 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 Hedging Relationships For the Three Months Ended March 31, 2024 2023 (in thousands) Interest Income Other Income Interest Income Other Income Income and expense included in the consolidated statements of income related to the effects of fair value or cash flow hedges are recorded $ 408 $ — $ 159 $ — The effects of fair value and cash flow hedging: Gain (loss) on fair value hedging relationships in subtopic 815-20: Interest contracts - loans: Hedged items (764) — 562 — Derivative designated as hedging instruments 1,023 — (402) — Interest contracts - securities: Hedged items (882) — — — Derivative designated as hedging instruments 1,059 — — — As of March 31, 2024, 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 $ 48,539 $ (1,926) Securities $ 149,937 $ (63) 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 or participation agreement. 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) 2024 2023 Interest rate swaps Other income $ — $ — RPAs Other income 5 69 Interest rate lock commitments Loan revenue 27 94 Interest rate forward loan sales contracts Loan revenue 14 (30) Total $ 46 $ 133 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, 2024 and December 31, 2023, 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 Recognized Gross Amounts Offset in the Balance Sheet Net Amounts presented in the Balance Sheet Financial Instruments Cash Collateral Received / Paid Net Assets /Liabilities As of March 31, 2024 Asset Derivatives $ 27,844 $ — $ 27,844 $ — $ 17,998 $ 9,846 Liability Derivatives 23,141 — 23,141 — 2,730 20,411 As of December 31, 2023 Asset Derivatives $ 25,093 $ — $ 25,093 $ — $ 15,549 $ 9,544 Liability Derivatives 24,057 — 24,057 — 2,420 21,637 Credit-risk-related Contingent Features |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 3 Months Ended |
Mar. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets The following table presents the changes in the carrying amount of goodwill for the period indicated: (in thousands) As of March 31, 2024 As of December 31, 2023 Goodwill, beginning of period $ 62,477 $ 62,477 Goodwill from the acquisition of DNVB 8,641 — Total goodwill, end of period $ 71,118 $ 62,477 As indicated in Note 2. Business Combinations , the Company acquired a core deposit intangible in connection with its acquisition of DNVB on January 31, 2024 with an estimated fair value of $7.1 million, which will be amortized over its estimated useful life of 10 years. The following table presents the gross carrying amount, accumulated amortization, and net carrying amount of other intangible assets as of the dates indicated: As of March 31, 2024 As of December 31, 2023 (in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Core deposit intangible $ 65,345 $ (43,044) $ 22,301 $ 58,245 $ (41,499) $ 16,746 Customer relationship intangible 5,265 (5,092) 173 5,265 (5,008) 257 Other 2,700 (2,683) 17 2,700 (2,674) 26 $ 73,310 $ (50,819) $ 22,491 $ 66,210 $ (49,181) $ 17,029 Indefinite-lived trade name intangible 7,040 7,040 Total other intangible assets, net $ 29,531 $ 24,069 The following table provides the estimated future amortization expense for the remaining nine months of the year ending December 31, 2024 and the succeeding annual periods: (in thousands) Core Deposit Intangible Customer Relationship Intangible Other Total 2024 $ 4,344 $ 155 $ 15 $ 4,514 2025 4,924 18 2 4,944 2026 3,840 — — 3,840 2027 2,757 — — 2,757 2028 2,110 — — 2,110 Thereafter 4,326 — — 4,326 Total $ 22,301 $ 173 $ 17 $ 22,491 |
Other Assets
Other Assets | 3 Months Ended |
Mar. 31, 2024 | |
Other Assets [Abstract] | |
Other Assets | Other Assets The components of the Company's other assets as of March 31, 2024 and December 31, 2023 were as follows: (in thousands) March 31, 2024 December 31, 2023 Bank-owned life insurance $ 98,700 $ 98,039 Interest receivable 30,728 29,768 FHLB stock 5,220 5,806 Mortgage servicing rights 12,965 13,333 Operating lease right-of-use assets, net 2,153 2,337 Federal and state income taxes, current 579 1,556 Federal and state income taxes, deferred 29,582 31,218 Derivative assets 27,844 25,093 Other receivables/assets 18,706 15,630 $ 226,477 $ 222,780 |
Deposits
Deposits | 3 Months Ended |
Mar. 31, 2024 | |
Deposits [Abstract] | |
Deposits | Deposits The following table presents the composition of our deposits as of the dates indicated: (in thousands) March 31, 2024 December 31, 2023 Noninterest bearing deposits $ 920,764 $ 897,053 Interest checking deposits 1,349,823 1,320,435 Money market deposits 1,122,717 1,105,493 Savings deposits 728,276 650,655 Time deposits of $250 and under 992,851 973,253 Time deposits over $250 470,805 448,784 Total deposits $ 5,585,236 $ 5,395,673 The Company had $14.0 million and $15.2 million in reciprocal time deposits as of March 31, 2024 and December 31, 2023, respectively. Included in money market deposits at March 31, 2024 and December 31, 2023 were $132.7 million and $128.0 million, respectively, of interest-bearing reciprocal deposits. Included in noninterest bearing deposits at March 31, 2024 were $64.2 million of noninterest-bearing reciprocal deposits, with $58.0 million noninterest-bearing reciprocal deposits at December 31, 2023. 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. In addition, included within the time deposits of “$250 thousand and under ” was $205.0 million of brokered deposits as of March 31, 2024 and $221.0 million as of December 31, 2023. As of March 31, 2024 and December 31, 2023, the Company had public entity deposits, which were collateralized by investment securities balances of $285.1 million and $183.4 million, respectively. |
Short-Term Borrowings
Short-Term Borrowings | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 December 31, 2023 (in thousands) Weighted Average Rate Balance Weighted Average Rate Balance Securities sold under agreements to repurchase 0.68 % $ 4,988 0.72 % $ 5,064 Federal Home Loan Bank advances — — 5.64 10,200 Federal Reserve Bank borrowings 4.77 405,000 4.82 285,000 Unsecured line of credit 6.88 13,000 — — Total 4.79 % $ 422,988 4.78 % $ 300,264 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 4. 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, 2024 or December 31, 2023. Federal Reserve Bank Borrowing - At March 31, 2024 and December 31, 2023, the Company had no Federal Reserve Discount Window borrowings, while the borrowing capacity was $421.4 million as of March 31, 2024 and $428.8 million as of December 31, 2023. At March 31, 2024, the Company had $405.0 million of Bank Term Funding Program borrowings. The FRB announced that effective March 11, 2024, no additional loans would be made under the Bank Term Funding Program. As of March 31, 2024 and December 31, 2023, pledged to the Federal Reserve Bank of Chicago were investment securities consisting primarily of corporate debt, state and political subdivisions, mortgage backed, and collateralized mortgage obligations, with a market value of $790.3 million and $797.6 million, respectively. Unsecured Line of Credit |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Mar. 31, 2024 | |
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: March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 (in thousands) Face Value Book Value Interest Rate (1) Rate Maturity Date Callable Date ATBancorp Statutory Trust I $ 7,732 $ 6,980 $ 6,970 1.68% Margin 7.27 % 7.33 % 06/15/2036 06/15/2011 ATBancorp Statutory Trust II 12,372 11,051 11,034 1.65% Margin 7.24 % 7.30 % 09/15/2037 06/15/2012 Barron Investment Capital Trust I 2,062 1,868 1,861 2.15% Margin 7.73 % 7.77 % 09/23/2036 09/23/2011 Central Bancshares Capital Trust II 7,217 6,974 6,964 3.50% Margin 9.09 % 9.15 % 03/15/2038 03/15/2013 MidWestOne Statutory Trust II 15,464 15,464 15,464 1.59% Margin 7.18 % 7.24 % 12/15/2037 12/15/2012 Total $ 44,847 $ 42,337 $ 42,293 (1) Interest rate is equal to the Three-month CME Term SOFR + 0.26% Spread + Applicable Margin 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, 2024, 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. At March 31, 2024 and December 31, 2023, the Company had outstanding subordinated debentures of $64.2 million and $64.1 million, respectively. Other Long-Term Debt Other long-term borrowings were as follows as of March 31, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 (in thousands) Weighted Average Rate Balance Weighted Average Rate Balance Finance lease payable 8.89 % $ 554 8.89 % $ 604 FHLB borrowings 3.11 6,255 3.11 6,262 Note payable to unaffiliated bank 6.88 8,750 6.89 10,000 Total 5.44 % $ 15,559 5.56 % $ 16,866 On June 7, 2022, pursuant to a credit agreement with a correspondent bank, the Company entered into a $35.0 million term note payable maturing on June 30, 2027. Principal and interest are payable quarterly, and began on September 30, 2022. Interest accrues at the monthly reset term SOFR plus 1.55%. The credit agreement includes customary covenants requiring the Company to, among other things, maintain minimum levels of both regulatory capital and certain financial ratios; the Company certifies compliance with the covenants on a quarterly basis. On February 12, 2024, the credit agreement, including certain of its covenants, was amended. As a member of the FHLBDM, the Bank may borrow funds from the FHLB, provided the Bank is able to pledge an adequate amount of qualified assets to secure the borrowings. In addition, the FHLB has established a credit capacity limit to the Bank that is equal to 45% of the Bank’s total assets. This credit capacity limit includes short-term and long-term borrowings, federal funds, letters of credit and other sources of credit exposure to the FHLB. 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 4. Loans Receivable and the Allowance for Credit Losses of the notes to the unaudited consolidated financial statements. As of March 31, 2024, FHLB borrowings were as follows: (in thousands) Weighted Average Rate Amount Due in 2024 3.11 % $ 6,250 Valuation adjustment from acquisition accounting 5 Total $ 6,255 |
Earnings per Share
Earnings per Share | 3 Months Ended |
Mar. 31, 2024 | |
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) 2024 2023 Basic Earnings Per Share: Net income $ 3,269 $ 1,397 Weighted average shares outstanding 15,722,697 15,649,651 Basic earnings per common share $ 0.21 $ 0.09 Diluted Earnings Per Share: Net income $ 3,269 $ 1,397 Weighted average shares outstanding, including all dilutive potential shares 15,773,521 15,691,168 Diluted earnings per common share $ 0.21 $ 0.09 |
Regulatory Capital Requirements
Regulatory Capital Requirements and Restrictions on Subsidiary Cash | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 and December 31, 2023, the Bank was not required to maintain reserve balances in cash on hand or on deposit with Federal Reserve Banks, and therefore no amounts were held in reserve for each of these periods. A comparison of the Company's and the Bank's capital with the corresponding minimum regulatory requirements in effect at March 31, 2024 and December 31, 2023, 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, 2024 Consolidated: Total capital/risk weighted assets $661,448 11.97% $580,192 10.50% N/A N/A Tier 1 capital/risk weighted assets 538,756 9.75 469,679 8.50 N/A N/A Common equity tier 1 capital/risk weighted assets 496,419 8.98 386,795 7.00 N/A N/A Tier 1 leverage capital/average assets 538,756 8.16 264,001 4.00 N/A N/A MidWest One Bank: Total capital/risk weighted assets $675,287 12.25% $578,805 10.50% $551,243 10.00% Tier 1 capital/risk weighted assets 617,596 11.20 468,557 8.50 440,995 8.00 Common equity tier 1 capital/risk weighted assets 617,596 11.20 385,870 7.00 358,308 6.50 Tier 1 leverage capital/average assets 617,596 9.36 263,801 4.00 329,751 5.00 At December 31, 2023 Consolidated: Total capital/risk weighted assets $668,748 12.53% $560,596 10.50% N/A N/A Tier 1 capital/risk weighted assets 554,177 10.38 453,816 8.50 N/A N/A Common equity tier 1 capital/risk weighted assets 511,884 9.59 373,731 7.00 N/A N/A Tier 1 leverage capital/average assets 554,177 8.58 258,487 4.00 N/A N/A MidWest One Bank: Total capital/risk weighted assets $656,027 12.49% $551,658 10.50% $525,388 10.00% Tier 1 capital/risk weighted assets 606,456 11.54 446,580 8.50 420,310 8.00 Common equity tier 1 capital/risk weighted assets 606,456 11.54 367,772 7.00 341,502 6.50 Tier 1 leverage capital/average assets 606,456 9.39 258,339 4.00 322,924 5.00 (1) |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 December 31, 2023 (in thousands) Commitments to extend credit $ 1,230,612 $ 1,203,001 Commitments to sell loans 2,329 1,045 Standby letters of credit 8,154 7,795 Total $ 1,241,095 $ 1,211,841 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, 2024 and December 31, 2023, the liability for off-balance-sheet credit losses totaled $4.7 million and $4.6 million, respectively. For the three-months ended March 31, 2024, $0.1 million credit loss expense was recorded, with no credit loss expense recorded for the three-months ended March 31, 2023. 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 66% 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 4. 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, 2024 | |
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 2023 Annual Report on Form 10-K, filed with the SEC on March 8, 2024. 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 foreclosed assets. Recurring Basis The following tables summarize assets and liabilities measured at fair value on a recurring basis as of March 31, 2024 and December 31, 2023, by level within the fair value hierarchy: Fair Value Measurement at March 31, 2024 Using (in thousands) Total Level 1 Level 2 Level 3 Assets: Available for sale debt securities: U.S. Treasury securities $ 247 $ — $ 247 $ — State and political subdivisions 123,378 — 123,378 — Mortgage-backed securities 5,199 — 5,199 — Collateralized loan obligations 61,866 — 61,866 — Collateralized mortgage obligations 178,622 — 178,622 — Corporate debt securities 427,918 — 427,918 — Derivative assets 27,844 — 27,767 77 Mortgage servicing rights 12,965 — 12,965 — Liabilities: Derivative liabilities $ 23,141 $ — $ 23,141 $ — Fair Value Measurement at December 31, 2023 Using (in thousands) Total Level 1 Level 2 Level 3 Assets: Debt securities available for sale: State and political subdivisions $ 130,139 $ — $ 130,139 $ — Mortgage-backed securities 5,311 — 5,311 — Collateralized loan obligations 50,437 — 50,437 — Collateralized mortgage obligations 169,196 — 169,196 — Corporate debt securities 440,051 — 440,051 — Derivative assets 25,093 — 25,043 50 Mortgage servicing rights 13,333 — 13,333 — Liabilities: Derivative liabilities $ 24,057 $ — $ 24,057 $ — There were no transfers of assets between Level 3 and other levels of the fair value hierarchy during the three months ended March 31, 2024 or the year ended December 31, 2023. Changes in the fair value of available for sale debt securities, including the changes attributable to the hedged risk, 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 at the dates indicated: Fair Value at (dollars in thousands) March 31, 2024 December 31, 2023 Valuation Techniques(s) Unobservable Input Range of Inputs Weighted Average Interest rate lock commitments $ 77 $ 50 Quoted or published market prices of similar instruments, adjusted for factors such as pull-through rate assumptions Pull-through rate 71% - 100% 86% Nonrecurring Basis The following table presents assets measured at fair value on a nonrecurring basis at the dates indicated: Fair Value Measurement at March 31, 2024 Using (in thousands) Total Level 1 Level 2 Level 3 Collateral dependent individually analyzed loans $ 4,481 $ — $ — $ 4,481 Foreclosed assets, net 3,897 — — 3,897 Fair Value Measurement at December 31, 2023 Using (in thousands) Total Level 1 Level 2 Level 3 Collateral dependent individually analyzed loans $ 6,524 $ — $ — $ 6,524 Foreclosed assets, net 3,929 — — 3,929 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 at the dates indicated: Fair Value at (dollars in thousands) March 31, 2024 December 31, 2023 Valuation Techniques(s) Unobservable Input Range of Inputs Weighted Average Collateral dependent individually analyzed loans $ 4,481 $ 6,524 Fair value of collateral Valuation adjustments —% - 33% 11% Foreclosed assets, net $ 3,897 $ 3,929 Fair value of collateral Valuation adjustments 7% - 11% 11% 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, 2024 and December 31, 2023 were as follows: March 31, 2024 (in thousands) Carrying Estimated Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 97,762 $ 97,762 $ 97,762 $ — $ — Debt securities available for sale 797,230 797,230 — 797,230 — Debt securities held to maturity 1,064,939 875,644 — 875,644 — Loans held for sale 2,329 2,357 — 2,357 — Loans held for investment, net 4,358,746 4,220,905 — — 4,220,905 Interest receivable 30,728 30,728 — 30,728 — FHLB stock 5,220 5,220 — 5,220 — Derivative assets 27,844 27,844 — 27,767 77 Financial liabilities: Noninterest bearing deposits 920,764 920,764 920,764 — — Interest bearing deposits 4,664,472 4,635,692 3,200,816 1,434,876 — Short-term borrowings 422,988 422,988 422,988 — — Finance leases payable 554 554 — 554 — FHLB borrowings 6,255 5,929 — 5,929 — Junior subordinated notes issued to capital trusts 42,337 37,990 — 37,990 — Subordinated debentures 64,170 60,876 — 60,876 — Other long-term debt 8,750 8,750 — 8,750 — Derivative liabilities 23,141 23,141 — 23,141 — December 31, 2023 (in thousands) Carrying Amount Estimated Fair Value Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 81,727 $ 81,727 $ 81,727 $ — $ — Debt securities available for sale 795,134 795,134 — 795,134 — Debt securities held to maturity 1,075,190 895,263 — 895,263 — Loans held for sale 1,045 1,083 — 1,083 — Loans held for investment, net 4,075,447 3,953,368 — — 3,953,368 Interest receivable 29,768 29,768 — 29,768 — FHLB stock 5,806 5,806 — 5,806 — Derivative assets 25,093 25,093 — 25,043 50 Financial liabilities: Noninterest bearing deposits 897,053 897,053 897,053 — — Interest bearing deposits 4,498,620 4,489,322 3,076,582 1,412,740 — Short-term borrowings 300,264 300,264 300,264 — — Finance leases payable 604 604 — 604 — FHLB borrowings 6,262 6,199 — 6,199 — Junior subordinated notes issued to capital trusts 42,293 37,938 — 37,938 — Subordinated debentures 64,137 61,940 — 61,940 — Other long-term debt 10,000 10,000 — 10,000 — Derivative liabilities 24,057 24,057 — 24,057 — |
Leases
Leases | 3 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
Leases | Leases The Company's lease commitments consist primarily of real estate property for banking offices and office space with terms extending through 2045. 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. (in thousands) Classification March 31, 2024 December 31, 2023 Operating lease right-of-use assets Other assets $ 2,153 $ 2,337 Finance lease right-of-use asset Premises and equipment, net 231 255 Total right-of-use assets $ 2,384 $ 2,592 Operating lease liability Other liabilities $ 2,842 $ 3,078 Finance lease liability Long-term debt 554 604 Total lease liabilities $ 3,396 $ 3,682 Weighted-average remaining lease term: Operating leases 10.61 years 10.20 years Finance lease 2.42 years 2.67 years Weighted-average discount rate: Operating leases 4.54 % 4.43 % 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) 2024 2023 Lease Costs Operating lease cost $ 388 $ 292 Variable lease cost 7 7 Interest on lease liabilities (1) 13 17 Amortization of right-of-use assets 24 24 Net lease cost $ 432 $ 340 Other Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 822 $ 605 Operating cash flows from finance lease 13 17 Finance cash flows from finance lease 50 43 Supplemental non-cash information on lease liabilities: Right-of-use assets obtained in exchange for new operating lease liabilities 156 292 (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, 2024 and the succeeding annual periods were as follows: (in thousands) Finance Leases Operating Leases December 31, 2024 $ 188 $ 734 December 31, 2025 254 601 December 31, 2026 172 447 December 31, 2027 — 302 December 31, 2028 — 138 Thereafter — 1,600 Total undiscounted lease payment $ 614 $ 3,822 Amounts representing interest (60) (980) Lease liability $ 554 $ 2,842 |
Leases | Leases The Company's lease commitments consist primarily of real estate property for banking offices and office space with terms extending through 2045. 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. (in thousands) Classification March 31, 2024 December 31, 2023 Operating lease right-of-use assets Other assets $ 2,153 $ 2,337 Finance lease right-of-use asset Premises and equipment, net 231 255 Total right-of-use assets $ 2,384 $ 2,592 Operating lease liability Other liabilities $ 2,842 $ 3,078 Finance lease liability Long-term debt 554 604 Total lease liabilities $ 3,396 $ 3,682 Weighted-average remaining lease term: Operating leases 10.61 years 10.20 years Finance lease 2.42 years 2.67 years Weighted-average discount rate: Operating leases 4.54 % 4.43 % 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) 2024 2023 Lease Costs Operating lease cost $ 388 $ 292 Variable lease cost 7 7 Interest on lease liabilities (1) 13 17 Amortization of right-of-use assets 24 24 Net lease cost $ 432 $ 340 Other Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 822 $ 605 Operating cash flows from finance lease 13 17 Finance cash flows from finance lease 50 43 Supplemental non-cash information on lease liabilities: Right-of-use assets obtained in exchange for new operating lease liabilities 156 292 (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, 2024 and the succeeding annual periods were as follows: (in thousands) Finance Leases Operating Leases December 31, 2024 $ 188 $ 734 December 31, 2025 254 601 December 31, 2026 172 447 December 31, 2027 — 302 December 31, 2028 — 138 Thereafter — 1,600 Total undiscounted lease payment $ 614 $ 3,822 Amounts representing interest (60) (980) Lease liability $ 554 $ 2,842 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) The following table summarizes the changes in accumulated other comprehensive income (loss) by component, net of tax: (in thousands) Unrealized Gain (Loss) from AFS Debt Securities Reclassification of AFS Debt Securities to HTM Unrealized Gain from Cash Flow Hedging Instruments Total Balance, December 31, 2022 $ (91,852) $ 2,805 $ — $ (89,047) Other comprehensive (loss) income before reclassifications (213) 434 103 324 Amounts reclassified from AOCI 9,838 — — 9,838 Net current-period other comprehensive income 9,625 434 103 10,162 Balance, March 31, 2023 $ (82,227) $ 3,239 $ 103 $ (78,885) Balance, December 31, 2023 $ (69,915) $ 4,511 $ 505 $ (64,899) Other comprehensive income before reclassifications 1,607 374 2,071 4,052 Amounts reclassified from AOCI 632 — (589) 43 Net current-period other comprehensive income 2,239 374 1,482 4,095 Balance, March 31, 2024 $ (67,676) $ 4,885 $ 1,987 $ (60,804) The following table presents reclassifications out of AOCI: Three-Months Ended March 31, (in thousands) 2024 2023 Investment securities (gains) losses, net $ (36) $ 13,170 Interest income 882 — Interest expense (788) — Income tax expense (15) (3,332) Net of tax $ 43 $ 9,838 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events The Company has evaluated events that have occurred subsequent to March 31, 2024 and has concluded there are no other subsequent events that would require recognition in the accompanying consolidated financial statements. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net income | $ 3,269 | $ 1,397 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Nature of Business and Signif_2
