Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2024 | May 02, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2024 | |
Entity File Number | 0-7818 | |
Entity Registrant Name | INDEPENDENT BANK CORPORATION | |
Entity Incorporation, State or Country Code | MI | |
Entity Tax Identification Number | 38-2032782 | |
Entity Address, Address Line One | 4200 East Beltline | |
Entity Address, City or Town | Grand Rapids | |
Entity Address, State or Province | MI | |
Entity Address, Postal Zip Code | 49525 | |
City Area Code | 616 | |
Local Phone Number | 527-5820 | |
Title of 12(b) Security | Common stock, no par value | |
Trading Symbol | IBCP | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 20,902,444 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2024 | |
Entity Central Index Key | 0000039311 | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Assets | ||
Cash and due from banks | $ 41,646 | $ 68,208 |
Interest bearing deposits | 120,198 | 101,573 |
Cash and Cash Equivalents | 161,844 | 169,781 |
Securities available for sale | 613,620 | 679,350 |
Securities held to maturity | 349,957 | 353,988 |
Federal Home Loan Bank and Federal Reserve Bank stock, at cost | 16,821 | 16,821 |
Loans held for sale, carried at fair value | 8,935 | 12,063 |
Loans | ||
Financing receivable, before allowance for credit loss | 3,839,965 | 3,790,901 |
Allowance for credit losses | (56,313) | (54,658) |
Net Loans | 3,783,652 | 3,736,243 |
Other real estate and repossessed assets, net | 1,059 | 569 |
Property and equipment, net | 34,587 | 35,523 |
Bank-owned life insurance | 53,633 | 54,341 |
Capitalized mortgage loan servicing rights, carried at fair value | 43,577 | 42,243 |
Other intangibles | 1,875 | 2,004 |
Goodwill | 28,300 | 28,300 |
Accrued income and other assets | 133,395 | 132,500 |
Total Assets | 5,231,255 | 5,263,726 |
Deposits | ||
Non-interest bearing | 1,034,605 | 1,076,093 |
Savings and interest-bearing checking | 1,935,451 | 1,905,701 |
Reciprocal | 893,643 | 832,020 |
Time | 570,130 | 524,325 |
Brokered time | 148,585 | 284,740 |
Total Deposits | 4,582,414 | 4,622,879 |
Other borrowings | 49,977 | 50,026 |
Subordinated debt | 39,529 | 39,510 |
Subordinated debentures | 39,745 | 39,728 |
Accrued expenses and other liabilities | 104,020 | 107,134 |
Total Liabilities | 4,815,685 | 4,859,277 |
Commitments and contingent liabilities | ||
Shareholders’ Equity | ||
Preferred stock, no par value, 200,000 shares authorized; none issued or outstanding | 0 | 0 |
Common stock, no par value, 500,000,000 shares authorized; issued and outstanding: 20,903,677 shares at March 31, 2024 and 20,835,633 shares at December 31, 2023 | 317,099 | 317,483 |
Retained earnings | 170,100 | 159,108 |
Accumulated other comprehensive loss | (71,629) | (72,142) |
Total Shareholders’ Equity | 415,570 | 404,449 |
Total Liabilities and Shareholders’ Equity | 5,231,255 | 5,263,726 |
Commercial | ||
Loans | ||
Financing receivable, before allowance for credit loss | 1,735,284 | 1,679,731 |
Allowance for credit losses | (18,982) | (16,724) |
Mortgage | ||
Loans | ||
Financing receivable, before allowance for credit loss | 1,490,441 | 1,485,872 |
Allowance for credit losses | (20,903) | (21,386) |
Installment | ||
Loans | ||
Financing receivable, before allowance for credit loss | 614,240 | 625,298 |
Allowance for credit losses | $ (3,836) | $ (4,126) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Assets | ||
Securities held-to-maturity, fair value | $ 311,013 | $ 318,606 |
Shareholders’ Equity | ||
Preferred stock, par value (in dollars per share) | $ 0 | $ 0 |
Preferred stock, shares authorized (in shares) | 200,000 | 200,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0 | $ 0 |
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 |
Common stock, shares issued (in shares) | 20,903,677 | 20,835,633 |
Common stock, shares outstanding (in shares) | 20,903,677 | 20,835,633 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Interest Income | ||
Interest and fees on loans | $ 55,043 | $ 44,294 |
Interest on securities | ||
Taxable | 5,251 | 5,884 |
Tax-exempt | 3,391 | 3,083 |
Other investments | 1,441 | 675 |
Total Interest Income | 65,126 | 53,936 |
Interest Expense | ||
Deposits | 22,810 | 13,760 |
Other borrowings and subordinated debt and debentures | 2,119 | 1,735 |
Total Interest Expense | 24,929 | 15,495 |
Net Interest Income | 40,197 | 38,441 |
Provision for credit losses | 744 | 2,160 |
Net Interest Income After Provision for Credit Losses | 39,453 | 36,281 |
Non-interest Income | ||
Interchange income | 3,151 | 3,205 |
Service charges on deposit accounts | 2,872 | 2,857 |
Net gains (losses) on assets | ||
Mortgage loans | 1,364 | 1,256 |
Securities available for sale | (269) | (222) |
Mortgage loan servicing, net | 2,725 | 726 |
Other | 2,718 | 2,729 |
Total Non-interest Income | 12,561 | 10,551 |
Non-interest Expense | ||
Compensation and employee benefits | 20,770 | 19,339 |
Data processing | 3,255 | 2,991 |
Occupancy, net | 2,074 | 2,159 |
Interchange expense | 1,097 | 1,049 |
Furniture, fixtures and equipment | 954 | 926 |
FDIC deposit insurance | 782 | 783 |
Communications | 615 | 668 |
Loan and collection | 512 | 578 |
Advertising | 491 | 495 |
Legal and professional | 486 | 607 |
Costs (recoveries) related to unfunded lending commitments | (652) | (475) |
Other | 1,809 | 1,837 |
Total Non-interest Expense | 32,193 | 30,957 |
Income Before Income Tax | 19,821 | 15,875 |
Income tax expense | 3,830 | 2,884 |
Net Income | $ 15,991 | $ 12,991 |
Net Income Per Common Share | ||
Basic (in dollars per share) | $ 0.77 | $ 0.62 |
Diluted (in dollars per share) | $ 0.76 | $ 0.61 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 15,991 | $ 12,991 |
Securities available for sale | ||
Unrealized gains arising during period | 1,524 | 14,393 |
Accretion of net unrealized losses on securities transferred to held to maturity | 820 | 850 |
Reclassification adjustments for losses included in earnings | 269 | 222 |
Unrealized gains recognized in other comprehensive income on securities available for sale | 2,613 | 15,465 |
Income tax expense | 549 | 3,248 |
Unrealized gains recognized in other comprehensive income on securities available for sale, net of tax | 2,064 | 12,217 |
Derivative instruments | ||
Unrealized losses arising during period | (2,229) | (420) |
Reclassification adjustment for expense recognized in earnings | 266 | 84 |
Unrealized losses recognized in other comprehensive income on derivative instruments | (1,963) | (336) |
Income tax benefit | (412) | (71) |
Unrealized losses recognized in other comprehensive income on derivative instruments, net of tax | (1,551) | (265) |
Other comprehensive income | 513 | 11,952 |
Comprehensive income | $ 16,504 | $ 24,943 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Cash Flows [Abstract] | ||
Net income | $ 15,991 | $ 12,991 |
Adjustments to Reconcile Net Income to Net Cash From Operating Activities | ||
Proceeds from sales of loans held for sale | 75,178 | 65,428 |
Disbursements for loans held for sale | (70,800) | (54,430) |
Provision for credit losses | 744 | 2,160 |
Deferred income tax expense | 1,535 | 1,436 |
Net deferred loan fees (costs) | 127 | 160 |
Net depreciation, amortization of intangible assets and premiums and accretion of discounts on securities and loans | 2,509 | 2,425 |
Net gains on mortgage loans | (1,364) | (1,256) |
Net losses on securities available for sale | 269 | 222 |
Share based compensation | 591 | 569 |
(Increase) decrease in accrued income and other assets | (3,324) | 1,786 |
Decrease in accrued expenses and other liabilities | (623) | (8,106) |
Total Adjustments | 4,842 | 10,394 |
Net Cash From Operating Activities | 20,833 | 23,385 |
Cash Flow Used in Investing Activities | ||
Proceeds from the sale of securities available for sale | 37,273 | 278 |
Proceeds from the sale of securities held to maturity previously charged off | 1,125 | 0 |
Proceeds from maturities, prepayments and calls of securities available for sale | 27,484 | 27,742 |
Proceeds from maturities, prepayments and calls of securities held to maturity | 2,724 | 3,334 |
Purchases of securities held to maturity | 0 | (400) |
Net increase in portfolio loans (loans originated, net of principal payments) | (58,407) | (66,329) |
Proceeds from the sale of portfolio loans | 6,808 | 41,237 |
Proceeds from bank-owned life insurance | 889 | 0 |
Proceeds from the sale of other real estate and repossessed assets | 172 | 243 |
Proceeds from the sale of property and equipment | 299 | 174 |
Capital expenditures | (676) | (1,325) |
Net Cash Used in Investing Activities | 17,691 | 4,954 |
Cash Flow From Financing Activities | ||
Net increase (decrease) in total deposits | (40,465) | 165,680 |
Net decrease in other borrowings | (22) | (60,977) |
Proceeds from Federal Home Loan Bank Advances | 0 | 95,000 |
Payments of Federal Home Loan Bank Advances | 0 | (70,000) |
Dividends paid | (4,999) | (4,860) |
Proceeds from issuance of common stock | 0 | 48 |
Share based compensation withholding obligation | (975) | (582) |
Net Cash From Financing Activities | (46,461) | 124,309 |
Net Increase (Decrease) in Cash and Cash Equivalents | (7,937) | 152,648 |
Cash and Cash Equivalents at Beginning of Period | 169,781 | 74,371 |
Cash and Cash Equivalents at End of Period | 161,844 | 227,019 |
Cash paid during the period for | ||
Interest | 24,962 | 13,697 |
Income taxes | 0 | 0 |
Transfers to other real estate and repossessed assets | 586 | 241 |
Right of use assets obtained in exchange for lease obligations | $ 2,119 | $ 400 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Retained Earnings | Accumulated Other Comprehensive Income (Loss) |
Balances at beginning of period at Dec. 31, 2022 | $ 347,596 | $ 320,991 | $ 119,368 | $ (92,763) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income | 12,991 | 12,991 | ||
Cash dividends declared | (4,860) | (4,860) | ||
Issuance of common stock | 48 | 48 | ||
Share based compensation | 569 | 569 | ||
Share based compensation withholding obligation | (582) | (582) | ||
Other comprehensive income (loss) | 11,952 | 11,952 | ||
Balances at end of period at Mar. 31, 2023 | 367,714 | 321,026 | 127,499 | (80,811) |
Balances at beginning of period at Dec. 31, 2023 | 404,449 | 317,483 | 159,108 | (72,142) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income | 15,991 | 15,991 | ||
Cash dividends declared | (4,999) | (4,999) | ||
Share based compensation | 591 | 591 | ||
Share based compensation withholding obligation | (975) | (975) | ||
Other comprehensive income (loss) | 513 | 513 | ||
Balances at end of period at Mar. 31, 2024 | $ 415,570 | $ 317,099 | $ 170,100 | $ (71,629) |
Condensed Consolidated Statem_7
Condensed Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Stockholders' Equity [Abstract] | ||
Common stock, dividends declared (in dollars per share) | $ 0.24 | $ 0.23 |
Stock issued during period, new issues (in shares) | 15,500 | |
Share-based payment arrangement, shares issued, after forfeiture (in shares) | 102,324 | 86,394 |
Share-based payment arrangement, shares withheld for tax withholding obligation (in shares) | 39,683 | 27,562 |
Preparation of Financial Statem
Preparation of Financial Statements | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Preparation of Financial Statements | Preparation of Financial Statements The condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and note disclosures normally included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to those rules and regulations, although we believe that the disclosures made are adequate to make the information not misleading. The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes for the year ended December 31, 2023 included in our Annual Report on Form 10-K. In our opinion, the accompanying unaudited condensed consolidated financial statements contain all the adjustments necessary to present fairly our consolidated financial condition as of March 31, 2024 and December 31, 2023, and the results of operations for the three-month periods ended March 31, 2024 and 2023. The results of operations for the three-month periods ended March 31, 2024, are not necessarily indicative of the results to be expected for the full year. Certain reclassifications have been made in the prior period condensed consolidated financial statements to conform to the current period presentation. Our critical accounting policies include the determination of the allowance for credit losses (“ACL”) and the valuation of capitalized mortgage loan servicing rights. Refer to our 2023 Annual Report on Form 10-K for a disclosure of our accounting policies. |
New Accounting Standards
New Accounting Standards | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
New Accounting Standards | New Accounting Standards In March 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2020-04, ‘‘Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Reporting’’ and in December 2022 the FASB issued ASU 2022-06, "Reference Rate Reform (Topic 848), Deferral of the Sunset Date of Topic 848". These new ASUs provide temporary optional expedients and exceptions to GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens of the expected market transition from LIBOR and other interbank offered rates to alternative reference rates. Entities can elect not to apply certain modification accounting requirements to contracts affected by reference rate reform, if certain criteria are met. Entities that make such elections would not have to remeasure contracts at the modification date or reassess a previous accounting determination. Entities can elect various optional expedients that would allow them to continue applying hedge accounting for hedging relationships affected by reference rate reform, if certain criteria are met. We had formed a cross-functional project team to lead the transition from LIBOR to a planned adoption of reference rates which included Secured Overnight Financing Rate (“SOFR”). We utilized the timeline guidance published by the Alternative Reference Rates Committee to develop and achieve internal milestones during the transitional period. We discontinued the use of new LIBOR-based loans as of December 31, 2021, according to regulatory guidelines. We also discontinued the use of new LIBOR based interest rate derivatives as of December 31, 2021. The amended guidance under Topic 848 and our ability to elect its temporary optional expedients and exceptions are effective for us through December 31, 2024. In March, 2023, the FASB issued ASU 2023-02, "Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method (a consensus of the Emerging Issues Task Force)". This ASU expands the use of the proportional amortization method of accounting — currently allowed only for investments in low-income housing tax credit ("LIHTC") structures — to equity investments in other tax credit structures that meet certain criteria. Common tax credit programs that investors access via tax equity structures and that may now be eligible for application of the proportional amortization method include: new markets tax credits, historic rehabilitation tax credit programs, and renewable energy tax credit programs. This ASU takes effect in reporting periods beginning after December 15, 2023, with early adoption permitted. The adoption of this ASU on January 1, 2024, did not have a material impact on our Condensed Consolidated Financial Statements. In November, 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 323): Improvements to Reportable Segment Disclosures". This ASU enhances disclosures of significant segment expenses by requiring entities to disclose significant segment expenses regularly provided to the chief operating decision maker, extend certain annual disclosures to interim periods, and permit more than one measure of segment profit or loss to be reported under certain conditions. This ASU takes effect for annual reporting periods beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. We do not expect the adoption of this ASU to have a material impact on our Condensed Consolidated Financial Statements. In December, 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures". This ASU modifies the rules on income tax disclosures to require entities to disclose (1) specific categories in the rate reconciliation, (2) the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and (3) income tax expense or benefit from continuing operations (separated by federal, state and foreign). This ASU also requires entities to disclose their income tax payments to international, federal, state and local jurisdictions, among other changes. This ASU takes effect in reporting periods beginning after December 15, 2024, with early adoption permitted. We do not expect the adoption of this ASU to have a material impact on our Condensed |
Securities
Securities | 3 Months Ended |
Mar. 31, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Securities Securities available for sale (“AFS”) consist of the following: Amortized Unrealized Gains Losses Fair Value (In thousands) March 31, 2024 U.S. agency $ 9,770 $ 3 $ 848 $ 8,925 U.S. agency residential mortgage-backed 88,010 6 9,521 78,495 U.S. agency commercial mortgage-backed 13,464 — 1,409 12,055 Private label mortgage-backed 90,761 255 6,246 84,770 Other asset backed 66,083 17 1,267 64,833 Obligations of states and political subdivisions 331,399 234 38,417 293,216 Corporate 76,056 — 5,673 70,383 Trust preferred 984 — 41 943 Total $ 676,527 $ 515 $ 63,422 $ 613,620 December 31, 2023 U.S. agency $ 10,299 $ 5 $ 797 $ 9,507 U.S. agency residential mortgage-backed 90,195 3 8,981 81,217 U.S. agency commercial mortgage-backed 13,706 — 1,409 12,297 Private label mortgage-backed 93,527 249 7,307 86,469 Other asset backed 114,867 3 1,939 112,931 Obligations of states and political subdivisions 341,177 204 38,644 302,737 Corporate 79,296 — 6,046 73,250 Trust preferred 983 — 41 942 Total $ 744,050 $ 464 $ 65,164 $ 679,350 Securities held to maturity (“HTM”) consist of the following: Carrying Transferred ACL Amortized Unrealized Fair Value Gains Losses (In thousands) March 31, 2024 U.S. agency $ 25,672 $ 1,572 $ — $ 27,244 $ — $ 5,098 $ 22,146 U.S. agency residential mortgage-backed 107,123 9,477 — 116,600 — 25,047 91,553 U.S. agency commercial mortgage-backed 4,123 142 — 4,265 — 448 3,817 Private label mortgage-backed 7,313 274 4 7,591 — 804 6,787 Obligations of states and political subdivisions 159,010 6,446 31 165,487 3 19,680 145,810 Corporate 45,767 725 116 46,608 — 6,708 39,900 Trust preferred 949 47 4 1,000 — — 1,000 Total $ 349,957 $ 18,683 $ 155 $ 368,795 $ 3 $ 57,785 $ 311,013 December 31, 2023 U.S. agency $ 25,768 $ 1,603 $ — $ 27,371 $ — $ 4,892 $ 22,479 U.S. agency residential mortgage-backed 108,770 9,715 — 118,485 — 23,849 94,636 U.S. agency commercial mortgage-backed 4,146 153 — 4,299 — 460 3,839 Private label mortgage-backed 7,302 302 4 7,608 — 854 6,754 Obligations of states and political subdivisions 161,352 6,879 33 168,264 88 18,807 149,545 Corporate 45,702 803 116 46,621 780 7,033 40,368 Trust preferred 948 48 4 1,000 — 15 985 Total $ 353,988 $ 19,503 $ 157 $ 373,648 $ 868 $ 55,910 $ 318,606 (1) Represents the remaining unrealized loss to be accreted on securities that were transferred from AFS to HTM on April 1, 2022. Our investments' gross unrealized losses and fair values for securities AFS aggregated by investment type and length of time that individual securities have been at a continuous unrealized loss position follows: Less Than Twelve Months Twelve Months or More Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized (In thousands) March 31, 2024 U.S. agency $ 182 $ — $ 7,981 $ 848 $ 8,163 $ 848 U.S. agency residential mortgage-backed — — 76,809 9,521 76,809 9,521 U.S. agency commercial mortgage-backed — — 12,056 1,409 12,056 1,409 Private label mortgage-backed 3,480 26 79,576 6,220 83,056 6,246 Other asset backed 3,441 28 53,048 1,239 56,489 1,267 Obligations of states and political subdivisions — — 293,216 38,417 293,216 38,417 Corporate — — 70,383 5,673 70,383 5,673 Trust preferred — — 942 41 942 41 Total $ 7,103 $ 54 $ 594,011 $ 63,368 $ 601,114 $ 63,422 December 31, 2023 U.S. agency $ 130 $ — $ 8,453 $ 797 $ 8,583 $ 797 U.S. agency residential mortgage-backed 358 1 80,008 8,980 80,366 8,981 U.S. agency commercial mortgage-backed — — 12,297 1,409 12,297 1,409 Private label mortgage-backed 6,285 356 79,507 6,951 85,792 7,307 Other asset backed 7,714 88 97,203 1,851 104,917 1,939 Obligations of states and political subdivisions — — 301,038 38,644 301,038 38,644 Corporate — — 73,249 6,046 73,249 6,046 Trust preferred — — 942 41 942 41 Total $ 14,487 $ 445 $ 652,697 $ 64,719 $ 667,184 $ 65,164 Securities AFS in unrealized loss positions are evaluated quarterly for impairment related to credit losses. For securities AFS in an unrealized loss position, we first assess whether we intend to sell, or it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income. For securities AFS that do not meet this criteria, we evaluate whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, we consider the extent to which fair value is less than amortized cost, adverse conditions specifically related to the security and the issuer and the impact of changes in market interest rates on the market value of the security, among other factors. If this assessment indicates that a credit loss exists, we compare the present value of cash flows expected to be collected from the security with the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis for the security, a credit loss exists and an ACL is recorded, limited to the amount that the fair value of the security is less than its amortized cost basis. Any impairment that has not been recorded through an ACL is recognized in other comprehensive income (loss), net of applicable taxes. No ACL for securities AFS was needed at March 31, 2024 and December 31, 2023. Accrued interest receivable on securities AFS totaled $3.6 million and $4.6 million at March 31, 2024 and December 31, 2023, respectively, and is excluded from the estimate of credit losses and is included in accrued income and other assets in the Condensed Consolidated Statements of Financial Condition. U.S. agency, U.S. agency residential mortgage-backed and U.S. agency commercial mortgage-backed securities — at March 31, 2024, we had 30 U.S. agency, 159 U.S. agency residential mortgage-backed and 10 U.S. agency commercial mortgage-backed securities whose fair value is less than amortized cost. These securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major credit rating agencies, and have a long history of no credit losses. The unrealized losses are largely attributed to widening spreads to Treasury bonds and/or an increase in interest rates since acquisition. Private label mortgage backed, other asset backed and corporate securities — at March 31, 2024, we had 86 private label mortgage backed, 72 other asset backed, and 75 corporate securities whose fair value is less than amortized cost. The unrealized losses are primarily due to credit spread widening and/or an increase in interest rates since acquisition. Obligations of states and political subdivisions — at March 31, 2024, we had 317 municipal securities whose fair value is less than amortized cost. The unrealized losses are primarily due to an increase in interest rates since acquisition. Trust preferred securities — at March 31, 2024, we had one trust preferred security whose fair value is less than amortized cost. This trust preferred security is a single issue security issued by a trust subsidiary of a bank holding company. The pricing of trust preferred securities has suffered from credit spread widening. This security is rated by a major rating agency as investment grade. At March 31, 2024 management does not intend to liquidate any of the securities discussed above and it is more likely than not that we will not be required to sell these securities prior to recovery of these unrealized losses. We recorded no credit related charges in our Condensed Consolidated Statements of Operations related to securities AFS during the three month periods ended March 31, 2024 and 2023, respectively. The ACL on securities HTM is a contra asset valuation account that is deducted from the carrying amount of securities HTM to present the net amount expected to be collected. Securities HTM are charged off against the ACL when deemed uncollectible. Adjustments to the ACL are reported in our Condensed Consolidated Statements of Operations in provision for credit losses. We measure expected credit losses on securities HTM on a collective basis by major security type with each type sharing similar risk characteristics, and we consider historical credit loss information. Accrued interest receivable on securities HTM totaled $1.9 million and $1.8 million at March 31, 2024 and December 31, 2023, respectively and is excluded from the estimate of credit losses and is included in accrued income and other assets in the Condensed Consolidated Statements of Financial Condition. With regard to U.S. Government-sponsored agency and mortgage-backed securities (residential and commercial), all these securities are issued by a U.S. government-sponsored entity and have an implicit or explicit government guarantee; therefore, no allowance for credit losses has been recorded for these securities. With regard to obligations of states and political subdivisions, private label-mortgage-backed, corporate and trust preferred securities HTM, we consider (1) issuer bond ratings, (2) long-term historical loss rates for given bond ratings, (3) the financial condition of the issuer, and (4) whether issuers continue to make timely principal and interest payments under the contractual terms of the securities. Historical loss rates associated with securities having similar grades as those in our portfolio have been insignificant. During the first quarter of 2023, one corporate security (Signature Bank) defaulted resulting in a $3.0 million provision for credit losses and a corresponding full charge-off. Subsequent to this security's charge-off, a portion of its fair value had recovered and was subsequently sold during the first quarter of 2024 for $1.1 million during which period we recorded that amount as a recovery to the ACL. Despite this lone security loss, the long-term historical loss rates associated with securities having similar grades as those in our portfolio have been insignificant. Furthermore, as of March 31, 2024 and December 31, 2023, there were no past due principal and interest payments associated with these securities. At those same dates an allowance for credit losses of $155,000 and $157,000, respectively was recorded on non U.S. agency securities HTM based on applying the long-term historical credit loss rate, as published by credit rating agencies, for similarly rated securities. On a quarterly basis, we monitor the credit quality of securities HTM through the use of credit ratings. The carrying value of securities HTM aggregated by credit quality follow: Private Obligations Corporate Trust Carrying (In thousands) March 31, 2024 Credit rating: AAA $ 7,313 $ 36,148 $ — $ — $ 43,461 AA — 102,612 — — 102,612 A — 3,177 6,930 — 10,107 BBB — 853 33,960 — 34,813 BB — — 1,948 — 1,948 Non-rated — 16,220 2,929 949 20,098 Total $ 7,313 $ 159,010 $ 45,767 $ 949 $ 213,039 December 31, 2023 Credit rating: AAA $ 7,302 $ 36,629 $ — $ — $ 43,931 AA — 102,583 — — 102,583 A — 3,172 6,923 — 10,095 BBB — 856 33,913 — 34,769 BB — — 1,943 — 1,943 Non-rated — 18,112 2,923 948 21,983 Total $ 7,302 $ 161,352 $ 45,702 $ 948 $ 215,304 An analysis of the allowance for credit losses by security HTM type for the three months ended March 31 follows: Private Obligations Corporate Trust Total (In thousands) 2024 Balance at beginning of period $ 4 $ 33 $ 116 $ 4 $ 157 Additions (deductions) Provision for credit losses — (2) (1,125) — (1,127) Recoveries credited to the allowance — — 1,125 — 1,125 Securities HTM charged against the allowance — — — — — Balance at end of period $ 4 $ 31 $ 116 $ 4 $ 155 2023 Balance at beginning of period $ 1 $ 39 $ 123 $ 5 $ 168 Additions (deductions) Provision for credit losses — — 2,993 (1) 2,992 Recoveries credited to the allowance — — — — — Securities HTM charged against the allowance — — (3,000) — (3,000) Balance at end of period $ 1 $ 39 $ 116 $ 4 $ 160 The amortized cost and fair value of securities AFS and securities HTM at March 31, 2024, by contractual maturity, follow: Securities AFS Securities HTM Amortized Fair Amortized Fair (In thousands) Maturing within one year $ 4,614 $ 4,547 $ 4,580 $ 4,571 Maturing after one year but within five years 158,488 145,407 56,080 51,390 Maturing after five years but within ten years 53,274 46,945 96,684 82,065 Maturing after ten years 201,833 176,568 82,995 70,830 418,209 373,467 240,339 208,856 U.S. agency residential mortgage-backed 88,010 78,495 116,600 91,553 U.S. agency commercial mortgage-backed 13,464 12,055 4,265 3,817 Private label mortgage-backed 90,761 84,770 7,591 6,787 Other asset backed 66,083 64,833 — — Total $ 676,527 $ 613,620 $ 368,795 $ 311,013 The actual maturity may differ from the contractual maturity because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Gains and losses realized on the sale of securities AFS are determined using the specific identification method and are recognized on a trade-date basis. A summary of proceeds from the sale of securities AFS and gains and losses for the three month periods ending March 31, follows: Realized Proceeds Gains Losses (In thousands) 2024 $ 37,273 $ 14 $ 283 2023 278 — 222 |
Loans
Loans | 3 Months Ended |
Mar. 31, 2024 | |
Receivables [Abstract] | |
Loans | Loans We estimate the ACL based on relevant available information from both internal and external sources, including historical loss trends, current conditions and forecasts, specific analysis of individual loans, and other relevant and appropriate factors. The allowance process is designed to provide for expected future losses based on our reasonable and supportable (“R&S”) forecast as of the reporting date. Our ACL process is administered by our Risk Management group utilizing a third party software solution, with significant input and ultimate approval from our Executive Enterprise Risk Committee. Further, we have established a current expected credit loss ("CECL") Forecast Committee, which includes a cross discipline structure with membership from Executive Management, Risk Management, Credit Administration and Accounting, which approves ACL model assumptions each quarter. Our ACL is comprised of three principal elements: (i) specific analysis of individual loans identified during the review of the loan portfolio, (ii) pooled analysis of loans with similar risk characteristics based on historical experience, adjusted for current conditions, R&S forecasts, and expected prepayments, and (iii) additional allowances based on subjective factors, including local and general economic business factors and trends, portfolio concentrations and changes in the size and/or the general terms of the loan portfolio. The first ACL element (specific allocations) includes loans that do not share similar risk characteristics and are evaluated on an individual basis. We will typically evaluate on an individual basis loans that are on nonaccrual; commercial loans that have been modified resulting in a concession, for which the borrower is experiencing financial difficulties, and which are considered troubled loan modifications or with well defined weaknesses; and severely delinquent mortgage and installment loans. When we determine that foreclosure is probable or when repayment is expected to be provided substantially through the operation or sale of underlying collateral, expected credit losses are based on the fair value of the collateral at the reporting date, adjusted for estimated selling costs. For loans evaluated on an individual basis that are not determined to be collateral dependent, a discounted cash flow analysis is performed to determine expected credit losses. The second ACL element (pooled analysis) includes loans with similar risk characteristics, which are broken down by segment, class, and risk metric. The Bank’s primary segments of commercial, mortgage, and installment loans are further classified by other relevant attributes, such as collateral type, lien position, occupancy status, amortization method, and balance size. Commercial classes are additionally segmented by risk rating, and mortgage and installment loan classes by credit score tier, which are updated at least semi-annually. We utilize a discounted cash flow (“DCF”) model to estimate expected future losses for pooled loans. Expected future cash flows are developed from payment schedules over the contractual term, adjusted for forecasted default (probability of default), loss, and prepayment assumptions. We are not required to develop forecasts over the full contractual term of the financial asset or group of financial assets. Rather, for periods beyond which we are able to make or obtain R&S forecasts of expected credit losses, we revert to the long term average on a straight line or immediate basis, as determined by our CECL Forecast Committee, and which may vary depending on the economic outlook and uncertainty. The DCF model for the mortgage and installment pooled loan segments includes using probability of default (“PD”) assumptions that are derived through regression analysis with forecasted US unemployment levels by credit score tier. We review a composite forecast of approximately 50 analysts as well as the Federal Open Market Committee (“FOMC”) projections in setting the unemployment forecast for the R&S period. The current ACL utilizes a one year R&S forecast followed by immediate reversion to the 75 year average unemployment rate. PD assumptions for the remaining segments are based primarily on historical rates by risk metric as defaults were not strongly correlated with any economic indicator. Loss given default (“LGD”) assumptions for the mortgage loan segment are based on a two year forecast followed by a two year straight line reversion period to the longer term average, while LGD rates for the remaining segments are the historical average for the entire period. Prepayment assumptions represent average rates per segment for a period determined by the CECL Forecast Committee and as calculated through the Bank’s Asset and Liability Management program. Pooled reserves for the commercial loan segment are calculated using the DCF model with assumptions generally based on historical averages by class and risk rating. Effective risk rating practices allow for strong predictability of defaults and losses over the portfolio’s expected shorter duration, relative to mortgage and installment loans. Our rating system is similar to those employed by state and federal banking regulators. The third ACL element (additional allocations based on subjective factors) is based on factors that cannot be associated with a specific credit or loan category and reflects our attempt to ensure that the overall ACL appropriately reflects a margin for the imprecision necessarily inherent in the estimates of expected credit losses. We adjust our quantitative model for certain qualitative factors to reflect the extent to which management expects current conditions and R&S forecasts to differ from the conditions that existed for the period over which historical information was evaluated. The qualitative framework reflects changes related to relevant data, such as changes in asset quality trends, portfolio growth and composition, national and local economic factors, credit policy and administration and other factors not considered in the base quantitative model. We utilize a survey completed by business unit management throughout the Bank, as well as discussion with the CECL Forecast Committee to establish reserves under the qualitative framework. An analysis of the ACL by portfolio segment for the three months ended March 31, follows: Commercial Mortgage Installment Subjective Total (In thousands) 2024 Balance at beginning of period $ 16,724 $ 21,386 $ 4,126 $ 12,422 $ 54,658 Additions (deductions) Provision for credit losses 2,194 (366) (127) 170 1,871 Recoveries credited to the allowance 64 82 450 — 596 Loans charged against the allowance — (199) (613) — (812) Balance at end of period $ 18,982 $ 20,903 $ 3,836 $ 12,592 $ 56,313 2023 Balance at beginning of period $ 13,817 $ 21,633 $ 4,290 $ 12,695 $ 52,435 Additions (deductions) Provision for credit losses 648 (1,574) (61) 155 (832) Recoveries credited to the allowance 28 84 466 — 578 Loans charged against the allowance (960) (30) (641) — (1,631) Balance at end of period $ 13,533 $ 20,113 $ 4,054 $ 12,850 $ 50,550 Loans on non-accrual status and past due more than 90 days (“Non-performing Loans”) follow: Non- Non- Total 90+ and Total Non- (In thousands) March 31, 2024 Commercial Commercial and industrial (1) $ — $ 6 $ 6 $ — $ 6 Commercial real estate — — — — — Mortgage 1-4 family owner occupied - jumbo — — — — — 1-4 family owner occupied - non-jumbo (2) 1,439 779 2,218 — 2,218 1-4 family non-owner occupied — 119 119 — 119 1-4 family - 2nd lien — 444 444 — 444 Resort lending — 193 193 — 193 Installment Boat lending — 187 187 — 187 Recreational vehicle lending — 387 387 — 387 Other — 136 136 — 136 Total $ 1,439 $ 2,251 $ 3,690 $ — $ 3,690 Accrued interest excluded from total $ — $ — $ — $ — $ — December 31, 2023 Commercial Commercial and industrial (1) $ — $ 7 $ 7 $ — $ 7 Commercial real estate — — — — — Mortgage 1-4 family owner occupied - jumbo 544 — 544 — 544 1-4 family owner occupied - non-jumbo (2) 575 1,655 2,230 432 2,662 1-4 family non-owner occupied — 282 282 — 282 1-4 family - 2nd lien — 624 624 — 624 Resort lending — 143 143 — 143 Installment Boat lending — 352 352 — 352 Recreational vehicle lending — 419 419 — 419 Other — 199 199 — 199 Total $ 1,119 $ 3,681 $ 4,800 $ 432 $ 5,232 Accrued interest excluded from total $ — $ — $ — $ — $ — (1) Non-performing commercial and industrial loans exclude $0.019 million and $0.021 million of government guaranteed loans at March 31, 2024 and December 31, 2023, respectively. (2) Non-performing 1-4 family owner occupied – non jumbo loans exclude $1.646 million and $2.170 million of government guaranteed loans at March 31, 2024 and December 31, 2023, respectively. The following table provides collateral information by class of loan for collateral-dependent loans with a specific reserve. A loan is considered to be collateral dependent when the borrower is experiencing financial difficulty and the repayment is expected to be provided substantially through the operation or sale of collateral. The amortized cost of collateral-dependent loans by class follows: Collateral Type Allowance Real Other (In thousands) March 31, 2024 Commercial Commercial and industrial $ 659 $ 6,175 $ 1,796 Commercial real estate — — — Mortgage 1-4 family owner occupied - jumbo — — — 1-4 family owner occupied - non-jumbo 2,122 — 243 1-4 family non-owner occupied — — — 1-4 family - 2nd lien 131 — 46 Resort lending 193 — 68 Installment Boat lending — 116 41 Recreational vehicle lending — 240 85 Other — 55 19 Total $ 3,105 $ 6,586 $ 2,298 Accrued interest excluded from total $ 1 $ 43 December 31, 2023 Commercial Commercial and industrial $ 565 $ 232 $ 224 Commercial real estate — — — Mortgage 1-4 family owner occupied - jumbo 544 — — 1-4 family owner occupied - non-jumbo 2,243 — 504 1-4 family non-owner occupied 211 — 178 1-4 family - 2nd lien 244 — 87 Resort lending 143 — 51 Installment Boat lending — 297 105 Recreational vehicle lending — 303 107 Other — 102 36 Total $ 3,950 $ 934 $ 1,292 Accrued interest excluded from total $ 1 $ — An aging analysis of loans by class follows: Loans Past Due Loans not Total 30-59 days 60-89 days 90+ days Total (In thousands) March 31, 2024 Commercial Commercial and industrial $ — $ — $ 25 $ 25 $ 865,252 $ 865,277 Commercial real estate 2,115 — — 2,115 867,892 870,007 Mortgage 1-4 family owner occupied - jumbo 670 — — 670 860,106 860,776 1-4 family owner occupied - non-jumbo 2,613 1,039 663 4,315 301,015 305,330 1-4 family non-owner occupied 165 — — 165 172,934 173,099 1-4 family - 2nd lien 811 113 93 1,017 116,385 117,402 Resort lending — — 193 193 33,641 33,834 Installment Boat lending 77 66 116 259 267,346 267,605 Recreational vehicle lending 658 250 187 1,095 244,802 245,897 Other 239 95 42 376 100,362 100,738 Total $ 7,348 $ 1,563 $ 1,319 $ 10,230 $ 3,829,735 $ 3,839,965 Accrued interest excluded from total $ 70 $ 14 $ — $ 84 $ 12,958 $ 13,042 December 31, 2023 Commercial Commercial and industrial $ — $ — $ 28 $ 28 $ 810,117 $ 810,145 Commercial real estate — — — — 869,586 869,586 Mortgage 1-4 family owner occupied - jumbo — — 544 544 858,692 859,236 1-4 family owner occupied - non-jumbo 1,763 742 1,431 3,936 297,236 301,172 1-4 family non-owner occupied 215 64 158 437 173,379 173,816 1-4 family - 2nd lien 241 139 215 595 115,437 116,032 Resort lending — 50 143 193 35,423 35,616 Installment Boat lending 320 16 261 597 268,051 268,648 Recreational vehicle lending 414 35 280 729 251,123 251,852 Other 313 86 54 453 104,345 104,798 Total $ 3,266 $ 1,132 $ 3,114 $ 7,512 $ 3,783,389 $ 3,790,901 Accrued interest excluded from total $ 31 $ 17 $ — $ 48 $ 12,452 $ 12,500 During the three months ended March 31, 2024 there were two mortgage - 1-4 family owner occupied - non-jumbo loans, one mortgage 1-4 family - 2nd lien loan, and one installment - other loan modified as a troubled loan modifications totaling $0.31 million (0.1% of the total loan class), $0.07 million (0.1% of the total loan class), and $0.01 million (0.0% of the total loan class), respectively. All of the troubled loan modifications during the three months ended March 31, 2024 related to term extensions and added a weighted average 7.2 years to the life of the loans. All of the loans modified during the three months ended March 31, 2024 were on non-accrual status. During the three months ended March 31, 2023, there were no troubled loan modifications or subsequent defaults. A loan is generally considered to be in payment default once it is 90 days contractually past due under the modified terms for commercial loans and installment loans and when four consecutive payments are missed for mortgage loans. . In order to determine whether a borrower is experiencing financial difficulty, we perform an evaluation of the probability that the borrower will be in payment default on any of its debt in the foreseeable future without the modification. This evaluation is performed under our internal underwriting policy. Credit Quality Indicators – As part of our on-going monitoring of the credit quality of our loan portfolios, we track certain credit quality indicators including (a) risk grade of commercial loans, (b) the level of classified commercial loans, (c) credit scores of mortgage and installment loan borrowers, and (d) delinquency history and non-performing loans. For commercial loans, we use a loan rating system that is similar to those employed by state and federal banking regulators. Loans are graded on a scale of 1 to 12. A description of the general characteristics of the ratings follows: Rating 1 through 6 : These loans are generally referred to as our “non-watch” commercial credits that include very high or exceptional credit fundamentals through acceptable credit fundamentals. Rating 7 and 8 : These loans are generally referred to as our “watch” commercial credits. These ratings include loans to borrowers that exhibit potential credit weakness or downward trends. If not checked or cured these trends could weaken our asset or credit position. While potentially weak, no loss of principal or interest is envisioned with these ratings. Rating 9 : These loans are generally referred to as our “substandard accruing” commercial credits. This rating includes loans to borrowers that exhibit a well-defined weakness where payment default is probable and loss is possible if deficiencies are not corrected. Generally, loans with this rating are considered collectible as to both principal and interest primarily due to collateral coverage. Rating 10 and 11 : These loans are generally referred to as our ‘‘substandard - non-accrual’’ and ‘‘doubtful’’ commercial credits. These ratings include loans to borrowers with weaknesses that make collection of the loan in full, on the basis of current facts, conditions and values at best questionable and at worst improbable. All of these loans are placed in non-accrual. Rating 12 : These loans are generally referred to as our “loss” commercial credits. This rating includes loans to borrowers that are deemed incapable of repayment and are charged-off. The following tables summarize loan ratings by loan class for our commercial portfolio loan segment at March 31, 2024 and December 31, 2023: Commercial Term Loans Amortized Cost Basis by Origination Year Revolving Total 2024 2023 2022 2021 2020 Prior (In thousands) March 31, 2024 Commercial and industrial Non-watch (1-6) $ 42,708 $ 130,170 $ 146,630 $ 76,745 $ 89,907 $ 119,738 $ 228,570 $ 834,468 Watch (7-8) — 2,380 5,406 2,589 3,285 5,974 4,342 23,976 Substandard Accrual (9) — — — 834 311 — 5,663 6,808 Non-Accrual (10-11) — — — — — 25 — 25 Total $ 42,708 $ 132,550 $ 152,036 $ 80,168 $ 93,503 $ 125,737 $ 238,575 $ 865,277 Accrued interest excluded from total $ 159 $ 378 $ 433 $ 187 $ 438 $ 392 $ 1,212 $ 3,199 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Commercial real estate Non-watch (1-6) $ 20,840 $ 224,288 $ 179,805 $ 120,384 $ 54,477 $ 200,198 $ 61,444 $ 861,436 Watch (7-8) — — — 142 — 8,429 — 8,571 Substandard Accrual (9) — — — — — — — — Non-Accrual (10-11) — — — — — — — — Total $ 20,840 $ 224,288 $ 179,805 $ 120,526 $ 54,477 $ 208,627 $ 61,444 $ 870,007 Accrued interest excluded from total $ 78 $ 562 $ 730 $ 355 $ 156 $ 786 $ 284 $ 2,951 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Total Commercial Non-watch (1-6) $ 63,548 $ 354,458 $ 326,435 $ 197,129 $ 144,384 $ 319,936 $ 290,014 $ 1,695,904 Watch (7-8) — 2,380 5,406 2,731 3,285 14,403 4,342 32,547 Substandard Accrual (9) — — — 834 311 — 5,663 6,808 Non-Accrual (10-11) — — — — — 25 — 25 Total $ 63,548 $ 356,838 $ 331,841 $ 200,694 $ 147,980 $ 334,364 $ 300,019 $ 1,735,284 Accrued interest excluded from total $ 237 $ 940 $ 1,163 $ 542 $ 594 $ 1,178 $ 1,496 $ 6,150 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Term Loans Amortized Cost Basis by Origination Year Revolving Total 2023 2022 2021 2020 2019 Prior (In thousands) December 31, 2023 Commercial and industrial Non-watch (1-6) $ 110,472 $ 152,715 $ 70,081 $ 47,644 $ 42,576 $ 97,960 $ 260,634 $ 782,082 Watch (7-8) 96 5,239 964 2,580 4,173 2,277 11,938 27,267 Substandard Accrual (9) — — 547 — 21 4 196 768 Non-Accrual (10-11) — — — — — 28 — 28 Total $ 110,568 $ 157,954 $ 71,592 $ 50,224 $ 46,770 $ 100,269 $ 272,768 $ 810,145 Accrued interest excluded from total $ 239 $ 438 $ 132 $ 128 $ 120 $ 326 $ 1,327 $ 2,710 Current period gross charge-offs $ — $ — $ — $ — $ — $ 69 $ 25 $ 94 Commercial real estate Non-watch (1-6) $ 202,576 $ 169,230 $ 131,428 $ 29,684 $ 78,706 $ 176,265 $ 73,852 $ 861,741 Watch (7-8) — — — — 2,322 5,523 — 7,845 Substandard Accrual (9) — — — — — — — — Non-Accrual (10-11) — — — — — — — — Total $ 202,576 $ 169,230 $ 131,428 $ 29,684 $ 81,028 $ 181,788 $ 73,852 $ 869,586 Accrued interest excluded from total $ 548 $ 685 $ 431 $ 73 $ 347 $ 661 $ 288 $ 3,033 Current period gross charge-offs $ — $ — $ — $ — $ 960 $ — $ — $ 960 Total Commercial Non-watch (1-6) $ 313,048 $ 321,945 $ 201,509 $ 77,328 $ 121,282 $ 274,225 $ 334,486 $ 1,643,823 Watch (7-8) 96 5,239 964 2,580 6,495 7,800 11,938 35,112 Substandard Accrual (9) — — 547 — 21 4 196 768 Non-Accrual (10-11) — — — — — 28 — 28 Total $ 313,144 $ 327,184 $ 203,020 $ 79,908 $ 127,798 $ 282,057 $ 346,620 $ 1,679,731 Accrued interest excluded from total $ 787 $ 1,123 $ 563 $ 201 $ 467 $ 987 $ 1,615 $ 5,743 Current period gross charge-offs $ — $ — $ — $ — $ 960 $ 69 $ 25 $ 1,054 For each of our mortgage and installment portfolio segment classes, we generally monitor credit quality based on the credit scores of the borrowers. These credit scores are generally updated semi-annually. The following tables summarize credit scores by loan class for our mortgage and installment loan portfolio segments at March 31, 2024 and December 31, 2023: Mortgage (1) Term Loans Amortized Cost Basis by Origination Year Revolving Total 2024 2023 2022 2021 2020 Prior (In thousands) March 31, 2024 1-4 family owner occupied - jumbo 800 and above $ — $ 6,391 $ 30,065 $ 62,291 $ 17,539 $ 13,209 $ 599 $ 130,094 750-799 4,790 45,043 120,167 191,794 61,545 38,406 2,369 464,114 700-749 3,253 14,060 51,988 66,116 24,304 15,851 1,500 177,072 650-699 — 8,802 13,420 24,509 12,867 7,077 505 67,180 600-649 — 1,637 8,464 1,946 502 5,757 — 18,306 550-599 — — — 523 1,900 — — 2,423 500-549 — — — — 917 670 — 1,587 Under 500 — — — — — — — — Unknown — — — — — — — — Total $ 8,043 $ 75,933 $ 224,104 $ 347,179 $ 119,574 $ 80,970 $ 4,973 $ 860,776 Accrued interest excluded from total $ 31 $ 334 $ 692 $ 799 $ 300 $ 275 $ 34 $ 2,465 Current period gross charge-offs $ — $ — $ 22 $ — $ — $ — $ — $ 22 1-4 family owner occupied - non-jumbo 800 and above $ 1,464 $ 2,437 $ 9,867 $ 8,070 $ 5,381 $ 11,442 $ 3,228 $ 41,889 750-799 952 15,202 31,512 21,596 11,516 25,557 8,408 114,743 700-749 3,924 13,565 17,556 11,759 7,731 22,753 4,915 82,203 650-699 7,549 1,898 5,018 4,543 2,507 14,352 1,103 36,970 600-649 — 205 964 1,686 828 7,374 91 11,148 550-599 — 188 661 70 1,691 5,784 65 8,459 500-549 — — — 1,244 993 4,443 — 6,680 Under 500 — — 311 464 280 2,183 — 3,238 Unknown — — — — — — — — Total $ 13,889 $ 33,495 $ 65,889 $ 49,432 $ 30,927 $ 93,888 $ 17,810 $ 305,330 Accrued interest excluded from total $ 21 $ 181 $ 214 $ 128 $ 82 $ 374 $ 146 $ 1,146 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — 1-4 family non-owner occupied 800 and above $ 265 $ 3,140 $ 6,067 $ 12,145 $ 3,341 $ 9,035 $ 631 $ 34,624 750-799 3,056 9,949 16,864 26,806 11,432 19,297 3,443 90,847 700-749 626 3,885 6,802 8,780 4,191 7,248 1,729 33,261 650-699 — 216 1,961 1,823 2,028 3,453 210 9,691 600-649 — — 386 1,437 — 1,333 311 3,467 550-599 — — 61 52 — 821 — 934 500-549 — — — — — 140 — 140 Under 500 — — — — — 135 — 135 Unknown — — — — — — — — Total $ 3,947 $ 17,190 $ 32,141 $ 51,043 $ 20,992 $ 41,462 $ 6,324 $ 173,099 Accrued interest excluded from total $ 13 $ 82 $ 123 $ 149 $ 58 $ 179 $ 51 $ 655 Current period gross charge-offs $ — $ — $ — $ — $ — $ 155 $ — $ 155 Mortgage - continued (1) Term Loans Amortized Cost Basis by Origination Year Revolving Total 2024 2023 2022 2021 2020 Prior (In thousands) March 31, 2024 - continued 1-4 family - 2nd lien 800 and above $ — $ 476 $ 153 $ 697 $ 784 $ 706 $ 9,502 $ 12,318 750-799 276 2,202 3,620 2,536 2,509 3,749 38,095 52,987 700-749 537 1,836 1,493 1,636 726 2,574 25,106 33,908 650-699 — 641 591 221 533 2,246 8,813 13,045 600-649 32 51 141 137 146 631 1,717 2,855 550-599 — — 80 202 39 441 524 1,286 500-549 — — — 11 — 525 280 816 Under 500 — — 18 — — 169 — 187 Unknown — — — — — — — — Total $ 845 $ 5,206 $ 6,096 $ 5,440 $ 4,737 $ 11,041 $ 84,037 $ 117,402 Accrued interest excluded from total $ 4 $ 20 $ 24 $ 13 $ 16 $ 51 $ 669 $ 797 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ 22 $ 22 Resort lending 800 and above $ — $ — $ — $ 98 $ — $ 5,467 $ — $ 5,565 750-799 — 41 814 903 850 12,363 — 14,971 700-749 — — 107 300 111 4,989 — 5,507 650-699 — — — — 314 6,136 — 6,450 600-649 — — — — 48 834 — 882 550-599 — — — — — 265 — 265 500-549 — — — — — 58 — 58 Under 500 — — — — — 136 — 136 Unknown — — — — — — — — Total $ — $ 41 $ 921 $ 1,301 $ 1,323 $ 30,248 $ — $ 33,834 Accrued interest excluded from total $ — $ — $ 4 $ 4 $ 4 $ 147 $ — $ 159 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Total Mortgage 800 and above $ 1,729 $ 12,444 $ 46,152 $ 83,301 $ 27,045 $ 39,859 $ 13,960 $ 224,490 750-799 9,074 72,437 172,977 243,635 87,852 99,372 52,315 737,662 700-749 8,340 33,346 77,946 88,591 37,063 53,415 33,250 331,951 650-699 7,549 11,557 20,990 31,096 18,249 33,264 10,631 133,336 600-649 32 1,893 9,955 5,206 1,524 15,929 2,119 36,658 550-599 — 188 802 847 3,630 7,311 589 13,367 500-549 — — — 1,255 1,910 5,836 280 9,281 Under 500 — — 329 464 280 2,623 — 3,696 Unknown — — — — — — — — Total $ 26,724 $ 131,865 $ 329,151 $ 454,395 $ 177,553 $ 257,609 $ 113,144 $ 1,490,441 Accrued interest excluded from total $ 69 $ 617 $ 1,057 $ 1,093 $ 460 $ 1,026 $ 900 $ 5,222 Current period gross charge-offs $ — $ — $ 22 $ — $ — $ 155 $ 22 $ 199 Mortgage (1) Term Loans Amortized Cost Basis by Origination Year Revolving Total 2023 2022 2021 2020 2019 Prior (In thousands) December 31, 2023 1-4 family owner occupied - jumbo 800 and above $ 6,299 $ 30,789 $ 63,377 $ 17,672 $ 4,503 $ 8,813 $ 1,084 $ 132,537 750-799 42,726 117,454 193,587 61,986 24,288 14,836 1,586 456,463 700-749 14,965 51,991 66,597 25,170 4,738 11,768 1,500 176,729 650-699 11,274 13,804 24,648 12,949 2,142 5,881 — 70,698 600-649 1,638 7,815 2,486 505 3,198 2,592 — 18,234 550-599 — — 527 1,908 — — — 2,435 500-549 — 544 — 923 — 673 — 2,140 Under 500 — — — — — — — — Unknown — — — — — — — — Total $ 76,902 $ 222,397 $ 351,222 $ 121,113 $ 38,869 $ 44,563 $ 4,170 $ 859,236 Accrued interest excluded from total $ 329 $ 669 $ 785 $ 299 $ 107 $ 156 $ 30 $ 2,375 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — 1-4 family owner occupied - non-jumbo 800 and above $ 2,280 $ 10,083 $ 7,780 $ 5,425 $ 2,802 $ 9,130 $ 3,029 $ 40,529 750-799 13,233 32,729 21,664 12,306 5,954 19,852 8,462 114,200 700-749 11,696 18,133 11,661 8,136 3,280 20,042 4,482 77,430 650-699 9,576 5,717 4,606 2,524 2,393 12,369 1,500 38,685 600-649 136 1,334 1,694 833 1,096 6,415 84 11,592 550-599 188 624 71 1,705 557 5,390 65 8,600 500-549 — — 1,335 998 413 4,077 — 6,823 Under 500 — 311 462 272 518 1,750 — 3,313 Unknown — — — — — — — — Total $ 37,109 $ 68,931 $ 49,273 $ 32,199 $ 17,013 $ 79,025 $ 17,622 $ 301,172 Accrued interest excluded from total $ 153 $ 235 $ 119 $ 78 $ 56 $ 331 $ 139 $ 1,111 Current period gross charge-offs $ — $ — $ — $ — $ — $ 29 $ — $ 29 1-4 family non-owner occupied 800 and above $ 2,320 $ 6,026 $ 12,338 $ 3,474 $ 3,048 $ 6,030 $ 1,199 $ 34,435 750-799 10,937 16,635 28,051 11,545 6,709 13,400 3,498 90,775 700-749 3,904 7,013 8,825 4,145 667 6,719 2,095 33,368 650-699 216 1,879 1,844 2,543 197 3,521 277 10,477 600-649 — 388 1,445 — 75 1,226 362 3,496 550-599 — 61 52 — — 873 — 986 500-549 — — — — — 142 — 142 Under 500 — — — — — 137 — 137 Unknown — — — — — — — — Total $ 17,377 $ 32,002 $ 52,555 $ 21,707 $ 10,696 $ 32,048 $ 7,431 $ 173,816 Accrued interest excluded from total $ 77 $ 125 $ 149 $ 60 $ 35 $ 146 $ 62 $ 654 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Mortgage - continued (1) Term Loans Amortized Cost Basis by Origination Year Revolving Total 2023 2022 2021 2020 2019 Prior (In thousands) December 31, 2023 - (continued) 1-4 family - 2nd lien 800 and above $ 537 $ 156 $ 703 $ 389 $ 159 $ 1,153 $ 9,817 $ 12,914 750-799 2,260 2,879 2,359 2,341 898 3,084 38,277 52,098 700-749 1,895 1,243 1,464 324 224 2,348 25,849 33,347 650-699 425 285 182 519 302 1,869 8,945 12,527 600-649 51 107 97 67 37 563 1,886 2,808 550-599 — 80 203 — 157 238 638 1,316 500-549 — — 12 — — 487 331 830 Under 500 — 19 — — 77 61 35 192 Unknown — — — — — — — — Total $ 5,168 $ 4,769 $ 5,020 $ 3,640 $ 1,854 $ 9,803 $ 85,778 $ 116,032 Accrued interest excluded from total $ 19 $ 14 $ 10 $ 7 $ 6 $ 41 $ 707 $ 804 Current period gross charge-offs $ — $ — $ — $ — $ — $ 5 $ — $ 5 Resort lending 800 and above $ — $ — $ 99 $ — $ — $ 5,643 $ — $ 5,742 750-799 41 817 910 858 179 12,649 — 15,454 700-749 — 108 871 111 — 5,439 — 6,529 650-699 — — — 316 — 6,219 — 6,535 600-649 — — — 49 — 844 — 893 550-599 — — — — — 267 — 267 500-549 — — — — — 59 — 59 Under 500 — — — — — 137 — 137 Unknown — — — — — — — — Total $ 41 $ 925 $ 1,880 $ 1,334 $ 179 $ 31,257 $ — $ 35,616 Accrued interest excluded from total $ — $ 4 $ 3 $ 4 $ — $ 142 $ — $ 153 Current period gross charge-offs $ — $ — $ — $ — $ — $ 120 $ — $ 120 Total Mortgage 800 and above $ 11,436 $ 47,054 $ 84,297 $ 26,960 $ 10,512 $ 30,769 $ 15,129 $ 226,157 750-799 69,197 170,514 246,571 89,036 38,028 63,821 51,823 728,990 700-749 32,460 78,488 89,418 37,886 8,909 46,316 33,926 327,403 650-699 21,491 21,685 31,280 18,851 5,034 29,859 10,722 138,922 600-649 1,825 9,644 5,722 1,454 4,406 11,640 2,332 37,023 550-599 188 765 853 3,613 714 6,768 703 13,604 500-549 — 544 1,347 1,921 413 5,438 331 9,994 Under 500 — 330 462 272 595 2,085 35 3,779 Unknown — — — — — — — — Total $ 136,597 $ 329,024 $ 459,950 $ 179,993 $ 68,611 $ 196,696 $ 115,001 $ 1,485,872 Accrued interest excluded from total $ 578 $ 1,047 $ 1,066 $ 448 $ 204 $ 816 $ 938 $ 5,097 Current period gross charge-offs $ — $ — $ — $ — $ — $ 154 $ — $ 154 (1) Credit scores have been updated within the last twelve months. Installment (1) Term Loans Amortized Cost Basis by Origination Year 2024 2023 2022 2021 2020 Prior Total (In thousands) March 31, 2024 Boat lending 800 and above $ 1,393 $ 5,830 $ 7,969 $ 8,052 $ 3,424 $ 11,105 $ 37,773 750-799 6,199 32,477 34,702 28,306 15,499 32,620 149,803 700-749 2,490 14,910 14,676 11,589 4,334 11,499 59,498 650-699 582 3,566 2,783 4,157 1,513 3,878 16,479 600-649 — 279 424 533 262 762 2,260 550-599 — 85 305 225 136 376 1,127 500-549 — — 151 203 96 178 628 Under 500 — — — — — 37 37 Unknown — — — — — — — Total $ 10,664 $ 57,147 $ 61,010 $ 53,065 $ 25,264 $ 60,455 $ 267,605 Accrued interest excluded from total $ 46 $ 208 $ 148 $ 124 $ 60 $ 141 $ 727 Current period gross charge-offs $ — $ — $ 31 $ 8 $ — $ 49 $ 88 Recreational vehicle lending 800 and above $ 522 $ 2,883 $ 10,034 $ 11,068 $ 3,272 $ 8,732 $ 36,511 750-799 2,891 14,566 39,695 37,766 12,142 18,878 125,938 700-749 1,690 6,346 18,112 19,564 5,054 7,718 58,484 650-699 200 2,447 4,990 5,934 1,636 1,952 17,159 600-649 61 699 689 1,545 386 675 4,055 550-599 — 75 300 897 69 494 1,835 500-549 — — 851 319 149 284 1,603 Under 500 — — 107 104 33 68 312 Unknown — — — — — — — Total $ 5,364 $ 27,016 $ 74,778 $ 77,197 $ 22,741 $ 38,801 $ 245,897 Accrued interest excluded from total $ 20 $ 108 $ 198 $ 184 $ 53 $ 88 $ 651 Current period gross charge-offs $ — $ 18 $ 33 $ 21 $ — $ 2 $ 74 Other 800 and above $ 427 $ 1,430 $ 1,527 $ 1,453 $ 783 $ 1,148 $ 6,768 750-799 2,590 10,898 10,151 6,121 3,168 5,271 38,199 700-749 9,882 7,064 5,968 4,543 2,017 3,960 33,434 650-699 9,357 2,521 2,667 1,357 568 1,534 18,004 600-649 72 493 549 358 126 462 2,060 550-599 54 32 278 230 30 189 813 500-549 — 95 241 216 38 77 667 Under 500 — — 87 47 11 91 236 Unknown 557 — — — — — 557 Total $ 22,939 $ 22,533 $ 21,468 $ 14,325 $ 6,741 $ 12,732 $ 100,738 Accrued interest excluded from total $ 26 $ 92 $ 56 $ 32 $ 16 $ 70 $ 292 Current period gross charge-offs $ 358 $ 16 $ 51 $ — $ 2 $ 24 $ 451 Installment (1) Term Loans Amortized Cost Basis by Origination Year 2024 2023 2022 2021 2020 Prior Total (In thousands) March 31, 2024 - continued Total installment 800 and above $ 2,342 $ 10,143 $ 19,530 $ 20,573 $ 7,479 $ 20,985 $ 81,052 750-799 11,680 57,941 84,548 72,193 30,809 56,769 313,940 700-749 14,062 28,320 38,756 35,696 11,405 23,177 151,416 650-699 10,139 8,534 10,440 11,448 3,717 7,364 51,642 600-649 133 1,471 1,662 2,436 774 1,899 8,375 550-599 54 192 883 1,352 235 1,059 3,775 500-549 — 95 1,243 738 283 539 2,898 Under 500 — — 194 151 44 196 585 Unknown 557 — — — — — 557 Total $ 38,967 $ 106,696 $ 157,256 $ 144,587 $ 54,746 $ 111,988 $ 614,240 Accrued interest excluded from total $ 92 $ 408 $ 402 $ 340 $ 129 $ 299 $ 1,670 Current period gross charge-offs $ 358 $ 34 $ 115 $ 29 $ 2 $ 75 $ 613 Installment - continued (1) Term Loans Amortized Cost Basis by Origination Year 2023 2022 2021 2020 2019 Prior Total (In thousands) December 31, 2023 Boat lending 800 and above $ 6,110 $ 8,150 $ 8,250 $ 3,612 $ 4,061 $ 7,665 $ 37,848 750-799 34,174 35,921 29,665 16,329 13,173 21,432 150,694 700-749 15,593 15,042 11,859 4,481 4,757 7,279 59,011 650-699 3,652 3,029 4,277 1,545 1,237 2,842 16,582 600-649 281 432 808 268 171 620 2,580 550-599 85 344 229 139 108 335 1,240 500-549 — 152 207 97 — 198 654 Under 500 — — — — — 39 39 Unknown — — — — — — — Total $ 59,895 $ 63,070 $ 55,295 $ 26,471 $ 23,507 $ 40,410 $ 268,648 Accrued interest excluded from total $ 216 $ 154 $ 132 $ 63 $ 58 $ 91 $ 714 Current period gross charge-offs $ — $ 53 $ — $ — $ 15 $ 53 $ 121 Recreational vehicle lending 800 and above $ 3,168 $ 10,759 $ 11,568 $ 3,484 $ 3,838 $ 5,482 $ 38,299 750-799 15,677 41,037 39,113 13,025 8,415 11,934 129,201 700-749 6,481 18,630 20,161 5,243 3,689 4,460 58,664 650-699 2,524 5,108 6,073 1,706 936 1,157 17,504 600-649 713 724 1,573 394 308 429 4,141 550-599 90 304 973 71 249 383 2,070 500-549 — 880 326 153 136 154 1,649 Under 500 — 108 106 34 70 6 324 Unknown — — — — — — — Total $ 28,653 $ 77,550 $ 79,893 $ 24,110 $ 17,641 $ 24,005 $ 251,852 Accrued interest excluded from total $ 112 $ 201 $ 189 $ 56 $ 44 $ 53 $ 655 Current period gross charge-offs $ 28 $ 122 $ 192 $ 32 $ 81 $ 11 $ 466 Other 800 and above $ 1,599 $ 1,673 $ 1,633 $ 897 $ 582 $ 756 $ 7,140 750-799 11,782 11,017 6,600 3,557 1,622 4,077 38,655 700-749 16,717 6,564 5,013 2,268 1,047 3,361 34,970 650-699 12,483 2,997 1,494 627 266 1,390 19,257 600-649 515 605 395 138 107 410 2,170 550-599 49 329 294 35 53 176 936 500-549 98 260 246 43 31 72 750 Under 500 — 97 65 14 57 38 271 Unknown 649 — — — — — 649 Total $ 43,892 $ 23,542 $ 15,740 $ 7,579 $ 3,765 $ 10,280 $ 104,798 Accrued interest excluded from total $ 101 $ 62 $ 34 $ 17 $ 10 $ 67 $ 291 Current period gross charge-offs $ 1,677 $ 104 $ 44 $ 17 $ 12 $ 147 $ 2,001 Total installment 800 and above $ 10,877 $ 20,582 $ 21,451 $ 7,993 $ 8,481 $ 13,903 $ 83,287 750-799 61,633 87,975 75,378 32,911 23,210 37,443 318,550 700-749 38,791 40,236 37,033 11,992 9,493 15,100 152,645 650-699 18,659 11,134 11,844 3,878 2,439 5,389 53,343 600-649 1,509 1,761 2,776 800 586 1,459 8,891 550-599 224 977 1,496 245 410 894 4,246 500-549 98 1,292 779 293 167 424 3,053 Under 500 — 205 171 48 127 83 634 Unknown 649 — — — — — 64 |
Shareholders' Equity and Earnin
Shareholders' Equity and Earnings Per Common Share | 3 Months Ended |
Mar. 31, 2024 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity and Earnings Per Common Share | Shareholders’ Equity and Earnings Per Common Share On December 19, 2023, our Board of Directors authorized a share repurchase plan (the “Repurchase Plan”) to buy back up to 1,100,000 shares of our outstanding common stock through December 31, 2024. Shares would be repurchased through open market transactions, though we could execute repurchases through other means, such as privately negotiated transactions. The timing and amount of any share repurchases will depend on a variety of factors, including, among others, securities law restrictions, the trading price of our common stock, regulatory requirements, potential alternative uses for capital, and our financial performance. During the three month periods ended March 31, 2024 and 2023 there were no repurchases of common stock. A reconciliation of basic and diluted net income per common share follows: Three Months Ended 2024 2023 (In thousands, except Net income $ 15,991 $ 12,991 Weighted average shares outstanding (1) 20,877 21,104 Stock units for deferred compensation plan for non-employee directors 175 150 Performance share units 25 22 Effect of stock options 3 21 Weighted average shares outstanding for calculation of diluted earnings per share 21,080 21,297 Net income per common share Basic (1) $ 0.77 $ 0.62 Diluted $ 0.76 $ 0.61 (1) Basic net income per common share includes weighted average common shares outstanding during the period and participating share awards. Weighted average stock options outstanding that were not considered in computing diluted net income per common share because they were anti-dilutive were zero for the three month periods ended March 31, 2024 and 2023, respectively. |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments We are required to record derivatives on our Condensed Consolidated Statements of Financial Condition as assets and liabilities measured at their fair value. The accounting for increases and decreases in the value of derivatives depends upon the use of derivatives and whether the derivatives qualify for hedge accounting. Our derivative financial instruments according to the type of hedge in which they are designated follows: March 31, 2024 Notional Average Fair (Dollars in thousands) Fair value hedge designation Pay-fixed interest rate swap agreement - commercial $ 5,937 5.1 $ 428 Pay-fixed interest rate swap agreements - securities available for sale 148,895 3.6 16,835 Pay-fixed interest rate swap agreements - installment 100,000 3.2 460 Pay-fixed interest rate swap agreements - mortgage 100,000 4.1 (129) Pay-variable interest rate swap agreements - FHLB Advance 50,000 1.5 (25) Interest rate cap agreements - securities available for sale 40,970 4.1 534 Total $ 445,802 3.4 $ 18,103 Cash flow hedge designation Interest rate floor agreements - commercial $ 250,000 3.0 $ 3,626 No hedge designation Rate-lock mortgage loan commitments $ 25,501 0.1 $ 267 Mandatory commitments to sell mortgage loans 32,798 0.1 (50) Pay-fixed interest rate swap agreements - commercial 402,119 5.9 13,139 Pay-variable interest rate swap agreements - commercial 402,119 5.9 (13,139) Total $ 862,537 5.5 $ 217 December 31, 2023 Notional Average Fair (Dollars in thousands) Fair value hedge designation Pay-fixed interest rate swap agreement - commercial $ 6,033 5.4 $ 349 Pay-fixed interest rate swap agreements - securities available for sale 148,895 3.9 15,287 Pay-fixed interest rate swap agreements - installment 100,000 3.4 (1,228) Pay-fixed interest rate swap agreements - mortgage 100,000 4.3 (2,131) Interest rate cap agreements - securities available for sale 40,970 4.3 456 Total $ 395,898 3.9 $ 12,733 Cash flow hedge designation Interest rate floor agreements - commercial $ 150,000 3.5 $ 4,221 No hedge designation Rate-lock mortgage loan commitments 18,081 0.1 173 Mandatory commitments to sell mortgage loans 30,442 0.1 (279) Pay-fixed interest rate swap agreements - commercial 379,012 5.9 7,169 Pay-variable interest rate swap agreements - commercial 379,012 5.9 (7,169) Total $ 806,547 5.5 $ (106) We have established management objectives and strategies that include interest-rate risk parameters for maximum fluctuations in net interest income and market value of portfolio equity. We monitor our interest rate risk position via simulation modeling reports. The goal of our asset/liability management efforts is to maintain profitable financial leverage within established risk parameters. We have entered into pay-fixed interest rate swaps and caps to protect a portion of the fair value of a certain fixed rate commercial loan and certain mortgage and installment loans (‘‘Fair Value Hedge – Portfolio Loans’’). As a result, changes in the fair values of the pay-fixed interest rate swap and caps are expected to offset changes in the fair values of the fixed rate portfolio loans due to fluctuations in interest rates. We record the fair values of Fair Value Hedge – Portfolio Loans in accrued income and other assets and accrued expenses and other liabilities on our Condensed Consolidated Statements of Financial Condition. The hedged items (a fixed rate commercial loan and certain fixed rate mortgage and installment loans) are also recorded at fair value which offsets the adjustment to the Fair Value Hedge – Portfolio Loans. On an ongoing basis, we adjust our Condensed Consolidated Statements of Financial Condition to reflect the then current fair values of both the Fair Value Hedge – Portfolio Loans and the hedged items. The related gains or losses are reported in interest income – interest and fees on loans in our Condensed Consolidated Statements of Operations. During the second quarter of 2023 we terminated the interest rate cap that was previously hedging certain installment loans. The remaining unrealized gain on this terminated interest cap is being amortized into earnings over the original life of the interest rate cap. We have entered into pay-fixed interest rate swap and interest rate cap agreements to protect a portion of the fair value of certain securities available for sale (‘‘Fair Value Hedge – AFS Securities’’). As a result, the change in the fair value of the pay-fixed interest rate swap and interest rate cap agreements is expected to offset a portion of the change in the fair value of the fixed rate securities available for sale due to fluctuations in interest rates. We record the fair value of Fair Value Hedge – AFS Securities in accrued income and other assets and accrued expenses and other liabilities on our Condensed Consolidated Statements of Financial Condition. The hedged items (fixed rate securities available for sale) are also recorded at fair value which offsets the adjustment to the Fair Value Hedge – AFS Securities. On an ongoing basis, we adjust our Condensed Consolidated Statements of Financial Condition to reflect the then current fair value of both the Fair Value Hedge – AFS Securities and the hedged item. The related gains or losses are reported in interest income – interest on securities – tax-exempt in our Condensed Consolidated Statements of Operations. We have entered into a pay-variable interest rate swap to protect a portion of the fair value of a certain Federal Home Loan Bank ("FHLB") advance (‘‘Fair Value Hedge – FHLB Advance’’). As a result, changes in the fair value of the pay-variable interest rate swap is expected to offset changes in the fair value of the fixed rate FHLB advance due to fluctuations in interest rates. We record the fair value of the Fair Value Hedge – FHLB Advance in accrued income and other assets and accrued expenses and other liabilities on our Condensed Consolidated Statements of Financial Condition. The hedged item (a fixed rate FHLB advance) is also recorded at fair value which offsets the adjustment to the Fair Value Hedge – FHLB Advance. On an ongoing basis, we adjust our Condensed Consolidated Statements of Financial Condition to reflect the then current fair values of both the Fair Value Hedge – FHLB Advance and the hedged item. The related gains or losses are reported in interest expense – other borrowings and subordinated debt and debentures in our Condensed Consolidated Statements of Operations. We have entered into interest rate floor agreements to manage the variability in future expected cash flows of certain commercial loans (‘‘Cash Flow Hedge – Portfolio Loans’’). We record the fair value of Cash Flow Hedge – Portfolio Loans in accrued income and other assets and accrued expenses and other liabilities on our Condensed Consolidated Statements of Financial Condition. The changes in the fair value of Cash Flow Hedge - Portfolio Loans are recorded in accumulated other comprehensive loss and are reclassified into the line item in our Condensed Consolidated Statements of Operations in which the hedged items are recorded in the same period the hedged items affect earnings. It is anticipated that as of March 31, 2024, $1.1 million will be reclassified from accumulated other comprehensive loss on Cash Flow Hedge - Portfolio Loans into earnings as a reduction of interest and fees on loans over the next twelve months. The maximum term of any Cash Flow Hedge - Portfolio Loans at March 31, 2024 is 4.4 years. Certain derivative financial instruments have not been designated as hedges. The fair value of these derivative financial instruments has been recorded on our Condensed Consolidated Statements of Financial Condition and is adjusted on an ongoing basis to reflect their then current fair value. The changes in fair value of derivative financial instruments not designated as hedges are recognized in earnings In the ordinary course of business, we enter into rate-lock mortgage loan commitments with customers (“Rate-Lock Commitments”). These commitments expose us to interest rate risk. We also enter into mandatory commitments to sell mortgage loans (“Mandatory Commitments”) to reduce the impact of price fluctuations of mortgage loans held for sale and Rate-Lock Commitments. Mandatory Commitments help protect our loan sale profit margin from fluctuations in interest rates. The changes in the fair value of Rate-Lock Commitments and Mandatory Commitments are recognized currently as part of net gains on mortgage loans in our Condensed Consolidated Statements of Operations. We obtain market prices on Mandatory Commitments and Rate-Lock Commitments. Net gains on mortgage loans, as well as net income may be more volatile as a result of these derivative instruments, which are not designated as hedges. We have a program that allows commercial loan customers to lock in a fixed rate for a longer period of time than we would normally offer for interest rate risk reasons. We will enter into a variable rate commercial loan and an interest rate swap agreement with a customer and then enter into an offsetting interest rate swap agreement with an unrelated party. The interest rate swap agreement fair values will generally move in opposite directions resulting in little or no net impact on our Condensed Consolidated Statements of Operations. All of the interest rate swap agreements - commercial in the table above with no hedge designation relate to this program. We had entered into a no hedge designation pay-variable interest rate swap agreement in an attempt to manage the cost of certain funding liabilities. The changes in fair value of this no hedge pay-variable interest rate swap is recorded in non-interest expense-other in our Condensed Consolidated Statements of Operations. This no hedge designation pay-variable interest rate swap agreement matured during the third quarter of 2023. The following tables illustrate the impact that the derivative financial instruments discussed above have on individual line items in the Condensed Consolidated Statements of Financial Condition for the periods presented: Fair Values of Derivative Instruments Asset Derivatives Liability Derivatives March 31, December 31, March 31, December 31, Balance Fair Balance Fair Balance Fair Balance Fair (In thousands) Derivatives designated as hedging instruments Pay-fixed interest rate swap agreements Other assets $ 17,964 Other assets $ 15,636 Other liabilities $ 370 Other liabilities $ 3,359 Pay-variable interest rate swap agreements Other assets 2 Other assets — Other liabilities 27 Other liabilities — Interest rate cap agreements Other assets 534 Other assets 456 Other liabilities — Other liabilities — Interest rate floor agreements Other assets 3,626 Other assets 4,221 Other liabilities — Other liabilities — 22,126 20,313 397 3,359 Derivatives not designated as hedging instruments Rate-lock mortgage loan commitments Other assets 267 Other assets 173 Other liabilities — Other liabilities — Mandatory commitments to sell mortgage loans Other assets — Other assets — Other liabilities 50 Other liabilities 279 Pay-fixed interest rate swap agreements - commercial Other assets 16,018 Other assets 12,683 Other liabilities 2,879 Other liabilities 5,514 Pay-variable interest rate swap agreements - commercial Other assets 2,879 Other assets 5,514 Other liabilities 16,018 Other liabilities 12,683 19,164 18,370 18,947 18,476 Total derivatives $ 41,290 $ 38,683 $ 19,344 $ 21,835 The effect of derivative financial instruments on the Condensed Consolidated Statements of Operations follows: Loss Recognized in Other Comprehensive Income (Loss) (Effective Portion) Location of Loss Reclassified from Accumulated Other Comprehensive Income (Loss) into Income (Effective Portion) Loss Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion) Gain (Loss) Three Month Three Month Location of Three Month 2024 2023 2024 2023 2024 2023 (In thousands) Fair Value Hedges Pay-fixed interest rate swap agreement - commercial Interest and fees on loans $ 79 $ (101) Pay-fixed interest rate swap agreements - securities available for sale Interest on securities available for sale - tax - exempt 1,548 (2,744) Pay-fixed interest rate swap agreements - Installment Interest and fees on loans 1,688 (421) Pay-fixed interest rate swap agreements - Mortgage Interest and fees on loans 2,002 — Pay-variable interest rate swap agreements - FHLB Advance Interest expense - other borrowings and subordinated debt and debentures (25) — Interest rate cap agreements - securities available for sale $ 38 $ (572) Interest on securities available for sale - tax - exempt $ (54) $ (84) Interest on securities available for sale - tax - exempt 40 51 Interest rate cap agreements - installment — 152 Interest and fees on loans — — Interest and fees on loans — (14) Total $ 38 $ (420) $ (54) $ (84) $ 5,332 $ (3,229) Cash Flow Hedges Interest rate floor agreements - commercial $ (2,267) $ — Interest and fees on loans $ (212) $ — Interest and fees on loans $ (212) $ — No hedge designation Rate-lock mortgage loan commitments Net gains on mortgage loans $ 94 $ 683 Mandatory commitments to sell mortgage loans Net gains on mortgage loans 229 (746) Pay-fixed interest rate swap agreements - commercial Interest income 5,970 $ 5,574 Pay-variable interest rate swap agreements - commercial Interest income (5,970) (5,574) Pay-variable interest rate swap agreement Non-interest expense - other — $ (18) Total $ 323 $ (81) |
Goodwill and Other Intangibles
Goodwill and Other Intangibles | 3 Months Ended |
Mar. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangibles | Goodwill and Other Intangibles The following table summarizes intangible assets, net of amortization: March 31, 2024 December 31, 2023 Gross Accumulated Gross Accumulated (In thousands) Amortized intangible assets - core deposits $ 11,916 $ 10,041 $ 11,916 $ 9,912 Unamortized intangible assets - goodwill $ 28,300 $ 28,300 A summary of estimated core deposits intangible amortization at March 31, 2024 follows: (In thousands) Nine months ending December 31, 2024 387 2025 487 2026 460 2027 434 2028 107 Total $ 1,875 |
Share Based Compensation
Share Based Compensation | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Share Based Compensation | Share Based Compensation We maintain share based payment plans that include a non-employee director stock purchase plan and a long-term incentive plan that permits the issuance of share based compensation, including stock options and non-vested share awards. Th e long-term incentive plan, which is shareholder approved, permits the grant of additional share based awards for up to 0.4 million shares of common stock as of March 31, 2024. The non-employee director stock purchase plan permits the issuance of additional share based payments for up to 0.1 million shares of common stock as of March 31, 2024. Share based awards and payments are measured at fair value at the date of gra nt and are expensed over the requisite service period. Common shares issued upon exercise of stock options come from currently authorized but unissued shares. A summary of restricted stock and performance stock units (“PSU”) granted pursuant to our long-term incentive plan follows: Three Months Ended 2024 2023 Restricted stock 80,355 71,346 PSU 18,822 18,790 The shares of restricted stock and PSUs shown in the above table cliff vest after a period of three years. The performance criteria of the PSUs is split evenly between a comparison of (i) our total shareholder return and (ii) our return on average assets each over the three year period starting on the grant date to these same criteria over that period to an index of our banking peers. Our directors may elect to receive all or a portion of their cash retainer fees in the form of common stock (either on a current basis or on a deferred basis) pursuant to the non-employee director stock purchase plan referenced above. Shares equal in value to that portion of each director’s fees that he or she has elected to receive in stock on a current basis are issued each quarter and vest immediately. Shares issued on a deferred basis are credited at the rate of 90% of the current fair value of our common stock and vest immediately. During the three month periods ended March 31, 2024 and 2023 we issued 0.002 million and 0.004 million shares, respectively and expensed their value during those same periods. Total compensation expense recognized for grants pursuant to our long -term incentive plan was $0.5 million during both three month periods ended March 31, 2024 and 2023, respectively. The corresponding tax benefit relating to this expense was $0.1 million during both three month periods ended March 31, 2024 and 2023, respectively. Total expense recognized for non-employee director share based payments was $0.07 million and $0.09 million during three month periods ended March 31, 2024 and 2023, respectively. The corresponding tax benefit relating to this expense was $0.01 million and $0.02 million for three month periods ended March 31, 2024 and 2023, respectively. At March 31, 2024, the total expected compensation cost related to non-vested restricted stock and PSUs not yet recognized was $4.3 million. The weighted-average period over which this amount will be recognized is 2.3 years. A summary of outstanding stock option grants and related transactions follows: Number of Average Weighted- Aggregated (In thousands) Outstanding at January 1, 2024 11,724 $ 11.73 Granted — — Exercised (5,583) 8.96 Forfeited — — Expired — — Outstanding at March 31, 2024 6,141 $ 14.24 3.0 $ 68 Vested and expected to vest at March 31, 2024 6,141 $ 14.24 3.0 $ 68 Exercisable at March 31, 2024 6,141 $ 14.24 3.0 $ 68 A summary of outstanding non-vested stock and related transactions follows: Number Weighted- Outstanding at January 1, 2024 269,233 $ 22.93 Granted 99,177 24.51 Vested (91,899) 20.43 Forfeited (587) 23.80 Outstanding at March 31, 2024 275,924 $ 24.33 Certain information regarding options exercised during the periods follows: Three Months Ended 2024 2023 (In thousands) Intrinsic value $ 91 $ 223 Cash proceeds received $ — $ 100 Tax benefit realized $ 19 $ 47 |
Income Tax
Income Tax | 3 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Tax | Income Tax Income tax expense was $3.8 million and $2.9 million during the three month periods ended March 31, 2024 and 2023, respectively. Our actual federal income tax expense is different than the amount computed by applying our statutory income tax rate to our income before income tax primarily due to tax-exempt interest income and tax-exempt income from the increase in the cash surrender value on life insurance. In addition, the three month periods ending March 31, 2024 and 2023 include reductions of $0.11 million and $0.04 million, respectively, of income tax expense related to the impact of the excess value of stock awards that vested and stock options that were exercised as compared to the initial fair values that were expensed. We assess whether a valuation allowance should be established against our deferred tax assets based on the consideration of all available evidence using a “more likely than not” standard. The ultimate realization of this asset is primarily based on generating future income. We concluded at March 31, 2024, March 31, 2023 and December 31, 2023 that the realization of substantially all of our deferred tax assets continues to be more likely than not. At both March 31, 2024 and December 31, 2023, we had approximately $0.2 million, respectively, of gross unrecognized tax benefits. We do not expect the total amount of unrecognized tax benefits to significantly increase or decrease during the remainder of 2024. |
Regulatory Matters
Regulatory Matters | 3 Months Ended |
Mar. 31, 2024 | |
Regulatory Matters [Abstract] | |
Regulatory Matters | Regulatory Matters Capital guidelines adopted by federal and state regulatory agencies and restrictions imposed by law limit the amount of cash dividends our Bank can pay to us. Under these guidelines, the amount of dividends that may be paid in any calendar year is limited to the Bank’s current year net profits, combined with the retained net profits of the preceding two years. Further, the Bank cannot pay a dividend at any time that it has negative undivided profits. As of March 31, 2024, the Bank had positive undivided pro fits of $187.3 million. It is not our intent to have dividends paid in amounts that would reduce the capital of our Bank to levels below those which we consider prudent or that would not be in accordance with guidelines of regulatory authorities. We are also subject to various regulatory capital requirements. The prompt corrective action regulations establish quantitative measures to ensure capital adequacy and require minimum amounts and ratios of total, Tier 1, and common equity Tier 1 capital to risk-weighted assets and Tier 1 capital to average assets. Failure to meet minimum capital requirements can result in certain mandatory, and possibly discretionary, actions by regulators that could have a material effect on our interim condensed consolidated financial statements. In addition, capital adequacy rules include a common equity Tier 1 capital conservation buffer of 2.5% of risk-weighted assets that applies to all supervised financial institutions. To avoid limits on capital distributions and certain discretionary bonus payments we must meet the minimum ratio for adequately capitalized institutions plus the buffer. Under capital adequacy guidelines, we must meet specific capital requirements that involve quantitative measures as well as qualitative judgments by the regulators. The most recent regulatory filings as of March 31, 2024 and December 31, 2023, categorized our Bank as well capitalized and exceeding the minimum ratio for adequately capitalized institutions plus the capital conservation buffer. Management is not aware of any conditions or events that would have changed the most recent Federal Deposit Insurance Corporation (“FDIC”) categorization. Our actual capital amounts and ratios follow (1): Actual Minimum for Minimum for Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) March 31, 2024 Total capital to risk-weighted assets Consolidated $ 582,411 13.85 % $ 336,359 8.00 % NA NA Independent Bank 529,972 12.62 336,015 8.00 $ 420,019 10.00 % Tier 1 capital to risk-weighted assets Consolidated $ 489,747 11.65 % $ 252,269 6.00 % NA NA Independent Bank 477,361 11.37 252,011 6.00 $ 336,015 8.00 % Common equity tier 1 capital to risk-weighted assets Consolidated $ 451,226 10.73 % $ 189,202 4.50 % NA NA Independent Bank 477,361 11.37 189,008 4.50 $ 273,012 6.50 % Tier 1 capital to average assets Consolidated $ 489,747 9.29 % $ 210,943 4.00 % NA NA Independent Bank 477,361 9.05 210,909 4.00 $ 263,636 5.00 % December 31, 2023 Total capital to risk-weighted assets Consolidated $ 573,972 13.71 % $ 335,014 8.00 % NA NA Independent Bank 521,374 12.46 334,673 8.00 $ 418,341 10.00 % Tier 1 capital to risk-weighted assets Consolidated $ 481,569 11.50 % $ 251,260 6.00 % NA NA Independent Bank 469,023 11.21 251,005 6.00 $ 334,673 8.00 % Common equity tier 1 capital to risk-weighted assets Consolidated $ 443,065 10.58 % $ 188,445 4.50 % NA NA Independent Bank 469,023 11.21 188,254 4.50 $ 271,922 6.50 % Tier 1 capital to average assets Consolidated $ 481,569 9.03 % $ 213,227 4.00 % NA NA Independent Bank 469,023 8.80 213,180 4.00 $ 266,475 5.00 % _______________________________________ (1) These ratios do not reflect a capital conservation buffer of 2.50% at March 31, 2024 and December 31, 2023. NA - Not applicable The components of our regulatory capital are as follows: Consolidated Independent Bank March 31, December 31, March 31, December 31, (In thousands) Total shareholders' equity $ 415,570 $ 404,449 $ 441,705 $ 430,407 Add (deduct) Accumulated other comprehensive (income) loss for regulatory purposes 65,831 66,344 65,831 66,344 Goodwill and other intangibles (30,175) (30,304) (30,175) (30,304) CECL (1) — 2,576 — 2,576 Common equity tier 1 capital 451,226 443,065 477,361 469,023 Qualifying trust preferred securities 38,521 38,504 — — Tier 1 capital 489,747 481,569 477,361 469,023 Subordinated debt 40,000 40,000 — — Allowance for credit losses and allowance for unfunded lending commitments limited to 1.25% of total risk-weighted assets 52,664 52,403 52,611 52,351 Total risk-based capital $ 582,411 $ 573,972 $ 529,972 $ 521,374 (1) We elected the three |
Fair Value Disclosures
