Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2024 | Aug. 08, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2024 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q2 | |
Document Transition Report | false | |
Entity File Number | 001-38656 | |
Entity Registrant Name | BANK7 CORP. | |
Entity Central Index Key | 0001746129 | |
Entity Incorporation, State or Country Code | OK | |
Entity Tax Identification Number | 20-0764349 | |
Entity Address, Address Line One | 1039 N.W. 63rd Street | |
Entity Address, City or Town | Oklahoma City | |
Entity Address, State or Province | OK | |
Entity Address, Postal Zip Code | 73116-7361 | |
City Area Code | 405 | |
Local Phone Number | 810-8600 | |
Title of 12(b) Security | Common Stock, $0.01 par value per Share | |
Trading Symbol | BSVN | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 9,337,760 |
Unaudited Condensed Consolidate
Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Assets | ||
Cash and due from banks | $ 210,105 | $ 181,042 |
Interest-bearing time deposits in other banks | 12,202 | 17,679 |
Available-for-sale debt securities | 66,284 | 169,487 |
Loans, net of allowance for credit losses of $17,772 and $19,691 at June 30, 2024 and December 31, 2023, respectively | 1,334,317 | 1,341,148 |
Loans held for sale | 0 | 718 |
Premises and equipment, net | 16,736 | 14,942 |
Nonmarketable equity securities | 1,275 | 1,283 |
Core deposit intangibles | 938 | 1,031 |
Goodwill | 8,458 | 8,458 |
Income taxes receivable | 358 | 0 |
Interest receivable and other assets | 32,240 | 35,878 |
Total assets | 1,682,913 | 1,771,666 |
Deposits | ||
Noninterest-bearing | 350,324 | 482,349 |
Interest-bearing | 1,130,993 | 1,109,042 |
Total deposits | 1,481,317 | 1,591,391 |
Income taxes payable | 0 | 302 |
Interest payable and other liabilities | 10,790 | 9,647 |
Total liabilities | 1,492,107 | 1,601,340 |
Shareholders' equity | ||
Common stock, $0.01 par value; 50,000,000 shares authorized; shares issued and outstanding: 9,253,038 and 9,197,696 at June 30, 2024 and December 31, 2023, respectively | 93 | 92 |
Additional paid-in capital | 98,570 | 97,417 |
Retained earnings | 97,891 | 78,962 |
Accumulated other comprehensive loss | (5,748) | (6,145) |
Total shareholders' equity | 190,806 | 170,326 |
Total liabilities and shareholders' equity | $ 1,682,913 | $ 1,771,666 |
Unaudited Condensed Consolida_2
Unaudited Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Assets | ||
Allowance for credit losses | $ 17,772 | $ 19,691 |
Shareholders' equity | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, shares issued (in shares) | 9,253,038 | 9,197,696 |
Common stock, shares outstanding (in shares) | 9,253,038 | 9,197,696 |
Unaudited Condensed Consolida_3
Unaudited Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Interest Income | ||||
Loans, including fees | $ 28,926 | $ 26,885 | $ 59,043 | $ 52,237 |
Interest-bearing time deposits in other banks | 246 | 62 | 499 | 111 |
Debt securities, taxable | 951 | 701 | 1,963 | 1,407 |
Debt securities, tax-exempt | 71 | 85 | 144 | 172 |
Other interest and dividend income | 2,242 | 2,309 | 4,074 | 3,495 |
Total interest income | 32,436 | 30,042 | 65,723 | 57,422 |
Interest Expense | ||||
Deposits | 11,204 | 9,544 | 22,481 | 16,918 |
Total interest expense | 11,204 | 9,544 | 22,481 | 16,918 |
Net Interest Income | 21,232 | 20,498 | 43,242 | 40,504 |
Provision for Credit Losses | 0 | 1,011 | 0 | 1,485 |
Net Interest Income After Provision for Credit Losses | 21,232 | 19,487 | 43,242 | 39,019 |
Noninterest Income | ||||
Mortgage lending income | 78 | 112 | 129 | 166 |
Loss on sales, prepayments, and calls of available-for-sale debt securities | 0 | (7) | 0 | (8) |
Service charges on deposit accounts | 260 | 199 | 509 | 434 |
Other | 2,827 | 490 | 4,536 | 874 |
Total noninterest income | 3,165 | 794 | 5,174 | 1,466 |
Noninterest Expense | ||||
Salaries and employee benefits | 5,118 | 4,709 | 10,407 | 9,389 |
Furniture and equipment | 324 | 251 | 554 | 500 |
Occupancy | 613 | 599 | 1,273 | 1,318 |
Data and item processing | 481 | 469 | 939 | 856 |
Accounting, marketing and legal fees | 264 | 179 | 364 | 478 |
Regulatory assessments | 336 | 339 | 723 | 734 |
Advertising and public relations | 83 | 52 | 229 | 200 |
Travel, lodging and entertainment | 131 | 110 | 183 | 171 |
Other | 1,792 | 669 | 3,606 | 1,381 |
Total noninterest expense | 9,142 | 7,377 | 18,278 | 15,027 |
Income Before Taxes | 15,255 | 12,904 | 30,138 | 25,458 |
Income tax expense | 3,731 | 3,158 | 7,326 | 6,105 |
Net Income | $ 11,524 | $ 9,746 | $ 22,812 | $ 19,353 |
Earnings per common share - basic (in dollars per share) | $ 1.25 | $ 1.06 | $ 2.47 | $ 2.12 |
Earnings per common share - diluted (in dollars per share) | $ 1.23 | $ 1.05 | $ 2.44 | $ 2.09 |
Weighted average common shares outstanding - basic (in shares) | 9,250,332 | 9,153,077 | 9,235,176 | 9,150,022 |
Weighted average common shares outstanding - diluted (in shares) | 9,367,247 | 9,247,101 | 9,343,047 | 9,256,450 |
Other comprehensive income (loss) | ||||
Unrealized gains (losses) on securities, net of tax expense of $123 and tax benefit $0 for the three months ended June 30, 2024 and 2023, respectively; net of tax expense of $123 and tax benefit of $554 for the six months ended June 30, 2024 and 2023, respectively | $ (59) | $ (1,169) | $ 397 | $ 586 |
Reclassification adjustment for realized losses included in net income net of tax of $0 and $2 for the three months ended June 30, 2024 and 2023, respectively; $0 and $2 for the six months ended June 30, 2024 and 2023, respectively | 0 | 5 | 0 | 6 |
Other comprehensive income (loss) | (59) | (1,164) | 397 | 592 |
Comprehensive Income | $ 11,465 | $ 8,582 | $ 23,209 | $ 19,945 |
Unaudited Condensed Consolida_4
Unaudited Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Other comprehensive income (loss) | ||||
Unrealized gains (losses) on securities, tax | $ 123 | $ 0 | $ 123 | $ 554 |
Reclassification adjustment for realized losses, tax | $ 0 | $ 2 | $ 0 | $ 2 |
Unaudited Condensed Consolida_5
Unaudited Condensed Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Retained Earnings [Member] Cumulative Effect of Change in Accounting Principle, Net of Tax [Member] | Accumulated Other Comprehensive Loss [Member] | Total |
Balance at Dec. 31, 2022 | $ 91 | $ 95,263 | $ 58,049 | $ (572) | $ (9,303) | |
Balance (in shares) at Dec. 31, 2022 | 9,131,973 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Accounting Standards Update [Extensible Enumeration] | Accounting Standards Update 2016-13 [Member] | |||||
Net income | 19,353 | $ 19,353 | ||||
Exercise of employee stock options (in shares) | 13,862 | |||||
Exercise of stock options | 241 | |||||
Shares issued for restricted stock units (in shares) | 14,109 | |||||
Shares issued for restricted stock units | $ 1 | |||||
Shares acquired and canceled (in shares) | (5,010) | |||||
Shares purchased and retired for restricted stock units | (133) | |||||
Stock-based compensation expense | 1,127 | |||||
Cash dividends declared | (2,929) | |||||
Comprehensive income (loss) | 592 | 592 | ||||
Balance at Jun. 30, 2023 | $ 92 | 96,498 | 73,901 | (8,711) | $ 161,780 | |
Balance (in shares) at Jun. 30, 2023 | 9,154,934 | |||||
Balance at Mar. 31, 2023 | $ 92 | 95,841 | 65,620 | 0 | (7,547) | |
Balance (in shares) at Mar. 31, 2023 | 9,151,977 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Accounting Standards Update [Extensible Enumeration] | Accounting Standards Update 2016-13 [Member] | |||||
Net income | 9,746 | $ 9,746 | ||||
Exercise of employee stock options (in shares) | 2,125 | |||||
Exercise of stock options | 37 | |||||
Shares issued for restricted stock units (in shares) | 875 | |||||
Shares issued for restricted stock units | $ 0 | |||||
Shares acquired and canceled (in shares) | (43) | |||||
Shares purchased and retired for restricted stock units | (1) | |||||
Stock-based compensation expense | 621 | |||||
Cash dividends declared | (1,465) | |||||
Comprehensive income (loss) | (1,164) | (1,164) | ||||
Balance at Jun. 30, 2023 | $ 92 | 96,498 | 73,901 | (8,711) | 161,780 | |
Balance (in shares) at Jun. 30, 2023 | 9,154,934 | |||||
Balance at Dec. 31, 2023 | $ 92 | 97,417 | 78,962 | 0 | (6,145) | $ 170,326 |
Balance (in shares) at Dec. 31, 2023 | 9,197,696 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Accounting Standards Update [Extensible Enumeration] | Accounting Standards Update 2016-13 [Member] | |||||
Net income | 22,812 | $ 22,812 | ||||
Exercise of employee stock options (in shares) | 19,001 | |||||
Exercise of stock options | 330 | |||||
Shares issued for restricted stock units (in shares) | 51,636 | |||||
Shares issued for restricted stock units | $ 1 | |||||
Shares acquired and canceled (in shares) | (15,295) | |||||
Shares purchased and retired for restricted stock units | (418) | |||||
Stock-based compensation expense | 1,241 | |||||
Cash dividends declared | (3,883) | |||||
Comprehensive income (loss) | 397 | 397 | ||||
Balance at Jun. 30, 2024 | $ 93 | 98,570 | 97,891 | (5,748) | $ 190,806 | |
Balance (in shares) at Jun. 30, 2024 | 9,253,038 | |||||
Balance at Mar. 31, 2024 | $ 92 | 97,669 | 88,310 | $ 0 | (5,689) | |
Balance (in shares) at Mar. 31, 2024 | 9,238,206 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Accounting Standards Update [Extensible Enumeration] | Accounting Standards Update 2016-13 [Member] | |||||
Net income | 11,524 | $ 11,524 | ||||
Exercise of employee stock options (in shares) | 14,750 | |||||
Exercise of stock options | 265 | |||||
Shares issued for restricted stock units (in shares) | 125 | |||||
Shares issued for restricted stock units | $ 1 | |||||
Shares acquired and canceled (in shares) | (43) | |||||
Shares purchased and retired for restricted stock units | (1) | |||||
Stock-based compensation expense | 637 | |||||
Cash dividends declared | (1,943) | |||||
Comprehensive income (loss) | (59) | (59) | ||||
Balance at Jun. 30, 2024 | $ 93 | $ 98,570 | $ 97,891 | $ (5,748) | $ 190,806 | |
Balance (in shares) at Jun. 30, 2024 | 9,253,038 |
Unaudited Condensed Consolida_6
Unaudited Condensed Consolidated Statements of Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Unaudited Condensed Consolidated Statements of Shareholders' Equity [Abstract] | ||||
Cumulative effect of change in accounting principle, tax | $ 178 | |||
Cash dividends declared (in dollars per share) | $ 0.21 | $ 0.16 | $ 0.42 | $ 0.32 |
Unaudited Condensed Consolida_7
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Operating Activities | ||
Net income | $ 22,812 | $ 19,353 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Depreciation and amortization | 557 | 650 |
Provision for Credit Losses | 0 | 1,485 |
(Accretion)Amortization of premiums and discounts on securities | (936) | 183 |
Gain on sales of loans | (129) | (166) |
Net loss on sale of available-for-sale debt securities | 0 | 8 |
Stock-based compensation expense | 1,241 | 1,127 |
Gain on sale of premises and equipment | (107) | 0 |
Cash receipts from the sale of loans originated for sale | 8,752 | 5,120 |
Cash disbursements for loans originated for sale | (7,905) | (5,362) |
Deferred income tax expense(benefit) | 497 | (389) |
Changes in | ||
Interest receivable and other assets | 2,981 | (2,027) |
Interest payable and other liabilities | 829 | 149 |
Net cash provided by operating activities | 28,592 | 20,131 |
Investing Activities | ||
Maturities of interest-bearing time deposits in other banks | 8,973 | 3,488 |
Purchases of interest-bearing time deposits in other banks | (3,496) | (8,469) |
Maturities, prepayments and calls of available-for-sale debt securities | 188,536 | 4,198 |
Purchases of available-for-sale debt securities | (83,877) | 0 |
Net change in loans | 6,510 | (5,859) |
Purchases of premises and equipment | (2,278) | (2,225) |
Proceeds from sale of premises and equipment | 127 | 0 |
Change in nonmarketable equity securities | 8 | (29) |
Net cash provided by (used in) investing activities | 114,503 | (8,896) |
Financing Activities | ||
Net change in deposits | (110,074) | 78,926 |
Cash distributions | (3,871) | (2,929) |
Shares purchased and retired for restricted stock units | (418) | (133) |
Net settlement of stock options | 330 | 241 |
Common stock issued for restricted stock units | 1 | 1 |
Net cash provided by (used in) financing activities | (114,032) | 76,106 |
Net Increase in Cash and Due from Banks | 29,063 | 87,341 |
Cash and Due from Banks, Beginning of Period | 181,042 | 109,115 |
Cash and Due from Banks, End of Period | 210,105 | 196,456 |
Supplemental Disclosure of Cash Flows Information | ||
Interest paid | 22,481 | 16,118 |
Income taxes paid | 7,531 | 7,048 |
Dividends declared and not paid | 1,943 | 1,465 |
Measurement period goodwill adjustment | $ 0 | $ (146) |
Nature of Operations and Summar
Nature of Operations and Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2024 | |
Nature of Operations and Summary of Significant Accounting Policies [Abstract] | |
Nature of Operations and Summary of Significant Accounting Policies | Note 1: Nature of Operations and Summary of Significant Accounting Policies Nature of Operations Bank7 Corp. (the “Company”) is a bank holding company whose principal activity is the ownership and management of its wholly owned subsidiary, Bank7 (the “Bank”). The Bank is primarily engaged in providing a full range of banking and financial services to individual and corporate customers located in Oklahoma, Texas, and Kansas. The Bank is subject to competition from other financial institutions. The Company is subject to the regulation of certain federal agencies and undergoes periodic examinations by those regulatory authorities. Basis of Presentation The accompanying unaudited interim condensed consolidated financial statements contained herein reflect all adjustments which are, in the opinion of management, necessary to provide a fair statement of the financial position, results of operations, and cash flows of the Company for the interim periods presented. All such adjustments are of a normal and recurring nature. The have been no significant changes in the accounting policies of the Company since December 31, 2023, the date of the most recent annual report. The condensed consolidated balance sheet of the Company as of December 31, 2023 has been derived from the audited consolidated balance sheet of the Company as of that date. Certain information and notes normally included in the Company’s annual financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted. The information contained in the financial statements and footnotes included in Company’s annual report for the year ended December 31, 2023, should be referred to in connection with these unaudited interim consolidated financial statements. Operating results for the interim periods disclosed herein are not necessarily indicative of the results that may be expected for a full year or any future period. Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company, the Bank and its two subsidiaries, 1039 NW 63rd, LLC, which holds real estate utilized by the Bank, and Giddings Production, LLC, which is engaged in the production of oil, natural gas and natural liquid (“NGL”) reserves in Texas.All significant intercompany accounts and transactions have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for credit losses, valuation of other real estate owned, income taxes, goodwill and intangibles and fair values of financial instruments. Recent Accounting Pronouncements Standards Not Yet Adopted: In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), primarily focused on income tax disclosures regarding effective tax rates and cash income taxes paid. ASU 2023-09 requires public business entities, on an annual basis, to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income by the applicable statutory income tax rate). ASU 2023-09 is effective for fiscal years, and interim periods within those fiscal years beginning after December 15, 2024, with early adoption permitted. The adoption of ASU 2023-09 is not expected to have a material impact on the Company’s operations, financial position or disclosures. In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which expands reportable segment disclosure requirements through enhanced disclosures about significant segment expenses. The amendments in this update introduce a new requirement to disclose significant segment expenses regularly provided to the chief operating decision maker, extend certain annual disclosures to interim periods, clarify that single reportable segment entities must apply Topic 280 in its entirety, permit more than one measure of segment profit or loss to be reported under certain conditions and require disclosure of the title and position of the chief operating decision maker. ASU 2023-07 is effective for public business entities for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The adoption of ASU 2023-07 is not expected to have a material impact on the Company’s operations, financial position or disclosures. |
Recent Events, Including Merger
Recent Events, Including Mergers and Acquisitions | 6 Months Ended |
Jun. 30, 2024 | |
Recent Events, Including Mergers and Acquisitions [Abstract] | |
Recent Events, Including Mergers and Acquisitions | Note 2: Recent Events, Including Mergers and Acquisitions Acquisition On October 31, 2023, the Company entered into an asset purchase and sale agreement, effective September 1, 2023, to acquire proven oil and natural gas properties from HB2 Origination, LLC, which consisted of nine wells in formations in four counties in Texas for $15.4 million in cash. On November 17, 2023, the transaction closed for a total purchase price of $15.1 million, after closing adjustments. As a part of the purchase, the Company assumed asset retirement obligations of $0.4 million that were included in “interest payable and other liabilities” on the consolidated balance sheets as of December 31, 2023. The acquisition was considered an asset acquisition and did not meet the definition of a business under ASC 805, Business Combinations. Additionally, transaction costs of $1.4 million were capitalized into oil and gas properties related to this acquisition. The purchase price and related asset retirement obligations were allocated based on the relative fair values of the assets acquired and $1.7 million was allocated to proved leasehold costs while the remaining $15.4 million was allocated to “interest receivable and other assets” on the consolidated balance sheets. As of June 30, 2024, the Company had oil and gas assets and related receivables of $13.6 million included in “interest receivable and other assets” on the consolidated balance sheets and assets retirement obligations and oil and gas related liabilities of $761,000 included in “interest payable and other liabilities” on the consolidated balance sheets. As of December 31, 2023, the Company had oil and gas assets and related receivables of $16.8 million included in “interest receivable and other assets” on the consolidated balance sheets and assets retirement obligations and oil and gas related liabilities of $1.3 million included in “interest payable and other liabilities” on the consolidated balance sheets. For the three months ended June 30, 2024, the Company had oil and gas related revenues of $2.4 million included in “Other” noninterest income on the consolidated statements of comprehensive income, and oil and gas related expenses of $1.1 million included in “Other” noninterest expense on the consolidated statements of comprehensive income. For the six months ended June 30, 2024, the Company had oil and gas related revenues of $3.8 million included in “Other” noninterest income on the consolidated statements of comprehensive income, and oil and gas related expenses of $2.3 million included in “Other” noninterest expense on the consolidated statements of comprehensive income. |
Restriction on Cash and Due fro
Restriction on Cash and Due from Banks | 6 Months Ended |
Jun. 30, 2024 | |
Restriction on Cash and Due from Banks [Abstract] | |
Restriction on Cash and Due from Banks | Note 3: Restriction on Cash and Due from Banks On March 26, 2020, the Federal Reserve Board reduced reserve requirement ratios to zero percent, effectively eliminating reserve requirements for all depository institutions. There was no reserve requirement as of June 30, 2024. |
Earnings per Share
Earnings per Share | 6 Months Ended |
Jun. 30, 2024 | |
Earnings per Share [Abstract] | |
Earnings per Share | Note 4: Earnings per Share Basic earnings per common share represents the amount of earnings for the period available to each share of common stock outstanding during the reporting period. Basic EPS is computed based upon net income divided by the weighted average number of common shares outstanding during the year. Diluted EPS represents the amount of earnings for the period available to each share of common stock outstanding including common stock that would have been outstanding assuming the issuance of common shares for all dilutive potential common shares outstanding during each reporting period. Diluted EPS is computed based upon net income divided by the weighted average number of common shares outstanding during each period, adjusted for the effect of dilutive potential common shares, such as restricted stock awards and nonqualified stock options, calculated using the treasury stock method. The following table shows the computation of basic and diluted earnings per share: As of and for the three months ended June 30, As of and for the six months ended June 30, 2024 2023 2024 2023 (Dollars in thousands, except per share amounts) Numerator Net income $ 11,524 $ 9,746 $ 22,812 $ 19,353 Denominator Weighted-average shares outstanding for basic earnings per share 9,250,332 9,153,077 9,235,176 9,150,022 Dilutive effect of stock compensation (1) 116,915 94,024 107,871 106,428 Denominator for diluted earnings per share 9,367,247 9,247,101 9,343,047 9,256,450 Earnings per common share Basic $ 1.25 $ 1.06 $ 2.47 $ 2.12 Diluted $ 1.23 $ 1.05 $ 2.44 $ 2.09 (1) The following have not been included in diluted earnings per share because to do so would have been antidilutive for the periods presented: Nonqualified stock options outstanding of 2,000 and 5,000 for the three month periods ended June 30, 2024 and 2023, respectively, and 2,000 and 5,000 for the six month periods ended June 30, 2024 and 2023 June 30, 2024 and 2023 June 30, 2024 and 2023 |