Nature of Business and Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2023, filed with the SEC on March 8, 2024. |
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, 2024 may not be indicative of results for the year ending December 31, 2024, or for any other period. |
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, 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 | Effect of New Financial Accounting Standards Accounting Guidance Pending Adoption at March 31, 2024 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. In addition, ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 , deferred the sunset date of Topic 848 from December 31, 2022 to December 31, 2024, after which time entities will no longer be permitted to apply the relief in Topic 848. The adoption of ASU 2020-04 is not expected to have a material impact on the Company’s consolidated financial statements. On November 27, 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Enhanced disclosures about significant segment expenses are included within this ASU. The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with an option to early adopt. The amendments should be applied retrospectively to all prior periods presented in the financial statements, with the segment expense categories and amounts disclosed in prior periods being based on the significant segment expense categories identified and disclosed in the period of adoption. The Company is currently evaluating the impact of ASU 2023-07. On December 14, 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures . Additional transparency about income tax information through improvements to income tax disclosures, primarily related to the rate reconciliation and income taxes paid information, will be required. The amendments are effective for annual periods beginning after December 15, 2024, with an option to early adopt. The amendments should be applied on a prospective basis, with retrospective application being permitted. The Company is currently evaluating the impact of ASU 2023-09. Accounting Guidance Adopted in 2024 On March 29, 2023, the FASB issued ASU 2023-02, Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method . Under this ASU, if certain conditions are met, a reporting entity may elect to account for its tax equity investments by using the proportional amortization method regardless of the program from which it receives income tax credits. The amendments are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years, with an option to early adopt. The amendments must be applied on either a modified retrospective or a retrospective basis, with certain exceptions for low-income-housing tax credit structures that are not accounted for using the proportional amortization method. The adoption of ASU 2023-02 was applied on a modified retrospective basis and did not have a material impact on the Company's consolidated financial statements. |
Derivatives Designated as Hedging Instruments | Derivatives Designated as Hedging Instruments The Company uses derivative instruments to hedge its exposure to economic risks. 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, including AFS debt securities and loans. The gain or loss on the loan fair value hedge derivative, as well as the offsetting loss or gain on the hedged item attributable to the hedged risk are recognized in interest income. The change in the fair value of the available for sale securities attributable to changes in the hedged risk is recorded in accumulated other comprehensive income and subsequently reclassified into interest income, as applicable, in the same period(s) to offset the changes in the fair value of the swap, which is also recognized in interest income. Cash Flow Hedges - Derivatives are designated as cash flow hedges in order to minimize the variability in cash flows of earning assets or forecasted transactions caused by movement in interest rates. The Company has previously entered into pay-fixed receive-variable interest rate swaps to hedge against adverse fluctuations in interest rates by reducing exposure to variability in cash flows relating to interest payments on the Company's variable rate debt, including brokered deposits. The gain or loss on the derivatives is recorded in accumulated other comprehensive income and subsequently reclassified into interest expense, as applicable, in the same period(s) during which the hedged transaction affects earnings. During the next 12 months, the Company estimates that an additional $2.2 million of income will be reclassified into interest expense. The table below presents the effect of cash flow hedge accounting on AOCI for the three months ended March 31, 2024 and 2023: Amount of Gain (Loss) Recognized in AOCI on Derivative Location of Gain (Loss) Reclassified from AOCI into Income Amount of Gain (Loss) Reclassified from AOCI into Income Three Months Ended March 31, Three Months Ended March 31, (in thousands) 2024 2023 2024 2023 Interest rate swaps $ 2,772 $ 138 Interest Expense $ 788 $ — |
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 2023 Annual Report on Form 10-K, filed with the SEC on March 8, 2024. 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 foreclosed assets. |
Business Combinations (Tables)
Business Combinations (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The table below summarizes the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed: (in thousands) January 31, 2024 Merger consideration Cash consideration $ 32,600 Identifiable net assets acquired, at fair value Assets acquired Cash and due from banks $ 462 Interest earning deposits in banks 3,517 Debt securities 52,493 Loans held for investment 207,095 Premises and equipment 13,470 Core deposit intangible 7,100 Other assets 4,987 Total assets acquired 289,124 Liabilities assumed Deposits $ (224,248) Short-term borrowings (37,500) Other liabilities (3,417) Total liabilities assumed (265,165) Identifiable net assets acquired, at fair value 23,959 Goodwill $ 8,641 |
Schedule of Business Acquisition, Pro Forma Information | For illustrative purposes only, the following table presents certain unaudited pro forma information for the three months ended March 31, 2024 and March 31, 2023. This unaudited, estimated pro forma information was calculated as if DNVB had been acquired as of the beginning of the year prior to the date of acquisition. This unaudited pro forma information combines the historical results of DNVB and the Company and includes adjustments for the estimated impact of certain fair value purchase accounting, interest expense, acquisition-related expenses, and income tax expense for the respective periods. The pro forma information is not indicative of what would have occurred had the acquisition occurred as of the beginning of the year prior to the acquisition. Additionally, MidWest One expects to achieve further operating cost savings and other business synergies, including revenue growth as a result of the acquisition, which are not reflected in the pro forma amounts that follow. As a result, actual amounts would have differed from the unaudited pro forma information presented. Unaudited Three Months Ended March 31, (in thousands, except per share amounts) 2024 2023 Total revenues $ 45,298 $ 38,963 Net income (loss) $ 6,466 $ (1,662) EPS - basic $ 0.41 $ (0.11) EPS - diluted $ 0.41 $ (0.11) |
Schedule of Business Acquisition Information | The following table summarizes the DNVB acquisition-related expenses incurred during the three months ended March 31, 2024 and IOFB acquisition-related expenses incurred during the three months ended March 31, 2023, which are included in the respective income statement line items, for the periods indicated: Three Months Ended March 31, (in thousands) 2024 2023 Noninterest Expense Compensation and employee benefits $ 241 $ 70 Occupancy expense of premises, net 152 — Equipment 149 — Legal and professional 573 — Data processing 61 65 Marketing 32 — Communications 1 — Other 105 1 Total acquisition-related expenses $ 1,314 $ 136 |
Debt Securities (Tables)
Debt Securities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 as of the dates indicated: As of March 31, 2024 (in thousands) Amortized Cost (1) Gross Gross Allowance for Credit Loss related to Debt Securities Fair Value Available for Sale U.S. Treasury securities $ 247 $ — $ — $ — $ 247 State and political subdivisions 132,150 1 8,773 — 123,378 Mortgage-backed securities 5,347 3 151 — 5,199 Collateralized loan obligations 61,914 200 248 — 61,866 Collateralized mortgage obligations 201,242 — 22,620 — 178,622 Corporate debt securities 472,217 110 44,409 — 427,918 Total available for sale debt securities $ 873,117 $ 314 $ 76,201 $ — $ 797,230 Held to Maturity State and political subdivisions $ 531,961 $ — $ 71,245 $ — $ 460,716 Mortgage-backed securities 73,668 — 12,685 — 60,983 Collateralized mortgage obligations 459,310 — 105,365 — 353,945 Total held to maturity debt securities $ 1,064,939 $ — $ 189,295 $ — $ 875,644 (1) Amortized cost for the held to maturity securities includes $231 thousand of unamortized gain in state and political subdivisions, $74 thousand of unamortized gains in mortgage-backed securities and $9.3 million of unamortized losses in collateralized mortgage obligations related to the re-classification of securities from available for sale to held to maturity on January 1, 2022. As of December 31, 2023 (in thousands) Amortized Gross Gross Allowance for Credit Loss related to Debt Securities Fair Value Available for Sale State and political subdivisions $ 139,482 $ 2 $ 9,345 $ — $ 130,139 Mortgage-backed securities 5,448 5 142 — 5,311 Collateralized loan obligations 50,541 135 239 — 50,437 Collateralized mortgage obligations 190,304 — 21,108 — 169,196 Corporate debt securities 487,361 57 47,367 — 440,051 Total available for sale debt securities $ 873,136 $ 199 $ 78,201 $ — $ 795,134 Held to Maturity State and political subdivisions $ 532,422 $ — $ 65,932 $ — $ 466,490 Mortgage-backed securities 74,904 — 11,635 — 63,269 Collateralized mortgage obligations 467,864 — 102,360 — 365,504 Total held to maturity debt securities $ 1,075,190 $ — $ 179,927 $ — $ 895,263 (1) Amortized cost for the held to maturity securities includes $227 thousand of unamortized gain in state and political subdivisions, $58 thousand of unamortized gains in mortgage-backed securities and $9.7 million of unamortized losses in collateralized mortgage obligations related to the re-classification of securities from available for sale to held to maturity on January 1, 2022. |
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 as of the dates indicated: As of March 31, 2024 (in thousands) Amortized Cost (1) Gross Gross Allowance for Credit Loss related to Debt Securities Fair Value Available for Sale U.S. Treasury securities $ 247 $ — $ — $ — $ 247 State and political subdivisions 132,150 1 8,773 — 123,378 Mortgage-backed securities 5,347 3 151 — 5,199 Collateralized loan obligations 61,914 200 248 — 61,866 Collateralized mortgage obligations 201,242 — 22,620 — 178,622 Corporate debt securities 472,217 110 44,409 — 427,918 Total available for sale debt securities $ 873,117 $ 314 $ 76,201 $ — $ 797,230 Held to Maturity State and political subdivisions $ 531,961 $ — $ 71,245 $ — $ 460,716 Mortgage-backed securities 73,668 — 12,685 — 60,983 Collateralized mortgage obligations 459,310 — 105,365 — 353,945 Total held to maturity debt securities $ 1,064,939 $ — $ 189,295 $ — $ 875,644 (1) Amortized cost for the held to maturity securities includes $231 thousand of unamortized gain in state and political subdivisions, $74 thousand of unamortized gains in mortgage-backed securities and $9.3 million of unamortized losses in collateralized mortgage obligations related to the re-classification of securities from available for sale to held to maturity on January 1, 2022. As of December 31, 2023 (in thousands) Amortized Gross Gross Allowance for Credit Loss related to Debt Securities Fair Value Available for Sale State and political subdivisions $ 139,482 $ 2 $ 9,345 $ — $ 130,139 Mortgage-backed securities 5,448 5 142 — 5,311 Collateralized loan obligations 50,541 135 239 — 50,437 Collateralized mortgage obligations 190,304 — 21,108 — 169,196 Corporate debt securities 487,361 57 47,367 — 440,051 Total available for sale debt securities $ 873,136 $ 199 $ 78,201 $ — $ 795,134 Held to Maturity State and political subdivisions $ 532,422 $ — $ 65,932 $ — $ 466,490 Mortgage-backed securities 74,904 — 11,635 — 63,269 Collateralized mortgage obligations 467,864 — 102,360 — 365,504 Total held to maturity debt securities $ 1,075,190 $ — $ 179,927 $ — $ 895,263 (1) Amortized cost for the held to maturity securities includes $227 thousand of unamortized gain in state and political subdivisions, $58 thousand of unamortized gains in mortgage-backed securities and $9.7 million of unamortized losses in collateralized mortgage obligations related to the re-classification of securities from available for sale to held to maturity on January 1, 2022. |
Schedule of Debt Securities, Available-for-sale, in Unrealized Loss Position | The following table presents debt securities AFS in an unrealized loss position for which an allowance for credit losses has not been recorded as of March 31, 2024, aggregated by investment category and length of time in a continuous loss position: As of March 31, 2024 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) U.S. Treasury securities 1 $ 247 $ — $ — $ — $ 247 $ — State and political subdivisions 149 3,837 114 118,100 8,659 121,937 8,773 Mortgage-backed securities 21 5 — 4,808 151 4,813 151 Collateralized loan obligations 3 22,817 234 2,929 14 25,746 248 Collateralized mortgage obligations 22 54,982 718 123,640 21,902 178,622 22,620 Corporate debt securities 130 1,929 30 417,479 44,379 419,408 44,409 Total 326 $ 83,817 $ 1,096 $ 666,956 $ 75,105 $ 750,773 $ 76,201 The following table presents debt securities AFS in an unrealized loss position for which an allowance for credit losses has not been recorded as of December 31, 2023, aggregated by investment category and length of time in a continuous loss position: As of December 31, 2023 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 149 $ 8,417 $ 492 $ 114,713 $ 8,853 $ 123,130 $ 9,345 Mortgage-backed securities 19 — — 4,906 142 4,906 142 Collateralized loan obligations 2 17,696 239 — — 17,696 239 Collateralized mortgage obligations 20 6,278 90 127,792 21,018 134,070 21,108 Corporate debt securities 133 2,377 80 429,222 47,287 431,599 47,367 Total 323 $ 34,768 $ 901 $ 676,633 $ 77,300 $ 711,401 $ 78,201 |
Schedule of Proceeds and Realized Gains (Losses) | Proceeds and gross realized gains and losses on debt securities available for sale for the three months ended March 31, 2024 and 2023, were as follows: Three Months Ended (in thousands) March 31, 2024 March 31, 2023 Proceeds from sales of debt securities available for sale $ 52,323 $ 218,667 Gross realized losses from sales of debt securities available for sale (1) — (13,170) Net realized loss from sales of debt securities available for sale (1) $ — $ (13,170) (1) The difference in investment security gains, net reported herein as compared to the Consolidated Statements of Income is associated with the net realized gain from the call of debt securities of $36 thousand for the three months ended March 31, 2024, with no net realized gain from the call of debt securities recorded during the three months ended March 31, 2023. |
Schedule of Investments Classified by Contractual Maturity Date | The contractual maturity distribution of investment debt securities at March 31, 2024, is shown below. Expected maturities of MBS, CLO 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 $ 60,692 $ 59,887 $ 2,510 $ 2,484 Due after one year through five years 371,630 342,646 150,788 137,380 Due after five years through ten years 145,334 125,889 250,580 214,093 Due after ten years 26,958 23,121 128,083 106,759 $ 604,614 $ 551,543 $ 531,961 $ 460,716 Mortgage-backed securities 5,347 5,199 73,668 60,983 Collateralized loan obligations 61,914 61,866 — — Collateralized mortgage obligations 201,242 178,622 459,310 353,945 Total $ 873,117 $ 797,230 $ 1,064,939 $ 875,644 |
Loans Receivable and the Allo_2
Loans Receivable and the Allowance for Credit Losses (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 December 31, 2023 Agricultural $ 113,029 $ 118,414 Commercial and industrial 1,105,718 1,075,003 Commercial real estate: Construction & development 403,571 323,195 Farmland 184,109 184,955 Multifamily 409,504 383,178 Commercial real estate-other 1,440,645 1,333,982 Total commercial real estate 2,437,829 2,225,310 Residential real estate: One- to four- family first liens 495,408 459,798 One- to four- family junior liens 182,001 180,639 Total residential real estate 677,409 640,437 Consumer 80,661 67,783 Loans held for investment, net of unearned income 4,414,646 4,126,947 Allowance for credit losses (55,900) (51,500) Total loans held for investment, net $ 4,358,746 $ 4,075,447 |
Schedule of Loans Based on Delinquency Status | The following tables present 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, 2024 Agricultural $ 112,185 $ 384 $ — $ 460 $ 113,029 $ — Commercial and industrial 1,087,725 360 194 17,439 1,105,718 — Commercial real estate: Construction and development 403,571 — — — 403,571 — Farmland 182,368 339 — 1,402 184,109 — Multifamily 409,504 — — — 409,504 — Commercial real estate-other 1,434,435 1,561 — 4,649 1,440,645 — Total commercial real estate 2,429,878 1,900 — 6,051 2,437,829 — Residential real estate: One- to four- family first liens 488,382 3,362 1,279 2,385 495,408 925 One- to four- family junior liens 180,461 567 335 638 182,001 — Total residential real estate 668,843 3,929 1,614 3,023 677,409 925 Consumer 80,306 242 71 42 80,661 42 Total $ 4,378,937 $ 6,815 $ 1,879 $ 27,015 $ 4,414,646 $ 967 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 December 31, 2023 Agricultural $ 117,852 $ 338 $ — $ 224 $ 118,414 $ — Commercial and industrial 1,058,301 440 401 15,861 1,075,003 — Commercial real estate: Construction and development 323,165 30 — — 323,195 — Farmland 182,759 677 352 1,167 184,955 — Multifamily 383,178 — — — 383,178 — Commercial real estate-other 1,327,727 2,129 1,290 2,836 1,333,982 — Total commercial real estate 2,216,829 2,836 1,642 4,003 2,225,310 — Residential real estate: One- to four- family first liens 453,212 3,572 1,741 1,273 459,798 468 One- to four- family junior liens 179,339 356 690 254 180,639 — Total residential real estate 632,551 3,928 2,431 1,527 640,437 468 Consumer 67,622 118 28 15 67,783 — Total $ 4,093,155 $ 7,660 $ 4,502 $ 21,630 $ 4,126,947 $ 468 |
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, 2024 December 31, 2023 March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 Agricultural $ 460 $ 235 $ 219 $ 12 $ — $ — Commercial and industrial 17,966 17,770 12,455 12,549 — — Commercial real estate: Construction and development — — — — — — Farmland 1,538 1,654 1,390 1,490 — — Multifamily — — — — — — Commercial real estate-other 4,926 3,441 2,486 853 — — Total commercial real estate 6,464 5,095 3,876 2,343 — — Residential real estate: One- to four- family first liens 2,294 1,888 853 455 925 468 One- to four- family junior liens 1,078 876 124 — — — Total residential real estate 3,372 2,764 977 455 925 468 Consumer 38 27 — — 42 — Total $ 28,300 $ 25,891 $ 17,527 $ 15,359 $ 967 $ 468 |