Fair Value Disclosures | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | Fair Value Disclosures FASB ASC topic 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. FASB ASC topic 820 also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: Level 1: Valuation is based upon quoted prices for identical instruments traded in active markets. Level 1 instruments include securities traded on active exchange markets, such as the New York Stock Exchange, as well as U.S. Treasury securities that are traded by dealers or brokers in active over-the-counter markets. Level 2: Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market. Level 2 instruments include securities traded in less active dealer or broker markets. Level 3: Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include use of option pricing models, discounted cash flow models and similar techniques. We used the following methods and significant assumptions to estimate fair value: Securities : Where quoted market prices are available in an active market, securities are classified as Level 1 of the valuation hierarchy. We currently do not have any Level 1 securities. If quoted market prices are not available for the specific security, then fair values are estimated by (1) using quoted market prices of securities with similar characteristics, (2) matrix pricing, which is a mathematical technique used widely in the industry to value debt securities without relying exclusively on quoted prices for specific securities but rather by relying on the securities’ relationship to other benchmark quoted prices, or (3) a discounted cash flow analysis whose significant fair value inputs can generally be verified and do not typically involve judgment by management. These securities are classified as Level 2 of the valuation hierarchy and primarily include agency securities, private label mortgage-backed securities, other asset backed securities, obligations of states and political subdivisions, trust preferred securities, corporate securities and foreign government securities. Loans held for sale : The fair value of mortgage loans held for sale, carried at fair value is based on agency cash window loan pricing for comparable assets (recurring Level 2). Collateral dependent loans with specific loss allocations based on collateral value : From time to time, certain collateral dependent loans will have an ACL established. When the fair value of the collateral is based on an appraised value or when an appraised value is not available we record the collateral dependent loan as nonrecurring Level 3. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available. Such adjustments can be significant and thus will typically result in a Level 3 classification of the inputs for determining fair value. Other real estate : At the time of acquisition, other real estate is recorded at fair value, less estimated costs to sell, which becomes the property’s new basis. Subsequent write-downs to reflect declines in value since the time of acquisition may occur from time to time and are recorded in net gains on other real estate and repossessed assets, which is part of non-interest expense - other in the Condensed Consolidated Statements of Operations. The fair value of the property used at and subsequent to the time of acquisition is typically determined by a third party appraisal of the property. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available. Such adjustments can be significant and typically result in a Level 3 classification of the inputs for determining fair value. Appraisals for both collateral-dependent loans and other real estate are performed by certified general appraisers (for commercial properties) or certified residential appraisers (for residential properties) whose qualifications and licenses have been reviewed and verified by us. Once received, an independent third party, or a member of our Collateral Evaluation Department (for commercial properties), or a member of our Special Assets Group (for residential properties) reviews the assumptions and approaches utilized in the appraisal as well as the overall resulting fair value in comparison with independent data sources such as recent market data or industry-wide statistics. We compare the actual selling price of collateral that has been sold to the most recent appraised value of our properties to determine what additional adjustment, if any, should be made to the appraisal value to arrive at fair value. For commercial and residential properties we typically discount an appraisal to account for various factors that the appraisal excludes in its assumptions. These additional discounts generally do not result in material adjustments to the appraised value. Capitalized mortgage loan servicing rights : The fair value of capitalized mortgage loan servicing rights is based on a valuation model used by an independent third party that calculates the present value of estimated net servicing income. The valuation model incorporates assumptions that market participants would use in estimating future net servicing income. Certain model assumptions are generally unobservable and are based upon the best information available including data relating to our own servicing portfolio, reviews of mortgage servicing assumption and valuation surveys and input from various mortgage servicers and, therefore, are recorded as Level 3. Management evaluates the third party valuation for reasonableness each quarter as part of our financial reporting control processes. Derivatives : The fair value of rate-lock mortgage loan commitments is based on agency cash window loan pricing for comparable assets and the fair value of mandatory commitments to sell mortgage loans is based on mortgage backed security pricing for comparable assets (recurring Level 2). The fair value of interest rate swap, interest rate cap and interest rate floor agreements are derived from proprietary models which utilize current market data. The significant fair value inputs can generally be observed in the market place and do not typically involve judgment by management (recurring Level 2). Assets and liabilities measured at fair value, including financial assets for which we have elected the fair value option, were as follows: Fair Value Measurements Using Fair Value Quoted Significant Significant (In thousands) March 31, 2024: Measured at Fair Value on a Recurring Basis Assets Securities available for sale U.S. agency $ 8,925 $ — $ 8,925 $ — U.S. agency residential mortgage-backed 78,495 — 78,495 — U.S. agency commercial mortgage-backed 12,055 — 12,055 — Private label mortgage-backed 84,770 — 84,770 — Other asset backed 64,833 — 64,833 — Obligations of states and political subdivisions 293,216 — 293,216 — Corporate 70,383 — 70,383 — Trust preferred 943 — 943 — Loans held for sale, carried at fair value 8,935 — 8,935 — Capitalized mortgage loan servicing rights 43,577 — — 43,577 Derivatives (1) 41,290 — 41,290 — Liabilities Derivatives (2) 19,344 — 19,344 — Measured at Fair Value on a Non-recurring Basis: Assets Collateral dependent loans (3) Commercial Commercial and industrial 5,035 — — 5,035 Mortgage 1-4 family owner occupied - non-jumbo 441 — — 441 1-4 family - 2nd lien 85 — — 85 Resort lending 125 — — 125 Installment Boat lending 75 — — 75 Recreational vehicle lending 155 — — 155 Other 36 — — 36 ________________________________ (1) Included in accrued income and other assets (2) Included in accrued expenses and other liabilities (3) Only includes individually evaluated loans with specific loss allocations based on collateral value. Fair Value Measurements Using Fair Value Quoted Significant Significant (In thousands) December 31, 2023: Measured at Fair Value on a Recurring Basis Assets Securities available for sale U.S. agency $ 9,507 $ — $ 9,507 $ — U.S. agency residential mortgage-backed 81,217 — 81,217 — U.S. agency commercial mortgage-backed 12,297 — 12,297 — Private label mortgage-backed 86,469 — 86,469 — Other asset backed 112,931 — 112,931 — Obligations of states and political subdivisions 302,737 — 302,737 — Corporate 73,250 — 73,250 — Trust preferred 942 — 942 — Loans held for sale, carried at fair value 12,063 — 12,063 — Capitalized mortgage loan servicing rights 42,243 — — 42,243 Derivatives (1) 38,683 — 38,683 — Liabilities Derivatives (2) 21,835 — 21,835 — Measured at Fair Value on a Non-recurring Basis: Assets Loans held for sale, carried at the lower of cost or fair value — — — — Collateral dependent loans (3) Commercial Commercial and industrial 551 — — 551 Mortgage 1-4 family owner occupied - non-jumbo 732 — — 732 1-4 family non-owner occupied 33 — — 33 1-4 family - 2nd lien 157 — — 157 Resort lending 92 — — 92 Installment Boat lending 192 — — 192 Recreational vehicle lending 196 — — 196 Other 66 — — 66 _________________________________ (1) Included in accrued income and other assets (2) Included in accrued expenses and other liabilities (3) Only includes impaired loans with specific loss allocations based on collateral value. Changes in fair values for financial assets which we have elected the fair value option for the periods presented were as follows: Changes in Fair Values for the Three Month Periods Ended March 31 for items Measured at Fair Value Pursuant to Election of the Fair Value Option Net Gains Mortgage Total Mortgage (In thousands) 2024 Loans held for sale $ 29 $ — $ 29 Capitalized mortgage loan servicing rights — 506 506 2023 Loans held for sale 1,597 — 1,597 Capitalized mortgage loan servicing rights — (1,496) (1,496) For those items measured at fair value pursuant to our election of the fair value option, interest income is recorded within the Condensed Consolidated Statements of Operations based on the contractual amount of interest income earned on these financial assets an d dividend income is recorded based on cash dividends received. The following represent impairment charges recognized during the three month periods ended March 31, 2024 and 2023 relating to assets measured at fair value on a non-recurring basis: • Loans that are individually evaluated using the fair value of collateral for collateral dependent loans had a carrying amount of $6.0 million, which is net of a valuation allowance of $2.3 million at March 31, 2024, and had a carrying amount of $2.0 million, which is net of a valuation allowance of $1.3 million at December 31, 2023. The provision for credit losses included in our results of operations relating to collateral dependent loans was a net expense of $1.6 million and $0.3 million for the three month periods ending March 31, 2024 and 2023, respectively . A reconciliation for all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) follows: Capitalized Mortgage Loan Servicing Rights Three Months Ended 2024 2023 (In thousands) Beginning balance $ 42,243 $ 42,489 Total gains (losses) realized and unrealized: Included in results of operations 506 (1,496) Included in other comprehensive loss — — Purchases, issuances, settlements, maturities and calls 828 930 Transfers in and/or out of Level 3 — — Ending balance $ 43,577 $ 41,923 Amount of total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities still held at March 31 $ 506 $ (1,496) The fair value of our capitalized mortgage loan servicing rights has been determined based on a valuation model used by an independent third party as discussed above. The significant unobservable inputs used in the fair value measurement of the capitalized mortgage loan servicing rights are discount rate, cost to service, ancillary income, float rate and prepayment rate. Significant changes in all five of these assumptions in isolation would result in significant changes to the value of our capitalized mortgage loan servicing rights. Quantitative information about our Level 3 fair value measurements measured on a recurring basis follows: Asset Valuation Unobservable Range Weighted (In thousands) March 31, 2024 Capitalized mortgage loan servicing rights $ 43,577 Present value of net servicing revenue Discount rate 9.98% to 16.32% 10.30 % Cost to service $69 to $317 $ 78 Ancillary income 20 to 30 20 Float rate 4.27 % Prepayment rate 6.55% to 27.27% 8.46 % December 31, 2023 Capitalized mortgage loan servicing rights $ 42,243 Present value of net servicing revenue Discount rate 10.00% to 14.27% 10.25 % Cost to service $70 to $442 $ 79 Ancillary income 20 to 30 20 Float rate 3.82 % Prepayment rate 6.56% to 26.47% 8.50% Quantitative information about Level 3 fair value measurements measured on a non-recurring basis follows: Asset Valuation Unobservable Range Weighted (In thousands) March 31, 2024 Collateral dependent loans Commercial(1) $ 5,035 Discounting financial statement and machinery and equipment appraised values Discount rates used 28.0% to 50.0% 29.9 % Sales comparison approach Adjustment for differences between comparable sales (18.0)% to 43.0% (2.2) % Mortgage and Installment(2) 917 Sales comparison approach Adjustment for differences between comparable sales (12.7) to 33.3 1.8 December 31, 2023 Collateral dependent loans Commercial $ 551 Sales comparison approach Adjustment for differences between comparable sales (5.0)% to 6.0% (0.4) % Mortgage and Installment(2) 1,468 Sales comparison approach Adjustment for differences between comparable sales (4.1) to 10.5 3.1 (1) $4.1 million of this amount primarily relates to one collateral dependent relationship credit. Collateral securing this relationship primarily included accounts receivable, inventory and machinery and equipment at March 31, 2024. Valuation techniques at March 31, 2024 included discounting financial statement values for accounts receivable and inventory and appraised values for machinery and equipment. (2) In addition to the valuation techniques and unobservable inputs discussed above, at March 31, 2024 and December 31, 2023 certain collateral dependent installment loans totaling approximately $0.27 million and $0.45 million, respectively, are secured by collateral other than real estate. For the majority of these loans, we apply internal discount rates to industry valuation guides. The following table reflects the difference between the aggregate fair value and the aggregate remaining contractual principal balance outstanding for loans held for sale for which the fair value option has been elected for the periods presented. Aggregate Difference Contractual (In thousands) Loans held for sale March 31, 2024 $ 8,935 $ (32) $ 8,967 December 31, 2023 12,063 (61) 12,124 |
Fair Values of Financial Instru
Fair Values of Financial Instruments | 3 Months Ended |
Mar. 31, 2024 | |
Fair Values of Financial Instruments [Abstract] | |
Fair Values of Financial Instruments | Fair Values of Financial Instruments Most of our assets and liabilities are considered financial instruments. Many of these financial instruments lack an available trading market and it is our general practice and intent to hold the majority of our financial instruments to maturity. Significant estimates and assumptions were used to determine the fair value of financial instruments. These estimates are subjective in nature, involving uncertainties and matters of judgment, and therefore, fair values may not be a precise estimate. Changes in assumptions could significantly affect the estimates. Estimated fair values have been determined using available data and methodologies that are considered suitable for each category of financial instrument. For instruments with adjustable interest rates which reprice frequently and without significant credit risk, it is presumed that estimated fair values approximate the recorded book balances. The estimated recorded book balances and fair values follow: Fair Value Using Recorded Fair Value Quoted Significant Significant (In thousands) March 31, 2024 Assets Cash and due from banks $ 41,646 $ 41,646 $ 41,646 $ — $ — Interest bearing deposits 120,198 120,198 120,198 — — Securities available for sale 613,620 613,620 — 613,620 — Securities held to maturity 349,957 311,013 — 311,013 — Federal Home Loan Bank and Federal Reserve Bank Stock 16,821 NA NA NA NA Net loans and loans held for sale 3,792,587 3,542,984 — 8,935 3,534,049 Accrued interest receivable 18,774 18,774 191 5,541 13,042 Derivative financial instruments 41,290 41,290 — 41,290 — Liabilities Deposits with no stated maturity (1) $ 3,751,701 $ 3,751,701 $ 3,751,701 $ — $ — Deposits with stated maturity (1) 830,713 826,829 — 826,829 — Other borrowings 49,977 49,889 — 49,889 — Subordinated debt 39,529 38,994 — 38,994 — Subordinated debentures 39,745 39,643 — 39,643 — Accrued interest payable 6,501 6,501 479 6,022 — Derivative financial instruments 19,344 19,344 — 19,344 — December 31, 2023 Assets Cash and due from banks $ 68,208 $ 68,208 $ 68,208 $ — $ — Interest bearing deposits 101,573 101,573 101,573 — — Securities available for sale 679,350 679,350 — 679,350 — Securities held to maturity 353,988 318,606 — 318,606 — Federal Home Loan Bank and Federal Reserve Bank Stock 16,821 NA NA NA NA Net loans and loans held for sale 3,748,306 3,453,790 — 12,063 3,441,727 Accrued interest receivable 19,044 19,044 58 6,486 12,500 Derivative financial instruments 38,683 38,683 — 38,683 — Liabilities Deposits with no stated maturity (1) $ 3,704,808 $ 3,704,808 $ 3,704,808 $ — $ — Deposits with stated maturity (1) 918,071 914,404 — 914,404 — Other borrowings 50,026 49,831 — 49,831 — Subordinated debt 39,510 40,352 — 40,352 — Subordinated debentures 39,728 38,103 — 38,103 — Accrued interest payable 6,534 6,534 482 6,052 — Derivative financial instruments 21,835 21,835 — 21,835 — (1) Deposits with no stated maturity include reciprocal deposits with a recorded book balance of $781.645 million and $723.014 million at March 31, 2024 and December 31, 2023, respectively. Deposits with a stated maturity include reciprocal deposits with a recorded book balance of $111.998 million and $109.006 million at March 31, 2024 and December 31, 2023, respectively. The fair values for commitments to extend credit and standby letters of credit are estimated to approximate their aggregate book balance, which is nominal and therefore are not disclosed. Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale the entire holdings of a particular financial instrument. Fair value estimates are based on existing on- and off-balance sheet financial instruments without attempting to estimate the value of anticipated future business, the value of future earnings attributable to off-balance sheet activities and the value of assets and liabilities that are not considered financial instruments. Fair value estimates for deposit accounts do not include the value of the core deposit intangible asset resulting from the low-cost funding provided by the deposit liabilities compared to the cost of borrowing funds in the market. |
Contingencies
Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Contingencies Pressures from various global and national macroeconomic conditions, including heightened inflation, uncertainty regarding future interest rates, foreign currency exchange rate fluctuations, recent adverse weather conditions, escalating tensions in the Middle East, the continuation of the Russia-Ukraine war, and potential governmental responses to these events, continue to create significant economic uncertainty. The extent to which these pressures may impact our business, results of operations, asset valuations, financial condition, and customers will depend on future developments, which continue to be highly uncertain and difficult to predict. Material adverse impacts may include all or a combination of valuation impairments on our intangible assets, securities available for sale, securities held to maturity, loans, capitalized mortgage loan servicing rights or deferred tax assets. We continue to closely monitor and analyze the higher risk segments within our portfolio, and senior management is cautiously optimistic that we are positioned to continue managing the impact of the varied set of risks and uncertainties currently impacting the global and U.S. economies. However, a high degree of uncertainty still exists with respect to the impact of these fluid macroeconomic conditions on the future performance of our loan portfolio and our financial results. Litigation We are involved in various litigation matters in the ordinary course of business. At the present time, we do not believe any of these matters will have a significant impact on our interim condensed consolidated financial position or results of operations. The aggregate amount we have accrued for losses we consider probable as a result of these litigation matters is immaterial. However, because of the inherent uncertainty of outcomes from any litigation matter, we believe it is reasonably possible we may incur losses in addition to the amounts we have accrued. At this time, we estimate the maximum amount of additional losses that are reasonably possible is insignificant. However, because of a number of factors, including the fact that certain of these litigation matters are still in their early stages, this maximum amount may change in the future. The litigation matters described in the preceding paragraph primarily include claims that have been brought against us for damages, but do not include litigation matters where we seek to collect amounts owed to us by third parties (such as litigation initiated to collect delinquent loans). These excluded, collection-related matters may involve claims or counterclaims by the opposing party or parties, but we have excluded such matters from the disclosure contained in the preceding paragraph in all cases where we believe the possibility of us paying damages to any opposing party is remote. Visa Stock We own 12,566 shares of Visa Inc. Class B-1 common stock. At the present time, these shares can only be sold to other Class B shareholders. As a result, there has generally been limited transfer activity in private transactions between buyers and sellers. However, on April 8, 2024, Visa commenced an offer to exchange up to all of its outstanding shares of Class B-1 common stock for Class B-2 common shares and Class C common shares. If the exchange offer is completed, it is expected to result in some degree of liquidity for holders of Class B-1 common shares; however, the exchange offer will not result in complete or immediate liquidity for all of our Class B-1 shares. The Class C shares (which automatically convert to A shares upon a transfer to anyone other than a Visa member or an affiliate of a Visa member) will have temporary transfer restrictions that would be expected to expire 90 days after the exchange offer is completed while the Class B-2 shares are expected to continue to have the same transfer restrictions as the current B-1 shares. Although we have tendered all of our Class B-1 shares in the exchange offer, there is no guarantee our shares will be accepted for exchange or that Visa will not decide to terminate the exchange offer. The exchange offer is currently scheduled to expire May 3, 2024, and subject to Visa’s right to terminate or extend the offer, is expected to close shortly after expiration. Because of the very limited liquidity for our Class B-1 common shares (prior to completion of the exchange offer) and uncertainty regarding the likeli hood, ultimate timing and eventual exchange rate for Class B-1 shares into Class A shares, we continued to carry these shares at zero, representing cost basis less impairment. However, given the current conversion ratio of 1.5875 Class A shares for every 1 Class B-1 share and the closing price of Visa Class A shares on April 25, 2024 of $275.16 per share, our 12,566 Class B-1 shares could have a current “value” of approximately $5.5 million. Given the expected liquidity of the Class C shares, if the exchange offer is completed, up to 50% of this value could be recognized in our Condensed Consolidated Financial Statements during 2024. As the Class B-2 shares would continue to have the same restrictions as the Class B-1 shares, the uncertainty regarding the likelihood, ultimate timing and eventu al exchange rate for Class B-2 shares into Class A shares, we would expect to continue to carry these shares at zero, representing cost basis less impairment. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) ("AOCIL") | 3 Months Ended |
Mar. 31, 2024 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income (Loss) ("AOCIL") | Accumulated Other Comprehensive Income (Loss) (“AOCIL”) A summary of changes in AOCIL follows: Unrealized Losses on Securities AFS Unrealized Dispropor- Unrealized Gains (Losses) on Derivative Instruments Total (In thousands) For the three months ended March 31, 2024 Balances at beginning of period $ (51,113) $ (15,408) $ (5,798) $ 177 $ (72,142) Other comprehensive income (loss) before reclassifications 1,203 648 — (1,761) 90 Amounts reclassified from AOCIL 213 — — 210 423 Net current period other comprehensive income (loss) 1,416 648 — (1,551) 513 Balances at end of period $ (49,697) $ (14,760) $ (5,798) $ (1,374) $ (71,629) 2023 Balances at beginning of period $ (68,742) $ (18,223) $ (5,798) $ — $ (92,763) Other comprehensive income (loss) before reclassifications 11,370 672 — (331) 11,711 Amounts reclassified from AOCIL 175 — — 66 241 Net current period other comprehensive income (loss) 11,545 672 — (265) 11,952 Balances at end of period $ (57,197) $ (17,551) $ (5,798) $ (265) $ (80,811) (1) Represents the remaining unrealized loss to be accreted on securities that were transferred from AFS to HTM on April 1, 2022. The disproportionate tax effects from securities AFS arose due to tax effects of other comprehensive income (“OCI”) in the presence of a valuation allowance against our deferred tax assets and a pretax loss from operations. Generally, the amount of income tax expense or benefit allocated to operations is determined without regard to the tax effects of other categories of income or loss, such as OCI. However, an exception to the general rule is provided when, in the presence of a valuation allowance against deferred tax assets, there is a pretax loss from operations and pretax income from other categories in the current period. In such instances, income from other categories must offset the current loss from operations, the tax benefit of such offset being reflected in operations. Release of material disproportionate tax effects from other comprehensive income to earnings is done by the portfolio method whereby the effects will remain in AOCIL as long as we carry a more than inconsequential portfolio of securities AFS. A summary of reclassifications out of each component of AOCIL for the three months ended March 31 follows: AOCIL Component Amount Affected Line Item in Condensed (In thousands) 2024 Unrealized losses on securities available for sale $ (269) Net gains (losses) on securities available for sale (56) Income tax expense $ (213) Reclassifications, net of tax Unrealized gains (losses) on derivative instruments $ 266 Interest income 56 Income tax expense $ 210 Reclassifications, net of tax $ (423) Total reclassifications for the period, net of tax 2023 Unrealized losses on securities available for sale $ (222) Net gains (losses) on securities available for sale (47) Income tax expense $ (175) Reclassifications, net of tax Unrealized gains (losses) on derivative instruments $ 84 Interest income 18 Income tax expense $ 66 Reclassifications, net of tax $ (241) Total reclassifications for the period, net of tax |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 3 Months Ended |
Mar. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | Revenue from Contracts with Customers We account for revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers. We derive the majority of our revenue from financial instruments and their related contractual rights and obligations which for the most part are excluded from the scope of this topic. These sources of revenue that are excluded from the scope of this topic include interest income, net gains on mortgage loans, net gains (losses) on securities AFS, mortgage loan servicing, net and bank owned life insurance and were approximat ely 89.0% and 86.5% of total revenues for the three month periods ending March 31, 2024 and 2023, respectively. Material sources of revenue that are included in the scope of this topic include service charges on deposit accounts, other deposit related income, interchange income and investment and insurance commissions and are discussed in the following paragraphs. Generally these sources of revenue are earned at the time the service is delivered or over the course of a monthly period and do not result in any contract asset or liability balance at any given period end. As a result, there were no contract assets or liabilities recorded as of March 31, 2024 and December 31, 2023. Service charges on deposit accounts and other deposit related income : Revenues are earned on depository accounts for commercial and retail customers and include fees for transaction-based, account maintenance and overdraft services. Transaction-based fees, which includes services such as ATM use fees, stop payment charges and ACH fees are recognized at the time the transaction is executed as that is the time we fulfill our customer’s request. Account maintenance fees, which includes monthly maintenance services are earned over the course of a month representing the period over which the performance obligation is satisfied. Our obligation for overdraft services is satisfied at the time of the overdraft. Interchange income : Interchange income primarily includes debit card interchange and network revenues. Debit card interchange and network revenues are earned on debit card transactions conducted through payment networks such as MasterCard and Accel. Interchange income is recognized concurrently with the delivery of services on a daily basis. Interchange and network revenues are presented gross of interchange expenses, which are presented separately as a component of non-interest expense. Investment and insurance commissions : Investment and insurance commissions include fees and commissions from asset management, custody, recordkeeping, investment advisory and other services provided to our customers. Revenue is recognized on an accrual basis at the time the services are performed and generally based on either the market value of the assets managed or the services provided. We have an agent relationship with a third party provider of these services and net certain direct costs charged by the third party provider associated with providing these services to our customers. Net (gains) losses on other real estate and repossessed assets : We record a gain or loss from the sale of other real estate when control of the property transfers to the buyer, which generally occurs at the time of an executed deed. If we were to finance the sale of other real estate to the buyer, we would assess whether the buyer is committed to perform their obligations under the contract and whether collectability of the transaction is probable. Once these criteria are met, the other real estate asset would be derecognized and the gain or loss on sale would be recorded upon the transfer of control of the property to the buyer. There were no other real estate properties sold during the three month periods ending March 31, 2024 and 2023 that were financed by us. Disaggregation of our revenue sources by attribute follows: Service Other Interchange Investment Total Three months ending March 31, 2024 (In thousands) Retail Overdraft fees $ 2,189 $ — $ — $ — $ 2,189 Account service charges 573 — — — 573 ATM fees — 383 — — 383 Other — 250 — — 250 Business Overdraft fees 110 — — — 110 ATM fees — 11 — — 11 Other — 104 — — 104 Interchange income — — 3,151 — 3,151 Asset management revenue — — — 493 493 Transaction based revenue — — — 311 311 Total $ 2,872 $ 748 $ 3,151 $ 804 $ 7,575 Reconciliation to Condensed Consolidated Statement of Operations: Non-interest income - other: Other deposit related income $ 748 Investment and insurance commissions 804 Bank owned life insurance (1) 181 Other (1) 985 Total $ 2,718 (1) Excluded from the scope of ASC Topic 606. Service Other Interchange Investment Total Three months ending March 31, 2023 (In thousands) Retail Overdraft fees $ 2,261 $ — $ — $ — $ 2,261 Account service charges 467 — — — 467 ATM fees — 329 — — 329 Other — 247 — — 247 Business Overdraft fees 129 — — — 129 ATM fees — 9 — — 9 Other — 91 — — 91 Interchange income — — 3,205 — 3,205 Asset management revenue — — — 442 442 Transaction based revenue — — — 385 385 Total $ 2,857 $ 676 $ 3,205 $ 827 $ 7,565 Reconciliation to Condensed Consolidated Statement of Operations: Non-interest income - other: Other deposit related income $ 676 Investment and insurance commissions 827 Bank owned life insurance (1) 111 Other (1) 1,115 Total $ 2,729 (1) Excluded from the scope of ASC Topic 606. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
Leases | Leases We have entered into leases in the normal course of business primarily for office facilities, some of which include renewal options and escalation clauses. Certain leases also include both lease components (fixed payments including rent, taxes and insurance costs) and non-lease components (common area or other maintenance costs) which are accounted for as a single lease component as we have elected the practical expedient to group lease and non-lease components together for all leases. We have also elected not to recognize leases with original lease terms of 12 months or less (short-term leases) on our Condensed Consolidated Statements of Financial Condition. Most of our leases include one or more options to renew. The exercise of lease renewal options is typically at our sole discretion and are included in our right of use (“ROU”) assets and lease liabilities if they are reasonably certain of exercise. Leases are classified as operating or finance leases at the lease commencement date (we did not have any finance leases as of March 31, 2024). Lease expense for operating leases and short-term leases is recognized on a straight-line basis over the lease term. The ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the lease commencement date based on the estimated present value of the lease payment over the lease term. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the lease commencement date in determining the present value of the lease payments. The cost components of our operating leases follows: Three Months Ended 2024 2023 (In thousands) Operating lease cost $ 346 $ 362 Variable lease cost 11 24 Short-term lease cost 24 22 Total $ 381 $ 408 Variable lease costs consist primarily of taxes, insurance, and common area or other maintenance costs for our leased facilities. Supplemental balance sheet information related to our operating leases follows: March 31, December 31, (Dollars in thousands) Lease right of use asset (1) $ 6,744 $ 4,911 Lease liabilities (2) $ 6,953 $ 5,114 Weighted average remaining lease term (years) 7.63 6.03 Weighted average discount rate 3.6 % 2.7 % (1) Included in Accrued income and other assets (2) Included in Accrued expenses and other liabilities Maturity analysis of our lease liabilities at March 31, 2024 based on required contractual payments follows: (In thousands) Nine months ending December 31, 2024 $ 1,001 2025 1,288 2026 1,122 2027 939 2028 916 2029 and thereafter 2,861 Total lease payments 8,127 Less imputed interest (1,174) Total $ 6,953 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
Reclassifications, net of tax | $ 15,991 | $ 12,991 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
New Accounting Standards (Polic
New Accounting Standards (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
New Accounting Standards | In March 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2020-04, ‘‘Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Reporting’’ and in December 2022 the FASB issued ASU 2022-06, "Reference Rate Reform (Topic 848), Deferral of the Sunset Date of Topic 848". These new ASUs provide temporary optional expedients and exceptions to GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens of the expected market transition from LIBOR and other interbank offered rates to alternative reference rates. Entities can elect not to apply certain modification accounting requirements to contracts affected by reference rate reform, if certain criteria are met. Entities that make such elections would not have to remeasure contracts at the modification date or reassess a previous accounting determination. Entities can elect various optional expedients that would allow them to continue applying hedge accounting for hedging relationships affected by reference rate reform, if certain criteria are met. We had formed a cross-functional project team to lead the transition from LIBOR to a planned adoption of reference rates which included Secured Overnight Financing Rate (“SOFR”). We utilized the timeline guidance published by the Alternative Reference Rates Committee to develop and achieve internal milestones during the transitional period. We discontinued the use of new LIBOR-based loans as of December 31, 2021, according to regulatory guidelines. We also discontinued the use of new LIBOR based interest rate derivatives as of December 31, 2021. The amended guidance under Topic 848 and our ability to elect its temporary optional expedients and exceptions are effective for us through December 31, 2024. In March, 2023, the FASB issued ASU 2023-02, "Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method (a consensus of the Emerging Issues Task Force)". This ASU expands the use of the proportional amortization method of accounting — currently allowed only for investments in low-income housing tax credit ("LIHTC") structures — to equity investments in other tax credit structures that meet certain criteria. Common tax credit programs that investors access via tax equity structures and that may now be eligible for application of the proportional amortization method include: new markets tax credits, historic rehabilitation tax credit programs, and renewable energy tax credit programs. This ASU takes effect in reporting periods beginning after December 15, 2023, with early adoption permitted. The adoption of this ASU on January 1, 2024, did not have a material impact on our Condensed Consolidated Financial Statements. In November, 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 323): Improvements to Reportable Segment Disclosures". This ASU enhances disclosures of significant segment expenses by requiring entities to disclose significant segment expenses regularly provided to the chief operating decision maker, extend certain annual disclosures to interim periods, and permit more than one measure of segment profit or loss to be reported under certain conditions. This ASU takes effect for annual reporting periods beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. We do not expect the adoption of this ASU to have a material impact on our Condensed Consolidated Financial Statements. In December, 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures". This ASU modifies the rules on income tax disclosures to require entities to disclose (1) specific categories in the rate reconciliation, (2) the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and (3) income tax expense or benefit from continuing operations (separated by federal, state and foreign). This ASU also requires entities to disclose their income tax payments to international, federal, state and local jurisdictions, among other changes. This ASU takes effect in reporting periods beginning after December 15, 2024, with early adoption permitted. We do not expect the adoption of this ASU to have a material impact on our Condensed |
Securities (Tables)
Securities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities Available for Sale | Securities available for sale (“AFS”) consist of the following: Amortized Unrealized Gains Losses Fair Value (In thousands) March 31, 2024 U.S. agency $ 9,770 $ 3 $ 848 $ 8,925 U.S. agency residential mortgage-backed 88,010 6 9,521 78,495 U.S. agency commercial mortgage-backed 13,464 — 1,409 12,055 Private label mortgage-backed 90,761 255 6,246 84,770 Other asset backed 66,083 17 1,267 64,833 Obligations of states and political subdivisions 331,399 234 38,417 293,216 Corporate 76,056 — 5,673 70,383 Trust preferred 984 — 41 943 Total $ 676,527 $ 515 $ 63,422 $ 613,620 December 31, 2023 U.S. agency $ 10,299 $ 5 $ 797 $ 9,507 U.S. agency residential mortgage-backed 90,195 3 8,981 81,217 U.S. agency commercial mortgage-backed 13,706 — 1,409 12,297 Private label mortgage-backed 93,527 249 7,307 86,469 Other asset backed 114,867 3 1,939 112,931 Obligations of states and political subdivisions 341,177 204 38,644 302,737 Corporate 79,296 — 6,046 73,250 Trust preferred 983 — 41 942 Total $ 744,050 $ 464 $ 65,164 $ 679,350 |
Debt Securities, Held-to-Maturity | Securities held to maturity (“HTM”) consist of the following: Carrying Transferred ACL Amortized Unrealized Fair Value Gains Losses (In thousands) March 31, 2024 U.S. agency $ 25,672 $ 1,572 $ — $ 27,244 $ — $ 5,098 $ 22,146 U.S. agency residential mortgage-backed 107,123 9,477 — 116,600 — 25,047 91,553 U.S. agency commercial mortgage-backed 4,123 142 — 4,265 — 448 3,817 Private label mortgage-backed 7,313 274 4 7,591 — 804 6,787 Obligations of states and political subdivisions 159,010 6,446 31 165,487 3 19,680 145,810 Corporate 45,767 725 116 46,608 — 6,708 39,900 Trust preferred 949 47 4 1,000 — — 1,000 Total $ 349,957 $ 18,683 $ 155 $ 368,795 $ 3 $ 57,785 $ 311,013 December 31, 2023 U.S. agency $ 25,768 $ 1,603 $ — $ 27,371 $ — $ 4,892 $ 22,479 U.S. agency residential mortgage-backed 108,770 9,715 — 118,485 — 23,849 94,636 U.S. agency commercial mortgage-backed 4,146 153 — 4,299 — 460 3,839 Private label mortgage-backed 7,302 302 4 7,608 — 854 6,754 Obligations of states and political subdivisions 161,352 6,879 33 168,264 88 18,807 149,545 Corporate 45,702 803 116 46,621 780 7,033 40,368 Trust preferred 948 48 4 1,000 — 15 985 Total $ 353,988 $ 19,503 $ 157 $ 373,648 $ 868 $ 55,910 $ 318,606 (1) Represents the remaining unrealized loss to be accreted on securities that were transferred from AFS to HTM on April 1, 2022. |
Schedule of Unrealized Loss on Investments | Our investments' gross unrealized losses and fair values for securities AFS aggregated by investment type and length of time that individual securities have been at a continuous unrealized loss position follows: Less Than Twelve Months Twelve Months or More Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized (In thousands) March 31, 2024 U.S. agency $ 182 $ — $ 7,981 $ 848 $ 8,163 $ 848 U.S. agency residential mortgage-backed — — 76,809 9,521 76,809 9,521 U.S. agency commercial mortgage-backed — — 12,056 1,409 12,056 1,409 Private label mortgage-backed 3,480 26 79,576 6,220 83,056 6,246 Other asset backed 3,441 28 53,048 1,239 56,489 1,267 Obligations of states and political subdivisions — — 293,216 38,417 293,216 38,417 Corporate — — 70,383 5,673 70,383 5,673 Trust preferred — — 942 41 942 41 Total $ 7,103 $ 54 $ 594,011 $ 63,368 $ 601,114 $ 63,422 December 31, 2023 U.S. agency $ 130 $ — $ 8,453 $ 797 $ 8,583 $ 797 U.S. agency residential mortgage-backed 358 1 80,008 8,980 80,366 8,981 U.S. agency commercial mortgage-backed — — 12,297 1,409 12,297 1,409 Private label mortgage-backed 6,285 356 79,507 6,951 85,792 7,307 Other asset backed 7,714 88 97,203 1,851 104,917 1,939 Obligations of states and political subdivisions — — 301,038 38,644 301,038 38,644 Corporate — — 73,249 6,046 73,249 6,046 Trust preferred — — 942 41 942 41 Total $ 14,487 $ 445 $ 652,697 $ 64,719 $ 667,184 $ 65,164 |
Held-to-Maturity, Credit Quality | The carrying value of securities HTM aggregated by credit quality follow: Private Obligations Corporate Trust Carrying (In thousands) March 31, 2024 Credit rating: AAA $ 7,313 $ 36,148 $ — $ — $ 43,461 AA — 102,612 — — 102,612 A — 3,177 6,930 — 10,107 BBB — 853 33,960 — 34,813 BB — — 1,948 — 1,948 Non-rated — 16,220 2,929 949 20,098 Total $ 7,313 $ 159,010 $ 45,767 $ 949 $ 213,039 December 31, 2023 Credit rating: AAA $ 7,302 $ 36,629 $ — $ — $ 43,931 AA — 102,583 — — 102,583 A — 3,172 6,923 — 10,095 BBB — 856 33,913 — 34,769 BB — — 1,943 — 1,943 Non-rated — 18,112 2,923 948 21,983 Total $ 7,302 $ 161,352 $ 45,702 $ 948 $ 215,304 |
Held-to-Maturity, Allowance for Credit Losses | An analysis of the allowance for credit losses by security HTM type for the three months ended March 31 follows: Private Obligations Corporate Trust Total (In thousands) 2024 Balance at beginning of period $ 4 $ 33 $ 116 $ 4 $ 157 Additions (deductions) Provision for credit losses — (2) (1,125) — (1,127) Recoveries credited to the allowance — — 1,125 — 1,125 Securities HTM charged against the allowance — — — — — Balance at end of period $ 4 $ 31 $ 116 $ 4 $ 155 2023 Balance at beginning of period $ 1 $ 39 $ 123 $ 5 $ 168 Additions (deductions) Provision for credit losses — — 2,993 (1) 2,992 Recoveries credited to the allowance — — — — — Securities HTM charged against the allowance — — (3,000) — (3,000) Balance at end of period $ 1 $ 39 $ 116 $ 4 $ 160 |
Investments Classified by Contractual Maturity Date | The amortized cost and fair value of securities AFS and securities HTM at March 31, 2024, by contractual maturity, follow: Securities AFS Securities HTM Amortized Fair Amortized Fair (In thousands) Maturing within one year $ 4,614 $ 4,547 $ 4,580 $ 4,571 Maturing after one year but within five years 158,488 145,407 56,080 51,390 Maturing after five years but within ten years 53,274 46,945 96,684 82,065 Maturing after ten years 201,833 176,568 82,995 70,830 418,209 373,467 240,339 208,856 U.S. agency residential mortgage-backed 88,010 78,495 116,600 91,553 U.S. agency commercial mortgage-backed 13,464 12,055 4,265 3,817 Private label mortgage-backed 90,761 84,770 7,591 6,787 Other asset backed 66,083 64,833 — — Total $ 676,527 $ 613,620 $ 368,795 $ 311,013 The actual maturity may differ from the contractual maturity because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. |
Gains and Losses Realized on Sale of Securities Available for Sale | A summary of proceeds from the sale of securities AFS and gains and losses for the three month periods ending March 31, follows: Realized Proceeds Gains Losses (In thousands) 2024 $ 37,273 $ 14 $ 283 2023 278 — 222 |
Loans (Tables)
Loans (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Receivables [Abstract] | |
Financing Receivable, Current, Allowance for Credit Loss | An analysis of the ACL by portfolio segment for the three months ended March 31, follows: Commercial Mortgage Installment Subjective Total (In thousands) 2024 Balance at beginning of period $ 16,724 $ 21,386 $ 4,126 $ 12,422 $ 54,658 Additions (deductions) Provision for credit losses 2,194 (366) (127) 170 1,871 Recoveries credited to the allowance 64 82 450 — 596 Loans charged against the allowance — (199) (613) — (812) Balance at end of period $ 18,982 $ 20,903 $ 3,836 $ 12,592 $ 56,313 2023 Balance at beginning of period $ 13,817 $ 21,633 $ 4,290 $ 12,695 $ 52,435 Additions (deductions) Provision for credit losses 648 (1,574) (61) 155 (832) Recoveries credited to the allowance 28 84 466 — 578 Loans charged against the allowance (960) (30) (641) — (1,631) Balance at end of period $ 13,533 $ 20,113 $ 4,054 $ 12,850 $ 50,550 |
Financing Receivable, Nonaccrual | Loans on non-accrual status and past due more than 90 days (“Non-performing Loans”) follow: Non- Non- Total 90+ and Total Non- (In thousands) March 31, 2024 Commercial Commercial and industrial (1) $ — $ 6 $ 6 $ — $ 6 Commercial real estate — — — — — Mortgage 1-4 family owner occupied - jumbo — — — — — 1-4 family owner occupied - non-jumbo (2) 1,439 779 2,218 — 2,218 1-4 family non-owner occupied — 119 119 — 119 1-4 family - 2nd lien — 444 444 — 444 Resort lending — 193 193 — 193 Installment Boat lending — 187 187 — 187 Recreational vehicle lending — 387 387 — 387 Other — 136 136 — 136 Total $ 1,439 $ 2,251 $ 3,690 $ — $ 3,690 Accrued interest excluded from total $ — $ — $ — $ — $ — December 31, 2023 Commercial Commercial and industrial (1) $ — $ 7 $ 7 $ — $ 7 Commercial real estate — — — — — Mortgage 1-4 family owner occupied - jumbo 544 — 544 — 544 1-4 family owner occupied - non-jumbo (2) 575 1,655 2,230 432 2,662 1-4 family non-owner occupied — 282 282 — 282 1-4 family - 2nd lien — 624 624 — 624 Resort lending — 143 143 — 143 Installment Boat lending — 352 352 — 352 Recreational vehicle lending — 419 419 — 419 Other — 199 199 — 199 Total $ 1,119 $ 3,681 $ 4,800 $ 432 $ 5,232 Accrued interest excluded from total $ — $ — $ — $ — $ — (1) Non-performing commercial and industrial loans exclude $0.019 million and $0.021 million of government guaranteed loans at March 31, 2024 and December 31, 2023, respectively. (2) |
Amortized Cost of Collateral-dependent Loans by Class | The amortized cost of collateral-dependent loans by class follows: Collateral Type Allowance Real Other (In thousands) March 31, 2024 Commercial Commercial and industrial $ 659 $ 6,175 $ 1,796 Commercial real estate — — — Mortgage 1-4 family owner occupied - jumbo — — — 1-4 family owner occupied - non-jumbo 2,122 — 243 1-4 family non-owner occupied — — — 1-4 family - 2nd lien 131 — 46 Resort lending 193 — 68 Installment Boat lending — 116 41 Recreational vehicle lending — 240 85 Other — 55 19 Total $ 3,105 $ 6,586 $ 2,298 Accrued interest excluded from total $ 1 $ 43 December 31, 2023 Commercial Commercial and industrial $ 565 $ 232 $ 224 Commercial real estate — — — Mortgage 1-4 family owner occupied - jumbo 544 — — 1-4 family owner occupied - non-jumbo 2,243 — 504 1-4 family non-owner occupied 211 — 178 1-4 family - 2nd lien 244 — 87 Resort lending 143 — 51 Installment Boat lending — 297 105 Recreational vehicle lending — 303 107 Other — 102 36 Total $ 3,950 $ 934 $ 1,292 Accrued interest excluded from total $ 1 $ — |
Aging Analysis of Loans by Class | An aging analysis of loans by class follows: Loans Past Due Loans not Total 30-59 days 60-89 days 90+ days Total (In thousands) March 31, 2024 Commercial Commercial and industrial $ — $ — $ 25 $ 25 $ 865,252 $ 865,277 Commercial real estate 2,115 — — 2,115 867,892 870,007 Mortgage 1-4 family owner occupied - jumbo 670 — — 670 860,106 860,776 1-4 family owner occupied - non-jumbo 2,613 1,039 663 4,315 301,015 305,330 1-4 family non-owner occupied 165 — — 165 172,934 173,099 1-4 family - 2nd lien 811 113 93 1,017 116,385 117,402 Resort lending — — 193 193 33,641 33,834 Installment Boat lending 77 66 116 259 267,346 267,605 Recreational vehicle lending 658 250 187 1,095 244,802 245,897 Other 239 95 42 376 100,362 100,738 Total $ 7,348 $ 1,563 $ 1,319 $ 10,230 $ 3,829,735 $ 3,839,965 Accrued interest excluded from total $ 70 $ 14 $ — $ 84 $ 12,958 $ 13,042 December 31, 2023 Commercial Commercial and industrial $ — $ — $ 28 $ 28 $ 810,117 $ 810,145 Commercial real estate — — — — 869,586 869,586 Mortgage 1-4 family owner occupied - jumbo — — 544 544 858,692 859,236 1-4 family owner occupied - non-jumbo 1,763 742 1,431 3,936 297,236 301,172 1-4 family non-owner occupied 215 64 158 437 173,379 173,816 1-4 family - 2nd lien 241 139 215 595 115,437 116,032 Resort lending — 50 143 193 35,423 35,616 Installment Boat lending 320 16 261 597 268,051 268,648 Recreational vehicle lending 414 35 280 729 251,123 251,852 Other 313 86 54 453 104,345 104,798 Total $ 3,266 $ 1,132 $ 3,114 $ 7,512 $ 3,783,389 $ 3,790,901 Accrued interest excluded from total $ 31 $ 17 $ — $ 48 $ 12,452 $ 12,500 |