Debt Securities
Debt Securities | 6 Months Ended |
Jun. 30, 2024 | |
Debt Securities [Abstract] | |
Debt Securities | Note 5: Debt Securities The following table summarizes the amortized cost and fair value of debt securities available-for-sale at June 30, 2024 and December 31, 2023 and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income (loss): (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-sale as of June 30 U.S. Federal agencies $ 84 $ - $ (2 ) $ 82 Mortgage-backed securities (1)(2) 36,501 - (3,968 ) 32,533 State and political subdivisions 25,668 - (1,640 ) 24,028 U.S. Treasuries 6,025 - (762 ) 5,263 Corporate debt securities 5,500 - (1,122 ) 4,378 Total available-for-sale 73,778 - (7,494 ) 66,284 Total debt securities 73,778 - (7,494 ) 66,284 (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-sale as of December 31, 2023 U.S. Federal agencies $ 138 $ - $ (3 ) $ 135 Mortgage-backed securities (1)(2) 38,465 - (3,963 ) 34,502 State and political subdivisions 27,368 - (1,512 ) 25,856 U.S. Treasuries 106,030 - (1,373 ) 104,657 Corporate debt securities 5,500 - (1,163 ) 4,337 Total available-for-sale 177,501 - (8,014 ) 169,487 Total debt securities 177,501 - (8,014 ) 169,487 (1) All of our mortgage-backed securities and collateralized mortgage obligations are issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored entities. (2) Included in amortized cost of mortgage-backed securities is $23.48 million and $24.80 million of residential mortgage-backed securities and $13.02 million and $13.67 million of commercial mortgage-backed securities as of June 30, 2024 and December 31, 2023, respectively . The amortized cost and estimated fair value of investment securities at June 30, 2024 and December 31, 2023, by contractual maturity, are shown below. The expected life of mortgage-backed securities will differ from contractual maturities because borrowers may have the right to call or prepay the underlying mortgage loans with or without call or prepayment penalties. (in thousands) Amortized Cost Fair Value Available-for-sale as of June 30, 2024 Due in one year or less $ 4,742 $ 4,694 Due after one year through five years 16,527 15,399 Due after five years through ten years 15,846 13,516 Due after ten years 162 142 Mortgage-backed securities 36,501 32,533 Total available-for-sale 73,778 66,284 (in thousands) Amortized Cost Fair Value Available-for-sale as of December 31, 2023 Due in one year or less $ 105,944 $ 105,186 Due after one year through five years 15,654 14,675 Due after five years through ten years 17,276 14,980 Due after ten years 162 144 Mortgage-backed securities 38,465 34,502 Total available-for-sale 177,501 169,487 There were no holdings of securities of issuers in an amount greater than 10% of stockholders' equity at June 30, 2024. The following table presents a summary of realized gains and losses from the sale, prepayment and call of debt securities: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (in thousands) Proceeds from sales, maturities, prepayments and calls $ 86,214 $ 1,784 $ 188,536 $ 4,198 Gross realized losses on sales, prepayments and calls - (7 ) - (8 ) Total realized (losses), net $ - $ (7 ) $ - $ (8 ) The following table details book value of pledged securities as of June 30, 2024 and December 31, 2023: (in thousands) June 30, 2024 December 31, 2023 Book value of pledged securities $ 19,928 $ 121,283 The following table details gross unrealized losses and fair values of investment securities aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position at June 30, 2024 and December 31, 2023. As of June 30, 2024, the Company had the ability and intent to hold the debt securities classified as available-for-sale for a period of time sufficient for a recovery of cost. The unrealized losses are due to increases in market interest rates over the yields available at the time the underlying debt securities were purchased or acquired Less than Twelve Months Twelve Months or Longer Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (in thousands) Available-for-sale as of June 30, 2024 U.S. Federal agencies $ - $ - $ 82 $ (2 ) $ 82 $ (2 ) Mortgage-backed securities - - 32,533 (3,968 ) 32,533 (3,968 ) State and political subdivisions (1) 171 (4 ) 23,857 (1,636 ) 24,028 (1,640 ) U.S. Treasuries - - 5,263 (762 ) 5,263 (762 ) Corporate debt securities - - 4,378 (1,122 ) 4,378 (1,122 ) Total available-for-sale $ 171 $ (4 ) $ 66,113 $ (7,490 ) $ 66,284 $ (7,494 ) Less than Twelve Months Twelve Months or Longer Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (in thousands) Available-for-sale as of December 31, 2023 U.S. Federal agencies $ - $ - $ 135 $ (3 ) $ 135 $ (3 ) Mortgage-backed securities - - 34,502 $ (3,963 ) 34,502 (3,963 ) State and political subdivisions (1) 1,160 (5 ) 24,696 $ (1,507 ) 25,856 (1,512 ) U.S. Treasuries - - 104,657 $ (1,373 ) 104,657 (1,373 ) Corporate debt securities - (195 ) 4,337 $ (968 ) 4,337 (1,163 ) Total available-for-sale $ 1,160 $ (200 ) $ 168,327 $ (7,814 ) $ 169,487 $ (8,014 ) (1) Of our state and political subdivision securities, $21.13 million and $22.84 million are rated BBB+ or better and $2.89 million and $3.02 million are not rated as of June 30, 2024 and December 31, 2023, respectively. |
Loans and Allowance for Credit
Loans and Allowance for Credit Losses | 6 Months Ended |
Jun. 30, 2024 | |
Loans and Allowance for Loan Losses [Abstract] | |
Loans and Allowance for Credit Losses | Note 6: Loans and Allowance for Credit Losses A summary of loans at June 30, 2024 June 30, 2024 December 31, 2023 Construction & development $ 160,055 $ 137,206 1 - 4 family real estate 115,917 100,576 Commercial real estate - other 510,986 518,622 Total commercial real estate $ 786,958 $ 756,404 Commercial & industrial 487,147 526,185 Agricultural 64,838 66,495 Consumer 15,080 14,517 Gross loans 1,354,023 1,363,601 Less allowance for credit losses (17,772 ) (19,691 ) Less deferred loan fees (1,934 ) (2,762 ) Net loans $ 1,334,317 $ 1,341,148 Included in the commercial & industrial loan balances are $0 and $2.0 million of loans that were originated under the SBA PPP program as of June 30, 2024 and December 31, 2023, respectively. Allowance for Credit Losses Methodology On January 1, 2023, the Company adopted ASU 2016-13, which replaces the incurred loss methodology for determining its provision for credit losses and allowance for credit losses with an expected loss methodology that is referred to as the CECL model. Upon adoption, the allowance for credit losses was increased by $250,000 and $500,000 for loans and unfunded commitments, respectively, with no impact to the consolidated statement of income. The following table presents, by portfolio segment, the activity in the allowance for credit losses for the three months ended June 30, 2024 Construction & Development 1 - 4 Family Real Estate Commercial Real Estate - Other Commercial & Industrial Agricultural Consumer Total June 30, 2024 Loans Balance, beginning of period $ 1,417 $ 1,271 $ 6,889 $ 9,242 $ 628 $ 249 $ 19,696 Charge-offs - - - (2,000 ) - - (2,000 ) Recoveries - - - 73 3 - 76 Net (charge-offs) recoveries - - - (1,927 ) 3 - (1,924 ) Provision (credit) for credit losses 393 220 23 (714 ) 67 11 - Balance, end of period $ 1,810 $ 1,491 $ 6,912 $ 6,601 $ 698 $ 260 $ 17,772 Unfunded Commitments Balance, beginning of period $ 158 $ 4 $ 8 $ 280 $ 11 $ 3 $ 464 Provision (credit) for credit losses (4 ) 2 2 (2 ) 2 - - Balance, end of period $ 154 $ 6 $ 10 $ 278 $ 13 $ 3 $ 464 Total allowance for Credit Losses reserve for unfunded commitments $ 1,964 $ 1,497 $ 6,922 $ 6,879 $ 711 $ 263 $ 18,236 Total Provision for Credit Losses $ 389 $ 222 $ 25 $ (716 ) $ 69 $ 11 $ - Construction & Development 1 - 4 Family Real Estate Commercial Real Estate - Other Commercial & Industrial Agricultural Consumer Total June 30 2023 Loans Balance, beginning of period $ 1,739 $ 1,038 $ 5,704 $ 6,055 $ 734 $ 182 $ 15,452 Charge-offs - - - - (7 ) (5 ) (12 ) Recoveries - - - - - 2 2 Net (charge-offs) recoveries - - - - (7 ) (3 ) (10 ) Provision (credit) for credit losses (147 ) 78 385 657 (126 ) 88 935 Balance, end of period $ 1,592 $ 1,116 $ 6,089 $ 6,712 $ 601 $ 267 $ 16,377 Unfunded Commitments Balance, beginning of period $ 171 $ 4 $ 24 $ 274 $ 25 $ 2 $ 500 Provision (credit) for credit losses 56 - (10 ) 31 (1 ) - 76 Balance, end of period $ 227 $ 4 $ 14 $ 305 $ 24 $ 2 $ 576 Total allowance for credit losses and reserve for unfunded commitments $ 1,819 $ 1,120 $ 6,103 $ 7,017 $ 625 $ 269 $ 16,953 Total Provision for Credit Losses $ (91 ) $ 78 $ 375 $ 688 $ (127 ) $ 88 $ 1,011 The following table presents, by portfolio segment, the activity in the allowance for credit losses for the six months ended June 30, 2024 Construction & Development 1 - 4 Family Real Estate Commercial Real Estate - Other Commercial & Industrial Agricultural Consumer Total June 30, 2024 Loans Balance, beginning of period $ 1,417 $ 1,271 $ 6,889 $ 9,237 $ 628 $ 249 $ 19,691 Charge-offs - - - (2,000 ) - - (2,000 ) Recoveries - - - 78 3 - 81 Net (charge-offs) recoveries - - - (1,922 ) 3 - (1,919 ) Provision (credit) for credit losses 393 220 23 (714 ) 67 11 - Balance, end of period $ 1,810 $ 1,491 $ 6,912 $ 6,601 $ 698 $ 260 $ 17,772 Unfunded Commitments Balance, beginning of period $ 158 $ 4 $ 8 $ 280 $ 11 $ 3 $ 464 Provision (credit) for credit losses (4 ) 2 2 (2 ) 2 - - Balance, end of period $ 154 $ 6 $ 10 $ 278 $ 13 $ 3 $ 464 Total Allowance for Credit Losses reserve for unfunded commitments $ 1,964 $ 1,497 $ 6,922 $ 6,879 $ 711 $ 263 $ 18,236 Total Provision for Credit Losses $ 389 $ 222 $ 25 $ (716 ) $ 69 $ 11 $ - Construction & Development 1 - 4 Family Real Estate Commercial Real Estate - Other Commercial & Industrial Agricultural Consumer Total June 30, 2023 Loans Balance, beginning of period $ 1,889 $ 890 $ 5,080 $ 5,937 $ 765 $ 173 $ 14,734 Impact of CECL adoption 44 (138 ) (168 ) 716 (149 ) (55 ) 250 Charge-offs - - - - (7 ) (16 ) (23 ) Recoveries - - - - 2 5 7 Net (charge-offs) recoveries - - - - (5 ) (11 ) (16 ) Provision (credit) for credit losses (341 ) 364 1,177 59 (10 ) 160 1,409 Balance, end of period $ 1,592 $ 1,116 $ 6,089 $ 6,712 $ 601 $ 267 $ 16,377 Unfunded Commitments Balance, beginning of period $ - $ - $ - $ - $ - $ - $ - Impact of CECL adoption 171 4 24 274 25 2 500 Provision (credit) for credit losses 56 - (10 ) 31 (1 ) - 76 Balance, end of period $ 227 $ 4 $ 14 $ 305 $ 24 $ 2 $ 576 Total Allowance for Credit Losses $ 1,819 $ 1,120 $ 6,103 $ 7,017 $ 625 $ 269 $ 16,953 Total Provision for Credit Losses $ (285 ) $ 364 $ 1,167 $ 90 $ (11 ) $ 160 $ 1,485 Internal Risk Categories Each loan segment is made up of loan categories possessing similar risk characteristics. Risk characteristics applicable to each segment of the loan portfolio are described as follows: Real Estate – he real estate portfolio consists of residential and commercial properties loans. Residential loans are generally secured by owner occupied 1–4 family residences. Repayment of these loans is primarily dependent on the personal income and credit rating of the borrowers. Credit risk in these loans can be impacted by economic conditions within the Company’s market areas that might impact either property values or a borrower’s personal income. Risk is mitigated by the fact that the loans are of smaller individual amounts and spread over a large number of borrowers. Commercial real estate loans in this category typically involve larger principal amounts and are repaid primarily from the cash flow of a borrower’s principal business operation, the sale of the real estate or income independent of the loan purpose. Credit risk in these loans is driven by the creditworthiness of a borrower, property values, the local economy and other economic conditions impacting a borrower’s business or personal income. Commercial & Industrial – The commercial portfolio includes loans to commercial customers for use in financing working capital needs, equipment purchases and expansions. The loans in this category are repaid primarily from the cash flow of a borrower’s principal business operation. Credit risk in these loans is driven by creditworthiness of a borrower and the economic conditions that impact the cash flow stability from business operations. Agricultural – Consumer – The consumer loan portfolio consists of various term and line of credit loans such as automobile loans and loans for other personal purposes. Residential loans in this category are generally secured by owner occupied 1–4 family residences. Repayment for these types of loans will come from a borrower’s income sources that are typically independent of the loan purpose. Credit risk is driven by consumer economic factors, such as unemployment and general economic conditions in the Company’s market area and the creditworthiness of a borrower. Loan grades are numbered 1 through 4. Grade 1 is considered satisfactory. The grades of 2 and 3, or Watch and Special Mention, respectively, represent loans of lower quality and are considered criticized. Grade of 4, or Substandard, refers to loans that are classified. • Grade 1 (Pass) • Grade 2 (Watch) – These loans are still considered “Pass” credits; however, various factors such as industry stress, material changes in cash flow or financial conditions, or deficiencies in loan documentation, or other risk issues determined by the Lending Officer, Commercial Loan Committee (CLC), or Credit Quality Committee (CQC) warrant a heightened sense and frequency of monitoring. • Grade 3 (Special Mention) – These loans must have observable weaknesses or evidence of imprudent handling or structural issues. The weaknesses require close attention and the remediation of those weaknesses is necessary. No risk of probable loss exists. Credits in this category are expected to quickly migrate to a “2” or a “4” as this is viewed as a transitory loan grade. • Grade 4 (Substandard) – These loans are not adequately protected by the sound worth and debt service capacity of the borrower, but may be well secured. They have defined weaknesses relative to cash flow, collateral, financial condition, or other factors that might jeopardize repayment of all of the principal and interest on a timely basis. There is the possibility that a future loss will occur if weaknesses are not remediated. The Company evaluates the definitions of loan grades and the allowance for credit losses methodology on an ongoing basis. No changes were made to either during the period ended June 30, 2024. The following tables presents the amortized cost of the Company’s loan portfolio with the gross charge-offs for the three months ended by year of origination based on internal rating category as of June 30, 2024, and for the twelve months ended by year of origination based on internal rating category as of December 31, 2023 (dollars in thousands) As of June 30, 2024 2024 2023 2022 2021 2020 Prior Revolving Loans Amortized Cost Basis Total Construction & development Grade 1 (Pass) $ 40,711 $ 8,877 $ 2,157 $ 1,507 $ 171 $ 135 $ 105,934 $ 159,492 2 (Watch) - - - - - - - - 3 (Special Mention) 563 - - - - - - 563 4 (Substandard) - - - - - - - - Total construction & development 41,274 8,877 2,157 1,507 171 135 105,934 160,055 Current-period gross charge-offs - - - - - - - - 1 - 4 family real estate Grade 1 (Pass) 35,921 38,419 17,979 10,995 3,833 2,070 6,700 115,917 2 (Watch) - - - - - - - - 3 (Special Mention) - - - - - - - - 4 (Substandard) - - - - - - - - Total 1 - 4 family real estate 35,921 38,419 17,979 10,995 3,833 2,070 6,700 115,917 Current-period gross charge-offs - - - - - - - - Commercial real estate - other Grade 1 (Pass) 76,892 185,325 150,552 19,921 20,278 5,597 51,243 509,808 2 (Watch) - - - - - - - - 3 (Special Mention) - - - - - 1,064 - 1,064 4 (Substandard) - - - - - 114 - 114 Total Commercial real estate - other 76,892 185,325 150,552 19,921 20,278 6,775 51,243 510,986 Current-period gross charge-offs - - - - - - - - Commercial and industrial Grade 1 (Pass) 70,619 107,458 49,877 13,968 1,426 4,137 226,448 473,933 2 (Watch) - - - - - - 3,709 3,709 3 (Special Mention) - - - - - - 885 885 4 (Substandard) 7,350 1,270 - - - - - 8,620 Total Commercial and industrial 77,969 108,728 49,877 13,968 1,426 4,137 231,042 487,147 Current-period gross charge-offs - 2,000 - - - - - 2,000 Agriculural Grade 1 (Pass) 23,270 7,104 4,996 6,796 3,829 1,311 17,532 64,838 2 (Watch) - - - - - - - - 3 (Special Mention) - - - - - - - - 4 (Substandard) - - - - - - - - Total agriculural 23,270 7,104 4,996 6,796 3,829 1,311 17,532 64,838 Current-period gross charge-offs - - - - - - - - Consumer Grade 1 (Pass) 3,878 2,666 1,024 1,596 2,338 2,241 1,337 15,080 2 (Watch) - - - - - - - - 3 (Special Mention) - - - - - - - - 4 (Substandard) - - - - - - - - Total consumer 3,878 2,666 1,024 1,596 2,338 2,241 1,337 15,080 Current-period gross charge-offs - - - - - - - - Total loans held for investment $ 259,204 $ 351,119 $ 226,585 $ 54,783 $ 31,875 $ 16,669 $ 413,788 $ 1,354,023 Total current-period gross charge-offs $ - $ 2,000 $ - $ - $ - $ - $ - $ 2,000 As of December 31, 2023 2023 2022 2021 2020 2019 Prior Revolving Loans Amortized Cost Basis Total Construction & development Grade 1 (Pass) $ 26,915 $ 2,266 $ 3,182 $ 201 $ 98 $ 44 $ 103,711 $ 136,417 2 (Watch) - - - - - - - - 3 (Special Mention) 563 - - - - - 226 789 4 (Substandard) - - - - - - - - Total construction & development 27,478 2,266 3,182 201 98 44 103,937 137,206 Current-period gross charge-offs - - - - - - - - 1 - 4 family real estate Grade 1 (Pass) 48,275 22,573 13,305 3,928 1,808 1,069 9,618 100,576 2 (Watch) - - - - - - - - 3 (Special Mention) - - - - - - - - 4 (Substandard) - - - - - - - - Total 1 - 4 family real estate 48,275 22,573 13,305 3,928 1,808 1,069 9,618 100,576 Current-period gross charge-offs - - - - - - - - Commercial real estate - other Grade 1 (Pass) 187,086 153,764 32,641 36,278 2,613 4,043 86,370 502,795 2 (Watch) - - - - - - - - 3 (Special Mention) 14,612 - - - - 1,089 - 15,701 4 (Substandard) - - - - - 126 - 126 Total Commercial real estate - other 201,698 153,764 32,641 36,278 2,613 5,258 86,370 518,622 Current-period gross charge-offs - - - - - - - - Commercial and industrial Grade 1 (Pass) 162,156 59,265 38,093 2,777 1,706 4,059 217,377 485,433 2 (Watch) - - - - - - 4,094 4,094 3 (Special Mention) 4,151 - - - - - 1,616 5,767 4 (Substandard) 20,660 7,937 98 8 - - 2,188 30,891 Total Commercial and industrial 186,967 67,202 38,191 2,785 1,706 4,059 225,275 526,185 Current-period gross charge-offs 16,500 - - - - - - 16,500 Agriculural Grade 1 (Pass) 9,283 5,789 23,205 4,283 927 1,104 21,904 66,495 2 (Watch) - - - - - - - - 3 (Special Mention) - - - - - - - - 4 (Substandard) - - - - - - - - Total agriculural 9,283 5,789 23,205 4,283 927 1,104 21,904 66,495 Current-period gross charge-offs - 7 - - - - - 7 Consumer Grade 1 (Pass) 4,415 1,545 2,171 2,554 663 1,819 1,270 14,437 2 (Watch) - - - - - - - - 3 (Special Mention) - - - - - - - - 4 (Substandard) - - - - - 80 - 80 Total consumer 4,415 1,545 2,171 2,554 663 1,899 1,270 14,517 Current-period gross charge-offs 17 - - - - - - 17 Total loans held for investment $ 478,116 $ 253,139 $ 112,695 $ 50,029 $ 7,815 $ 13,433 $ 448,374 $ 1,363,601 Total current-period gross charge-offs $ 16,517 $ 7 $ - $ - $ - $ - $ - $ 16,524 Aged Analysis of Past Due Loans Receivable The following table presents the Company’s loan portfolio aging analysis of the recorded investment in loans as of June 30, 2024 Past Due Total Loans 30–59 Days 60–89 Days Greater than 90 Days Total Current Total Loans > 90 Days & Accruing June 30, 2024 Construction & development $ - $ - $ - $ - $ 160,055 $ 160,055 $ - 1 - 4 family real estate 9 - - 9 115,908 115,917 - Commercial real estate - other 722 - - 722 510,264 510,986 - Commercial & industrial 130 4,117 2,368 6,615 480,532 487,147 - Agricultural - - - - 64,838 64,838 - Consumer 25 - - 25 15,055 15,080 - Total $ 886 $ 4,117 $ 2,368 $ 7,371 $ 1,346,652 $ 1,354,023 $ - December 31, 2023 Construction & development $ - $ - $ - $ - $ 137,206 $ 137,206 $ - 1 - 4 family real estate - - - - 100,576 100,576 - Commercial real estate - other - - - - 518,622 518,622 - Commercial & industrial (1) 472 10,969 9,946 21,387 504,798 526,185 9,946 Agricultural - - - - 66,495 66,495 - Consumer (2) - 27 80 107 14,410 14,517 80 Total $ 472 $ 10,996 $ 10,026 $ 21,494 $ 1,342,107 $ 1,363,601 $ 10,026 (1) The $9.95 million that is greater than 90 days past due as of December 31, 2023, primarily consists of a single borrower that is well collateralized and for which collection is being diligently pursued. (2) The $ 80 Nonaccrual Loans The following table presents information regarding nonaccrual loans as of June 30, 2024 With an Allowance No Allowance Total Non- Accrual Loans Related Allowance June 30, 2024 Construction & development $ - $ - $ - $ - 1 - 4 Family Real Estate - - - - Commercial Real Estate - other - 114 114 - Commercial & industrial 126 6,486 6,612 126 Agricultural - - - - Consumer - - - - Total $ 126 $ 6,600 $ 6,726 $ 126 With an Allowance No Allowance Total Non- Accrual Loans Related Allowance December 31, 2023 Construction & development $ - $ - $ - $ - 1 - 4 Family Real Estate - - - - Commercial Real Estate - other - 126 126 - Commercial & industrial 10,255 8,560 18,815 2,147 Agricultural - - - - Consumer - - - - Total $ 10,255 $ 8,686 $ 18,941 $ 2,147 Collateral Dependent Loans A loan is considered collateral-dependent when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral. During the three months ended June no material amount of interest income was recognized on collateral-dependent loans subsequent to their classification as collateral-dependent. At a minimum, the estimated value of the collateral for loan equals the current book value. The following table summarizes collateral-dependent gross loans held for investment by collateral type and the related specific allocation as follows (dollars in s): Collateral Type Business Specific Real Estate Assets Other Assets Total Allocation June 30, 2024 Construction & development $ - $ - $ - $ - $ - 1 - Family Real Estate - - - - - Commercial Real Estate - other - 114 - 114 - Commercial & industrial 6,155 2,368 - 8,523 30 Agricultural - - - - - Consumer - - - - - Total $ 6,155 $ 2,482 $ - $ 8,637 $ 30 Collateral Type Business Other Specific Real Estate Assets Assets Total Allocation December 31, 2023 Construction & development $ - $ - $ - $ - $ - 1 - 4 Family Real Estate - - - - - Commercial Real Estate - other 126 - - 126 - Commercial & industrial - 20,848 9,932 30,780 2,038 Agricultural - - - - - Consumer 27 - 80 107 - Total $ 153 $ 20,848 $ 10,012 $ 31,013 $ 2,038 Loan Modifications to Troubled Borrowers As part of the Company’s ongoing risk management practices, the Company attempts to work with borrowers when necessary to extend or modify loan terms to better align with their current ability to repay. Modifications could include extension of the maturity date, reductions of the interest rate, reduction or forgiveness of accrued interest, or principal forgiveness. Combinations of these modifications may also be made for individual loans. Extensions and modifications to loans are made in accordance with internal policies and guidelines which conform to regulatory guidance. Principal reductions may be made in limited circumstances, typically for specific commercial loan workouts, and in the event of borrower bankruptcy. Each occurrence is unique to the borrower and is evaluated separately. Troubled loans are considered those in which the borrower is experiencing financial difficulty. The assessment of whether a borrower is experiencing financial difficulty can be subjective in nature and management’s judgment may be required in making this determination. The Company may determine that a borrower is experiencing financial difficulty if the borrower is currently in default on any of its debt, or if it is probable that a borrower may default in the foreseeable future absent a modification. Many aspects of a borrower’s financial situation are assessed when determining whether they are experiencing financial difficulty. Modifications to Borrowers Experiencing Financial Difficulty The following table presents the amortized cost basis at the end of the reporting period of loans modified to borrowers experiencing financial difficulty, disaggregated by class of financing receivable and type of modification made, as well as the financial effect of the modifications made as of June 30, 2024. There were no loans modified to borrowers experiencing financial difficulty as of June 30, 2023. Term Extension and Payment Deferral Amortized Cost Basis % of Total Class Financial Effect June 30, 2024 (Dollars in thousands) Construction & development $ - - % 1 - Family Real Estate - - Commercial Real Estate - other - - Commercial & industrial 1,122 0.2 Extended the maturity of loan by four months, and payment of principal and interest deferred until the sale of collateral Agricultural - - Consumer - - Total $ 1,122 0.2 % The Company closely monitors the performance of the loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table depicts the performance of loans that have been modified in the last 12 months (dollars in s): Current 30 - Days Past Due 90 + Days Past Due Non-Accruing June 30, 2024 Construction & development $ - $ - $ - $ - 1 - Family Real Estate - - - - Commercial Real Estate - other - - - - Commercial & industrial - - - 1,122 Agricultural - - - - Consumer - - - - Total $ - $ - $ - $ 1,122 |