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, in addition to the current period gross write-offs by class of receivable and vintage, based on the most recent analysis performed, as of March 31, 2024. As of March 31, 2024, there were no 'loss' rated credits. Term Loans by Origination Year Revolving Loans March 31, 2024 (in thousands) 2024 2023 2022 2021 2020 Prior Total Agricultural Pass $ 7,515 $ 9,909 $ 12,420 $ 7,156 $ 2,399 $ 1,847 $ 66,311 $ 107,557 Special mention / watch — 319 452 635 124 488 1,643 3,661 Substandard — 39 262 285 215 214 796 1,811 Doubtful — — — — — — — — Total $ 7,515 $ 10,267 $ 13,134 $ 8,076 $ 2,738 $ 2,549 $ 68,750 $ 113,029 Commercial and industrial Pass $ 27,582 $ 173,057 $ 200,277 $ 188,288 $ 112,151 $ 135,262 $ 175,914 $ 1,012,531 Special mention / watch 58 2,896 17,886 865 3,198 2,533 15,821 43,257 Substandard — 931 1,221 3,074 136 37,472 7,096 49,930 Doubtful — — — — — — — — Total $ 27,640 $ 176,884 $ 219,384 $ 192,227 $ 115,485 $ 175,267 $ 198,831 $ 1,105,718 CRE - Construction and development Pass $ 30,069 $ 123,679 $ 179,633 $ 49,896 $ 3,346 $ 2,451 $ 12,132 $ 401,206 Special mention / watch 623 263 — 454 — — 467 1,807 Substandard — 327 231 — — — — 558 Doubtful — — — — — — — — Total $ 30,692 $ 124,269 $ 179,864 $ 50,350 $ 3,346 $ 2,451 $ 12,599 $ 403,571 CRE - Farmland Pass $ 6,592 $ 26,072 $ 43,144 $ 45,254 $ 18,449 $ 19,303 $ 2,540 $ 161,354 Special mention / watch — — 6,695 2,405 5,804 1,070 719 16,693 Substandard — 383 382 1,285 1,186 2,796 30 6,062 Doubtful — — — — — — — — Total $ 6,592 $ 26,455 $ 50,221 $ 48,944 $ 25,439 $ 23,169 $ 3,289 $ 184,109 CRE - Multifamily Pass $ 456 $ 42,595 $ 97,726 $ 114,264 $ 69,748 $ 22,308 $ 5,352 $ 352,449 Special mention / watch 5,318 — 1,230 272 29,979 12,384 — 49,183 Substandard — — — 7,532 326 14 — 7,872 Doubtful — — — — — — — — Total $ 5,774 $ 42,595 $ 98,956 $ 122,068 $ 100,053 $ 34,706 $ 5,352 $ 409,504 CRE - Other Pass $ 9,484 $ 202,773 $ 316,522 $ 271,467 $ 257,023 $ 200,086 $ 58,986 $ 1,316,341 Special mention / watch 454 8,093 6,675 3,227 4,426 7,295 3,987 34,157 Substandard 1,670 284 26,247 18,401 19,018 24,527 — 90,147 Doubtful — — — — — — — — Total $ 11,608 $ 211,150 $ 349,444 $ 293,095 $ 280,467 $ 231,908 $ 62,973 $ 1,440,645 RRE - One- to four- family first liens Pass / Performing $ 17,533 $ 61,643 $ 137,014 $ 95,695 $ 53,935 $ 102,592 $ 16,707 $ 485,119 Special mention / watch — 722 710 35 607 1,772 — 3,846 Substandard / Nonperforming — 1,369 190 785 104 3,995 — 6,443 Doubtful — — — — — — — — Total $ 17,533 $ 63,734 $ 137,914 $ 96,515 $ 54,646 $ 108,359 $ 16,707 $ 495,408 RRE - One- to four- family junior liens Performing $ 4,210 $ 21,539 $ 28,673 $ 17,968 $ 7,254 $ 9,781 $ 91,497 $ 180,922 Nonperforming — — 406 — 23 650 — 1,079 Total $ 4,210 $ 21,539 $ 29,079 $ 17,968 $ 7,277 $ 10,431 $ 91,497 $ 182,001 Consumer Performing $ 7,922 $ 30,997 $ 16,110 $ 8,941 $ 3,898 $ 7,990 $ 4,765 $ 80,623 Nonperforming — 16 21 — — 1 — 38 Total $ 7,922 $ 31,013 $ 16,131 $ 8,941 $ 3,898 $ 7,991 $ 4,765 $ 80,661 Term Loans by Origination Year Revolving Loans March 31, 2024 (in thousands) 2024 2023 2022 2021 2020 Prior Total Total by Credit Quality Indicator Category Pass $ 99,231 $ 639,728 $ 986,736 $ 772,020 $ 517,051 $ 483,849 $ 337,942 $ 3,836,557 Special mention / watch 6,453 12,293 33,648 7,893 44,138 25,542 22,637 152,604 Substandard 1,670 3,333 28,533 31,362 20,985 69,018 7,922 162,823 Doubtful — — — — — — — — Performing 12,132 52,536 44,783 26,909 11,152 17,771 96,262 261,545 Nonperforming — 16 427 — 23 651 — 1,117 Total $ 119,486 $ 707,906 $ 1,094,127 $ 838,184 $ 593,349 $ 596,831 $ 464,763 $ 4,414,646 Term Loans by Origination Year Revolving Loans March 31, 2024 2024 2023 2022 2021 2020 Prior Total Year-to-date Current Period Gross Write-offs Agricultural $ — $ — $ — $ 4 $ — $ — $ — $ 4 Commercial and industrial — — 128 129 29 13 — 299 CRE - Construction and development — — — — — — — — CRE - Farmland — — — — — — — — CRE - Multifamily — — — — — — — — CRE - Other — — — — — 35 — 35 RRE - One-to-four-family first liens — — — 19 — — — 19 RRE - One-to-four-family junior liens — — — — — — — — Consumer — 276 7 3 4 — 290 Total Current Period Gross Write-offs $ — $ 276 $ 135 $ 155 $ 29 $ 52 $ — $ 647 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, 2023. As of December 31, 2023, there were no 'loss' rated credits. Term Loans by Origination Year Revolving Loans December 31, 2023 (in thousands) 2023 2022 2021 2020 2019 Prior Total Agricultural Pass $ 11,859 $ 12,149 $ 8,352 $ 2,752 $ 689 $ 1,139 $ 71,680 $ 108,620 Special mention / watch 266 550 670 91 5 522 3,705 5,809 Substandard 709 193 302 208 — 224 2,349 3,985 Doubtful — — — — — — — — Total $ 12,834 $ 12,892 $ 9,324 $ 3,051 $ 694 $ 1,885 $ 77,734 $ 118,414 Commercial and industrial Pass $ 176,021 $ 224,924 $ 193,011 $ 117,326 $ 25,555 $ 116,661 $ 147,690 $ 1,001,188 Special mention / watch 2,541 416 3,209 3,385 193 272 14,692 24,708 Substandard 897 2,921 2,010 561 8,507 29,432 4,779 49,107 Doubtful — — — — — — — — Total $ 179,459 $ 228,261 $ 198,230 $ 121,272 $ 34,255 $ 146,365 $ 167,161 $ 1,075,003 CRE - Construction and development Pass $ 99,803 $ 163,126 $ 43,189 $ 3,393 $ 821 $ 700 $ 9,552 $ 320,584 Special mention / watch 1,097 — 464 — — — 467 2,028 Substandard 343 240 — — — — — 583 Doubtful — — — — — — — — Total $ 101,243 $ 163,366 $ 43,653 $ 3,393 $ 821 $ 700 $ 10,019 $ 323,195 CRE - Farmland Pass $ 25,666 $ 44,907 $ 47,068 $ 18,863 $ 6,587 $ 14,845 $ 1,642 $ 159,578 Special mention / watch 1,229 6,898 2,409 5,982 — 965 276 17,759 Substandard 1,830 210 1,542 1,052 926 2,029 29 7,618 Doubtful — — — — — — — — Total $ 28,725 $ 52,015 $ 51,019 $ 25,897 $ 7,513 $ 17,839 $ 1,947 $ 184,955 CRE - Multifamily Pass $ 32,077 $ 96,969 $ 111,032 $ 77,532 $ 8,701 $ 6,508 $ 4,208 $ 337,027 Special mention / watch 5,318 1,237 277 18,984 7,850 4,586 — 38,252 Substandard — — 7,572 327 — — — 7,899 Doubtful — — — — — — — — Total $ 37,395 $ 98,206 $ 118,881 $ 96,843 $ 16,551 $ 11,094 $ 4,208 $ 383,178 CRE - Other Pass $ 199,698 $ 295,066 $ 256,718 $ 250,676 $ 77,509 $ 90,170 $ 51,827 $ 1,221,664 Special mention / watch 364 1,306 3,300 4,823 4,282 2,395 3,856 20,326 Substandard 325 26,555 19,253 19,103 8,242 17,876 638 91,992 Doubtful — — — — — — — — Total $ 200,387 $ 322,927 $ 279,271 $ 274,602 $ 90,033 $ 110,441 $ 56,321 $ 1,333,982 RRE - One- to four- family first liens Pass / Performing $ 62,644 $ 125,777 $ 92,767 $ 54,028 $ 19,674 $ 81,660 $ 13,283 $ 449,833 Special mention / watch 629 716 36 620 1,827 319 — 4,147 Substandard / Nonperforming 1,156 191 738 165 164 3,404 — 5,818 Doubtful — — — — — — — — Total $ 64,429 $ 126,684 $ 93,541 $ 54,813 $ 21,665 $ 85,383 $ 13,283 $ 459,798 RRE - One- to four- family junior liens Performing $ 23,551 $ 29,919 $ 18,733 $ 7,292 $ 2,590 $ 7,867 $ 89,810 $ 179,762 Nonperforming — 192 — 25 23 637 — 877 Total $ 23,551 $ 30,111 $ 18,733 $ 7,317 $ 2,613 $ 8,504 $ 89,810 $ 180,639 Consumer Performing $ 26,028 $ 14,319 $ 10,042 $ 4,421 $ 1,451 $ 7,350 $ 4,145 $ 67,756 Nonperforming — 22 — — 3 2 — 27 Total $ 26,028 $ 14,341 $ 10,042 $ 4,421 $ 1,454 $ 7,352 $ 4,145 $ 67,783 Term Loans by Origination Year Revolving Loans December 31, 2023 2023 2022 2021 2020 2019 Prior Total Total by Credit Quality Indicator Category Pass $ 607,768 $ 962,918 $ 752,137 $ 524,570 $ 139,536 $ 311,683 $ 299,882 $ 3,598,494 Special mention / watch 11,444 11,123 10,365 33,885 14,157 9,059 22,996 113,029 Substandard 5,260 30,310 31,417 21,416 17,839 52,965 7,795 167,002 Doubtful — — — — — — — — Performing 49,579 44,238 28,775 11,713 4,041 15,217 93,955 247,518 Nonperforming — 214 — 25 26 639 — 904 Total $ 674,051 $ 1,048,803 $ 822,694 $ 591,609 $ 175,599 $ 389,563 $ 424,628 $ 4,126,947 Term Loans by Origination Year Revolving Loans December 31, 2023 2023 2022 2021 2020 2019 Prior Total Year-to-date Current Period Gross Write-offs Agricultural $ — $ 8 $ 1 $ 17 $ 2 $ — $ — $ 28 Commercial and industrial 239 343 223 133 464 45 — 1,447 CRE - Construction and development — — — — — — — — CRE - Farmland — — — — — — — — CRE - Multifamily — — — — — — — — CRE - Other — — — — — 2,337 — 2,337 RRE - One-to-four-family first liens — — — — — 36 — 36 RRE - One-to-four-family junior liens — 19 — — — — — 19 Consumer — 621 30 12 12 10 — 685 Total Current Period Gross Write-offs $ 239 $ 991 $ 254 $ 162 $ 478 $ 2,428 $ — $ 4,552 |
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, 2024 and 2023 (in thousands) Agricultural Commercial and Industrial Commercial Real Estate Residential Real Estate Consumer Total For the Three Months Ended March 31, 2024 Beginning balance $ 613 $ 21,743 $ 23,759 $ 4,762 $ 623 $ 51,500 Charge-offs (4) (299) (35) (19) (290) (647) Recoveries 355 46 8 9 40 458 Credit loss expense (benefit) (1) (316) 392 3,040 262 1,211 4,589 Ending balance $ 648 $ 21,882 $ 26,772 $ 5,014 $ 1,584 $ 55,900 For the Three Months Ended March 31, 2023 Beginning balance $ 923 $ 22,855 $ 20,123 $ 4,678 $ 621 $ 49,200 Charge-offs (1) (320) (18) — (148) (487) Recoveries 26 75 5 4 44 154 Credit loss expense (benefit) (1) (435) (265) 1,723 (137) 47 933 Ending balance $ 513 $ 22,345 $ 21,833 $ 4,545 $ 564 $ 49,800 (1) The difference in the credit loss expense reported herein as compared to the Consolidated Statements of Income is associated with the credit loss expense of $0.1 million related to off-balance sheet credit exposures for the three months ended March 31, 2024, with no credit loss expense related to off-balance sheet credit exposures being recorded for the three months ended March 31, 2023. The composition of the allowance for credit losses by portfolio segment based on evaluation method was as follows: As of March 31, 2024 (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 $ 219 $ 16,911 $ 8,433 $ 1,636 $ — $ 27,199 Collectively evaluated for impairment 112,810 1,088,807 2,429,396 675,773 80,661 4,387,447 Total $ 113,029 $ 1,105,718 $ 2,437,829 $ 677,409 $ 80,661 $ 4,414,646 Allowance for credit losses: Individually evaluated for impairment $ — $ 2,804 $ 47 $ 118 $ — $ 2,969 Collectively evaluated for impairment 648 19,078 26,725 4,896 1,584 52,931 Total $ 648 $ 21,882 $ 26,772 $ 5,014 $ 1,584 $ 55,900 As of December 31, 2023 (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 $ 11 $ 17,231 $ 10,932 $ 983 $ — $ 29,157 Collectively evaluated for impairment 118,403 1,057,772 2,214,378 639,454 67,783 4,097,790 Total $ 118,414 $ 1,075,003 $ 2,225,310 $ 640,437 $ 67,783 $ 4,126,947 Allowance for credit losses: Individually evaluated for impairment $ — $ 2,616 $ 705 $ 16 $ — $ 3,337 Collectively evaluated for impairment 613 19,127 23,054 4,746 623 48,163 Total $ 613 $ 21,743 $ 23,759 $ 4,762 $ 623 $ 51,500 |
Schedule of Financing Receivable, Collateral Depend Loans | The following tables present 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, 2024 (in thousands) Primary Type of Collateral Real Estate Equipment Other Total ACL Allocation Agricultural $ 11 $ — $ 208 $ 219 $ — Commercial and industrial 16,911 — — 16,911 2,804 Commercial real estate: Construction and development — — — — — Farmland 2,334 — 1,278 3,612 — Multifamily — — — — — Commercial real estate-other 4,821 — — 4,821 47 Residential real estate: One- to four- family first liens 853 — — 853 — One- to four- family junior liens 783 — — 783 118 Consumer — — — — — Total $ 25,713 $ — $ 1,486 $ 27,199 $ 2,969 As of December 31, 2023 (in thousands) Primary Type of Collateral Real Estate Equipment Other Total ACL Allocation Agricultural $ 11 $ — $ — $ 11 $ — Commercial and industrial 15,991 — 1,240 17,231 2,616 Commercial real estate: Construction and development — — — — — Farmland 5,403 — — 5,403 — Multifamily — — — — — Commercial real estate-other 5,350 — 179 5,529 705 Residential real estate: One- to four- family first liens 481 — — 481 — One- to four- family junior liens — — 502 502 16 Consumer — — — — — Total $ 27,236 $ — $ 1,921 $ 29,157 $ 3,337 |
Schedule of TDRs by Class of Financing Receivable | The following tables present the amortized cost basis of loans as of March 31, 2024 and March 31, 2023 that were modified during the three months ended March 31, 2024 and March 31, 2023 and experiencing financial difficulty at the time of the modification by class and by type of modification: For the Three Months Ended March 31, 2024 Combination: (dollars in thousands) Principal Forgiveness Payment Delay Term Extension Interest Rate Reduction Term Extension & Interest Rate Reduction Principal Forgiveness & Term Extension Principal Forgiveness, Term Extension, & Interest Rate Reduction Payment Delay & Term Extension Total Class of Financing Receivable Three Months Ended March 31, 2024 Commercial and industrial $ — $ — $ 350 $ — $ — $ — $ — $ — 0.03 % CRE - Other — — 202 — — — — — 0.01 % RRE - One- to four- family first liens — 253 — — — — — — 0.05 % RRE - One- to four- family junior liens — — 136 — — — — — 0.07 % Total $ — $ 253 $ 688 $ — $ — $ — $ — $ — For the Three Months Ended March 31, 2023 Combination: (dollars in thousands) Principal Forgiveness Payment Delay Term Extension Interest Rate Reduction Term Extension & Interest Rate Reduction Principal Forgiveness & Term Extension Principal Forgiveness, Term Extension, & Interest Rate Reduction Payment Delay & Term Extension Total Class of Financing Receivable Three Months Ended March 31, 2023 Agricultural $ — $ 16 $ 1,502 $ — $ — $ — $ — $ — 1.42 % Commercial and industrial — — 50 — 120 307 — — 0.04 % CRE - Other — — — — — — 20 — — % Total $ — $ 16 $ 1,552 $ — $ 120 $ 307 $ 20 $ — The following tables present the performance, as of March 31, 2024 and March 31, 2023, of loans that were modified while the borrower was experiencing financial difficulty at the time of modification in the last 12 months: As of March 31, 2024 (in thousands) Current 30 - 59 Days Past Due 60 - 89 Days Past Due 90 Days or More Past Due Total Commercial and industrial $ 4,028 $ 76 $ — $ 995 $ 5,099 CRE - Construction and development 559 — — — 559 CRE - Farmland 29 — — 352 381 CRE - Other 6,066 — — — 6,066 RRE - One- to four- family first liens 253 — — — 253 RRE - One- to four- family junior liens 149 — — — 149 Total $ 11,084 $ 76 $ — $ 1,347 $ 12,507 As of March 31, 2023 (in thousands) Current 30 - 59 Days Past Due 60 - 89 Days Past Due 90 Days or More Past Due Total Agricultural $ 1,518 $ — $ — $ — $ 1,518 Commercial and industrial 477 — — — 477 CRE - Other — — — 20 20 Total $ 1,995 $ — $ — $ 20 $ 2,015 The following tables present the financial effect of the loan modifications presented above to borrowers experiencing financial difficulty for the three months ended March 31, 2024 and March 31, 2023: (dollars in thousands) Principal Forgiveness Weighted Average Interest Rate Reduction Weighted Average Term Extension (Months) Three Months Ended March 31, 2024 Commercial and industrial $ — — % 4.4 CRE - Other — — % 5.4 RRE - One- to four- family junior liens — — % 122.0 Total $ — — % 27.9 (dollars in thousands) Principal Forgiveness Weighted Average Interest Rate Reduction Weighted Average Term Extension (Months) Three Months Ended March 31, 2023 Agricultural $ — — % 2.37 Commercial and industrial 63 1.25 11.89 CRE - Other 18 7.00 2.47 Total $ 81 2.07 % 4.64 |
Derivatives, Hedging Activiti_2
Derivatives, Hedging Activities and Balance Sheet Offsetting (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 As of December 31, 2023 Notional Amount Fair Value Notional Amount Fair Value (in thousands) Assets Liabilities Assets Liabilities Designated as hedging instruments: Fair value hedges: Interest rate swaps - loans $ 50,425 $ 2,529 $ 601 $ 41,101 $ 2,071 $ 902 Interest rate swaps - securities 150,000 144 90 150,000 — 821 Cash flow hedges Interest rate swaps 200,000 2,660 — 200,000 940 264 Total $ 400,425 $ 5,333 $ 691 $ 391,101 $ 3,011 $ 1,987 Not designated as hedging instruments: Interest rate swaps $ 522,777 $ 22,429 $ 22,438 $ 432,648 $ 22,028 $ 22,038 RPAs - protection sold 31,175 5 — 18,778 4 — RPAs - protection purchased 31,089 — 4 31,145 — 9 Interest rate lock commitments 3,623 77 — 1,461 50 — Interest rate forward loan sales contracts 3,730 — 8 2,075 — 23 Total $ 592,394 $ 22,511 $ 22,450 $ 486,107 $ 22,082 $ 22,070 |
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 Hedging Relationships For the Three Months Ended March 31, 2024 2023 (in thousands) Interest Income Other Income Interest Income Other Income Income and expense included in the consolidated statements of income related to the effects of fair value or cash flow hedges are recorded $ 408 $ — $ 159 $ — The effects of fair value and cash flow hedging: Gain (loss) on fair value hedging relationships in subtopic 815-20: Interest contracts - loans: Hedged items (764) — 562 — Derivative designated as hedging instruments 1,023 — (402) — Interest contracts - securities: Hedged items (882) — — — Derivative designated as hedging instruments 1,059 — — — |
Schedule of Hedged Items In Fair Value Hedging Relationship | As of March 31, 2024, 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 $ 48,539 $ (1,926) Securities $ 149,937 $ (63) |
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) 2024 2023 Interest rate swaps Other income $ — $ — RPAs Other income 5 69 Interest rate lock commitments Loan revenue 27 94 Interest rate forward loan sales contracts Loan revenue 14 (30) Total $ 46 $ 133 |
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, 2024 and December 31, 2023, 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 Recognized Gross Amounts Offset in the Balance Sheet Net Amounts presented in the Balance Sheet Financial Instruments Cash Collateral Received / Paid Net Assets /Liabilities As of March 31, 2024 Asset Derivatives $ 27,844 $ — $ 27,844 $ — $ 17,998 $ 9,846 Liability Derivatives 23,141 — 23,141 — 2,730 20,411 As of December 31, 2023 Asset Derivatives $ 25,093 $ — $ 25,093 $ — $ 15,549 $ 9,544 Liability Derivatives 24,057 — 24,057 — 2,420 21,637 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets | The following table presents the changes in the carrying amount of goodwill for the period indicated: (in thousands) As of March 31, 2024 As of December 31, 2023 Goodwill, beginning of period $ 62,477 $ 62,477 Goodwill from the acquisition of DNVB 8,641 — Total goodwill, end of period $ 71,118 $ 62,477 As indicated in Note 2. Business Combinations , the Company acquired a core deposit intangible in connection with its acquisition of DNVB on January 31, 2024 with an estimated fair value of $7.1 million, which will be amortized over its estimated useful life of 10 years. The following table presents the gross carrying amount, accumulated amortization, and net carrying amount of other intangible assets as of the dates indicated: As of March 31, 2024 As of December 31, 2023 (in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Core deposit intangible $ 65,345 $ (43,044) $ 22,301 $ 58,245 $ (41,499) $ 16,746 Customer relationship intangible 5,265 (5,092) 173 5,265 (5,008) 257 Other 2,700 (2,683) 17 2,700 (2,674) 26 $ 73,310 $ (50,819) $ 22,491 $ 66,210 $ (49,181) $ 17,029 Indefinite-lived trade name intangible 7,040 7,040 Total other intangible assets, net $ 29,531 $ 24,069 |
Schedule of Indefinite-Lived Intangible Assets | The following table presents the gross carrying amount, accumulated amortization, and net carrying amount of other intangible assets as of the dates indicated: As of March 31, 2024 As of December 31, 2023 (in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Core deposit intangible $ 65,345 $ (43,044) $ 22,301 $ 58,245 $ (41,499) $ 16,746 Customer relationship intangible 5,265 (5,092) 173 5,265 (5,008) 257 Other 2,700 (2,683) 17 2,700 (2,674) 26 $ 73,310 $ (50,819) $ 22,491 $ 66,210 $ (49,181) $ 17,029 Indefinite-lived trade name intangible 7,040 7,040 Total other intangible assets, net $ 29,531 $ 24,069 |
Schedule of Future Amortization Expense | The following table provides the estimated future amortization expense for the remaining nine months of the year ending December 31, 2024 and the succeeding annual periods: (in thousands) Core Deposit Intangible Customer Relationship Intangible Other Total 2024 $ 4,344 $ 155 $ 15 $ 4,514 2025 4,924 18 2 4,944 2026 3,840 — — 3,840 2027 2,757 — — 2,757 2028 2,110 — — 2,110 Thereafter 4,326 — — 4,326 Total $ 22,301 $ 173 $ 17 $ 22,491 |
Other Assets (Tables)
Other Assets (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Other Assets [Abstract] | |
Schedule of Other Assets | The components of the Company's other assets as of March 31, 2024 and December 31, 2023 were as follows: (in thousands) March 31, 2024 December 31, 2023 Bank-owned life insurance $ 98,700 $ 98,039 Interest receivable 30,728 29,768 FHLB stock 5,220 5,806 Mortgage servicing rights 12,965 13,333 Operating lease right-of-use assets, net 2,153 2,337 Federal and state income taxes, current 579 1,556 Federal and state income taxes, deferred 29,582 31,218 Derivative assets 27,844 25,093 Other receivables/assets 18,706 15,630 $ 226,477 $ 222,780 |
Deposits (Tables)
Deposits (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Deposits [Abstract] | |
Schedule of Deposit Liabilities | The following table presents the composition of our deposits as of the dates indicated: (in thousands) March 31, 2024 December 31, 2023 Noninterest bearing deposits $ 920,764 $ 897,053 Interest checking deposits 1,349,823 1,320,435 Money market deposits 1,122,717 1,105,493 Savings deposits 728,276 650,655 Time deposits of $250 and under 992,851 973,253 Time deposits over $250 470,805 448,784 Total deposits $ 5,585,236 $ 5,395,673 |
Short-Term Borrowings (Tables)
Short-Term Borrowings (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Short-Term Debt [Abstract] | |
Schedule of Short-Term Borrowings | The following table summarizes our short-term borrowings as of the dates indicated: March 31, 2024 December 31, 2023 (in thousands) Weighted Average Rate Balance Weighted Average Rate Balance Securities sold under agreements to repurchase 0.68 % $ 4,988 0.72 % $ 5,064 Federal Home Loan Bank advances — — 5.64 10,200 Federal Reserve Bank borrowings 4.77 405,000 4.82 285,000 Unsecured line of credit 6.88 13,000 — — Total 4.79 % $ 422,988 4.78 % $ 300,264 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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: March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 (in thousands) Face Value Book Value Interest Rate (1) Rate Maturity Date Callable Date ATBancorp Statutory Trust I $ 7,732 $ 6,980 $ 6,970 1.68% Margin 7.27 % 7.33 % 06/15/2036 06/15/2011 ATBancorp Statutory Trust II 12,372 11,051 11,034 1.65% Margin 7.24 % 7.30 % 09/15/2037 06/15/2012 Barron Investment Capital Trust I 2,062 1,868 1,861 2.15% Margin 7.73 % 7.77 % 09/23/2036 09/23/2011 Central Bancshares Capital Trust II 7,217 6,974 6,964 3.50% Margin 9.09 % 9.15 % 03/15/2038 03/15/2013 MidWestOne Statutory Trust II 15,464 15,464 15,464 1.59% Margin 7.18 % 7.24 % 12/15/2037 12/15/2012 Total $ 44,847 $ 42,337 $ 42,293 (1) Interest rate is equal to the Three-month CME Term SOFR + 0.26% Spread + Applicable Margin Other long-term borrowings were as follows as of March 31, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 (in thousands) Weighted Average Rate Balance Weighted Average Rate Balance Finance lease payable 8.89 % $ 554 8.89 % $ 604 FHLB borrowings 3.11 6,255 3.11 6,262 Note payable to unaffiliated bank 6.88 8,750 6.89 10,000 Total 5.44 % $ 15,559 5.56 % $ 16,866 |
Schedule of Federal Home Loan Bank, Advances, by Branch of FHLB Bank | As of March 31, 2024, FHLB borrowings were as follows: (in thousands) Weighted Average Rate Amount Due in 2024 3.11 % $ 6,250 Valuation adjustment from acquisition accounting 5 Total $ 6,255 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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) 2024 2023 Basic Earnings Per Share: Net income $ 3,269 $ 1,397 Weighted average shares outstanding 15,722,697 15,649,651 Basic earnings per common share $ 0.21 $ 0.09 Diluted Earnings Per Share: Net income $ 3,269 $ 1,397 Weighted average shares outstanding, including all dilutive potential shares 15,773,521 15,691,168 Diluted earnings per common share $ 0.21 $ 0.09 |
Regulatory Capital Requiremen_2