Loan Ratings by Loan Class | The following tables summarize loan ratings by loan class for our commercial portfolio loan segment at March 31, 2024 and December 31, 2023: Commercial Term Loans Amortized Cost Basis by Origination Year Revolving Total 2024 2023 2022 2021 2020 Prior (In thousands) March 31, 2024 Commercial and industrial Non-watch (1-6) $ 42,708 $ 130,170 $ 146,630 $ 76,745 $ 89,907 $ 119,738 $ 228,570 $ 834,468 Watch (7-8) — 2,380 5,406 2,589 3,285 5,974 4,342 23,976 Substandard Accrual (9) — — — 834 311 — 5,663 6,808 Non-Accrual (10-11) — — — — — 25 — 25 Total $ 42,708 $ 132,550 $ 152,036 $ 80,168 $ 93,503 $ 125,737 $ 238,575 $ 865,277 Accrued interest excluded from total $ 159 $ 378 $ 433 $ 187 $ 438 $ 392 $ 1,212 $ 3,199 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Commercial real estate Non-watch (1-6) $ 20,840 $ 224,288 $ 179,805 $ 120,384 $ 54,477 $ 200,198 $ 61,444 $ 861,436 Watch (7-8) — — — 142 — 8,429 — 8,571 Substandard Accrual (9) — — — — — — — — Non-Accrual (10-11) — — — — — — — — Total $ 20,840 $ 224,288 $ 179,805 $ 120,526 $ 54,477 $ 208,627 $ 61,444 $ 870,007 Accrued interest excluded from total $ 78 $ 562 $ 730 $ 355 $ 156 $ 786 $ 284 $ 2,951 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Total Commercial Non-watch (1-6) $ 63,548 $ 354,458 $ 326,435 $ 197,129 $ 144,384 $ 319,936 $ 290,014 $ 1,695,904 Watch (7-8) — 2,380 5,406 2,731 3,285 14,403 4,342 32,547 Substandard Accrual (9) — — — 834 311 — 5,663 6,808 Non-Accrual (10-11) — — — — — 25 — 25 Total $ 63,548 $ 356,838 $ 331,841 $ 200,694 $ 147,980 $ 334,364 $ 300,019 $ 1,735,284 Accrued interest excluded from total $ 237 $ 940 $ 1,163 $ 542 $ 594 $ 1,178 $ 1,496 $ 6,150 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Term Loans Amortized Cost Basis by Origination Year Revolving Total 2023 2022 2021 2020 2019 Prior (In thousands) December 31, 2023 Commercial and industrial Non-watch (1-6) $ 110,472 $ 152,715 $ 70,081 $ 47,644 $ 42,576 $ 97,960 $ 260,634 $ 782,082 Watch (7-8) 96 5,239 964 2,580 4,173 2,277 11,938 27,267 Substandard Accrual (9) — — 547 — 21 4 196 768 Non-Accrual (10-11) — — — — — 28 — 28 Total $ 110,568 $ 157,954 $ 71,592 $ 50,224 $ 46,770 $ 100,269 $ 272,768 $ 810,145 Accrued interest excluded from total $ 239 $ 438 $ 132 $ 128 $ 120 $ 326 $ 1,327 $ 2,710 Current period gross charge-offs $ — $ — $ — $ — $ — $ 69 $ 25 $ 94 Commercial real estate Non-watch (1-6) $ 202,576 $ 169,230 $ 131,428 $ 29,684 $ 78,706 $ 176,265 $ 73,852 $ 861,741 Watch (7-8) — — — — 2,322 5,523 — 7,845 Substandard Accrual (9) — — — — — — — — Non-Accrual (10-11) — — — — — — — — Total $ 202,576 $ 169,230 $ 131,428 $ 29,684 $ 81,028 $ 181,788 $ 73,852 $ 869,586 Accrued interest excluded from total $ 548 $ 685 $ 431 $ 73 $ 347 $ 661 $ 288 $ 3,033 Current period gross charge-offs $ — $ — $ — $ — $ 960 $ — $ — $ 960 Total Commercial Non-watch (1-6) $ 313,048 $ 321,945 $ 201,509 $ 77,328 $ 121,282 $ 274,225 $ 334,486 $ 1,643,823 Watch (7-8) 96 5,239 964 2,580 6,495 7,800 11,938 35,112 Substandard Accrual (9) — — 547 — 21 4 196 768 Non-Accrual (10-11) — — — — — 28 — 28 Total $ 313,144 $ 327,184 $ 203,020 $ 79,908 $ 127,798 $ 282,057 $ 346,620 $ 1,679,731 Accrued interest excluded from total $ 787 $ 1,123 $ 563 $ 201 $ 467 $ 987 $ 1,615 $ 5,743 Current period gross charge-offs $ — $ — $ — $ — $ 960 $ 69 $ 25 $ 1,054 For each of our mortgage and installment portfolio segment classes, we generally monitor credit quality based on the credit scores of the borrowers. These credit scores are generally updated semi-annually. The following tables summarize credit scores by loan class for our mortgage and installment loan portfolio segments at March 31, 2024 and December 31, 2023: Mortgage (1) Term Loans Amortized Cost Basis by Origination Year Revolving Total 2024 2023 2022 2021 2020 Prior (In thousands) March 31, 2024 1-4 family owner occupied - jumbo 800 and above $ — $ 6,391 $ 30,065 $ 62,291 $ 17,539 $ 13,209 $ 599 $ 130,094 750-799 4,790 45,043 120,167 191,794 61,545 38,406 2,369 464,114 700-749 3,253 14,060 51,988 66,116 24,304 15,851 1,500 177,072 650-699 — 8,802 13,420 24,509 12,867 7,077 505 67,180 600-649 — 1,637 8,464 1,946 502 5,757 — 18,306 550-599 — — — 523 1,900 — — 2,423 500-549 — — — — 917 670 — 1,587 Under 500 — — — — — — — — Unknown — — — — — — — — Total $ 8,043 $ 75,933 $ 224,104 $ 347,179 $ 119,574 $ 80,970 $ 4,973 $ 860,776 Accrued interest excluded from total $ 31 $ 334 $ 692 $ 799 $ 300 $ 275 $ 34 $ 2,465 Current period gross charge-offs $ — $ — $ 22 $ — $ — $ — $ — $ 22 1-4 family owner occupied - non-jumbo 800 and above $ 1,464 $ 2,437 $ 9,867 $ 8,070 $ 5,381 $ 11,442 $ 3,228 $ 41,889 750-799 952 15,202 31,512 21,596 11,516 25,557 8,408 114,743 700-749 3,924 13,565 17,556 11,759 7,731 22,753 4,915 82,203 650-699 7,549 1,898 5,018 4,543 2,507 14,352 1,103 36,970 600-649 — 205 964 1,686 828 7,374 91 11,148 550-599 — 188 661 70 1,691 5,784 65 8,459 500-549 — — — 1,244 993 4,443 — 6,680 Under 500 — — 311 464 280 2,183 — 3,238 Unknown — — — — — — — — Total $ 13,889 $ 33,495 $ 65,889 $ 49,432 $ 30,927 $ 93,888 $ 17,810 $ 305,330 Accrued interest excluded from total $ 21 $ 181 $ 214 $ 128 $ 82 $ 374 $ 146 $ 1,146 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — 1-4 family non-owner occupied 800 and above $ 265 $ 3,140 $ 6,067 $ 12,145 $ 3,341 $ 9,035 $ 631 $ 34,624 750-799 3,056 9,949 16,864 26,806 11,432 19,297 3,443 90,847 700-749 626 3,885 6,802 8,780 4,191 7,248 1,729 33,261 650-699 — 216 1,961 1,823 2,028 3,453 210 9,691 600-649 — — 386 1,437 — 1,333 311 3,467 550-599 — — 61 52 — 821 — 934 500-549 — — — — — 140 — 140 Under 500 — — — — — 135 — 135 Unknown — — — — — — — — Total $ 3,947 $ 17,190 $ 32,141 $ 51,043 $ 20,992 $ 41,462 $ 6,324 $ 173,099 Accrued interest excluded from total $ 13 $ 82 $ 123 $ 149 $ 58 $ 179 $ 51 $ 655 Current period gross charge-offs $ — $ — $ — $ — $ — $ 155 $ — $ 155 Mortgage - continued (1) Term Loans Amortized Cost Basis by Origination Year Revolving Total 2024 2023 2022 2021 2020 Prior (In thousands) March 31, 2024 - continued 1-4 family - 2nd lien 800 and above $ — $ 476 $ 153 $ 697 $ 784 $ 706 $ 9,502 $ 12,318 750-799 276 2,202 3,620 2,536 2,509 3,749 38,095 52,987 700-749 537 1,836 1,493 1,636 726 2,574 25,106 33,908 650-699 — 641 591 221 533 2,246 8,813 13,045 600-649 32 51 141 137 146 631 1,717 2,855 550-599 — — 80 202 39 441 524 1,286 500-549 — — — 11 — 525 280 816 Under 500 — — 18 — — 169 — 187 Unknown — — — — — — — — Total $ 845 $ 5,206 $ 6,096 $ 5,440 $ 4,737 $ 11,041 $ 84,037 $ 117,402 Accrued interest excluded from total $ 4 $ 20 $ 24 $ 13 $ 16 $ 51 $ 669 $ 797 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ 22 $ 22 Resort lending 800 and above $ — $ — $ — $ 98 $ — $ 5,467 $ — $ 5,565 750-799 — 41 814 903 850 12,363 — 14,971 700-749 — — 107 300 111 4,989 — 5,507 650-699 — — — — 314 6,136 — 6,450 600-649 — — — — 48 834 — 882 550-599 — — — — — 265 — 265 500-549 — — — — — 58 — 58 Under 500 — — — — — 136 — 136 Unknown — — — — — — — — Total $ — $ 41 $ 921 $ 1,301 $ 1,323 $ 30,248 $ — $ 33,834 Accrued interest excluded from total $ — $ — $ 4 $ 4 $ 4 $ 147 $ — $ 159 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Total Mortgage 800 and above $ 1,729 $ 12,444 $ 46,152 $ 83,301 $ 27,045 $ 39,859 $ 13,960 $ 224,490 750-799 9,074 72,437 172,977 243,635 87,852 99,372 52,315 737,662 700-749 8,340 33,346 77,946 88,591 37,063 53,415 33,250 331,951 650-699 7,549 11,557 20,990 31,096 18,249 33,264 10,631 133,336 600-649 32 1,893 9,955 5,206 1,524 15,929 2,119 36,658 550-599 — 188 802 847 3,630 7,311 589 13,367 500-549 — — — 1,255 1,910 5,836 280 9,281 Under 500 — — 329 464 280 2,623 — 3,696 Unknown — — — — — — — — Total $ 26,724 $ 131,865 $ 329,151 $ 454,395 $ 177,553 $ 257,609 $ 113,144 $ 1,490,441 Accrued interest excluded from total $ 69 $ 617 $ 1,057 $ 1,093 $ 460 $ 1,026 $ 900 $ 5,222 Current period gross charge-offs $ — $ — $ 22 $ — $ — $ 155 $ 22 $ 199 Mortgage (1) Term Loans Amortized Cost Basis by Origination Year Revolving Total 2023 2022 2021 2020 2019 Prior (In thousands) December 31, 2023 1-4 family owner occupied - jumbo 800 and above $ 6,299 $ 30,789 $ 63,377 $ 17,672 $ 4,503 $ 8,813 $ 1,084 $ 132,537 750-799 42,726 117,454 193,587 61,986 24,288 14,836 1,586 456,463 700-749 14,965 51,991 66,597 25,170 4,738 11,768 1,500 176,729 650-699 11,274 13,804 24,648 12,949 2,142 5,881 — 70,698 600-649 1,638 7,815 2,486 505 3,198 2,592 — 18,234 550-599 — — 527 1,908 — — — 2,435 500-549 — 544 — 923 — 673 — 2,140 Under 500 — — — — — — — — Unknown — — — — — — — — Total $ 76,902 $ 222,397 $ 351,222 $ 121,113 $ 38,869 $ 44,563 $ 4,170 $ 859,236 Accrued interest excluded from total $ 329 $ 669 $ 785 $ 299 $ 107 $ 156 $ 30 $ 2,375 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — 1-4 family owner occupied - non-jumbo 800 and above $ 2,280 $ 10,083 $ 7,780 $ 5,425 $ 2,802 $ 9,130 $ 3,029 $ 40,529 750-799 13,233 32,729 21,664 12,306 5,954 19,852 8,462 114,200 700-749 11,696 18,133 11,661 8,136 3,280 20,042 4,482 77,430 650-699 9,576 5,717 4,606 2,524 2,393 12,369 1,500 38,685 600-649 136 1,334 1,694 833 1,096 6,415 84 11,592 550-599 188 624 71 1,705 557 5,390 65 8,600 500-549 — — 1,335 998 413 4,077 — 6,823 Under 500 — 311 462 272 518 1,750 — 3,313 Unknown — — — — — — — — Total $ 37,109 $ 68,931 $ 49,273 $ 32,199 $ 17,013 $ 79,025 $ 17,622 $ 301,172 Accrued interest excluded from total $ 153 $ 235 $ 119 $ 78 $ 56 $ 331 $ 139 $ 1,111 Current period gross charge-offs $ — $ — $ — $ — $ — $ 29 $ — $ 29 1-4 family non-owner occupied 800 and above $ 2,320 $ 6,026 $ 12,338 $ 3,474 $ 3,048 $ 6,030 $ 1,199 $ 34,435 750-799 10,937 16,635 28,051 11,545 6,709 13,400 3,498 90,775 700-749 3,904 7,013 8,825 4,145 667 6,719 2,095 33,368 650-699 216 1,879 1,844 2,543 197 3,521 277 10,477 600-649 — 388 1,445 — 75 1,226 362 3,496 550-599 — 61 52 — — 873 — 986 500-549 — — — — — 142 — 142 Under 500 — — — — — 137 — 137 Unknown — — — — — — — — Total $ 17,377 $ 32,002 $ 52,555 $ 21,707 $ 10,696 $ 32,048 $ 7,431 $ 173,816 Accrued interest excluded from total $ 77 $ 125 $ 149 $ 60 $ 35 $ 146 $ 62 $ 654 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Mortgage - continued (1) Term Loans Amortized Cost Basis by Origination Year Revolving Total 2023 2022 2021 2020 2019 Prior (In thousands) December 31, 2023 - (continued) 1-4 family - 2nd lien 800 and above $ 537 $ 156 $ 703 $ 389 $ 159 $ 1,153 $ 9,817 $ 12,914 750-799 2,260 2,879 2,359 2,341 898 3,084 38,277 52,098 700-749 1,895 1,243 1,464 324 224 2,348 25,849 33,347 650-699 425 285 182 519 302 1,869 8,945 12,527 600-649 51 107 97 67 37 563 1,886 2,808 550-599 — 80 203 — 157 238 638 1,316 500-549 — — 12 — — 487 331 830 Under 500 — 19 — — 77 61 35 192 Unknown — — — — — — — — Total $ 5,168 $ 4,769 $ 5,020 $ 3,640 $ 1,854 $ 9,803 $ 85,778 $ 116,032 Accrued interest excluded from total $ 19 $ 14 $ 10 $ 7 $ 6 $ 41 $ 707 $ 804 Current period gross charge-offs $ — $ — $ — $ — $ — $ 5 $ — $ 5 Resort lending 800 and above $ — $ — $ 99 $ — $ — $ 5,643 $ — $ 5,742 750-799 41 817 910 858 179 12,649 — 15,454 700-749 — 108 871 111 — 5,439 — 6,529 650-699 — — — 316 — 6,219 — 6,535 600-649 — — — 49 — 844 — 893 550-599 — — — — — 267 — 267 500-549 — — — — — 59 — 59 Under 500 — — — — — 137 — 137 Unknown — — — — — — — — Total $ 41 $ 925 $ 1,880 $ 1,334 $ 179 $ 31,257 $ — $ 35,616 Accrued interest excluded from total $ — $ 4 $ 3 $ 4 $ — $ 142 $ — $ 153 Current period gross charge-offs $ — $ — $ — $ — $ — $ 120 $ — $ 120 Total Mortgage 800 and above $ 11,436 $ 47,054 $ 84,297 $ 26,960 $ 10,512 $ 30,769 $ 15,129 $ 226,157 750-799 69,197 170,514 246,571 89,036 38,028 63,821 51,823 728,990 700-749 32,460 78,488 89,418 37,886 8,909 46,316 33,926 327,403 650-699 21,491 21,685 31,280 18,851 5,034 29,859 10,722 138,922 600-649 1,825 9,644 5,722 1,454 4,406 11,640 2,332 37,023 550-599 188 765 853 3,613 714 6,768 703 13,604 500-549 — 544 1,347 1,921 413 5,438 331 9,994 Under 500 — 330 462 272 595 2,085 35 3,779 Unknown — — — — — — — — Total $ 136,597 $ 329,024 $ 459,950 $ 179,993 $ 68,611 $ 196,696 $ 115,001 $ 1,485,872 Accrued interest excluded from total $ 578 $ 1,047 $ 1,066 $ 448 $ 204 $ 816 $ 938 $ 5,097 Current period gross charge-offs $ — $ — $ — $ — $ — $ 154 $ — $ 154 (1) Credit scores have been updated within the last twelve months. Installment (1) Term Loans Amortized Cost Basis by Origination Year 2024 2023 2022 2021 2020 Prior Total (In thousands) March 31, 2024 Boat lending 800 and above $ 1,393 $ 5,830 $ 7,969 $ 8,052 $ 3,424 $ 11,105 $ 37,773 750-799 6,199 32,477 34,702 28,306 15,499 32,620 149,803 700-749 2,490 14,910 14,676 11,589 4,334 11,499 59,498 650-699 582 3,566 2,783 4,157 1,513 3,878 16,479 600-649 — 279 424 533 262 762 2,260 550-599 — 85 305 225 136 376 1,127 500-549 — — 151 203 96 178 628 Under 500 — — — — — 37 37 Unknown — — — — — — — Total $ 10,664 $ 57,147 $ 61,010 $ 53,065 $ 25,264 $ 60,455 $ 267,605 Accrued interest excluded from total $ 46 $ 208 $ 148 $ 124 $ 60 $ 141 $ 727 Current period gross charge-offs $ — $ — $ 31 $ 8 $ — $ 49 $ 88 Recreational vehicle lending 800 and above $ 522 $ 2,883 $ 10,034 $ 11,068 $ 3,272 $ 8,732 $ 36,511 750-799 2,891 14,566 39,695 37,766 12,142 18,878 125,938 700-749 1,690 6,346 18,112 19,564 5,054 7,718 58,484 650-699 200 2,447 4,990 5,934 1,636 1,952 17,159 600-649 61 699 689 1,545 386 675 4,055 550-599 — 75 300 897 69 494 1,835 500-549 — — 851 319 149 284 1,603 Under 500 — — 107 104 33 68 312 Unknown — — — — — — — Total $ 5,364 $ 27,016 $ 74,778 $ 77,197 $ 22,741 $ 38,801 $ 245,897 Accrued interest excluded from total $ 20 $ 108 $ 198 $ 184 $ 53 $ 88 $ 651 Current period gross charge-offs $ — $ 18 $ 33 $ 21 $ — $ 2 $ 74 Other 800 and above $ 427 $ 1,430 $ 1,527 $ 1,453 $ 783 $ 1,148 $ 6,768 750-799 2,590 10,898 10,151 6,121 3,168 5,271 38,199 700-749 9,882 7,064 5,968 4,543 2,017 3,960 33,434 650-699 9,357 2,521 2,667 1,357 568 1,534 18,004 600-649 72 493 549 358 126 462 2,060 550-599 54 32 278 230 30 189 813 500-549 — 95 241 216 38 77 667 Under 500 — — 87 47 11 91 236 Unknown 557 — — — — — 557 Total $ 22,939 $ 22,533 $ 21,468 $ 14,325 $ 6,741 $ 12,732 $ 100,738 Accrued interest excluded from total $ 26 $ 92 $ 56 $ 32 $ 16 $ 70 $ 292 Current period gross charge-offs $ 358 $ 16 $ 51 $ — $ 2 $ 24 $ 451 Installment (1) Term Loans Amortized Cost Basis by Origination Year 2024 2023 2022 2021 2020 Prior Total (In thousands) March 31, 2024 - continued Total installment 800 and above $ 2,342 $ 10,143 $ 19,530 $ 20,573 $ 7,479 $ 20,985 $ 81,052 750-799 11,680 57,941 84,548 72,193 30,809 56,769 313,940 700-749 14,062 28,320 38,756 35,696 11,405 23,177 151,416 650-699 10,139 8,534 10,440 11,448 3,717 7,364 51,642 600-649 133 1,471 1,662 2,436 774 1,899 8,375 550-599 54 192 883 1,352 235 1,059 3,775 500-549 — 95 1,243 738 283 539 2,898 Under 500 — — 194 151 44 196 585 Unknown 557 — — — — — 557 Total $ 38,967 $ 106,696 $ 157,256 $ 144,587 $ 54,746 $ 111,988 $ 614,240 Accrued interest excluded from total $ 92 $ 408 $ 402 $ 340 $ 129 $ 299 $ 1,670 Current period gross charge-offs $ 358 $ 34 $ 115 $ 29 $ 2 $ 75 $ 613 Installment - continued (1) Term Loans Amortized Cost Basis by Origination Year 2023 2022 2021 2020 2019 Prior Total (In thousands) December 31, 2023 Boat lending 800 and above $ 6,110 $ 8,150 $ 8,250 $ 3,612 $ 4,061 $ 7,665 $ 37,848 750-799 34,174 35,921 29,665 16,329 13,173 21,432 150,694 700-749 15,593 15,042 11,859 4,481 4,757 7,279 59,011 650-699 3,652 3,029 4,277 1,545 1,237 2,842 16,582 600-649 281 432 808 268 171 620 2,580 550-599 85 344 229 139 108 335 1,240 500-549 — 152 207 97 — 198 654 Under 500 — — — — — 39 39 Unknown — — — — — — — Total $ 59,895 $ 63,070 $ 55,295 $ 26,471 $ 23,507 $ 40,410 $ 268,648 Accrued interest excluded from total $ 216 $ 154 $ 132 $ 63 $ 58 $ 91 $ 714 Current period gross charge-offs $ — $ 53 $ — $ — $ 15 $ 53 $ 121 Recreational vehicle lending 800 and above $ 3,168 $ 10,759 $ 11,568 $ 3,484 $ 3,838 $ 5,482 $ 38,299 750-799 15,677 41,037 39,113 13,025 8,415 11,934 129,201 700-749 6,481 18,630 20,161 5,243 3,689 4,460 58,664 650-699 2,524 5,108 6,073 1,706 936 1,157 17,504 600-649 713 724 1,573 394 308 429 4,141 550-599 90 304 973 71 249 383 2,070 500-549 — 880 326 153 136 154 1,649 Under 500 — 108 106 34 70 6 324 Unknown — — — — — — — Total $ 28,653 $ 77,550 $ 79,893 $ 24,110 $ 17,641 $ 24,005 $ 251,852 Accrued interest excluded from total $ 112 $ 201 $ 189 $ 56 $ 44 $ 53 $ 655 Current period gross charge-offs $ 28 $ 122 $ 192 $ 32 $ 81 $ 11 $ 466 Other 800 and above $ 1,599 $ 1,673 $ 1,633 $ 897 $ 582 $ 756 $ 7,140 750-799 11,782 11,017 6,600 3,557 1,622 4,077 38,655 700-749 16,717 6,564 5,013 2,268 1,047 3,361 34,970 650-699 12,483 2,997 1,494 627 266 1,390 19,257 600-649 515 605 395 138 107 410 2,170 550-599 49 329 294 35 53 176 936 500-549 98 260 246 43 31 72 750 Under 500 — 97 65 14 57 38 271 Unknown 649 — — — — — 649 Total $ 43,892 $ 23,542 $ 15,740 $ 7,579 $ 3,765 $ 10,280 $ 104,798 Accrued interest excluded from total $ 101 $ 62 $ 34 $ 17 $ 10 $ 67 $ 291 Current period gross charge-offs $ 1,677 $ 104 $ 44 $ 17 $ 12 $ 147 $ 2,001 Total installment 800 and above $ 10,877 $ 20,582 $ 21,451 $ 7,993 $ 8,481 $ 13,903 $ 83,287 750-799 61,633 87,975 75,378 32,911 23,210 37,443 318,550 700-749 38,791 40,236 37,033 11,992 9,493 15,100 152,645 650-699 18,659 11,134 11,844 3,878 2,439 5,389 53,343 600-649 1,509 1,761 2,776 800 586 1,459 8,891 550-599 224 977 1,496 245 410 894 4,246 500-549 98 1,292 779 293 167 424 3,053 Under 500 — 205 171 48 127 83 634 Unknown 649 — — — — — 649 Total $ 132,440 $ 164,162 $ 150,928 $ 58,160 $ 44,913 $ 74,695 $ 625,298 Accrued interest excluded from total $ 429 $ 417 $ 355 $ 136 $ 112 $ 211 $ 1,660 Current period gross charge-offs $ 1,705 $ 279 $ 236 $ 49 $ 108 $ 211 $ 2,588 (1) Credit scores have been updated within the last twelve months. |
Shareholders' Equity and Earn_2
Shareholders' Equity and Earnings Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | A reconciliation of basic and diluted net income per common share follows: Three Months Ended 2024 2023 (In thousands, except Net income $ 15,991 $ 12,991 Weighted average shares outstanding (1) 20,877 21,104 Stock units for deferred compensation plan for non-employee directors 175 150 Performance share units 25 22 Effect of stock options 3 21 Weighted average shares outstanding for calculation of diluted earnings per share 21,080 21,297 Net income per common share Basic (1) $ 0.77 $ 0.62 Diluted $ 0.76 $ 0.61 (1) Basic net income per common share includes weighted average common shares outstanding during the period and participating share awards. |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments According to Type of Hedge Designation | Our derivative financial instruments according to the type of hedge in which they are designated follows: March 31, 2024 Notional Average Fair (Dollars in thousands) Fair value hedge designation Pay-fixed interest rate swap agreement - commercial $ 5,937 5.1 $ 428 Pay-fixed interest rate swap agreements - securities available for sale 148,895 3.6 16,835 Pay-fixed interest rate swap agreements - installment 100,000 3.2 460 Pay-fixed interest rate swap agreements - mortgage 100,000 4.1 (129) Pay-variable interest rate swap agreements - FHLB Advance 50,000 1.5 (25) Interest rate cap agreements - securities available for sale 40,970 4.1 534 Total $ 445,802 3.4 $ 18,103 Cash flow hedge designation Interest rate floor agreements - commercial $ 250,000 3.0 $ 3,626 No hedge designation Rate-lock mortgage loan commitments $ 25,501 0.1 $ 267 Mandatory commitments to sell mortgage loans 32,798 0.1 (50) Pay-fixed interest rate swap agreements - commercial 402,119 5.9 13,139 Pay-variable interest rate swap agreements - commercial 402,119 5.9 (13,139) Total $ 862,537 5.5 $ 217 December 31, 2023 Notional Average Fair (Dollars in thousands) Fair value hedge designation Pay-fixed interest rate swap agreement - commercial $ 6,033 5.4 $ 349 Pay-fixed interest rate swap agreements - securities available for sale 148,895 3.9 15,287 Pay-fixed interest rate swap agreements - installment 100,000 3.4 (1,228) Pay-fixed interest rate swap agreements - mortgage 100,000 4.3 (2,131) Interest rate cap agreements - securities available for sale 40,970 4.3 456 Total $ 395,898 3.9 $ 12,733 Cash flow hedge designation Interest rate floor agreements - commercial $ 150,000 3.5 $ 4,221 No hedge designation Rate-lock mortgage loan commitments 18,081 0.1 173 Mandatory commitments to sell mortgage loans 30,442 0.1 (279) Pay-fixed interest rate swap agreements - commercial 379,012 5.9 7,169 Pay-variable interest rate swap agreements - commercial 379,012 5.9 (7,169) Total $ 806,547 5.5 $ (106) |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | Fair Values of Derivative Instruments Asset Derivatives Liability Derivatives March 31, December 31, March 31, December 31, Balance Fair Balance Fair Balance Fair Balance Fair (In thousands) Derivatives designated as hedging instruments Pay-fixed interest rate swap agreements Other assets $ 17,964 Other assets $ 15,636 Other liabilities $ 370 Other liabilities $ 3,359 Pay-variable interest rate swap agreements Other assets 2 Other assets — Other liabilities 27 Other liabilities — Interest rate cap agreements Other assets 534 Other assets 456 Other liabilities — Other liabilities — Interest rate floor agreements Other assets 3,626 Other assets 4,221 Other liabilities — Other liabilities — 22,126 20,313 397 3,359 Derivatives not designated as hedging instruments Rate-lock mortgage loan commitments Other assets 267 Other assets 173 Other liabilities — Other liabilities — Mandatory commitments to sell mortgage loans Other assets — Other assets — Other liabilities 50 Other liabilities 279 Pay-fixed interest rate swap agreements - commercial Other assets 16,018 Other assets 12,683 Other liabilities 2,879 Other liabilities 5,514 Pay-variable interest rate swap agreements - commercial Other assets 2,879 Other assets 5,514 Other liabilities 16,018 Other liabilities 12,683 19,164 18,370 18,947 18,476 Total derivatives $ 41,290 $ 38,683 $ 19,344 $ 21,835 |
Derivative Instruments, Gain (Loss) | The effect of derivative financial instruments on the Condensed Consolidated Statements of Operations follows: Loss Recognized in Other Comprehensive Income (Loss) (Effective Portion) Location of Loss Reclassified from Accumulated Other Comprehensive Income (Loss) into Income (Effective Portion) Loss Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion) Gain (Loss) Three Month Three Month Location of Three Month 2024 2023 2024 2023 2024 2023 (In thousands) Fair Value Hedges Pay-fixed interest rate swap agreement - commercial Interest and fees on loans $ 79 $ (101) Pay-fixed interest rate swap agreements - securities available for sale Interest on securities available for sale - tax - exempt 1,548 (2,744) Pay-fixed interest rate swap agreements - Installment Interest and fees on loans 1,688 (421) Pay-fixed interest rate swap agreements - Mortgage Interest and fees on loans 2,002 — Pay-variable interest rate swap agreements - FHLB Advance Interest expense - other borrowings and subordinated debt and debentures (25) — Interest rate cap agreements - securities available for sale $ 38 $ (572) Interest on securities available for sale - tax - exempt $ (54) $ (84) Interest on securities available for sale - tax - exempt 40 51 Interest rate cap agreements - installment — 152 Interest and fees on loans — — Interest and fees on loans — (14) Total $ 38 $ (420) $ (54) $ (84) $ 5,332 $ (3,229) Cash Flow Hedges Interest rate floor agreements - commercial $ (2,267) $ — Interest and fees on loans $ (212) $ — Interest and fees on loans $ (212) $ — No hedge designation Rate-lock mortgage loan commitments Net gains on mortgage loans $ 94 $ 683 Mandatory commitments to sell mortgage loans Net gains on mortgage loans 229 (746) Pay-fixed interest rate swap agreements - commercial Interest income 5,970 $ 5,574 Pay-variable interest rate swap agreements - commercial Interest income (5,970) (5,574) Pay-variable interest rate swap agreement Non-interest expense - other — $ (18) Total $ 323 $ (81) |
Goodwill and Other Intangibles
Goodwill and Other Intangibles (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Acquired Finite-Lived Intangible Assets by Major Class | The following table summarizes intangible assets, net of amortization: March 31, 2024 December 31, 2023 Gross Accumulated Gross Accumulated (In thousands) Amortized intangible assets - core deposits $ 11,916 $ 10,041 $ 11,916 $ 9,912 Unamortized intangible assets - goodwill $ 28,300 $ 28,300 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | A summary of estimated core deposits intangible amortization at March 31, 2024 follows: (In thousands) Nine months ending December 31, 2024 387 2025 487 2026 460 2027 434 2028 107 Total $ 1,875 |
Share Based Compensation (Table
Share Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Restricted Stock and Performance Stock Units Granted | A summary of restricted stock and performance stock units (“PSU”) granted pursuant to our long-term incentive plan follows: Three Months Ended 2024 2023 Restricted stock 80,355 71,346 PSU 18,822 18,790 |
Share-Based Payment Arrangement, Option, Activity | A summary of outstanding stock option grants and related transactions follows: Number of Average Weighted- Aggregated (In thousands) Outstanding at January 1, 2024 11,724 $ 11.73 Granted — — Exercised (5,583) 8.96 Forfeited — — Expired — — Outstanding at March 31, 2024 6,141 $ 14.24 3.0 $ 68 Vested and expected to vest at March 31, 2024 6,141 $ 14.24 3.0 $ 68 Exercisable at March 31, 2024 6,141 $ 14.24 3.0 $ 68 |
Schedule of Nonvested Restricted Stock Units Activity | A summary of outstanding non-vested stock and related transactions follows: Number Weighted- Outstanding at January 1, 2024 269,233 $ 22.93 Granted 99,177 24.51 Vested (91,899) 20.43 Forfeited (587) 23.80 Outstanding at March 31, 2024 275,924 $ 24.33 |
Cash Proceeds Received and Tax Benefit from Share-Based Payment Awards | Certain information regarding options exercised during the periods follows: Three Months Ended 2024 2023 (In thousands) Intrinsic value $ 91 $ 223 Cash proceeds received $ — $ 100 Tax benefit realized $ 19 $ 47 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Regulatory Matters [Abstract] | |
Capital Amounts and Ratios | Our actual capital amounts and ratios follow (1): Actual Minimum for Minimum for Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) March 31, 2024 Total capital to risk-weighted assets Consolidated $ 582,411 13.85 % $ 336,359 8.00 % NA NA Independent Bank 529,972 12.62 336,015 8.00 $ 420,019 10.00 % Tier 1 capital to risk-weighted assets Consolidated $ 489,747 11.65 % $ 252,269 6.00 % NA NA Independent Bank 477,361 11.37 252,011 6.00 $ 336,015 8.00 % Common equity tier 1 capital to risk-weighted assets Consolidated $ 451,226 10.73 % $ 189,202 4.50 % NA NA Independent Bank 477,361 11.37 189,008 4.50 $ 273,012 6.50 % Tier 1 capital to average assets Consolidated $ 489,747 9.29 % $ 210,943 4.00 % NA NA Independent Bank 477,361 9.05 210,909 4.00 $ 263,636 5.00 % December 31, 2023 Total capital to risk-weighted assets Consolidated $ 573,972 13.71 % $ 335,014 8.00 % NA NA Independent Bank 521,374 12.46 334,673 8.00 $ 418,341 10.00 % Tier 1 capital to risk-weighted assets Consolidated $ 481,569 11.50 % $ 251,260 6.00 % NA NA Independent Bank 469,023 11.21 251,005 6.00 $ 334,673 8.00 % Common equity tier 1 capital to risk-weighted assets Consolidated $ 443,065 10.58 % $ 188,445 4.50 % NA NA Independent Bank 469,023 11.21 188,254 4.50 $ 271,922 6.50 % Tier 1 capital to average assets Consolidated $ 481,569 9.03 % $ 213,227 4.00 % NA NA Independent Bank 469,023 8.80 213,180 4.00 $ 266,475 5.00 % _______________________________________ (1) These ratios do not reflect a capital conservation buffer of 2.50% at March 31, 2024 and December 31, 2023. NA - Not applicable |
Regulatory Capital | The components of our regulatory capital are as follows: Consolidated Independent Bank March 31, December 31, March 31, December 31, (In thousands) Total shareholders' equity $ 415,570 $ 404,449 $ 441,705 $ 430,407 Add (deduct) Accumulated other comprehensive (income) loss for regulatory purposes 65,831 66,344 65,831 66,344 Goodwill and other intangibles (30,175) (30,304) (30,175) (30,304) CECL (1) — 2,576 — 2,576 Common equity tier 1 capital 451,226 443,065 477,361 469,023 Qualifying trust preferred securities 38,521 38,504 — — Tier 1 capital 489,747 481,569 477,361 469,023 Subordinated debt 40,000 40,000 — — Allowance for credit losses and allowance for unfunded lending commitments limited to 1.25% of total risk-weighted assets 52,664 52,403 52,611 52,351 Total risk-based capital $ 582,411 $ 573,972 $ 529,972 $ 521,374 (1) We elected the three |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements, Recurring and Nonrecurring | Assets and liabilities measured at fair value, including financial assets for which we have elected the fair value option, were as follows: Fair Value Measurements Using Fair Value Quoted Significant Significant (In thousands) March 31, 2024: Measured at Fair Value on a Recurring Basis Assets Securities available for sale U.S. agency $ 8,925 $ — $ 8,925 $ — U.S. agency residential mortgage-backed 78,495 — 78,495 — U.S. agency commercial mortgage-backed 12,055 — 12,055 — Private label mortgage-backed 84,770 — 84,770 — Other asset backed 64,833 — 64,833 — Obligations of states and political subdivisions 293,216 — 293,216 — Corporate 70,383 — 70,383 — Trust preferred 943 — 943 — Loans held for sale, carried at fair value 8,935 — 8,935 — Capitalized mortgage loan servicing rights 43,577 — — 43,577 Derivatives (1) 41,290 — 41,290 — Liabilities Derivatives (2) 19,344 — 19,344 — Measured at Fair Value on a Non-recurring Basis: Assets Collateral dependent loans (3) Commercial Commercial and industrial 5,035 — — 5,035 Mortgage 1-4 family owner occupied - non-jumbo 441 — — 441 1-4 family - 2nd lien 85 — — 85 Resort lending 125 — — 125 Installment Boat lending 75 — — 75 Recreational vehicle lending 155 — — 155 Other 36 — — 36 ________________________________ (1) Included in accrued income and other assets (2) Included in accrued expenses and other liabilities (3) Only includes individually evaluated loans with specific loss allocations based on collateral value. Fair Value Measurements Using Fair Value Quoted Significant Significant (In thousands) December 31, 2023: Measured at Fair Value on a Recurring Basis Assets Securities available for sale U.S. agency $ 9,507 $ — $ 9,507 $ — U.S. agency residential mortgage-backed 81,217 — 81,217 — U.S. agency commercial mortgage-backed 12,297 — 12,297 — Private label mortgage-backed 86,469 — 86,469 — Other asset backed 112,931 — 112,931 — Obligations of states and political subdivisions 302,737 — 302,737 — Corporate 73,250 — 73,250 — Trust preferred 942 — 942 — Loans held for sale, carried at fair value 12,063 — 12,063 — Capitalized mortgage loan servicing rights 42,243 — — 42,243 Derivatives (1) 38,683 — 38,683 — Liabilities Derivatives (2) 21,835 — 21,835 — Measured at Fair Value on a Non-recurring Basis: Assets Loans held for sale, carried at the lower of cost or fair value — — — — Collateral dependent loans (3) Commercial Commercial and industrial 551 — — 551 Mortgage 1-4 family owner occupied - non-jumbo 732 — — 732 1-4 family non-owner occupied 33 — — 33 1-4 family - 2nd lien 157 — — 157 Resort lending 92 — — 92 Installment Boat lending 192 — — 192 Recreational vehicle lending 196 — — 196 Other 66 — — 66 _________________________________ (1) Included in accrued income and other assets (2) Included in accrued expenses and other liabilities (3) Only includes impaired loans with specific loss allocations based on collateral value. |
Fair Value Option, Disclosures | Changes in fair values for financial assets which we have elected the fair value option for the periods presented were as follows: Changes in Fair Values for the Three Month Periods Ended March 31 for items Measured at Fair Value Pursuant to Election of the Fair Value Option Net Gains Mortgage Total Mortgage (In thousands) 2024 Loans held for sale $ 29 $ — $ 29 Capitalized mortgage loan servicing rights — 506 506 2023 Loans held for sale 1,597 — 1,597 Capitalized mortgage loan servicing rights — (1,496) (1,496) |
Reconciliation for all Assets Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3) | A reconciliation for all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) follows: Capitalized Mortgage Loan Servicing Rights Three Months Ended 2024 2023 (In thousands) Beginning balance $ 42,243 $ 42,489 Total gains (losses) realized and unrealized: Included in results of operations 506 (1,496) Included in other comprehensive loss — — Purchases, issuances, settlements, maturities and calls 828 930 Transfers in and/or out of Level 3 — — Ending balance $ 43,577 $ 41,923 Amount of total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities still held at March 31 $ 506 $ (1,496) |
Fair Value Measurement Inputs and Valuation Techniques (Level 3) | Quantitative information about our Level 3 fair value measurements measured on a recurring basis follows: Asset Valuation Unobservable Range Weighted (In thousands) March 31, 2024 Capitalized mortgage loan servicing rights $ 43,577 Present value of net servicing revenue Discount rate 9.98% to 16.32% 10.30 % Cost to service $69 to $317 $ 78 Ancillary income 20 to 30 20 Float rate 4.27 % Prepayment rate 6.55% to 27.27% 8.46 % December 31, 2023 Capitalized mortgage loan servicing rights $ 42,243 Present value of net servicing revenue Discount rate 10.00% to 14.27% 10.25 % Cost to service $70 to $442 $ 79 Ancillary income 20 to 30 20 Float rate 3.82 % Prepayment rate 6.56% to 26.47% 8.50% Quantitative information about Level 3 fair value measurements measured on a non-recurring basis follows: Asset Valuation Unobservable Range Weighted (In thousands) March 31, 2024 Collateral dependent loans Commercial(1) $ 5,035 Discounting financial statement and machinery and equipment appraised values Discount rates used 28.0% to 50.0% 29.9 % Sales comparison approach Adjustment for differences between comparable sales (18.0)% to 43.0% (2.2) % Mortgage and Installment(2) 917 Sales comparison approach Adjustment for differences between comparable sales (12.7) to 33.3 1.8 December 31, 2023 Collateral dependent loans Commercial $ 551 Sales comparison approach Adjustment for differences between comparable sales (5.0)% to 6.0% (0.4) % Mortgage and Installment(2) 1,468 Sales comparison approach Adjustment for differences between comparable sales (4.1) to 10.5 3.1 (1) $4.1 million of this amount primarily relates to one collateral dependent relationship credit. Collateral securing this relationship primarily included accounts receivable, inventory and machinery and equipment at March 31, 2024. Valuation techniques at March 31, 2024 included discounting financial statement values for accounts receivable and inventory and appraised values for machinery and equipment. (2) In addition to the valuation techniques and unobservable inputs discussed above, at March 31, 2024 and December 31, 2023 certain collateral dependent installment loans totaling approximately $0.27 million and $0.45 million, respectively, are secured by collateral other than real estate. For the majority of these loans, we apply internal discount rates to industry valuation guides. |
Aggregate Fair Value and Aggregate Remaining Contractual Principal Balance for Loans Held for Sale | The following table reflects the difference between the aggregate fair value and the aggregate remaining contractual principal balance outstanding for loans held for sale for which the fair value option has been elected for the periods presented. Aggregate Difference Contractual (In thousands) Loans held for sale March 31, 2024 $ 8,935 $ (32) $ 8,967 December 31, 2023 12,063 (61) 12,124 |
Fair Values of Financial Inst_2
Fair Values of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Values of Financial Instruments [Abstract] | |
Estimated Recorded Book Balances and Fair Values | The estimated recorded book balances and fair values follow: Fair Value Using Recorded Fair Value Quoted Significant Significant (In thousands) March 31, 2024 Assets Cash and due from banks $ 41,646 $ 41,646 $ 41,646 $ — $ — Interest bearing deposits 120,198 120,198 120,198 — — Securities available for sale 613,620 613,620 — 613,620 — Securities held to maturity 349,957 311,013 — 311,013 — Federal Home Loan Bank and Federal Reserve Bank Stock 16,821 NA NA NA NA Net loans and loans held for sale 3,792,587 3,542,984 — 8,935 3,534,049 Accrued interest receivable 18,774 18,774 191 5,541 13,042 Derivative financial instruments 41,290 41,290 — 41,290 — Liabilities Deposits with no stated maturity (1) $ 3,751,701 $ 3,751,701 $ 3,751,701 $ — $ — Deposits with stated maturity (1) 830,713 826,829 — 826,829 — Other borrowings 49,977 49,889 — 49,889 — Subordinated debt 39,529 38,994 — 38,994 — Subordinated debentures 39,745 39,643 — 39,643 — Accrued interest payable 6,501 6,501 479 6,022 — Derivative financial instruments 19,344 19,344 — 19,344 — December 31, 2023 Assets Cash and due from banks $ 68,208 $ 68,208 $ 68,208 $ — $ — Interest bearing deposits 101,573 101,573 101,573 — — Securities available for sale 679,350 679,350 — 679,350 — Securities held to maturity 353,988 318,606 — 318,606 — Federal Home Loan Bank and Federal Reserve Bank Stock 16,821 NA NA NA NA Net loans and loans held for sale 3,748,306 3,453,790 — 12,063 3,441,727 Accrued interest receivable 19,044 19,044 58 6,486 12,500 Derivative financial instruments 38,683 38,683 — 38,683 — Liabilities Deposits with no stated maturity (1) $ 3,704,808 $ 3,704,808 $ 3,704,808 $ — $ — Deposits with stated maturity (1) 918,071 914,404 — 914,404 — Other borrowings 50,026 49,831 — 49,831 — Subordinated debt 39,510 40,352 — 40,352 — Subordinated debentures 39,728 38,103 — 38,103 — Accrued interest payable 6,534 6,534 482 6,052 — Derivative financial instruments 21,835 21,835 — 21,835 — (1) Deposits with no stated maturity include reciprocal deposits with a recorded book balance of $781.645 million and $723.014 million at March 31, 2024 and December 31, 2023, respectively. Deposits with a stated maturity include reciprocal deposits with a recorded book balance of $111.998 million and $109.006 million at March 31, 2024 and December 31, 2023, respectively. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) ("AOCIL") (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | A summary of changes in AOCIL follows: Unrealized Losses on Securities AFS Unrealized Dispropor- Unrealized Gains (Losses) on Derivative Instruments Total (In thousands) For the three months ended March 31, 2024 Balances at beginning of period $ (51,113) $ (15,408) $ (5,798) $ 177 $ (72,142) Other comprehensive income (loss) before reclassifications 1,203 648 — (1,761) 90 Amounts reclassified from AOCIL 213 — — 210 423 Net current period other comprehensive income (loss) 1,416 648 — (1,551) 513 Balances at end of period $ (49,697) $ (14,760) $ (5,798) $ (1,374) $ (71,629) 2023 Balances at beginning of period $ (68,742) $ (18,223) $ (5,798) $ — $ (92,763) Other comprehensive income (loss) before reclassifications 11,370 672 — (331) 11,711 Amounts reclassified from AOCIL 175 — — 66 241 Net current period other comprehensive income (loss) 11,545 672 — (265) 11,952 Balances at end of period $ (57,197) $ (17,551) $ (5,798) $ (265) $ (80,811) (1) Represents the remaining unrealized loss to be accreted on securities that were transferred from AFS to HTM on April 1, 2022. |
Reclassifications Out of Each Component of AOCIL | A summary of reclassifications out of each component of AOCIL for the three months ended March 31 follows: AOCIL Component Amount Affected Line Item in Condensed (In thousands) 2024 Unrealized losses on securities available for sale $ (269) Net gains (losses) on securities available for sale (56) Income tax expense $ (213) Reclassifications, net of tax Unrealized gains (losses) on derivative instruments $ 266 Interest income 56 Income tax expense $ 210 Reclassifications, net of tax $ (423) Total reclassifications for the period, net of tax 2023 Unrealized losses on securities available for sale $ (222) Net gains (losses) on securities available for sale (47) Income tax expense $ (175) Reclassifications, net of tax Unrealized gains (losses) on derivative instruments $ 84 Interest income 18 Income tax expense $ 66 Reclassifications, net of tax $ (241) Total reclassifications for the period, net of tax |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | Disaggregation of our revenue sources by attribute follows: Service Other Interchange Investment Total Three months ending March 31, 2024 (In thousands) Retail Overdraft fees $ 2,189 $ — $ — $ — $ 2,189 Account service charges 573 — — — 573 ATM fees — 383 — — 383 Other — 250 — — 250 Business Overdraft fees 110 — — — 110 ATM fees — 11 — — 11 Other — 104 — — 104 Interchange income — — 3,151 — 3,151 Asset management revenue — — — 493 493 Transaction based revenue — — — 311 311 Total $ 2,872 $ 748 $ 3,151 $ 804 $ 7,575 Reconciliation to Condensed Consolidated Statement of Operations: Non-interest income - other: Other deposit related income $ 748 Investment and insurance commissions 804 Bank owned life insurance (1) 181 Other (1) 985 Total $ 2,718 (1) Excluded from the scope of ASC Topic 606. Service Other Interchange Investment Total Three months ending March 31, 2023 (In thousands) Retail Overdraft fees $ 2,261 $ — $ — $ — $ 2,261 Account service charges 467 — — — 467 ATM fees — 329 — — 329 Other — 247 — — 247 Business Overdraft fees 129 — — — 129 ATM fees — 9 — — 9 Other — 91 — — 91 Interchange income — — 3,205 — 3,205 Asset management revenue — — — 442 442 Transaction based revenue — — — 385 385 Total $ 2,857 $ 676 $ 3,205 $ 827 $ 7,565 Reconciliation to Condensed Consolidated Statement of Operations: Non-interest income - other: Other deposit related income $ 676 Investment and insurance commissions 827 Bank owned life insurance (1) 111 Other (1) 1,115 Total $ 2,729 (1) Excluded from the scope of ASC Topic 606. |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
Lease, Cost | The cost components of our operating leases follows: Three Months Ended 2024 2023 (In thousands) Operating lease cost $ 346 $ 362 Variable lease cost 11 24 Short-term lease cost 24 22 Total $ 381 $ 408 |
Supplemental Balance Sheet Information Related to Operating Leases | Supplemental balance sheet information related to our operating leases follows: March 31, December 31, (Dollars in thousands) Lease right of use asset (1) $ 6,744 $ 4,911 Lease liabilities (2) $ 6,953 $ 5,114 Weighted average remaining lease term (years) 7.63 6.03 Weighted average discount rate 3.6 % 2.7 % (1) Included in Accrued income and other assets (2) Included in Accrued expenses and other liabilities |
Lessee, Operating Lease, Liability, Maturity | Maturity analysis of our lease liabilities at March 31, 2024 based on required contractual payments follows: (In thousands) Nine months ending December 31, 2024 $ 1,001 2025 1,288 2026 1,122 2027 939 2028 916 2029 and thereafter 2,861 Total lease payments 8,127 Less imputed interest (1,174) Total $ 6,953 |
Securities - Securities Availab
Securities - Securities Available for Sale (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Debt Securities, Available-for-Sale [Abstract] | ||
Total securities available-for-sale, amortized cost | $ 676,527 | $ 744,050 |
Unrealized gains | 515 | 464 |
Unrealized losses | 63,422 | 65,164 |
Fair Value | 613,620 | 679,350 |
U.S. agency | ||
Debt Securities, Available-for-Sale [Abstract] | ||
Total securities available-for-sale, amortized cost | 9,770 | 10,299 |
Unrealized gains | 3 | 5 |
Unrealized losses | 848 | 797 |
Fair Value | 8,925 | 9,507 |
U.S. agency residential mortgage-backed | ||
Debt Securities, Available-for-Sale [Abstract] | ||
Total securities available-for-sale, amortized cost | 88,010 | 90,195 |
Unrealized gains | 6 | 3 |
Unrealized losses | 9,521 | 8,981 |
Fair Value | 78,495 | 81,217 |
U.S. agency commercial mortgage-backed | ||
Debt Securities, Available-for-Sale [Abstract] | ||
Total securities available-for-sale, amortized cost | 13,464 | 13,706 |
Unrealized gains | 0 | 0 |
Unrealized losses | 1,409 | 1,409 |
Fair Value | 12,055 | 12,297 |
Private label mortgage-backed | ||
Debt Securities, Available-for-Sale [Abstract] | ||
Total securities available-for-sale, amortized cost | 90,761 | 93,527 |
Unrealized gains | 255 | 249 |
Unrealized losses | 6,246 | 7,307 |
Fair Value | 84,770 | 86,469 |
Other asset backed | ||
Debt Securities, Available-for-Sale [Abstract] | ||
Total securities available-for-sale, amortized cost | 66,083 | 114,867 |
Unrealized gains | 17 | 3 |
Unrealized losses | 1,267 | 1,939 |
Fair Value | 64,833 | 112,931 |
Obligations of states and political subdivisions | ||
Debt Securities, Available-for-Sale [Abstract] | ||
Total securities available-for-sale, amortized cost | 331,399 | 341,177 |
Unrealized gains | 234 | 204 |
Unrealized losses | 38,417 | 38,644 |
Fair Value | 293,216 | 302,737 |
Corporate | ||
Debt Securities, Available-for-Sale [Abstract] | ||
Total securities available-for-sale, amortized cost | 76,056 | 79,296 |
Unrealized gains | 0 | 0 |
Unrealized losses | 5,673 | 6,046 |
Fair Value | 70,383 | 73,250 |
Trust preferred | ||
Debt Securities, Available-for-Sale [Abstract] | ||
Total securities available-for-sale, amortized cost | 984 | 983 |
Unrealized gains | 0 | 0 |
Unrealized losses | 41 | 41 |
Fair Value | $ 943 | $ 942 |
Securities - Securities Held to
Securities - Securities Held to Maturity (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss [Abstract] | ||||
Securities held to maturity | $ 349,957,000 | $ 353,988,000 | ||
Debt securities, held-to-maturity, transferred unrealized loss | 18,683,000 | 19,503,000 | ||
Debt securities, held-to-maturity, allowance for credit loss | 155,000 | 157,000 | $ 160,000 | $ 168,000 |
Total securities held-to-maturity, amortized cost | 368,795,000 | 373,648,000 | ||
Debt securities, held-to-maturity, unrealized gains | 3,000 | 868,000 | ||
Debt securities, held-to-maturity, unrealized losses | 57,785,000 | 55,910,000 | ||
Debt securities, held-to-maturity, fair value | 311,013,000 | 318,606,000 | ||
U.S. agency | ||||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss [Abstract] | ||||
Securities held to maturity | 25,672,000 | 25,768,000 | ||
Debt securities, held-to-maturity, transferred unrealized loss | 1,572,000 | 1,603,000 | ||
Debt securities, held-to-maturity, allowance for credit loss | 0 | 0 | ||
Total securities held-to-maturity, amortized cost | 27,244,000 | 27,371,000 | ||
Debt securities, held-to-maturity, unrealized gains | 0 | 0 | ||
Debt securities, held-to-maturity, unrealized losses | 5,098,000 | 4,892,000 | ||
Debt securities, held-to-maturity, fair value | 22,146,000 | 22,479,000 | ||
U.S. agency residential mortgage-backed | ||||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss [Abstract] | ||||
Securities held to maturity | 107,123,000 | 108,770,000 | ||
Debt securities, held-to-maturity, transferred unrealized loss | 9,477,000 | 9,715,000 | ||
Debt securities, held-to-maturity, allowance for credit loss | 0 | 0 | ||
Total securities held-to-maturity, amortized cost | 116,600,000 | 118,485,000 | ||
Debt securities, held-to-maturity, unrealized gains | 0 | 0 | ||