Shareholders' Equity
Shareholders' Equity | 6 Months Ended |
Jun. 30, 2024 | |
Shareholders' Equity [Abstract] | |
Shareholders' Equity | Note 7: Shareholders’ Equity On October 28, 2021, the Company adopted a Repurchase Plan (the “RP”) that authorizes the repurchase of up to 750,000 shares of the Company’s stock. Stock repurchases under the RP take place pursuant to a Rule 10b5-1 Plan with pricing and purchasing parameters established by management. The RP expired on October 28, 2023. There were no share repurchases under this plan. On October 30, 2023, the Company adopted a new Repurchase Plan (the “New RP”) that authorizes the repurchase of up to 750,000 shares of the Company’s stock. Stock repurchases under the New RP will take place pursuant to a Rule 10b5-1 Plan with pricing and purchasing parameters established by management . There were no repurchases under this plan as of June 30, 2024. A summary of the activity under the RP is as follows: Six Months Ended June 30, 2024 2023 Number of shares repurchased - - Average price of shares repurchased $ - $ - Shares remaining to be repurchased 750,000 750,000 The Company and Bank are subject to risk-based capital guidelines issued 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. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and Bank must meet specific capital guidelines that involve quantitative measures of assets, liabilities and certain off-balance-sheet items as calculated under GAAP, regulatory reporting requirements and regulatory capital standards. The Company’s and Bank’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Furthermore, the Company’s and the Bank’s regulators could require adjustments to regulatory capital not reflected in these financial statements. Quantitative measures established by regulation to ensure capital adequacy require the Company and Bank to maintain minimum amounts and ratios (set forth in the following table) of total, Tier I, and Common Equity capital (as defined in the regulations) to risk-weighted assets (as defined) and of Tier I capital (as defined) to average assets (as defined). Management believes, as of June 30, 2024, that the Company and Bank meet all capital adequacy requirements to which it is subject and maintains capital conservation buffers that allow the Company and Bank to avoid limitations on capital distributions, including dividend payments and certain discretionary bonus payments to certain executive officers. As of June 30, 2024, the most recent notification from the Federal Deposit Insurance Corporation (FDIC) categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized, the Bank must maintain capital ratios as set forth in the table below. There are no conditions or events since that notification that management believes have changed the Bank’s category. The Company’s and Bank’s actual capital amounts and ratios are presented in the following table as of June 30, 2024 and December 31, 2023 (dollars in thousands): Actual Minimum Capital Requirements With Capital Conservation Buffer Minimum To Be Well Capitalized Under Prompt Corrective Action Amount Ratio Amount Ratio Amount Ratio Amount Ratio As of June 30 2024 Total capital to risk-weighted assets Company $ 205,120 14.28 % $ 114,925 8.00 % $ 150,839 10.50 % N/A N/A Bank 205,067 14.29 % 114,843 8.00 % 150,732 10.50 % $ 143,554 10.00 % Tier I capital to risk-weighted assets Company 187,160 13.03 % 86,194 6.00 % 122,108 8.50 % N/A N/A Bank 187,119 13.03 % 86,132 6.00 % 122,021 8.50 % 114,843 8.00 % CET I capital to risk-weighted assets Company 187,160 13.03 % 64,645 4.50 % 100,559 7.00 % N/A N/A Bank 187,119 13.03 % 64,599 4.50 % 100,488 7.00 % 93,310 6.50 % Tier I capital to average assets Company 187,160 11.12 % 67,322 4.00 % N/A N/A N/A N/A Bank 187,119 11.12 % 67,322 4.00 % N/A N/A 84,153 5.00 % As of December 31, 2023 Total capital to risk-weighted assets Company $ 185,171 12.74 % $ 116,251 8.00 % $ 152,579 10.50 % N/A N/A Bank 185,118 12.75 % 116,169 8.00 % 152,472 10.50 % $ 145,211 10.00 % Tier I capital to risk-weighted assets Company 166,982 11.49 % 87,188 6.00 % 123,516 8.50 % N/A N/A Bank 166,942 11.50 % 87,127 6.00 % 123,429 8.50 % 116,169 8.00 % CET I capital to risk-weighted assets Company 166,982 11.49 % 65,391 4.50 % 101,719 7.00 % N/A N/A Bank 166,942 11.50 % 65,345 4.50 % 101,648 7.00 % 94,387 6.50 % Tier I capital to average assets Company 166,982 9.50 % 70,318 4.00 % N/A N/A N/A N/A Bank 166,942 9.50 % 70,318 4.00 % N/A N/A 87,897 5.00 % The federal banking agencies require that banking organizations meet several risk-based capital adequacy requirements. The current risk-based capital standards applicable to the Company and the Bank are based on the Basel III Capital Rules established by the Basel Committee on Banking Supervision (the “Basel Committee”). The Basel Committee is a committee of central banks and bank supervisors/regulators from the major industrialized countries that develops broad policy guidelines for use by each country’s supervisors in determining the supervisory policies they apply. The requirements are intended to ensure that banking organizations have adequate capital given the risk levels of assets and off-balance sheet financial instruments. The Basel III Capital Rules require the Bank and the Company to comply with four minimum capital standards: a Tier 1 leverage ratio of at least 4.0%; a CET1 to risk-weighted assets of 4.5%; a Tier 1 capital to risk-weighted assets of at least 6.0%; and a total capital to risk-weighted assets of at least 8.0%. The calculation of all types of regulatory capital is subject to definitions, deductions and adjustments specified in the regulations. The Basel III Capital Rules also require a “capital conservation buffer” of 2.5% above the regulatory minimum risk-based capital requirements. The capital conservation buffer is designed to absorb losses during periods of economic stress and effectively increases the minimum required risk-weighted capital ratios. Banking institutions with a ratio of CET1 to risk-weighted assets below the effective minimum (4.5% plus the capital conservation buffer) are subject to limitations on certain activities, including payment of dividends, share repurchases and discretionary bonuses to executive officers based on the amount of the shortfall. As of June 30, 2024, the Company’s and the Bank’s capital ratios exceeded the minimum capital adequacy guideline percentage requirements under the Basel III Capital Rules on a fully phased-in basis. The Bank is subject to certain restrictions on the amount of dividends that it may declare without prior regulatory approval. At June 30, 2024, approximately $65.3 million of retained earnings was available for dividend declaration from the Bank without prior regulatory approval. |
Related-Party Transactions
Related-Party Transactions | 6 Months Ended |
Jun. 30, 2024 | |
Related-Party Transactions [Abstract] | |
Related-Party Transactions | Note 8: Related-Party Transactions At June 30, 2024 and December 31, 2023, the Company had loans outstanding to executive officers, directors, significant shareholders and their affiliates (related parties) approximating $190,000 and $203,000, respectively. The Bank leases office and retail banking space in Oklahoma City and Woodward, Oklahoma from Central Park on Lincoln, LLC and Haines Realty Investments Company, LLC, respectively, both related parties of the Company. Lease payments totaled $65,000 and $65,000 for the three months ended June 30, 2024 and 2023, respectively and $130,000 and $121,000 for the six months ended June 30, 2024 and 2023, respectively. In addition, payroll and office sharing arrangements were in place between the Company and certain of its affiliates. |
Employee Benefits
Employee Benefits | 6 Months Ended |
Jun. 30, 2024 | |
Employee Benefits [Abstract] | |
Employee Benefits | Note 9: Employee Benefits 401(k) Savings Plan The Company has a retirement savings 401(k) plan covering substantially all employees. Employees may contribute up to the maximum legal limit with the Company matching up to 5% of the employee’s salary. Employer contributions charged to expense for the six months ended June 30, 2024 and 2023 totaled $233,000 and $209,000, respectively. Stock-Based Compensation The Company adopted an equity incentive plan (the “Incentive Plan”) in September 2018. The Incentive Plan permits the grant of restricted stock units and nonqualified incentive stock options. The Incentive Plan will terminate in September 2028, if not extended. Compensation expense related to the Incentive Plan for the three months ended June 30, 2024 and 2023 totaled $637,000 and $621,000, respectively. Compensation expense related to the Incentive Plan for the six months ended June 30, 2024 and 2023 totaled $1.2 million and $1.1 million, respectively. The Company grants to employees and directors restricted stock units (RSUs) which vest ratably over one three four five The Company uses newly issued shares for granting RSUs and stock options. The following table is a summary of the stock option activity under the Incentive Plan (dollar amounts in thousands, except per share data): Options Wgtd. Avg. Exercise Price Wgtd. Avg. Remaining Contractual Term Aggregate Intrinsic Value Six Months Ended June 30, 2024 Outstanding at December 31, 2023 220,939 $ 17.52 Options Granted - - Options Exercised (19,001 ) 17.42 Options Forfeited - - Outstanding at June 30, 2024 201,938 17.53 5.14 $ 2,781,137 Exercisable at June 30, 2024 180,124 17.76 4.95 $ 2,439,752 The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model and is based on certain assumptions including risk-free rate of return, dividend yield, stock price volatility and the expected term. The fair value of each option is expensed over its vesting period. There were no new grants for the three months ended June 30, 2024 and 2023. The following table summarizes share information about RSUs for the six months ended June 30, 2024 and 2023: Number of Shares Wgtd. Avg. Grant Date Fair Value Six Months Ended June 30, 2024 Outstanding at December 31, 2023 211,461 $ 26.98 Shares granted 100,606 27.34 Shares vested (51,636 ) 27.06 Shares forfeited - - End of the period balance 260,431 $ 27.11 Number of Shares Wgtd. Avg. Grant Date Fair Value Six June 30 2023 Outstanding at December 31, 2022 112,591 $ 19.15 Shares granted 163,311 29.76 Shares vested (14,109 ) 18.80 Shares forfeited (3,250 ) 28.03 End of the period balance 258,543 $ 25.76 As of June 30, 2024, there was approximately $6.1 million of unrecognized compensation expense related to 260,431 unvested RSUs and $87,000 of unrecognized compensation expense related to 201,938 unvested and/or unexercised stock options. The stock option expense is expected to be recognized over a weighted average period of 0.92 years, and the RSU expense is expected to be recognized over a weighted average period of 3.42 years. As of June 30, 2023, there was approximately $5.5 million of unrecognized compensation expense related to 258,543 unvested RSUs and $251,000 of unrecognized compensation expense related to 236,813 unvested and/or unexercised stock options. The stock option expense is expected to be recognized over a weighted average period of 1.64 years, and the RSU expense is expected to be recognized over a weighted average period of 4.07 years. |
Disclosures About Fair Value of
Disclosures About Fair Value of Assets and Liabilities | 6 Months Ended |
Jun. 30, 2024 | |
Disclosures about Fair Value of Assets and Liabilities [Abstract] | |
Disclosures about Fair Value of Assets and Liabilities | Note 10: Disclosures About Fair Value of Assets and Liabilities Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements must maximize the use of observable inputs and minimize the use of unobservable inputs. There is a h ierarchy of three levels of inputs that may be used to measure fair value: Level 1 Quoted prices in active markets for identical assets or liabilities Level 2 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 for substantially the full term of the assets or liabilities Level 3 Unobservable inputs supported by little or no market activity and significant to the fair value of the assets or liabilities Recurring Measurements Assets and liabilities measured at fair value on a recurring basis include the following: Available-for-sale debt securities: Debt securities classified as available-for-sale, as discussed in Note 5, are reported at fair value utilizing Level 2 inputs. For those debt securities classified as Level 2, the Company obtains fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U. S. Treasury yield curve, live trading levels, trade execution data for similar securities, market consensus prepayments speeds, credit information and the security’s terms and conditions, among other things. Nonrecurring Measurements The following table presents the fair value measurement of assets measured at fair value on a nonrecurring basis and the level within the fair value hierarchy in which the fair value measurements fall at June 30, 2024 and December 31, 2023 (dollars in thousands): Fair Value (Level 1) (Level 2) (Level 3) June 30 2024 Collateral-dependent loans $ 1,122 $ - $ - $ 1,122 Asset retirement obligations 281 - - 281 December 31, 2023 Collateral-dependent loans $ 16,370 $ - $ - $ 16,370 Asset retirement obligations 361 - - 361 Following is a description of the valuation methodologies and inputs used for assets measured at fair value on a nonrecurring basis and recognized in the accompanying consolidated balance sheets, as well as the general classification of such assets pursuant to the valuation hierarchy. For assets classified within Level 3 of the fair value hierarchy, the process used to develop the reported fair value is described below. Collateral-Dependent Loans, Net of Allowance for Credit Losses The estimated fair value of collateral-dependent loans is based on fair value, less estimated cost to sell. Collateral-dependent loans are classified within Level 3 of the fair value hierarchy. The Company considers engineering reports or appraisals as the starting point for determining fair value and then considers other factors and events in the environment that may affect the fair value. Values of the collateral underlying collateral-dependent loans are obtained when the loan is determined to be collateral-dependent and subsequently as deemed necessary by executive management and loan administration. Values are reviewed for accuracy and consistency by executive management and loan administration. The ultimate collateral values are reduced by discounts to consider lack of marketability and estimated cost to sell if repayment or satisfaction of the loan is dependent on the sale of the collateral. Asset retirement obligations Asset retirement obligations related to the plugging and abandonment of oil and natural gas properties and are classified within the Level 3 of the fair value hierarchy. The fair value of the asset retirement obligations is measured using expected future cash outflows discounted at the Company’s credit-adjusted risk-free interest rate. Fair value, to the extent possible, includes a market risk premium for unforeseeable circumstances. Inherent in the fair value calculation of the asset retirement obligations are numerous assumptions and judgments including the ultimate settlement amounts, inflation factors, credit adjusted discount rates, timing of settlement, and changes in the legal, regulatory, environmental, and political environments. To the extent future revisions to these assumptions impact the fair value of the existing asset retirement obligations liability, a corresponding adjustment is made to the oil and gas property balance . Unobservable (Level 3) Inputs The following table presents quantitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements(dollars in thousands): Valuation Unobservable Fair Value Technique Inputs June 30, 2024 Collateral-dependent loans $ 1,122 Estimated cash to be received pending resolution of bankruptcy proceedings Estimated cost to sell Asset retirement obligations 281 Expected present value Plugging and abandonment expense December 31, 2023 Collateral-dependent loans $ 16,370 Estimated cash to be received pending resolution of bankruptcy proceedings Estimated cost to sell Asset retirement obligations 361 Expected present value Plugging and abandonment expense The following table presents estimated fair values of the Company’s financial instruments not recorded at fair value at June 30, 2024 and December 31, 2023 (dollars in thousands): Carrying Fair Value Measurements Amount Level 1 Level 2 Level 3 Total June 30, 2024 Financial Assets Cash and due from banks $ 210,105 $ 210,105 $ - $ - $ 210,105 Interest-bearing time deposits in other banks 12,202 - 12,202 - 12,202 Loans, net of allowance 1,334,317 - 1,330,431 1,122 1,331,553 Nonmarketable equity securities 1,275 - 1,275 - 1,275 Interest receivable and other assets 32,240 - 18,614 13,626 32,240 Financial Liabilities Deposits $ 1,481,317 $ - $ 1,480,191 $ - $ 1,480,191 Interest payable and other liabilities 10,790 - 10,029 761 10,790 December 31, 2023 Financial Assets Cash and due from banks $ 181,042 $ 181,042 $ - $ - $ 181,042 Interest-bearing time deposits in other banks 17,679 - 17,679 - 17,679 Loans, net of allowance 1,341,148 - 1,321,413 16,370 1,337,783 Loans held for sale 718 - 718 - 718 Nonmarketable equity securities 1,283 - 1,283 - 1,283 Interest receivable and other assets 35,878 - 19,211 16,667 35,878 Financial Liabilities Deposits $ 1,591,391 $ - $ 1,590,295 $ - $ 1,590,295 Interest payable and other liabilities 9,647 - 8,335 1,312 9,647 The following methods were used to estimate the fair value of all other financial instruments recognized in the accompanying consolidated balance sheets at amounts other than fair value: Cash and Due from Banks, Interest-Bearing Time Deposits in Other Banks, Nonmarketable Equity Securities, Interest Receivable and Interest Payable The carrying amount approximates fair value. Loans and Mortgage Loans Held for Sale The Company determines fair value of loans by using exit market assumptions including factors such as liquidity, credit quality and risk of nonperformance. The fair value is estimated by discounting the future cash flows using the market rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. Loans with similar characteristics were aggregated for purposes of the calculations. Deposits Deposits include demand deposits, savings accounts, NOW accounts and certain money market deposits. The carrying amount approximates fair value. The fair value of fixed-maturity time deposits is estimated using a discounted cash flow calculation that applies the rates currently offered for deposits of similar remaining maturities. Commitments to Extend Credit, Lines of Credit and Standby Letters of Credit The fair values of unfunded commitments are estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the present creditworthiness of the counterparties. The fair values of standby letters of credit and lines of credit are based on fees currently charged for similar agreements or on the estimated cost to terminate or otherwise settle the obligations with the counterparties at the reporting date. The estimated fair values of the Company’s commitments to extend credit, lines of credit and standby letters of credit were not material at June 30, 2024 and December 31, 2023. Interest Receivable and Other Assets Interest receivable and other assets include prepaid expenses, right-of-use lease assets, interest receivable on loans, deferred tax assets, and oil and gas related assets. For prepaid expense, right-of-use lease assets, deferred tax assets, and interest receivable on loans the carrying amount approximates fair value. For the determination of fair value of oil and gas assets, see discussion in the December 31, 2023 Form 10-K, Note 1, Summary of Significant Accounting Policies--Specific to Production of Oil and Natural Gas Reserves Operations. Interest Payable and Other Liabilities Interest payable and other liabilities include unfunded commitment liabilities, lease liabilities, interest payable on deposits, dividends payable, other accrued liabilities, and oil and gas related liabilities. For unfunded commitment liabilities, lease liabilities, interest payable on deposits, dividends payable, and other accrued liabilities carrying amount approximates fair value. For the determination of fair value of oil and gas liabilities, see discussion in the December 31, 2023 Form 10-K, Note 1, Summary of Significant Accounting Policies--Specific to Production of Oil and Natural Gas Reserves Operations. |