Regulatory Capital Requirements and Restrictions on Subsidiary Cash (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 at March 31, 2024 and December 31, 2023, 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, 2024 Consolidated: Total capital/risk weighted assets $661,448 11.97% $580,192 10.50% N/A N/A Tier 1 capital/risk weighted assets 538,756 9.75 469,679 8.50 N/A N/A Common equity tier 1 capital/risk weighted assets 496,419 8.98 386,795 7.00 N/A N/A Tier 1 leverage capital/average assets 538,756 8.16 264,001 4.00 N/A N/A MidWest One Bank: Total capital/risk weighted assets $675,287 12.25% $578,805 10.50% $551,243 10.00% Tier 1 capital/risk weighted assets 617,596 11.20 468,557 8.50 440,995 8.00 Common equity tier 1 capital/risk weighted assets 617,596 11.20 385,870 7.00 358,308 6.50 Tier 1 leverage capital/average assets 617,596 9.36 263,801 4.00 329,751 5.00 At December 31, 2023 Consolidated: Total capital/risk weighted assets $668,748 12.53% $560,596 10.50% N/A N/A Tier 1 capital/risk weighted assets 554,177 10.38 453,816 8.50 N/A N/A Common equity tier 1 capital/risk weighted assets 511,884 9.59 373,731 7.00 N/A N/A Tier 1 leverage capital/average assets 554,177 8.58 258,487 4.00 N/A N/A MidWest One Bank: Total capital/risk weighted assets $656,027 12.49% $551,658 10.50% $525,388 10.00% Tier 1 capital/risk weighted assets 606,456 11.54 446,580 8.50 420,310 8.00 Common equity tier 1 capital/risk weighted assets 606,456 11.54 367,772 7.00 341,502 6.50 Tier 1 leverage capital/average assets 606,456 9.39 258,339 4.00 322,924 5.00 (1) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Commitments | 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, 2024 December 31, 2023 (in thousands) Commitments to extend credit $ 1,230,612 $ 1,203,001 Commitments to sell loans 2,329 1,045 Standby letters of credit 8,154 7,795 Total $ 1,241,095 $ 1,211,841 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments and Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value Measured on Recurring Basis | The following tables summarize assets and liabilities measured at fair value on a recurring basis as of March 31, 2024 and December 31, 2023, by level within the fair value hierarchy: Fair Value Measurement at March 31, 2024 Using (in thousands) Total Level 1 Level 2 Level 3 Assets: Available for sale debt securities: U.S. Treasury securities $ 247 $ — $ 247 $ — State and political subdivisions 123,378 — 123,378 — Mortgage-backed securities 5,199 — 5,199 — Collateralized loan obligations 61,866 — 61,866 — Collateralized mortgage obligations 178,622 — 178,622 — Corporate debt securities 427,918 — 427,918 — Derivative assets 27,844 — 27,767 77 Mortgage servicing rights 12,965 — 12,965 — Liabilities: Derivative liabilities $ 23,141 $ — $ 23,141 $ — Fair Value Measurement at December 31, 2023 Using (in thousands) Total Level 1 Level 2 Level 3 Assets: Debt securities available for sale: State and political subdivisions $ 130,139 $ — $ 130,139 $ — Mortgage-backed securities 5,311 — 5,311 — Collateralized loan obligations 50,437 — 50,437 — Collateralized mortgage obligations 169,196 — 169,196 — Corporate debt securities 440,051 — 440,051 — Derivative assets 25,093 — 25,043 50 Mortgage servicing rights 13,333 — 13,333 — Liabilities: Derivative liabilities $ 24,057 $ — $ 24,057 $ — |
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 at the dates indicated: Fair Value at (dollars in thousands) March 31, 2024 December 31, 2023 Valuation Techniques(s) Unobservable Input Range of Inputs Weighted Average Interest rate lock commitments $ 77 $ 50 Quoted or published market prices of similar instruments, adjusted for factors such as pull-through rate assumptions Pull-through rate 71% - 100% 86% 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 at the dates indicated: Fair Value at (dollars in thousands) March 31, 2024 December 31, 2023 Valuation Techniques(s) Unobservable Input Range of Inputs Weighted Average Collateral dependent individually analyzed loans $ 4,481 $ 6,524 Fair value of collateral Valuation adjustments —% - 33% 11% Foreclosed assets, net $ 3,897 $ 3,929 Fair value of collateral Valuation adjustments 7% - 11% 11% |
Schedule of Fair Value Measured on Nonrecurring Basis | The following table presents assets measured at fair value on a nonrecurring basis at the dates indicated: Fair Value Measurement at March 31, 2024 Using (in thousands) Total Level 1 Level 2 Level 3 Collateral dependent individually analyzed loans $ 4,481 $ — $ — $ 4,481 Foreclosed assets, net 3,897 — — 3,897 Fair Value Measurement at December 31, 2023 Using (in thousands) Total Level 1 Level 2 Level 3 Collateral dependent individually analyzed loans $ 6,524 $ — $ — $ 6,524 Foreclosed assets, net 3,929 — — 3,929 |
Schedule of Fair Value, by Balance Sheet Grouping | The carrying amount and estimated fair value of financial instruments at March 31, 2024 and December 31, 2023 were as follows: March 31, 2024 (in thousands) Carrying Estimated Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 97,762 $ 97,762 $ 97,762 $ — $ — Debt securities available for sale 797,230 797,230 — 797,230 — Debt securities held to maturity 1,064,939 875,644 — 875,644 — Loans held for sale 2,329 2,357 — 2,357 — Loans held for investment, net 4,358,746 4,220,905 — — 4,220,905 Interest receivable 30,728 30,728 — 30,728 — FHLB stock 5,220 5,220 — 5,220 — Derivative assets 27,844 27,844 — 27,767 77 Financial liabilities: Noninterest bearing deposits 920,764 920,764 920,764 — — Interest bearing deposits 4,664,472 4,635,692 3,200,816 1,434,876 — Short-term borrowings 422,988 422,988 422,988 — — Finance leases payable 554 554 — 554 — FHLB borrowings 6,255 5,929 — 5,929 — Junior subordinated notes issued to capital trusts 42,337 37,990 — 37,990 — Subordinated debentures 64,170 60,876 — 60,876 — Other long-term debt 8,750 8,750 — 8,750 — Derivative liabilities 23,141 23,141 — 23,141 — December 31, 2023 (in thousands) Carrying Amount Estimated Fair Value Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 81,727 $ 81,727 $ 81,727 $ — $ — Debt securities available for sale 795,134 795,134 — 795,134 — Debt securities held to maturity 1,075,190 895,263 — 895,263 — Loans held for sale 1,045 1,083 — 1,083 — Loans held for investment, net 4,075,447 3,953,368 — — 3,953,368 Interest receivable 29,768 29,768 — 29,768 — FHLB stock 5,806 5,806 — 5,806 — Derivative assets 25,093 25,093 — 25,043 50 Financial liabilities: Noninterest bearing deposits 897,053 897,053 897,053 — — Interest bearing deposits 4,498,620 4,489,322 3,076,582 1,412,740 — Short-term borrowings 300,264 300,264 300,264 — — Finance leases payable 604 604 — 604 — FHLB borrowings 6,262 6,199 — 6,199 — Junior subordinated notes issued to capital trusts 42,293 37,938 — 37,938 — Subordinated debentures 64,137 61,940 — 61,940 — Other long-term debt 10,000 10,000 — 10,000 — Derivative liabilities 24,057 24,057 — 24,057 — |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
Schedule of Lease Assets and Liabilities | (in thousands) Classification March 31, 2024 December 31, 2023 Operating lease right-of-use assets Other assets $ 2,153 $ 2,337 Finance lease right-of-use asset Premises and equipment, net 231 255 Total right-of-use assets $ 2,384 $ 2,592 Operating lease liability Other liabilities $ 2,842 $ 3,078 Finance lease liability Long-term debt 554 604 Total lease liabilities $ 3,396 $ 3,682 Weighted-average remaining lease term: Operating leases 10.61 years 10.20 years Finance lease 2.42 years 2.67 years Weighted-average discount rate: Operating leases 4.54 % 4.43 % 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) 2024 2023 Lease Costs Operating lease cost $ 388 $ 292 Variable lease cost 7 7 Interest on lease liabilities (1) 13 17 Amortization of right-of-use assets 24 24 Net lease cost $ 432 $ 340 Other Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 822 $ 605 Operating cash flows from finance lease 13 17 Finance cash flows from finance lease 50 43 Supplemental non-cash information on lease liabilities: Right-of-use assets obtained in exchange for new operating lease liabilities 156 292 (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, 2024 and the succeeding annual periods were as follows: (in thousands) Finance Leases Operating Leases December 31, 2024 $ 188 $ 734 December 31, 2025 254 601 December 31, 2026 172 447 December 31, 2027 — 302 December 31, 2028 — 138 Thereafter — 1,600 Total undiscounted lease payment $ 614 $ 3,822 Amounts representing interest (60) (980) Lease liability $ 554 $ 2,842 |
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, 2024 and the succeeding annual periods were as follows: (in thousands) Finance Leases Operating Leases December 31, 2024 $ 188 $ 734 December 31, 2025 254 601 December 31, 2026 172 447 December 31, 2027 — 302 December 31, 2028 — 138 Thereafter — 1,600 Total undiscounted lease payment $ 614 $ 3,822 Amounts representing interest (60) (980) Lease liability $ 554 $ 2,842 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table summarizes the changes in accumulated other comprehensive income (loss) by component, net of tax: (in thousands) Unrealized Gain (Loss) from AFS Debt Securities Reclassification of AFS Debt Securities to HTM Unrealized Gain from Cash Flow Hedging Instruments Total Balance, December 31, 2022 $ (91,852) $ 2,805 $ — $ (89,047) Other comprehensive (loss) income before reclassifications (213) 434 103 324 Amounts reclassified from AOCI 9,838 — — 9,838 Net current-period other comprehensive income 9,625 434 103 10,162 Balance, March 31, 2023 $ (82,227) $ 3,239 $ 103 $ (78,885) Balance, December 31, 2023 $ (69,915) $ 4,511 $ 505 $ (64,899) Other comprehensive income before reclassifications 1,607 374 2,071 4,052 Amounts reclassified from AOCI 632 — (589) 43 Net current-period other comprehensive income 2,239 374 1,482 4,095 Balance, March 31, 2024 $ (67,676) $ 4,885 $ 1,987 $ (60,804) |
Schedule of Reclassification out of Accumulated Other Comprehensive Income | The following table presents reclassifications out of AOCI: Three-Months Ended March 31, (in thousands) 2024 2023 Investment securities (gains) losses, net $ (36) $ 13,170 Interest income 882 — Interest expense (788) — Income tax expense (15) (3,332) Net of tax $ 43 $ 9,838 |
Nature of Business and Signif_3
Nature of Business and Significant Accounting Policies (Details) $ in Millions | 3 Months Ended | |
Jan. 31, 2024 USD ($) | Mar. 31, 2024 segment | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Number of reportable segments | segment | 1 | |
DNVB | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Business combination, consideration transferred | $ | $ 32.6 |
Business Combinations - Additio
Business Combinations - Additional Information (Details) - DNVB $ in Thousands | Jan. 31, 2024 USD ($) |
Business Acquisition [Line Items] | |
Interest acquired | 100% |
Cash consideration | $ 32,600 |
Business Combinations - Assets
Business Combinations - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Jan. 31, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Liabilities assumed | |||||
Goodwill | $ 71,118 | $ 62,477 | $ 62,477 | ||
DNVB | |||||
Merger consideration | |||||
Cash consideration | $ 32,600 | ||||
Assets acquired | |||||
Cash and due from banks | 462 | ||||
Interest earning deposits in banks | 3,517 | ||||
Debt securities | 52,493 | 52,493 | $ 0 | ||
Loans held for investment | 207,095 | ||||
Premises and equipment | 13,470 | 11,091 | 0 | ||
Core deposit intangible | 7,100 | 7,100 | 0 | ||
Other assets | 4,987 | 4,987 | 0 | ||
Total assets acquired | 289,124 | ||||
Liabilities assumed | |||||
Deposits | (224,248) | (224,248) | 0 | ||
Short-term borrowings | (37,500) | ||||
Other liabilities | (3,417) | ||||
Total liabilities assumed | (265,165) | ||||
Identifiable net assets acquired, at fair value | 23,959 | ||||
Goodwill | $ 8,641 | $ 8,641 | $ 0 |
Business Combinations - Pro For
Business Combinations - Pro Forma Information (Details) - DNVB - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Business Acquisition [Line Items] | ||
Total revenues | $ 45,298 | $ 38,963 |
Net income (loss) | $ 6,466 | $ (1,662) |
EPS - basic (in dollars per share) | $ 0.41 | $ (0.11) |
EPS - diluted (in dollars per share) | $ 0.41 | $ (0.11) |
Business Combinations - Acquisi
Business Combinations - Acquisition-Related Expenses (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Noninterest Expense | ||
Compensation and employee benefits | $ 20,930 | $ 19,607 |
Occupancy expense of premises, net | 2,813 | 2,746 |
Equipment | 2,600 | 2,171 |
Legal and professional | 2,059 | 1,736 |
Data processing | 1,360 | 1,363 |
Communications | 196 | 261 |
Other | 2,072 | 1,976 |
DNVB | ||
Noninterest Expense | ||
Compensation and employee benefits | 241 | 70 |
Occupancy expense of premises, net | 152 | 0 |
Equipment | 149 | 0 |
Legal and professional | 573 | 0 |
Data processing | 61 | 65 |
Marketing | 32 | 0 |
Communications | 1 | 0 |
Other | 105 | 1 |
Total acquisition-related expenses | $ 1,314 | $ 136 |
Debt Securities - Additional In
Debt Securities - Additional Information (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 USD ($) security | Dec. 31, 2023 USD ($) security | |
Available for Sale | ||
Net unrealized after tax loss from transfer of AFS to held-to-maturity classification | $ 6,600 | |
Debt securities available for sale | 797,230 | $ 795,134 |
Interest receivable | $ 30,728 | $ 29,768 |
Securities in continuous unrealized loss position | security | 326 | 323 |
Accumulated unrealized losses | $ 76,201 | $ 78,201 |
Asset Pledged as Collateral without Right | ||
Available for Sale | ||
Debt securities available for sale | 1,240,000 | 1,160,000 |
Debt Securities Available For Sale Securities | ||
Available for Sale | ||
Interest receivable | 5,800 | 5,500 |
Debt, Held to Maturity Securities | ||
Available for Sale | ||
Interest receivable | 3,500 | 3,700 |
State and political subdivisions | ||
Available for Sale | ||
Debt securities available for sale | $ 123,378 | $ 130,139 |
Securities in continuous unrealized loss position | security | 149 | 149 |
Accumulated unrealized losses | $ 8,773 | $ 9,345 |
Mortgage-backed securities | ||
Available for Sale | ||
Debt securities available for sale | $ 5,199 | $ 5,311 |
Securities in continuous unrealized loss position | security | 21 | 19 |
Accumulated unrealized losses | $ 151 | $ 142 |
Collateralized mortgage obligations | ||
Available for Sale | ||
Debt securities available for sale | $ 178,622 | $ 169,196 |
Securities in continuous unrealized loss position | security | 22 | 20 |
Accumulated unrealized losses | $ 22,620 | $ 21,108 |
Mortgage backed securities and collateralized mortgage obligations | ||
Available for Sale | ||
Accumulated unrealized losses | 22,800 | |
Collateralized loan obligations | ||
Available for Sale | ||
Debt securities available for sale | $ 61,866 | $ 50,437 |
Securities in continuous unrealized loss position | security | 3 | 2 |
Accumulated unrealized losses | $ 248 | $ 239 |
Corporate debt securities | ||
Available for Sale | ||
Debt securities available for sale | $ 427,918 | $ 440,051 |
Securities in continuous unrealized loss position | security | 130 | 133 |
Accumulated unrealized losses | $ 44,409 | $ 47,367 |
Debt Securities - Schedule of A
Debt Securities - Schedule of Available for Sale Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2021 |
Available for Sale | |||
Amortized Cost | $ 873,117 | $ 873,136 | |
Gross Unrealized Gains | 314 | 199 | |
Gross Unrealized Losses | 76,201 | 78,201 | |
Allowance for Credit Loss related to Debt Securities | 0 | 0 | |
Debt securities available for sale | 797,230 | 795,134 | |
Held to Maturity | |||
Amortized cost | 1,064,939 | 1,075,190 | |
Gross Unrealized Gains | 0 | 0 | |
Gross Unrealized Losses | 189,295 | 179,927 | |
Allowance for Credit Loss related to Debt Securities | 0 | 0 | |
Fair Value | 875,644 | 895,263 | |
Amortized Cost | 873,117 | 873,136 | |
Gross Unrealized Gains | 314 | 199 | |
Gross Unrealized Losses | 76,201 | 78,201 | |
Allowance for Credit Loss related to Debt Securities | 0 | 0 | |
Debt securities available for sale | 797,230 | 795,134 | |
U.S. Treasury securities | |||
Available for Sale | |||
Amortized Cost | 247 | ||
Gross Unrealized Gains | 0 | ||
Gross Unrealized Losses | 0 | ||
Allowance for Credit Loss related to Debt Securities | 0 | ||
Debt securities available for sale | 247 | ||
Held to Maturity | |||
Amortized Cost | 247 | ||
Gross Unrealized Gains | 0 | ||
Gross Unrealized Losses | 0 | ||
Allowance for Credit Loss related to Debt Securities | 0 | ||
Debt securities available for sale | 247 | ||
State and political subdivisions | |||
Available for Sale | |||
Amortized Cost | 132,150 | 139,482 | |
Gross Unrealized Gains | 1 | 2 | |
Gross Unrealized Losses | 8,773 | 9,345 | |
Allowance for Credit Loss related to Debt Securities | 0 | 0 | |
Debt securities available for sale | 123,378 | 130,139 | |
Gain related to reclassification | 231 | ||
Held to Maturity | |||
Amortized cost | 531,961 | 532,422 | |
Gross Unrealized Gains | 0 | 0 | $ 227 |
Gross Unrealized Losses | 71,245 | 65,932 | |
Allowance for Credit Loss related to Debt Securities | 0 | 0 | |
Fair Value | 460,716 | 466,490 | |
Amortized Cost | 132,150 | 139,482 | |
Gross Unrealized Gains | 1 | 2 | |
Gross Unrealized Losses | 8,773 | 9,345 | |
Allowance for Credit Loss related to Debt Securities | 0 | 0 | |
Debt securities available for sale | 123,378 | 130,139 | |
Mortgage-backed securities | |||
Available for Sale | |||
Amortized Cost | 5,347 | 5,448 | |
Gross Unrealized Gains | 3 | 5 | |
Gross Unrealized Losses | 151 | 142 | |
Allowance for Credit Loss related to Debt Securities | 0 | 0 | |
Debt securities available for sale | 5,199 | 5,311 | |
Gain related to reclassification | 74 | ||
Loss related to reclassification | 58 | ||
Held to Maturity | |||
Amortized cost | 73,668 | 74,904 | |
Gross Unrealized Gains | 0 | 0 | |
Gross Unrealized Losses | 12,685 | 11,635 | |
Allowance for Credit Loss related to Debt Securities | 0 | 0 | |
Fair Value | 60,983 | 63,269 | |
Loss related to reclassification | 58 | ||
Amortized Cost | 5,347 | 5,448 | |
Gross Unrealized Gains | 3 | 5 | |
Gross Unrealized Losses | 151 | 142 | |
Allowance for Credit Loss related to Debt Securities | 0 | 0 | |
Debt securities available for sale | 5,199 | 5,311 | |
Collateralized loan obligations | |||
Available for Sale | |||
Amortized Cost | 61,914 | 50,541 | |
Gross Unrealized Gains | 200 | 135 | |
Gross Unrealized Losses | 248 | 239 | |
Allowance for Credit Loss related to Debt Securities | 0 | 0 | |
Debt securities available for sale | 61,866 | 50,437 | |
Held to Maturity | |||
Amortized cost | 0 | ||
Fair Value | 0 | ||
Amortized Cost | 61,914 | 50,541 | |
Gross Unrealized Gains | 200 | 135 | |
Gross Unrealized Losses | 248 | 239 | |
Allowance for Credit Loss related to Debt Securities | 0 | 0 | |
Debt securities available for sale | 61,866 | 50,437 | |
Collateralized mortgage obligations | |||
Available for Sale | |||
Amortized Cost | 201,242 | 190,304 | |
Gross Unrealized Gains | 0 | 0 | |
Gross Unrealized Losses | 22,620 | 21,108 | |
Allowance for Credit Loss related to Debt Securities | 0 | 0 | |
Debt securities available for sale | 178,622 | 169,196 | |
Loss related to reclassification | 9,300 | 9,700 | |
Held to Maturity | |||
Amortized cost | 459,310 | 467,864 | |
Gross Unrealized Gains | 0 | 0 | |
Gross Unrealized Losses | 105,365 | 102,360 | |
Allowance for Credit Loss related to Debt Securities | 0 | 0 | |
Fair Value | 353,945 | 365,504 | |
Loss related to reclassification | 9,300 | $ 9,700 | |
Amortized Cost | 201,242 | 190,304 | |
Gross Unrealized Gains | 0 | 0 | |
Gross Unrealized Losses | 22,620 | 21,108 | |
Allowance for Credit Loss related to Debt Securities | 0 | 0 | |
Debt securities available for sale | 178,622 | 169,196 | |
Corporate debt securities | |||
Available for Sale | |||
Amortized Cost | 472,217 | 487,361 | |
Gross Unrealized Gains | 110 | 57 | |
Gross Unrealized Losses | 44,409 | 47,367 | |
Allowance for Credit Loss related to Debt Securities | 0 | 0 | |
Debt securities available for sale | 427,918 | 440,051 | |
Held to Maturity | |||
Amortized Cost | 472,217 | 487,361 | |
Gross Unrealized Gains | 110 | 57 | |
Gross Unrealized Losses | 44,409 | 47,367 | |
Allowance for Credit Loss related to Debt Securities | 0 | 0 | |
Debt securities available for sale | $ 427,918 | $ 440,051 |
Debt Securities - Schedule of_2
Debt Securities - Schedule of Available for Sale Securities in Continuous Loss Position (Details) $ in Thousands | Mar. 31, 2024 USD ($) security | Dec. 31, 2023 USD ($) security |
Available for Sale | ||
Number of Securities | security | 326 | 323 |
Less than 12 Months, Fair Value | $ 83,817 | $ 34,768 |
Less than 12 Months, Unrealized Losses | 1,096 | 901 |
12 Months or More, Fair Value | 666,956 | 676,633 |
12 Months or More, Unrealized Loss | 75,105 | 77,300 |
Fair Value | 750,773 | 711,401 |
Unrealized Losses | $ 76,201 | $ 78,201 |
U.S. Treasury securities | ||
Available for Sale | ||
Number of Securities | security | 1 | |
Less than 12 Months, Fair Value | $ 247 | |
Less than 12 Months, Unrealized Losses | 0 | |
12 Months or More, Fair Value | 0 | |
12 Months or More, Unrealized Loss | 0 | |
Fair Value | 247 | |
Unrealized Losses | $ 0 | |
State and political subdivisions | ||
Available for Sale | ||
Number of Securities | security | 149 | 149 |
Less than 12 Months, Fair Value | $ 3,837 | $ 8,417 |
Less than 12 Months, Unrealized Losses | 114 | 492 |
12 Months or More, Fair Value | 118,100 | 114,713 |
12 Months or More, Unrealized Loss | 8,659 | 8,853 |
Fair Value | 121,937 | 123,130 |
Unrealized Losses | $ 8,773 | $ 9,345 |
Mortgage-backed securities | ||
Available for Sale | ||
Number of Securities | security | 21 | 19 |
Less than 12 Months, Fair Value | $ 5 | $ 0 |
Less than 12 Months, Unrealized Losses | 0 | 0 |
12 Months or More, Fair Value | 4,808 | 4,906 |
12 Months or More, Unrealized Loss | 151 | 142 |
Fair Value | 4,813 | 4,906 |
Unrealized Losses | $ 151 | $ 142 |
Collateralized loan obligations | ||
Available for Sale | ||
Number of Securities | security | 3 | 2 |
Less than 12 Months, Fair Value | $ 22,817 | $ 17,696 |
Less than 12 Months, Unrealized Losses | 234 | 239 |
12 Months or More, Fair Value | 2,929 | 0 |
12 Months or More, Unrealized Loss | 14 | 0 |
Fair Value | 25,746 | 17,696 |
Unrealized Losses | $ 248 | $ 239 |
Collateralized mortgage obligations | ||
Available for Sale | ||
Number of Securities | security | 22 | 20 |
Less than 12 Months, Fair Value | $ 54,982 | $ 6,278 |
Less than 12 Months, Unrealized Losses | 718 | 90 |
12 Months or More, Fair Value | 123,640 | 127,792 |
12 Months or More, Unrealized Loss | 21,902 | 21,018 |
Fair Value | 178,622 | 134,070 |
Unrealized Losses | $ 22,620 | $ 21,108 |
Corporate debt securities | ||
Available for Sale | ||
Number of Securities | security | 130 | 133 |
Less than 12 Months, Fair Value | $ 1,929 | $ 2,377 |
Less than 12 Months, Unrealized Losses | 30 | 80 |
12 Months or More, Fair Value | 417,479 | 429,222 |
12 Months or More, Unrealized Loss | 44,379 | 47,287 |
Fair Value | 419,408 | 431,599 |
Unrealized Losses | $ 44,409 | $ 47,367 |
Debt Securities - Schedule of P
Debt Securities - Schedule of Proceeds and Gross Realized Gains (Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Debt Securities [Abstract] | ||
Proceeds from sales of debt securities available for sale | $ 52,323 | $ 218,667 |
Gross realized losses from sales of debt securities available for sale | 0 | (13,170) |
Net realized gain from sales of debt securities available for sale | 0 | (13,170) |
Net gains from call or maturity of debt securities | $ 36 | $ 0 |
Debt Securities - Schedule of I
Debt Securities - Schedule of Investments Classified by Contractual Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Amortized Cost | ||
Due in one year or less, Amortized Cost | $ 60,692 | |
Due after one year through five years, Amortized Cost | 371,630 | |
Due after five years through ten years, Amortized Cost | 145,334 | |
Due after ten years, Amortized Cost | 26,958 | |
Total maturing securities, Amortized Cost | 604,614 | |
Amortized Cost | 873,117 | $ 873,136 |
Fair Value | ||
Due in one year or less, estimated fair value | 59,887 | |
Due after one year through five years, estimated fair value | 342,646 | |
Due after five years through ten years, estimated fair value | 125,889 | |
Due after ten years, estimated fair value | 23,121 | |
Total maturing securities, fair value | 551,543 | |
Debt securities available for sale at fair value | 797,230 | 795,134 |
Amortized Cost | ||