Debt securities, held-to-maturity, unrealized losses | 25,047,000 | 23,849,000 | ||
Debt securities, held-to-maturity, fair value | 91,553,000 | 94,636,000 | ||
U.S. agency commercial mortgage-backed | ||||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss [Abstract] | ||||
Securities held to maturity | 4,123,000 | 4,146,000 | ||
Debt securities, held-to-maturity, transferred unrealized loss | 142,000 | 153,000 | ||
Debt securities, held-to-maturity, allowance for credit loss | 0 | 0 | ||
Total securities held-to-maturity, amortized cost | 4,265,000 | 4,299,000 | ||
Debt securities, held-to-maturity, unrealized gains | 0 | 0 | ||
Debt securities, held-to-maturity, unrealized losses | 448,000 | 460,000 | ||
Debt securities, held-to-maturity, fair value | 3,817,000 | 3,839,000 | ||
Private label mortgage-backed | ||||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss [Abstract] | ||||
Securities held to maturity | 7,313,000 | 7,302,000 | ||
Debt securities, held-to-maturity, transferred unrealized loss | 274,000 | 302,000 | ||
Debt securities, held-to-maturity, allowance for credit loss | 4,000 | 4,000 | 1,000 | 1,000 |
Total securities held-to-maturity, amortized cost | 7,591,000 | 7,608,000 | ||
Debt securities, held-to-maturity, unrealized gains | 0 | 0 | ||
Debt securities, held-to-maturity, unrealized losses | 804,000 | 854,000 | ||
Debt securities, held-to-maturity, fair value | 6,787,000 | 6,754,000 | ||
Obligations of states and political subdivisions | ||||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss [Abstract] | ||||
Securities held to maturity | 159,010,000 | 161,352,000 | ||
Debt securities, held-to-maturity, transferred unrealized loss | 6,446,000 | 6,879,000 | ||
Debt securities, held-to-maturity, allowance for credit loss | 31,000 | 33,000 | 39,000 | 39,000 |
Total securities held-to-maturity, amortized cost | 165,487,000 | 168,264,000 | ||
Debt securities, held-to-maturity, unrealized gains | 3,000 | 88,000 | ||
Debt securities, held-to-maturity, unrealized losses | 19,680,000 | 18,807,000 | ||
Debt securities, held-to-maturity, fair value | 145,810,000 | 149,545,000 | ||
Corporate | ||||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss [Abstract] | ||||
Securities held to maturity | 45,767,000 | 45,702,000 | ||
Debt securities, held-to-maturity, transferred unrealized loss | 725,000 | 803,000 | ||
Debt securities, held-to-maturity, allowance for credit loss | 116,000 | 116,000 | 116,000 | 123,000 |
Total securities held-to-maturity, amortized cost | 46,608,000 | 46,621,000 | ||
Debt securities, held-to-maturity, unrealized gains | 0 | 780,000 | ||
Debt securities, held-to-maturity, unrealized losses | 6,708,000 | 7,033,000 | ||
Debt securities, held-to-maturity, fair value | 39,900,000 | 40,368,000 | ||
Trust preferred | ||||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss [Abstract] | ||||
Securities held to maturity | 949,000 | 948,000 | ||
Debt securities, held-to-maturity, transferred unrealized loss | 47,000 | 48,000 | ||
Debt securities, held-to-maturity, allowance for credit loss | 4,000 | 4,000 | $ 4,000 | $ 5,000 |
Total securities held-to-maturity, amortized cost | 1,000,000 | 1,000,000 | ||
Debt securities, held-to-maturity, unrealized gains | 0 | 0 | ||
Debt securities, held-to-maturity, unrealized losses | 0 | 15,000 | ||
Debt securities, held-to-maturity, fair value | $ 1,000,000 | $ 985,000 |
Securities - Narrative (Details
Securities - Narrative (Details) | 3 Months Ended | |||
Mar. 31, 2024 USD ($) security | Mar. 31, 2023 USD ($) security | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Marketable Securities [Line Items] | ||||
Debt securities, available-for-sale, allowance for credit loss | $ 0 | $ 0 | $ 0 | |
Debt securities, available-for-sale, accrued interest receivable | 3,600,000 | 4,600,000 | ||
Debt securities, held-to-maturity, accrued interest, after allowance for credit loss | 1,900,000 | 1,800,000 | ||
Debt securities, held-to-maturity, allowance for credit loss | 155,000 | $ 160,000 | 157,000 | $ 168,000 |
Securities HTM, defaulted, number of securities | security | 1 | |||
Securities HTM, provision for credit loss, period increase (decrease) | $ 3,000,000 | |||
Securities HTM charged against the allowance | 0 | 3,000,000 | ||
Proceeds from sale of held-to-maturity securities | $ 1,100,000 | |||
U.S. agency | ||||
Marketable Securities [Line Items] | ||||
Debt securities, available-for-sale, unrealized loss position, number of positions | security | 30 | |||
Debt securities, held-to-maturity, allowance for credit loss | $ 0 | 0 | ||
U.S. agency residential mortgage-backed | ||||
Marketable Securities [Line Items] | ||||
Debt securities, available-for-sale, unrealized loss position, number of positions | security | 159 | |||
Debt securities, held-to-maturity, allowance for credit loss | $ 0 | 0 | ||
U.S. agency commercial mortgage-backed | ||||
Marketable Securities [Line Items] | ||||
Debt securities, available-for-sale, unrealized loss position, number of positions | security | 10 | |||
Debt securities, held-to-maturity, allowance for credit loss | $ 0 | 0 | ||
Private label mortgage-backed | ||||
Marketable Securities [Line Items] | ||||
Debt securities, available-for-sale, unrealized loss position, number of positions | security | 86 | |||
Debt securities, held-to-maturity, allowance for credit loss | $ 4,000 | 1,000 | 4,000 | 1,000 |
Securities HTM charged against the allowance | $ 0 | 0 | ||
Other asset backed | ||||
Marketable Securities [Line Items] | ||||
Debt securities, available-for-sale, unrealized loss position, number of positions | security | 72 | |||
Corporate | ||||
Marketable Securities [Line Items] | ||||
Debt securities, available-for-sale, unrealized loss position, number of positions | security | 75 | |||
Debt securities, held-to-maturity, allowance for credit loss | $ 116,000 | 116,000 | 116,000 | 123,000 |
Securities HTM charged against the allowance | $ 0 | 3,000,000 | ||
Obligations of states and political subdivisions | ||||
Marketable Securities [Line Items] | ||||
Debt securities, available-for-sale, unrealized loss position, number of positions | security | 317 | |||
Debt securities, held-to-maturity, allowance for credit loss | $ 31,000 | 39,000 | $ 33,000 | $ 39,000 |
Securities HTM charged against the allowance | $ 0 | $ 0 | ||
Debt Security, Government, Non-US | ||||
Marketable Securities [Line Items] | ||||
Debt securities, available-for-sale, unrealized loss position, number of positions | security | 1 |
Securities - Available for Sale
Securities - Available for Sale, Gross Unrealized Losses and Fair Values (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items] | ||
Debt securities, available-for-sale, continuous unrealized loss position, fair values, less than 12 months | $ 7,103 | $ 14,487 |
Debt securities, available-for-sale, continuous unrealized loss position, gross unrealized losses, less than 12 months | 54 | 445 |
Debt securities, available-for-sale, continuous unrealized loss position, fair values, 12 months or longer | 594,011 | 652,697 |
Debt securities, available-for-sale, continuous unrealized loss position, gross unrealized losses, 12 months or longer | 63,368 | 64,719 |
Total, fair value | 601,114 | 667,184 |
Total, unrealized losses | 63,422 | 65,164 |
U.S. agency | ||
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items] | ||
Debt securities, available-for-sale, continuous unrealized loss position, fair values, less than 12 months | 182 | 130 |
Debt securities, available-for-sale, continuous unrealized loss position, gross unrealized losses, less than 12 months | 0 | 0 |
Debt securities, available-for-sale, continuous unrealized loss position, fair values, 12 months or longer | 7,981 | 8,453 |
Debt securities, available-for-sale, continuous unrealized loss position, gross unrealized losses, 12 months or longer | 848 | 797 |
Total, fair value | 8,163 | 8,583 |
Total, unrealized losses | 848 | 797 |
U.S. agency residential mortgage-backed | ||
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items] | ||
Debt securities, available-for-sale, continuous unrealized loss position, fair values, less than 12 months | 0 | 358 |
Debt securities, available-for-sale, continuous unrealized loss position, gross unrealized losses, less than 12 months | 0 | 1 |
Debt securities, available-for-sale, continuous unrealized loss position, fair values, 12 months or longer | 76,809 | 80,008 |
Debt securities, available-for-sale, continuous unrealized loss position, gross unrealized losses, 12 months or longer | 9,521 | 8,980 |
Total, fair value | 76,809 | 80,366 |
Total, unrealized losses | 9,521 | 8,981 |
U.S. agency commercial mortgage-backed | ||
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items] | ||
Debt securities, available-for-sale, continuous unrealized loss position, fair values, less than 12 months | 0 | 0 |
Debt securities, available-for-sale, continuous unrealized loss position, gross unrealized losses, less than 12 months | 0 | 0 |
Debt securities, available-for-sale, continuous unrealized loss position, fair values, 12 months or longer | 12,056 | 12,297 |
Debt securities, available-for-sale, continuous unrealized loss position, gross unrealized losses, 12 months or longer | 1,409 | 1,409 |
Total, fair value | 12,056 | 12,297 |
Total, unrealized losses | 1,409 | 1,409 |
Private label mortgage-backed | ||
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items] | ||
Debt securities, available-for-sale, continuous unrealized loss position, fair values, less than 12 months | 3,480 | 6,285 |
Debt securities, available-for-sale, continuous unrealized loss position, gross unrealized losses, less than 12 months | 26 | 356 |
Debt securities, available-for-sale, continuous unrealized loss position, fair values, 12 months or longer | 79,576 | 79,507 |
Debt securities, available-for-sale, continuous unrealized loss position, gross unrealized losses, 12 months or longer | 6,220 | 6,951 |
Total, fair value | 83,056 | 85,792 |
Total, unrealized losses | 6,246 | 7,307 |
Other asset backed | ||
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items] | ||
Debt securities, available-for-sale, continuous unrealized loss position, fair values, less than 12 months | 3,441 | 7,714 |
Debt securities, available-for-sale, continuous unrealized loss position, gross unrealized losses, less than 12 months | 28 | 88 |
Debt securities, available-for-sale, continuous unrealized loss position, fair values, 12 months or longer | 53,048 | 97,203 |
Debt securities, available-for-sale, continuous unrealized loss position, gross unrealized losses, 12 months or longer | 1,239 | 1,851 |
Total, fair value | 56,489 | 104,917 |
Total, unrealized losses | 1,267 | 1,939 |
Obligations of states and political subdivisions | ||
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items] | ||
Debt securities, available-for-sale, continuous unrealized loss position, fair values, less than 12 months | 0 | 0 |
Debt securities, available-for-sale, continuous unrealized loss position, gross unrealized losses, less than 12 months | 0 | 0 |
Debt securities, available-for-sale, continuous unrealized loss position, fair values, 12 months or longer | 293,216 | 301,038 |
Debt securities, available-for-sale, continuous unrealized loss position, gross unrealized losses, 12 months or longer | 38,417 | 38,644 |
Total, fair value | 293,216 | 301,038 |
Total, unrealized losses | 38,417 | 38,644 |
Corporate | ||
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items] | ||
Debt securities, available-for-sale, continuous unrealized loss position, fair values, less than 12 months | 0 | 0 |
Debt securities, available-for-sale, continuous unrealized loss position, gross unrealized losses, less than 12 months | 0 | 0 |
Debt securities, available-for-sale, continuous unrealized loss position, fair values, 12 months or longer | 70,383 | 73,249 |
Debt securities, available-for-sale, continuous unrealized loss position, gross unrealized losses, 12 months or longer | 5,673 | 6,046 |
Total, fair value | 70,383 | 73,249 |
Total, unrealized losses | 5,673 | 6,046 |
Trust preferred | ||
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items] | ||
Debt securities, available-for-sale, continuous unrealized loss position, fair values, less than 12 months | 0 | 0 |
Debt securities, available-for-sale, continuous unrealized loss position, gross unrealized losses, less than 12 months | 0 | 0 |
Debt securities, available-for-sale, continuous unrealized loss position, fair values, 12 months or longer | 942 | 942 |
Debt securities, available-for-sale, continuous unrealized loss position, gross unrealized losses, 12 months or longer | 41 | 41 |
Total, fair value | 942 | 942 |
Total, unrealized losses | $ 41 | $ 41 |
Securities - Held to Maturity,
Securities - Held to Maturity, Credit Quality (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Debt Securities, Held-to-Maturity, Fair Value to Amortized Cost, after Allowance for Credit Loss [Abstract] | ||
Carrying value | $ 349,957 | $ 353,988 |
Private label mortgage-backed | ||
Debt Securities, Held-to-Maturity, Fair Value to Amortized Cost, after Allowance for Credit Loss [Abstract] | ||
Carrying value | 7,313 | 7,302 |
Obligations of states and political subdivisions | ||
Debt Securities, Held-to-Maturity, Fair Value to Amortized Cost, after Allowance for Credit Loss [Abstract] | ||
Carrying value | 159,010 | 161,352 |
Corporate | ||
Debt Securities, Held-to-Maturity, Fair Value to Amortized Cost, after Allowance for Credit Loss [Abstract] | ||
Carrying value | 45,767 | 45,702 |
Trust preferred | ||
Debt Securities, Held-to-Maturity, Fair Value to Amortized Cost, after Allowance for Credit Loss [Abstract] | ||
Carrying value | 949 | 948 |
AAA | ||
Debt Securities, Held-to-Maturity, Fair Value to Amortized Cost, after Allowance for Credit Loss [Abstract] | ||
Carrying value | 43,461 | 43,931 |
AAA | Private label mortgage-backed | ||
Debt Securities, Held-to-Maturity, Fair Value to Amortized Cost, after Allowance for Credit Loss [Abstract] | ||
Carrying value | 7,313 | 7,302 |
AAA | Obligations of states and political subdivisions | ||
Debt Securities, Held-to-Maturity, Fair Value to Amortized Cost, after Allowance for Credit Loss [Abstract] | ||
Carrying value | 36,148 | 36,629 |
AAA | Corporate | ||
Debt Securities, Held-to-Maturity, Fair Value to Amortized Cost, after Allowance for Credit Loss [Abstract] | ||
Carrying value | 0 | 0 |
AAA | Trust preferred | ||
Debt Securities, Held-to-Maturity, Fair Value to Amortized Cost, after Allowance for Credit Loss [Abstract] | ||
Carrying value | 0 | 0 |
AA | ||
Debt Securities, Held-to-Maturity, Fair Value to Amortized Cost, after Allowance for Credit Loss [Abstract] | ||
Carrying value | 102,612 | 102,583 |
AA | Private label mortgage-backed | ||
Debt Securities, Held-to-Maturity, Fair Value to Amortized Cost, after Allowance for Credit Loss [Abstract] | ||
Carrying value | 0 | 0 |
AA | Obligations of states and political subdivisions | ||
Debt Securities, Held-to-Maturity, Fair Value to Amortized Cost, after Allowance for Credit Loss [Abstract] | ||
Carrying value | 102,612 | 102,583 |
AA | Corporate | ||
Debt Securities, Held-to-Maturity, Fair Value to Amortized Cost, after Allowance for Credit Loss [Abstract] | ||
Carrying value | 0 | 0 |
AA | Trust preferred | ||
Debt Securities, Held-to-Maturity, Fair Value to Amortized Cost, after Allowance for Credit Loss [Abstract] | ||
Carrying value | 0 | 0 |
A | ||
Debt Securities, Held-to-Maturity, Fair Value to Amortized Cost, after Allowance for Credit Loss [Abstract] | ||
Carrying value | 10,107 | 10,095 |
A | Private label mortgage-backed | ||
Debt Securities, Held-to-Maturity, Fair Value to Amortized Cost, after Allowance for Credit Loss [Abstract] | ||
Carrying value | 0 | 0 |
A | Obligations of states and political subdivisions | ||
Debt Securities, Held-to-Maturity, Fair Value to Amortized Cost, after Allowance for Credit Loss [Abstract] | ||
Carrying value | 3,177 | 3,172 |
A | Corporate | ||
Debt Securities, Held-to-Maturity, Fair Value to Amortized Cost, after Allowance for Credit Loss [Abstract] | ||
Carrying value | 6,930 | 6,923 |
A | Trust preferred | ||
Debt Securities, Held-to-Maturity, Fair Value to Amortized Cost, after Allowance for Credit Loss [Abstract] | ||
Carrying value | 0 | 0 |
BBB | ||
Debt Securities, Held-to-Maturity, Fair Value to Amortized Cost, after Allowance for Credit Loss [Abstract] | ||
Carrying value | 34,813 | 34,769 |
BBB | Private label mortgage-backed | ||
Debt Securities, Held-to-Maturity, Fair Value to Amortized Cost, after Allowance for Credit Loss [Abstract] | ||
Carrying value | 0 | 0 |
BBB | Obligations of states and political subdivisions | ||
Debt Securities, Held-to-Maturity, Fair Value to Amortized Cost, after Allowance for Credit Loss [Abstract] | ||
Carrying value | 853 | 856 |
BBB | Corporate | ||
Debt Securities, Held-to-Maturity, Fair Value to Amortized Cost, after Allowance for Credit Loss [Abstract] | ||
Carrying value | 33,960 | 33,913 |
BBB | Trust preferred | ||
Debt Securities, Held-to-Maturity, Fair Value to Amortized Cost, after Allowance for Credit Loss [Abstract] | ||
Carrying value | 0 | 0 |
BB | ||
Debt Securities, Held-to-Maturity, Fair Value to Amortized Cost, after Allowance for Credit Loss [Abstract] | ||
Carrying value | 1,948 | 1,943 |
BB | Private label mortgage-backed | ||
Debt Securities, Held-to-Maturity, Fair Value to Amortized Cost, after Allowance for Credit Loss [Abstract] | ||
Carrying value | 0 | 0 |
BB | Obligations of states and political subdivisions | ||
Debt Securities, Held-to-Maturity, Fair Value to Amortized Cost, after Allowance for Credit Loss [Abstract] | ||
Carrying value | 0 | 0 |
BB | Corporate | ||
Debt Securities, Held-to-Maturity, Fair Value to Amortized Cost, after Allowance for Credit Loss [Abstract] | ||
Carrying value | 1,948 | 1,943 |
BB | Trust preferred | ||
Debt Securities, Held-to-Maturity, Fair Value to Amortized Cost, after Allowance for Credit Loss [Abstract] | ||
Carrying value | 0 | 0 |
Non-rated | ||
Debt Securities, Held-to-Maturity, Fair Value to Amortized Cost, after Allowance for Credit Loss [Abstract] | ||
Carrying value | 20,098 | 21,983 |
Non-rated | Private label mortgage-backed | ||
Debt Securities, Held-to-Maturity, Fair Value to Amortized Cost, after Allowance for Credit Loss [Abstract] | ||
Carrying value | 0 | 0 |
Non-rated | Obligations of states and political subdivisions | ||
Debt Securities, Held-to-Maturity, Fair Value to Amortized Cost, after Allowance for Credit Loss [Abstract] | ||
Carrying value | 16,220 | 18,112 |
Non-rated | Corporate | ||
Debt Securities, Held-to-Maturity, Fair Value to Amortized Cost, after Allowance for Credit Loss [Abstract] | ||
Carrying value | 2,929 | 2,923 |
Non-rated | Trust preferred | ||
Debt Securities, Held-to-Maturity, Fair Value to Amortized Cost, after Allowance for Credit Loss [Abstract] | ||
Carrying value | 949 | 948 |
Credit Rated and Non-rated Securities HTM | ||
Debt Securities, Held-to-Maturity, Fair Value to Amortized Cost, after Allowance for Credit Loss [Abstract] | ||
Carrying value | $ 213,039 | $ 215,304 |
Securities - Held-to-Maturity,
Securities - Held-to-Maturity, Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | $ 157 | $ 168 |
Provision for credit losses | (1,127) | 2,992 |
Recoveries credited to the allowance | 1,125 | 0 |
Securities HTM charged against the allowance | 0 | (3,000) |
Balance at end of period | 155 | 160 |
Private label mortgage-backed | ||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | 4 | 1 |
Provision for credit losses | 0 | 0 |
Recoveries credited to the allowance | 0 | 0 |
Securities HTM charged against the allowance | 0 | 0 |
Balance at end of period | 4 | 1 |
Obligations of states and political subdivisions | ||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | 33 | 39 |
Provision for credit losses | (2) | 0 |
Recoveries credited to the allowance | 0 | 0 |
Securities HTM charged against the allowance | 0 | 0 |
Balance at end of period | 31 | 39 |
Corporate | ||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | 116 | 123 |
Provision for credit losses | (1,125) | 2,993 |
Recoveries credited to the allowance | 1,125 | 0 |
Securities HTM charged against the allowance | 0 | (3,000) |
Balance at end of period | 116 | 116 |
Trust preferred | ||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | 4 | 5 |
Provision for credit losses | 0 | (1) |
Recoveries credited to the allowance | 0 | 0 |
Securities HTM charged against the allowance | 0 | 0 |
Balance at end of period | $ 4 | $ 4 |
Securities - Amortized Cost and
Securities - Amortized Cost and Fair Value Securities Available for Sale and Held to Maturity Contractual Maturities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | ||
Debt securities, available-for-sale, amortized cost, maturing within one year | $ 4,614 | |
Debt securities, available-for-sale, amortized cost, maturing after one year but within five years | 158,488 | |
Debt securities, available-for-sale, amortized cost, maturing after five years but within ten years | 53,274 | |
Debt securities, available-for-sale, amortized cost, maturing after ten years | 201,833 | |
Total securities available-for-sale, amortized cost | 418,209 | |
Debt securities, available-for-sale, U.S. agency residential mortgage-backed, without single maturity date, amortized cost basis | 88,010 | |
Debt securities, available-for-sale, government agency, commercial mortgage backed, without single maturity date, amortized cost basis | 13,464 | |
Debt securities, available-for-sale, private label mortgage backed, without single maturity date, amortized cost basis | 90,761 | |
Debt securities, available-for-sale, other asset backed, without single maturity date, amortized cost basis | 66,083 | |
Total securities available-for-sale, amortized cost | 676,527 | $ 744,050 |
Debt Securities, Available-for-Sale, Fair Value, Fiscal Year Maturity [Abstract] | ||
Debt securities, available-for-sale, fair value, maturing within one year | 4,547 | |
Debt securities, available-for-sale, fair value, maturing after one year but within five years | 145,407 | |
Debt securities, available-for-sale, fair value, maturing after five years but within ten years | 46,945 | |
Debt securities, available-for-sale, fair value, maturing after ten years | 176,568 | |
Total securities available-for-sale, fair value | 373,467 | |
Debt securities, available-for-sale, U.S. agency residential mortgage-backed, without single maturity date, fair value | 78,495 | |
Debt securities, available-for-sale, government agency commercial mortgage backed, without single maturity date, fair value | 12,055 | |
Debt securities, available-for-sale, private label mortgage-backed, without single maturity date, fair value | 84,770 | |
Debt securities, available-for-sale, other asset backed, without single maturity date, fair value | 64,833 | |
Total securities available-for-sale, fair value | 613,620 | 679,350 |
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss, Maturity [Abstract] | ||
Debt securities, held-to-maturity, amortized cost, maturing within one year | 4,580 | |
Debt securities, held-to-maturity, amortized cost, maturing after five years but within ten years | 56,080 | |
Debt securities, held-to-maturity, amortized cost, maturing after five years but within ten years | 96,684 | |
Debt securities, held-to-maturity, amortized cost, maturing after ten years | 82,995 | |
Total securities held-to-maturity, amortized cost | 240,339 | |
Debt securities, held-to-maturity, U.S. agency residential mortgage-backed, without single maturity date, amortized cost | 116,600 | |
Debt securities, held-to-maturity, U.S. agency commercial mortgage-backed, without single maturity date, amortized cost | 4,265 | |
Debt securities, held-to-maturity, private label mortgage-backed, without single maturity date, amortized cost | 7,591 | |
Debt securities, held-to-maturity, other asset backed, without single maturity date, amortized cost | 0 | |
Total securities held-to-maturity, amortized cost | 368,795 | 373,648 |
Debt Securities, Held-to-Maturity, Fair Value, Maturity [Abstract] | ||
Debt securities, held-to-maturity, fair value, maturing within one year | 4,571 | |
Debt securities, held-to-maturity, fair value, maturing after one year but within five years | 51,390 | |
Debt securities, held-to-maturity, fair value, maturing after five years but within ten years | 82,065 | |
Debt securities, held-to-maturity, fair value, maturing after ten years | 70,830 | |
Total securities held-to-maturity, fair value | 208,856 | |
Debt securities, held-to-maturity, U.S. agency residential mortgage-backed, without single maturity date, fair value | 91,553 | |
Debt securities, held-to-maturity, U.S. agency commercial mortgage-backed, without single maturity date, fair value | 3,817 | |
Debt securities, held-to-maturity, private label mortgage-backed, without single maturity date, fair value | 6,787 | |
Debt securities, held-to-maturity, other asset backed, without single maturity date, fair value | 0 | |
Total securities held-to-maturity, fair value | $ 311,013 | $ 318,606 |
Securities - Gains and Losses R
Securities - Gains and Losses Realized on Sale of Securities Available for Sale (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Debt Securities, Available-for-Sale, Realized Gain (Loss) [Abstract] | ||
Proceeds from the sale of securities available for sale | $ 37,273 | $ 278 |
Gain on sale of securities available-for-sale | 14 | 0 |
Loss on sale of securities available-for-sale | $ 283 | $ 222 |
Loans - Allowance for Credit Lo
Loans - Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at beginning of period | $ 54,658 | $ 52,435 | $ 52,435 |
Additions (deductions) | |||
Provision for credit losses | 1,871 | (832) | |
Recoveries credited to the allowance | 596 | 578 | |
Loans charged against the allowance | (812) | (1,631) | |
Balance at end of period | 56,313 | 50,550 | 54,658 |
Commercial | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at beginning of period | 16,724 | 13,817 | 13,817 |
Additions (deductions) | |||
Provision for credit losses | 2,194 | 648 | |
Recoveries credited to the allowance | 64 | 28 | |
Loans charged against the allowance | 0 | (960) | (1,054) |
Balance at end of period | 18,982 | 13,533 | 16,724 |
Mortgage | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at beginning of period | 21,386 | 21,633 | 21,633 |
Additions (deductions) | |||
Provision for credit losses | (366) | (1,574) | |
Recoveries credited to the allowance | 82 | 84 | |
Loans charged against the allowance | (199) | (30) | (154) |
Balance at end of period | 20,903 | 20,113 | 21,386 |
Installment | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at beginning of period | 4,126 | 4,290 | 4,290 |
Additions (deductions) | |||
Provision for credit losses | (127) | (61) | |
Recoveries credited to the allowance | 450 | 466 | |
Loans charged against the allowance | (613) | (641) | |
Balance at end of period | 3,836 | 4,054 | 4,126 |
Subjective Allocation | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at beginning of period | 12,422 | 12,695 | 12,695 |
Additions (deductions) | |||
Provision for credit losses | 170 | 155 | |
Recoveries credited to the allowance | 0 | 0 | |
Loans charged against the allowance | 0 | 0 | |
Balance at end of period | $ 12,592 | $ 12,850 | $ 12,422 |
Loans - Receivables Past Due (D
Loans - Receivables Past Due (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Non performing loans [Abstract] | ||
Non- Accrual with no Allowance for Credit Loss | $ 1,439 | $ 1,119 |
Non- Accrual with an Allowance for Credit Loss | 2,251 | 3,681 |
Total Non- Accrual | 3,690 | 4,800 |
90+ and Still Accruing | 0 | 432 |
Accrued interest excluded from total | 13,042 | 12,500 |
Financial Asset, Equal to or Greater than 90 Days Past Due | ||
Non performing loans [Abstract] | ||
Accrued interest excluded from total | 0 | 0 |
Commercial and industrial | ||
Non performing loans [Abstract] | ||
Government guaranteed loans excluded from non-performing loans | 19 | 21 |
1-4 family owner occupied - non-jumbo | ||
Non performing loans [Abstract] | ||
Government guaranteed loans excluded from non-performing loans | 1,646 | 2,170 |
Commercial | ||
Non performing loans [Abstract] | ||
Accrued interest excluded from total | 6,150 | 5,743 |
Commercial | Commercial and industrial | ||
Non performing loans [Abstract] | ||
Non- Accrual with no Allowance for Credit Loss | 0 | 0 |
Non- Accrual with an Allowance for Credit Loss | 6 | 7 |
Total Non- Accrual | 6 | 7 |
90+ and Still Accruing | 0 | 0 |
Accrued interest excluded from total | 3,199 | 2,710 |
Commercial | Commercial real estate | ||
Non performing loans [Abstract] | ||
Non- Accrual with no Allowance for Credit Loss | 0 | 0 |
Non- Accrual with an Allowance for Credit Loss | 0 | 0 |
Total Non- Accrual | 0 | 0 |
90+ and Still Accruing | 0 | 0 |
Accrued interest excluded from total | 2,951 | 3,033 |
Mortgage | ||
Non performing loans [Abstract] | ||
Accrued interest excluded from total | 5,222 | 5,097 |
Mortgage | 1-4 family owner occupied - jumbo | ||
Non performing loans [Abstract] | ||
Non- Accrual with no Allowance for Credit Loss | 0 | 544 |
Non- Accrual with an Allowance for Credit Loss | 0 | 0 |
Total Non- Accrual | 0 | 544 |
90+ and Still Accruing | 0 | 0 |
Accrued interest excluded from total | 2,465 | 2,375 |
Mortgage | 1-4 family owner occupied - non-jumbo | ||
Non performing loans [Abstract] | ||
Non- Accrual with no Allowance for Credit Loss | 1,439 | 575 |
Non- Accrual with an Allowance for Credit Loss | 779 | 1,655 |
Total Non- Accrual | 2,218 | 2,230 |
90+ and Still Accruing | 0 | 432 |
Accrued interest excluded from total | 1,146 | 1,111 |
Mortgage | 1-4 family non-owner occupied | ||
Non performing loans [Abstract] | ||
Non- Accrual with no Allowance for Credit Loss | 0 | 0 |
Non- Accrual with an Allowance for Credit Loss | 119 | 282 |
Total Non- Accrual | 119 | 282 |
90+ and Still Accruing | 0 | 0 |
Accrued interest excluded from total | 655 | 654 |
Mortgage | 1-4 family - 2nd lien | ||
Non performing loans [Abstract] | ||
Non- Accrual with no Allowance for Credit Loss | 0 | 0 |
Non- Accrual with an Allowance for Credit Loss | 444 | 624 |
Total Non- Accrual | 444 | 624 |
90+ and Still Accruing | 0 | 0 |
Accrued interest excluded from total | 797 | 804 |
Mortgage | Resort lending | ||
Non performing loans [Abstract] | ||
Non- Accrual with no Allowance for Credit Loss | 0 | 0 |
Non- Accrual with an Allowance for Credit Loss | 193 | 143 |
Total Non- Accrual | 193 | 143 |
90+ and Still Accruing | 0 | 0 |
Accrued interest excluded from total | 159 | 153 |
Installment | ||
Non performing loans [Abstract] | ||
Accrued interest excluded from total | 1,670 | 1,660 |
Installment | Boat lending | ||
Non performing loans [Abstract] | ||
Non- Accrual with no Allowance for Credit Loss | 0 | 0 |
Non- Accrual with an Allowance for Credit Loss | 187 | 352 |
Total Non- Accrual | 187 | 352 |
90+ and Still Accruing | 0 | 0 |
Accrued interest excluded from total | 727 | 714 |
Installment | Recreational vehicle lending | ||
Non performing loans [Abstract] | ||
Non- Accrual with no Allowance for Credit Loss | 0 | 0 |
Non- Accrual with an Allowance for Credit Loss | 387 | 419 |
Total Non- Accrual | 387 | 419 |
90+ and Still Accruing | 0 | 0 |
Accrued interest excluded from total | 651 | 655 |
Installment | Other | ||
Non performing loans [Abstract] | ||
Non- Accrual with no Allowance for Credit Loss | 0 | 0 |
Non- Accrual with an Allowance for Credit Loss | 136 | 199 |
Total Non- Accrual | 136 | 199 |
90+ and Still Accruing | 0 | 0 |
Accrued interest excluded from total | 292 | 291 |
Non-performing TDR's | ||
Non performing loans [Abstract] | ||
Total Non- Performing Loans | 3,690 | 5,232 |
Accrued interest excluded from total | 0 | 0 |
Non-performing TDR's | Commercial | Commercial and industrial | ||
Non performing loans [Abstract] | ||
Total Non- Performing Loans | 6 | 7 |
Non-performing TDR's | Commercial | Commercial real estate | ||
Non performing loans [Abstract] | ||
Total Non- Performing Loans | 0 | 0 |
Non-performing TDR's | Mortgage | 1-4 family owner occupied - jumbo | ||
Non performing loans [Abstract] | ||
Total Non- Performing Loans | 0 | 544 |
Non-performing TDR's | Mortgage | 1-4 family owner occupied - non-jumbo | ||
Non performing loans [Abstract] | ||
Total Non- Performing Loans | 2,218 | 2,662 |
Non-performing TDR's | Mortgage | 1-4 family non-owner occupied | ||
Non performing loans [Abstract] | ||
Total Non- Performing Loans | 119 | 282 |
Non-performing TDR's | Mortgage | 1-4 family - 2nd lien | ||
Non performing loans [Abstract] | ||
Total Non- Performing Loans | 444 | 624 |
Non-performing TDR's | Mortgage | Resort lending | ||
Non performing loans [Abstract] | ||
Total Non- Performing Loans | 193 | 143 |
Non-performing TDR's | Installment | Boat lending | ||
Non performing loans [Abstract] | ||
Total Non- Performing Loans | 187 | 352 |
Non-performing TDR's | Installment | Recreational vehicle lending | ||
Non performing loans [Abstract] | ||
Total Non- Performing Loans | 387 | 419 |
Non-performing TDR's | Installment | Other | ||
Non performing loans [Abstract] | ||
Total Non- Performing Loans | $ 136 | $ 199 |
Loans - Amortized Cost of Colla
Loans - Amortized Cost of Collateral-dependent Loans by Class (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Past Due [Line Items] | ||||
Financing receivable, before allowance for credit loss | $ 3,839,965 | $ 3,790,901 | ||
Allowance for Credit Losses | 56,313 | 54,658 | $ 50,550 | $ 52,435 |
Accrued interest excluded from total | 13,042 | 12,500 | ||
Real Estate | ||||
Financing Receivable, Past Due [Line Items] | ||||
Financing receivable, before allowance for credit loss | 3,105 | 3,950 | ||
Accrued interest excluded from total | 1 | 1 | ||
Other | ||||
Financing Receivable, Past Due [Line Items] | ||||
Financing receivable, before allowance for credit loss | 6,586 | 934 | ||
Accrued interest excluded from total | 43 | 0 | ||
Allowance for Credit Losses | ||||
Financing Receivable, Past Due [Line Items] | ||||
Allowance for Credit Losses | 2,298 | 1,292 | ||
Commercial | ||||
Financing Receivable, Past Due [Line Items] | ||||
Financing receivable, before allowance for credit loss | 1,735,284 | 1,679,731 | ||
Allowance for Credit Losses | 18,982 | 16,724 | 13,533 | 13,817 |
Accrued interest excluded from total | 6,150 | 5,743 | ||
Commercial | Commercial and industrial | ||||
Financing Receivable, Past Due [Line Items] | ||||
Financing receivable, before allowance for credit loss | 865,277 | 810,145 | ||
Accrued interest excluded from total | 3,199 | 2,710 | ||
Commercial | Commercial and industrial | Real Estate | ||||
Financing Receivable, Past Due [Line Items] | ||||
Financing receivable, before allowance for credit loss | 659 | 565 | ||
Commercial | Commercial and industrial | Other | ||||
Financing Receivable, Past Due [Line Items] | ||||
Financing receivable, before allowance for credit loss | 6,175 | 232 | ||
Commercial | Commercial and industrial | Allowance for Credit Losses | ||||
Financing Receivable, Past Due [Line Items] | ||||
Allowance for Credit Losses | 1,796 | 224 | ||
Commercial | Commercial real estate | ||||
Financing Receivable, Past Due [Line Items] | ||||
Financing receivable, before allowance for credit loss | 870,007 | 869,586 | ||
Accrued interest excluded from total | 2,951 | 3,033 | ||
Commercial | Commercial real estate | Real Estate | ||||
Financing Receivable, Past Due [Line Items] | ||||
Financing receivable, before allowance for credit loss | 0 | 0 | ||
Commercial | Commercial real estate | Other | ||||
Financing Receivable, Past Due [Line Items] | ||||
Financing receivable, before allowance for credit loss | 0 | 0 | ||
Commercial | Commercial real estate | Allowance for Credit Losses | ||||
Financing Receivable, Past Due [Line Items] | ||||
Allowance for Credit Losses | 0 | 0 | ||
Mortgage | ||||
Financing Receivable, Past Due [Line Items] | ||||
Financing receivable, before allowance for credit loss | 1,490,441 | 1,485,872 | ||
Allowance for Credit Losses | 20,903 | 21,386 | 20,113 | 21,633 |
Accrued interest excluded from total | 5,222 | 5,097 | ||
Mortgage | 1-4 family owner occupied - jumbo | ||||
Financing Receivable, Past Due [Line Items] | ||||
Financing receivable, before allowance for credit loss | 860,776 | 859,236 | ||
Accrued interest excluded from total | 2,465 | 2,375 | ||
Mortgage | 1-4 family owner occupied - jumbo | Real Estate | ||||
Financing Receivable, Past Due [Line Items] | ||||
Financing receivable, before allowance for credit loss | 0 | 544 | ||
Mortgage | 1-4 family owner occupied - jumbo | Other | ||||
Financing Receivable, Past Due [Line Items] | ||||
Financing receivable, before allowance for credit loss | 0 | 0 | ||
Mortgage | 1-4 family owner occupied - jumbo | Allowance for Credit Losses | ||||
Financing Receivable, Past Due [Line Items] | ||||
Allowance for Credit Losses | 0 | 0 | ||
Mortgage | 1-4 family owner occupied - non-jumbo | ||||
Financing Receivable, Past Due [Line Items] | ||||
Financing receivable, before allowance for credit loss | 305,330 | 301,172 | ||
Accrued interest excluded from total | 1,146 | 1,111 | ||
Mortgage | 1-4 family owner occupied - non-jumbo | Real Estate | ||||
Financing Receivable, Past Due [Line Items] | ||||
Financing receivable, before allowance for credit loss | 2,122 | 2,243 | ||
Mortgage | 1-4 family owner occupied - non-jumbo | Other | ||||
Financing Receivable, Past Due [Line Items] | ||||
Financing receivable, before allowance for credit loss | 0 | 0 | ||
Mortgage | 1-4 family owner occupied - non-jumbo | Allowance for Credit Losses | ||||
Financing Receivable, Past Due [Line Items] | ||||
Allowance for Credit Losses | 243 | 504 | ||
Mortgage | 1-4 family non-owner occupied | ||||
Financing Receivable, Past Due [Line Items] | ||||
Financing receivable, before allowance for credit loss | 173,099 | 173,816 | ||
Accrued interest excluded from total | 655 | 654 | ||
Mortgage | 1-4 family non-owner occupied | Real Estate | ||||
Financing Receivable, Past Due [Line Items] | ||||
Financing receivable, before allowance for credit loss | 0 | 211 | ||
Mortgage | 1-4 family non-owner occupied | Other | ||||
Financing Receivable, Past Due [Line Items] | ||||
Financing receivable, before allowance for credit loss | 0 | 0 | ||
Mortgage | 1-4 family non-owner occupied | Allowance for Credit Losses | ||||
Financing Receivable, Past Due [Line Items] | ||||
Allowance for Credit Losses | 0 | 178 | ||
Mortgage | 1-4 family - 2nd lien | ||||
Financing Receivable, Past Due [Line Items] | ||||
Financing receivable, before allowance for credit loss | 117,402 | 116,032 | ||
Accrued interest excluded from total | 797 | 804 | ||
Mortgage | 1-4 family - 2nd lien | Real Estate | ||||
Financing Receivable, Past Due [Line Items] | ||||
Financing receivable, before allowance for credit loss | 131 | 244 | ||
Mortgage | 1-4 family - 2nd lien | Other | ||||
Financing Receivable, Past Due [Line Items] | ||||
Financing receivable, before allowance for credit loss | 0 | 0 | ||
Mortgage | 1-4 family - 2nd lien | Allowance for Credit Losses | ||||
Financing Receivable, Past Due [Line Items] | ||||
Allowance for Credit Losses | 46 | 87 | ||
Mortgage | Resort lending | ||||
Financing Receivable, Past Due [Line Items] | ||||
Financing receivable, before allowance for credit loss | 33,834 | 35,616 | ||
Accrued interest excluded from total | 159 | 153 | ||
Mortgage | Resort lending | Real Estate | ||||
Financing Receivable, Past Due [Line Items] | ||||
Financing receivable, before allowance for credit loss | 193 | 143 | ||
Mortgage | Resort lending | Other | ||||
Financing Receivable, Past Due [Line Items] | ||||
Financing receivable, before allowance for credit loss | 0 | 0 | ||
Mortgage | Resort lending | Allowance for Credit Losses | ||||
Financing Receivable, Past Due [Line Items] | ||||
Allowance for Credit Losses | 68 | 51 | ||
Installment | ||||
Financing Receivable, Past Due [Line Items] | ||||
Financing receivable, before allowance for credit loss | 614,240 | 625,298 | ||
Allowance for Credit Losses | 3,836 | 4,126 | $ 4,054 | $ 4,290 |
Accrued interest excluded from total | 1,670 | 1,660 | ||
Installment | Boat lending | ||||
Financing Receivable, Past Due [Line Items] | ||||
Financing receivable, before allowance for credit loss | 267,605 | 268,648 | ||
Accrued interest excluded from total | 727 | 714 | ||
Installment | Boat lending | Real Estate | ||||
Financing Receivable, Past Due [Line Items] | ||||
Financing receivable, before allowance for credit loss | 0 | 0 | ||
Installment | Boat lending | Other | ||||
Financing Receivable, Past Due [Line Items] | ||||
Financing receivable, before allowance for credit loss | 116 | 297 | ||
Installment | Boat lending | Allowance for Credit Losses | ||||
Financing Receivable, Past Due [Line Items] | ||||
Allowance for Credit Losses | 41 | 105 | ||
Installment | Recreational vehicle lending | ||||
Financing Receivable, Past Due [Line Items] | ||||
Financing receivable, before allowance for credit loss | 245,897 | 251,852 | ||
Accrued interest excluded from total | 651 | 655 | ||
Installment | Recreational vehicle lending | Real Estate | ||||
Financing Receivable, Past Due [Line Items] | ||||
Financing receivable, before allowance for credit loss | 0 | 0 | ||
Installment | Recreational vehicle lending | Other | ||||
Financing Receivable, Past Due [Line Items] | ||||
Financing receivable, before allowance for credit loss | 240 | 303 | ||
Installment | Recreational vehicle lending | Allowance for Credit Losses | ||||
Financing Receivable, Past Due [Line Items] | ||||
Allowance for Credit Losses | 85 | 107 | ||
Installment | Other | ||||
Financing Receivable, Past Due [Line Items] | ||||
Financing receivable, before allowance for credit loss | 100,738 | 104,798 | ||
Accrued interest excluded from total | 292 | 291 | ||
Installment | Other | Real Estate | ||||
Financing Receivable, Past Due [Line Items] | ||||
Financing receivable, before allowance for credit loss | 0 | 0 | ||
Installment | Other | Other | ||||
Financing Receivable, Past Due [Line Items] | ||||
Financing receivable, before allowance for credit loss | 55 | 102 | ||
Installment | Other | Allowance for Credit Losses | ||||
Financing Receivable, Past Due [Line Items] | ||||
Allowance for Credit Losses | $ 19 | $ 36 |
Loans - Aging Analysis of Loans
Loans - Aging Analysis of Loans by Class (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Aging analysis of loans by class [Abstract] | ||
Financing receivable, before allowance for credit loss | $ 3,839,965 | $ 3,790,901 |
Accrued interest excluded from total | 13,042 | 12,500 |
Financial asset, past due, total | ||
Aging analysis of loans by class [Abstract] | ||
Financing receivable, before allowance for credit loss | 10,230 | 7,512 |
Accrued interest excluded from total | 84 | 48 |
Financial Asset, 30 to 59 Days Past Due | ||
Aging analysis of loans by class [Abstract] | ||
Financing receivable, before allowance for credit loss | 7,348 | 3,266 |
Accrued interest excluded from total | 70 | 31 |
Financial Asset, 60 to 89 Days Past Due | ||
Aging analysis of loans by class [Abstract] | ||
Financing receivable, before allowance for credit loss | 1,563 | 1,132 |
Accrued interest excluded from total | 14 | 17 |
Financial Asset, Equal to or Greater than 90 Days Past Due | ||
Aging analysis of loans by class [Abstract] | ||
Financing receivable, before allowance for credit loss | 1,319 | 3,114 |
Accrued interest excluded from total | 0 | 0 |
Financial Asset, Not Past Due | ||
Aging analysis of loans by class [Abstract] | ||
Financing receivable, before allowance for credit loss | 3,829,735 | 3,783,389 |
Accrued interest excluded from total | 12,958 | 12,452 |
Commercial | ||
Aging analysis of loans by class [Abstract] | ||
Financing receivable, before allowance for credit loss | 1,735,284 | 1,679,731 |
Accrued interest excluded from total | 6,150 | 5,743 |
Commercial | Commercial and industrial | ||
Aging analysis of loans by class [Abstract] | ||
Financing receivable, before allowance for credit loss | 865,277 | 810,145 |
Accrued interest excluded from total | 3,199 | 2,710 |
Commercial | Commercial and industrial | Financial asset, past due, total | ||
Aging analysis of loans by class [Abstract] | ||
Financing receivable, before allowance for credit loss | 25 | 28 |
Commercial | Commercial and industrial | Financial Asset, 30 to 59 Days Past Due | ||
Aging analysis of loans by class [Abstract] | ||
Financing receivable, before allowance for credit loss | 0 | 0 |
Commercial | Commercial and industrial | Financial Asset, 60 to 89 Days Past Due | ||
Aging analysis of loans by class [Abstract] | ||
Financing receivable, before allowance for credit loss | 0 | 0 |
Commercial | Commercial and industrial | Financial Asset, Equal to or Greater than 90 Days Past Due | ||
Aging analysis of loans by class [Abstract] | ||
Financing receivable, before allowance for credit loss | 25 | 28 |
Commercial | Commercial and industrial | Financial Asset, Not Past Due | ||
Aging analysis of loans by class [Abstract] | ||
Financing receivable, before allowance for credit loss | 865,252 | 810,117 |
Commercial | Commercial real estate | ||
Aging analysis of loans by class [Abstract] | ||
Financing receivable, before allowance for credit loss | 870,007 | 869,586 |
Accrued interest excluded from total | 2,951 | 3,033 |
Commercial | Commercial real estate | Financial asset, past due, total | ||
Aging analysis of loans by class [Abstract] | ||
Financing receivable, before allowance for credit loss | 2,115 | 0 |
Commercial | Commercial real estate | Financial Asset, 30 to 59 Days Past Due | ||
Aging analysis of loans by class [Abstract] | ||
Financing receivable, before allowance for credit loss | 2,115 | 0 |
Commercial | Commercial real estate | Financial Asset, 60 to 89 Days Past Due | ||
Aging analysis of loans by class [Abstract] | ||
Financing receivable, before allowance for credit loss | 0 | 0 |
Commercial | Commercial real estate | Financial Asset, Equal to or Greater than 90 Days Past Due | ||
Aging analysis of loans by class [Abstract] | ||
Financing receivable, before allowance for credit loss | 0 | 0 |
Commercial | Commercial real estate | Financial Asset, Not Past Due | ||
Aging analysis of loans by class [Abstract] | ||
Financing receivable, before allowance for credit loss | 867,892 | 869,586 |
Mortgage | ||
Aging analysis of loans by class [Abstract] | ||
Financing receivable, before allowance for credit loss | 1,490,441 | 1,485,872 |
Accrued interest excluded from total | 5,222 | 5,097 |
Mortgage | 1-4 family owner occupied - jumbo | ||
Aging analysis of loans by class [Abstract] | ||
Financing receivable, before allowance for credit loss | 860,776 | 859,236 |