Financial Instruments with Off-
Financial Instruments with Off-Balance Sheet Risk | 6 Months Ended |
Jun. 30, 2024 | |
Financial Instruments with Off-Balance Sheet Risk [Abstract] | |
Financial Instruments with Off-Balance Sheet Risk | Note 11: Financial Instruments with Off-Balance Sheet Risk The Company 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 and standby letters of credit. Those instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized in the accompanying consolidated balance sheets. The following summarizes those financial instruments with contract amounts representing credit risk as of June 30, 2024 and December 31, 2023 (dollars in thousands): June 30, 2024 December 31, 2023 Commitments to extend credit $ 296,959 $ 256,888 Financial and performance standby letters of credit 2,621 4,247 $ 299,580 $ 261,135 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. Each instrument generally has fixed expiration dates or other termination clauses. Since many of the instruments are expected to expire without being drawn upon, total commitments to extend credit amounts do not necessarily represent future cash requirements. The Company evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary, by the Company upon extension of credit is based on management’s credit evaluation of the customer. Standby letters of credit are irrevocable conditional commitments issued by the Company to guarantee the performance of a customer to a third party. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. On January 1, 2023, the Company adopted ASU 2016-13, see Note (6). Upon adoption, the Company estimated an allowance for credit losses on off-balance sheet credit exposures, which resulted in recording a reserve for unfunded loan commitments of $500,000. The reserve for unfunded loan commitments totaled $464,000 at June 30, 2024 and December 31, 2023. |
Significant Estimates and Conce
Significant Estimates and Concentrations | 6 Months Ended |
Jun. 30, 2024 | |
Significant Estimates and Concentrations [Abstract] | |
Significant Estimates and Concentrations | Note 12: Significant Estimates and Concentrations GAAP requires disclosure of certain significant estimates and current vulnerabilities due to certain concentrations. Estimates related to the allowance for credit losses are reflected in Note 6 Note 11 As of June 30, 2024, hospitality loans were 21% of gross total loans with outstanding balances of $282.1 million and unfunded commitments of $4.4 million; energy loans were 11% of gross total loans with outstanding balances of $152.4 million and unfunded commitments of $62.5 million. The Company evaluates goodwill for potential goodwill impairment on an annual basis or more often based on consideration if any impairment indicators have occurred. A prolonged strain on the U.S. economy impacting the Company could result in goodwill being partially or fully impaired. At June 30, 2024, goodwill of $8.5 million was recorded on the consolidated balance sheet. |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2024 | |
Insider Trading Arrangements [Line Items] | |
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 Operations and Summ_2
Nature of Operations and Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
Nature of Operations and Summary of Significant Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited interim condensed consolidated financial statements contained herein reflect all adjustments which are, in the opinion of management, necessary to provide a fair statement of the financial position, results of operations, and cash flows of the Company for the interim periods presented. All such adjustments are of a normal and recurring nature. The have been no significant changes in the accounting policies of the Company since December 31, 2023, the date of the most recent annual report. The condensed consolidated balance sheet of the Company as of December 31, 2023 has been derived from the audited consolidated balance sheet of the Company as of that date. Certain information and notes normally included in the Company’s annual financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted. The information contained in the financial statements and footnotes included in Company’s annual report for the year ended December 31, 2023, should be referred to in connection with these unaudited interim consolidated financial statements. Operating results for the interim periods disclosed herein are not necessarily indicative of the results that may be expected for a full year or any future period. |
Principles of Consolidation | Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company, the Bank and its two subsidiaries, 1039 NW 63rd, LLC, which holds real estate utilized by the Bank, and Giddings Production, LLC, which is engaged in the production of oil, natural gas and natural liquid (“NGL”) reserves in Texas.All significant intercompany accounts and transactions have been eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for credit losses, valuation of other real estate owned, income taxes, goodwill and intangibles and fair values of financial instruments. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Standards Not Yet Adopted: In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), primarily focused on income tax disclosures regarding effective tax rates and cash income taxes paid. ASU 2023-09 requires public business entities, on an annual basis, to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income by the applicable statutory income tax rate). ASU 2023-09 is effective for fiscal years, and interim periods within those fiscal years beginning after December 15, 2024, with early adoption permitted. The adoption of ASU 2023-09 is not expected to have a material impact on the Company’s operations, financial position or disclosures. In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which expands reportable segment disclosure requirements through enhanced disclosures about significant segment expenses. The amendments in this update introduce a new requirement to disclose significant segment expenses regularly provided to the chief operating decision maker, extend certain annual disclosures to interim periods, clarify that single reportable segment entities must apply Topic 280 in its entirety, permit more than one measure of segment profit or loss to be reported under certain conditions and require disclosure of the title and position of the chief operating decision maker. ASU 2023-07 is effective for public business entities for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The adoption of ASU 2023-07 is not expected to have a material impact on the Company’s operations, financial position or disclosures. |
Earnings per Share (Tables)
Earnings per Share (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Earnings per Share [Abstract] | |
Basic and Diluted Earnings Per Share | The following table shows the computation of basic and diluted earnings per share: As of and for the three months ended June 30, As of and for the six months ended June 30, 2024 2023 2024 2023 (Dollars in thousands, except per share amounts) Numerator Net income $ 11,524 $ 9,746 $ 22,812 $ 19,353 Denominator Weighted-average shares outstanding for basic earnings per share 9,250,332 9,153,077 9,235,176 9,150,022 Dilutive effect of stock compensation (1) 116,915 94,024 107,871 106,428 Denominator for diluted earnings per share 9,367,247 9,247,101 9,343,047 9,256,450 Earnings per common share Basic $ 1.25 $ 1.06 $ 2.47 $ 2.12 Diluted $ 1.23 $ 1.05 $ 2.44 $ 2.09 |
Debt Securities (Tables)
Debt Securities (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Debt Securities [Abstract] | |
Amortized Cost and Fair Value of Debt Securities Available-for-sale | The following table summarizes the amortized cost and fair value of debt securities available-for-sale at June 30, 2024 and December 31, 2023 and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income (loss): (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-sale as of June 30 U.S. Federal agencies $ 84 $ - $ (2 ) $ 82 Mortgage-backed securities (1)(2) 36,501 - (3,968 ) 32,533 State and political subdivisions 25,668 - (1,640 ) 24,028 U.S. Treasuries 6,025 - (762 ) 5,263 Corporate debt securities 5,500 - (1,122 ) 4,378 Total available-for-sale 73,778 - (7,494 ) 66,284 Total debt securities 73,778 - (7,494 ) 66,284 (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-sale as of December 31, 2023 U.S. Federal agencies $ 138 $ - $ (3 ) $ 135 Mortgage-backed securities (1)(2) 38,465 - (3,963 ) 34,502 State and political subdivisions 27,368 - (1,512 ) 25,856 U.S. Treasuries 106,030 - (1,373 ) 104,657 Corporate debt securities 5,500 - (1,163 ) 4,337 Total available-for-sale 177,501 - (8,014 ) 169,487 Total debt securities 177,501 - (8,014 ) 169,487 (1) All of our mortgage-backed securities and collateralized mortgage obligations are issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored entities. (2) Included in amortized cost of mortgage-backed securities is $23.48 million and $24.80 million of residential mortgage-backed securities and $13.02 million and $13.67 million of commercial mortgage-backed securities as of June 30, 2024 and December 31, 2023, respectively . |
Contractual Maturity | The amortized cost and estimated fair value of investment securities at June 30, 2024 and December 31, 2023, by contractual maturity, are shown below. The expected life of mortgage-backed securities will differ from contractual maturities because borrowers may have the right to call or prepay the underlying mortgage loans with or without call or prepayment penalties. (in thousands) Amortized Cost Fair Value Available-for-sale as of June 30, 2024 Due in one year or less $ 4,742 $ 4,694 Due after one year through five years 16,527 15,399 Due after five years through ten years 15,846 13,516 Due after ten years 162 142 Mortgage-backed securities 36,501 32,533 Total available-for-sale 73,778 66,284 (in thousands) Amortized Cost Fair Value Available-for-sale as of December 31, 2023 Due in one year or less $ 105,944 $ 105,186 Due after one year through five years 15,654 14,675 Due after five years through ten years 17,276 14,980 Due after ten years 162 144 Mortgage-backed securities 38,465 34,502 Total available-for-sale 177,501 169,487 |
Realized Gains and Losses from Sale, Repayment and Call of Debt Securities | The following table presents a summary of realized gains and losses from the sale, prepayment and call of debt securities: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (in thousands) Proceeds from sales, maturities, prepayments and calls $ 86,214 $ 1,784 $ 188,536 $ 4,198 Gross realized losses on sales, prepayments and calls - (7 ) - (8 ) Total realized (losses), net $ - $ (7 ) $ - $ (8 ) |
Pledged Securities | The following table details book value of pledged securities as of June 30, 2024 and December 31, 2023: (in thousands) June 30, 2024 December 31, 2023 Book value of pledged securities $ 19,928 $ 121,283 |
Debt Securities in Continuous Unrealized Loss Position | The following table details gross unrealized losses and fair values of investment securities aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position at June 30, 2024 and December 31, 2023. As of June 30, 2024, the Company had the ability and intent to hold the debt securities classified as available-for-sale for a period of time sufficient for a recovery of cost. The unrealized losses are due to increases in market interest rates over the yields available at the time the underlying debt securities were purchased or acquired Less than Twelve Months Twelve Months or Longer Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (in thousands) Available-for-sale as of June 30, 2024 U.S. Federal agencies $ - $ - $ 82 $ (2 ) $ 82 $ (2 ) Mortgage-backed securities - - 32,533 (3,968 ) 32,533 (3,968 ) State and political subdivisions (1) 171 (4 ) 23,857 (1,636 ) 24,028 (1,640 ) U.S. Treasuries - - 5,263 (762 ) 5,263 (762 ) Corporate debt securities - - 4,378 (1,122 ) 4,378 (1,122 ) Total available-for-sale $ 171 $ (4 ) $ 66,113 $ (7,490 ) $ 66,284 $ (7,494 ) Less than Twelve Months Twelve Months or Longer Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (in thousands) Available-for-sale as of December 31, 2023 U.S. Federal agencies $ - $ - $ 135 $ (3 ) $ 135 $ (3 ) Mortgage-backed securities - - 34,502 $ (3,963 ) 34,502 (3,963 ) State and political subdivisions (1) 1,160 (5 ) 24,696 $ (1,507 ) 25,856 (1,512 ) U.S. Treasuries - - 104,657 $ (1,373 ) 104,657 (1,373 ) Corporate debt securities - (195 ) 4,337 $ (968 ) 4,337 (1,163 ) Total available-for-sale $ 1,160 $ (200 ) $ 168,327 $ (7,814 ) $ 169,487 $ (8,014 ) (1) Of our state and political subdivision securities, $21.13 million and $22.84 million are rated BBB+ or better and $2.89 million and $3.02 million are not rated as of June 30, 2024 and December 31, 2023, respectively. |
Loans and Allowance for Credi_2
Loans and Allowance for Credit Losses (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Loans and Allowance for Loan Losses [Abstract] | |
Summary of Loans | A summary of loans at June 30, 2024 June 30, 2024 December 31, 2023 Construction & development $ 160,055 $ 137,206 1 - 4 family real estate 115,917 100,576 Commercial real estate - other 510,986 518,622 Total commercial real estate $ 786,958 $ 756,404 Commercial & industrial 487,147 526,185 Agricultural 64,838 66,495 Consumer 15,080 14,517 Gross loans 1,354,023 1,363,601 Less allowance for credit losses (17,772 ) (19,691 ) Less deferred loan fees (1,934 ) (2,762 ) Net loans $ 1,334,317 $ 1,341,148 |
Activity in Allowance for Credit Losses by Portfolio Segment | The following table presents, by portfolio segment, the activity in the allowance for credit losses for the three months ended June 30, 2024 Construction & Development 1 - 4 Family Real Estate Commercial Real Estate - Other Commercial & Industrial Agricultural Consumer Total June 30, 2024 Loans Balance, beginning of period $ 1,417 $ 1,271 $ 6,889 $ 9,242 $ 628 $ 249 $ 19,696 Charge-offs - - - (2,000 ) - - (2,000 ) Recoveries - - - 73 3 - 76 Net (charge-offs) recoveries - - - (1,927 ) 3 - (1,924 ) Provision (credit) for credit losses 393 220 23 (714 ) 67 11 - Balance, end of period $ 1,810 $ 1,491 $ 6,912 $ 6,601 $ 698 $ 260 $ 17,772 Unfunded Commitments Balance, beginning of period $ 158 $ 4 $ 8 $ 280 $ 11 $ 3 $ 464 Provision (credit) for credit losses (4 ) 2 2 (2 ) 2 - - Balance, end of period $ 154 $ 6 $ 10 $ 278 $ 13 $ 3 $ 464 Total allowance for Credit Losses reserve for unfunded commitments $ 1,964 $ 1,497 $ 6,922 $ 6,879 $ 711 $ 263 $ 18,236 Total Provision for Credit Losses $ 389 $ 222 $ 25 $ (716 ) $ 69 $ 11 $ - Construction & Development 1 - 4 Family Real Estate Commercial Real Estate - Other Commercial & Industrial Agricultural Consumer Total June 30 2023 Loans Balance, beginning of period $ 1,739 $ 1,038 $ 5,704 $ 6,055 $ 734 $ 182 $ 15,452 Charge-offs - - - - (7 ) (5 ) (12 ) Recoveries - - - - - 2 2 Net (charge-offs) recoveries - - - - (7 ) (3 ) (10 ) Provision (credit) for credit losses (147 ) 78 385 657 (126 ) 88 935 Balance, end of period $ 1,592 $ 1,116 $ 6,089 $ 6,712 $ 601 $ 267 $ 16,377 Unfunded Commitments Balance, beginning of period $ 171 $ 4 $ 24 $ 274 $ 25 $ 2 $ 500 Provision (credit) for credit losses 56 - (10 ) 31 (1 ) - 76 Balance, end of period $ 227 $ 4 $ 14 $ 305 $ 24 $ 2 $ 576 Total allowance for credit losses and reserve for unfunded commitments $ 1,819 $ 1,120 $ 6,103 $ 7,017 $ 625 $ 269 $ 16,953 Total Provision for Credit Losses $ (91 ) $ 78 $ 375 $ 688 $ (127 ) $ 88 $ 1,011 The following table presents, by portfolio segment, the activity in the allowance for credit losses for the six months ended June 30, 2024 Construction & Development 1 - 4 Family Real Estate Commercial Real Estate - Other Commercial & Industrial Agricultural Consumer Total June 30, 2024 Loans Balance, beginning of period $ 1,417 $ 1,271 $ 6,889 $ 9,237 $ 628 $ 249 $ 19,691 Charge-offs - - - (2,000 ) - - (2,000 ) Recoveries - - - 78 3 - 81 Net (charge-offs) recoveries - - - (1,922 ) 3 - (1,919 ) Provision (credit) for credit losses 393 220 23 (714 ) 67 11 - Balance, end of period $ 1,810 $ 1,491 $ 6,912 $ 6,601 $ 698 $ 260 $ 17,772 Unfunded Commitments Balance, beginning of period $ 158 $ 4 $ 8 $ 280 $ 11 $ 3 $ 464 Provision (credit) for credit losses (4 ) 2 2 (2 ) 2 - - Balance, end of period $ 154 $ 6 $ 10 $ 278 $ 13 $ 3 $ 464 Total Allowance for Credit Losses reserve for unfunded commitments $ 1,964 $ 1,497 $ 6,922 $ 6,879 $ 711 $ 263 $ 18,236 Total Provision for Credit Losses $ 389 $ 222 $ 25 $ (716 ) $ 69 $ 11 $ - Construction & Development 1 - 4 Family Real Estate Commercial Real Estate - Other Commercial & Industrial Agricultural Consumer Total June 30, 2023 Loans Balance, beginning of period $ 1,889 $ 890 $ 5,080 $ 5,937 $ 765 $ 173 $ 14,734 Impact of CECL adoption 44 (138 ) (168 ) 716 (149 ) (55 ) 250 Charge-offs - - - - (7 ) (16 ) (23 ) Recoveries - - - - 2 5 7 Net (charge-offs) recoveries - - - - (5 ) (11 ) (16 ) Provision (credit) for credit losses (341 ) 364 1,177 59 (10 ) 160 1,409 Balance, end of period $ 1,592 $ 1,116 $ 6,089 $ 6,712 $ 601 $ 267 $ 16,377 Unfunded Commitments Balance, beginning of period $ - $ - $ - $ - $ - $ - $ - Impact of CECL adoption 171 4 24 274 25 2 500 Provision (credit) for credit losses 56 - (10 ) 31 (1 ) - 76 Balance, end of period $ 227 $ 4 $ 14 $ 305 $ 24 $ 2 $ 576 Total Allowance for Credit Losses $ 1,819 $ 1,120 $ 6,103 $ 7,017 $ 625 $ 269 $ 16,953 Total Provision for Credit Losses $ (285 ) $ 364 $ 1,167 $ 90 $ (11 ) $ 160 $ 1,485 |
Loan Portfolio Based on Internal Rating Category | The following tables presents the amortized cost of the Company’s loan portfolio with the gross charge-offs for the three months ended by year of origination based on internal rating category as of June 30, 2024, and for the twelve months ended by year of origination based on internal rating category as of December 31, 2023 (dollars in thousands) As of June 30, 2024 2024 2023 2022 2021 2020 Prior Revolving Loans Amortized Cost Basis Total Construction & development Grade 1 (Pass) $ 40,711 $ 8,877 $ 2,157 $ 1,507 $ 171 $ 135 $ 105,934 $ 159,492 2 (Watch) - - - - - - - - 3 (Special Mention) 563 - - - - - - 563 4 (Substandard) - - - - - - - - Total construction & development 41,274 8,877 2,157 1,507 171 135 105,934 160,055 Current-period gross charge-offs - - - - - - - - 1 - 4 family real estate Grade 1 (Pass) 35,921 38,419 17,979 10,995 3,833 2,070 6,700 115,917 2 (Watch) - - - - - - - - 3 (Special Mention) - - - - - - - - 4 (Substandard) - - - - - - - - Total 1 - 4 family real estate 35,921 38,419 17,979 10,995 3,833 2,070 6,700 115,917 Current-period gross charge-offs - - - - - - - - Commercial real estate - other Grade 1 (Pass) 76,892 185,325 150,552 19,921 20,278 5,597 51,243 509,808 2 (Watch) - - - - - - - - 3 (Special Mention) - - - - - 1,064 - 1,064 4 (Substandard) - - - - - 114 - 114 Total Commercial real estate - other 76,892 185,325 150,552 19,921 20,278 6,775 51,243 510,986 Current-period gross charge-offs - - - - - - - - Commercial and industrial Grade 1 (Pass) 70,619 107,458 49,877 13,968 1,426 4,137 226,448 473,933 2 (Watch) - - - - - - 3,709 3,709 3 (Special Mention) - - - - - - 885 885 4 (Substandard) 7,350 1,270 - - - - - 8,620 Total Commercial and industrial 77,969 108,728 49,877 13,968 1,426 4,137 231,042 487,147 Current-period gross charge-offs - 2,000 - - - - - 2,000 Agriculural Grade 1 (Pass) 23,270 7,104 4,996 6,796 3,829 1,311 17,532 64,838 2 (Watch) - - - - - - - - 3 (Special Mention) - - - - - - - - 4 (Substandard) - - - - - - - - Total agriculural 23,270 7,104 4,996 6,796 3,829 1,311 17,532 64,838 Current-period gross charge-offs - - - - - - - - Consumer Grade 1 (Pass) 3,878 2,666 1,024 1,596 2,338 2,241 1,337 15,080 2 (Watch) - - - - - - - - 3 (Special Mention) - - - - - - - - 4 (Substandard) - - - - - - - - Total consumer 3,878 2,666 1,024 1,596 2,338 2,241 1,337 15,080 Current-period gross charge-offs - - - - - - - - Total loans held for investment $ 259,204 $ 351,119 $ 226,585 $ 54,783 $ 31,875 $ 16,669 $ 413,788 $ 1,354,023 Total current-period gross charge-offs $ - $ 2,000 $ - $ - $ - $ - $ - $ 2,000 As of December 31, 2023 2023 2022 2021 2020 2019 Prior Revolving Loans Amortized Cost Basis Total Construction & development Grade 1 (Pass) $ 26,915 $ 2,266 $ 3,182 $ 201 $ 98 $ 44 $ 103,711 $ 136,417 2 (Watch) - - - - - - - - 3 (Special Mention) 563 - - - - - 226 789 4 (Substandard) - - - - - - - - Total construction & development 27,478 2,266 3,182 201 98 44 103,937 137,206 Current-period gross charge-offs - - - - - - - - 1 - 4 family real estate Grade 1 (Pass) 48,275 22,573 13,305 3,928 1,808 1,069 9,618 100,576 2 (Watch) - - - - - - - - 3 (Special Mention) - - - - - - - - 4 (Substandard) - - - - - - - - Total 1 - 4 family real estate 48,275 22,573 13,305 3,928 1,808 1,069 9,618 100,576 Current-period gross charge-offs - - - - - - - - Commercial real estate - other Grade 1 (Pass) 187,086 153,764 32,641 36,278 2,613 4,043 86,370 502,795 2 (Watch) - - - - - - - - 3 (Special Mention) 14,612 - - - - 1,089 - 15,701 4 (Substandard) - - - - - 126 - 126 Total Commercial real estate - other 201,698 153,764 32,641 36,278 2,613 5,258 86,370 518,622 Current-period gross charge-offs - - - - - - - - Commercial and industrial Grade 1 (Pass) 162,156 59,265 38,093 2,777 1,706 4,059 217,377 485,433 2 (Watch) - - - - - - 4,094 4,094 3 (Special Mention) 4,151 - - - - - 1,616 5,767 4 (Substandard) 20,660 7,937 98 8 - - 2,188 30,891 Total Commercial and industrial 186,967 67,202 38,191 2,785 1,706 4,059 225,275 526,185 Current-period gross charge-offs 16,500 - - - - - - 16,500 Agriculural Grade 1 (Pass) 9,283 5,789 23,205 4,283 927 1,104 21,904 66,495 2 (Watch) - - - - - - - - 3 (Special Mention) - - - - - - - - 4 (Substandard) - - - - - - - - Total agriculural 9,283 5,789 23,205 4,283 927 1,104 21,904 66,495 Current-period gross charge-offs - 7 - - - - - 7 Consumer Grade 1 (Pass) 4,415 1,545 2,171 2,554 663 1,819 1,270 14,437 2 (Watch) - - - - - - - - 3 (Special Mention) - - - - - - - - 4 (Substandard) - - - - - 80 - 80 Total consumer 4,415 1,545 2,171 2,554 663 1,899 1,270 14,517 Current-period gross charge-offs 17 - - - - - - 17 Total loans held for investment $ 478,116 $ 253,139 $ 112,695 $ 50,029 $ 7,815 $ 13,433 $ 448,374 $ 1,363,601 Total current-period gross charge-offs $ 16,517 $ 7 $ - $ - $ - $ - $ - $ 16,524 |