Due in one year or less, Amortized Cost | 2,510 | |
Due after one year through five years, Amortized Cost | 150,788 | |
Due after five years through ten years, Amortized Cost | 250,580 | |
Due after ten years, Amortized Cost | 128,083 | |
Total maturing securities, Amortized Cost | 531,961 | |
Held to maturity securities at Amortized Cost | 1,064,939 | 1,075,190 |
Fair Value | ||
Due in one year or less, estimated fair value | 2,484 | |
Due after one year through five years, estimated fair value | 137,380 | |
Due after five years through ten years, estimated fair value | 214,093 | |
Due after ten years, estimated fair value | 106,759 | |
Total maturing securities, fair value | 460,716 | |
Held to maturity securities at fair value | 875,644 | 895,263 |
Mortgage-backed securities | ||
Amortized Cost | ||
Amortized Cost | 5,347 | 5,448 |
Fair Value | ||
Debt securities available for sale at fair value | 5,199 | 5,311 |
Amortized Cost | ||
Held to maturity securities at Amortized Cost | 73,668 | 74,904 |
Fair Value | ||
Held to maturity securities at fair value | 60,983 | 63,269 |
Collateralized loan obligations | ||
Amortized Cost | ||
Amortized Cost | 61,914 | 50,541 |
Fair Value | ||
Debt securities available for sale at fair value | 61,866 | 50,437 |
Amortized Cost | ||
Held to maturity securities at Amortized Cost | 0 | |
Fair Value | ||
Held to maturity securities at fair value | 0 | |
Collateralized mortgage obligations | ||
Amortized Cost | ||
Amortized Cost | 201,242 | 190,304 |
Fair Value | ||
Debt securities available for sale at fair value | 178,622 | 169,196 |
Amortized Cost | ||
Held to maturity securities at Amortized Cost | 459,310 | 467,864 |
Fair Value | ||
Held to maturity securities at fair value | $ 353,945 | $ 365,504 |
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, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans held for investment, net of unearned income | $ 4,414,646 | $ 4,126,947 | ||
Allowance for credit losses | (55,900) | (51,500) | $ (49,800) | $ (49,200) |
Total loans held for investment, net | 4,358,746 | 4,075,447 | ||
Asset Pledged as Collateral without Right | FHLB borrowings | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment, net | 1,120,000 | 1,130,000 | ||
Agricultural | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans held for investment, net of unearned income | 113,029 | 118,414 | ||
Allowance for credit losses | (648) | (613) | (513) | (923) |
Commercial and industrial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans held for investment, net of unearned income | 1,105,718 | 1,075,003 | ||
Allowance for credit losses | (21,882) | (21,743) | (22,345) | (22,855) |
Commercial real estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans held for investment, net of unearned income | 2,437,829 | 2,225,310 | ||
Allowance for credit losses | (26,772) | (23,759) | (21,833) | (20,123) |
Commercial real estate | Construction & development | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans held for investment, net of unearned income | 403,571 | 323,195 | ||
Commercial real estate | Farmland | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans held for investment, net of unearned income | 184,109 | 184,955 | ||
Commercial real estate | Multifamily | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans held for investment, net of unearned income | 409,504 | 383,178 | ||
Commercial real estate | Commercial real estate-other | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans held for investment, net of unearned income | 1,440,645 | 1,333,982 | ||
Residential real estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans held for investment, net of unearned income | 677,409 | 640,437 | ||
Allowance for credit losses | (5,014) | (4,762) | (4,545) | (4,678) |
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 | 495,408 | 459,798 | ||
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 | 182,001 | 180,639 | ||
Consumer | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans held for investment, net of unearned income | 80,661 | 67,783 | ||
Allowance for credit losses | $ (1,584) | $ (623) | $ (564) | $ (621) |
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, 2024 | Dec. 31, 2023 |
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | $ 4,414,646 | $ 4,126,947 |
90 Days or More Past Due And Accruing | 967 | 468 |
Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 4,378,937 | 4,093,155 |
30 - 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 6,815 | 7,660 |
60 - 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 1,879 | 4,502 |
90 Days or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 27,015 | 21,630 |
Agricultural | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 113,029 | 118,414 |
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 | 112,185 | 117,852 |
Agricultural | 30 - 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 384 | 338 |
Agricultural | 60 - 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 0 | 0 |
Agricultural | 90 Days or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 460 | 224 |
Commercial and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 1,105,718 | 1,075,003 |
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 | 1,087,725 | 1,058,301 |
Commercial and industrial | 30 - 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 360 | 440 |
Commercial and industrial | 60 - 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 194 | 401 |
Commercial and industrial | 90 Days or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 17,439 | 15,861 |
Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 2,437,829 | 2,225,310 |
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 | 2,429,878 | 2,216,829 |
Commercial real estate | 30 - 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 1,900 | 2,836 |
Commercial real estate | 60 - 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 0 | 1,642 |
Commercial real estate | 90 Days or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 6,051 | 4,003 |
Commercial real estate | Construction & development | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 403,571 | 323,195 |
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 | 403,571 | 323,165 |
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 | 30 |
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 | 0 | 0 |
Commercial real estate | Farmland | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 184,109 | 184,955 |
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 | 182,368 | 182,759 |
Commercial real estate | Farmland | 30 - 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 339 | 677 |
Commercial real estate | Farmland | 60 - 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 0 | 352 |
Commercial real estate | Farmland | 90 Days or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 1,402 | 1,167 |
Commercial real estate | Multifamily | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 409,504 | 383,178 |
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 | 409,504 | 383,178 |
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 | 0 | 0 |
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 | 1,440,645 | 1,333,982 |
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 | 1,434,435 | 1,327,727 |
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 | 1,561 | 2,129 |
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 | 0 | 1,290 |
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 | 4,649 | 2,836 |
Residential real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 677,409 | 640,437 |
90 Days or More Past Due And Accruing | 925 | 468 |
Residential real estate | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 668,843 | 632,551 |
Residential real estate | 30 - 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 3,929 | 3,928 |
Residential real estate | 60 - 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 1,614 | 2,431 |
Residential real estate | 90 Days or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 3,023 | 1,527 |
Residential real estate | One- to four- family first liens | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 495,408 | 459,798 |
90 Days or More Past Due And Accruing | 925 | 468 |
Residential real estate | One- to four- family first liens | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 488,382 | 453,212 |
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 | 3,362 | 3,572 |
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 | 1,279 | 1,741 |
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 | 2,385 | 1,273 |
Residential real estate | One- to four- family junior liens | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 182,001 | 180,639 |
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 | 180,461 | 179,339 |
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 | 567 | 356 |
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 | 335 | 690 |
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 | 638 | 254 |
Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 80,661 | 67,783 |
90 Days or More Past Due And Accruing | 42 | 0 |
Consumer | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 80,306 | 67,622 |
Consumer | 30 - 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 242 | 118 |
Consumer | 60 - 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 71 | 28 |
Consumer | 90 Days or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | $ 42 | $ 15 |
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, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Financing Receivable, Past Due [Line Items] | |||
Nonaccrual | $ 28,300 | $ 25,891 | |
Nonaccrual with no Allowance for Credit Losses | 17,527 | 15,359 | |
90 Days or More Past Due And Accruing | 967 | 468 | |
Interest Income Recognized on Nonaccrual | 129 | $ 56 | |
Agricultural | |||
Financing Receivable, Past Due [Line Items] | |||
Nonaccrual | 460 | 235 | |
Nonaccrual with no Allowance for Credit Losses | 219 | 12 | |
90 Days or More Past Due And Accruing | 0 | 0 | |
Commercial and industrial | |||
Financing Receivable, Past Due [Line Items] | |||
Nonaccrual | 17,966 | 17,770 | |
Nonaccrual with no Allowance for Credit Losses | 12,455 | 12,549 | |
90 Days or More Past Due And Accruing | 0 | 0 | |
Commercial real estate | |||
Financing Receivable, Past Due [Line Items] | |||
Nonaccrual | 6,464 | 5,095 | |
Nonaccrual with no Allowance for Credit Losses | 3,876 | 2,343 | |
90 Days or More Past Due And Accruing | 0 | 0 | |
Commercial real estate | Construction & development | |||
Financing Receivable, Past Due [Line Items] | |||
Nonaccrual | 0 | 0 | |
Nonaccrual with no Allowance for Credit Losses | 0 | 0 | |
90 Days or More Past Due And Accruing | 0 | 0 | |
Commercial real estate | Farmland | |||
Financing Receivable, Past Due [Line Items] | |||
Nonaccrual | 1,538 | 1,654 | |
Nonaccrual with no Allowance for Credit Losses | 1,390 | 1,490 | |
90 Days or More Past Due And Accruing | 0 | 0 | |
Commercial real estate | Multifamily | |||
Financing Receivable, Past Due [Line Items] | |||
Nonaccrual | 0 | 0 | |
Nonaccrual with no Allowance for Credit Losses | 0 | 0 | |
90 Days or More Past Due And Accruing | 0 | 0 | |
Commercial real estate | Commercial real estate-other | |||
Financing Receivable, Past Due [Line Items] | |||
Nonaccrual | 4,926 | 3,441 | |
Nonaccrual with no Allowance for Credit Losses | 2,486 | 853 | |
90 Days or More Past Due And Accruing | 0 | 0 | |
Residential real estate | |||
Financing Receivable, Past Due [Line Items] | |||
Nonaccrual | 3,372 | 2,764 | |
Nonaccrual with no Allowance for Credit Losses | 977 | 455 | |
90 Days or More Past Due And Accruing | 925 | 468 | |
Residential real estate | One- to four- family first liens | |||
Financing Receivable, Past Due [Line Items] | |||
Nonaccrual | 2,294 | 1,888 | |
Nonaccrual with no Allowance for Credit Losses | 853 | 455 | |
90 Days or More Past Due And Accruing | 925 | 468 | |
Residential real estate | One- to four- family junior liens | |||
Financing Receivable, Past Due [Line Items] | |||
Nonaccrual | 1,078 | 876 | |
Nonaccrual with no Allowance for Credit Losses | 124 | 0 | |
90 Days or More Past Due And Accruing | 0 | 0 | |
Consumer | |||
Financing Receivable, Past Due [Line Items] | |||
Nonaccrual | 38 | 27 | |
Nonaccrual with no Allowance for Credit Losses | 0 | 0 | |
90 Days or More Past Due And Accruing | $ 42 | $ 0 |
Loans Receivable and the Allo_6
Loans Receivable and the Allowance for Credit Losses - Loans by Credit Quality Indicator (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | $ 119,486 | $ 674,051 | |
2023 | 707,906 | 1,048,803 | |
2022 | 1,094,127 | 822,694 | |
2021 | 838,184 | 591,609 | |
2020 | 593,349 | 175,599 | |
Prior | 596,831 | 389,563 | |
Revolving Loans | 464,763 | 424,628 | |
Loans held for investment, net of unearned income | 4,414,646 | 4,126,947 | |
Year-to-date Current Period Gross Write-offs | |||
2024 | 0 | 239 | |
2023 | 276 | 991 | |
2022 | 135 | 254 | |
2021 | 155 | 162 | |
2020 | 29 | 478 | |
Prior | 52 | 2,428 | |
Revolving Loans | 0 | 0 | |
Total | 647 | $ 487 | 4,552 |
Pass / Performing | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 12,132 | 49,579 | |
2023 | 52,536 | 44,238 | |
2022 | 44,783 | 28,775 | |
2021 | 26,909 | 11,713 | |
2020 | 11,152 | 4,041 | |
Prior | 17,771 | 15,217 | |
Revolving Loans | 96,262 | 93,955 | |
Loans held for investment, net of unearned income | 261,545 | 247,518 | |
Nonperforming | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 0 | 0 | |
2023 | 16 | 214 | |
2022 | 427 | 0 | |
2021 | 0 | 25 | |
2020 | 23 | 26 | |
Prior | 651 | 639 | |
Revolving Loans | 0 | 0 | |
Loans held for investment, net of unearned income | 1,117 | 904 | |
Agricultural | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 7,515 | 12,834 | |
2023 | 10,267 | 12,892 | |
2022 | 13,134 | 9,324 | |
2021 | 8,076 | 3,051 | |
2020 | 2,738 | 694 | |
Prior | 2,549 | 1,885 | |
Revolving Loans | 68,750 | 77,734 | |
Loans held for investment, net of unearned income | 113,029 | 118,414 | |
Year-to-date Current Period Gross Write-offs | |||
2024 | 0 | 0 | |
2023 | 0 | 8 | |
2022 | 0 | 1 | |
2021 | 4 | 17 | |
2020 | 0 | 2 | |
Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Total | 4 | 1 | 28 |
Commercial and industrial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 27,640 | 179,459 | |
2023 | 176,884 | 228,261 | |
2022 | 219,384 | 198,230 | |
2021 | 192,227 | 121,272 | |
2020 | 115,485 | 34,255 | |
Prior | 175,267 | 146,365 | |
Revolving Loans | 198,831 | 167,161 | |
Loans held for investment, net of unearned income | 1,105,718 | 1,075,003 | |
Year-to-date Current Period Gross Write-offs | |||
2024 | 0 | 239 | |
2023 | 0 | 343 | |
2022 | 128 | 223 | |
2021 | 129 | 133 | |
2020 | 29 | 464 | |
Prior | 13 | 45 | |
Revolving Loans | 0 | 0 | |
Total | 299 | 320 | 1,447 |
Commercial real estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans held for investment, net of unearned income | 2,437,829 | 2,225,310 | |
Year-to-date Current Period Gross Write-offs | |||
Total | 35 | 18 | |
Commercial real estate | Construction & development | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 30,692 | 101,243 | |
2023 | 124,269 | 163,366 | |
2022 | 179,864 | 43,653 | |
2021 | 50,350 | 3,393 | |
2020 | 3,346 | 821 | |
Prior | 2,451 | 700 | |
Revolving Loans | 12,599 | 10,019 | |
Loans held for investment, net of unearned income | 403,571 | 323,195 | |
Year-to-date Current Period Gross Write-offs | |||
2024 | 0 | 0 | |
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Total | 0 | 0 | |
Commercial real estate | Farmland | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 6,592 | 28,725 | |
2023 | 26,455 | 52,015 | |
2022 | 50,221 | 51,019 | |
2021 | 48,944 | 25,897 | |
2020 | 25,439 | 7,513 | |
Prior | 23,169 | 17,839 | |
Revolving Loans | 3,289 | 1,947 | |
Loans held for investment, net of unearned income | 184,109 | 184,955 | |
Year-to-date Current Period Gross Write-offs | |||
2024 | 0 | 0 | |
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Total | 0 | 0 | |
Commercial real estate | Multifamily | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 5,774 | 37,395 | |
2023 | 42,595 | 98,206 | |
2022 | 98,956 | 118,881 | |
2021 | 122,068 | 96,843 | |
2020 | 100,053 | 16,551 | |
Prior | 34,706 | 11,094 | |
Revolving Loans | 5,352 | 4,208 | |
Loans held for investment, net of unearned income | 409,504 | 383,178 | |
Year-to-date Current Period Gross Write-offs | |||
2024 | 0 | 0 | |
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Total | 0 | 0 | |
Commercial real estate | Commercial real estate-other | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 11,608 | 200,387 | |
2023 | 211,150 | 322,927 | |
2022 | 349,444 | 279,271 | |
2021 | 293,095 | 274,602 | |
2020 | 280,467 | 90,033 | |
Prior | 231,908 | 110,441 | |
Revolving Loans | 62,973 | 56,321 | |
Loans held for investment, net of unearned income | 1,440,645 | 1,333,982 | |
Year-to-date Current Period Gross Write-offs | |||
2024 | 0 | 0 | |
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
Prior | 35 | 2,337 | |
Revolving Loans | 0 | 0 | |
Total | 35 | 2,337 | |
Residential real estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans held for investment, net of unearned income | 677,409 | 640,437 | |
Year-to-date Current Period Gross Write-offs | |||
Total | 19 | 0 | |
Residential real estate | One- to four- family first liens | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 17,533 | 64,429 | |
2023 | 63,734 | 126,684 | |
2022 | 137,914 | 93,541 | |
2021 | 96,515 | 54,813 | |
2020 | 54,646 | 21,665 | |
Prior | 108,359 | 85,383 | |
Revolving Loans | 16,707 | 13,283 | |
Loans held for investment, net of unearned income | 495,408 | 459,798 | |
Year-to-date Current Period Gross Write-offs | |||
2024 | 0 | 0 | |
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 19 | 0 | |
2020 | 0 | 0 | |
Prior | 0 | 36 | |
Revolving Loans | 0 | 0 | |
Total | 19 | 36 | |
Residential real estate | One- to four- family first liens | Pass / Performing | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 1,156 | ||
2023 | 191 | ||
2022 | 738 | ||
2021 | 165 | ||
2020 | 164 | ||
Prior | 3,404 | ||
Revolving Loans | 0 | ||
Loans held for investment, net of unearned income | 5,818 | ||
Residential real estate | One- to four- family first liens | Nonperforming | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 0 | ||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
Prior | 0 | ||
Revolving Loans | 0 | ||
Loans held for investment, net of unearned income | 0 | ||
Residential real estate | One- to four- family junior liens | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 4,210 | 23,551 | |
2023 | 21,539 | 30,111 | |
2022 | 29,079 | 18,733 | |
2021 | 17,968 | 7,317 | |
2020 | 7,277 | 2,613 | |
Prior | 10,431 | 8,504 | |
Revolving Loans | 91,497 | 89,810 | |
Loans held for investment, net of unearned income | 182,001 | 180,639 | |
Year-to-date Current Period Gross Write-offs | |||
2024 | 0 | 0 | |
2023 | 0 | 19 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Total | 0 | 19 | |
Residential real estate | One- to four- family junior liens | Pass / Performing | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 4,210 | 23,551 | |
2023 | 21,539 | 29,919 | |
2022 | 28,673 | 18,733 | |
2021 | 17,968 | 7,292 | |
2020 | 7,254 | 2,590 | |
Prior | 9,781 | 7,867 | |
Revolving Loans | 91,497 | 89,810 | |
Loans held for investment, net of unearned income | 180,922 | 179,762 | |
Residential real estate | One- to four- family junior liens | Nonperforming | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 0 | 0 | |
2023 | 0 | 192 | |
2022 | 406 | 0 | |
2021 | 0 | 25 | |
2020 | 23 | 23 | |
Prior | 650 | 637 | |
Revolving Loans | 0 | 0 | |
Loans held for investment, net of unearned income | 1,079 | 877 | |
Consumer | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 7,922 | 26,028 | |
2023 | 31,013 | 14,341 | |
2022 | 16,131 | 10,042 | |
2021 | 8,941 | 4,421 | |
2020 | 3,898 | 1,454 | |
Prior | 7,991 | 7,352 | |
Revolving Loans | 4,765 | 4,145 | |
Loans held for investment, net of unearned income | 80,661 | 67,783 | |
Year-to-date Current Period Gross Write-offs | |||
2024 | 0 | 0 | |
2023 | 276 | 621 | |
2022 | 7 | 30 | |
2021 | 3 | 12 | |
2020 | 12 | ||
Prior | 4 | 10 | |
Revolving Loans | 0 | 0 | |
Total | 290 | $ 148 | 685 |
Consumer | Pass / Performing | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 7,922 | 26,028 | |
2023 | 30,997 | 14,319 | |
2022 | 16,110 | 10,042 | |
2021 | 8,941 | 4,421 | |
2020 | 3,898 | 1,451 | |
Prior | 7,990 | 7,350 | |
Revolving Loans | 4,765 | 4,145 | |
Loans held for investment, net of unearned income | 80,623 | 67,756 | |
Consumer | Nonperforming | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 0 | 0 | |
2023 | 16 | 22 | |
2022 | 21 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 3 | |
Prior | 1 | 2 | |
Revolving Loans | 0 | 0 | |
Loans held for investment, net of unearned income | 38 | 27 | |
Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 99,231 | 607,768 | |
2023 | 639,728 | 962,918 | |
2022 | 986,736 | 752,137 | |
2021 | 772,020 | 524,570 | |
2020 | 517,051 | 139,536 | |
Prior | 483,849 | 311,683 | |
Revolving Loans | 337,942 | 299,882 | |
Loans held for investment, net of unearned income | 3,836,557 | 3,598,494 | |
Pass | Agricultural | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 7,515 | 11,859 | |
2023 | 9,909 | 12,149 | |
2022 | 12,420 | 8,352 | |
2021 | 7,156 | 2,752 | |
2020 | 2,399 | 689 | |
Prior | 1,847 | 1,139 | |
Revolving Loans | 66,311 | 71,680 | |
Loans held for investment, net of unearned income | 107,557 | 108,620 | |
Pass | Commercial and industrial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 27,582 | 176,021 | |
2023 | 173,057 | 224,924 | |
2022 | 200,277 | 193,011 | |
2021 | 188,288 | 117,326 | |
2020 | 112,151 | 25,555 | |
Prior | 135,262 | 116,661 | |
Revolving Loans | 175,914 | 147,690 | |
Loans held for investment, net of unearned income | 1,012,531 | 1,001,188 | |
Pass | Commercial real estate | Construction & development | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 30,069 | 99,803 | |
2023 | 123,679 | 163,126 | |
2022 | 179,633 | 43,189 | |
2021 | 49,896 | 3,393 | |
2020 | 3,346 | 821 | |
Prior | 2,451 | 700 | |
Revolving Loans | 12,132 | 9,552 | |
Loans held for investment, net of unearned income | 401,206 | 320,584 | |
Pass | Commercial real estate | Farmland | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 6,592 | 25,666 | |
2023 | 26,072 | 44,907 | |
2022 | 43,144 | 47,068 | |
2021 | 45,254 | 18,863 | |
2020 | 18,449 | 6,587 | |
Prior | 19,303 | 14,845 | |
Revolving Loans | 2,540 | 1,642 | |
Loans held for investment, net of unearned income | 161,354 | 159,578 | |
Pass | Commercial real estate | Multifamily | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 456 | 32,077 | |
2023 | 42,595 | 96,969 | |
2022 | 97,726 | 111,032 | |
2021 | 114,264 | 77,532 | |
2020 | 69,748 | 8,701 | |
Prior | 22,308 | 6,508 | |
Revolving Loans | 5,352 | 4,208 | |
Loans held for investment, net of unearned income | 352,449 | 337,027 | |