Accrued interest excluded from total | 2,465 | 2,375 |
Mortgage | 1-4 family owner occupied - jumbo | Financial asset, past due, total | ||
Aging analysis of loans by class [Abstract] | ||
Financing receivable, before allowance for credit loss | 670 | 544 |
Mortgage | 1-4 family owner occupied - jumbo | Financial Asset, 30 to 59 Days Past Due | ||
Aging analysis of loans by class [Abstract] | ||
Financing receivable, before allowance for credit loss | 670 | 0 |
Mortgage | 1-4 family owner occupied - jumbo | Financial Asset, 60 to 89 Days Past Due | ||
Aging analysis of loans by class [Abstract] | ||
Financing receivable, before allowance for credit loss | 0 | 0 |
Mortgage | 1-4 family owner occupied - jumbo | Financial Asset, Equal to or Greater than 90 Days Past Due | ||
Aging analysis of loans by class [Abstract] | ||
Financing receivable, before allowance for credit loss | 0 | 544 |
Mortgage | 1-4 family owner occupied - jumbo | Financial Asset, Not Past Due | ||
Aging analysis of loans by class [Abstract] | ||
Financing receivable, before allowance for credit loss | 860,106 | 858,692 |
Mortgage | 1-4 family owner occupied - non-jumbo | ||
Aging analysis of loans by class [Abstract] | ||
Financing receivable, before allowance for credit loss | 305,330 | 301,172 |
Accrued interest excluded from total | 1,146 | 1,111 |
Mortgage | 1-4 family owner occupied - non-jumbo | Financial asset, past due, total | ||
Aging analysis of loans by class [Abstract] | ||
Financing receivable, before allowance for credit loss | 4,315 | 3,936 |
Mortgage | 1-4 family owner occupied - non-jumbo | Financial Asset, 30 to 59 Days Past Due | ||
Aging analysis of loans by class [Abstract] | ||
Financing receivable, before allowance for credit loss | 2,613 | 1,763 |
Mortgage | 1-4 family owner occupied - non-jumbo | Financial Asset, 60 to 89 Days Past Due | ||
Aging analysis of loans by class [Abstract] | ||
Financing receivable, before allowance for credit loss | 1,039 | 742 |
Mortgage | 1-4 family owner occupied - non-jumbo | Financial Asset, Equal to or Greater than 90 Days Past Due | ||
Aging analysis of loans by class [Abstract] | ||
Financing receivable, before allowance for credit loss | 663 | 1,431 |
Mortgage | 1-4 family owner occupied - non-jumbo | Financial Asset, Not Past Due | ||
Aging analysis of loans by class [Abstract] | ||
Financing receivable, before allowance for credit loss | 301,015 | 297,236 |
Mortgage | 1-4 family non-owner occupied | ||
Aging analysis of loans by class [Abstract] | ||
Financing receivable, before allowance for credit loss | 173,099 | 173,816 |
Accrued interest excluded from total | 655 | 654 |
Mortgage | 1-4 family non-owner occupied | Financial asset, past due, total | ||
Aging analysis of loans by class [Abstract] | ||
Financing receivable, before allowance for credit loss | 165 | 437 |
Mortgage | 1-4 family non-owner occupied | Financial Asset, 30 to 59 Days Past Due | ||
Aging analysis of loans by class [Abstract] | ||
Financing receivable, before allowance for credit loss | 165 | 215 |
Mortgage | 1-4 family non-owner occupied | Financial Asset, 60 to 89 Days Past Due | ||
Aging analysis of loans by class [Abstract] | ||
Financing receivable, before allowance for credit loss | 0 | 64 |
Mortgage | 1-4 family non-owner occupied | Financial Asset, Equal to or Greater than 90 Days Past Due | ||
Aging analysis of loans by class [Abstract] | ||
Financing receivable, before allowance for credit loss | 0 | 158 |
Mortgage | 1-4 family non-owner occupied | Financial Asset, Not Past Due | ||
Aging analysis of loans by class [Abstract] | ||
Financing receivable, before allowance for credit loss | 172,934 | 173,379 |
Mortgage | 1-4 family - 2nd lien | ||
Aging analysis of loans by class [Abstract] | ||
Financing receivable, before allowance for credit loss | 117,402 | 116,032 |
Accrued interest excluded from total | 797 | 804 |
Mortgage | 1-4 family - 2nd lien | Financial asset, past due, total | ||
Aging analysis of loans by class [Abstract] | ||
Financing receivable, before allowance for credit loss | 1,017 | 595 |
Mortgage | 1-4 family - 2nd lien | Financial Asset, 30 to 59 Days Past Due | ||
Aging analysis of loans by class [Abstract] | ||
Financing receivable, before allowance for credit loss | 811 | 241 |
Mortgage | 1-4 family - 2nd lien | Financial Asset, 60 to 89 Days Past Due | ||
Aging analysis of loans by class [Abstract] | ||
Financing receivable, before allowance for credit loss | 113 | 139 |
Mortgage | 1-4 family - 2nd lien | Financial Asset, Equal to or Greater than 90 Days Past Due | ||
Aging analysis of loans by class [Abstract] | ||
Financing receivable, before allowance for credit loss | 93 | 215 |
Mortgage | 1-4 family - 2nd lien | Financial Asset, Not Past Due | ||
Aging analysis of loans by class [Abstract] | ||
Financing receivable, before allowance for credit loss | 116,385 | 115,437 |
Mortgage | Resort lending | ||
Aging analysis of loans by class [Abstract] | ||
Financing receivable, before allowance for credit loss | 33,834 | 35,616 |
Accrued interest excluded from total | 159 | 153 |
Mortgage | Resort lending | Financial asset, past due, total | ||
Aging analysis of loans by class [Abstract] | ||
Financing receivable, before allowance for credit loss | 193 | 193 |
Mortgage | Resort lending | Financial Asset, 30 to 59 Days Past Due | ||
Aging analysis of loans by class [Abstract] | ||
Financing receivable, before allowance for credit loss | 0 | 0 |
Mortgage | Resort lending | Financial Asset, 60 to 89 Days Past Due | ||
Aging analysis of loans by class [Abstract] | ||
Financing receivable, before allowance for credit loss | 0 | 50 |
Mortgage | Resort lending | Financial Asset, Equal to or Greater than 90 Days Past Due | ||
Aging analysis of loans by class [Abstract] | ||
Financing receivable, before allowance for credit loss | 193 | 143 |
Mortgage | Resort lending | Financial Asset, Not Past Due | ||
Aging analysis of loans by class [Abstract] | ||
Financing receivable, before allowance for credit loss | 33,641 | 35,423 |
Installment | ||
Aging analysis of loans by class [Abstract] | ||
Financing receivable, before allowance for credit loss | 614,240 | 625,298 |
Accrued interest excluded from total | 1,670 | 1,660 |
Installment | Boat lending | ||
Aging analysis of loans by class [Abstract] | ||
Financing receivable, before allowance for credit loss | 267,605 | 268,648 |
Accrued interest excluded from total | 727 | 714 |
Installment | Boat lending | Financial asset, past due, total | ||
Aging analysis of loans by class [Abstract] | ||
Financing receivable, before allowance for credit loss | 259 | 597 |
Installment | Boat lending | Financial Asset, 30 to 59 Days Past Due | ||
Aging analysis of loans by class [Abstract] | ||
Financing receivable, before allowance for credit loss | 77 | 320 |
Installment | Boat lending | Financial Asset, 60 to 89 Days Past Due | ||
Aging analysis of loans by class [Abstract] | ||
Financing receivable, before allowance for credit loss | 66 | 16 |
Installment | Boat lending | Financial Asset, Equal to or Greater than 90 Days Past Due | ||
Aging analysis of loans by class [Abstract] | ||
Financing receivable, before allowance for credit loss | 116 | 261 |
Installment | Boat lending | Financial Asset, Not Past Due | ||
Aging analysis of loans by class [Abstract] | ||
Financing receivable, before allowance for credit loss | 267,346 | 268,051 |
Installment | Recreational vehicle lending | ||
Aging analysis of loans by class [Abstract] | ||
Financing receivable, before allowance for credit loss | 245,897 | 251,852 |
Accrued interest excluded from total | 651 | 655 |
Installment | Recreational vehicle lending | Financial asset, past due, total | ||
Aging analysis of loans by class [Abstract] | ||
Financing receivable, before allowance for credit loss | 1,095 | 729 |
Installment | Recreational vehicle lending | Financial Asset, 30 to 59 Days Past Due | ||
Aging analysis of loans by class [Abstract] | ||
Financing receivable, before allowance for credit loss | 658 | 414 |
Installment | Recreational vehicle lending | Financial Asset, 60 to 89 Days Past Due | ||
Aging analysis of loans by class [Abstract] | ||
Financing receivable, before allowance for credit loss | 250 | 35 |
Installment | Recreational vehicle lending | Financial Asset, Equal to or Greater than 90 Days Past Due | ||
Aging analysis of loans by class [Abstract] | ||
Financing receivable, before allowance for credit loss | 187 | 280 |
Installment | Recreational vehicle lending | Financial Asset, Not Past Due | ||
Aging analysis of loans by class [Abstract] | ||
Financing receivable, before allowance for credit loss | 244,802 | 251,123 |
Installment | Other | ||
Aging analysis of loans by class [Abstract] | ||
Financing receivable, before allowance for credit loss | 100,738 | 104,798 |
Accrued interest excluded from total | 292 | 291 |
Installment | Other | Financial asset, past due, total | ||
Aging analysis of loans by class [Abstract] | ||
Financing receivable, before allowance for credit loss | 376 | 453 |
Installment | Other | Financial Asset, 30 to 59 Days Past Due | ||
Aging analysis of loans by class [Abstract] | ||
Financing receivable, before allowance for credit loss | 239 | 313 |
Installment | Other | Financial Asset, 60 to 89 Days Past Due | ||
Aging analysis of loans by class [Abstract] | ||
Financing receivable, before allowance for credit loss | 95 | 86 |
Installment | Other | Financial Asset, Equal to or Greater than 90 Days Past Due | ||
Aging analysis of loans by class [Abstract] | ||
Financing receivable, before allowance for credit loss | 42 | 54 |
Installment | Other | Financial Asset, Not Past Due | ||
Aging analysis of loans by class [Abstract] | ||
Financing receivable, before allowance for credit loss | $ 100,362 | $ 104,345 |
Loans - Narrative (Details)
Loans - Narrative (Details) | 3 Months Ended | ||
Mar. 31, 2024 USD ($) Loan | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Troubled loan modification | $ 0 | ||
Troubled loan modification, term increase | 7 years 2 months 12 days | ||
Troubled loan modification, subsequent default | 0 | ||
Past due period for modified loans | 90 days | ||
Real estate acquired through foreclosure | $ 1,000,000 | $ 600,000 | |
Mortgage loans in process of foreclosure, amount | 100,000 | $ 600,000 | |
Proceeds from the sale of loans held for investment | 6,808,000 | 41,237,000 | |
Mortgage loans | 1,364,000 | 1,256,000 | |
Fixed Rate Residential Mortgage | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Proceeds from the sale of loans held for investment | 6,800,000 | 41,200,000 | |
Mortgage loans | $ 110,000 | $ (160,000) | |
Mortgage | 1-4 family owner occupied - non-jumbo | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Troubled loan modification, number of loans | Loan | 2 | ||
Troubled loan modification | $ 310,000 | ||
Troubled loan modifications to total loans, percentage | 0.10% | ||
Mortgage | 1-4 family - 2nd lien | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Troubled loan modification, number of loans | Loan | 1 | ||
Troubled loan modification | $ 70,000 | ||
Troubled loan modifications to total loans, percentage | 0.10% | ||
Installment | Other | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Troubled loan modification, number of loans | Loan | 1 | ||
Troubled loan modification | $ 10,000 | ||
Troubled loan modifications to total loans, percentage | 0% |
Loans - Loan Ratings by Loan Cl
Loans - Loan Ratings by Loan Class, Commercial (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total loans | $ 3,839,965 | $ 3,790,901 | |
Accrued interest excluded from total | 13,042 | 12,500 | |
Current period gross charge-offs | 812 | $ 1,631 | |
Commercial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing receivable, year one, originated, current fiscal year | 63,548 | 313,144 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 356,838 | 327,184 | |
Financing receivable, year three, originated, two years before current fiscal year | 331,841 | 203,020 | |
Financing receivable, year four, originated, three years before current fiscal year | 200,694 | 79,908 | |
Financing receivable, year five, originated, four years before current fiscal year | 147,980 | 127,798 | |
Financing receivable, originated, more than five years before current fiscal year | 334,364 | 282,057 | |
Revolving Loans Amortized Cost Basis | 300,019 | 346,620 | |
Total loans | 1,735,284 | 1,679,731 | |
Accrued interest, current fiscal year | 237 | 787 | |
Accrued interest, fiscal year before current | 940 | 1,123 | |
Accrued interest, two years before current | 1,163 | 563 | |
Accrued interest, three years before current | 542 | 201 | |
Accrued interest, four years before current | 594 | 467 | |
Accrued interest, more than five years before current fiscal year | 1,178 | 987 | |
Accrued interest, revolving | 1,496 | 1,615 | |
Accrued interest excluded from total | 6,150 | 5,743 | |
Gross charge-offs, current fiscal year | 0 | 0 | |
Gross charge-offs, fiscal year before current | 0 | 0 | |
Gross charge-offs, two years before current | 0 | 0 | |
Gross charge-offs, three years before current | 0 | 0 | |
Gross charge-offs, four years before current | 0 | 960 | |
Gross charge-offs, more than five years before current | 0 | 69 | |
Gross charge-offs, revolving | 0 | 25 | |
Current period gross charge-offs | 0 | $ 960 | 1,054 |
Commercial | Non-watch (1-6) | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing receivable, year one, originated, current fiscal year | 63,548 | 313,048 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 354,458 | 321,945 | |
Financing receivable, year three, originated, two years before current fiscal year | 326,435 | 201,509 | |
Financing receivable, year four, originated, three years before current fiscal year | 197,129 | 77,328 | |
Financing receivable, year five, originated, four years before current fiscal year | 144,384 | 121,282 | |
Financing receivable, originated, more than five years before current fiscal year | 319,936 | 274,225 | |
Revolving Loans Amortized Cost Basis | 290,014 | 334,486 | |
Total loans | 1,695,904 | 1,643,823 | |
Commercial | Watch (7-8) | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing receivable, year one, originated, current fiscal year | 0 | 96 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 2,380 | 5,239 | |
Financing receivable, year three, originated, two years before current fiscal year | 5,406 | 964 | |
Financing receivable, year four, originated, three years before current fiscal year | 2,731 | 2,580 | |
Financing receivable, year five, originated, four years before current fiscal year | 3,285 | 6,495 | |
Financing receivable, originated, more than five years before current fiscal year | 14,403 | 7,800 | |
Revolving Loans Amortized Cost Basis | 4,342 | 11,938 | |
Total loans | 32,547 | 35,112 | |
Commercial | Substandard Accrual (9) | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing receivable, year one, originated, current fiscal year | 0 | 0 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 0 | 0 | |
Financing receivable, year three, originated, two years before current fiscal year | 0 | 547 | |
Financing receivable, year four, originated, three years before current fiscal year | 834 | 0 | |
Financing receivable, year five, originated, four years before current fiscal year | 311 | 21 | |
Financing receivable, originated, more than five years before current fiscal year | 0 | 4 | |
Revolving Loans Amortized Cost Basis | 5,663 | 196 | |
Total loans | 6,808 | 768 | |
Commercial | Non-Accrual (10-11) | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing receivable, year one, originated, current fiscal year | 0 | 0 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 0 | 0 | |
Financing receivable, year three, originated, two years before current fiscal year | 0 | 0 | |
Financing receivable, year four, originated, three years before current fiscal year | 0 | 0 | |
Financing receivable, year five, originated, four years before current fiscal year | 0 | 0 | |
Financing receivable, originated, more than five years before current fiscal year | 25 | 28 | |
Revolving Loans Amortized Cost Basis | 0 | 0 | |
Total loans | 25 | 28 | |
Commercial | Commercial and industrial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing receivable, year one, originated, current fiscal year | 42,708 | 110,568 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 132,550 | 157,954 | |
Financing receivable, year three, originated, two years before current fiscal year | 152,036 | 71,592 | |
Financing receivable, year four, originated, three years before current fiscal year | 80,168 | 50,224 | |
Financing receivable, year five, originated, four years before current fiscal year | 93,503 | 46,770 | |
Financing receivable, originated, more than five years before current fiscal year | 125,737 | 100,269 | |
Revolving Loans Amortized Cost Basis | 238,575 | 272,768 | |
Total loans | 865,277 | 810,145 | |
Accrued interest, current fiscal year | 159 | 239 | |
Accrued interest, fiscal year before current | 378 | 438 | |
Accrued interest, two years before current | 433 | 132 | |
Accrued interest, three years before current | 187 | 128 | |
Accrued interest, four years before current | 438 | 120 | |
Accrued interest, more than five years before current fiscal year | 392 | 326 | |
Accrued interest, revolving | 1,212 | 1,327 | |
Accrued interest excluded from total | 3,199 | 2,710 | |
Gross charge-offs, current fiscal year | 0 | 0 | |
Gross charge-offs, fiscal year before current | 0 | 0 | |
Gross charge-offs, two years before current | 0 | 0 | |
Gross charge-offs, three years before current | 0 | 0 | |
Gross charge-offs, four years before current | 0 | 0 | |
Gross charge-offs, more than five years before current | 0 | 69 | |
Gross charge-offs, revolving | 0 | 25 | |
Current period gross charge-offs | 0 | 94 | |
Commercial | Commercial and industrial | Non-watch (1-6) | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing receivable, year one, originated, current fiscal year | 42,708 | 110,472 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 130,170 | 152,715 | |
Financing receivable, year three, originated, two years before current fiscal year | 146,630 | 70,081 | |
Financing receivable, year four, originated, three years before current fiscal year | 76,745 | 47,644 | |
Financing receivable, year five, originated, four years before current fiscal year | 89,907 | 42,576 | |
Financing receivable, originated, more than five years before current fiscal year | 119,738 | 97,960 | |
Revolving Loans Amortized Cost Basis | 228,570 | 260,634 | |
Total loans | 834,468 | 782,082 | |
Commercial | Commercial and industrial | Watch (7-8) | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing receivable, year one, originated, current fiscal year | 0 | 96 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 2,380 | 5,239 | |
Financing receivable, year three, originated, two years before current fiscal year | 5,406 | 964 | |
Financing receivable, year four, originated, three years before current fiscal year | 2,589 | 2,580 | |
Financing receivable, year five, originated, four years before current fiscal year | 3,285 | 4,173 | |
Financing receivable, originated, more than five years before current fiscal year | 5,974 | 2,277 | |
Revolving Loans Amortized Cost Basis | 4,342 | 11,938 | |
Total loans | 23,976 | 27,267 | |
Commercial | Commercial and industrial | Substandard Accrual (9) | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing receivable, year one, originated, current fiscal year | 0 | 0 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 0 | 0 | |
Financing receivable, year three, originated, two years before current fiscal year | 0 | 547 | |
Financing receivable, year four, originated, three years before current fiscal year | 834 | 0 | |
Financing receivable, year five, originated, four years before current fiscal year | 311 | 21 | |
Financing receivable, originated, more than five years before current fiscal year | 0 | 4 | |
Revolving Loans Amortized Cost Basis | 5,663 | 196 | |
Total loans | 6,808 | 768 | |
Commercial | Commercial and industrial | Non-Accrual (10-11) | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing receivable, year one, originated, current fiscal year | 0 | 0 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 0 | 0 | |
Financing receivable, year three, originated, two years before current fiscal year | 0 | 0 | |
Financing receivable, year four, originated, three years before current fiscal year | 0 | 0 | |
Financing receivable, year five, originated, four years before current fiscal year | 0 | 0 | |
Financing receivable, originated, more than five years before current fiscal year | 25 | 28 | |
Revolving Loans Amortized Cost Basis | 0 | 0 | |
Total loans | 25 | 28 | |
Commercial | Commercial real estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing receivable, year one, originated, current fiscal year | 20,840 | 202,576 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 224,288 | 169,230 | |
Financing receivable, year three, originated, two years before current fiscal year | 179,805 | 131,428 | |
Financing receivable, year four, originated, three years before current fiscal year | 120,526 | 29,684 | |
Financing receivable, year five, originated, four years before current fiscal year | 54,477 | 81,028 | |
Financing receivable, originated, more than five years before current fiscal year | 208,627 | 181,788 | |
Revolving Loans Amortized Cost Basis | 61,444 | 73,852 | |
Total loans | 870,007 | 869,586 | |
Accrued interest, current fiscal year | 78 | 548 | |
Accrued interest, fiscal year before current | 562 | 685 | |
Accrued interest, two years before current | 730 | 431 | |
Accrued interest, three years before current | 355 | 73 | |
Accrued interest, four years before current | 156 | 347 | |
Accrued interest, more than five years before current fiscal year | 786 | 661 | |
Accrued interest, revolving | 284 | 288 | |
Accrued interest excluded from total | 2,951 | 3,033 | |
Gross charge-offs, current fiscal year | 0 | 0 | |
Gross charge-offs, fiscal year before current | 0 | 0 | |
Gross charge-offs, two years before current | 0 | 0 | |
Gross charge-offs, three years before current | 0 | 0 | |
Gross charge-offs, four years before current | 0 | 960 | |
Gross charge-offs, more than five years before current | 0 | 0 | |
Gross charge-offs, revolving | 0 | 0 | |
Current period gross charge-offs | 0 | 960 | |
Commercial | Commercial real estate | Non-watch (1-6) | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing receivable, year one, originated, current fiscal year | 20,840 | 202,576 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 224,288 | 169,230 | |
Financing receivable, year three, originated, two years before current fiscal year | 179,805 | 131,428 | |
Financing receivable, year four, originated, three years before current fiscal year | 120,384 | 29,684 | |
Financing receivable, year five, originated, four years before current fiscal year | 54,477 | 78,706 | |
Financing receivable, originated, more than five years before current fiscal year | 200,198 | 176,265 | |
Revolving Loans Amortized Cost Basis | 61,444 | 73,852 | |
Total loans | 861,436 | 861,741 | |
Commercial | Commercial real estate | Watch (7-8) | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing receivable, year one, originated, current fiscal year | 0 | 0 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 0 | 0 | |
Financing receivable, year three, originated, two years before current fiscal year | 0 | 0 | |
Financing receivable, year four, originated, three years before current fiscal year | 142 | 0 | |
Financing receivable, year five, originated, four years before current fiscal year | 0 | 2,322 | |
Financing receivable, originated, more than five years before current fiscal year | 8,429 | 5,523 | |
Revolving Loans Amortized Cost Basis | 0 | 0 | |
Total loans | 8,571 | 7,845 | |
Commercial | Commercial real estate | Substandard Accrual (9) | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing receivable, year one, originated, current fiscal year | 0 | 0 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 0 | 0 | |
Financing receivable, year three, originated, two years before current fiscal year | 0 | 0 | |
Financing receivable, year four, originated, three years before current fiscal year | 0 | 0 | |
Financing receivable, year five, originated, four years before current fiscal year | 0 | 0 | |
Financing receivable, originated, more than five years before current fiscal year | 0 | 0 | |
Revolving Loans Amortized Cost Basis | 0 | 0 | |
Total loans | 0 | 0 | |
Commercial | Commercial real estate | Non-Accrual (10-11) | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing receivable, year one, originated, current fiscal year | 0 | 0 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 0 | 0 | |
Financing receivable, year three, originated, two years before current fiscal year | 0 | 0 | |
Financing receivable, year four, originated, three years before current fiscal year | 0 | 0 | |
Financing receivable, year five, originated, four years before current fiscal year | 0 | 0 | |
Financing receivable, originated, more than five years before current fiscal year | 0 | 0 | |
Revolving Loans Amortized Cost Basis | 0 | 0 | |
Total loans | $ 0 | $ 0 |
Loans - Credit Scores by Loan C
Loans - Credit Scores by Loan Class, Mortgage and Installment Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Summary of Credit Scores by Loan Class [Abstract] | |||
Financing receivable, before allowance for credit loss | $ 3,839,965 | $ 3,790,901 | |
Accrued interest excluded from total | 13,042 | 12,500 | |
Current period gross charge-offs | 812 | $ 1,631 | |
Mortgage | |||
Summary of Credit Scores by Loan Class [Abstract] | |||
Financing receivable, year one, originated, current fiscal year | 26,724 | 136,597 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 131,865 | 329,024 | |
Financing receivable, year three, originated, two years before current fiscal year | 329,151 | 459,950 | |
Financing receivable, year four, originated, three years before current fiscal year | 454,395 | 179,993 | |
Financing receivable, year five, originated, four years before current fiscal year | 177,553 | 68,611 | |
Financing receivable, originated, more than five years before current fiscal year | 257,609 | 196,696 | |
Revolving Loans Amortized Cost Basis | 113,144 | 115,001 | |
Financing receivable, before allowance for credit loss | 1,490,441 | 1,485,872 | |
Accrued interest, current fiscal year | 69 | 578 | |
Accrued interest, fiscal year before current | 617 | 1,047 | |
Accrued interest, two years before current | 1,057 | 1,066 | |
Accrued interest, three years before current | 1,093 | 448 | |
Accrued interest, four years before current | 460 | 204 | |
Accrued interest, more than five years before current fiscal year | 1,026 | 816 | |
Accrued interest, revolving | 900 | 938 | |
Accrued interest excluded from total | 5,222 | 5,097 | |
Gross charge-offs, current fiscal year | 0 | 0 | |
Gross charge-offs, fiscal year before current | 0 | 0 | |
Gross charge-offs, two years before current | 22 | 0 | |
Gross charge-offs, three years before current | 0 | 0 | |
Gross charge-offs, four years before current | 0 | 0 | |
Gross charge-offs, more than five years before current | 155 | 154 | |
Gross charge-offs, revolving | 22 | 0 | |
Current period gross charge-offs | 199 | 30 | 154 |
Mortgage | 800 and above | |||
Summary of Credit Scores by Loan Class [Abstract] | |||
Financing receivable, year one, originated, current fiscal year | 1,729 | 11,436 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 12,444 | 47,054 | |
Financing receivable, year three, originated, two years before current fiscal year | 46,152 | 84,297 | |
Financing receivable, year four, originated, three years before current fiscal year | 83,301 | 26,960 | |
Financing receivable, year five, originated, four years before current fiscal year | 27,045 | 10,512 | |
Financing receivable, originated, more than five years before current fiscal year | 39,859 | 30,769 | |
Revolving Loans Amortized Cost Basis | 13,960 | 15,129 | |
Financing receivable, before allowance for credit loss | 224,490 | 226,157 | |
Mortgage | 750-799 | |||
Summary of Credit Scores by Loan Class [Abstract] | |||
Financing receivable, year one, originated, current fiscal year | 9,074 | 69,197 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 72,437 | 170,514 | |
Financing receivable, year three, originated, two years before current fiscal year | 172,977 | 246,571 | |
Financing receivable, year four, originated, three years before current fiscal year | 243,635 | 89,036 | |
Financing receivable, year five, originated, four years before current fiscal year | 87,852 | 38,028 | |
Financing receivable, originated, more than five years before current fiscal year | 99,372 | 63,821 | |
Revolving Loans Amortized Cost Basis | 52,315 | 51,823 | |
Financing receivable, before allowance for credit loss | 737,662 | 728,990 | |
Mortgage | 700-749 | |||
Summary of Credit Scores by Loan Class [Abstract] | |||
Financing receivable, year one, originated, current fiscal year | 8,340 | 32,460 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 33,346 | 78,488 | |
Financing receivable, year three, originated, two years before current fiscal year | 77,946 | 89,418 | |
Financing receivable, year four, originated, three years before current fiscal year | 88,591 | 37,886 | |
Financing receivable, year five, originated, four years before current fiscal year | 37,063 | 8,909 | |
Financing receivable, originated, more than five years before current fiscal year | 53,415 | 46,316 | |
Revolving Loans Amortized Cost Basis | 33,250 | 33,926 | |
Financing receivable, before allowance for credit loss | 331,951 | 327,403 | |
Mortgage | 650-699 | |||
Summary of Credit Scores by Loan Class [Abstract] | |||
Financing receivable, year one, originated, current fiscal year | 7,549 | 21,491 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 11,557 | 21,685 | |
Financing receivable, year three, originated, two years before current fiscal year | 20,990 | 31,280 | |
Financing receivable, year four, originated, three years before current fiscal year | 31,096 | 18,851 | |
Financing receivable, year five, originated, four years before current fiscal year | 18,249 | 5,034 | |
Financing receivable, originated, more than five years before current fiscal year | 33,264 | 29,859 | |
Revolving Loans Amortized Cost Basis | 10,631 | 10,722 | |
Financing receivable, before allowance for credit loss | 133,336 | 138,922 | |
Mortgage | 600-649 | |||
Summary of Credit Scores by Loan Class [Abstract] | |||
Financing receivable, year one, originated, current fiscal year | 32 | 1,825 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 1,893 | 9,644 | |
Financing receivable, year three, originated, two years before current fiscal year | 9,955 | 5,722 | |
Financing receivable, year four, originated, three years before current fiscal year | 5,206 | 1,454 | |
Financing receivable, year five, originated, four years before current fiscal year | 1,524 | 4,406 | |
Financing receivable, originated, more than five years before current fiscal year | 15,929 | 11,640 | |
Revolving Loans Amortized Cost Basis | 2,119 | 2,332 | |
Financing receivable, before allowance for credit loss | 36,658 | 37,023 | |
Mortgage | 550-599 | |||
Summary of Credit Scores by Loan Class [Abstract] | |||
Financing receivable, year one, originated, current fiscal year | 0 | 188 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 188 | 765 | |
Financing receivable, year three, originated, two years before current fiscal year | 802 | 853 | |
Financing receivable, year four, originated, three years before current fiscal year | 847 | 3,613 | |
Financing receivable, year five, originated, four years before current fiscal year | 3,630 | 714 | |
Financing receivable, originated, more than five years before current fiscal year | 7,311 | 6,768 | |
Revolving Loans Amortized Cost Basis | 589 | 703 | |
Financing receivable, before allowance for credit loss | 13,367 | 13,604 | |
Mortgage | 500-549 | |||
Summary of Credit Scores by Loan Class [Abstract] | |||
Financing receivable, year one, originated, current fiscal year | 0 | 0 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 0 | 544 | |
Financing receivable, year three, originated, two years before current fiscal year | 0 | 1,347 | |
Financing receivable, year four, originated, three years before current fiscal year | 1,255 | 1,921 | |
Financing receivable, year five, originated, four years before current fiscal year | 1,910 | 413 | |
Financing receivable, originated, more than five years before current fiscal year | 5,836 | 5,438 | |
Revolving Loans Amortized Cost Basis | 280 | 331 | |
Financing receivable, before allowance for credit loss | 9,281 | 9,994 | |
Mortgage | Under 500 | |||
Summary of Credit Scores by Loan Class [Abstract] | |||
Financing receivable, year one, originated, current fiscal year | 0 | 0 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 0 | 330 | |
Financing receivable, year three, originated, two years before current fiscal year | 329 | 462 | |
Financing receivable, year four, originated, three years before current fiscal year | 464 | 272 | |
Financing receivable, year five, originated, four years before current fiscal year | 280 | 595 | |
Financing receivable, originated, more than five years before current fiscal year | 2,623 | 2,085 | |
Revolving Loans Amortized Cost Basis | 0 | 35 | |
Financing receivable, before allowance for credit loss | 3,696 | 3,779 | |
Mortgage | Unknown | |||
Summary of Credit Scores by Loan Class [Abstract] | |||
Financing receivable, year one, originated, current fiscal year | 0 | 0 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 0 | 0 | |
Financing receivable, year three, originated, two years before current fiscal year | 0 | 0 | |
Financing receivable, year four, originated, three years before current fiscal year | 0 | 0 | |
Financing receivable, year five, originated, four years before current fiscal year | 0 | 0 | |
Financing receivable, originated, more than five years before current fiscal year | 0 | 0 | |
Revolving Loans Amortized Cost Basis | 0 | 0 | |
Financing receivable, before allowance for credit loss | 0 | 0 | |
Mortgage | 1-4 family owner occupied - jumbo | |||
Summary of Credit Scores by Loan Class [Abstract] | |||
Financing receivable, year one, originated, current fiscal year | 8,043 | 76,902 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 75,933 | 222,397 | |
Financing receivable, year three, originated, two years before current fiscal year | 224,104 | 351,222 | |
Financing receivable, year four, originated, three years before current fiscal year | 347,179 | 121,113 | |
Financing receivable, year five, originated, four years before current fiscal year | 119,574 | 38,869 | |
Financing receivable, originated, more than five years before current fiscal year | 80,970 | 44,563 | |
Revolving Loans Amortized Cost Basis | 4,973 | 4,170 | |
Financing receivable, before allowance for credit loss | 860,776 | 859,236 | |
Accrued interest, current fiscal year | 31 | 329 | |
Accrued interest, fiscal year before current | 334 | 669 | |
Accrued interest, two years before current | 692 | 785 | |
Accrued interest, three years before current | 799 | 299 | |
Accrued interest, four years before current | 300 | 107 | |
Accrued interest, more than five years before current fiscal year | 275 | 156 | |
Accrued interest, revolving | 34 | 30 | |
Accrued interest excluded from total | 2,465 | 2,375 | |
Gross charge-offs, current fiscal year | 0 | 0 | |
Gross charge-offs, fiscal year before current | 0 | 0 | |
Gross charge-offs, two years before current | 22 | 0 | |
Gross charge-offs, three years before current | 0 | 0 | |
Gross charge-offs, four years before current | 0 | 0 | |
Gross charge-offs, more than five years before current | 0 | 0 | |
Gross charge-offs, revolving | 0 | 0 | |
Current period gross charge-offs | 22 | 0 | |
Mortgage | 1-4 family owner occupied - jumbo | 800 and above | |||
Summary of Credit Scores by Loan Class [Abstract] | |||
Financing receivable, year one, originated, current fiscal year | 0 | 6,299 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 6,391 | 30,789 | |
Financing receivable, year three, originated, two years before current fiscal year | 30,065 | 63,377 | |
Financing receivable, year four, originated, three years before current fiscal year | 62,291 | 17,672 | |
Financing receivable, year five, originated, four years before current fiscal year | 17,539 | 4,503 | |
Financing receivable, originated, more than five years before current fiscal year | 13,209 | 8,813 | |
Revolving Loans Amortized Cost Basis | 599 | 1,084 | |
Financing receivable, before allowance for credit loss | 130,094 | 132,537 | |
Mortgage | 1-4 family owner occupied - jumbo | 750-799 | |||
Summary of Credit Scores by Loan Class [Abstract] | |||
Financing receivable, year one, originated, current fiscal year | 4,790 | 42,726 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 45,043 | 117,454 | |
Financing receivable, year three, originated, two years before current fiscal year | 120,167 | 193,587 | |
Financing receivable, year four, originated, three years before current fiscal year | 191,794 | 61,986 | |
Financing receivable, year five, originated, four years before current fiscal year | 61,545 | 24,288 | |
Financing receivable, originated, more than five years before current fiscal year | 38,406 | 14,836 | |
Revolving Loans Amortized Cost Basis | 2,369 | 1,586 | |
Financing receivable, before allowance for credit loss | 464,114 | 456,463 | |
Mortgage | 1-4 family owner occupied - jumbo | 700-749 | |||
Summary of Credit Scores by Loan Class [Abstract] | |||
Financing receivable, year one, originated, current fiscal year | 3,253 | 14,965 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 14,060 | 51,991 | |
Financing receivable, year three, originated, two years before current fiscal year | 51,988 | 66,597 | |
Financing receivable, year four, originated, three years before current fiscal year | 66,116 | 25,170 | |
Financing receivable, year five, originated, four years before current fiscal year | 24,304 | 4,738 | |
Financing receivable, originated, more than five years before current fiscal year | 15,851 | 11,768 | |
Revolving Loans Amortized Cost Basis | 1,500 | 1,500 | |
Financing receivable, before allowance for credit loss | 177,072 | 176,729 | |
Mortgage | 1-4 family owner occupied - jumbo | 650-699 | |||
Summary of Credit Scores by Loan Class [Abstract] | |||
Financing receivable, year one, originated, current fiscal year | 0 | 11,274 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 8,802 | 13,804 | |
Financing receivable, year three, originated, two years before current fiscal year | 13,420 | 24,648 | |
Financing receivable, year four, originated, three years before current fiscal year | 24,509 | 12,949 | |
Financing receivable, year five, originated, four years before current fiscal year | 12,867 | 2,142 | |
Financing receivable, originated, more than five years before current fiscal year | 7,077 | 5,881 | |
Revolving Loans Amortized Cost Basis | 505 | 0 | |
Financing receivable, before allowance for credit loss | 67,180 | 70,698 | |
Mortgage | 1-4 family owner occupied - jumbo | 600-649 | |||
Summary of Credit Scores by Loan Class [Abstract] | |||
Financing receivable, year one, originated, current fiscal year | 0 | 1,638 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 1,637 | 7,815 | |
Financing receivable, year three, originated, two years before current fiscal year | 8,464 | 2,486 | |
Financing receivable, year four, originated, three years before current fiscal year | 1,946 | 505 | |
Financing receivable, year five, originated, four years before current fiscal year | 502 | 3,198 | |
Financing receivable, originated, more than five years before current fiscal year | 5,757 | 2,592 | |
Revolving Loans Amortized Cost Basis | 0 | 0 | |
Financing receivable, before allowance for credit loss | 18,306 | 18,234 | |
Mortgage | 1-4 family owner occupied - jumbo | 550-599 | |||
Summary of Credit Scores by Loan Class [Abstract] | |||
Financing receivable, year one, originated, current fiscal year | 0 | 0 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 0 | 0 | |
Financing receivable, year three, originated, two years before current fiscal year | 0 | 527 | |
Financing receivable, year four, originated, three years before current fiscal year | 523 | 1,908 | |
Financing receivable, year five, originated, four years before current fiscal year | 1,900 | 0 | |
Financing receivable, originated, more than five years before current fiscal year | 0 | 0 | |
Revolving Loans Amortized Cost Basis | 0 | 0 | |
Financing receivable, before allowance for credit loss | 2,423 | 2,435 | |
Mortgage | 1-4 family owner occupied - jumbo | 500-549 | |||
Summary of Credit Scores by Loan Class [Abstract] | |||
Financing receivable, year one, originated, current fiscal year | 0 | 0 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 0 | 544 | |
Financing receivable, year three, originated, two years before current fiscal year | 0 | 0 | |
Financing receivable, year four, originated, three years before current fiscal year | 0 | 923 | |
Financing receivable, year five, originated, four years before current fiscal year | 917 | 0 | |
Financing receivable, originated, more than five years before current fiscal year | 670 | 673 | |
Revolving Loans Amortized Cost Basis | 0 | 0 | |
Financing receivable, before allowance for credit loss | 1,587 | 2,140 | |
Mortgage | 1-4 family owner occupied - jumbo | Under 500 | |||
Summary of Credit Scores by Loan Class [Abstract] | |||
Financing receivable, year one, originated, current fiscal year | 0 | 0 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 0 | 0 | |
Financing receivable, year three, originated, two years before current fiscal year | 0 | 0 | |
Financing receivable, year four, originated, three years before current fiscal year | 0 | 0 | |
Financing receivable, year five, originated, four years before current fiscal year | 0 | 0 | |
Financing receivable, originated, more than five years before current fiscal year | 0 | 0 | |
Revolving Loans Amortized Cost Basis | 0 | 0 | |
Financing receivable, before allowance for credit loss | 0 | 0 | |
Mortgage | 1-4 family owner occupied - jumbo | Unknown | |||
Summary of Credit Scores by Loan Class [Abstract] | |||
Financing receivable, year one, originated, current fiscal year | 0 | 0 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 0 | 0 | |
Financing receivable, year three, originated, two years before current fiscal year | 0 | 0 | |
Financing receivable, year four, originated, three years before current fiscal year | 0 | 0 | |
Financing receivable, year five, originated, four years before current fiscal year | 0 | 0 | |
Financing receivable, originated, more than five years before current fiscal year | 0 | 0 | |
Revolving Loans Amortized Cost Basis | 0 | 0 | |
Financing receivable, before allowance for credit loss | 0 | 0 | |
Mortgage | 1-4 family owner occupied - non-jumbo | |||
Summary of Credit Scores by Loan Class [Abstract] | |||
Financing receivable, year one, originated, current fiscal year | 13,889 | 37,109 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 33,495 | 68,931 | |
Financing receivable, year three, originated, two years before current fiscal year | 65,889 | 49,273 | |
Financing receivable, year four, originated, three years before current fiscal year | 49,432 | 32,199 | |
Financing receivable, year five, originated, four years before current fiscal year | 30,927 | 17,013 | |
Financing receivable, originated, more than five years before current fiscal year | 93,888 | 79,025 | |
Revolving Loans Amortized Cost Basis | 17,810 | 17,622 | |
Financing receivable, before allowance for credit loss | 305,330 | 301,172 | |
Accrued interest, current fiscal year | 21 | 153 | |
Accrued interest, fiscal year before current | 181 | 235 | |
Accrued interest, two years before current | 214 | 119 | |
Accrued interest, three years before current | 128 | 78 | |
Accrued interest, four years before current | 82 | 56 | |
Accrued interest, more than five years before current fiscal year | 374 | 331 | |
Accrued interest, revolving | 146 | 139 | |
Accrued interest excluded from total | 1,146 | 1,111 | |
Gross charge-offs, current fiscal year | 0 | 0 | |
Gross charge-offs, fiscal year before current | 0 | 0 | |
Gross charge-offs, two years before current | 0 | 0 | |
Gross charge-offs, three years before current | 0 | 0 | |
Gross charge-offs, four years before current | 0 | 0 | |
Gross charge-offs, more than five years before current | 0 | 29 | |
Gross charge-offs, revolving | 0 | 0 | |
Current period gross charge-offs | 0 | 29 | |
Mortgage | 1-4 family owner occupied - non-jumbo | 800 and above | |||
Summary of Credit Scores by Loan Class [Abstract] | |||
Financing receivable, year one, originated, current fiscal year | 1,464 | 2,280 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 2,437 | 10,083 | |
Financing receivable, year three, originated, two years before current fiscal year | 9,867 | 7,780 | |
Financing receivable, year four, originated, three years before current fiscal year | 8,070 | 5,425 | |
Financing receivable, year five, originated, four years before current fiscal year | 5,381 | 2,802 | |
Financing receivable, originated, more than five years before current fiscal year | 11,442 | 9,130 | |
Revolving Loans Amortized Cost Basis | 3,228 | 3,029 | |
Financing receivable, before allowance for credit loss | 41,889 | 40,529 | |
Mortgage | 1-4 family owner occupied - non-jumbo | 750-799 | |||
Summary of Credit Scores by Loan Class [Abstract] | |||
Financing receivable, year one, originated, current fiscal year | 952 | 13,233 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 15,202 | 32,729 | |
Financing receivable, year three, originated, two years before current fiscal year | 31,512 | 21,664 | |
Financing receivable, year four, originated, three years before current fiscal year | 21,596 | 12,306 | |
Financing receivable, year five, originated, four years before current fiscal year | 11,516 | 5,954 | |
Financing receivable, originated, more than five years before current fiscal year | 25,557 | 19,852 | |
Revolving Loans Amortized Cost Basis | 8,408 | 8,462 | |
Financing receivable, before allowance for credit loss | 114,743 | 114,200 | |
Mortgage | 1-4 family owner occupied - non-jumbo | 700-749 | |||
Summary of Credit Scores by Loan Class [Abstract] | |||
Financing receivable, year one, originated, current fiscal year | 3,924 | 11,696 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 13,565 | 18,133 | |
Financing receivable, year three, originated, two years before current fiscal year | 17,556 | 11,661 | |