Loan Portfolio Aging Analysis of Recorded Investment in Loans | The following table presents the Company’s loan portfolio aging analysis of the recorded investment in loans as of June 30, 2024 Past Due Total Loans 30–59 Days 60–89 Days Greater than 90 Days Total Current Total Loans > 90 Days & Accruing June 30, 2024 Construction & development $ - $ - $ - $ - $ 160,055 $ 160,055 $ - 1 - 4 family real estate 9 - - 9 115,908 115,917 - Commercial real estate - other 722 - - 722 510,264 510,986 - Commercial & industrial 130 4,117 2,368 6,615 480,532 487,147 - Agricultural - - - - 64,838 64,838 - Consumer 25 - - 25 15,055 15,080 - Total $ 886 $ 4,117 $ 2,368 $ 7,371 $ 1,346,652 $ 1,354,023 $ - December 31, 2023 Construction & development $ - $ - $ - $ - $ 137,206 $ 137,206 $ - 1 - 4 family real estate - - - - 100,576 100,576 - Commercial real estate - other - - - - 518,622 518,622 - Commercial & industrial (1) 472 10,969 9,946 21,387 504,798 526,185 9,946 Agricultural - - - - 66,495 66,495 - Consumer (2) - 27 80 107 14,410 14,517 80 Total $ 472 $ 10,996 $ 10,026 $ 21,494 $ 1,342,107 $ 1,363,601 $ 10,026 (1) The $9.95 million that is greater than 90 days past due as of December 31, 2023, primarily consists of a single borrower that is well collateralized and for which collection is being diligently pursued. (2) The $ 80 |
Nonaccrual Loans | The following table presents information regarding nonaccrual loans as of June 30, 2024 With an Allowance No Allowance Total Non- Accrual Loans Related Allowance June 30, 2024 Construction & development $ - $ - $ - $ - 1 - 4 Family Real Estate - - - - Commercial Real Estate - other - 114 114 - Commercial & industrial 126 6,486 6,612 126 Agricultural - - - - Consumer - - - - Total $ 126 $ 6,600 $ 6,726 $ 126 With an Allowance No Allowance Total Non- Accrual Loans Related Allowance December 31, 2023 Construction & development $ - $ - $ - $ - 1 - 4 Family Real Estate - - - - Commercial Real Estate - other - 126 126 - Commercial & industrial 10,255 8,560 18,815 2,147 Agricultural - - - - Consumer - - - - Total $ 10,255 $ 8,686 $ 18,941 $ 2,147 |
Collateral-Dependent Gross Loans Held for Investment | The following table summarizes collateral-dependent gross loans held for investment by collateral type and the related specific allocation as follows (dollars in s): Collateral Type Business Specific Real Estate Assets Other Assets Total Allocation June 30, 2024 Construction & development $ - $ - $ - $ - $ - 1 - Family Real Estate - - - - - Commercial Real Estate - other - 114 - 114 - Commercial & industrial 6,155 2,368 - 8,523 30 Agricultural - - - - - Consumer - - - - - Total $ 6,155 $ 2,482 $ - $ 8,637 $ 30 Collateral Type Business Other Specific Real Estate Assets Assets Total Allocation December 31, 2023 Construction & development $ - $ - $ - $ - $ - 1 - 4 Family Real Estate - - - - - Commercial Real Estate - other 126 - - 126 - Commercial & industrial - 20,848 9,932 30,780 2,038 Agricultural - - - - - Consumer 27 - 80 107 - Total $ 153 $ 20,848 $ 10,012 $ 31,013 $ 2,038 |
Loans Modified to Borrowers Experiencing Financial Difficulty | The following table presents the amortized cost basis at the end of the reporting period of loans modified to borrowers experiencing financial difficulty, disaggregated by class of financing receivable and type of modification made, as well as the financial effect of the modifications made as of June 30, 2024. There were no loans modified to borrowers experiencing financial difficulty as of June 30, 2023. Term Extension and Payment Deferral Amortized Cost Basis % of Total Class Financial Effect June 30, 2024 (Dollars in thousands) Construction & development $ - - % 1 - Family Real Estate - - Commercial Real Estate - other - - Commercial & industrial 1,122 0.2 Extended the maturity of loan by four months, and payment of principal and interest deferred until the sale of collateral Agricultural - - Consumer - - Total $ 1,122 0.2 % |
Performance of Loans Modified in Last 12 Months | The following table depicts the performance of loans that have been modified in the last 12 months (dollars in s): Current 30 - Days Past Due 90 + Days Past Due Non-Accruing June 30, 2024 Construction & development $ - $ - $ - $ - 1 - Family Real Estate - - - - Commercial Real Estate - other - - - - Commercial & industrial - - - 1,122 Agricultural - - - - Consumer - - - - Total $ - $ - $ - $ 1,122 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Shareholders' Equity [Abstract] | |
Summary of Activity under Repurchase Plan | A summary of the activity under the RP is as follows: Six Months Ended June 30, 2024 2023 Number of shares repurchased - - Average price of shares repurchased $ - $ - Shares remaining to be repurchased 750,000 750,000 |
Actual Capital Amounts and Ratios | The Company’s and Bank’s actual capital amounts and ratios are presented in the following table as of June 30, 2024 and December 31, 2023 (dollars in thousands): Actual Minimum Capital Requirements With Capital Conservation Buffer Minimum To Be Well Capitalized Under Prompt Corrective Action Amount Ratio Amount Ratio Amount Ratio Amount Ratio As of June 30 2024 Total capital to risk-weighted assets Company $ 205,120 14.28 % $ 114,925 8.00 % $ 150,839 10.50 % N/A N/A Bank 205,067 14.29 % 114,843 8.00 % 150,732 10.50 % $ 143,554 10.00 % Tier I capital to risk-weighted assets Company 187,160 13.03 % 86,194 6.00 % 122,108 8.50 % N/A N/A Bank 187,119 13.03 % 86,132 6.00 % 122,021 8.50 % 114,843 8.00 % CET I capital to risk-weighted assets Company 187,160 13.03 % 64,645 4.50 % 100,559 7.00 % N/A N/A Bank 187,119 13.03 % 64,599 4.50 % 100,488 7.00 % 93,310 6.50 % Tier I capital to average assets Company 187,160 11.12 % 67,322 4.00 % N/A N/A N/A N/A Bank 187,119 11.12 % 67,322 4.00 % N/A N/A 84,153 5.00 % As of December 31, 2023 Total capital to risk-weighted assets Company $ 185,171 12.74 % $ 116,251 8.00 % $ 152,579 10.50 % N/A N/A Bank 185,118 12.75 % 116,169 8.00 % 152,472 10.50 % $ 145,211 10.00 % Tier I capital to risk-weighted assets Company 166,982 11.49 % 87,188 6.00 % 123,516 8.50 % N/A N/A Bank 166,942 11.50 % 87,127 6.00 % 123,429 8.50 % 116,169 8.00 % CET I capital to risk-weighted assets Company 166,982 11.49 % 65,391 4.50 % 101,719 7.00 % N/A N/A Bank 166,942 11.50 % 65,345 4.50 % 101,648 7.00 % 94,387 6.50 % Tier I capital to average assets Company 166,982 9.50 % 70,318 4.00 % N/A N/A N/A N/A Bank 166,942 9.50 % 70,318 4.00 % N/A N/A 87,897 5.00 % |
Employee Benefits (Tables)
Employee Benefits (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Employee Benefits [Abstract] | |
Stock Options Activity | The following table is a summary of the stock option activity under the Incentive Plan (dollar amounts in thousands, except per share data): Options Wgtd. Avg. Exercise Price Wgtd. Avg. Remaining Contractual Term Aggregate Intrinsic Value Six Months Ended June 30, 2024 Outstanding at December 31, 2023 220,939 $ 17.52 Options Granted - - Options Exercised (19,001 ) 17.42 Options Forfeited - - Outstanding at June 30, 2024 201,938 17.53 5.14 $ 2,781,137 Exercisable at June 30, 2024 180,124 17.76 4.95 $ 2,439,752 |
Restricted Stock Units | The following table summarizes share information about RSUs for the six months ended June 30, 2024 and 2023: Number of Shares Wgtd. Avg. Grant Date Fair Value Six Months Ended June 30, 2024 Outstanding at December 31, 2023 211,461 $ 26.98 Shares granted 100,606 27.34 Shares vested (51,636 ) 27.06 Shares forfeited - - End of the period balance 260,431 $ 27.11 Number of Shares Wgtd. Avg. Grant Date Fair Value Six June 30 2023 Outstanding at December 31, 2022 112,591 $ 19.15 Shares granted 163,311 29.76 Shares vested (14,109 ) 18.80 Shares forfeited (3,250 ) 28.03 End of the period balance 258,543 $ 25.76 |
Disclosures About Fair Value _2
Disclosures About Fair Value of Assets and Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Disclosures about Fair Value of Assets and Liabilities [Abstract] | |
Assets Measured at Fair Value on Nonrecurring Basis | The following table presents the fair value measurement of assets measured at fair value on a nonrecurring basis and the level within the fair value hierarchy in which the fair value measurements fall at June 30, 2024 and December 31, 2023 (dollars in thousands): Fair Value (Level 1) (Level 2) (Level 3) June 30 2024 Collateral-dependent loans $ 1,122 $ - $ - $ 1,122 Asset retirement obligations 281 - - 281 December 31, 2023 Collateral-dependent loans $ 16,370 $ - $ - $ 16,370 Asset retirement obligations 361 - - 361 |
Quantitative Information About Unobservable Inputs Used in Recurring and Nonrecurring Level 3 Fair Value Measurements | The following table presents quantitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements(dollars in thousands): Valuation Unobservable Fair Value Technique Inputs June 30, 2024 Collateral-dependent loans $ 1,122 Estimated cash to be received pending resolution of bankruptcy proceedings Estimated cost to sell Asset retirement obligations 281 Expected present value Plugging and abandonment expense December 31, 2023 Collateral-dependent loans $ 16,370 Estimated cash to be received pending resolution of bankruptcy proceedings Estimated cost to sell Asset retirement obligations 361 Expected present value Plugging and abandonment expense |
Estimated Fair Value of Financial Instruments Not Recorded at Fair Value | The following table presents estimated fair values of the Company’s financial instruments not recorded at fair value at June 30, 2024 and December 31, 2023 (dollars in thousands): Carrying Fair Value Measurements Amount Level 1 Level 2 Level 3 Total June 30, 2024 Financial Assets Cash and due from banks $ 210,105 $ 210,105 $ - $ - $ 210,105 Interest-bearing time deposits in other banks 12,202 - 12,202 - 12,202 Loans, net of allowance 1,334,317 - 1,330,431 1,122 1,331,553 Nonmarketable equity securities 1,275 - 1,275 - 1,275 Interest receivable and other assets 32,240 - 18,614 13,626 32,240 Financial Liabilities Deposits $ 1,481,317 $ - $ 1,480,191 $ - $ 1,480,191 Interest payable and other liabilities 10,790 - 10,029 761 10,790 December 31, 2023 Financial Assets Cash and due from banks $ 181,042 $ 181,042 $ - $ - $ 181,042 Interest-bearing time deposits in other banks 17,679 - 17,679 - 17,679 Loans, net of allowance 1,341,148 - 1,321,413 16,370 1,337,783 Loans held for sale 718 - 718 - 718 Nonmarketable equity securities 1,283 - 1,283 - 1,283 Interest receivable and other assets 35,878 - 19,211 16,667 35,878 Financial Liabilities Deposits $ 1,591,391 $ - $ 1,590,295 $ - $ 1,590,295 Interest payable and other liabilities 9,647 - 8,335 1,312 9,647 |
Financial Instruments with Of_2
Financial Instruments with Off-Balance Sheet Risk (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Financial Instruments with Off-Balance Sheet Risk [Abstract] | |
Financial Instruments with Contract Amounts Representing Credit Risk | The following summarizes those financial instruments with contract amounts representing credit risk as of June 30, 2024 and December 31, 2023 (dollars in thousands): June 30, 2024 December 31, 2023 Commitments to extend credit $ 296,959 $ 256,888 Financial and performance standby letters of credit 2,621 4,247 $ 299,580 $ 261,135 |
Nature of Operations and Summ_3
Nature of Operations and Summary of Significant Accounting Policies (Details) | Jun. 30, 2024 Subsidiary |
Principles of Consolidation [Abstract] | |
Number of subsidiaries | 2 |
Recent Events, Including Merg_2
Recent Events, Including Mergers and Acquisitions (Details) - Asset Purchase and Sale Agreement [Member] $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Nov. 17, 2023 USD ($) | Oct. 31, 2023 USD ($) Country Well | Jun. 30, 2024 USD ($) | Jun. 30, 2024 USD ($) | Dec. 31, 2023 USD ($) | |
Asset Acquisition [Abstract] | |||||
Total purchase price | $ 15,100 | ||||
Transaction costs capitalized into oil and gas properties | 1,400 | ||||
HB2 Origination, LLC [Member] | |||||
Asset Acquisition [Abstract] | |||||
Effective date of acquisition | Sep. 01, 2023 | ||||
Number of wells in formations acquired | Well | 9 | ||||
Number of counties where acquired oil and gas properties are located | Country | 4 | ||||
Payment made to acquire assets | $ 15,400 | ||||
Asset retirement obligations assumed | 400 | ||||
Purchase price and related asset retirement obligations allocated to proved leasehold costs | 1,700 | ||||
Purchase price and related asset retirement obligations allocated to interest receivable and other assets | $ 15,400 | ||||
Oil and gas assets and related receivables included in interest receivable and other assets | $ 13,600 | $ 13,600 | $ 16,800 | ||
Assets retirement obligations and oil and gas related liabilities included in interest payable and other liabilities | 761 | 761 | $ 1,300 | ||
Oil and gas related revenues included in Other noninterest income | 2,400 | 3,800 | |||
Oil and gas related expenses included in Other noninterest expense | $ 1,100 | $ 2,300 |
Restriction on Cash and Due f_2
Restriction on Cash and Due from Banks (Details) $ in Thousands | Jun. 30, 2024 USD ($) |
Restriction on Cash and Due from Banks [Abstract] | |
Reserve funds to be maintained with Federal Reserve Bank | $ 0 |
Earnings per Share (Details)
Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | ||
Numerator [Abstract] | |||||
Net income | $ 11,524 | $ 9,746 | $ 22,812 | $ 19,353 | |
Denominator [Abstract] | |||||
Weighted-average shares outstanding for basic earnings per share (in shares) | 9,250,332 | 9,153,077 | 9,235,176 | 9,150,022 | |
Dilutive effect of stock compensation (in shares) | [1] | 116,915 | 94,024 | 107,871 | 106,428 |
Denominator for diluted earnings per share (in shares) | 9,367,247 | 9,247,101 | 9,343,047 | 9,256,450 | |
Earnings per common share [Abstract] | |||||
Basic (in dollars per share) | $ 1.25 | $ 1.06 | $ 2.47 | $ 2.12 | |
Diluted (in dollars per share) | $ 1.23 | $ 1.05 | $ 2.44 | $ 2.09 | |
Nonqualified Stock Options [Member] | |||||
Antidilutive securities [Abstract] | |||||
Antidilutive shares excluded from the calculation of earnings per share (in shares) | 2,000 | 5,000 | 2,000 | 5,000 | |
Restricted Stock Units [Member] | |||||
Antidilutive securities [Abstract] | |||||
Antidilutive shares excluded from the calculation of earnings per share (in shares) | 0 | 156,186 | 50,000 | 156,186 | |
[1] The following have not been included in diluted earnings per share because to do so would have been antidilutive for the periods presented: Nonqualified stock options outstanding of 2,000 and 5,000 for the three month periods ended June 30, 2024 and 2023, respectively, and 2,000 and 5,000 for the six month periods ended June 30, 2024 and 2023 June 30, 2024 and 2023 June 30, 2024 and 2023 |
Debt Securities, Amortized Cost
Debt Securities, Amortized Cost and Fair Value of Debt Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | |
Available-for-sale [Abstract] | |||
Amortized cost | $ 73,778 | $ 177,501 | |
Gross unrealized gains | 0 | 0 | |
Gross unrealized losses | (7,494) | (8,014) | |
Fair value | 66,284 | 169,487 | |
Available-for-sale Securities [Member] | |||
Available-for-sale [Abstract] | |||
Amortized cost | 73,778 | 177,501 | |
Gross unrealized gains | 0 | 0 | |
Gross unrealized losses | (7,494) | (8,014) | |
Fair value | 66,284 | 169,487 | |
U.S. Federal Agencies [Member] | |||
Available-for-sale [Abstract] | |||
Amortized cost | 84 | 138 | |
Gross unrealized gains | 0 | 0 | |
Gross unrealized losses | (2) | (3) | |
Fair value | 82 | 135 | |
Mortgage-Backed Securities [Member] | |||
Available-for-sale [Abstract] | |||
Amortized cost | [1],[2] | 36,501 | 38,465 |
Gross unrealized gains | [1],[2] | 0 | 0 |
Gross unrealized losses | [1],[2] | (3,968) | (3,963) |
Fair value | [1],[2] | 32,533 | 34,502 |
Residential Mortgage-Backed Securities [Member] | |||
Available-for-sale [Abstract] | |||
Fair value | 23,480 | 24,800 | |
Commercial Mortgage-Backed Securities [Member] | |||
Available-for-sale [Abstract] | |||
Fair value | 13,020 | 13,670 | |
State and Political Subdivisions [Member] | |||
Available-for-sale [Abstract] | |||
Amortized cost | 25,668 | 27,368 | |
Gross unrealized gains | 0 | 0 | |
Gross unrealized losses | (1,640) | (1,512) | |
Fair value | 24,028 | 25,856 | |
U.S. Treasuries [Member] | |||
Available-for-sale [Abstract] | |||
Amortized cost | 6,025 | 106,030 | |
Gross unrealized gains | 0 | 0 | |
Gross unrealized losses | (762) | (1,373) | |
Fair value | 5,263 | 104,657 | |
Corporate Debt Securities [Member] | |||
Available-for-sale [Abstract] | |||
Amortized cost | 5,500 | 5,500 | |
Gross unrealized gains | 0 | 0 | |
Gross unrealized losses | (1,122) | (1,163) | |
Fair value | $ 4,378 | $ 4,337 | |
[1]All of our mortgage-backed securities and collateralized mortgage obligations are issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored entities.[2]Included in amortized cost of mortgage-backed securities is $23.48 million and $24.80 million of residential mortgage-backed securities and $13.02 million and $13.67 million of commercial mortgage-backed securities as of June 30, 2024 and December 31, 2023, respectively. |
Debt Securities, Contractual Ma
Debt Securities, Contractual Maturity (Details) $ in Thousands | Jun. 30, 2024 USD ($) Securities | Dec. 31, 2023 USD ($) |
Available-for-sale, amortized cost [Abstract] | ||
Due in one year or less | $ 4,742 | $ 105,944 |
Due after one year through five years | 16,527 | 15,654 |
Due after five years through ten years | 15,846 | 17,276 |
Due after ten years | 162 | 162 |
Mortgage-backed securities | 36,501 | 38,465 |
Amortized cost | 73,778 | 177,501 |
Available-for-sale, fair value [Abstract] | ||
Due in one year or less | 4,694 | 105,186 |
Due after one year through five years | 15,399 | 14,675 |
Due after five years through ten years | 13,516 | 14,980 |
Due after ten years | 142 | 144 |
Mortgage-backed securities | 32,533 | 34,502 |
Fair value | $ 66,284 | $ 169,487 |
Number of holdings of securities of any issuer, other than U.S. Government, exceeding 10% of stockholders' equity | Securities | 0 |
Debt Securities, Realized Gains
Debt Securities, Realized Gains and Losses from Sale, Repayment and Call of Debt Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Realized gains (losses) [Abstract] | ||||
Proceeds from sales, maturities, prepayments and calls | $ 86,214 | $ 1,784 | $ 188,536 | $ 4,198 |
Gross realized losses on sales, prepayments and calls | 0 | (7) | 0 | (8) |
Total realized (losses), net | $ 0 | $ (7) | $ 0 | $ (8) |
Debt Securities, Pledged Securi
Debt Securities, Pledged Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Asset Pledged as Collateral without Right [Member] | ||
Pledged securities [Abstract] | ||
Book value of pledged securities | $ 19,928 | $ 121,283 |
Debt Securities, Continuous Unr
Debt Securities, Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2024 | Dec. 31, 2023 | ||
Continuous unrealized loss position of securities [Abstract] | |||
Impairment loss realized | $ 0 | ||
Securities in continuous unrealized loss position, fair value [Abstract] | |||
Less than twelve months | 171 | $ 1,160 | |
Twelve months or longer | 66,113 | 168,327 | |
Fair value | 66,284 | 169,487 | |
Securities in continuous unrealized loss position, unrealized losses [Abstract] | |||
Less than twelve months | (4) | (200) | |
Twelve months or longer | (7,490) | (7,814) | |
Unrealized losses | (7,494) | (8,014) | |
U.S. Federal Agencies [Member] | |||
Securities in continuous unrealized loss position, fair value [Abstract] | |||
Less than twelve months | 0 | 0 | |
Twelve months or longer | 82 | 135 | |
Fair value | 82 | 135 | |
Securities in continuous unrealized loss position, unrealized losses [Abstract] | |||
Less than twelve months | 0 | 0 | |
Twelve months or longer | (2) | (3) | |
Unrealized losses | (2) | (3) | |
Mortgage-Backed Securities [Member] | |||
Securities in continuous unrealized loss position, fair value [Abstract] | |||
Less than twelve months | 0 | 0 | |
Twelve months or longer | 32,533 | 34,502 | |
Fair value | 32,533 | 34,502 | |
Securities in continuous unrealized loss position, unrealized losses [Abstract] | |||
Less than twelve months | 0 | 0 | |
Twelve months or longer | (3,968) | (3,963) | |
Unrealized losses | (3,968) | (3,963) | |
State and Political Subdivisions [Member] | |||
Securities in continuous unrealized loss position, fair value [Abstract] | |||
Less than twelve months | [1] | 171 | 1,160 |
Twelve months or longer | [1] | 23,857 | 24,696 |
Fair value | [1] | 24,028 | 25,856 |
Securities in continuous unrealized loss position, unrealized losses [Abstract] | |||
Less than twelve months | [1] | (4) | (5) |
Twelve months or longer | [1] | (1,636) | (1,507) |
Unrealized losses | [1] | (1,640) | (1,512) |
State and Political Subdivisions [Member] | BBB+ or Better Rating [Member] | |||
Securities in continuous unrealized loss position, fair value [Abstract] | |||
Fair value | 21,130 | 22,840 | |
State and Political Subdivisions [Member] | Not Rated [Member] | |||
Securities in continuous unrealized loss position, fair value [Abstract] | |||
Fair value | 2,890 | 3,020 | |
U.S. Treasuries [Member] | |||