Pass | Commercial real estate | Commercial real estate-other | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 9,484 | 199,698 | |
2023 | 202,773 | 295,066 | |
2022 | 316,522 | 256,718 | |
2021 | 271,467 | 250,676 | |
2020 | 257,023 | 77,509 | |
Prior | 200,086 | 90,170 | |
Revolving Loans | 58,986 | 51,827 | |
Loans held for investment, net of unearned income | 1,316,341 | 1,221,664 | |
Pass | Residential real estate | One- to four- family first liens | Pass / Performing | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 17,533 | 62,644 | |
2023 | 61,643 | 125,777 | |
2022 | 137,014 | 92,767 | |
2021 | 95,695 | 54,028 | |
2020 | 53,935 | 19,674 | |
Prior | 102,592 | 81,660 | |
Revolving Loans | 16,707 | 13,283 | |
Loans held for investment, net of unearned income | 485,119 | 449,833 | |
Special mention / watch | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 6,453 | 11,444 | |
2023 | 12,293 | 11,123 | |
2022 | 33,648 | 10,365 | |
2021 | 7,893 | 33,885 | |
2020 | 44,138 | 14,157 | |
Prior | 25,542 | 9,059 | |
Revolving Loans | 22,637 | 22,996 | |
Loans held for investment, net of unearned income | 152,604 | 113,029 | |
Special mention / watch | Agricultural | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 0 | 266 | |
2023 | 319 | 550 | |
2022 | 452 | 670 | |
2021 | 635 | 91 | |
2020 | 124 | 5 | |
Prior | 488 | 522 | |
Revolving Loans | 1,643 | 3,705 | |
Loans held for investment, net of unearned income | 3,661 | 5,809 | |
Special mention / watch | Commercial and industrial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 58 | 2,541 | |
2023 | 2,896 | 416 | |
2022 | 17,886 | 3,209 | |
2021 | 865 | 3,385 | |
2020 | 3,198 | 193 | |
Prior | 2,533 | 272 | |
Revolving Loans | 15,821 | 14,692 | |
Loans held for investment, net of unearned income | 43,257 | 24,708 | |
Special mention / watch | Commercial real estate | Construction & development | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 623 | 1,097 | |
2023 | 263 | 0 | |
2022 | 0 | 464 | |
2021 | 454 | 0 | |
2020 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving Loans | 467 | 467 | |
Loans held for investment, net of unearned income | 1,807 | 2,028 | |
Special mention / watch | Commercial real estate | Farmland | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 0 | 1,229 | |
2023 | 0 | 6,898 | |
2022 | 6,695 | 2,409 | |
2021 | 2,405 | 5,982 | |
2020 | 5,804 | 0 | |
Prior | 1,070 | 965 | |
Revolving Loans | 719 | 276 | |
Loans held for investment, net of unearned income | 16,693 | 17,759 | |
Special mention / watch | Commercial real estate | Multifamily | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 5,318 | 5,318 | |
2023 | 0 | 1,237 | |
2022 | 1,230 | 277 | |
2021 | 272 | 18,984 | |
2020 | 29,979 | 7,850 | |
Prior | 12,384 | 4,586 | |
Revolving Loans | 0 | 0 | |
Loans held for investment, net of unearned income | 49,183 | 38,252 | |
Special mention / watch | Commercial real estate | Commercial real estate-other | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 454 | 364 | |
2023 | 8,093 | 1,306 | |
2022 | 6,675 | 3,300 | |
2021 | 3,227 | 4,823 | |
2020 | 4,426 | 4,282 | |
Prior | 7,295 | 2,395 | |
Revolving Loans | 3,987 | 3,856 | |
Loans held for investment, net of unearned income | 34,157 | 20,326 | |
Special mention / watch | Residential real estate | One- to four- family first liens | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 0 | 629 | |
2023 | 722 | 716 | |
2022 | 710 | 36 | |
2021 | 35 | 620 | |
2020 | 607 | 1,827 | |
Prior | 1,772 | 319 | |
Revolving Loans | 0 | 0 | |
Loans held for investment, net of unearned income | 3,846 | 4,147 | |
Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 1,670 | 5,260 | |
2023 | 3,333 | 30,310 | |
2022 | 28,533 | 31,417 | |
2021 | 31,362 | 21,416 | |
2020 | 20,985 | 17,839 | |
Prior | 69,018 | 52,965 | |
Revolving Loans | 7,922 | 7,795 | |
Loans held for investment, net of unearned income | 162,823 | 167,002 | |
Substandard | Agricultural | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 0 | 709 | |
2023 | 39 | 193 | |
2022 | 262 | 302 | |
2021 | 285 | 208 | |
2020 | 215 | 0 | |
Prior | 214 | 224 | |
Revolving Loans | 796 | 2,349 | |
Loans held for investment, net of unearned income | 1,811 | 3,985 | |
Substandard | Commercial and industrial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 0 | 897 | |
2023 | 931 | 2,921 | |
2022 | 1,221 | 2,010 | |
2021 | 3,074 | 561 | |
2020 | 136 | 8,507 | |
Prior | 37,472 | 29,432 | |
Revolving Loans | 7,096 | 4,779 | |
Loans held for investment, net of unearned income | 49,930 | 49,107 | |
Substandard | Commercial real estate | Construction & development | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 0 | 343 | |
2023 | 327 | 240 | |
2022 | 231 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Loans held for investment, net of unearned income | 558 | 583 | |
Substandard | Commercial real estate | Farmland | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 0 | 1,830 | |
2023 | 383 | 210 | |
2022 | 382 | 1,542 | |
2021 | 1,285 | 1,052 | |
2020 | 1,186 | 926 | |
Prior | 2,796 | 2,029 | |
Revolving Loans | 30 | 29 | |
Loans held for investment, net of unearned income | 6,062 | 7,618 | |
Substandard | Commercial real estate | Multifamily | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 0 | 0 | |
2023 | 0 | 0 | |
2022 | 0 | 7,572 | |
2021 | 7,532 | 327 | |
2020 | 326 | 0 | |
Prior | 14 | 0 | |
Revolving Loans | 0 | 0 | |
Loans held for investment, net of unearned income | 7,872 | 7,899 | |
Substandard | Commercial real estate | Commercial real estate-other | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 1,670 | 325 | |
2023 | 284 | 26,555 | |
2022 | 26,247 | 19,253 | |
2021 | 18,401 | 19,103 | |
2020 | 19,018 | 8,242 | |
Prior | 24,527 | 17,876 | |
Revolving Loans | 0 | 638 | |
Loans held for investment, net of unearned income | 90,147 | 91,992 | |
Substandard | Residential real estate | One- to four- family first liens | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 0 | ||
2023 | 1,369 | ||
2022 | 190 | ||
2021 | 785 | ||
2020 | 104 | ||
Prior | 3,995 | ||
Revolving Loans | 0 | ||
Loans held for investment, net of unearned income | 6,443 | ||
Doubtful | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 0 | 0 | |
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 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] | |||
2024 | 0 | 0 | |
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 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] | |||
2024 | 0 | 0 | |
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 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] | |||
2024 | 0 | 0 | |
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 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] | |||
2024 | 0 | 0 | |
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 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] | |||
2024 | 0 | 0 | |
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 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] | |||
2024 | 0 | 0 | |
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Loans held for investment, net of unearned income | 0 | $ 0 | |
Doubtful | Residential real estate | One- to four- family first liens | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 0 | ||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
Prior | 0 | ||
Revolving Loans | 0 | ||
Loans held for investment, net of unearned income | $ 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 | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Net charge-offs | $ (200) | $ (300) | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 51,500 | 49,200 | $ 49,200 |
Charge-offs | (647) | (487) | (4,552) |
Recoveries | 458 | 154 | |
Credit loss expense (benefit) | 4,589 | 933 | |
Ending balance | 55,900 | 49,800 | 51,500 |
Credit loss expense, off balance sheet credit exposure | 100 | 0 | |
DNVB | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Credit loss expense (benefit) | 3,100 | 3,100 | |
Loans receivable | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Accrued interest receivable | 20,600 | 19,700 | |
Agricultural | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 613 | 923 | 923 |
Charge-offs | (4) | (1) | (28) |
Recoveries | 355 | 26 | |
Credit loss expense (benefit) | (316) | (435) | |
Ending balance | 648 | 513 | 613 |
Commercial and industrial | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 21,743 | 22,855 | 22,855 |
Charge-offs | (299) | (320) | (1,447) |
Recoveries | 46 | 75 | |
Credit loss expense (benefit) | 392 | (265) | |
Ending balance | 21,882 | 22,345 | 21,743 |
Commercial real estate | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 23,759 | 20,123 | 20,123 |
Charge-offs | (35) | (18) | |
Recoveries | 8 | 5 | |
Credit loss expense (benefit) | 3,040 | 1,723 | |
Ending balance | 26,772 | 21,833 | 23,759 |
Residential real estate | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 4,762 | 4,678 | 4,678 |
Charge-offs | (19) | 0 | |
Recoveries | 9 | 4 | |
Credit loss expense (benefit) | 262 | (137) | |
Ending balance | 5,014 | 4,545 | 4,762 |
Consumer | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 623 | 621 | 621 |
Charge-offs | (290) | (148) | (685) |
Recoveries | 40 | 44 | |
Credit loss expense (benefit) | 1,211 | 47 | |
Ending balance | $ 1,584 | $ 564 | $ 623 |
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, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Loans and Leases Receivable Disclosure [Line Items] | ||||
Individually evaluated for impairment | $ 27,199 | $ 29,157 | ||
Collectively evaluated for impairment | 4,387,447 | 4,097,790 | ||
Loans held for investment, net of unearned income | 4,414,646 | 4,126,947 | ||
Allowance for credit losses: | ||||
Individually evaluated for impairment | 2,969 | 3,337 | ||
Collectively evaluated for impairment | 52,931 | 48,163 | ||
Total | 55,900 | 51,500 | $ 49,800 | $ 49,200 |
Agricultural | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Individually evaluated for impairment | 219 | 11 | ||
Collectively evaluated for impairment | 112,810 | 118,403 | ||
Loans held for investment, net of unearned income | 113,029 | 118,414 | ||
Allowance for credit losses: | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 648 | 613 | ||
Total | 648 | 613 | 513 | 923 |
Commercial and industrial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Individually evaluated for impairment | 16,911 | 17,231 | ||
Collectively evaluated for impairment | 1,088,807 | 1,057,772 | ||
Loans held for investment, net of unearned income | 1,105,718 | 1,075,003 | ||
Allowance for credit losses: | ||||
Individually evaluated for impairment | 2,804 | 2,616 | ||
Collectively evaluated for impairment | 19,078 | 19,127 | ||
Total | 21,882 | 21,743 | 22,345 | 22,855 |
Commercial real estate | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Individually evaluated for impairment | 8,433 | 10,932 | ||
Collectively evaluated for impairment | 2,429,396 | 2,214,378 | ||
Loans held for investment, net of unearned income | 2,437,829 | 2,225,310 | ||
Allowance for credit losses: | ||||
Individually evaluated for impairment | 47 | 705 | ||
Collectively evaluated for impairment | 26,725 | 23,054 | ||
Total | 26,772 | 23,759 | 21,833 | 20,123 |
Residential real estate | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Individually evaluated for impairment | 1,636 | 983 | ||
Collectively evaluated for impairment | 675,773 | 639,454 | ||
Loans held for investment, net of unearned income | 677,409 | 640,437 | ||
Allowance for credit losses: | ||||
Individually evaluated for impairment | 118 | 16 | ||
Collectively evaluated for impairment | 4,896 | 4,746 | ||
Total | 5,014 | 4,762 | 4,545 | 4,678 |
Consumer | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 80,661 | 67,783 | ||
Loans held for investment, net of unearned income | 80,661 | 67,783 | ||
Allowance for credit losses: | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 1,584 | 623 | ||
Total | $ 1,584 | $ 623 | $ 564 | $ 621 |
Loans Receivable and the Allo_9
Loans Receivable and the Allowance for Credit Losses - Primary Type of Collateral (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment, net | $ 4,358,746 | $ 4,075,447 | ||
ACL Allocation | 55,900 | 51,500 | $ 49,800 | $ 49,200 |
Real Estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment, net | 25,713 | 27,236 | ||
Equipment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment, net | 0 | 0 | ||
Other | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment, net | 1,486 | 1,921 | ||
Collateral Pledged | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment, net | 27,199 | 29,157 | ||
ACL Allocation | 2,969 | 3,337 | ||
Agricultural | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
ACL Allocation | 648 | 613 | 513 | 923 |
Agricultural | Real Estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment, net | 11 | 11 | ||
Agricultural | Equipment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment, net | 0 | 0 | ||
Agricultural | Other | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment, net | 208 | 0 | ||
Agricultural | Collateral Pledged | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment, net | 219 | 11 | ||
ACL Allocation | 0 | 0 | ||
Commercial and industrial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
ACL Allocation | 21,882 | 21,743 | 22,345 | 22,855 |
Commercial and industrial | Real Estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment, net | 16,911 | 15,991 | ||
Commercial and industrial | Equipment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment, net | 0 | 0 | ||
Commercial and industrial | Other | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment, net | 0 | 1,240 | ||
Commercial and industrial | Collateral Pledged | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment, net | 16,911 | 17,231 | ||
ACL Allocation | 2,804 | 2,616 | ||
Commercial real estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
ACL Allocation | 26,772 | 23,759 | 21,833 | 20,123 |
Commercial real estate | Construction and development | Real Estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment, net | 0 | 0 | ||
Commercial real estate | Construction and development | Equipment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment, net | 0 | 0 | ||
Commercial real estate | Construction and development | Other | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment, net | 0 | 0 | ||
Commercial real estate | Construction and development | Collateral Pledged | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment, net | 0 | 0 | ||
ACL Allocation | 0 | 0 | ||
Commercial real estate | Farmland | Real Estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment, net | 2,334 | 5,403 | ||
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 | 1,278 | 0 | ||
Commercial real estate | Farmland | Collateral Pledged | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment, net | 3,612 | 5,403 | ||
ACL Allocation | 0 | 0 | ||
Commercial real estate | Multifamily | Real Estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment, net | 0 | 0 | ||
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 | 0 | 0 | ||
ACL Allocation | 0 | 0 | ||
Commercial real estate | Commercial real estate-other | Real Estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment, net | 4,821 | 5,350 | ||
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 | 0 | 179 | ||
Commercial real estate | Commercial real estate-other | Collateral Pledged | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment, net | 4,821 | 5,529 | ||
ACL Allocation | 47 | 705 | ||
Residential real estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
ACL Allocation | 5,014 | 4,762 | 4,545 | 4,678 |
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 | 853 | 481 | ||
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 | 853 | 481 | ||
ACL Allocation | 0 | 0 | ||
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 | 783 | 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 | 0 | 502 | ||
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 | 783 | 502 | ||
ACL Allocation | 118 | 16 | ||
Consumer | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
ACL Allocation | 1,584 | 623 | $ 564 | $ 621 |
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 - Trouble Debt (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 USD ($) modified_loan | Mar. 31, 2023 USD ($) | |
Financing Receivable, Modified [Line Items] | ||
Principal Receivable | $ 0 | $ 81 |
Total Class of Financing Receivable | ||
Number of modified loans | modified_loan | 9 | |
Financing receivable, loans totaling | $ 1,400 | |
Agricultural | ||
Financing Receivable, Modified [Line Items] | ||
Principal Receivable | $ 0 | |
Total Class of Financing Receivable | 1.42% | |
Commercial and industrial | ||
Financing Receivable, Modified [Line Items] | ||
Principal Receivable | $ 0 | $ 63 |
Total Class of Financing Receivable | 0.03% | 0.04% |
CRE - Other | Commercial real estate-other | ||
Financing Receivable, Modified [Line Items] | ||
Principal Receivable | $ 0 | $ 18 |
Total Class of Financing Receivable | 0.01% | 0% |
Residential real estate | One- to four- family first liens | ||
Financing Receivable, Modified [Line Items] | ||
Total Class of Financing Receivable | 0.05% | |
Residential real estate | One- to four- family junior liens | ||
Financing Receivable, Modified [Line Items] | ||
Principal Receivable | $ 0 | |
Total Class of Financing Receivable | 0.07% | |
Principal Forgiveness | ||
Financing Receivable, Modified [Line Items] | ||
Principal Receivable | $ 0 | $ 0 |
Principal Forgiveness | Agricultural | ||
Financing Receivable, Modified [Line Items] | ||
Principal Receivable | 0 | |
Principal Forgiveness | Commercial and industrial | ||
Financing Receivable, Modified [Line Items] | ||
Principal Receivable | 0 | 0 |
Principal Forgiveness | CRE - Other | Commercial real estate-other | ||
Financing Receivable, Modified [Line Items] | ||
Principal Receivable | 0 | 0 |
Principal Forgiveness | Residential real estate | One- to four- family first liens | ||
Financing Receivable, Modified [Line Items] | ||
Principal Receivable | 0 | |
Principal Forgiveness | Residential real estate | One- to four- family junior liens | ||
Financing Receivable, Modified [Line Items] | ||
Principal Receivable | 0 | |
Payment Delay | ||
Financing Receivable, Modified [Line Items] | ||
Principal Receivable | 253 | 16 |
Payment Delay | Agricultural | ||
Financing Receivable, Modified [Line Items] | ||
Principal Receivable | 16 | |
Payment Delay | Commercial and industrial | ||
Financing Receivable, Modified [Line Items] | ||
Principal Receivable | 0 | 0 |
Payment Delay | CRE - Other | Commercial real estate-other | ||
Financing Receivable, Modified [Line Items] | ||
Principal Receivable | 0 | 0 |
Payment Delay | Residential real estate | One- to four- family first liens | ||
Financing Receivable, Modified [Line Items] | ||
Principal Receivable | 253 | |
Payment Delay | Residential real estate | One- to four- family junior liens | ||
Financing Receivable, Modified [Line Items] | ||
Principal Receivable | 0 | |
Term Extension | ||
Financing Receivable, Modified [Line Items] | ||
Principal Receivable | 688 | 1,552 |
Term Extension | Agricultural | ||
Financing Receivable, Modified [Line Items] | ||
Principal Receivable | 1,502 | |
Term Extension | Commercial and industrial | ||
Financing Receivable, Modified [Line Items] | ||
Principal Receivable | 350 | 50 |
Term Extension | CRE - Other | Commercial real estate-other | ||
Financing Receivable, Modified [Line Items] | ||
Principal Receivable | 202 | 0 |
Term Extension | Residential real estate | One- to four- family first liens | ||
Financing Receivable, Modified [Line Items] | ||
Principal Receivable | 0 | |
Term Extension | Residential real estate | One- to four- family junior liens | ||
Financing Receivable, Modified [Line Items] | ||
Principal Receivable | 136 | |
Interest Rate Reduction | ||
Financing Receivable, Modified [Line Items] | ||
Principal Receivable | 0 | 0 |
Interest Rate Reduction | Agricultural | ||
Financing Receivable, Modified [Line Items] | ||
Principal Receivable | 0 | |
Interest Rate Reduction | Commercial and industrial | ||
Financing Receivable, Modified [Line Items] | ||
Principal Receivable | 0 | 0 |
Interest Rate Reduction | CRE - Other | Commercial real estate-other | ||
Financing Receivable, Modified [Line Items] | ||
Principal Receivable | 0 | 0 |
Interest Rate Reduction | Residential real estate | One- to four- family first liens | ||
Financing Receivable, Modified [Line Items] | ||
Principal Receivable | 0 | |
Interest Rate Reduction | Residential real estate | One- to four- family junior liens | ||
Financing Receivable, Modified [Line Items] | ||
Principal Receivable | 0 | |
Term Extension & Interest Rate Reduction | ||
Financing Receivable, Modified [Line Items] | ||
Principal Receivable | 0 | 120 |
Term Extension & Interest Rate Reduction | Agricultural | ||
Financing Receivable, Modified [Line Items] | ||
Principal Receivable | 0 | |
Term Extension & Interest Rate Reduction | Commercial and industrial | ||
Financing Receivable, Modified [Line Items] | ||
Principal Receivable | 0 | 120 |
Term Extension & Interest Rate Reduction | CRE - Other | Commercial real estate-other | ||
Financing Receivable, Modified [Line Items] | ||
Principal Receivable | 0 | 0 |
Term Extension & Interest Rate Reduction | Residential real estate | One- to four- family first liens | ||
Financing Receivable, Modified [Line Items] | ||
Principal Receivable | 0 | |
Term Extension & Interest Rate Reduction | Residential real estate | One- to four- family junior liens | ||
Financing Receivable, Modified [Line Items] | ||
Principal Receivable | 0 | |
Principal Forgiveness & Term Extension | ||
Financing Receivable, Modified [Line Items] | ||
Principal Receivable | 0 | 307 |
Principal Forgiveness & Term Extension | Agricultural | ||
Financing Receivable, Modified [Line Items] | ||
Principal Receivable | 0 | |
Principal Forgiveness & Term Extension | Commercial and industrial | ||
Financing Receivable, Modified [Line Items] | ||
Principal Receivable | 0 | 307 |
Principal Forgiveness & Term Extension | CRE - Other | Commercial real estate-other | ||
Financing Receivable, Modified [Line Items] | ||
Principal Receivable | 0 | 0 |
Principal Forgiveness & Term Extension | Residential real estate | One- to four- family first liens | ||
Financing Receivable, Modified [Line Items] | ||
Principal Receivable | 0 | |
Principal Forgiveness & Term Extension | Residential real estate | One- to four- family junior liens | ||
Financing Receivable, Modified [Line Items] | ||
Principal Receivable | 0 | |
Principal Forgiveness, Term Extension, & Interest Rate Reduction | ||
Financing Receivable, Modified [Line Items] | ||
Principal Receivable | 0 | 20 |
Principal Forgiveness, Term Extension, & Interest Rate Reduction | Agricultural | ||
Financing Receivable, Modified [Line Items] | ||