Financing receivable, year four, originated, three years before current fiscal year | 11,759 | 8,136 | |
Financing receivable, year five, originated, four years before current fiscal year | 7,731 | 3,280 | |
Financing receivable, originated, more than five years before current fiscal year | 22,753 | 20,042 | |
Revolving Loans Amortized Cost Basis | 4,915 | 4,482 | |
Financing receivable, before allowance for credit loss | 82,203 | 77,430 | |
Mortgage | 1-4 family owner occupied - non-jumbo | 650-699 | |||
Summary of Credit Scores by Loan Class [Abstract] | |||
Financing receivable, year one, originated, current fiscal year | 7,549 | 9,576 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 1,898 | 5,717 | |
Financing receivable, year three, originated, two years before current fiscal year | 5,018 | 4,606 | |
Financing receivable, year four, originated, three years before current fiscal year | 4,543 | 2,524 | |
Financing receivable, year five, originated, four years before current fiscal year | 2,507 | 2,393 | |
Financing receivable, originated, more than five years before current fiscal year | 14,352 | 12,369 | |
Revolving Loans Amortized Cost Basis | 1,103 | 1,500 | |
Financing receivable, before allowance for credit loss | 36,970 | 38,685 | |
Mortgage | 1-4 family owner occupied - non-jumbo | 600-649 | |||
Summary of Credit Scores by Loan Class [Abstract] | |||
Financing receivable, year one, originated, current fiscal year | 0 | 136 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 205 | 1,334 | |
Financing receivable, year three, originated, two years before current fiscal year | 964 | 1,694 | |
Financing receivable, year four, originated, three years before current fiscal year | 1,686 | 833 | |
Financing receivable, year five, originated, four years before current fiscal year | 828 | 1,096 | |
Financing receivable, originated, more than five years before current fiscal year | 7,374 | 6,415 | |
Revolving Loans Amortized Cost Basis | 91 | 84 | |
Financing receivable, before allowance for credit loss | 11,148 | 11,592 | |
Mortgage | 1-4 family owner occupied - non-jumbo | 550-599 | |||
Summary of Credit Scores by Loan Class [Abstract] | |||
Financing receivable, year one, originated, current fiscal year | 0 | 188 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 188 | 624 | |
Financing receivable, year three, originated, two years before current fiscal year | 661 | 71 | |
Financing receivable, year four, originated, three years before current fiscal year | 70 | 1,705 | |
Financing receivable, year five, originated, four years before current fiscal year | 1,691 | 557 | |
Financing receivable, originated, more than five years before current fiscal year | 5,784 | 5,390 | |
Revolving Loans Amortized Cost Basis | 65 | 65 | |
Financing receivable, before allowance for credit loss | 8,459 | 8,600 | |
Mortgage | 1-4 family owner occupied - non-jumbo | 500-549 | |||
Summary of Credit Scores by Loan Class [Abstract] | |||
Financing receivable, year one, originated, current fiscal year | 0 | 0 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 0 | 0 | |
Financing receivable, year three, originated, two years before current fiscal year | 0 | 1,335 | |
Financing receivable, year four, originated, three years before current fiscal year | 1,244 | 998 | |
Financing receivable, year five, originated, four years before current fiscal year | 993 | 413 | |
Financing receivable, originated, more than five years before current fiscal year | 4,443 | 4,077 | |
Revolving Loans Amortized Cost Basis | 0 | 0 | |
Financing receivable, before allowance for credit loss | 6,680 | 6,823 | |
Mortgage | 1-4 family owner occupied - non-jumbo | Under 500 | |||
Summary of Credit Scores by Loan Class [Abstract] | |||
Financing receivable, year one, originated, current fiscal year | 0 | 0 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 0 | 311 | |
Financing receivable, year three, originated, two years before current fiscal year | 311 | 462 | |
Financing receivable, year four, originated, three years before current fiscal year | 464 | 272 | |
Financing receivable, year five, originated, four years before current fiscal year | 280 | 518 | |
Financing receivable, originated, more than five years before current fiscal year | 2,183 | 1,750 | |
Revolving Loans Amortized Cost Basis | 0 | 0 | |
Financing receivable, before allowance for credit loss | 3,238 | 3,313 | |
Mortgage | 1-4 family owner occupied - non-jumbo | Unknown | |||
Summary of Credit Scores by Loan Class [Abstract] | |||
Financing receivable, year one, originated, current fiscal year | 0 | 0 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 0 | 0 | |
Financing receivable, year three, originated, two years before current fiscal year | 0 | 0 | |
Financing receivable, year four, originated, three years before current fiscal year | 0 | 0 | |
Financing receivable, year five, originated, four years before current fiscal year | 0 | 0 | |
Financing receivable, originated, more than five years before current fiscal year | 0 | 0 | |
Revolving Loans Amortized Cost Basis | 0 | 0 | |
Financing receivable, before allowance for credit loss | 0 | 0 | |
Mortgage | 1-4 family non-owner occupied | |||
Summary of Credit Scores by Loan Class [Abstract] | |||
Financing receivable, year one, originated, current fiscal year | 3,947 | 17,377 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 17,190 | 32,002 | |
Financing receivable, year three, originated, two years before current fiscal year | 32,141 | 52,555 | |
Financing receivable, year four, originated, three years before current fiscal year | 51,043 | 21,707 | |
Financing receivable, year five, originated, four years before current fiscal year | 20,992 | 10,696 | |
Financing receivable, originated, more than five years before current fiscal year | 41,462 | 32,048 | |
Revolving Loans Amortized Cost Basis | 6,324 | 7,431 | |
Financing receivable, before allowance for credit loss | 173,099 | 173,816 | |
Accrued interest, current fiscal year | 13 | 77 | |
Accrued interest, fiscal year before current | 82 | 125 | |
Accrued interest, two years before current | 123 | 149 | |
Accrued interest, three years before current | 149 | 60 | |
Accrued interest, four years before current | 58 | 35 | |
Accrued interest, more than five years before current fiscal year | 179 | 146 | |
Accrued interest, revolving | 51 | 62 | |
Accrued interest excluded from total | 655 | 654 | |
Gross charge-offs, current fiscal year | 0 | 0 | |
Gross charge-offs, fiscal year before current | 0 | 0 | |
Gross charge-offs, two years before current | 0 | 0 | |
Gross charge-offs, three years before current | 0 | 0 | |
Gross charge-offs, four years before current | 0 | 0 | |
Gross charge-offs, more than five years before current | 155 | 0 | |
Gross charge-offs, revolving | 0 | 0 | |
Current period gross charge-offs | 155 | 0 | |
Mortgage | 1-4 family non-owner occupied | 800 and above | |||
Summary of Credit Scores by Loan Class [Abstract] | |||
Financing receivable, year one, originated, current fiscal year | 265 | 2,320 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 3,140 | 6,026 | |
Financing receivable, year three, originated, two years before current fiscal year | 6,067 | 12,338 | |
Financing receivable, year four, originated, three years before current fiscal year | 12,145 | 3,474 | |
Financing receivable, year five, originated, four years before current fiscal year | 3,341 | 3,048 | |
Financing receivable, originated, more than five years before current fiscal year | 9,035 | 6,030 | |
Revolving Loans Amortized Cost Basis | 631 | 1,199 | |
Financing receivable, before allowance for credit loss | 34,624 | 34,435 | |
Mortgage | 1-4 family non-owner occupied | 750-799 | |||
Summary of Credit Scores by Loan Class [Abstract] | |||
Financing receivable, year one, originated, current fiscal year | 3,056 | 10,937 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 9,949 | 16,635 | |
Financing receivable, year three, originated, two years before current fiscal year | 16,864 | 28,051 | |
Financing receivable, year four, originated, three years before current fiscal year | 26,806 | 11,545 | |
Financing receivable, year five, originated, four years before current fiscal year | 11,432 | 6,709 | |
Financing receivable, originated, more than five years before current fiscal year | 19,297 | 13,400 | |
Revolving Loans Amortized Cost Basis | 3,443 | 3,498 | |
Financing receivable, before allowance for credit loss | 90,847 | 90,775 | |
Mortgage | 1-4 family non-owner occupied | 700-749 | |||
Summary of Credit Scores by Loan Class [Abstract] | |||
Financing receivable, year one, originated, current fiscal year | 626 | 3,904 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 3,885 | 7,013 | |
Financing receivable, year three, originated, two years before current fiscal year | 6,802 | 8,825 | |
Financing receivable, year four, originated, three years before current fiscal year | 8,780 | 4,145 | |
Financing receivable, year five, originated, four years before current fiscal year | 4,191 | 667 | |
Financing receivable, originated, more than five years before current fiscal year | 7,248 | 6,719 | |
Revolving Loans Amortized Cost Basis | 1,729 | 2,095 | |
Financing receivable, before allowance for credit loss | 33,261 | 33,368 | |
Mortgage | 1-4 family non-owner occupied | 650-699 | |||
Summary of Credit Scores by Loan Class [Abstract] | |||
Financing receivable, year one, originated, current fiscal year | 0 | 216 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 216 | 1,879 | |
Financing receivable, year three, originated, two years before current fiscal year | 1,961 | 1,844 | |
Financing receivable, year four, originated, three years before current fiscal year | 1,823 | 2,543 | |
Financing receivable, year five, originated, four years before current fiscal year | 2,028 | 197 | |
Financing receivable, originated, more than five years before current fiscal year | 3,453 | 3,521 | |
Revolving Loans Amortized Cost Basis | 210 | 277 | |
Financing receivable, before allowance for credit loss | 9,691 | 10,477 | |
Mortgage | 1-4 family non-owner occupied | 600-649 | |||
Summary of Credit Scores by Loan Class [Abstract] | |||
Financing receivable, year one, originated, current fiscal year | 0 | 0 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 0 | 388 | |
Financing receivable, year three, originated, two years before current fiscal year | 386 | 1,445 | |
Financing receivable, year four, originated, three years before current fiscal year | 1,437 | 0 | |
Financing receivable, year five, originated, four years before current fiscal year | 0 | 75 | |
Financing receivable, originated, more than five years before current fiscal year | 1,333 | 1,226 | |
Revolving Loans Amortized Cost Basis | 311 | 362 | |
Financing receivable, before allowance for credit loss | 3,467 | 3,496 | |
Mortgage | 1-4 family non-owner occupied | 550-599 | |||
Summary of Credit Scores by Loan Class [Abstract] | |||
Financing receivable, year one, originated, current fiscal year | 0 | 0 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 0 | 61 | |
Financing receivable, year three, originated, two years before current fiscal year | 61 | 52 | |
Financing receivable, year four, originated, three years before current fiscal year | 52 | 0 | |
Financing receivable, year five, originated, four years before current fiscal year | 0 | 0 | |
Financing receivable, originated, more than five years before current fiscal year | 821 | 873 | |
Revolving Loans Amortized Cost Basis | 0 | 0 | |
Financing receivable, before allowance for credit loss | 934 | 986 | |
Mortgage | 1-4 family non-owner occupied | 500-549 | |||
Summary of Credit Scores by Loan Class [Abstract] | |||
Financing receivable, year one, originated, current fiscal year | 0 | 0 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 0 | 0 | |
Financing receivable, year three, originated, two years before current fiscal year | 0 | 0 | |
Financing receivable, year four, originated, three years before current fiscal year | 0 | 0 | |
Financing receivable, year five, originated, four years before current fiscal year | 0 | 0 | |
Financing receivable, originated, more than five years before current fiscal year | 140 | 142 | |
Revolving Loans Amortized Cost Basis | 0 | 0 | |
Financing receivable, before allowance for credit loss | 140 | 142 | |
Mortgage | 1-4 family non-owner occupied | Under 500 | |||
Summary of Credit Scores by Loan Class [Abstract] | |||
Financing receivable, year one, originated, current fiscal year | 0 | 0 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 0 | 0 | |
Financing receivable, year three, originated, two years before current fiscal year | 0 | 0 | |
Financing receivable, year four, originated, three years before current fiscal year | 0 | 0 | |
Financing receivable, year five, originated, four years before current fiscal year | 0 | 0 | |
Financing receivable, originated, more than five years before current fiscal year | 135 | 137 | |
Revolving Loans Amortized Cost Basis | 0 | 0 | |
Financing receivable, before allowance for credit loss | 135 | 137 | |
Mortgage | 1-4 family non-owner occupied | Unknown | |||
Summary of Credit Scores by Loan Class [Abstract] | |||
Financing receivable, year one, originated, current fiscal year | 0 | 0 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 0 | 0 | |
Financing receivable, year three, originated, two years before current fiscal year | 0 | 0 | |
Financing receivable, year four, originated, three years before current fiscal year | 0 | 0 | |
Financing receivable, year five, originated, four years before current fiscal year | 0 | 0 | |
Financing receivable, originated, more than five years before current fiscal year | 0 | 0 | |
Revolving Loans Amortized Cost Basis | 0 | 0 | |
Financing receivable, before allowance for credit loss | 0 | 0 | |
Mortgage | 1-4 family - 2nd lien | |||
Summary of Credit Scores by Loan Class [Abstract] | |||
Financing receivable, year one, originated, current fiscal year | 845 | 5,168 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 5,206 | 4,769 | |
Financing receivable, year three, originated, two years before current fiscal year | 6,096 | 5,020 | |
Financing receivable, year four, originated, three years before current fiscal year | 5,440 | 3,640 | |
Financing receivable, year five, originated, four years before current fiscal year | 4,737 | 1,854 | |
Financing receivable, originated, more than five years before current fiscal year | 11,041 | 9,803 | |
Revolving Loans Amortized Cost Basis | 84,037 | 85,778 | |
Financing receivable, before allowance for credit loss | 117,402 | 116,032 | |
Accrued interest, current fiscal year | 4 | 19 | |
Accrued interest, fiscal year before current | 20 | 14 | |
Accrued interest, two years before current | 24 | 10 | |
Accrued interest, three years before current | 13 | 7 | |
Accrued interest, four years before current | 16 | 6 | |
Accrued interest, more than five years before current fiscal year | 51 | 41 | |
Accrued interest, revolving | 669 | 707 | |
Accrued interest excluded from total | 797 | 804 | |
Gross charge-offs, current fiscal year | 0 | 0 | |
Gross charge-offs, fiscal year before current | 0 | 0 | |
Gross charge-offs, two years before current | 0 | 0 | |
Gross charge-offs, three years before current | 0 | 0 | |
Gross charge-offs, four years before current | 0 | 0 | |
Gross charge-offs, more than five years before current | 0 | 5 | |
Gross charge-offs, revolving | 22 | 0 | |
Current period gross charge-offs | 22 | 5 | |
Mortgage | 1-4 family - 2nd lien | 800 and above | |||
Summary of Credit Scores by Loan Class [Abstract] | |||
Financing receivable, year one, originated, current fiscal year | 0 | 537 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 476 | 156 | |
Financing receivable, year three, originated, two years before current fiscal year | 153 | 703 | |
Financing receivable, year four, originated, three years before current fiscal year | 697 | 389 | |
Financing receivable, year five, originated, four years before current fiscal year | 784 | 159 | |
Financing receivable, originated, more than five years before current fiscal year | 706 | 1,153 | |
Revolving Loans Amortized Cost Basis | 9,502 | 9,817 | |
Financing receivable, before allowance for credit loss | 12,318 | 12,914 | |
Mortgage | 1-4 family - 2nd lien | 750-799 | |||
Summary of Credit Scores by Loan Class [Abstract] | |||
Financing receivable, year one, originated, current fiscal year | 276 | 2,260 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 2,202 | 2,879 | |
Financing receivable, year three, originated, two years before current fiscal year | 3,620 | 2,359 | |
Financing receivable, year four, originated, three years before current fiscal year | 2,536 | 2,341 | |
Financing receivable, year five, originated, four years before current fiscal year | 2,509 | 898 | |
Financing receivable, originated, more than five years before current fiscal year | 3,749 | 3,084 | |
Revolving Loans Amortized Cost Basis | 38,095 | 38,277 | |
Financing receivable, before allowance for credit loss | 52,987 | 52,098 | |
Mortgage | 1-4 family - 2nd lien | 700-749 | |||
Summary of Credit Scores by Loan Class [Abstract] | |||
Financing receivable, year one, originated, current fiscal year | 537 | 1,895 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 1,836 | 1,243 | |
Financing receivable, year three, originated, two years before current fiscal year | 1,493 | 1,464 | |
Financing receivable, year four, originated, three years before current fiscal year | 1,636 | 324 | |
Financing receivable, year five, originated, four years before current fiscal year | 726 | 224 | |
Financing receivable, originated, more than five years before current fiscal year | 2,574 | 2,348 | |
Revolving Loans Amortized Cost Basis | 25,106 | 25,849 | |
Financing receivable, before allowance for credit loss | 33,908 | 33,347 | |
Mortgage | 1-4 family - 2nd lien | 650-699 | |||
Summary of Credit Scores by Loan Class [Abstract] | |||
Financing receivable, year one, originated, current fiscal year | 0 | 425 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 641 | 285 | |
Financing receivable, year three, originated, two years before current fiscal year | 591 | 182 | |
Financing receivable, year four, originated, three years before current fiscal year | 221 | 519 | |
Financing receivable, year five, originated, four years before current fiscal year | 533 | 302 | |
Financing receivable, originated, more than five years before current fiscal year | 2,246 | 1,869 | |
Revolving Loans Amortized Cost Basis | 8,813 | 8,945 | |
Financing receivable, before allowance for credit loss | 13,045 | 12,527 | |
Mortgage | 1-4 family - 2nd lien | 600-649 | |||
Summary of Credit Scores by Loan Class [Abstract] | |||
Financing receivable, year one, originated, current fiscal year | 32 | 51 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 51 | 107 | |
Financing receivable, year three, originated, two years before current fiscal year | 141 | 97 | |
Financing receivable, year four, originated, three years before current fiscal year | 137 | 67 | |
Financing receivable, year five, originated, four years before current fiscal year | 146 | 37 | |
Financing receivable, originated, more than five years before current fiscal year | 631 | 563 | |
Revolving Loans Amortized Cost Basis | 1,717 | 1,886 | |
Financing receivable, before allowance for credit loss | 2,855 | 2,808 | |
Mortgage | 1-4 family - 2nd lien | 550-599 | |||
Summary of Credit Scores by Loan Class [Abstract] | |||
Financing receivable, year one, originated, current fiscal year | 0 | 0 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 0 | 80 | |
Financing receivable, year three, originated, two years before current fiscal year | 80 | 203 | |
Financing receivable, year four, originated, three years before current fiscal year | 202 | 0 | |
Financing receivable, year five, originated, four years before current fiscal year | 39 | 157 | |
Financing receivable, originated, more than five years before current fiscal year | 441 | 238 | |
Revolving Loans Amortized Cost Basis | 524 | 638 | |
Financing receivable, before allowance for credit loss | 1,286 | 1,316 | |
Mortgage | 1-4 family - 2nd lien | 500-549 | |||
Summary of Credit Scores by Loan Class [Abstract] | |||
Financing receivable, year one, originated, current fiscal year | 0 | 0 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 0 | 0 | |
Financing receivable, year three, originated, two years before current fiscal year | 0 | 12 | |
Financing receivable, year four, originated, three years before current fiscal year | 11 | 0 | |
Financing receivable, year five, originated, four years before current fiscal year | 0 | 0 | |
Financing receivable, originated, more than five years before current fiscal year | 525 | 487 | |
Revolving Loans Amortized Cost Basis | 280 | 331 | |
Financing receivable, before allowance for credit loss | 816 | 830 | |
Mortgage | 1-4 family - 2nd lien | Under 500 | |||
Summary of Credit Scores by Loan Class [Abstract] | |||
Financing receivable, year one, originated, current fiscal year | 0 | 0 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 0 | 19 | |
Financing receivable, year three, originated, two years before current fiscal year | 18 | 0 | |
Financing receivable, year four, originated, three years before current fiscal year | 0 | 0 | |
Financing receivable, year five, originated, four years before current fiscal year | 0 | 77 | |
Financing receivable, originated, more than five years before current fiscal year | 169 | 61 | |
Revolving Loans Amortized Cost Basis | 0 | 35 | |
Financing receivable, before allowance for credit loss | 187 | 192 | |
Mortgage | 1-4 family - 2nd lien | Unknown | |||
Summary of Credit Scores by Loan Class [Abstract] | |||
Financing receivable, year one, originated, current fiscal year | 0 | 0 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 0 | 0 | |
Financing receivable, year three, originated, two years before current fiscal year | 0 | 0 | |
Financing receivable, year four, originated, three years before current fiscal year | 0 | 0 | |
Financing receivable, year five, originated, four years before current fiscal year | 0 | 0 | |
Financing receivable, originated, more than five years before current fiscal year | 0 | 0 | |
Revolving Loans Amortized Cost Basis | 0 | 0 | |
Financing receivable, before allowance for credit loss | 0 | 0 | |
Mortgage | Resort lending | |||
Summary of Credit Scores by Loan Class [Abstract] | |||
Financing receivable, year one, originated, current fiscal year | 0 | 41 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 41 | 925 | |
Financing receivable, year three, originated, two years before current fiscal year | 921 | 1,880 | |
Financing receivable, year four, originated, three years before current fiscal year | 1,301 | 1,334 | |
Financing receivable, year five, originated, four years before current fiscal year | 1,323 | 179 | |
Financing receivable, originated, more than five years before current fiscal year | 30,248 | 31,257 | |
Revolving Loans Amortized Cost Basis | 0 | 0 | |
Financing receivable, before allowance for credit loss | 33,834 | 35,616 | |
Accrued interest, current fiscal year | 0 | 0 | |
Accrued interest, fiscal year before current | 0 | 4 | |
Accrued interest, two years before current | 4 | 3 | |
Accrued interest, three years before current | 4 | 4 | |
Accrued interest, four years before current | 4 | 0 | |
Accrued interest, more than five years before current fiscal year | 147 | 142 | |
Accrued interest, revolving | 0 | 0 | |
Accrued interest excluded from total | 159 | 153 | |
Gross charge-offs, current fiscal year | 0 | 0 | |
Gross charge-offs, fiscal year before current | 0 | 0 | |
Gross charge-offs, two years before current | 0 | 0 | |
Gross charge-offs, three years before current | 0 | 0 | |
Gross charge-offs, four years before current | 0 | 0 | |
Gross charge-offs, more than five years before current | 0 | 120 | |
Gross charge-offs, revolving | 0 | 0 | |
Current period gross charge-offs | 0 | 120 | |
Mortgage | Resort lending | 800 and above | |||
Summary of Credit Scores by Loan Class [Abstract] | |||
Financing receivable, year one, originated, current fiscal year | 0 | 0 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 0 | 0 | |
Financing receivable, year three, originated, two years before current fiscal year | 0 | 99 | |
Financing receivable, year four, originated, three years before current fiscal year | 98 | 0 | |
Financing receivable, year five, originated, four years before current fiscal year | 0 | 0 | |
Financing receivable, originated, more than five years before current fiscal year | 5,467 | 5,643 | |
Revolving Loans Amortized Cost Basis | 0 | 0 | |
Financing receivable, before allowance for credit loss | 5,565 | 5,742 | |
Mortgage | Resort lending | 750-799 | |||
Summary of Credit Scores by Loan Class [Abstract] | |||
Financing receivable, year one, originated, current fiscal year | 0 | 41 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 41 | 817 | |
Financing receivable, year three, originated, two years before current fiscal year | 814 | 910 | |
Financing receivable, year four, originated, three years before current fiscal year | 903 | 858 | |
Financing receivable, year five, originated, four years before current fiscal year | 850 | 179 | |
Financing receivable, originated, more than five years before current fiscal year | 12,363 | 12,649 | |
Revolving Loans Amortized Cost Basis | 0 | 0 | |
Financing receivable, before allowance for credit loss | 14,971 | 15,454 | |
Mortgage | Resort lending | 700-749 | |||
Summary of Credit Scores by Loan Class [Abstract] | |||
Financing receivable, year one, originated, current fiscal year | 0 | 0 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 0 | 108 | |
Financing receivable, year three, originated, two years before current fiscal year | 107 | 871 | |
Financing receivable, year four, originated, three years before current fiscal year | 300 | 111 | |
Financing receivable, year five, originated, four years before current fiscal year | 111 | 0 | |
Financing receivable, originated, more than five years before current fiscal year | 4,989 | 5,439 | |
Revolving Loans Amortized Cost Basis | 0 | 0 | |
Financing receivable, before allowance for credit loss | 5,507 | 6,529 | |
Mortgage | Resort lending | 650-699 | |||
Summary of Credit Scores by Loan Class [Abstract] | |||
Financing receivable, year one, originated, current fiscal year | 0 | 0 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 0 | 0 | |
Financing receivable, year three, originated, two years before current fiscal year | 0 | 0 | |
Financing receivable, year four, originated, three years before current fiscal year | 0 | 316 | |
Financing receivable, year five, originated, four years before current fiscal year | 314 | 0 | |
Financing receivable, originated, more than five years before current fiscal year | 6,136 | 6,219 | |
Revolving Loans Amortized Cost Basis | 0 | 0 | |
Financing receivable, before allowance for credit loss | 6,450 | 6,535 | |
Mortgage | Resort lending | 600-649 | |||
Summary of Credit Scores by Loan Class [Abstract] | |||
Financing receivable, year one, originated, current fiscal year | 0 | 0 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 0 | 0 | |
Financing receivable, year three, originated, two years before current fiscal year | 0 | 0 | |
Financing receivable, year four, originated, three years before current fiscal year | 0 | 49 | |
Financing receivable, year five, originated, four years before current fiscal year | 48 | 0 | |
Financing receivable, originated, more than five years before current fiscal year | 834 | 844 | |
Revolving Loans Amortized Cost Basis | 0 | 0 | |
Financing receivable, before allowance for credit loss | 882 | 893 | |
Mortgage | Resort lending | 550-599 | |||
Summary of Credit Scores by Loan Class [Abstract] | |||
Financing receivable, year one, originated, current fiscal year | 0 | 0 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 0 | 0 | |
Financing receivable, year three, originated, two years before current fiscal year | 0 | 0 | |
Financing receivable, year four, originated, three years before current fiscal year | 0 | 0 | |
Financing receivable, year five, originated, four years before current fiscal year | 0 | 0 | |
Financing receivable, originated, more than five years before current fiscal year | 265 | 267 | |
Revolving Loans Amortized Cost Basis | 0 | 0 | |
Financing receivable, before allowance for credit loss | 265 | 267 | |
Mortgage | Resort lending | 500-549 | |||
Summary of Credit Scores by Loan Class [Abstract] | |||
Financing receivable, year one, originated, current fiscal year | 0 | 0 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 0 | 0 | |
Financing receivable, year three, originated, two years before current fiscal year | 0 | 0 | |
Financing receivable, year four, originated, three years before current fiscal year | 0 | 0 | |
Financing receivable, year five, originated, four years before current fiscal year | 0 | 0 | |
Financing receivable, originated, more than five years before current fiscal year | 58 | 59 | |
Revolving Loans Amortized Cost Basis | 0 | 0 | |
Financing receivable, before allowance for credit loss | 58 | 59 | |
Mortgage | Resort lending | Under 500 | |||
Summary of Credit Scores by Loan Class [Abstract] | |||
Financing receivable, year one, originated, current fiscal year | 0 | 0 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 0 | 0 | |
Financing receivable, year three, originated, two years before current fiscal year | 0 | 0 | |
Financing receivable, year four, originated, three years before current fiscal year | 0 | 0 | |
Financing receivable, year five, originated, four years before current fiscal year | 0 | 0 | |
Financing receivable, originated, more than five years before current fiscal year | 136 | 137 | |
Revolving Loans Amortized Cost Basis | 0 | 0 | |
Financing receivable, before allowance for credit loss | 136 | 137 | |
Mortgage | Resort lending | Unknown | |||
Summary of Credit Scores by Loan Class [Abstract] | |||
Financing receivable, year one, originated, current fiscal year | 0 | 0 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 0 | 0 | |
Financing receivable, year three, originated, two years before current fiscal year | 0 | 0 | |
Financing receivable, year four, originated, three years before current fiscal year | 0 | 0 | |
Financing receivable, year five, originated, four years before current fiscal year | 0 | 0 | |
Financing receivable, originated, more than five years before current fiscal year | 0 | 0 | |
Revolving Loans Amortized Cost Basis | 0 | 0 | |
Financing receivable, before allowance for credit loss | 0 | 0 | |
Installment | |||
Summary of Credit Scores by Loan Class [Abstract] | |||
Financing receivable, year one, originated, current fiscal year | 38,967 | 132,440 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 106,696 | 164,162 | |
Financing receivable, year three, originated, two years before current fiscal year | 157,256 | 150,928 | |
Financing receivable, year four, originated, three years before current fiscal year | 144,587 | 58,160 | |
Financing receivable, year five, originated, four years before current fiscal year | 54,746 | 44,913 | |
Financing receivable, originated, more than five years before current fiscal year | 111,988 | 74,695 | |
Financing receivable, before allowance for credit loss | 614,240 | 625,298 | |
Accrued interest, current fiscal year | 92 | 429 | |
Accrued interest, fiscal year before current | 408 | 417 | |
Accrued interest, two years before current | 402 | 355 | |
Accrued interest, three years before current | 340 | 136 | |
Accrued interest, four years before current | 129 | 112 | |
Accrued interest, more than five years before current fiscal year | 299 | 211 | |
Accrued interest excluded from total | 1,670 | 1,660 | |
Gross charge-offs, current fiscal year | 358 | 1,705 | |
Gross charge-offs, fiscal year before current | 34 | 279 | |
Gross charge-offs, two years before current | 115 | 236 | |
Gross charge-offs, three years before current | 29 | 49 | |
Gross charge-offs, four years before current | 2 | 108 | |
Gross charge-offs, more than five years before current | 75 | 211 | |
Gross charge-offs, revolving | 613 | 2,588 | |
Current period gross charge-offs | 613 | $ 641 | |
Installment | 800 and above | |||
Summary of Credit Scores by Loan Class [Abstract] | |||
Financing receivable, year one, originated, current fiscal year | 2,342 | 10,877 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 10,143 | 20,582 | |
Financing receivable, year three, originated, two years before current fiscal year | 19,530 | 21,451 | |
Financing receivable, year four, originated, three years before current fiscal year | 20,573 | 7,993 | |
Financing receivable, year five, originated, four years before current fiscal year | 7,479 | 8,481 | |
Financing receivable, originated, more than five years before current fiscal year | 20,985 | 13,903 | |
Financing receivable, before allowance for credit loss | 81,052 | 83,287 | |
Installment | 750-799 | |||
Summary of Credit Scores by Loan Class [Abstract] | |||
Financing receivable, year one, originated, current fiscal year | 11,680 | 61,633 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 57,941 | 87,975 | |
Financing receivable, year three, originated, two years before current fiscal year | 84,548 | 75,378 | |
Financing receivable, year four, originated, three years before current fiscal year | 72,193 | 32,911 | |
Financing receivable, year five, originated, four years before current fiscal year | 30,809 | 23,210 | |
Financing receivable, originated, more than five years before current fiscal year | 56,769 | 37,443 | |
Financing receivable, before allowance for credit loss | 313,940 | 318,550 | |
Installment | 700-749 | |||
Summary of Credit Scores by Loan Class [Abstract] | |||
Financing receivable, year one, originated, current fiscal year | 14,062 | 38,791 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 28,320 | 40,236 | |
Financing receivable, year three, originated, two years before current fiscal year | 38,756 | 37,033 | |
Financing receivable, year four, originated, three years before current fiscal year | 35,696 | 11,992 | |
Financing receivable, year five, originated, four years before current fiscal year | 11,405 | 9,493 | |
Financing receivable, originated, more than five years before current fiscal year | 23,177 | 15,100 | |
Financing receivable, before allowance for credit loss | 151,416 | 152,645 | |
Installment | 650-699 | |||
Summary of Credit Scores by Loan Class [Abstract] | |||
Financing receivable, year one, originated, current fiscal year | 10,139 | 18,659 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 8,534 | 11,134 | |
Financing receivable, year three, originated, two years before current fiscal year | 10,440 | 11,844 | |
Financing receivable, year four, originated, three years before current fiscal year | 11,448 | 3,878 | |
Financing receivable, year five, originated, four years before current fiscal year | 3,717 | 2,439 | |
Financing receivable, originated, more than five years before current fiscal year | 7,364 | 5,389 | |
Financing receivable, before allowance for credit loss | 51,642 | 53,343 | |
Installment | 600-649 | |||
Summary of Credit Scores by Loan Class [Abstract] | |||
Financing receivable, year one, originated, current fiscal year | 133 | 1,509 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 1,471 | 1,761 | |
Financing receivable, year three, originated, two years before current fiscal year | 1,662 | 2,776 | |
Financing receivable, year four, originated, three years before current fiscal year | 2,436 | 800 | |
Financing receivable, year five, originated, four years before current fiscal year | 774 | 586 | |
Financing receivable, originated, more than five years before current fiscal year | 1,899 | 1,459 | |
Financing receivable, before allowance for credit loss | 8,375 | 8,891 | |
Installment | 550-599 | |||
Summary of Credit Scores by Loan Class [Abstract] | |||
Financing receivable, year one, originated, current fiscal year | 54 | 224 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 192 | 977 | |
Financing receivable, year three, originated, two years before current fiscal year | 883 | 1,496 | |
Financing receivable, year four, originated, three years before current fiscal year | 1,352 | 245 | |
Financing receivable, year five, originated, four years before current fiscal year | 235 | 410 | |
Financing receivable, originated, more than five years before current fiscal year | 1,059 | 894 | |
Financing receivable, before allowance for credit loss | 3,775 | 4,246 | |
Installment | 500-549 | |||
Summary of Credit Scores by Loan Class [Abstract] | |||
Financing receivable, year one, originated, current fiscal year | 0 | 98 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 95 | 1,292 | |
Financing receivable, year three, originated, two years before current fiscal year | 1,243 | 779 | |
Financing receivable, year four, originated, three years before current fiscal year | 738 | 293 | |
Financing receivable, year five, originated, four years before current fiscal year | 283 | 167 | |
Financing receivable, originated, more than five years before current fiscal year | 539 | 424 | |
Financing receivable, before allowance for credit loss | 2,898 | 3,053 | |
Installment | Under 500 | |||
Summary of Credit Scores by Loan Class [Abstract] | |||
Financing receivable, year one, originated, current fiscal year | 0 | 0 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 0 | 205 | |
Financing receivable, year three, originated, two years before current fiscal year | 194 | 171 | |
Financing receivable, year four, originated, three years before current fiscal year | 151 | 48 | |
Financing receivable, year five, originated, four years before current fiscal year | 44 | 127 | |
Financing receivable, originated, more than five years before current fiscal year | 196 | 83 | |
Financing receivable, before allowance for credit loss | 585 | 634 | |
Installment | Unknown | |||
Summary of Credit Scores by Loan Class [Abstract] | |||
Financing receivable, year one, originated, current fiscal year | 557 | 649 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 0 | 0 | |
Financing receivable, year three, originated, two years before current fiscal year | 0 | 0 | |
Financing receivable, year four, originated, three years before current fiscal year | 0 | 0 | |
Financing receivable, year five, originated, four years before current fiscal year | 0 | 0 | |
Financing receivable, originated, more than five years before current fiscal year | 0 | 0 | |
Financing receivable, before allowance for credit loss | 557 | 649 | |
Installment | Boat lending | |||
Summary of Credit Scores by Loan Class [Abstract] | |||
Financing receivable, year one, originated, current fiscal year | 10,664 | 59,895 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 57,147 | 63,070 | |
Financing receivable, year three, originated, two years before current fiscal year | 61,010 | 55,295 | |
Financing receivable, year four, originated, three years before current fiscal year | 53,065 | 26,471 | |
Financing receivable, year five, originated, four years before current fiscal year | 25,264 | 23,507 | |
Financing receivable, originated, more than five years before current fiscal year | 60,455 | 40,410 | |
Financing receivable, before allowance for credit loss | 267,605 | 268,648 | |
Accrued interest, current fiscal year | 46 | 216 | |
Accrued interest, fiscal year before current | 208 | 154 | |
Accrued interest, two years before current | 148 | 132 | |
Accrued interest, three years before current | 124 | 63 | |
Accrued interest, four years before current | 60 | 58 | |
Accrued interest, more than five years before current fiscal year | 141 | 91 | |
Accrued interest excluded from total | 727 | 714 | |
Gross charge-offs, current fiscal year | 0 | 0 | |
Gross charge-offs, fiscal year before current | 0 | 53 | |
Gross charge-offs, two years before current | 31 | 0 | |
Gross charge-offs, three years before current | 8 | 0 | |
Gross charge-offs, four years before current | 0 | 15 | |
Gross charge-offs, more than five years before current | 49 | 53 | |
Gross charge-offs, revolving | 88 | 121 | |
Installment | Boat lending | 800 and above | |||
Summary of Credit Scores by Loan Class [Abstract] | |||
Financing receivable, year one, originated, current fiscal year | 1,393 | 6,110 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 5,830 | 8,150 | |
Financing receivable, year three, originated, two years before current fiscal year | 7,969 | 8,250 | |
Financing receivable, year four, originated, three years before current fiscal year | 8,052 | 3,612 | |
Financing receivable, year five, originated, four years before current fiscal year | 3,424 | 4,061 | |
Financing receivable, originated, more than five years before current fiscal year | 11,105 | 7,665 | |
Financing receivable, before allowance for credit loss | 37,773 | 37,848 | |
Installment | Boat lending | 750-799 | |||
Summary of Credit Scores by Loan Class [Abstract] | |||
Financing receivable, year one, originated, current fiscal year | 6,199 | 34,174 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 32,477 | 35,921 | |
Financing receivable, year three, originated, two years before current fiscal year | 34,702 | 29,665 | |
Financing receivable, year four, originated, three years before current fiscal year | 28,306 | 16,329 | |
Financing receivable, year five, originated, four years before current fiscal year | 15,499 | 13,173 | |
Financing receivable, originated, more than five years before current fiscal year | 32,620 | 21,432 | |
Financing receivable, before allowance for credit loss | 149,803 | 150,694 | |
Installment | Boat lending | 700-749 | |||
Summary of Credit Scores by Loan Class [Abstract] | |||
Financing receivable, year one, originated, current fiscal year | 2,490 | 15,593 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 14,910 | 15,042 | |
Financing receivable, year three, originated, two years before current fiscal year | 14,676 | 11,859 | |
Financing receivable, year four, originated, three years before current fiscal year | 11,589 | 4,481 | |
Financing receivable, year five, originated, four years before current fiscal year | 4,334 | 4,757 | |
Financing receivable, originated, more than five years before current fiscal year | 11,499 | 7,279 | |
Financing receivable, before allowance for credit loss | 59,498 | 59,011 | |
Installment | Boat lending | 650-699 | |||
Summary of Credit Scores by Loan Class [Abstract] | |||
Financing receivable, year one, originated, current fiscal year | 582 | 3,652 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 3,566 | 3,029 | |
Financing receivable, year three, originated, two years before current fiscal year | 2,783 | 4,277 | |
Financing receivable, year four, originated, three years before current fiscal year | 4,157 | 1,545 | |
Financing receivable, year five, originated, four years before current fiscal year | 1,513 | 1,237 | |
Financing receivable, originated, more than five years before current fiscal year | 3,878 | 2,842 | |
Financing receivable, before allowance for credit loss | 16,479 | 16,582 | |
Installment | Boat lending | 600-649 | |||
Summary of Credit Scores by Loan Class [Abstract] | |||
Financing receivable, year one, originated, current fiscal year | 0 | 281 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 279 | 432 | |
Financing receivable, year three, originated, two years before current fiscal year | 424 | 808 | |
Financing receivable, year four, originated, three years before current fiscal year | 533 | 268 | |
Financing receivable, year five, originated, four years before current fiscal year | 262 | 171 | |
Financing receivable, originated, more than five years before current fiscal year | 762 | 620 | |
Financing receivable, before allowance for credit loss | 2,260 | 2,580 | |
Installment | Boat lending | 550-599 | |||
Summary of Credit Scores by Loan Class [Abstract] | |||
Financing receivable, year one, originated, current fiscal year | 0 | 85 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 85 | 344 | |
Financing receivable, year three, originated, two years before current fiscal year | 305 | 229 | |
Financing receivable, year four, originated, three years before current fiscal year | 225 | 139 | |
Financing receivable, year five, originated, four years before current fiscal year | 136 | 108 | |
Financing receivable, originated, more than five years before current fiscal year | 376 | 335 | |
Financing receivable, before allowance for credit loss | 1,127 | 1,240 | |
Installment | Boat lending | 500-549 | |||
Summary of Credit Scores by Loan Class [Abstract] | |||
Financing receivable, year one, originated, current fiscal year | 0 | 0 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 0 | 152 | |
Financing receivable, year three, originated, two years before current fiscal year | 151 | 207 | |
Financing receivable, year four, originated, three years before current fiscal year | 203 | 97 | |
Financing receivable, year five, originated, four years before current fiscal year | 96 | 0 | |
Financing receivable, originated, more than five years before current fiscal year | 178 | 198 | |
Financing receivable, before allowance for credit loss | 628 | 654 | |
Installment | Boat lending | Under 500 | |||
Summary of Credit Scores by Loan Class [Abstract] | |||
Financing receivable, year one, originated, current fiscal year | 0 | 0 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 0 | 0 | |
Financing receivable, year three, originated, two years before current fiscal year | 0 | 0 | |
Financing receivable, year four, originated, three years before current fiscal year | 0 | 0 | |
Financing receivable, year five, originated, four years before current fiscal year | 0 | 0 | |
Financing receivable, originated, more than five years before current fiscal year | 37 | 39 | |
Financing receivable, before allowance for credit loss | 37 | 39 | |
Installment | Boat lending | Unknown | |||
Summary of Credit Scores by Loan Class [Abstract] | |||
Financing receivable, year one, originated, current fiscal year | 0 | 0 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 0 | 0 | |
Financing receivable, year three, originated, two years before current fiscal year | 0 | 0 | |
Financing receivable, year four, originated, three years before current fiscal year | 0 | 0 | |
Financing receivable, year five, originated, four years before current fiscal year | 0 | 0 | |
Financing receivable, originated, more than five years before current fiscal year | 0 | 0 | |
Financing receivable, before allowance for credit loss | 0 | 0 | |
Installment | Recreational vehicle lending | |||
Summary of Credit Scores by Loan Class [Abstract] | |||