Securities in continuous unrealized loss position, fair value [Abstract] | |||
Less than twelve months | 0 | 0 | |
Twelve months or longer | 5,263 | 104,657 | |
Fair value | 5,263 | 104,657 | |
Securities in continuous unrealized loss position, unrealized losses [Abstract] | |||
Less than twelve months | 0 | 0 | |
Twelve months or longer | (762) | (1,373) | |
Unrealized losses | (762) | (1,373) | |
Corporate Debt Securities [Member] | |||
Securities in continuous unrealized loss position, fair value [Abstract] | |||
Less than twelve months | 0 | 0 | |
Twelve months or longer | 4,378 | 4,337 | |
Fair value | 4,378 | 4,337 | |
Securities in continuous unrealized loss position, unrealized losses [Abstract] | |||
Less than twelve months | 0 | (195) | |
Twelve months or longer | (1,122) | (968) | |
Unrealized losses | $ (1,122) | $ (1,163) | |
[1]Of our state and political subdivision securities, $21.13 million and $22.84 million are rated BBB+ or better and $2.89 million and $3.02 million are not rated as of June 30, 2024 and December 31, 2023, respectively. |
Loans and Allowance for Credi_3
Loans and Allowance for Credit Losses, Summary of Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | |
Summary of loans [Abstract] | |||||||
Gross loans | $ 1,354,023 | $ 1,363,601 | |||||
Less allowance for credit losses | (17,772) | $ (19,696) | (19,691) | $ (16,377) | $ (15,452) | $ (14,734) | |
Less deferred loan fees | (1,934) | (2,762) | |||||
Net loans | 1,334,317 | 1,341,148 | |||||
Construction & Development [Member] | |||||||
Summary of loans [Abstract] | |||||||
Gross loans | 160,055 | 137,206 | |||||
Less allowance for credit losses | (1,810) | (1,417) | (1,417) | (1,592) | (1,739) | (1,889) | |
1 - 4 Family Real Estate [Member] | |||||||
Summary of loans [Abstract] | |||||||
Gross loans | 115,917 | 100,576 | |||||
Less allowance for credit losses | (1,491) | (1,271) | (1,271) | (1,116) | (1,038) | (890) | |
Commercial Real Estate - Other [Member] | |||||||
Summary of loans [Abstract] | |||||||
Gross loans | 510,986 | 518,622 | |||||
Less allowance for credit losses | (6,912) | (6,889) | (6,889) | (6,089) | (5,704) | (5,080) | |
Commercial Real Estate [Member] | |||||||
Summary of loans [Abstract] | |||||||
Gross loans | 786,958 | 756,404 | |||||
Commercial & Industrial [Member] | |||||||
Summary of loans [Abstract] | |||||||
Gross loans | 487,147 | 526,185 | [1] | ||||
Less allowance for credit losses | (6,601) | (9,242) | (9,237) | (6,712) | (6,055) | (5,937) | |
Commercial & Industrial [Member] | PPP Loans [Member] | |||||||
Summary of loans [Abstract] | |||||||
Gross loans | 0 | 2,000 | |||||
Agricultural [Member] | |||||||
Summary of loans [Abstract] | |||||||
Gross loans | 64,838 | 66,495 | |||||
Less allowance for credit losses | (698) | (628) | (628) | (601) | (734) | (765) | |
Consumer [Member] | |||||||
Summary of loans [Abstract] | |||||||
Gross loans | 15,080 | 14,517 | [2] | ||||
Less allowance for credit losses | $ (260) | $ (249) | $ (249) | $ (267) | $ (182) | $ (173) | |
[1]The $9.95 million that is greater than 90 days past due as of December 31, 2023, primarily consists of a single borrower that is well collateralized and for which collection is being diligently pursued.[2]The $ 80 |
Loans and Allowance for Credi_4
Loans and Allowance for Credit Losses, Allowance for Credit Losses Methodology (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Allowance for Credit Losses Methodology [Abstract] | ||||||
Allowance for credit losses | $ 17,772 | $ 19,696 | $ 19,691 | $ 16,377 | $ 15,452 | $ 14,734 |
Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||
Allowance for Credit Losses Methodology [Abstract] | ||||||
Allowance for credit losses | (250) | |||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | ASU 2016-13 [Member] | ||||||
Allowance for Credit Losses Methodology [Abstract] | ||||||
Allowance for credit losses | 250 | |||||
Unfunded Commitment [Member] | ||||||
Allowance for Credit Losses Methodology [Abstract] | ||||||
Unfunded commitments, allowance for credit losses | $ 464 | $ 464 | $ 464 | $ 576 | $ 500 | 0 |
Unfunded Commitment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||
Allowance for Credit Losses Methodology [Abstract] | ||||||
Unfunded commitments, allowance for credit losses | (500) | |||||
Unfunded Commitment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ASU 2016-13 [Member] | ||||||
Allowance for Credit Losses Methodology [Abstract] | ||||||
Unfunded commitments, allowance for credit losses | $ 500 |
Loans and Allowance for Credi_5
Loans and Allowance for Credit Losses, Activity in Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Loans, Allowance for Credit Loss [Roll Forward] | |||||
Balance, beginning of period | $ 19,696 | $ 15,452 | $ 19,691 | $ 14,734 | $ 14,734 |
Charge-offs | (2,000) | (12) | (2,000) | (23) | (16,524) |
Recoveries | 76 | 2 | 81 | 7 | |
Net (charge-offs) recoveries | (1,924) | (10) | (1,919) | (16) | |
Provision (credit) for credit losses | 0 | 935 | 0 | 1,409 | |
Balance, end of period | 17,772 | 16,377 | 17,772 | 16,377 | 19,691 |
Unfunded Commitments, Allowance for Credit Loss [Roll Forward] | |||||
Total allowance for Credit Losses reserve for unfunded commitments | 18,236 | 16,953 | 18,236 | 16,953 | |
Total Provision for Credit Losses | 0 | 1,011 | 0 | 1,485 | |
Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||
Loans, Allowance for Credit Loss [Roll Forward] | |||||
Balance, beginning of period | (250) | (250) | |||
Cumulative Effect, Period of Adoption, Adjustment [Member] | ASU 2016-13 [Member] | |||||
Loans, Allowance for Credit Loss [Roll Forward] | |||||
Balance, beginning of period | 250 | 250 | |||
Unfunded Commitment [Member] | |||||
Unfunded Commitments, Allowance for Credit Loss [Roll Forward] | |||||
Balance, beginning of period | 464 | 500 | 464 | 0 | 0 |
Provision (credit) for credit losses | 0 | 76 | 0 | 76 | |
Balance, end of period | 464 | 576 | 464 | 576 | 464 |
Unfunded Commitment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||
Unfunded Commitments, Allowance for Credit Loss [Roll Forward] | |||||
Balance, beginning of period | (500) | (500) | |||
Unfunded Commitment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ASU 2016-13 [Member] | |||||
Unfunded Commitments, Allowance for Credit Loss [Roll Forward] | |||||
Balance, beginning of period | 500 | 500 | |||
Construction & Development [Member] | |||||
Loans, Allowance for Credit Loss [Roll Forward] | |||||
Balance, beginning of period | 1,417 | 1,739 | 1,417 | 1,889 | 1,889 |
Charge-offs | 0 | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 | |
Net (charge-offs) recoveries | 0 | 0 | 0 | 0 | |
Provision (credit) for credit losses | 393 | (147) | 393 | (341) | |
Balance, end of period | 1,810 | 1,592 | 1,810 | 1,592 | 1,417 |
Unfunded Commitments, Allowance for Credit Loss [Roll Forward] | |||||
Total allowance for Credit Losses reserve for unfunded commitments | 1,964 | 1,819 | 1,964 | 1,819 | |
Total Provision for Credit Losses | 389 | (91) | 389 | (285) | |
Construction & Development [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ASU 2016-13 [Member] | |||||
Loans, Allowance for Credit Loss [Roll Forward] | |||||
Balance, beginning of period | 44 | 44 | |||
Construction & Development [Member] | Unfunded Commitment [Member] | |||||
Unfunded Commitments, Allowance for Credit Loss [Roll Forward] | |||||
Balance, beginning of period | 158 | 171 | 158 | 0 | 0 |
Provision (credit) for credit losses | (4) | 56 | (4) | 56 | |
Balance, end of period | 154 | 227 | 154 | 227 | 158 |
Construction & Development [Member] | Unfunded Commitment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ASU 2016-13 [Member] | |||||
Unfunded Commitments, Allowance for Credit Loss [Roll Forward] | |||||
Balance, beginning of period | 171 | 171 | |||
1 - 4 Family Real Estate [Member] | |||||
Loans, Allowance for Credit Loss [Roll Forward] | |||||
Balance, beginning of period | 1,271 | 1,038 | 1,271 | 890 | 890 |
Charge-offs | 0 | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 | |
Net (charge-offs) recoveries | 0 | 0 | 0 | 0 | |
Provision (credit) for credit losses | 220 | 78 | 220 | 364 | |
Balance, end of period | 1,491 | 1,116 | 1,491 | 1,116 | 1,271 |
Unfunded Commitments, Allowance for Credit Loss [Roll Forward] | |||||
Total allowance for Credit Losses reserve for unfunded commitments | 1,497 | 1,120 | 1,497 | 1,120 | |
Total Provision for Credit Losses | 222 | 78 | 222 | 364 | |
1 - 4 Family Real Estate [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ASU 2016-13 [Member] | |||||
Loans, Allowance for Credit Loss [Roll Forward] | |||||
Balance, beginning of period | (138) | (138) | |||
1 - 4 Family Real Estate [Member] | Unfunded Commitment [Member] | |||||
Unfunded Commitments, Allowance for Credit Loss [Roll Forward] | |||||
Balance, beginning of period | 4 | 4 | 4 | 0 | 0 |
Provision (credit) for credit losses | 2 | 0 | 2 | 0 | |
Balance, end of period | 6 | 4 | 6 | 4 | 4 |
1 - 4 Family Real Estate [Member] | Unfunded Commitment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ASU 2016-13 [Member] | |||||
Unfunded Commitments, Allowance for Credit Loss [Roll Forward] | |||||
Balance, beginning of period | 4 | 4 | |||
Commercial Real Estate - Other [Member] | |||||
Loans, Allowance for Credit Loss [Roll Forward] | |||||
Balance, beginning of period | 6,889 | 5,704 | 6,889 | 5,080 | 5,080 |
Charge-offs | 0 | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 | |
Net (charge-offs) recoveries | 0 | 0 | 0 | 0 | |
Provision (credit) for credit losses | 23 | 385 | 23 | 1,177 | |
Balance, end of period | 6,912 | 6,089 | 6,912 | 6,089 | 6,889 |
Unfunded Commitments, Allowance for Credit Loss [Roll Forward] | |||||
Total allowance for Credit Losses reserve for unfunded commitments | 6,922 | 6,103 | 6,922 | 6,103 | |
Total Provision for Credit Losses | 25 | 375 | 25 | 1,167 | |
Commercial Real Estate - Other [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ASU 2016-13 [Member] | |||||
Loans, Allowance for Credit Loss [Roll Forward] | |||||
Balance, beginning of period | (168) | (168) | |||
Commercial Real Estate - Other [Member] | Unfunded Commitment [Member] | |||||
Unfunded Commitments, Allowance for Credit Loss [Roll Forward] | |||||
Balance, beginning of period | 8 | 24 | 8 | 0 | 0 |
Provision (credit) for credit losses | 2 | (10) | 2 | (10) | |
Balance, end of period | 10 | 14 | 10 | 14 | 8 |
Commercial Real Estate - Other [Member] | Unfunded Commitment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ASU 2016-13 [Member] | |||||
Unfunded Commitments, Allowance for Credit Loss [Roll Forward] | |||||
Balance, beginning of period | 24 | 24 | |||
Commercial & Industrial [Member] | |||||
Loans, Allowance for Credit Loss [Roll Forward] | |||||
Balance, beginning of period | 9,242 | 6,055 | 9,237 | 5,937 | 5,937 |
Charge-offs | (2,000) | 0 | (2,000) | 0 | (16,500) |
Recoveries | 73 | 0 | 78 | 0 | |
Net (charge-offs) recoveries | (1,927) | 0 | (1,922) | 0 | |
Provision (credit) for credit losses | (714) | 657 | (714) | 59 | |
Balance, end of period | 6,601 | 6,712 | 6,601 | 6,712 | 9,237 |
Unfunded Commitments, Allowance for Credit Loss [Roll Forward] | |||||
Total allowance for Credit Losses reserve for unfunded commitments | 6,879 | 7,017 | 6,879 | 7,017 | |
Total Provision for Credit Losses | (716) | 688 | (716) | 90 | |
Commercial & Industrial [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ASU 2016-13 [Member] | |||||
Loans, Allowance for Credit Loss [Roll Forward] | |||||
Balance, beginning of period | 716 | 716 | |||
Commercial & Industrial [Member] | Unfunded Commitment [Member] | |||||
Unfunded Commitments, Allowance for Credit Loss [Roll Forward] | |||||
Balance, beginning of period | 280 | 274 | 280 | 0 | 0 |
Provision (credit) for credit losses | (2) | 31 | (2) | 31 | |
Balance, end of period | 278 | 305 | 278 | 305 | 280 |
Commercial & Industrial [Member] | Unfunded Commitment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ASU 2016-13 [Member] | |||||
Unfunded Commitments, Allowance for Credit Loss [Roll Forward] | |||||
Balance, beginning of period | 274 | 274 | |||
Agricultural [Member] | |||||
Loans, Allowance for Credit Loss [Roll Forward] | |||||
Balance, beginning of period | 628 | 734 | 628 | 765 | 765 |
Charge-offs | 0 | (7) | 0 | (7) | (7) |
Recoveries | 3 | 0 | 3 | 2 | |
Net (charge-offs) recoveries | 3 | (7) | 3 | (5) | |
Provision (credit) for credit losses | 67 | (126) | 67 | (10) | |
Balance, end of period | 698 | 601 | 698 | 601 | 628 |
Unfunded Commitments, Allowance for Credit Loss [Roll Forward] | |||||
Total allowance for Credit Losses reserve for unfunded commitments | 711 | 625 | 711 | 625 | |
Total Provision for Credit Losses | 69 | (127) | 69 | (11) | |
Agricultural [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ASU 2016-13 [Member] | |||||
Loans, Allowance for Credit Loss [Roll Forward] | |||||
Balance, beginning of period | (149) | (149) | |||
Agricultural [Member] | Unfunded Commitment [Member] | |||||
Unfunded Commitments, Allowance for Credit Loss [Roll Forward] | |||||
Balance, beginning of period | 11 | 25 | 11 | 0 | 0 |
Provision (credit) for credit losses | 2 | (1) | 2 | (1) | |
Balance, end of period | 13 | 24 | 13 | 24 | 11 |
Agricultural [Member] | Unfunded Commitment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ASU 2016-13 [Member] | |||||
Unfunded Commitments, Allowance for Credit Loss [Roll Forward] | |||||
Balance, beginning of period | 25 | 25 | |||
Consumer [Member] | |||||
Loans, Allowance for Credit Loss [Roll Forward] | |||||
Balance, beginning of period | 249 | 182 | 249 | 173 | 173 |
Charge-offs | 0 | (5) | 0 | (16) | (17) |
Recoveries | 0 | 2 | 0 | 5 | |
Net (charge-offs) recoveries | 0 | (3) | 0 | (11) | |
Provision (credit) for credit losses | 11 | 88 | 11 | 160 | |
Balance, end of period | 260 | 267 | 260 | 267 | 249 |
Unfunded Commitments, Allowance for Credit Loss [Roll Forward] | |||||
Total allowance for Credit Losses reserve for unfunded commitments | 263 | 269 | 263 | 269 | |
Total Provision for Credit Losses | 11 | 88 | 11 | 160 | |
Consumer [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ASU 2016-13 [Member] | |||||
Loans, Allowance for Credit Loss [Roll Forward] | |||||
Balance, beginning of period | (55) | (55) | |||
Consumer [Member] | Unfunded Commitment [Member] | |||||
Unfunded Commitments, Allowance for Credit Loss [Roll Forward] | |||||
Balance, beginning of period | 3 | 2 | 3 | 0 | 0 |
Provision (credit) for credit losses | 0 | 0 | 0 | 0 | |
Balance, end of period | $ 3 | $ 2 | $ 3 | 2 | 3 |
Consumer [Member] | Unfunded Commitment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ASU 2016-13 [Member] | |||||
Unfunded Commitments, Allowance for Credit Loss [Roll Forward] | |||||
Balance, beginning of period | $ 2 | $ 2 |
Loans and Allowance for Credi_6
Loans and Allowance for Credit Losses, Amortized Cost of Loan Portfolio by Year of Origination Based on Internal Rating Category (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | ||
Amortized Cost of Loan Portfolio by Year of Origination Based on Internal Rating Category [Abstract] | ||||||
2024-2023 | $ 259,204 | $ 259,204 | $ 478,116 | |||
2023-2022 | 351,119 | 351,119 | 253,139 | |||
2022-2021 | 226,585 | 226,585 | 112,695 | |||
2021-2020 | 54,783 | 54,783 | 50,029 | |||
2020-2019 | 31,875 | 31,875 | 7,815 | |||
Prior | 16,669 | 16,669 | 13,433 | |||
Revolving loans amortized cost | 413,788 | 413,788 | 448,374 | |||
Total | 1,354,023 | 1,354,023 | 1,363,601 | |||
Current-Period Gross Charge-Offs [Abstract] | ||||||
2024-2023 | 0 | 16,517 | ||||
2023-2022 | 2,000 | 7 | ||||
2022-2021 | 0 | 0 | ||||
2021-2020 | 0 | 0 | ||||
2020-2019 | 0 | 0 | ||||
Prior | 0 | 0 | ||||
Revolving loans amortized cost basis | 0 | 0 | ||||
Current-period gross charge-offs | 2,000 | $ 12 | 2,000 | $ 23 | 16,524 | |
Construction & Development [Member] | ||||||
Amortized Cost of Loan Portfolio by Year of Origination Based on Internal Rating Category [Abstract] | ||||||
2024-2023 | 41,274 | 41,274 | 27,478 | |||
2023-2022 | 8,877 | 8,877 | 2,266 | |||
2022-2021 | 2,157 | 2,157 | 3,182 | |||
2021-2020 | 1,507 | 1,507 | 201 | |||
2020-2019 | 171 | 171 | 98 | |||
Prior | 135 | 135 | 44 | |||
Revolving loans amortized cost | 105,934 | 105,934 | 103,937 | |||
Total | 160,055 | 160,055 | 137,206 | |||
Current-Period Gross Charge-Offs [Abstract] | ||||||
2024-2023 | 0 | 0 | ||||
2023-2022 | 0 | 0 | ||||
2022-2021 | 0 | 0 | ||||
2021-2020 | 0 | 0 | ||||
2020-2019 | 0 | 0 | ||||
Prior | 0 | 0 | ||||
Revolving loans amortized cost basis | 0 | 0 | ||||
Current-period gross charge-offs | 0 | 0 | 0 | 0 | 0 | |
Construction & Development [Member] | 1 (Pass) [Member] | ||||||
Amortized Cost of Loan Portfolio by Year of Origination Based on Internal Rating Category [Abstract] | ||||||
2024-2023 | 40,711 | 40,711 | 26,915 | |||
2023-2022 | 8,877 | 8,877 | 2,266 | |||
2022-2021 | 2,157 | 2,157 | 3,182 | |||
2021-2020 | 1,507 | 1,507 | 201 | |||
2020-2019 | 171 | 171 | 98 | |||
Prior | 135 | 135 | 44 | |||
Revolving loans amortized cost | 105,934 | 105,934 | 103,711 | |||
Total | 159,492 | 159,492 | 136,417 | |||
Construction & Development [Member] | 2 (Watch) [Member] | ||||||
Amortized Cost of Loan Portfolio by Year of Origination Based on Internal Rating Category [Abstract] | ||||||
2024-2023 | 0 | 0 | 0 | |||
2023-2022 | 0 | 0 | 0 | |||
2022-2021 | 0 | 0 | 0 | |||
2021-2020 | 0 | 0 | 0 | |||
2020-2019 | 0 | 0 | 0 | |||
Prior | 0 | 0 | 0 | |||
Revolving loans amortized cost | 0 | 0 | 0 | |||
Total | 0 | 0 | 0 | |||
Construction & Development [Member] | 3 (Special Mention) [Member] | ||||||
Amortized Cost of Loan Portfolio by Year of Origination Based on Internal Rating Category [Abstract] | ||||||
2024-2023 | 563 | 563 | 563 | |||
2023-2022 | 0 | 0 | 0 | |||
2022-2021 | 0 | 0 | 0 | |||
2021-2020 | 0 | 0 | 0 | |||
2020-2019 | 0 | 0 | 0 | |||
Prior | 0 | 0 | 0 | |||
Revolving loans amortized cost | 0 | 0 | 226 | |||
Total | 563 | 563 | 789 | |||
Construction & Development [Member] | 4 (Substandard) [Member] | ||||||
Amortized Cost of Loan Portfolio by Year of Origination Based on Internal Rating Category [Abstract] | ||||||
2024-2023 | 0 | 0 | 0 | |||
2023-2022 | 0 | 0 | 0 | |||
2022-2021 | 0 | 0 | 0 | |||
2021-2020 | 0 | 0 | 0 | |||
2020-2019 | 0 | 0 | 0 | |||
Prior | 0 | 0 | 0 | |||
Revolving loans amortized cost | 0 | 0 | 0 | |||
Total | 0 | 0 | 0 | |||
1 - 4 Family Real Estate [Member] | ||||||
Amortized Cost of Loan Portfolio by Year of Origination Based on Internal Rating Category [Abstract] | ||||||
2024-2023 | 35,921 | 35,921 | 48,275 | |||
2023-2022 | 38,419 | 38,419 | 22,573 | |||
2022-2021 | 17,979 | 17,979 | 13,305 | |||
2021-2020 | 10,995 | 10,995 | 3,928 | |||
2020-2019 | 3,833 | 3,833 | 1,808 | |||
Prior | 2,070 | 2,070 | 1,069 | |||
Revolving loans amortized cost | 6,700 | 6,700 | 9,618 | |||
Total | 115,917 | 115,917 | 100,576 | |||
Current-Period Gross Charge-Offs [Abstract] | ||||||
2024-2023 | 0 | 0 | ||||
2023-2022 | 0 | 0 | ||||
2022-2021 | 0 | 0 | ||||
2021-2020 | 0 | 0 | ||||
2020-2019 | 0 | 0 | ||||
Prior | 0 | 0 | ||||
Revolving loans amortized cost basis | 0 | 0 | ||||
Current-period gross charge-offs | 0 | 0 | 0 | 0 | 0 | |
1 - 4 Family Real Estate [Member] | 1 (Pass) [Member] | ||||||
Amortized Cost of Loan Portfolio by Year of Origination Based on Internal Rating Category [Abstract] | ||||||
2024-2023 | 35,921 | 35,921 | 48,275 | |||
2023-2022 | 38,419 | 38,419 | 22,573 | |||
2022-2021 | 17,979 | 17,979 | 13,305 | |||
2021-2020 | 10,995 | 10,995 | 3,928 | |||
2020-2019 | 3,833 | 3,833 | 1,808 | |||
Prior | 2,070 | 2,070 | 1,069 | |||
Revolving loans amortized cost | 6,700 | 6,700 | 9,618 | |||
Total | 115,917 | 115,917 | 100,576 | |||
1 - 4 Family Real Estate [Member] | 2 (Watch) [Member] | ||||||
Amortized Cost of Loan Portfolio by Year of Origination Based on Internal Rating Category [Abstract] | ||||||
2024-2023 | 0 | 0 | 0 | |||
2023-2022 | 0 | 0 | 0 | |||
2022-2021 | 0 | 0 | 0 | |||
2021-2020 | 0 | 0 | 0 | |||
2020-2019 | 0 | 0 | 0 | |||
Prior | 0 | 0 | 0 | |||
Revolving loans amortized cost | 0 | 0 | 0 | |||
Total | 0 | 0 | 0 | |||
1 - 4 Family Real Estate [Member] | 3 (Special Mention) [Member] | ||||||
Amortized Cost of Loan Portfolio by Year of Origination Based on Internal Rating Category [Abstract] | ||||||
2024-2023 | 0 | 0 | 0 | |||
2023-2022 | 0 | 0 | 0 | |||
2022-2021 | 0 | 0 | 0 | |||
2021-2020 | 0 | 0 | 0 | |||
2020-2019 | 0 | 0 | 0 | |||
Prior | 0 | 0 | 0 | |||
Revolving loans amortized cost | 0 | 0 | 0 | |||
Total | 0 | 0 | 0 | |||
1 - 4 Family Real Estate [Member] | 4 (Substandard) [Member] | ||||||
Amortized Cost of Loan Portfolio by Year of Origination Based on Internal Rating Category [Abstract] | ||||||
2024-2023 | 0 | 0 | 0 | |||
2023-2022 | 0 | 0 | 0 | |||
2022-2021 | 0 | 0 | 0 | |||
2021-2020 | 0 | 0 | 0 | |||
2020-2019 | 0 | 0 | 0 | |||
Prior | 0 | 0 | 0 | |||
Revolving loans amortized cost | 0 | 0 | 0 | |||
Total | 0 | 0 | 0 | |||
Commercial Real Estate - Other [Member] | ||||||
Amortized Cost of Loan Portfolio by Year of Origination Based on Internal Rating Category [Abstract] | ||||||
2024-2023 | 76,892 | 76,892 | 201,698 | |||
2023-2022 | 185,325 | 185,325 | 153,764 | |||
2022-2021 | 150,552 | 150,552 | 32,641 | |||
2021-2020 | 19,921 | 19,921 | 36,278 | |||
2020-2019 | 20,278 | 20,278 | 2,613 | |||
Prior | 6,775 | 6,775 | 5,258 | |||
Revolving loans amortized cost | 51,243 | 51,243 | 86,370 | |||
Total | 510,986 | 510,986 | 518,622 | |||
Current-Period Gross Charge-Offs [Abstract] | ||||||
2024-2023 | 0 | 0 | ||||
2023-2022 | 0 | 0 | ||||
2022-2021 | 0 | 0 | ||||
2021-2020 | 0 | 0 | ||||
2020-2019 | 0 | 0 | ||||
Prior | 0 | 0 | ||||
Revolving loans amortized cost basis | 0 | 0 | ||||
Current-period gross charge-offs | 0 | 0 | 0 | 0 | 0 | |
Commercial Real Estate - Other [Member] | 1 (Pass) [Member] | ||||||
Amortized Cost of Loan Portfolio by Year of Origination Based on Internal Rating Category [Abstract] | ||||||
2024-2023 | 76,892 | 76,892 | 187,086 | |||
2023-2022 | 185,325 | 185,325 | 153,764 | |||
2022-2021 | 150,552 | 150,552 | 32,641 | |||
2021-2020 | 19,921 | 19,921 | 36,278 | |||
2020-2019 | 20,278 | 20,278 | 2,613 | |||
Prior | 5,597 | 5,597 | 4,043 | |||
Revolving loans amortized cost | 51,243 | 51,243 | 86,370 | |||
Total | 509,808 | 509,808 | 502,795 | |||
Commercial Real Estate - Other [Member] | 2 (Watch) [Member] | ||||||