Principal Receivable | 0 | |
Principal Forgiveness, Term Extension, & Interest Rate Reduction | Commercial and industrial | ||
Financing Receivable, Modified [Line Items] | ||
Principal Receivable | 0 | 0 |
Principal Forgiveness, Term Extension, & Interest Rate Reduction | CRE - Other | Commercial real estate-other | ||
Financing Receivable, Modified [Line Items] | ||
Principal Receivable | 0 | 20 |
Principal Forgiveness, Term Extension, & Interest Rate Reduction | Residential real estate | One- to four- family first liens | ||
Financing Receivable, Modified [Line Items] | ||
Principal Receivable | 0 | |
Principal Forgiveness, Term Extension, & Interest Rate Reduction | Residential real estate | One- to four- family junior liens | ||
Financing Receivable, Modified [Line Items] | ||
Principal Receivable | 0 | |
Payment Delay & Term Extension | ||
Financing Receivable, Modified [Line Items] | ||
Principal Receivable | 0 | 0 |
Payment Delay & Term Extension | Agricultural | ||
Financing Receivable, Modified [Line Items] | ||
Principal Receivable | 0 | |
Payment Delay & Term Extension | Commercial and industrial | ||
Financing Receivable, Modified [Line Items] | ||
Principal Receivable | 0 | 0 |
Payment Delay & Term Extension | CRE - Other | Commercial real estate-other | ||
Financing Receivable, Modified [Line Items] | ||
Principal Receivable | 0 | $ 0 |
Payment Delay & Term Extension | Residential real estate | One- to four- family first liens | ||
Financing Receivable, Modified [Line Items] | ||
Principal Receivable | 0 | |
Payment Delay & Term Extension | Residential real estate | One- to four- family junior liens | ||
Financing Receivable, Modified [Line Items] | ||
Principal Receivable | $ 0 |
Loans Receivable and the All_11
Loans Receivable and the Allowance for Credit Losses - Aging Analysis (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Performance of loans modified in last twelve months | $ 12,507 | $ 2,015 |
Agricultural | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Performance of loans modified in last twelve months | 1,518 | |
Commercial and industrial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Performance of loans modified in last twelve months | 5,099 | 477 |
Commercial real estate | Construction & development | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Performance of loans modified in last twelve months | 559 | |
Commercial real estate | Farmland | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Performance of loans modified in last twelve months | 381 | |
Commercial real estate | Commercial real estate-other | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Performance of loans modified in last twelve months | 6,066 | 20 |
RRE - One- to four- family first liens | One- to four- family first liens | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Performance of loans modified in last twelve months | 253 | |
Residential real estate | One- to four- family junior liens | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Performance of loans modified in last twelve months | 149 | |
Current | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Performance of loans modified in last twelve months | 11,084 | 1,995 |
Current | Agricultural | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Performance of loans modified in last twelve months | 1,518 | |
Current | Commercial and industrial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Performance of loans modified in last twelve months | 4,028 | 477 |
Current | Commercial real estate | Construction & development | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Performance of loans modified in last twelve months | 559 | |
Current | Commercial real estate | Farmland | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Performance of loans modified in last twelve months | 29 | |
Current | Commercial real estate | Commercial real estate-other | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Performance of loans modified in last twelve months | 6,066 | 0 |
Current | RRE - One- to four- family first liens | One- to four- family first liens | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Performance of loans modified in last twelve months | 253 | |
Current | Residential real estate | One- to four- family junior liens | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Performance of loans modified in last twelve months | 149 | |
30 - 59 Days Past Due | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Performance of loans modified in last twelve months | 76 | 0 |
30 - 59 Days Past Due | Agricultural | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Performance of loans modified in last twelve months | 0 | |
30 - 59 Days Past Due | Commercial and industrial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Performance of loans modified in last twelve months | 76 | 0 |
30 - 59 Days Past Due | Commercial real estate | Construction & development | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Performance of loans modified in last twelve months | 0 | |
30 - 59 Days Past Due | Commercial real estate | Farmland | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Performance of loans modified in last twelve months | 0 | |
30 - 59 Days Past Due | Commercial real estate | Commercial real estate-other | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Performance of loans modified in last twelve months | 0 | 0 |
30 - 59 Days Past Due | RRE - One- to four- family first liens | One- to four- family first liens | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Performance of loans modified in last twelve months | 0 | |
30 - 59 Days Past Due | Residential real estate | One- to four- family junior liens | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Performance of loans modified in last twelve months | 0 | |
60 - 89 Days Past Due | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Performance of loans modified in last twelve months | 0 | 0 |
60 - 89 Days Past Due | Agricultural | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Performance of loans modified in last twelve months | 0 | |
60 - 89 Days Past Due | Commercial and industrial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Performance of loans modified in last twelve months | 0 | 0 |
60 - 89 Days Past Due | Commercial real estate | Construction & development | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Performance of loans modified in last twelve months | 0 | |
60 - 89 Days Past Due | Commercial real estate | Farmland | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Performance of loans modified in last twelve months | 0 | |
60 - 89 Days Past Due | Commercial real estate | Commercial real estate-other | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Performance of loans modified in last twelve months | 0 | 0 |
60 - 89 Days Past Due | RRE - One- to four- family first liens | One- to four- family first liens | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Performance of loans modified in last twelve months | 0 | |
60 - 89 Days Past Due | Residential real estate | One- to four- family junior liens | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Performance of loans modified in last twelve months | 0 | |
90 Days or More Past Due | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Performance of loans modified in last twelve months | 1,347 | 20 |
90 Days or More Past Due | Agricultural | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Performance of loans modified in last twelve months | 0 | |
90 Days or More Past Due | Commercial and industrial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Performance of loans modified in last twelve months | 995 | 0 |
90 Days or More Past Due | Commercial real estate | Construction & development | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Performance of loans modified in last twelve months | 0 | |
90 Days or More Past Due | Commercial real estate | Farmland | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Performance of loans modified in last twelve months | 352 | |
90 Days or More Past Due | Commercial real estate | Commercial real estate-other | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Performance of loans modified in last twelve months | 0 | $ 20 |
90 Days or More Past Due | RRE - One- to four- family first liens | One- to four- family first liens | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Performance of loans modified in last twelve months | 0 | |
90 Days or More Past Due | Residential real estate | One- to four- family junior liens | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Performance of loans modified in last twelve months | $ 0 |
Loans Receivable and the All_12
Loans Receivable and the Allowance for Credit Losses - Financial Effect of Loan Modification (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Principal Forgiveness | $ 0 | $ 81 |
Weighted Average Interest Rate Reduction | 0% | 2.07% |
Weighted Average Term Extension (Months) | 27 years 10 months 24 days | 4 years 7 months 20 days |
Agricultural | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Principal Forgiveness | $ 0 | |
Weighted Average Interest Rate Reduction | 0% | |
Weighted Average Term Extension (Months) | 2 years 4 months 13 days | |
Commercial and industrial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Principal Forgiveness | $ 0 | $ 63 |
Weighted Average Interest Rate Reduction | 0% | 1.25% |
Weighted Average Term Extension (Months) | 4 years 4 months 24 days | 11 years 10 months 20 days |
CRE - Other | Commercial real estate-other | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Principal Forgiveness | $ 0 | $ 18 |
Weighted Average Interest Rate Reduction | 0% | 7% |
Weighted Average Term Extension (Months) | 5 years 4 months 24 days | 2 years 5 months 19 days |
Residential real estate | One- to four- family junior liens | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Principal Forgiveness | $ 0 | |
Weighted Average Interest Rate Reduction | 0% | |
Weighted Average Term Extension (Months) | 122 years |
Derivatives, Hedging Activiti_3
Derivatives, Hedging Activities and Balance Sheet Offsetting - Derivatives and Hedging Activities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Derivatives, Fair Value [Line Items] | ||
Derivative assets, fair value | $ 27,844 | $ 25,093 |
Derivative liabilities, fair value | 23,141 | 24,057 |
Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, notional amount | 400,425 | 391,101 |
Derivative assets, fair value | 5,333 | 3,011 |
Derivative liabilities, fair value | 691 | 1,987 |
Designated as Hedging Instrument | Interest rate swaps - loans | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, notional amount | 50,425 | 41,101 |
Derivative assets, fair value | 2,529 | 2,071 |
Derivative liabilities, fair value | 601 | 902 |
Designated as Hedging Instrument | Interest rate swaps - securities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, notional amount | 150,000 | 150,000 |
Derivative assets, fair value | 144 | 0 |
Derivative liabilities, fair value | 90 | 821 |
Designated as Hedging Instrument | Interest rate swaps | Cash flow hedges | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, notional amount | 200,000 | 200,000 |
Derivative assets, fair value | 2,660 | 940 |
Derivative liabilities, fair value | 0 | 264 |
Not Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, notional amount | 592,394 | 486,107 |
Derivative assets, fair value | 22,511 | 22,082 |
Derivative liabilities, fair value | 22,450 | 22,070 |
Not Designated as Hedging Instrument | Interest rate swaps | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, notional amount | 522,777 | 432,648 |
Derivative assets, fair value | 22,429 | 22,028 |
Derivative liabilities, fair value | 22,438 | 22,038 |
Not Designated as Hedging Instrument | RPAs - protection purchased | RPAs - protection sold | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, notional amount | 31,175 | 18,778 |
Derivative assets, fair value | 5 | 4 |
Derivative liabilities, fair value | 0 | 0 |
Not Designated as Hedging Instrument | RPAs - protection purchased | RPAs - protection purchased | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, notional amount | 31,089 | 31,145 |
Derivative assets, fair value | 0 | 0 |
Derivative liabilities, fair value | 4 | 9 |
Not Designated as Hedging Instrument | Interest rate lock commitments | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, notional amount | 3,623 | 1,461 |
Derivative assets, fair value | 77 | 50 |
Derivative liabilities, fair value | 0 | 0 |
Not Designated as Hedging Instrument | Interest rate forward loan sales contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, notional amount | 3,730 | 2,075 |
Derivative assets, fair value | 0 | 0 |
Derivative liabilities, fair value | $ 8 | $ 23 |
Derivatives, Hedging Activiti_4
Derivatives, Hedging Activities and Balance Sheet Offsetting - Additional Information (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative instrument, estimated gain reclassified from AOCI into income | $ 2,200 |
Fair value of derivatives in a net liability position, including accrued interest | $ 4,500 |
Derivatives, Hedging Activiti_5
Derivatives, Hedging Activities and Balance Sheet Offsetting - Effect of Cashflow Hedging on AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Unrealized net gains in cash flow hedging instruments | $ 2,772 | $ 138 |
Location of Gain (Loss) Reclassified from AOCI into Income | 788 | 0 |
Interest rate swaps | Cash flow hedges | Designated as Hedging Instrument | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Unrealized net gains in cash flow hedging instruments | 2,772 | 138 |
Interest rate swaps | Cash flow hedges | Designated as Hedging Instrument | Interest Expense | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Location of Gain (Loss) Reclassified from AOCI into Income | $ 788 | $ 0 |
Derivatives, Hedging Activiti_6
Derivatives, Hedging Activities and Balance Sheet Offsetting - Schedule of Impacts on Statements (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Interest Income | $ 34,731 | $ 40,076 |
Designated as Hedging Instrument | Interest rate swaps | Fair value hedges: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Interest Income | 408 | 159 |
Other Income | 0 | 0 |
Designated as Hedging Instrument | Interest rate swaps | Interest Income | Fair value hedges: | Interest contracts - loans: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Hedged items | (764) | 562 |
Derivative designated as hedging instruments | 1,023 | (402) |
Designated as Hedging Instrument | Interest rate swaps | Interest Income | Fair value hedges: | Interest contracts - securities: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Hedged items | (882) | 0 |
Derivative designated as hedging instruments | 1,059 | 0 |
Designated as Hedging Instrument | Interest rate swaps | Other income | Fair value hedges: | Interest contracts - loans: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Hedged items | 0 | 0 |
Derivative designated as hedging instruments | 0 | 0 |
Designated as Hedging Instrument | Interest rate swaps | Other income | Fair value hedges: | Interest contracts - securities: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Hedged items | 0 | 0 |
Derivative designated as hedging instruments | $ 0 | $ 0 |
Derivatives, Hedging Activiti_7
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, 2024 USD ($) |
Loans | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Carrying Amount of the Hedged Assets | $ 48,539 |
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Asset | (1,926) |
Securities | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Carrying Amount of the Hedged Assets | 149,937 |
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Asset | $ (63) |
Derivatives, Hedging Activiti_8
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, 2024 | Mar. 31, 2023 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivatives not designated as hedging, gain (loss) | $ 46 | $ 133 |
Interest rate swaps | Other income | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivatives not designated as hedging, gain (loss) | 0 | 0 |
RPAs - protection purchased | Other income | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivatives not designated as hedging, gain (loss) | 5 | 69 |
Interest rate lock commitments | Loan revenue | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivatives not designated as hedging, gain (loss) | 27 | 94 |
Interest rate forward loan sales contracts | Loan revenue | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivatives not designated as hedging, gain (loss) | $ 14 | $ (30) |
Derivatives, Hedging Activiti_9
Derivatives, Hedging Activities and Balance Sheet Offsetting - Offsetting Derivative Assets and Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Asset Derivatives | ||
Gross Amounts Recognized | $ 27,844 | $ 25,093 |
Gross Amounts Offset in the Balance Sheet | 0 | 0 |
Net Amounts presented in the Balance Sheet | 27,844 | 25,093 |
Financial Instruments | 0 | 0 |
Cash Collateral Received / Paid | 17,998 | 15,549 |
Net Assets /Liabilities | 9,846 | 9,544 |
Liability Derivatives | ||
Gross Amounts Recognized | 23,141 | 24,057 |
Gross Amounts Offset in the Balance Sheet | 0 | 0 |
Net Amounts presented in the Balance Sheet | 23,141 | 24,057 |
Financial Instruments | 0 | 0 |
Cash Collateral Received / Paid | 2,730 | 2,420 |
Net Assets /Liabilities | $ 20,411 | $ 21,637 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Goodwill and Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2024 | Dec. 31, 2023 | Jan. 31, 2024 | Mar. 31, 2023 | |
Goodwill [Roll Forward] | ||||
Goodwill, beginning of period | $ 62,477 | $ 62,477 | ||
Goodwill from the acquisition of DNVB | 8,641 | 0 | ||
Total goodwill, end of period | 71,118 | $ 62,477 | ||
Core deposit intangible | ||||
Goodwill [Roll Forward] | ||||
Amortized over its estimated useful life | 10 years | |||
DNVB | ||||
Goodwill [Roll Forward] | ||||
Total goodwill, end of period | 8,641 | |||
Core deposit intangible | $ 7,100 | $ 7,100 | $ 0 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 73,310 | $ 66,210 |
Accumulated Amortization | (50,819) | (49,181) |
Net Carrying Amount | 22,491 | 17,029 |
Indefinite-lived trade name intangible | 7,040 | 7,040 |
Other intangible assets, net | 29,531 | 24,069 |
Core deposit intangible | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 65,345 | 58,245 |
Accumulated Amortization | (43,044) | (41,499) |
Net Carrying Amount | 22,301 | 16,746 |
Customer relationship intangible | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 5,265 | 5,265 |
Accumulated Amortization | (5,092) | (5,008) |
Net Carrying Amount | 173 | 257 |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 2,700 | 2,700 |
Accumulated Amortization | (2,683) | (2,674) |
Net Carrying Amount | $ 17 | $ 26 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Schedule of Future Amortization Expense (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Finite-Lived Intangible Assets [Line Items] | ||
2024 | $ 4,514 | |
2025 | 4,944 | |
2026 | 3,840 | |
2027 | 2,757 | |
2028 | 2,110 | |
Thereafter | 4,326 | |
Net Carrying Amount | 22,491 | $ 17,029 |
Core deposit intangible | ||
Finite-Lived Intangible Assets [Line Items] | ||
2024 | 4,344 | |
2025 | 4,924 | |
2026 | 3,840 | |
2027 | 2,757 | |
2028 | 2,110 | |
Thereafter | 4,326 | |
Net Carrying Amount | 22,301 | 16,746 |
Customer relationship intangible | ||
Finite-Lived Intangible Assets [Line Items] | ||
2024 | 155 | |
2025 | 18 | |
2026 | 0 | |
2027 | 0 | |
2028 | 0 | |
Thereafter | 0 | |
Net Carrying Amount | 173 | 257 |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
2024 | 15 | |
2025 | 2 | |
2026 | 0 | |
2027 | 0 | |
2028 | 0 | |
Thereafter | 0 | |
Net Carrying Amount | $ 17 | $ 26 |
Other Assets (Details)
Other Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Other Assets [Abstract] | ||
Bank-owned life insurance | $ 98,700 | $ 98,039 |
Interest receivable | 30,728 | 29,768 |
FHLB stock | 5,220 | 5,806 |
Mortgage servicing rights | 12,965 | 13,333 |
Operating lease right-of-use assets, net | 2,153 | 2,337 |
Federal and state income taxes, current | 579 | 1,556 |
Federal and state income taxes, deferred | 29,582 | 31,218 |
Derivative assets | 27,844 | 25,093 |
Other receivables/assets | 18,706 | 15,630 |
Other assets | $ 226,477 | $ 222,780 |
Deposits (Details)
Deposits (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Deposits [Abstract] | ||
Noninterest bearing deposits | $ 920,764 | $ 897,053 |
Interest checking deposits | 1,349,823 | 1,320,435 |
Money market deposits | 1,122,717 | 1,105,493 |
Savings deposits | 728,276 | 650,655 |
Time deposits of $250 and under | 992,851 | 973,253 |
Time deposits over $250 | 470,805 | 448,784 |
Total deposits | 5,585,236 | 5,395,673 |
Domestic time deposit, brokered | 14,000 | 15,200 |
Domestic non-time deposit, brokered | 132,700 | 128,000 |
Noninterest-bearing reciprocal deposits | 64,200 | 58,000 |
Brokered deposit | 205,000 | 221,000 |
Deposits of government entities | $ 285,100 | $ 183,400 |
Short-Term Borrowings (Details)
Short-Term Borrowings (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Short-term Debt [Line Items] | ||
Weighted Average Rate | 4.79% | 4.78% |
Short-term borrowings | $ 422,988,000 | $ 300,264,000 |
Debt securities available for sale | 797,230,000 | 795,134,000 |
Asset Pledged as Collateral without Right | ||
Short-term Debt [Line Items] | ||
Debt securities available for sale | $ 1,240,000,000 | $ 1,160,000,000 |
Securities sold under agreements to repurchase | ||
Short-term Debt [Line Items] | ||
Weighted Average Rate | 0.68% | 0.72% |
Short-term borrowings | $ 4,988,000 | $ 5,064,000 |
Federal Home Loan Bank advances | ||
Short-term Debt [Line Items] | ||
Weighted Average Rate | 0% | 5.64% |
Short-term borrowings | $ 0 | $ 10,200,000 |
Federal Reserve Bank borrowings | ||
Short-term Debt [Line Items] | ||
Weighted Average Rate | 4.77% | 4.82% |
Short-term borrowings | $ 405,000,000 | $ 285,000,000 |
Unsecured line of credit | ||
Short-term Debt [Line Items] | ||
Weighted Average Rate | 6.88% | 0% |
Short-term borrowings | $ 13,000,000 | $ 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 | 1.55% | |
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 | Federal Reserve | ||
Short-term Debt [Line Items] | ||
Short-term borrowings | 0 | 0 |
Financing capacity | 421,400,000 | 428,800,000 |
Federal Reserve Bank advances | Bank Term Funding Loan | ||
Short-term Debt [Line Items] | ||
Short-term borrowings | 405,000,000 | |
Federal Reserve Bank advances | Asset Pledged as Collateral without Right | Municipal Securities Loan | ||
Short-term Debt [Line Items] | ||
Debt securities available for sale | $ 790,300,000 | $ 797,600,000 |
Long-Term Debt - Junior Subordi
Long-Term Debt - Junior Subordinated Notes (Details) - Junior subordinated notes - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Debt Instrument [Line Items] | ||