Amortized Cost of Loan Portfolio by Year of Origination Based on Internal Rating Category [Abstract] | ||||||
2024-2023 | 0 | 0 | 0 | |||
2023-2022 | 0 | 0 | 0 | |||
2022-2021 | 0 | 0 | 0 | |||
2021-2020 | 0 | 0 | 0 | |||
2020-2019 | 0 | 0 | 0 | |||
Prior | 0 | 0 | 0 | |||
Revolving loans amortized cost | 0 | 0 | 0 | |||
Total | 0 | 0 | 0 | |||
Commercial Real Estate - Other [Member] | 3 (Special Mention) [Member] | ||||||
Amortized Cost of Loan Portfolio by Year of Origination Based on Internal Rating Category [Abstract] | ||||||
2024-2023 | 0 | 0 | 14,612 | |||
2023-2022 | 0 | 0 | 0 | |||
2022-2021 | 0 | 0 | 0 | |||
2021-2020 | 0 | 0 | 0 | |||
2020-2019 | 0 | 0 | 0 | |||
Prior | 1,064 | 1,064 | 1,089 | |||
Revolving loans amortized cost | 0 | 0 | 0 | |||
Total | 1,064 | 1,064 | 15,701 | |||
Commercial Real Estate - Other [Member] | 4 (Substandard) [Member] | ||||||
Amortized Cost of Loan Portfolio by Year of Origination Based on Internal Rating Category [Abstract] | ||||||
2024-2023 | 0 | 0 | 0 | |||
2023-2022 | 0 | 0 | 0 | |||
2022-2021 | 0 | 0 | 0 | |||
2021-2020 | 0 | 0 | 0 | |||
2020-2019 | 0 | 0 | 0 | |||
Prior | 114 | 114 | 126 | |||
Revolving loans amortized cost | 0 | 0 | 0 | |||
Total | 114 | 114 | 126 | |||
Commercial & Industrial [Member] | ||||||
Amortized Cost of Loan Portfolio by Year of Origination Based on Internal Rating Category [Abstract] | ||||||
2024-2023 | 77,969 | 77,969 | 186,967 | |||
2023-2022 | 108,728 | 108,728 | 67,202 | |||
2022-2021 | 49,877 | 49,877 | 38,191 | |||
2021-2020 | 13,968 | 13,968 | 2,785 | |||
2020-2019 | 1,426 | 1,426 | 1,706 | |||
Prior | 4,137 | 4,137 | 4,059 | |||
Revolving loans amortized cost | 231,042 | 231,042 | 225,275 | |||
Total | 487,147 | 487,147 | 526,185 | [1] | ||
Current-Period Gross Charge-Offs [Abstract] | ||||||
2024-2023 | 0 | 16,500 | ||||
2023-2022 | 2,000 | 0 | ||||
2022-2021 | 0 | 0 | ||||
2021-2020 | 0 | 0 | ||||
2020-2019 | 0 | 0 | ||||
Prior | 0 | 0 | ||||
Revolving loans amortized cost basis | 0 | 0 | ||||
Current-period gross charge-offs | 2,000 | 0 | 2,000 | 0 | 16,500 | |
Commercial & Industrial [Member] | 1 (Pass) [Member] | ||||||
Amortized Cost of Loan Portfolio by Year of Origination Based on Internal Rating Category [Abstract] | ||||||
2024-2023 | 70,619 | 70,619 | 162,156 | |||
2023-2022 | 107,458 | 107,458 | 59,265 | |||
2022-2021 | 49,877 | 49,877 | 38,093 | |||
2021-2020 | 13,968 | 13,968 | 2,777 | |||
2020-2019 | 1,426 | 1,426 | 1,706 | |||
Prior | 4,137 | 4,137 | 4,059 | |||
Revolving loans amortized cost | 226,448 | 226,448 | 217,377 | |||
Total | 473,933 | 473,933 | 485,433 | |||
Commercial & Industrial [Member] | 2 (Watch) [Member] | ||||||
Amortized Cost of Loan Portfolio by Year of Origination Based on Internal Rating Category [Abstract] | ||||||
2024-2023 | 0 | 0 | 0 | |||
2023-2022 | 0 | 0 | 0 | |||
2022-2021 | 0 | 0 | 0 | |||
2021-2020 | 0 | 0 | 0 | |||
2020-2019 | 0 | 0 | 0 | |||
Prior | 0 | 0 | 0 | |||
Revolving loans amortized cost | 3,709 | 3,709 | 4,094 | |||
Total | 3,709 | 3,709 | 4,094 | |||
Commercial & Industrial [Member] | 3 (Special Mention) [Member] | ||||||
Amortized Cost of Loan Portfolio by Year of Origination Based on Internal Rating Category [Abstract] | ||||||
2024-2023 | 0 | 0 | 4,151 | |||
2023-2022 | 0 | 0 | 0 | |||
2022-2021 | 0 | 0 | 0 | |||
2021-2020 | 0 | 0 | 0 | |||
2020-2019 | 0 | 0 | 0 | |||
Prior | 0 | 0 | 0 | |||
Revolving loans amortized cost | 885 | 885 | 1,616 | |||
Total | 885 | 885 | 5,767 | |||
Commercial & Industrial [Member] | 4 (Substandard) [Member] | ||||||
Amortized Cost of Loan Portfolio by Year of Origination Based on Internal Rating Category [Abstract] | ||||||
2024-2023 | 7,350 | 7,350 | 20,660 | |||
2023-2022 | 1,270 | 1,270 | 7,937 | |||
2022-2021 | 0 | 0 | 98 | |||
2021-2020 | 0 | 0 | 8 | |||
2020-2019 | 0 | 0 | 0 | |||
Prior | 0 | 0 | 0 | |||
Revolving loans amortized cost | 0 | 0 | 2,188 | |||
Total | 8,620 | 8,620 | 30,891 | |||
Agricultural [Member] | ||||||
Amortized Cost of Loan Portfolio by Year of Origination Based on Internal Rating Category [Abstract] | ||||||
2024-2023 | 23,270 | 23,270 | 9,283 | |||
2023-2022 | 7,104 | 7,104 | 5,789 | |||
2022-2021 | 4,996 | 4,996 | 23,205 | |||
2021-2020 | 6,796 | 6,796 | 4,283 | |||
2020-2019 | 3,829 | 3,829 | 927 | |||
Prior | 1,311 | 1,311 | 1,104 | |||
Revolving loans amortized cost | 17,532 | 17,532 | 21,904 | |||
Total | 64,838 | 64,838 | 66,495 | |||
Current-Period Gross Charge-Offs [Abstract] | ||||||
2024-2023 | 0 | 0 | ||||
2023-2022 | 0 | 7 | ||||
2022-2021 | 0 | 0 | ||||
2021-2020 | 0 | 0 | ||||
2020-2019 | 0 | 0 | ||||
Prior | 0 | 0 | ||||
Revolving loans amortized cost basis | 0 | 0 | ||||
Current-period gross charge-offs | 0 | 7 | 0 | 7 | 7 | |
Agricultural [Member] | 1 (Pass) [Member] | ||||||
Amortized Cost of Loan Portfolio by Year of Origination Based on Internal Rating Category [Abstract] | ||||||
2024-2023 | 23,270 | 23,270 | 9,283 | |||
2023-2022 | 7,104 | 7,104 | 5,789 | |||
2022-2021 | 4,996 | 4,996 | 23,205 | |||
2021-2020 | 6,796 | 6,796 | 4,283 | |||
2020-2019 | 3,829 | 3,829 | 927 | |||
Prior | 1,311 | 1,311 | 1,104 | |||
Revolving loans amortized cost | 17,532 | 17,532 | 21,904 | |||
Total | 64,838 | 64,838 | 66,495 | |||
Agricultural [Member] | 2 (Watch) [Member] | ||||||
Amortized Cost of Loan Portfolio by Year of Origination Based on Internal Rating Category [Abstract] | ||||||
2024-2023 | 0 | 0 | 0 | |||
2023-2022 | 0 | 0 | 0 | |||
2022-2021 | 0 | 0 | 0 | |||
2021-2020 | 0 | 0 | 0 | |||
2020-2019 | 0 | 0 | 0 | |||
Prior | 0 | 0 | 0 | |||
Revolving loans amortized cost | 0 | 0 | 0 | |||
Total | 0 | 0 | 0 | |||
Agricultural [Member] | 3 (Special Mention) [Member] | ||||||
Amortized Cost of Loan Portfolio by Year of Origination Based on Internal Rating Category [Abstract] | ||||||
2024-2023 | 0 | 0 | 0 | |||
2023-2022 | 0 | 0 | 0 | |||
2022-2021 | 0 | 0 | 0 | |||
2021-2020 | 0 | 0 | 0 | |||
2020-2019 | 0 | 0 | 0 | |||
Prior | 0 | 0 | 0 | |||
Revolving loans amortized cost | 0 | 0 | 0 | |||
Total | 0 | 0 | 0 | |||
Agricultural [Member] | 4 (Substandard) [Member] | ||||||
Amortized Cost of Loan Portfolio by Year of Origination Based on Internal Rating Category [Abstract] | ||||||
2024-2023 | 0 | 0 | 0 | |||
2023-2022 | 0 | 0 | 0 | |||
2022-2021 | 0 | 0 | 0 | |||
2021-2020 | 0 | 0 | 0 | |||
2020-2019 | 0 | 0 | 0 | |||
Prior | 0 | 0 | 0 | |||
Revolving loans amortized cost | 0 | 0 | 0 | |||
Total | 0 | 0 | 0 | |||
Consumer [Member] | ||||||
Amortized Cost of Loan Portfolio by Year of Origination Based on Internal Rating Category [Abstract] | ||||||
2024-2023 | 3,878 | 3,878 | 4,415 | |||
2023-2022 | 2,666 | 2,666 | 1,545 | |||
2022-2021 | 1,024 | 1,024 | 2,171 | |||
2021-2020 | 1,596 | 1,596 | 2,554 | |||
2020-2019 | 2,338 | 2,338 | 663 | |||
Prior | 2,241 | 2,241 | 1,899 | |||
Revolving loans amortized cost | 1,337 | 1,337 | 1,270 | |||
Total | 15,080 | 15,080 | 14,517 | [2] | ||
Current-Period Gross Charge-Offs [Abstract] | ||||||
2024-2023 | 0 | 17 | ||||
2023-2022 | 0 | 0 | ||||
2022-2021 | 0 | 0 | ||||
2021-2020 | 0 | 0 | ||||
2020-2019 | 0 | 0 | ||||
Prior | 0 | 0 | ||||
Revolving loans amortized cost basis | 0 | 0 | ||||
Current-period gross charge-offs | 0 | $ 5 | 0 | $ 16 | 17 | |
Consumer [Member] | 1 (Pass) [Member] | ||||||
Amortized Cost of Loan Portfolio by Year of Origination Based on Internal Rating Category [Abstract] | ||||||
2024-2023 | 3,878 | 3,878 | 4,415 | |||
2023-2022 | 2,666 | 2,666 | 1,545 | |||
2022-2021 | 1,024 | 1,024 | 2,171 | |||
2021-2020 | 1,596 | 1,596 | 2,554 | |||
2020-2019 | 2,338 | 2,338 | 663 | |||
Prior | 2,241 | 2,241 | 1,819 | |||
Revolving loans amortized cost | 1,337 | 1,337 | 1,270 | |||
Total | 15,080 | 15,080 | 14,437 | |||
Consumer [Member] | 2 (Watch) [Member] | ||||||
Amortized Cost of Loan Portfolio by Year of Origination Based on Internal Rating Category [Abstract] | ||||||
2024-2023 | 0 | 0 | 0 | |||
2023-2022 | 0 | 0 | 0 | |||
2022-2021 | 0 | 0 | 0 | |||
2021-2020 | 0 | 0 | 0 | |||
2020-2019 | 0 | 0 | 0 | |||
Prior | 0 | 0 | 0 | |||
Revolving loans amortized cost | 0 | 0 | 0 | |||
Total | 0 | 0 | 0 | |||
Consumer [Member] | 3 (Special Mention) [Member] | ||||||
Amortized Cost of Loan Portfolio by Year of Origination Based on Internal Rating Category [Abstract] | ||||||
2024-2023 | 0 | 0 | 0 | |||
2023-2022 | 0 | 0 | 0 | |||
2022-2021 | 0 | 0 | 0 | |||
2021-2020 | 0 | 0 | 0 | |||
2020-2019 | 0 | 0 | 0 | |||
Prior | 0 | 0 | 0 | |||
Revolving loans amortized cost | 0 | 0 | 0 | |||
Total | 0 | 0 | 0 | |||
Consumer [Member] | 4 (Substandard) [Member] | ||||||
Amortized Cost of Loan Portfolio by Year of Origination Based on Internal Rating Category [Abstract] | ||||||
2024-2023 | 0 | 0 | 0 | |||
2023-2022 | 0 | 0 | 0 | |||
2022-2021 | 0 | 0 | 0 | |||
2021-2020 | 0 | 0 | 0 | |||
2020-2019 | 0 | 0 | 0 | |||
Prior | 0 | 0 | 80 | |||
Revolving loans amortized cost | 0 | 0 | 0 | |||
Total | $ 0 | $ 0 | $ 80 | |||
[1]The $9.95 million that is greater than 90 days past due as of December 31, 2023, primarily consists of a single borrower that is well collateralized and for which collection is being diligently pursued.[2]The $ 80 |
Loans and Allowance for Credi_7
Loans and Allowance for Credit Losses, Loan Portfolio Aging Analysis of Recorded Investment in Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | |
Past Due [Abstract] | |||
Total Loans | $ 1,354,023 | $ 1,363,601 | |
Total Loans > 90 Days & Accruing | 0 | 10,026 | |
Past Due [Member] | |||
Past Due [Abstract] | |||
Total Loans | 7,371 | 21,494 | |
30-59 Days [Member] | |||
Past Due [Abstract] | |||
Total Loans | 886 | 472 | |
60-89 Days [Member] | |||
Past Due [Abstract] | |||
Total Loans | 4,117 | 10,996 | |
Greater than 90 Days [Member] | |||
Past Due [Abstract] | |||
Total Loans | 2,368 | 10,026 | |
Current [Member] | |||
Past Due [Abstract] | |||
Total Loans | 1,346,652 | 1,342,107 | |
Construction & Development [Member] | |||
Past Due [Abstract] | |||
Total Loans | 160,055 | 137,206 | |
Total Loans > 90 Days & Accruing | 0 | 0 | |
Construction & Development [Member] | Past Due [Member] | |||
Past Due [Abstract] | |||
Total Loans | 0 | 0 | |
Construction & Development [Member] | 30-59 Days [Member] | |||
Past Due [Abstract] | |||
Total Loans | 0 | 0 | |
Construction & Development [Member] | 60-89 Days [Member] | |||
Past Due [Abstract] | |||
Total Loans | 0 | 0 | |
Construction & Development [Member] | Greater than 90 Days [Member] | |||
Past Due [Abstract] | |||
Total Loans | 0 | 0 | |
Construction & Development [Member] | Current [Member] | |||
Past Due [Abstract] | |||
Total Loans | 160,055 | 137,206 | |
1 - 4 Family Real Estate [Member] | |||
Past Due [Abstract] | |||
Total Loans | 115,917 | 100,576 | |
Total Loans > 90 Days & Accruing | 0 | 0 | |
1 - 4 Family Real Estate [Member] | Past Due [Member] | |||
Past Due [Abstract] | |||
Total Loans | 9 | 0 | |
1 - 4 Family Real Estate [Member] | 30-59 Days [Member] | |||
Past Due [Abstract] | |||
Total Loans | 9 | 0 | |
1 - 4 Family Real Estate [Member] | 60-89 Days [Member] | |||
Past Due [Abstract] | |||
Total Loans | 0 | 0 | |
1 - 4 Family Real Estate [Member] | Greater than 90 Days [Member] | |||
Past Due [Abstract] | |||
Total Loans | 0 | 0 | |
1 - 4 Family Real Estate [Member] | Current [Member] | |||
Past Due [Abstract] | |||
Total Loans | 115,908 | 100,576 | |
Commercial Real Estate - Other [Member] | |||
Past Due [Abstract] | |||
Total Loans | 510,986 | 518,622 | |
Total Loans > 90 Days & Accruing | 0 | 0 | |
Commercial Real Estate - Other [Member] | Past Due [Member] | |||
Past Due [Abstract] | |||
Total Loans | 722 | 0 | |
Commercial Real Estate - Other [Member] | 30-59 Days [Member] | |||
Past Due [Abstract] | |||
Total Loans | 722 | 0 | |
Commercial Real Estate - Other [Member] | 60-89 Days [Member] | |||
Past Due [Abstract] | |||
Total Loans | 0 | 0 | |
Commercial Real Estate - Other [Member] | Greater than 90 Days [Member] | |||
Past Due [Abstract] | |||
Total Loans | 0 | 0 | |
Commercial Real Estate - Other [Member] | Current [Member] | |||
Past Due [Abstract] | |||
Total Loans | 510,264 | 518,622 | |
Commercial & Industrial [Member] | |||
Past Due [Abstract] | |||
Total Loans | 487,147 | 526,185 | [1] |
Total Loans > 90 Days & Accruing | 0 | 9,946 | [1] |
Commercial & Industrial [Member] | Past Due [Member] | |||
Past Due [Abstract] | |||
Total Loans | 6,615 | 21,387 | [1] |
Commercial & Industrial [Member] | 30-59 Days [Member] | |||
Past Due [Abstract] | |||
Total Loans | 130 | 472 | [1] |
Commercial & Industrial [Member] | 60-89 Days [Member] | |||
Past Due [Abstract] | |||
Total Loans | 4,117 | 10,969 | [1] |
Commercial & Industrial [Member] | Greater than 90 Days [Member] | |||
Past Due [Abstract] | |||
Total Loans | 2,368 | 9,946 | [1] |
Commercial & Industrial [Member] | Current [Member] | |||
Past Due [Abstract] | |||
Total Loans | 480,532 | 504,798 | [1] |
Agricultural [Member] | |||
Past Due [Abstract] | |||
Total Loans | 64,838 | 66,495 | |
Total Loans > 90 Days & Accruing | 0 | 0 | |
Agricultural [Member] | Past Due [Member] | |||
Past Due [Abstract] | |||
Total Loans | 0 | 0 | |
Agricultural [Member] | 30-59 Days [Member] | |||
Past Due [Abstract] | |||
Total Loans | 0 | 0 | |
Agricultural [Member] | 60-89 Days [Member] | |||
Past Due [Abstract] | |||
Total Loans | 0 | 0 | |
Agricultural [Member] | Greater than 90 Days [Member] | |||
Past Due [Abstract] | |||
Total Loans | 0 | 0 | |
Agricultural [Member] | Current [Member] | |||
Past Due [Abstract] | |||
Total Loans | 64,838 | 66,495 | |
Consumer [Member] | |||
Past Due [Abstract] | |||
Total Loans | 15,080 | 14,517 | [2] |
Total Loans > 90 Days & Accruing | 0 | 80 | [2] |
Consumer [Member] | Past Due [Member] | |||
Past Due [Abstract] | |||
Total Loans | 25 | 107 | [2] |
Consumer [Member] | 30-59 Days [Member] | |||
Past Due [Abstract] | |||
Total Loans | 25 | 0 | [2] |
Consumer [Member] | 60-89 Days [Member] | |||
Past Due [Abstract] | |||
Total Loans | 0 | 27 | [2] |
Consumer [Member] | Greater than 90 Days [Member] | |||
Past Due [Abstract] | |||
Total Loans | 0 | 80 | [2] |
Consumer [Member] | Current [Member] | |||
Past Due [Abstract] | |||
Total Loans | $ 15,055 | $ 14,410 | [2] |
[1]The $9.95 million that is greater than 90 days past due as of December 31, 2023, primarily consists of a single borrower that is well collateralized and for which collection is being diligently pursued.[2]The $ 80 |
Loans and Allowance for Credi_8
Loans and Allowance for Credit Losses, Nonaccrual Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Information Regarding Nonaccrual Loans [Abstract] | ||
With an allowance | $ 126 | $ 10,255 |
No allowance | 6,600 | 8,686 |
Total non-accrual loans | 6,726 | 18,941 |
Related allowance | 126 | 2,147 |
Construction & Development [Member] | ||
Information Regarding Nonaccrual Loans [Abstract] | ||
With an allowance | 0 | 0 |
No allowance | 0 | 0 |
Total non-accrual loans | 0 | 0 |
Related allowance | 0 | 0 |
1 - 4 Family Real Estate [Member] | ||
Information Regarding Nonaccrual Loans [Abstract] | ||
With an allowance | 0 | 0 |
No allowance | 0 | 0 |
Total non-accrual loans | 0 | 0 |
Related allowance | 0 | 0 |
Commercial Real Estate - Other [Member] | ||
Information Regarding Nonaccrual Loans [Abstract] | ||
With an allowance | 0 | 0 |
No allowance | 114 | 126 |
Total non-accrual loans | 114 | 126 |
Related allowance | 0 | 0 |
Commercial & Industrial [Member] | ||
Information Regarding Nonaccrual Loans [Abstract] | ||
With an allowance | 126 | 10,255 |
No allowance | 6,486 | 8,560 |
Total non-accrual loans | 6,612 | 18,815 |
Related allowance | 126 | 2,147 |
Agricultural [Member] | ||
Information Regarding Nonaccrual Loans [Abstract] | ||
With an allowance | 0 | 0 |
No allowance | 0 | 0 |
Total non-accrual loans | 0 | 0 |
Related allowance | 0 | 0 |
Consumer [Member] | ||
Information Regarding Nonaccrual Loans [Abstract] | ||
With an allowance | 0 | 0 |
No allowance | 0 | 0 |
Total non-accrual loans | 0 | 0 |
Related allowance | $ 0 | $ 0 |
Loans and Allowance for Credi_9
Loans and Allowance for Credit Losses, Collateral-Dependent Gross Loans Held for Investment (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | |
Collateral-Dependent Gross Loans Held for Investment [Abstract] | |||
Total Loans | $ 1,354,023 | $ 1,363,601 | |
Specific allocation | 30 | 2,038 | |
Collateral Pledged [Member] | |||
Collateral-Dependent Gross Loans Held for Investment [Abstract] | |||
Total Loans | 8,637 | 31,013 | |
Real Estate [Member] | |||
Collateral-Dependent Gross Loans Held for Investment [Abstract] | |||
Total Loans | 6,155 | 153 | |
Business Assets [Member] | |||
Collateral-Dependent Gross Loans Held for Investment [Abstract] | |||
Total Loans | 2,482 | 20,848 | |
Other Assets [Member] | |||
Collateral-Dependent Gross Loans Held for Investment [Abstract] | |||
Total Loans | 0 | 10,012 | |
Construction & Development [Member] | |||
Collateral-Dependent Gross Loans Held for Investment [Abstract] | |||
Total Loans | 160,055 | 137,206 | |
Specific allocation | 0 | 0 | |
Construction & Development [Member] | Collateral Pledged [Member] | |||
Collateral-Dependent Gross Loans Held for Investment [Abstract] | |||
Total Loans | 0 | 0 | |
Construction & Development [Member] | Real Estate [Member] | |||
Collateral-Dependent Gross Loans Held for Investment [Abstract] | |||
Total Loans | 0 | 0 | |
Construction & Development [Member] | Business Assets [Member] | |||
Collateral-Dependent Gross Loans Held for Investment [Abstract] | |||
Total Loans | 0 | 0 | |
Construction & Development [Member] | Other Assets [Member] | |||
Collateral-Dependent Gross Loans Held for Investment [Abstract] | |||
Total Loans | 0 | 0 | |
1 - 4 Family Real Estate [Member] | |||
Collateral-Dependent Gross Loans Held for Investment [Abstract] | |||
Total Loans | 115,917 | 100,576 | |
Specific allocation | 0 | 0 | |
1 - 4 Family Real Estate [Member] | Collateral Pledged [Member] | |||
Collateral-Dependent Gross Loans Held for Investment [Abstract] | |||
Total Loans | 0 | 0 | |
1 - 4 Family Real Estate [Member] | Real Estate [Member] | |||
Collateral-Dependent Gross Loans Held for Investment [Abstract] | |||
Total Loans | 0 | 0 | |
1 - 4 Family Real Estate [Member] | Business Assets [Member] | |||
Collateral-Dependent Gross Loans Held for Investment [Abstract] | |||
Total Loans | 0 | 0 | |
1 - 4 Family Real Estate [Member] | Other Assets [Member] | |||
Collateral-Dependent Gross Loans Held for Investment [Abstract] | |||
Total Loans | 0 | 0 | |
Commercial Real Estate - Other [Member] | |||
Collateral-Dependent Gross Loans Held for Investment [Abstract] | |||
Total Loans | 510,986 | 518,622 | |
Specific allocation | 0 | 0 | |
Commercial Real Estate - Other [Member] | Collateral Pledged [Member] | |||
Collateral-Dependent Gross Loans Held for Investment [Abstract] | |||
Total Loans | 114 | 126 | |
Commercial Real Estate - Other [Member] | Real Estate [Member] | |||
Collateral-Dependent Gross Loans Held for Investment [Abstract] | |||
Total Loans | 0 | 126 | |
Commercial Real Estate - Other [Member] | Business Assets [Member] | |||
Collateral-Dependent Gross Loans Held for Investment [Abstract] | |||
Total Loans | 114 | 0 | |
Commercial Real Estate - Other [Member] | Other Assets [Member] | |||
Collateral-Dependent Gross Loans Held for Investment [Abstract] | |||
Total Loans | 0 | 0 | |
Commercial & Industrial [Member] | |||
Collateral-Dependent Gross Loans Held for Investment [Abstract] | |||
Total Loans | 487,147 | 526,185 | [1] |
Specific allocation | 30 | 2,038 | |
Commercial & Industrial [Member] | Collateral Pledged [Member] | |||
Collateral-Dependent Gross Loans Held for Investment [Abstract] | |||
Total Loans | 8,523 | 30,780 | |
Commercial & Industrial [Member] | Real Estate [Member] | |||
Collateral-Dependent Gross Loans Held for Investment [Abstract] | |||
Total Loans | 6,155 | 0 | |
Commercial & Industrial [Member] | Business Assets [Member] | |||
Collateral-Dependent Gross Loans Held for Investment [Abstract] | |||
Total Loans | 2,368 | 20,848 | |
Commercial & Industrial [Member] | Other Assets [Member] | |||
Collateral-Dependent Gross Loans Held for Investment [Abstract] | |||
Total Loans | 0 | 9,932 | |
Agricultural [Member] | |||
Collateral-Dependent Gross Loans Held for Investment [Abstract] | |||
Total Loans | 64,838 | 66,495 | |
Specific allocation | 0 | 0 | |
Agricultural [Member] | Collateral Pledged [Member] | |||
Collateral-Dependent Gross Loans Held for Investment [Abstract] | |||
Total Loans | 0 | 0 | |
Agricultural [Member] | Real Estate [Member] | |||
Collateral-Dependent Gross Loans Held for Investment [Abstract] | |||
Total Loans | 0 | 0 | |
Agricultural [Member] | Business Assets [Member] | |||
Collateral-Dependent Gross Loans Held for Investment [Abstract] | |||
Total Loans | 0 | 0 | |
Agricultural [Member] | Other Assets [Member] | |||
Collateral-Dependent Gross Loans Held for Investment [Abstract] | |||
Total Loans | 0 | 0 | |
Consumer [Member] | |||
Collateral-Dependent Gross Loans Held for Investment [Abstract] | |||
Total Loans | 15,080 | 14,517 | [2] |
Specific allocation | 0 | 0 | |
Consumer [Member] | Collateral Pledged [Member] | |||
Collateral-Dependent Gross Loans Held for Investment [Abstract] | |||
Total Loans | 0 | 107 | |
Consumer [Member] | Real Estate [Member] | |||
Collateral-Dependent Gross Loans Held for Investment [Abstract] | |||
Total Loans | 0 | 27 | |
Consumer [Member] | Business Assets [Member] | |||
Collateral-Dependent Gross Loans Held for Investment [Abstract] | |||
Total Loans | 0 | 0 | |
Consumer [Member] | Other Assets [Member] | |||
Collateral-Dependent Gross Loans Held for Investment [Abstract] | |||
Total Loans | $ 0 | $ 80 | |
[1]The $9.95 million that is greater than 90 days past due as of December 31, 2023, primarily consists of a single borrower that is well collateralized and for which collection is being diligently pursued.[2]The $ 80 |
Loans and Allowance for Cred_10
Loans and Allowance for Credit Losses, Modifications to Borrowers Experiencing Financial Difficulty (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2024 USD ($) | |
Loans Modified in Past Twelve Months [Abstract] | |
Non-Accruing | $ 1,122 |
Current [Member] | |
Loans Modified in Past Twelve Months [Abstract] | |
Modified loans to borrowers experiencing financial difficulty | 0 |
30-89 Days Past Due [Member] | |
Loans Modified in Past Twelve Months [Abstract] | |
Modified loans to borrowers experiencing financial difficulty | 0 |
Greater than 90 Days [Member] | |
Loans Modified in Past Twelve Months [Abstract] | |
Modified loans to borrowers experiencing financial difficulty | 0 |
Term Extension and Payment Deferral [Member] | |
Modifications to Borrowers Experiencing Financial Difficulty [Abstract] | |
Amortized cost basis | $ 1,122 |
% of Total Class | 0.20% |
Term extension on loans modified | 4 months |
Construction & Development [Member] | |
Loans Modified in Past Twelve Months [Abstract] | |
Non-Accruing | $ 0 |
Construction & Development [Member] | Current [Member] | |
Loans Modified in Past Twelve Months [Abstract] | |
Modified loans to borrowers experiencing financial difficulty | 0 |
Construction & Development [Member] | 30-89 Days Past Due [Member] | |
Loans Modified in Past Twelve Months [Abstract] | |
Modified loans to borrowers experiencing financial difficulty | 0 |
Construction & Development [Member] | Greater than 90 Days [Member] | |
Loans Modified in Past Twelve Months [Abstract] | |
Modified loans to borrowers experiencing financial difficulty | 0 |
Construction & Development [Member] | Term Extension and Payment Deferral [Member] | |
Modifications to Borrowers Experiencing Financial Difficulty [Abstract] | |
Amortized cost basis | $ 0 |
% of Total Class | 0% |
1 - 4 Family Real Estate [Member] | |
Loans Modified in Past Twelve Months [Abstract] | |
Non-Accruing | $ 0 |
1 - 4 Family Real Estate [Member] | Current [Member] | |
Loans Modified in Past Twelve Months [Abstract] | |
Modified loans to borrowers experiencing financial difficulty | 0 |
1 - 4 Family Real Estate [Member] | 30-89 Days Past Due [Member] | |
Loans Modified in Past Twelve Months [Abstract] | |
Modified loans to borrowers experiencing financial difficulty | 0 |
1 - 4 Family Real Estate [Member] | Greater than 90 Days [Member] | |
Loans Modified in Past Twelve Months [Abstract] | |
Modified loans to borrowers experiencing financial difficulty | 0 |
1 - 4 Family Real Estate [Member] | Term Extension and Payment Deferral [Member] | |
Modifications to Borrowers Experiencing Financial Difficulty [Abstract] | |
Amortized cost basis | $ 0 |
% of Total Class | 0% |
Commercial Real Estate - Other [Member] | |
Loans Modified in Past Twelve Months [Abstract] | |
Non-Accruing | $ 0 |
Commercial Real Estate - Other [Member] | Current [Member] | |
Loans Modified in Past Twelve Months [Abstract] | |
Modified loans to borrowers experiencing financial difficulty | 0 |
Commercial Real Estate - Other [Member] | 30-89 Days Past Due [Member] | |
Loans Modified in Past Twelve Months [Abstract] | |
Modified loans to borrowers experiencing financial difficulty | 0 |
Commercial Real Estate - Other [Member] | Greater than 90 Days [Member] | |
Loans Modified in Past Twelve Months [Abstract] | |
Modified loans to borrowers experiencing financial difficulty | 0 |
Commercial Real Estate - Other [Member] | Term Extension and Payment Deferral [Member] | |
Modifications to Borrowers Experiencing Financial Difficulty [Abstract] | |
Amortized cost basis | $ 0 |
% of Total Class | 0% |
Commercial & Industrial [Member] | |
Loans Modified in Past Twelve Months [Abstract] | |
Non-Accruing | $ 1,122 |
Commercial & Industrial [Member] | Current [Member] | |
Loans Modified in Past Twelve Months [Abstract] | |
Modified loans to borrowers experiencing financial difficulty | 0 |
Commercial & Industrial [Member] | 30-89 Days Past Due [Member] | |
Loans Modified in Past Twelve Months [Abstract] | |
Modified loans to borrowers experiencing financial difficulty | 0 |
Commercial & Industrial [Member] | Greater than 90 Days [Member] | |
Loans Modified in Past Twelve Months [Abstract] | |
Modified loans to borrowers experiencing financial difficulty | 0 |
Commercial & Industrial [Member] | Term Extension and Payment Deferral [Member] | |
Modifications to Borrowers Experiencing Financial Difficulty [Abstract] | |
Amortized cost basis | $ 1,122 |
% of Total Class | 0.20% |
Agricultural [Member] | |
Loans Modified in Past Twelve Months [Abstract] | |
Non-Accruing | $ 0 |
Agricultural [Member] | Current [Member] | |
Loans Modified in Past Twelve Months [Abstract] | |
Modified loans to borrowers experiencing financial difficulty | 0 |
Agricultural [Member] | 30-89 Days Past Due [Member] | |
Loans Modified in Past Twelve Months [Abstract] | |
Modified loans to borrowers experiencing financial difficulty | 0 |
Agricultural [Member] | Greater than 90 Days [Member] | |
Loans Modified in Past Twelve Months [Abstract] | |
Modified loans to borrowers experiencing financial difficulty | 0 |
Agricultural [Member] | Term Extension and Payment Deferral [Member] | |
Modifications to Borrowers Experiencing Financial Difficulty [Abstract] | |
Amortized cost basis | $ 0 |
% of Total Class | 0% |
Consumer [Member] | |
Loans Modified in Past Twelve Months [Abstract] | |
Non-Accruing | $ 0 |
Consumer [Member] | Current [Member] | |
Loans Modified in Past Twelve Months [Abstract] | |
Modified loans to borrowers experiencing financial difficulty | 0 |
Consumer [Member] | 30-89 Days Past Due [Member] | |
Loans Modified in Past Twelve Months [Abstract] | |
Modified loans to borrowers experiencing financial difficulty | 0 |
Consumer [Member] | Greater than 90 Days [Member] | |
Loans Modified in Past Twelve Months [Abstract] | |
Modified loans to borrowers experiencing financial difficulty | 0 |
Consumer [Member] | Term Extension and Payment Deferral [Member] | |
Modifications to Borrowers Experiencing Financial Difficulty [Abstract] | |
Amortized cost basis | $ 0 |
% of Total Class | 0% |
Shareholders' Equity, Repurchas
Shareholders' Equity, Repurchase Plan (Details) - $ / shares | 6 Months Ended | |||
Oct. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Oct. 28, 2021 | |
Repurchase Plan [Member] | ||||
Stock Repurchase Program [Abstract] | ||||
Number of shares authorized to purchase (in shares) | 750,000 | |||
Number of shares repurchased (in shares) | 0 | 0 | 0 | |
Average price of shares repurchased (in dollars per share) | $ 0 | $ 0 | ||
Shares remaining to be repurchased (in shares) | 750,000 | 750,000 | ||
New Repurchase Plan [Member] | ||||
Stock Repurchase Program [Abstract] | ||||
Number of shares authorized to purchase (in shares) | 750,000 |
Shareholders' Equity, Actual Ca
Shareholders' Equity, Actual Capital Amounts and Ratios (Details) $ in Thousands | Jun. 30, 2024 USD ($) | Dec. 31, 2023 USD ($) |
Company [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total capital to risk-weighted assets, actual amount | $ 205,120 | $ 185,171 |
Total capital to risk-weighted assets, actual ratio | 0.1428 | 0.1274 |
Total capital to risk-weighted assets, minimum capital requirements amount | $ 114,925 | $ 116,251 |
Total capital to risk-weighted assets, minimum capital requirements ratio | 0.08 | 0.08 |
Total capital to risk-weighted assets, capital conservation buffer amount | $ 150,839 | $ 152,579 |
Total capital to risk-weighted assets, capital conservation buffer ratio | 0.105 | 0.105 |
Tier I capital to risk-weighted assets, actual amount | $ 187,160 | $ 166,982 |
Tier I capital to risk-weighted assets, actual ratio | 0.1303 | 0.1149 |
Tier I capital to risk-weighted assets, minimum capital requirements amount | $ 86,194 | $ 87,188 |
Tier I capital to risk-weighted assets, minimum capital requirements ratio | 0.06 | 0.06 |
Tier I capital to risk-weighted assets, minimum capital conservation buffer amount | $ 122,108 | $ 123,516 |
Tier I capital to risk-weighted assets, minimum capital conservation buffer ratio | 0.085 | 0.085 |
CET I capital to risk-weighted assets, actual amount | $ 187,160 | $ 166,982 |
CET I capital to risk-weighted assets, actual ratio | 0.1303 | 0.1149 |
CET I capital to risk-weighted assets, minimum capital requirements amount | $ 64,645 | $ 65,391 |
CET I capital to risk-weighted assets, minimum capital requirements ratio | 0.045 | 0.045 |
CET I capital to risk-weighted assets, capital conservation buffer amount | $ 100,559 | $ 101,719 |
CET I capital to risk-weighted assets, capital conservation buffer ratio | 0.07 | 0.07 |
Tier I capital to average assets, actual amount | $ 187,160 | $ 166,982 |
Tier I capital to average assets, actual ratio | 0.1112 | 0.095 |
Tier I capital to average assets, minimum capital requirements amount | $ 67,322 | $ 70,318 |
Tier I capital to average assets, minimum capital requirements ratio | 0.04 | 0.04 |
Bank [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total capital to risk-weighted assets, actual amount | $ 205,067 | $ 185,118 |
Total capital to risk-weighted assets, actual ratio | 0.1429 | 0.1275 |
Total capital to risk-weighted assets, minimum capital requirements amount | $ 114,843 | $ 116,169 |
Total capital to risk-weighted assets, minimum capital requirements ratio | 0.08 | 0.08 |
Total capital to risk-weighted assets, capital conservation buffer amount | $ 150,732 | $ 152,472 |
Total capital to risk-weighted assets, capital conservation buffer ratio | 0.105 | 0.105 |
Total capital to risk-weighted assets, minimum to be well capitalized under prompt corrective action amount | $ 143,554 | $ 145,211 |
Total capital to risk-weighted assets, minimum to be well capitalized under prompt corrective action ratio | 0.10 | 0.10 |
Tier I capital to risk-weighted assets, actual amount | $ 187,119 | $ 166,942 |
Tier I capital to risk-weighted assets, actual ratio | 0.1303 | 0.115 |
Tier I capital to risk-weighted assets, minimum capital requirements amount | $ 86,132 | $ 87,127 |
Tier I capital to risk-weighted assets, minimum capital requirements ratio | 0.06 | 0.06 |
Tier I capital to risk-weighted assets, minimum capital conservation buffer amount | $ 122,021 | $ 123,429 |
Tier I capital to risk-weighted assets, minimum capital conservation buffer ratio | 0.085 | 0.085 |
Tier I capital to risk-weighted assets, minimum to be well capitalized under prompt corrective action amount | $ 114,843 | $ 116,169 |
Tier I capital to risk-weighted assets, minimum to be well capitalized under prompt corrective action ratio | 0.08 | 0.08 |
CET I capital to risk-weighted assets, actual amount | $ 187,119 | $ 166,942 |
CET I capital to risk-weighted assets, actual ratio | 0.1303 | 0.115 |
CET I capital to risk-weighted assets, minimum capital requirements amount | $ 64,599 | $ 65,345 |
CET I capital to risk-weighted assets, minimum capital requirements ratio | 0.045 | 0.045 |
CET I capital to risk-weighted assets, capital conservation buffer amount | $ 100,488 | $ 101,648 |
CET I capital to risk-weighted assets, capital conservation buffer ratio | 0.07 | 0.07 |
CET I capital to risk-weighted assets, minimum to be well capitalized under prompt corrective action amount | $ 93,310 | $ 94,387 |
CET I capital to risk-weighted assets, minimum to be well capitalized under prompt corrective action ratio | 0.065 | 0.065 |
Tier I capital to average assets, actual amount | $ 187,119 | $ 166,942 |
Tier I capital to average assets, actual ratio | 0.1112 | 0.095 |
Tier I capital to average assets, minimum capital requirements amount | $ 67,322 | $ 70,318 |
Tier I capital to average assets, minimum capital requirements ratio | 0.04 | 0.04 |
Tier I capital to average assets, minimum to be well capitalized under prompt corrective action amount | $ 84,153 | $ 87,897 |
Tier I capital to average assets, minimum to be well capitalized under prompt corrective action ratio | 0.05 | 0.05 |
Shareholders' Equity, Payout Re
Shareholders' Equity, Payout Restrictions Based on Capital Conservation Buffer (Details) $ in Millions | Jun. 30, 2024 USD ($) |
Shareholders' Equity [Abstract] | |
Retained earnings available for dividend declaration | $ 65.3 |
Related-Party Transactions (Det
Related-Party Transactions (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Related-Party Transactions [Abstract] | |||||
Loans outstanding | $ 190 | $ 190 | $ 203 | ||
Lincoln, LLC and Haines Realty Investments Company, LLC [Member] | |||||
Sale of subsidiary [Abstract] | |||||
Lease expense | $ 65 | $ 65 | $ 130 | $ 121 |
Employee Benefits (Details)
Employee Benefits (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Employee Benefits [Abstract] | ||||
Percentage of employee's compensation matched by company | 5% | |||
Defined benefit plan, employer contribution | $ 233 | $ 209 | ||
Share-based Compensation [Abstract] | ||||
Compensation expenses | 1,241 | 1,127 | ||
Incentive Plan [Member] | ||||
Share-based Compensation [Abstract] | ||||
Compensation expenses | $ 637 | $ 621 | $ 1,200 | 1,100 |
Shares available for future grants (in shares) | 628,742 | 628,742 | ||
Incentive Plan [Member] | Stock Option [Member] | ||||
Share-based Compensation [Abstract] | ||||
Vesting period | 4 years | |||
Unrecognized compensation expense | $ 87 | $ 251 | $ 87 | $ 251 |
Unvested and/or unexercised stock options (in shares) | 201,938 | 236,813 | 201,938 | 236,813 |
Period for recognition of compensation cost not yet recognized | 11 months 1 day | 1 year 7 months 20 days | ||
Stock Option Activity [Roll Forward] | ||||
Outstanding at beginning of period (in shares) | 220,939 | |||
Options granted (in shares) | 0 | 0 | 0 | |
Options exercised (in shares) | (19,001) | |||
Options forfeited (in shares) | 0 | |||
Outstanding at end of period (in shares) | 201,938 | 201,938 | ||
Exercisable at end of period (in shares) | 180,124 | 180,124 | ||
Weighted Average Exercise Price [Roll Forward] | ||||
Outstanding at beginning of period (in dollars per share) | $ 17.52 | |||
Options granted (in dollars per share) | 0 | |||
Options exercised (in dollars per share) | 17.42 | |||
Options forfeited (in dollars per share) | 0 | |||
Outstanding at end of period (in dollars per share) | $ 17.53 | 17.53 | ||
Exercisable at end of period (in dollars per share) | $ 17.76 | $ 17.76 | ||
Options, Additional Disclosures [Abstract] | ||||
Weighted average remaining contractual term, Outstanding | 5 years 1 month 20 days | |||
Weighted average remaining contractual term, Exercisable | 4 years 11 months 12 days | |||
Aggregate intrinsic value, Outstanding | $ 2,781,137 | $ 2,781,137 | ||
Aggregate intrinsic value, Exercisable | 2,439,752 | 2,439,752 | ||
Incentive Plan [Member] | RSUs [Member] | ||||
Share-based Compensation [Abstract] | ||||
Unrecognized compensation expense | $ 6,100 | $ 5,500 | $ 6,100 | $ 5,500 |
Period for recognition of compensation cost not yet recognized | 3 years 5 months 1 day | 4 years 25 days | ||
Restricted Stock Units [Roll Forward] | ||||
Outstanding, beginning of the period (in shares) | 211,461 | 112,591 | ||
Shares granted (in shares) | 100,606 | 163,311 | ||
Shares vested (in shares) | (51,636) | (14,109) | ||
Shares forfeited (in shares) | 0 | (3,250) | ||
Outstanding, end of the period (in shares) | 260,431 | 258,543 | 260,431 | 258,543 |
Weighted Average Grant Date Fair Value [Abstract] | ||||
Outstanding, beginning of period (in dollars per share) | $ 26.98 | $ 19.15 | ||
Shares granted (in dollars per share) | 27.34 | 29.76 | ||
Shares vested (in dollars per share) | 27.06 | 18.8 | ||
Shares forfeited (in dollars per share) | 0 | 28.03 | ||
Outstanding, end of period (in dollars per share) | $ 27.11 | $ 25.76 | $ 27.11 | $ 25.76 |
Incentive Plan [Member] | Tranche One [Member] | RSUs [Member] | ||||
Share-based Compensation [Abstract] | ||||
Vesting period | 1 year | |||
Incentive Plan [Member] | Tranche Two [Member] | RSUs [Member] | ||||
Share-based Compensation [Abstract] | ||||
Vesting period | 3 years | |||
Incentive Plan [Member] | Tranche Three [Member] | RSUs [Member] | ||||
Share-based Compensation [Abstract] | ||||
Vesting period | 4 years | |||
Incentive Plan [Member] | Tranche Four [Member] | RSUs [Member] | ||||
Share-based Compensation [Abstract] | ||||
Vesting period | 5 years | |||
Incentive Plan [Member] | Tranche Five [Member] | RSUs [Member] | ||||
Share-based Compensation [Abstract] | ||||
Vesting period | 8 years |
Disclosures About Fair Value _3
Disclosures About Fair Value of Assets and Liabilities, Recurring and Nonrecurring Basis (Details) - Nonrecurring Basis [Member] - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Asset measured at fair value on nonrecurring basis [Abstract] | ||
Collateral-dependent loans | $ 1,122 | $ 16,370 |
Asset retirement obligations | 281 | 361 |
Level 1 [Member] | ||
Asset measured at fair value on nonrecurring basis [Abstract] | ||
Collateral-dependent loans | 0 | 0 |
Asset retirement obligations | 0 | 0 |
Level 2 [Member] | ||
Asset measured at fair value on nonrecurring basis [Abstract] | ||
Collateral-dependent loans | 0 | 0 |
Asset retirement obligations | 0 | 0 |
Level 3 [Member] | ||
Asset measured at fair value on nonrecurring basis [Abstract] | ||
Collateral-dependent loans | 1,122 | 16,370 |
Asset retirement obligations | $ 281 | $ 361 |
Disclosures About Fair Value _4
Disclosures About Fair Value of Assets and Liabilities, Quantitative Information (Details) - Nonrecurring Basis [Member] - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Quantitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements [Abstract] | ||
Collateral-dependent loans | $ 1,122 | $ 16,370 |
Asset retirement obligations | 281 | 361 |
Level 3 [Member] | ||
Quantitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements [Abstract] | ||
Collateral-dependent loans | 1,122 | 16,370 |
Asset retirement obligations | $ 281 | $ 361 |
Disclosures About Fair Value _5
Disclosures About Fair Value of Assets and Liabilities, Estimated Fair Value of Financial Instruments Not Recorded at Fair Value (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Carrying Amount [Member] | ||
Financial Assets [Abstract] | ||
Cash and due from banks | $ 210,105 | $ 181,042 |
Interest-bearing time deposits in other banks | 12,202 | 17,679 |
Loans, net of allowance | 1,334,317 | 1,341,148 |
Loans held for sale | 718 | |
Nonmarketable equity securities | 1,275 | 1,283 |
Interest receivable and other assets | 32,240 | 35,878 |
Financial Liabilities [Abstract] | ||
Deposits | 1,481,317 | 1,591,391 |
Interest payable and other liabilities | 10,790 | 9,647 |
Fair Value [Member] | ||
Financial Assets [Abstract] | ||
Cash and due from banks | 210,105 | 181,042 |
Interest-bearing time deposits in other banks | 12,202 | 17,679 |
Loans, net of allowance | 1,331,553 | 1,337,783 |
Loans held for sale | 718 | |
Nonmarketable equity securities | 1,275 | 1,283 |
Interest receivable and other assets | 32,240 | 35,878 |
Financial Liabilities [Abstract] | ||
Deposits | 1,480,191 | 1,590,295 |
Interest payable and other liabilities | 10,790 | 9,647 |
Fair Value [Member] | Level 1 [Member] | ||
Financial Assets [Abstract] | ||
Cash and due from banks | 210,105 | 181,042 |
Interest-bearing time deposits in other banks | 0 | 0 |
Loans, net of allowance | 0 | 0 |
Loans held for sale | 0 | |
Nonmarketable equity securities | 0 | 0 |
Interest receivable and other assets | 0 | 0 |
Financial Liabilities [Abstract] | ||
Deposits | 0 | 0 |
Interest payable and other liabilities | 0 | 0 |
Fair Value [Member] | Level 2 [Member] | ||
Financial Assets [Abstract] | ||
Cash and due from banks | 0 | 0 |
Interest-bearing time deposits in other banks | 12,202 | 17,679 |
Loans, net of allowance | 1,330,431 | 1,321,413 |
Loans held for sale | 718 | |
Nonmarketable equity securities | 1,275 | 1,283 |
Interest receivable and other assets | 18,614 | 19,211 |
Financial Liabilities [Abstract] | ||
Deposits | 1,480,191 | 1,590,295 |
Interest payable and other liabilities | 10,029 | 8,335 |
Fair Value [Member] | Level 3 [Member] | ||
Financial Assets [Abstract] | ||
Cash and due from banks | 0 | 0 |
Interest-bearing time deposits in other banks | 0 | 0 |
Loans, net of allowance | 1,122 | 16,370 |
Loans held for sale | 0 | |
Nonmarketable equity securities | 0 | 0 |
Interest receivable and other assets | 13,626 | 16,667 |
Financial Liabilities [Abstract] | ||
Deposits | 0 | 0 |
Interest payable and other liabilities | $ 761 | $ 1,312 |
Financial Instruments with Of_3
Financial Instruments with Off-Balance Sheet Risk, Financial Instruments with Contract Amounts Representing Credit Risk (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Financial instruments, off-balance sheet credit risk [Abstract] | ||
Financial instruments, off-balance sheet credit risk | $ 299,580 | $ 261,135 |
Commitments to Extend Credit [Member] | ||
Financial instruments, off-balance sheet credit risk [Abstract] | ||
Financial instruments, off-balance sheet credit risk | 296,959 | 256,888 |
Financial and Performance Standby Letters of Credit [Member] | ||
Financial instruments, off-balance sheet credit risk [Abstract] | ||
Financial instruments, off-balance sheet credit risk | $ 2,621 | $ 4,247 |
Financial Instruments with Of_4
Financial Instruments with Off-Balance Sheet Risk , Adopted ASU 2016-13 (Details) - Unfunded Loan Commitment [Member] - USD ($) $ in Thousands | Jun. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Allowance for Credit Losses on Off-balance Sheet [Abstract] | ||||||
Reserve for credit losses on off-balance sheet credit exposures | $ 464 | $ 464 | $ 464 | $ 576 | $ 500 | $ 0 |
Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||
Allowance for Credit Losses on Off-balance Sheet [Abstract] | ||||||
Reserve for credit losses on off-balance sheet credit exposures | (500) | |||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | ||||||
Allowance for Credit Losses on Off-balance Sheet [Abstract] | ||||||
Reserve for credit losses on off-balance sheet credit exposures | $ 500 |
Significant Estimates and Con_2
Significant Estimates and Concentrations (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Dec. 31, 2023 | |
Significant Estimates of Loans [Abstract] | ||
Outstanding balance | $ 1,354,023 | $ 1,363,601 |
Goodwill | 8,458 | $ 8,458 |
Hospitality Loans [Member] | ||
Significant Estimates of Loans [Abstract] | ||
Unfunded commitments | 4,400 | |
Hospitality Loans [Member] | Gross Loans [Member] | ||
Significant Estimates of Loans [Abstract] | ||
Outstanding balance | $ 282,100 | |
Hospitality Loans [Member] | Gross Loans [Member] | Product Concentration Risk [Member] | ||
Significant Estimates of Loans [Abstract] | ||
Percentage of gross loans | 21% | |
Energy Loans [Member] | ||
Significant Estimates of Loans [Abstract] | ||
Unfunded commitments | $ 62,500 | |
Energy Loans [Member] | Gross Loans [Member] | ||
Significant Estimates of Loans [Abstract] | ||
Outstanding balance | $ 152,400 | |
Energy Loans [Member] | Gross Loans [Member] | Product Concentration Risk [Member] | ||
Significant Estimates of Loans [Abstract] | ||
Percentage of gross loans | 11% |