Debt instrument, face amount | $ 44,847 | |
Debt instrument, book value | $ 42,337 | $ 42,293 |
Stated maturity date | 5 years | |
ATBancorp Statutory Trust I | ||
Debt Instrument [Line Items] | ||
Debt instrument, face amount | $ 7,732 | |
Debt instrument, book value | $ 6,980 | $ 6,970 |
Interest rate | 7.27% | 7.33% |
ATBancorp Statutory Trust I | London Interbank Offered Rate (LIBOR) | ||
Debt Instrument [Line Items] | ||
Debt instrument, basis spread on variable rate | 1.68% | |
ATBancorp Statutory Trust II | ||
Debt Instrument [Line Items] | ||
Debt instrument, face amount | $ 12,372 | |
Debt instrument, book value | $ 11,051 | $ 11,034 |
Interest rate | 7.24% | 7.30% |
ATBancorp Statutory Trust II | London Interbank Offered Rate (LIBOR) | ||
Debt Instrument [Line Items] | ||
Debt instrument, basis spread on variable rate | 1.65% | |
ATBancorp Statutory Trust II | Secured Overnight Financing Rate (SOFR) | ||
Debt Instrument [Line Items] | ||
Debt instrument, basis spread on variable rate | 0.26% | |
Barron Investment Capital Trust I | ||
Debt Instrument [Line Items] | ||
Debt instrument, face amount | $ 2,062 | |
Debt instrument, book value | $ 1,868 | $ 1,861 |
Interest rate | 7.73% | 7.77% |
Barron Investment Capital Trust I | London Interbank Offered Rate (LIBOR) | ||
Debt Instrument [Line Items] | ||
Debt instrument, basis spread on variable rate | 2.15% | |
Central Bancshares Capital Trust II | ||
Debt Instrument [Line Items] | ||
Debt instrument, face amount | $ 7,217 | |
Debt instrument, book value | $ 6,974 | $ 6,964 |
Interest rate | 9.09% | 9.15% |
Central Bancshares Capital Trust II | London Interbank Offered Rate (LIBOR) | ||
Debt Instrument [Line Items] | ||
Debt instrument, basis spread on variable rate | 3.50% | |
MidWestOne Statutory Trust II | ||
Debt Instrument [Line Items] | ||
Debt instrument, face amount | $ 15,464 | |
Debt instrument, book value | $ 15,464 | $ 15,464 |
Interest rate | 7.18% | 7.24% |
MidWestOne Statutory Trust II | London Interbank Offered Rate (LIBOR) | ||
Debt Instrument [Line Items] | ||
Debt instrument, basis spread on variable rate | 1.59% |
Long-Term Debt - Subordinated D
Long-Term Debt - Subordinated Debentures (Details) - Subordinated debt - USD ($) $ in Thousands | 3 Months Ended | ||
Jul. 28, 2020 | Mar. 31, 2024 | Dec. 31, 2023 | |
Debt Instrument [Line Items] | |||
Percentage of debentures categorized as tier 2 capital | 100% | ||
Percentage of debentures, decrease to tier 2 treatment, per year | 20% | ||
Decrease to tier 2 treatment, period of recognition | 5 years | ||
Long-term debt | $ 64,200 | $ 64,100 | |
5.75% Fixed to floating subordinated notes | |||
Debt Instrument [Line Items] | |||
Debt instrument, face amount | $ 63,750 | ||
Interest rate | 5.75% | ||
5.75% Fixed to floating subordinated notes | Private placement | |||
Debt Instrument [Line Items] | |||
Sale of equity | $ 65,000 |
Long-Term Debt - Other Long-Ter
Long-Term Debt - Other Long-Term Debt (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Dec. 31, 2023 | Jun. 07, 2022 | |
Debt Instrument [Line Items] | |||
Weighted Average Rate | 5.44% | 5.56% | |
Balance | $ 15,559 | $ 16,866 | |
Unsecured line of credit, maximum borrowing capacity | $ 35,000 | ||
Finance lease payable | |||
Debt Instrument [Line Items] | |||
Weighted Average Rate | 8.89% | 8.89% | |
Balance | $ 554 | $ 604 | |
FHLB borrowings | |||
Debt Instrument [Line Items] | |||
Weighted Average Rate | 3.11% | 3.11% | |
Balance | $ 6,255 | $ 6,262 | |
Federal home loan, bank advances general debt obligations, disclosures maximum borrowing capacity as percentage of total assets | 45% | ||
Note payable to unaffiliated bank | |||
Debt Instrument [Line Items] | |||
Weighted Average Rate | 6.88% | 6.89% | |
Balance | $ 8,750 | $ 10,000 | |
Note payable to unaffiliated bank | SOFR Rate | |||
Debt Instrument [Line Items] | |||
Debt instrument, basis spread on variable rate | 1.55% |
Long-Term Debt - Federal Home L
Long-Term Debt - Federal Home Loan Bank Advances (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
Weighted Average Rate | |
Due in 2024 | 3.11% |
Amount | |
Due in 2024 | $ 6,250 |
Valuation adjustment from acquisition accounting | 5 |
Total | $ 6,255 |
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, 2024 | Mar. 31, 2023 | |
Basic Earnings Per Share: | ||
Net income | $ 3,269 | $ 1,397 |
Weighted average shares outstanding (in shares) | 15,722,697 | 15,649,651 |
Basic earnings per common share (in dollars per share) | $ 0.21 | $ 0.09 |
Diluted Earnings Per Share: | ||
Net income | $ 3,269 | $ 1,397 |
Weighted average shares outstanding, including all dilutive potential shares (in shares) | 15,773,521 | 15,691,168 |
Diluted earnings per common share (in dollars per share) | $ 0.21 | $ 0.09 |
Regulatory Capital Requiremen_3
Regulatory Capital Requirements and Restrictions on Subsidiary Cash (Details) | Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Cash reserve deposit required and made | $ 0 | $ 0 |
Capital | $ 661,448,000 | $ 668,748,000 |
Capital to risk weighted assets | 0.1197 | 0.1253 |
Capital required for capital adequacy | $ 580,192,000 | $ 560,596,000 |
Capital required for capital adequacy to risk weighted assets | 0.1050 | 0.1050 |
Tier one risk based capital | $ 538,756,000 | $ 554,177,000 |
Tier one risk based capital to risk weighted assets | 0.0975 | 0.1038 |
Tier one risk based capital required for capital adequacy | $ 469,679,000 | $ 453,816,000 |
Tier one risk based capital required for capital adequacy to risk weighted assets | 0.0850 | 0.0850 |
Common equity tier one capital | $ 496,419,000 | $ 511,884,000 |
Common equity tier one capital to risk weighted assets | 8.98% | 9.59% |
Common equity tier one capital required for capital adequacy | $ 386,795,000 | $ 373,731,000 |
Common equity tier one capital required for capital adequacy to risk weighted assets | 7% | 7% |
Tier one leverage capital | $ 538,756,000 | $ 554,177,000 |
Tier one leverage capital to average assets | 0.0816 | 0.0858 |
Tier one leverage capital required for capital adequacy | $ 264,001,000 | $ 258,487,000 |
Tier one leverage capital required for capital adequacy to average assets | 0.0400 | 0.0400 |
Capital conservation buffer | 2.50% | 2.50% |
MidWestOne Bank | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Capital | $ 675,287,000 | $ 656,027,000 |
Capital to risk weighted assets | 0.1225 | 0.1249 |
Capital required for capital adequacy | $ 578,805,000 | $ 551,658,000 |
Capital required for capital adequacy to risk weighted assets | 0.1050 | 0.1050 |
Capital required to be well capitalized | $ 551,243,000 | $ 525,388,000 |
Capital required to be well capitalized to risk weighted assets | 0.1000 | 0.1000 |
Tier one risk based capital | $ 617,596,000 | $ 606,456,000 |
Tier one risk based capital to risk weighted assets | 0.1120 | 0.1154 |
Tier one risk based capital required for capital adequacy | $ 468,557,000 | $ 446,580,000 |
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 | $ 440,995,000 | $ 420,310,000 |
Tier one risk based capital required to be well capitalized to risk weighted assets | 0.0800 | 0.0800 |
Common equity tier one capital | $ 617,596,000 | $ 606,456,000 |
Common equity tier one capital to risk weighted assets | 11.20% | 11.54% |
Common equity tier one capital required for capital adequacy | $ 385,870,000 | $ 367,772,000 |
Common equity tier one capital required for capital adequacy to risk weighted assets | 7% | 7% |
Common equity tier one risk based capital required to be well capitalized | $ 358,308,000 | $ 341,502,000 |
Common equity tier one risk based capital required to be well capitalized to risk weighted assets | 6.50% | 6.50% |
Tier one leverage capital | $ 617,596,000 | $ 606,456,000 |
Tier one leverage capital to average assets | 0.0936 | 0.0939 |
Tier one leverage capital required for capital adequacy | $ 263,801,000 | $ 258,339,000 |
Tier one leverage capital required for capital adequacy to average assets | 0.0400 | 0.0400 |
Tier one leverage capital required to be well capitalized | $ 329,751,000 | $ 322,924,000 |
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, 2024 | Dec. 31, 2023 |
Other Commitments [Line Items] | ||
Total | $ 1,241,095 | $ 1,211,841 |
Commitments to sell loans | ||
Other Commitments [Line Items] | ||
Total | 2,329 | 1,045 |
Commitments to extend credit | ||
Other Commitments [Line Items] | ||
Total | 1,230,612 | 1,203,001 |
Standby letters of credit | ||
Other Commitments [Line Items] | ||
Total | $ 8,154 | $ 7,795 |
Commitments and Contingencies_2
Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Concentration Risk [Line Items] | |||
Off-balance sheet, credit loss, liability | $ 4.7 | $ 4.6 | |
Credit loss expense, off balance sheet credit loss expense (benefit) | $ 0.1 | $ 0 | |
Credit Concentration Risk | Loans Concentration | Agricultural Related Loan Financing Receivable | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 7% | ||
Credit Concentration Risk | Loans Concentration | Commercial real estate | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 66% | ||
Credit Concentration Risk | Investment Securities | State and political subdivisions | IOWA | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 13% | ||
Credit Concentration Risk | Investment Securities | State and political subdivisions | CALIFORNIA | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 12% | ||
Credit Concentration Risk | Investment Securities | State and political subdivisions | MINNESOTA | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 10% |
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, 2024 | Dec. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Debt securities available for sale | $ 797,230 | $ 795,134 |
Derivative assets | 27,844 | 25,093 |
Mortgage servicing rights | 12,965 | 13,333 |
Derivative liabilities | 23,141 | 24,057 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Debt securities available for sale | 0 | 0 |
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Debt securities available for sale | 797,230 | 795,134 |
Derivative assets | 27,767 | 25,043 |
Derivative liabilities | 23,141 | 24,057 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Debt securities available for sale | 0 | 0 |
Derivative assets | 77 | 50 |
Derivative liabilities | 0 | 0 |
U.S. Treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Debt securities available for sale | 247 | |
State and political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Debt securities available for sale | 123,378 | 130,139 |
Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Debt securities available for sale | 5,199 | 5,311 |
Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Debt securities available for sale | 427,918 | 440,051 |
Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Derivative assets | 27,844 | 25,093 |
Mortgage servicing rights | 12,965 | 13,333 |
Derivative liabilities | 23,141 | 24,057 |
Recurring | Collateralized loan obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Debt securities available for sale | 61,866 | 50,437 |
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 1 | Collateralized loan obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Debt securities available for sale | 0 | 0 |
Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Derivative assets | 27,767 | 25,043 |
Mortgage servicing rights | 12,965 | 13,333 |
Derivative liabilities | 23,141 | 24,057 |
Recurring | Level 2 | Collateralized loan obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Debt securities available for sale | 61,866 | 50,437 |
Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Derivative assets | 77 | 50 |
Mortgage servicing rights | 0 | 0 |
Derivative liabilities | 0 | 0 |
Recurring | Level 3 | Collateralized loan obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Debt securities available for sale | 0 | 0 |
Recurring | U.S. Treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Debt securities available for sale | 247 | |
Recurring | U.S. Treasury securities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Debt securities available for sale | 0 | |
Recurring | U.S. Treasury securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Debt securities available for sale | 247 | |
Recurring | U.S. Treasury securities | 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 | 123,378 | 130,139 |
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 | 123,378 | 130,139 |
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 | 5,199 | 5,311 |
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 | 5,199 | 5,311 |
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 | 178,622 | 169,196 |
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 | 178,622 | 169,196 |
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 | 427,918 | 440,051 |
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 | 427,918 | 440,051 |
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, 2024 USD ($) | Dec. 31, 2023 USD ($) |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets, fair value | $ 27,844 | $ 25,093 |
Recurring | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets, fair value | 27,844 | 25,093 |
Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets, fair value | 77 | 50 |
Level 3 | Recurring | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets, fair value | 77 | 50 |
Interest rate lock commitments | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets, fair value | $ 77 | $ 50 |
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 | 0.71 | |
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 | 0.86 |
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, 2024 USD ($) | Dec. 31, 2023 USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Foreclosed assets, net | $ 3,897 | $ 3,929 |
Nonrecurring | Collateral dependent individually analyzed loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Collateral dependent individually analyzed loans | 4,481 | 6,524 |
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 | $ 4,481 | 6,524 |
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 | 0.33 | |
Nonrecurring | Collateral dependent individually analyzed loans | Level 3 | Weighted Average | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Measurement input | 0.11 | |
Nonrecurring | Foreclosed assets, net | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Foreclosed assets, net | $ 3,897 | 3,929 |
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 | $ 3,897 | $ 3,929 |
Nonrecurring | Foreclosed assets, net | Level 3 | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Measurement input | 0.07 | |
Nonrecurring | Foreclosed assets, net | Level 3 | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Measurement input | 0.11 | |
Nonrecurring | Foreclosed assets, net | Level 3 | Weighted Average | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Measurement input | 0.11 |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments and Fair Value Measurements - Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Financial assets: | ||
Debt securities available for sale | $ 797,230 | $ 795,134 |
Debt securities held to maturity | 1,064,939 | 1,075,190 |
Interest receivable | 30,728 | 29,768 |
FHLB stock | 5,220 | 5,806 |
Derivative assets | 27,844 | 25,093 |
Financial liabilities: | ||
Interest bearing deposits | 1,349,823 | 1,320,435 |
Short-term borrowings | 422,988 | 300,264 |
Finance leases payable | 554 | 604 |
Derivative liabilities | 23,141 | 24,057 |
Carrying Amount | ||
Financial assets: | ||
Cash and cash equivalents | 97,762 | 81,727 |
Debt securities available for sale | 797,230 | 795,134 |
Debt securities held to maturity | 1,064,939 | 1,075,190 |
Loans held for sale | 2,329 | 1,045 |
Loans held for investment, net | 4,358,746 | 4,075,447 |
Interest receivable | 30,728 | 29,768 |
FHLB stock | 5,220 | 5,806 |
Derivative assets | 27,844 | 25,093 |
Financial liabilities: | ||
Noninterest bearing deposits | 920,764 | 897,053 |
Interest bearing deposits | 4,664,472 | 4,498,620 |
Short-term borrowings | 422,988 | 300,264 |
Finance leases payable | 554 | 604 |
FHLB borrowings | 6,255 | 6,262 |
Junior subordinated notes issued to capital trusts | 42,337 | 42,293 |
Subordinated debentures | 64,170 | 64,137 |
Other long-term debt | 8,750 | 10,000 |
Derivative liabilities | 23,141 | 24,057 |
Estimated Fair Value | ||
Financial assets: | ||
Cash and cash equivalents | 97,762 | 81,727 |
Debt securities available for sale | 797,230 | 795,134 |
Debt securities held to maturity | 875,644 | 895,263 |
Loans held for sale | 2,357 | 1,083 |
Loans held for investment, net | 4,220,905 | 3,953,368 |
Interest receivable | 30,728 | 29,768 |
FHLB stock | 5,220 | 5,806 |
Derivative assets | 27,844 | 25,093 |
Financial liabilities: | ||
Noninterest bearing deposits | 920,764 | 897,053 |
Interest bearing deposits | 4,635,692 | 4,489,322 |
Short-term borrowings | 422,988 | 300,264 |
Finance leases payable | 554 | 604 |
FHLB borrowings | 5,929 | 6,199 |
Junior subordinated notes issued to capital trusts | 37,990 | 37,938 |
Subordinated debentures | 60,876 | 61,940 |
Other long-term debt | 8,750 | 10,000 |
Derivative liabilities | 23,141 | 24,057 |
Level 1 | ||
Financial assets: | ||
Cash and cash equivalents | 97,762 | 81,727 |
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 | 920,764 | 897,053 |
Interest bearing deposits | 3,200,816 | 3,076,582 |
Short-term borrowings | 422,988 | 300,264 |
Finance leases payable | 0 | 0 |
FHLB borrowings | 0 | 0 |
Junior subordinated notes issued to capital trusts | 0 | 0 |
Subordinated debentures | 0 | 0 |
Other long-term debt | 0 | 0 |
Derivative liabilities | 0 | 0 |
Level 2 | ||
Financial assets: | ||
Cash and cash equivalents | 0 | 0 |
Debt securities available for sale | 797,230 | 795,134 |
Debt securities held to maturity | 875,644 | 895,263 |
Loans held for sale | 2,357 | 1,083 |
Loans held for investment, net | 0 | 0 |
Interest receivable | 30,728 | 29,768 |
FHLB stock | 5,220 | 5,806 |
Derivative assets | 27,767 | 25,043 |
Financial liabilities: | ||
Noninterest bearing deposits | 0 | 0 |
Interest bearing deposits | 1,434,876 | 1,412,740 |
Short-term borrowings | 0 | 0 |
Finance leases payable | 554 | 604 |
FHLB borrowings | 5,929 | 6,199 |
Junior subordinated notes issued to capital trusts | 37,990 | 37,938 |
Subordinated debentures | 60,876 | 61,940 |
Other long-term debt | 8,750 | 10,000 |
Derivative liabilities | 23,141 | 24,057 |
Level 3 | ||
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 | 4,220,905 | 3,953,368 |
Interest receivable | 0 | 0 |
FHLB stock | 0 | 0 |
Derivative assets | 77 | 50 |
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 |
Other long-term debt | 0 | 0 |
Derivative liabilities | $ 0 | $ 0 |
Leases - Assets and Liabilities
Leases - Assets and Liabilities (Details) $ in Thousands | Mar. 31, 2024 USD ($) lease | Dec. 31, 2023 USD ($) |
Leases [Abstract] | ||
Number of leases | lease | 1 | |
Lease Right of Use Assets [Abstract] | ||
Operating lease right-of-use assets | $ 2,153 | $ 2,337 |
Finance lease right-of-use asset | 231 | 255 |
Total right-of-use assets | 2,384 | 2,592 |
Lease Liabilities [Abstract] | ||
Operating lease liability | 2,842 | 3,078 |
Finance lease liability | 554 | 604 |
Total lease liabilities | $ 3,396 | $ 3,682 |
Weighted-average remaining lease term: | ||
Operating leases | 10 years 7 months 9 days | 10 years 2 months 12 days |
Finance lease | 2 years 5 months 1 day | 2 years 8 months 1 day |
Weighted-average discount rate: | ||
Operating leases | 4.54% | 4.43% |
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, 2024 | Mar. 31, 2023 | |
Leases [Abstract] | ||
Operating lease cost | $ 388 | $ 292 |
Variable lease cost | 7 | 7 |
Interest on lease liabilities | 13 | 17 |
Amortization of right-of-use assets | 24 | 24 |
Net lease cost | 432 | 340 |
Operating cash flows from operating leases | 822 | 605 |
Operating cash flows from finance lease | 13 | 17 |
Finance cash flows from finance lease | 50 | 43 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 156 | $ 292 |
Leases - Maturity Schedule (Det
Leases - Maturity Schedule (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Finance Leases | ||
December 31, 2024 | $ 188 | |
December 31, 2025 | 254 | |
December 31, 2026 | 172 | |
December 31, 2027 | 0 | |
December 31, 2028 | 0 | |
Thereafter | 0 | |
Total undiscounted lease payment | 614 | |
Amounts representing interest | (60) | |
Finance lease liability | 554 | $ 604 |
Operating Leases | ||
December 31, 2024 | 734 | |
December 31, 2025 | 601 | |
December 31, 2026 | 447 | |
December 31, 2027 | 302 | |
December 31, 2028 | 138 | |
Thereafter | 1,600 | |
Total undiscounted lease payment | 3,822 | |
Amounts representing interest | (980) | |
Operating lease liability | $ 2,842 | $ 3,078 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | $ 524,378 | $ 492,793 |
Other comprehensive (loss) income before reclassifications | 4,052 | 324 |
Amounts reclassified from AOCI | 43 | 9,838 |
Other comprehensive income, net of tax | 4,095 | 10,162 |
Ending balance | 528,040 | 500,650 |
AOCI Attributable to Parent | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (64,899) | (89,047) |
Other comprehensive income, net of tax | 4,095 | 10,162 |
Ending balance | (60,804) | (78,885) |
Unrealized Gain (Loss) from AFS Debt Securities | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (69,915) | (91,852) |
Other comprehensive (loss) income before reclassifications | 1,607 | (213) |
Amounts reclassified from AOCI | 632 | 9,838 |
Other comprehensive income, net of tax | 2,239 | 9,625 |
Ending balance | (67,676) | (82,227) |
Reclassification of AFS Debt Securities to HTM | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | 4,511 | 2,805 |
Other comprehensive (loss) income before reclassifications | 374 | 434 |
Amounts reclassified from AOCI | 0 | 0 |
Other comprehensive income, net of tax | 374 | 434 |
Ending balance | 4,885 | 3,239 |
Unrealized Gain from Cash Flow Hedging Instruments | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | 505 | 0 |
Other comprehensive (loss) income before reclassifications | 2,071 | 103 |
Amounts reclassified from AOCI | (589) | 0 |
Other comprehensive income, net of tax | 1,482 | 103 |
Ending balance | $ 1,987 | $ 103 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) - s (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Investment securities gains (losses), net | $ 36 | $ (13,170) |
Interest income | 69,535 | 59,305 |
Interest expense | (34,804) | (19,229) |
Income tax expense | (958) | (381) |
Net income | 3,269 | 1,397 |
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Investment securities gains (losses), net | (36) | 13,170 |
Interest income | 882 | 0 |
Interest expense | (788) | 0 |
Income tax expense | (15) | (3,332) |
Net income | $ 43 | $ 9,838 |
Subsequent Events (Details)
Subsequent Events (Details) | Apr. 25, 2024 $ / shares |
Common Stock | Subsequent Event | |
Subsequent Event [Line Items] | |
Dividends payable (in dollars per share) | $ 0.2425 |