Financing receivable, year one, originated, current fiscal year | 5,364 | 28,653 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 27,016 | 77,550 | |
Financing receivable, year three, originated, two years before current fiscal year | 74,778 | 79,893 | |
Financing receivable, year four, originated, three years before current fiscal year | 77,197 | 24,110 | |
Financing receivable, year five, originated, four years before current fiscal year | 22,741 | 17,641 | |
Financing receivable, originated, more than five years before current fiscal year | 38,801 | 24,005 | |
Financing receivable, before allowance for credit loss | 245,897 | 251,852 | |
Accrued interest, current fiscal year | 20 | 112 | |
Accrued interest, fiscal year before current | 108 | 201 | |
Accrued interest, two years before current | 198 | 189 | |
Accrued interest, three years before current | 184 | 56 | |
Accrued interest, four years before current | 53 | 44 | |
Accrued interest, more than five years before current fiscal year | 88 | 53 | |
Accrued interest excluded from total | 651 | 655 | |
Gross charge-offs, current fiscal year | 0 | 28 | |
Gross charge-offs, fiscal year before current | 18 | 122 | |
Gross charge-offs, two years before current | 33 | 192 | |
Gross charge-offs, three years before current | 21 | 32 | |
Gross charge-offs, four years before current | 0 | 81 | |
Gross charge-offs, more than five years before current | 2 | 11 | |
Gross charge-offs, revolving | 74 | 466 | |
Installment | Recreational vehicle lending | 800 and above | |||
Summary of Credit Scores by Loan Class [Abstract] | |||
Financing receivable, year one, originated, current fiscal year | 522 | 3,168 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 2,883 | 10,759 | |
Financing receivable, year three, originated, two years before current fiscal year | 10,034 | 11,568 | |
Financing receivable, year four, originated, three years before current fiscal year | 11,068 | 3,484 | |
Financing receivable, year five, originated, four years before current fiscal year | 3,272 | 3,838 | |
Financing receivable, originated, more than five years before current fiscal year | 8,732 | 5,482 | |
Financing receivable, before allowance for credit loss | 36,511 | 38,299 | |
Installment | Recreational vehicle lending | 750-799 | |||
Summary of Credit Scores by Loan Class [Abstract] | |||
Financing receivable, year one, originated, current fiscal year | 2,891 | 15,677 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 14,566 | 41,037 | |
Financing receivable, year three, originated, two years before current fiscal year | 39,695 | 39,113 | |
Financing receivable, year four, originated, three years before current fiscal year | 37,766 | 13,025 | |
Financing receivable, year five, originated, four years before current fiscal year | 12,142 | 8,415 | |
Financing receivable, originated, more than five years before current fiscal year | 18,878 | 11,934 | |
Financing receivable, before allowance for credit loss | 125,938 | 129,201 | |
Installment | Recreational vehicle lending | 700-749 | |||
Summary of Credit Scores by Loan Class [Abstract] | |||
Financing receivable, year one, originated, current fiscal year | 1,690 | 6,481 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 6,346 | 18,630 | |
Financing receivable, year three, originated, two years before current fiscal year | 18,112 | 20,161 | |
Financing receivable, year four, originated, three years before current fiscal year | 19,564 | 5,243 | |
Financing receivable, year five, originated, four years before current fiscal year | 5,054 | 3,689 | |
Financing receivable, originated, more than five years before current fiscal year | 7,718 | 4,460 | |
Financing receivable, before allowance for credit loss | 58,484 | 58,664 | |
Installment | Recreational vehicle lending | 650-699 | |||
Summary of Credit Scores by Loan Class [Abstract] | |||
Financing receivable, year one, originated, current fiscal year | 200 | 2,524 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 2,447 | 5,108 | |
Financing receivable, year three, originated, two years before current fiscal year | 4,990 | 6,073 | |
Financing receivable, year four, originated, three years before current fiscal year | 5,934 | 1,706 | |
Financing receivable, year five, originated, four years before current fiscal year | 1,636 | 936 | |
Financing receivable, originated, more than five years before current fiscal year | 1,952 | 1,157 | |
Financing receivable, before allowance for credit loss | 17,159 | 17,504 | |
Installment | Recreational vehicle lending | 600-649 | |||
Summary of Credit Scores by Loan Class [Abstract] | |||
Financing receivable, year one, originated, current fiscal year | 61 | 713 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 699 | 724 | |
Financing receivable, year three, originated, two years before current fiscal year | 689 | 1,573 | |
Financing receivable, year four, originated, three years before current fiscal year | 1,545 | 394 | |
Financing receivable, year five, originated, four years before current fiscal year | 386 | 308 | |
Financing receivable, originated, more than five years before current fiscal year | 675 | 429 | |
Financing receivable, before allowance for credit loss | 4,055 | 4,141 | |
Installment | Recreational vehicle lending | 550-599 | |||
Summary of Credit Scores by Loan Class [Abstract] | |||
Financing receivable, year one, originated, current fiscal year | 0 | 90 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 75 | 304 | |
Financing receivable, year three, originated, two years before current fiscal year | 300 | 973 | |
Financing receivable, year four, originated, three years before current fiscal year | 897 | 71 | |
Financing receivable, year five, originated, four years before current fiscal year | 69 | 249 | |
Financing receivable, originated, more than five years before current fiscal year | 494 | 383 | |
Financing receivable, before allowance for credit loss | 1,835 | 2,070 | |
Installment | Recreational vehicle lending | 500-549 | |||
Summary of Credit Scores by Loan Class [Abstract] | |||
Financing receivable, year one, originated, current fiscal year | 0 | 0 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 0 | 880 | |
Financing receivable, year three, originated, two years before current fiscal year | 851 | 326 | |
Financing receivable, year four, originated, three years before current fiscal year | 319 | 153 | |
Financing receivable, year five, originated, four years before current fiscal year | 149 | 136 | |
Financing receivable, originated, more than five years before current fiscal year | 284 | 154 | |
Financing receivable, before allowance for credit loss | 1,603 | 1,649 | |
Installment | Recreational vehicle lending | Under 500 | |||
Summary of Credit Scores by Loan Class [Abstract] | |||
Financing receivable, year one, originated, current fiscal year | 0 | 0 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 0 | 108 | |
Financing receivable, year three, originated, two years before current fiscal year | 107 | 106 | |
Financing receivable, year four, originated, three years before current fiscal year | 104 | 34 | |
Financing receivable, year five, originated, four years before current fiscal year | 33 | 70 | |
Financing receivable, originated, more than five years before current fiscal year | 68 | 6 | |
Financing receivable, before allowance for credit loss | 312 | 324 | |
Installment | Recreational vehicle lending | Unknown | |||
Summary of Credit Scores by Loan Class [Abstract] | |||
Financing receivable, year one, originated, current fiscal year | 0 | 0 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 0 | 0 | |
Financing receivable, year three, originated, two years before current fiscal year | 0 | 0 | |
Financing receivable, year four, originated, three years before current fiscal year | 0 | 0 | |
Financing receivable, year five, originated, four years before current fiscal year | 0 | 0 | |
Financing receivable, originated, more than five years before current fiscal year | 0 | 0 | |
Financing receivable, before allowance for credit loss | 0 | 0 | |
Installment | Other | |||
Summary of Credit Scores by Loan Class [Abstract] | |||
Financing receivable, year one, originated, current fiscal year | 22,939 | 43,892 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 22,533 | 23,542 | |
Financing receivable, year three, originated, two years before current fiscal year | 21,468 | 15,740 | |
Financing receivable, year four, originated, three years before current fiscal year | 14,325 | 7,579 | |
Financing receivable, year five, originated, four years before current fiscal year | 6,741 | 3,765 | |
Financing receivable, originated, more than five years before current fiscal year | 12,732 | 10,280 | |
Financing receivable, before allowance for credit loss | 100,738 | 104,798 | |
Accrued interest, current fiscal year | 26 | 101 | |
Accrued interest, fiscal year before current | 92 | 62 | |
Accrued interest, two years before current | 56 | 34 | |
Accrued interest, three years before current | 32 | 17 | |
Accrued interest, four years before current | 16 | 10 | |
Accrued interest, more than five years before current fiscal year | 70 | 67 | |
Accrued interest excluded from total | 292 | 291 | |
Gross charge-offs, current fiscal year | 358 | 1,677 | |
Gross charge-offs, fiscal year before current | 16 | 104 | |
Gross charge-offs, two years before current | 51 | 44 | |
Gross charge-offs, three years before current | 0 | 17 | |
Gross charge-offs, four years before current | 2 | 12 | |
Gross charge-offs, more than five years before current | 24 | 147 | |
Gross charge-offs, revolving | 451 | 2,001 | |
Installment | Other | 800 and above | |||
Summary of Credit Scores by Loan Class [Abstract] | |||
Financing receivable, year one, originated, current fiscal year | 427 | 1,599 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 1,430 | 1,673 | |
Financing receivable, year three, originated, two years before current fiscal year | 1,527 | 1,633 | |
Financing receivable, year four, originated, three years before current fiscal year | 1,453 | 897 | |
Financing receivable, year five, originated, four years before current fiscal year | 783 | 582 | |
Financing receivable, originated, more than five years before current fiscal year | 1,148 | 756 | |
Financing receivable, before allowance for credit loss | 6,768 | 7,140 | |
Installment | Other | 750-799 | |||
Summary of Credit Scores by Loan Class [Abstract] | |||
Financing receivable, year one, originated, current fiscal year | 2,590 | 11,782 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 10,898 | 11,017 | |
Financing receivable, year three, originated, two years before current fiscal year | 10,151 | 6,600 | |
Financing receivable, year four, originated, three years before current fiscal year | 6,121 | 3,557 | |
Financing receivable, year five, originated, four years before current fiscal year | 3,168 | 1,622 | |
Financing receivable, originated, more than five years before current fiscal year | 5,271 | 4,077 | |
Financing receivable, before allowance for credit loss | 38,199 | 38,655 | |
Installment | Other | 700-749 | |||
Summary of Credit Scores by Loan Class [Abstract] | |||
Financing receivable, year one, originated, current fiscal year | 9,882 | 16,717 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 7,064 | 6,564 | |
Financing receivable, year three, originated, two years before current fiscal year | 5,968 | 5,013 | |
Financing receivable, year four, originated, three years before current fiscal year | 4,543 | 2,268 | |
Financing receivable, year five, originated, four years before current fiscal year | 2,017 | 1,047 | |
Financing receivable, originated, more than five years before current fiscal year | 3,960 | 3,361 | |
Financing receivable, before allowance for credit loss | 33,434 | 34,970 | |
Installment | Other | 650-699 | |||
Summary of Credit Scores by Loan Class [Abstract] | |||
Financing receivable, year one, originated, current fiscal year | 9,357 | 12,483 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 2,521 | 2,997 | |
Financing receivable, year three, originated, two years before current fiscal year | 2,667 | 1,494 | |
Financing receivable, year four, originated, three years before current fiscal year | 1,357 | 627 | |
Financing receivable, year five, originated, four years before current fiscal year | 568 | 266 | |
Financing receivable, originated, more than five years before current fiscal year | 1,534 | 1,390 | |
Financing receivable, before allowance for credit loss | 18,004 | 19,257 | |
Installment | Other | 600-649 | |||
Summary of Credit Scores by Loan Class [Abstract] | |||
Financing receivable, year one, originated, current fiscal year | 72 | 515 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 493 | 605 | |
Financing receivable, year three, originated, two years before current fiscal year | 549 | 395 | |
Financing receivable, year four, originated, three years before current fiscal year | 358 | 138 | |
Financing receivable, year five, originated, four years before current fiscal year | 126 | 107 | |
Financing receivable, originated, more than five years before current fiscal year | 462 | 410 | |
Financing receivable, before allowance for credit loss | 2,060 | 2,170 | |
Installment | Other | 550-599 | |||
Summary of Credit Scores by Loan Class [Abstract] | |||
Financing receivable, year one, originated, current fiscal year | 54 | 49 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 32 | 329 | |
Financing receivable, year three, originated, two years before current fiscal year | 278 | 294 | |
Financing receivable, year four, originated, three years before current fiscal year | 230 | 35 | |
Financing receivable, year five, originated, four years before current fiscal year | 30 | 53 | |
Financing receivable, originated, more than five years before current fiscal year | 189 | 176 | |
Financing receivable, before allowance for credit loss | 813 | 936 | |
Installment | Other | 500-549 | |||
Summary of Credit Scores by Loan Class [Abstract] | |||
Financing receivable, year one, originated, current fiscal year | 0 | 98 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 95 | 260 | |
Financing receivable, year three, originated, two years before current fiscal year | 241 | 246 | |
Financing receivable, year four, originated, three years before current fiscal year | 216 | 43 | |
Financing receivable, year five, originated, four years before current fiscal year | 38 | 31 | |
Financing receivable, originated, more than five years before current fiscal year | 77 | 72 | |
Financing receivable, before allowance for credit loss | 667 | 750 | |
Installment | Other | Under 500 | |||
Summary of Credit Scores by Loan Class [Abstract] | |||
Financing receivable, year one, originated, current fiscal year | 0 | 0 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 0 | 97 | |
Financing receivable, year three, originated, two years before current fiscal year | 87 | 65 | |
Financing receivable, year four, originated, three years before current fiscal year | 47 | 14 | |
Financing receivable, year five, originated, four years before current fiscal year | 11 | 57 | |
Financing receivable, originated, more than five years before current fiscal year | 91 | 38 | |
Financing receivable, before allowance for credit loss | 236 | 271 | |
Installment | Other | Unknown | |||
Summary of Credit Scores by Loan Class [Abstract] | |||
Financing receivable, year one, originated, current fiscal year | 557 | 649 | |
Financing receivable, year two, originated, fiscal year before current fiscal year | 0 | 0 | |
Financing receivable, year three, originated, two years before current fiscal year | 0 | 0 | |
Financing receivable, year four, originated, three years before current fiscal year | 0 | 0 | |
Financing receivable, year five, originated, four years before current fiscal year | 0 | 0 | |
Financing receivable, originated, more than five years before current fiscal year | 0 | 0 | |
Financing receivable, before allowance for credit loss | $ 557 | $ 649 |
Shareholders' Equity and Earn_3
Shareholders' Equity and Earnings Per Common Share - Earnings Per Share Reconciliation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Earnings Per Share Reconciliation [Abstract] | ||
Net income | $ 15,991 | $ 12,991 |
Weighted average shares outstanding (in shares) | 20,877 | 21,104 |
Stock units for deferred compensation plan for non-employee directors (in shares) | 175 | 150 |
Performance share units (in shares) | 25 | 22 |
Effect of stock options (in shares) | 3 | 21 |
Weighted average shares outstanding for calculation of diluted earnings per share (in shares) | 21,080 | 21,297 |
Net income per common share | ||
Basic (in dollars per share) | $ 0.77 | $ 0.62 |
Diluted (in dollars per share) | $ 0.76 | $ 0.61 |
Shareholders' Equity and Earn_4
Shareholders' Equity and Earnings Per Common Share - Narrative (Details) - shares | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 19, 2023 | |
Share-Based Payment Arrangement, Option | |||
Class of Stock [Line Items] | |||
Antidilutive shares excluded from computation of diluted loss per share (in shares) | 0 | 0 | |
Common Stock | |||
Class of Stock [Line Items] | |||
Number of shares authorized for repurchase (in shares) | 1,100,000 | ||
Repurchases of common stock (in shares) | 0 | 0 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Type of Hedge and Fair Value of Derivative Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Fair Value Hedging | ||
Derivative Instrument Detail [Abstract] | ||
Notional Amount | $ 445,802 | $ 395,898 |
Average Maturity (years) | 3 years 4 months 24 days | 3 years 10 months 24 days |
Fair Value | $ 18,103 | $ 12,733 |
Fair Value Hedging | Interest Rate Cap | ||
Derivative Instrument Detail [Abstract] | ||
Notional Amount | $ 40,970 | $ 40,970 |
Average Maturity (years) | 4 years 1 month 6 days | 4 years 3 months 18 days |
Fair Value | $ 534 | $ 456 |
Cash Flow Hedging | Interest Rate Floor | ||
Derivative Instrument Detail [Abstract] | ||
Notional Amount | $ 250,000 | $ 150,000 |
Average Maturity (years) | 3 years | 3 years 6 months |
Fair Value | $ 3,626 | $ 4,221 |
Derivatives not designated as hedging instruments | ||
Derivative Instrument Detail [Abstract] | ||
Notional Amount | $ 862,537 | $ 806,547 |
Average Maturity (years) | 5 years 6 months | 5 years 6 months |
Fair Value | $ 217 | $ (106) |
Derivatives not designated as hedging instruments | Interest Rate Lock Commitments | ||
Derivative Instrument Detail [Abstract] | ||
Notional Amount | $ 25,501 | $ 18,081 |
Average Maturity (years) | 1 month 6 days | 1 month 6 days |
Fair Value | $ 267 | $ 173 |
Derivatives not designated as hedging instruments | Mandatory Commitments to Sell Mortgage Loans | ||
Derivative Instrument Detail [Abstract] | ||
Notional Amount | $ 32,798 | $ 30,442 |
Average Maturity (years) | 1 month 6 days | 1 month 6 days |
Fair Value | $ (50) | $ (279) |
Fixed Income Interest Rate | Fair Value Hedging | Interest Rate Swap | Commercial | ||
Derivative Instrument Detail [Abstract] | ||
Notional Amount | $ 5,937 | $ 6,033 |
Average Maturity (years) | 5 years 1 month 6 days | 5 years 4 months 24 days |
Fair Value | $ 428 | $ 349 |
Fixed Income Interest Rate | Fair Value Hedging | Interest Rate Swap | Installment | ||
Derivative Instrument Detail [Abstract] | ||
Notional Amount | $ 100,000 | $ 100,000 |
Average Maturity (years) | 3 years 2 months 12 days | 3 years 4 months 24 days |
Fair Value | $ 460 | $ (1,228) |
Fixed Income Interest Rate | Fair Value Hedging | Interest Rate Swap | Mortgage | ||
Derivative Instrument Detail [Abstract] | ||
Notional Amount | $ 100,000 | $ 100,000 |
Average Maturity (years) | 4 years 1 month 6 days | 4 years 3 months 18 days |
Fair Value | $ (129) | $ (2,131) |
Fixed Income Interest Rate | Fair Value Hedging | Interest Rate Swap, Noncommercial | ||
Derivative Instrument Detail [Abstract] | ||
Notional Amount | $ 148,895 | $ 148,895 |
Average Maturity (years) | 3 years 7 months 6 days | 3 years 10 months 24 days |
Fair Value | $ 16,835 | $ 15,287 |
Fixed Income Interest Rate | Derivatives not designated as hedging instruments | Interest Rate Swap | Commercial | ||
Derivative Instrument Detail [Abstract] | ||
Notional Amount | $ 402,119 | $ 379,012 |
Average Maturity (years) | 5 years 10 months 24 days | 5 years 10 months 24 days |
Fair Value | $ 13,139 | $ 7,169 |
Variable Income Interest Rate | Fair Value Hedging | Interest Rate Swap | Residential, FHLB Advance | ||
Derivative Instrument Detail [Abstract] | ||
Notional Amount | $ 50,000 | |
Average Maturity (years) | 1 year 6 months | |
Fair Value | $ (25) | |
Variable Income Interest Rate | Derivatives not designated as hedging instruments | Interest Rate Swap | Commercial | ||
Derivative Instrument Detail [Abstract] | ||
Notional Amount | $ 402,119 | $ 379,012 |
Average Maturity (years) | 5 years 10 months 24 days | 5 years 10 months 24 days |
Fair Value | $ (13,139) | $ (7,169) |
Derivative Financial Instrume_4
Derivative Financial Instruments - Narrative (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Cash flow hedge gain (loss) to be reclassified within 12 months | $ (1.1) |
Derivative, term of contract | 4 years 4 months 24 days |
Derivative Financial Instrume_5
Derivative Financial Instruments - Fair Values of Derivative Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Asset Derivatives | $ 41,290 | $ 38,683 |
Liability Derivatives | 19,344 | 21,835 |
Derivatives designated as hedging instruments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Asset Derivatives | 22,126 | 20,313 |
Liability Derivatives | 397 | 3,359 |
Derivatives designated as hedging instruments | Interest Rate Cap | Other assets | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Asset Derivatives | 534 | 456 |
Derivatives designated as hedging instruments | Interest Rate Cap | Other liabilities | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Liability Derivatives | 0 | 0 |
Derivatives designated as hedging instruments | Interest Rate Floor | Other assets | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Asset Derivatives | 3,626 | 4,221 |
Derivatives designated as hedging instruments | Interest Rate Floor | Other liabilities | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Liability Derivatives | 0 | 0 |
Derivatives designated as hedging instruments | Fixed Income Interest Rate | Interest Rate Swap | Other assets | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Asset Derivatives | 17,964 | 15,636 |
Derivatives designated as hedging instruments | Fixed Income Interest Rate | Interest Rate Swap | Other liabilities | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Liability Derivatives | 370 | 3,359 |
Derivatives designated as hedging instruments | Variable Income Interest Rate | Interest Rate Swap | Other assets | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Asset Derivatives | 2 | 0 |
Derivatives designated as hedging instruments | Variable Income Interest Rate | Interest Rate Swap | Other liabilities | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Liability Derivatives | 27 | 0 |
Derivatives not designated as hedging instruments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Asset Derivatives | 19,164 | 18,370 |
Liability Derivatives | 18,947 | 18,476 |
Derivatives not designated as hedging instruments | Interest Rate Lock Commitments | Other assets | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Asset Derivatives | 267 | 173 |
Derivatives not designated as hedging instruments | Interest Rate Lock Commitments | Other liabilities | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Liability Derivatives | 0 | 0 |
Derivatives not designated as hedging instruments | Mandatory Commitments to Sell Mortgage Loans | Other assets | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Asset Derivatives | 0 | 0 |
Derivatives not designated as hedging instruments | Mandatory Commitments to Sell Mortgage Loans | Other liabilities | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Liability Derivatives | 50 | 279 |
Derivatives not designated as hedging instruments | Fixed Income Interest Rate | Interest Rate Swap | Other assets | Commercial | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Asset Derivatives | 16,018 | 12,683 |
Derivatives not designated as hedging instruments | Fixed Income Interest Rate | Interest Rate Swap | Other liabilities | Commercial | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Liability Derivatives | 2,879 | 5,514 |
Derivatives not designated as hedging instruments | Variable Income Interest Rate | Interest Rate Swap | Other assets | Commercial | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Asset Derivatives | 2,879 | 5,514 |
Derivatives not designated as hedging instruments | Variable Income Interest Rate | Interest Rate Swap | Other liabilities | Commercial | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Liability Derivatives | $ 16,018 | $ 12,683 |
Derivative Financial Instrume_6
Derivative Financial Instruments - Effect on the Condensed Consolidated Statements of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Effect of derivative financial instruments on the condensed consolidated financial statements of operations [Abstract] | ||
Derivative loss recognized in OCI | $ (2,229) | $ (420) |
Derivative loss reclassified from AOCI into income | (266) | (84) |
Fair Value Hedging | Interest Rate Cap, Noncommercial | ||
Effect of derivative financial instruments on the condensed consolidated financial statements of operations [Abstract] | ||
Derivative loss recognized in OCI | 38 | (572) |
Derivative loss reclassified from AOCI into income | (54) | (84) |
Derivative, gain (loss) recognized in income | 40 | 51 |
Fair Value Hedging | Interest Rate Cap | ||
Effect of derivative financial instruments on the condensed consolidated financial statements of operations [Abstract] | ||
Derivative loss recognized in OCI | 38 | (420) |
Derivative loss reclassified from AOCI into income | (54) | (84) |
Derivative, gain (loss) recognized in income | 5,332 | (3,229) |
Fair Value Hedging | Installment | Interest Rate Cap | ||
Effect of derivative financial instruments on the condensed consolidated financial statements of operations [Abstract] | ||
Derivative loss recognized in OCI | 0 | 152 |
Derivative loss reclassified from AOCI into income | 0 | 0 |
Derivative, gain (loss) recognized in income | $ 0 | $ (14) |
Fair Value Hedging | Fixed Income Interest Rate | Interest Rate Swap, Noncommercial | ||
Effect of derivative financial instruments on the condensed consolidated financial statements of operations [Abstract] | ||
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Tax-exempt | Tax-exempt |
Derivative, gain (loss) recognized in income | $ 1,548 | $ (2,744) |
Fair Value Hedging | Fixed Income Interest Rate | Commercial | Interest Rate Swap | ||
Effect of derivative financial instruments on the condensed consolidated financial statements of operations [Abstract] | ||
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest and fees on loans | Interest and fees on loans |
Derivative, gain (loss) recognized in income | $ 79 | $ (101) |
Fair Value Hedging | Fixed Income Interest Rate | Installment | Interest Rate Swap | ||
Effect of derivative financial instruments on the condensed consolidated financial statements of operations [Abstract] | ||
Derivative, gain (loss) recognized in income | 1,688 | (421) |
Fair Value Hedging | Fixed Income Interest Rate | Mortgage | Interest Rate Swap | ||
Effect of derivative financial instruments on the condensed consolidated financial statements of operations [Abstract] | ||
Derivative, gain (loss) recognized in income | 2,002 | 0 |
Fair Value Hedging | Variable Income Interest Rate | Residential, FHLB Advance | Interest Rate Swap | ||
Effect of derivative financial instruments on the condensed consolidated financial statements of operations [Abstract] | ||
Derivative, gain (loss) recognized in income | (25) | 0 |
Cash Flow Hedging | Commercial | Interest Rate Floor | ||
Effect of derivative financial instruments on the condensed consolidated financial statements of operations [Abstract] | ||
Derivative loss recognized in OCI | (2,267) | 0 |
Derivative loss reclassified from AOCI into income | (212) | 0 |
Derivative, gain (loss) recognized in income | (212) | 0 |
Derivatives not designated as hedging instruments | ||
Effect of derivative financial instruments on the condensed consolidated financial statements of operations [Abstract] | ||
Derivative, gain (loss) recognized in income | $ 323 | $ (81) |
Derivatives not designated as hedging instruments | Interest Rate Lock Commitments | ||
Effect of derivative financial instruments on the condensed consolidated financial statements of operations [Abstract] | ||
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Mortgage loans | Mortgage loans |
Derivative, gain (loss) recognized in income | $ 94 | $ 683 |
Derivatives not designated as hedging instruments | Mandatory Commitments to Sell Mortgage Loans | ||
Effect of derivative financial instruments on the condensed consolidated financial statements of operations [Abstract] | ||
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Mortgage loans | Mortgage loans |
Derivative, gain (loss) recognized in income | $ 229 | $ (746) |
Derivatives not designated as hedging instruments | Fixed Income Interest Rate | Commercial | Interest Rate Swap | ||
Effect of derivative financial instruments on the condensed consolidated financial statements of operations [Abstract] | ||
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest income | Interest income |
Derivative, gain (loss) recognized in income | $ 5,970 | $ 5,574 |
Derivatives not designated as hedging instruments | Variable Income Interest Rate | Interest Rate Swap | ||
Effect of derivative financial instruments on the condensed consolidated financial statements of operations [Abstract] | ||
Derivative, gain (loss) recognized in income | $ 0 | $ (18) |
Derivatives not designated as hedging instruments | Variable Income Interest Rate | Commercial | Interest Rate Swap | ||
Effect of derivative financial instruments on the condensed consolidated financial statements of operations [Abstract] | ||
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest income | Interest income |
Derivative, gain (loss) recognized in income | $ (5,970) | $ (5,574) |
Goodwill and Other Intangible_2
Goodwill and Other Intangibles - Summary of Intangible Assets, Net of Amortization (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||
Gross Carrying Amount | $ 11,916 | $ 11,916 |
Accumulated Amortization | 10,041 | 9,912 |
Goodwill, Impaired, Accumulated Impairment Loss [Abstract] | ||
Goodwill | $ 28,300 | $ 28,300 |
Goodwill and Other Intangible_3
Goodwill and Other Intangibles - Summary of Estimated Core Deposits Intangible Amortization (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
Summary of estimated core deposits intangible amortization [Abstract] | |
Nine months ending December 31, 2024 | $ 387 |
2025 | 487 |
2026 | 460 |
2027 | 434 |
2028 | 107 |
Total | $ 1,875 |
Share Based Compensation - Narr
Share Based Compensation - Narrative (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Number of additional shares approved for grant (in shares) | 400 | |
Shares issued on deferral basis credited percentage of current value | 90% | |
Share-based payment arrangement, nonvested award, cost not yet recognized, amount | $ 4,300 | |
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition | 2 years 3 months 18 days | |
Long-Term Incentive Plan | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Share-based payment arrangement, expense | $ 500 | $ 500 |
Tax benefit relating to compensation expense recognized | $ 100 | $ 100 |
Restricted stock | Long-Term Incentive Plan | Cliff Vest After Three Years | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Share-based compensation arrangement by share-based payment award, award vesting period | 3 years | 3 years |
PSU | Long-Term Incentive Plan | Cliff Vest After Three Years | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Share-based compensation arrangement by share-based payment award, award vesting period | 3 years | 3 years |
Performance feature comparison period | 3 years | 3 years |
Non-Employee Directors | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Number of additional shares approved for grant (in shares) | 100 | |
Share-based payment arrangement, expense | $ 70 | $ 90 |
Tax benefit relating to compensation expense recognized | $ 10 | $ 20 |
Director | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Shares issues as retainer fees (in shares) | 2 | 4 |
Share Based Compensation - Summ
Share Based Compensation - Summary of Restricted Stock and Performance Stock Units (Details) - Long-Term Incentive Plan - shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Restricted stock | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Granted (in shares) | 80,355 | 71,346 |
PSU | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Granted (in shares) | 18,822 | 18,790 |
Share Based Compensation - Outs
Share Based Compensation - Outstanding Stock Option Grants and Related Transactions (Details) - Share-Based Payment Arrangement, Option $ / shares in Units, $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) $ / shares shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward] | |
Outstanding, beginning balance (in shares) | 11,724 |
Granted (in shares) | 0 |
Exercised (in shares) | (5,583) |
Forfeited (in shares) | 0 |
Expired (in shares) | 0 |
Outstanding, ending balance (in shares) | 6,141 |
Vested and expected to vest, period end (in shares) | 6,141 |
Exercisable, period end (in shares) | 6,141 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |
Outstanding, beginning balance (in dollars per share) | $ / shares | $ 11.73 |
Exercised (in dollars per share) | $ / shares | 8.96 |
Outstanding, ending balance (in dollars per share) | $ / shares | 14.24 |
Vested and expected to vest, period end (in dollars per share) | $ / shares | 14.24 |
Exercisable, period end (in dollars per share) | $ / shares | $ 14.24 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Additional Disclosures [Abstract] | |
Outstanding, period end, weighted average remaining contractual term | 3 years |
Vested and expected to vest, period end, weighted average remaining contractual term | 3 years |
Exercisable, period end, weighted average remaining contractual term | 3 years |
Aggregate Intrinsic Value [Abstract] | |
Outstanding, period end, aggregate intrinsic value | $ | $ 68 |
Vested and expected to vest, period end, aggregate intrinsic value | $ | 68 |
Exercisable, period end, aggregate intrinsic value | $ | $ 68 |
Share Based Compensation - Ou_2
Share Based Compensation - Outstanding Non-vested Restricted Stock and PSUs and Related Transactions (Details) - Non-vested Restricted Stock and PSU's | 3 Months Ended |
Mar. 31, 2024 $ / shares shares | |
Number of Shares [Roll Forward] | |
Outstanding, beginning balance (in shares) | shares | 269,233 |
Granted (in shares) | shares | 99,177 |
Vested (in shares) | shares | (91,899) |
Forfeited (in shares) | shares | (587) |
Outstanding, ending balance (in shares) | shares | 275,924 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Outstanding, beginning balance (in dollars per share) | $ / shares | $ 22.93 |
Granted (in dollars per share) | $ / shares | 24.51 |
Vested (in dollars per share) | $ / shares | 20.43 |
Forfeited (in dollars per share) | $ / shares | 23.80 |
Outstanding, ending balance (in dollars per share) | $ / shares | $ 24.33 |
Share Based Compensation - Opti
Share Based Compensation - Options Exercised During the Periods (Details) - Share-Based Payment Arrangement, Option - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Additional General Disclosures [Abstract] | ||
Intrinsic value | $ 91 | $ 223 |
Cash proceeds received | 0 | 100 |
Tax benefit realized | $ 19 | $ 47 |
Income Tax (Details)
Income Tax (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |||
Income tax expense | $ 3,830 | $ 2,884 | |
Effective income tax rate reconciliation, tax expense (benefit), share-based payment arrangement, amount | 110 | $ 40 | |
Unrecognized tax benefits | $ 200 | $ 200 |
Regulatory Matters (Details)
Regulatory Matters (Details) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Banking Regulation, Tier 1 Leverage Capital [Abstract] | ||||
Capital conservation buffer | 0.0250 | 0.0250 | ||
Components of regulatory capital [Abstract] | ||||
Total shareholders' equity | $ 415,570 | $ 404,449 | $ 367,714 | $ 347,596 |
Add (deduct) | ||||
Accumulated other comprehensive (income) loss for regulatory purposes | (71,629) | (72,142) | ||
Subordinated debt | $ 39,529 | 39,510 | ||
Period of transition method for regulatory purposes | 3 years | |||
Consolidated | ||||
Banking Regulation, Total Capital [Abstract] | ||||
Total risk-based capital | $ 582,411 | $ 573,972 | ||
Actual, ratio | 0.1385 | 0.1371 | ||
Banking regulation, total risk-based capital, capital adequacy, minimum | $ 336,359 | $ 335,014 | ||
Minimum for adequately capitalized institutions, ratio | 0.0800 | 0.0800 | ||
Tier 1 capital to risk-weighted assets [Abstract] | ||||
Actual, amount | $ 489,747 | $ 481,569 | ||
Banking regulation, tier 1 risk-based capital ratio, accrual | 0.1165 | 0.1150 | ||
Minimum for adequately capitalized institutions, amount | $ 252,269 | $ 251,260 | ||
Minimum for adequately capitalized institutions, ratio | 0.0600 | 0.0600 | ||
Common equity tier 1 capital to risk-weighted assets [Abstract] | ||||
Actual, amount | $ 451,226 | $ 443,065 | ||
Actual, ratio | 0.1073 | 0.1058 | ||
Minimum for adequately capitalized institutions, amount | $ 189,202 | $ 188,445 | ||
Minimum for adequately capitalized institutions, ratio | 0.0450 | 0.0450 | ||
Banking Regulation, Tier 1 Leverage Capital [Abstract] | ||||
Tier 1 capital | $ 489,747 | $ 481,569 | ||
Actual, ratio | 0.0929 | 0.0903 | ||
Minimum for adequately capitalized institutions, amount | $ 210,943 | $ 213,227 | ||
Minimum for adequately capitalized institutions, ratio | 0.0400 | 0.0400 | ||
Components of regulatory capital [Abstract] | ||||
Total shareholders' equity | $ 415,570 | $ 404,449 | ||
Add (deduct) | ||||
Accumulated other comprehensive (income) loss for regulatory purposes | 65,831 | 66,344 | ||
Goodwill and other intangibles | (30,175) | (30,304) | ||
CECL | 0 | 2,576 | ||
Common equity tier 1 capital | 451,226 | 443,065 | ||
Qualifying trust preferred securities | 38,521 | 38,504 | ||
Tier 1 capital | 489,747 | 481,569 | ||
Subordinated debt | 40,000 | 40,000 | ||
Allowance for credit losses and allowance for unfunded lending commitments limited to 1.25% of total risk-weighted assets | 52,664 | 52,403 | ||
Total risk-based capital | 582,411 | 573,972 | ||
Independent Bank | ||||
Banking Regulation, Total Capital [Abstract] | ||||
Total risk-based capital | $ 529,972 | $ 521,374 | ||
Actual, ratio | 0.1262 | 0.1246 | ||
Banking regulation, total risk-based capital, capital adequacy, minimum | $ 336,015 | $ 334,673 | ||
Minimum for adequately capitalized institutions, ratio | 0.0800 | 0.0800 | ||
Minimum for well-capitalized institutions, amount | $ 420,019 | $ 418,341 | ||
Minimum for well-capitalized institutions, ratio | 0.1000 | 0.1000 | ||
Tier 1 capital to risk-weighted assets [Abstract] | ||||
Actual, amount | $ 477,361 | $ 469,023 | ||
Banking regulation, tier 1 risk-based capital ratio, accrual | 0.1137 | 0.1121 | ||
Minimum for adequately capitalized institutions, amount | $ 252,011 | $ 251,005 | ||
Minimum for adequately capitalized institutions, ratio | 0.0600 | 0.0600 | ||
Minimum for well-capitalized institutions, amount | $ 336,015 | $ 334,673 | ||
Minimum for well capitalized institutions, ratio | 0.0800 | 0.0800 | ||
Common equity tier 1 capital to risk-weighted assets [Abstract] | ||||
Actual, amount | $ 477,361 | $ 469,023 | ||
Actual, ratio | 0.1137 | 0.1121 | ||
Minimum for adequately capitalized institutions, amount | $ 189,008 | $ 188,254 | ||
Minimum for adequately capitalized institutions, ratio | 0.0450 | 0.0450 | ||
Minimum for well-capitalized institutions, amount | $ 273,012 | $ 271,922 | ||
Minimum for well-capitalized institutions, ratio | 0.0650 | 0.0650 | ||
Banking Regulation, Tier 1 Leverage Capital [Abstract] | ||||
Tier 1 capital | $ 477,361 | $ 469,023 | ||
Actual, ratio | 0.0905 | 0.0880 | ||
Minimum for adequately capitalized institutions, amount | $ 210,909 | $ 213,180 | ||
Minimum for adequately capitalized institutions, ratio | 0.0400 | 0.0400 | ||
Banking regulation, tier 1 leverage, capital, well capitalized, minimum | $ 263,636 | $ 266,475 | ||
Minimum for well capitalized institutions, ratio | 0.0500 | 0.0500 | ||
Components of regulatory capital [Abstract] | ||||
Total shareholders' equity | $ 441,705 | $ 430,407 | ||
Add (deduct) | ||||
Accumulated other comprehensive (income) loss for regulatory purposes | 65,831 | 66,344 | ||
Goodwill and other intangibles | (30,175) | (30,304) | ||
CECL | 0 | 2,576 | ||
Common equity tier 1 capital | 477,361 | 469,023 | ||
Qualifying trust preferred securities | 0 | 0 | ||
Tier 1 capital | 477,361 | 469,023 | ||
Subordinated debt | 0 | 0 | ||
Allowance for credit losses and allowance for unfunded lending commitments limited to 1.25% of total risk-weighted assets | 52,611 | 52,351 | ||
Total risk-based capital | $ 529,972 | $ 521,374 |
Regulatory Matters - Narrative
Regulatory Matters - Narrative (Details) $ in Millions | Mar. 31, 2024 USD ($) | Dec. 31, 2023 |
Regulatory Matters [Abstract] | ||
Undivided profits | $ 187.3 | |
Capital conservation buffer | 0.0250 | 0.0250 |
Fair Value Disclosures - Signif
Fair Value Disclosures - Significant Assumptions (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Assets [Abstract] | ||
Securities available for sale | $ 613,620 | $ 679,350 |
Loans held for sale, carried at fair value | 8,935 | 12,063 |
Assets | ||
Loans held for sale, carried at the lower of cost or fair value | 8,967 | 12,124 |
U.S. agency | ||
Assets [Abstract] | ||
Securities available for sale | 8,925 | 9,507 |
U.S. agency residential mortgage-backed | ||
Assets [Abstract] | ||
Securities available for sale | 78,495 | 81,217 |
U.S. agency commercial mortgage-backed | ||
Assets [Abstract] | ||
Securities available for sale | 12,055 | 12,297 |
Private label mortgage-backed | ||
Assets [Abstract] | ||
Securities available for sale | 84,770 | 86,469 |
Other asset backed | ||
Assets [Abstract] | ||
Securities available for sale | 64,833 | 112,931 |
Obligations of states and political subdivisions | ||
Assets [Abstract] | ||
Securities available for sale | 293,216 | 302,737 |
Corporate | ||
Assets [Abstract] | ||
Securities available for sale | 70,383 | 73,250 |
Trust preferred | ||
Assets [Abstract] | ||
Securities available for sale | 943 | 942 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets [Abstract] | ||
Securities available for sale | 0 | 0 |
Derivative financial instruments | 0 | 0 |
Liabilities | ||
Derivatives | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Assets [Abstract] | ||
Securities available for sale | 613,620 | 679,350 |
Derivative financial instruments | 41,290 | 38,683 |
Liabilities | ||
Derivatives | 19,344 | 21,835 |
Significant Un- observable Inputs (Level 3) | ||
Assets [Abstract] | ||
Securities available for sale | 0 | 0 |
Derivative financial instruments | 0 | 0 |
Liabilities | ||
Derivatives | 0 | 0 |
Measured at Fair Value on a Recurring Basis | ||
Assets [Abstract] | ||
Loans held for sale, carried at fair value | 8,935 | 12,063 |
Capitalized mortgage loan servicing rights | 43,577 | 42,243 |
Derivative financial instruments | 41,290 | 38,683 |
Liabilities | ||
Derivatives | 19,344 | 21,835 |
Assets | ||
Loans held for sale, carried at the lower of cost or fair value | 0 | |
Measured at Fair Value on a Recurring Basis | U.S. agency | ||
Assets [Abstract] | ||
Securities available for sale | 8,925 | 9,507 |
Measured at Fair Value on a Recurring Basis | U.S. agency residential mortgage-backed | ||
Assets [Abstract] | ||
Securities available for sale | 78,495 | 81,217 |
Measured at Fair Value on a Recurring Basis | U.S. agency commercial mortgage-backed | ||
Assets [Abstract] | ||
Securities available for sale | 12,055 | 12,297 |
Measured at Fair Value on a Recurring Basis | Private label mortgage-backed | ||
Assets [Abstract] | ||
Securities available for sale | 84,770 | 86,469 |
Measured at Fair Value on a Recurring Basis | Other asset backed | ||
Assets [Abstract] | ||
Securities available for sale | 64,833 | 112,931 |
Measured at Fair Value on a Recurring Basis | Obligations of states and political subdivisions | ||
Assets [Abstract] | ||
Securities available for sale | 293,216 | 302,737 |
Measured at Fair Value on a Recurring Basis | Corporate | ||
Assets [Abstract] | ||
Securities available for sale | 70,383 | 73,250 |
Measured at Fair Value on a Recurring Basis | Trust preferred | ||
Assets [Abstract] | ||
Securities available for sale | 943 | 942 |
Measured at Fair Value on a Recurring Basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets [Abstract] | ||
Loans held for sale, carried at fair value | 0 | 0 |
Capitalized mortgage loan servicing rights | 0 | 0 |
Derivative financial instruments | 0 | 0 |
Liabilities | ||
Derivatives | 0 | 0 |
Assets | ||
Loans held for sale, carried at the lower of cost or fair value | 0 | |
Measured at Fair Value on a Recurring Basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. agency | ||
Assets [Abstract] | ||
Securities available for sale | 0 | 0 |
Measured at Fair Value on a Recurring Basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. agency residential mortgage-backed | ||
Assets [Abstract] | ||
Securities available for sale | 0 | 0 |
Measured at Fair Value on a Recurring Basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. agency commercial mortgage-backed | ||
Assets [Abstract] | ||
Securities available for sale | 0 | 0 |
Measured at Fair Value on a Recurring Basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Private label mortgage-backed | ||
Assets [Abstract] | ||
Securities available for sale | 0 | 0 |
Measured at Fair Value on a Recurring Basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other asset backed | ||
Assets [Abstract] | ||
Securities available for sale | 0 | 0 |
Measured at Fair Value on a Recurring Basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Obligations of states and political subdivisions | ||
Assets [Abstract] | ||
Securities available for sale | 0 | 0 |
Measured at Fair Value on a Recurring Basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporate | ||
Assets [Abstract] | ||
Securities available for sale | 0 | 0 |
Measured at Fair Value on a Recurring Basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Trust preferred | ||
Assets [Abstract] | ||
Securities available for sale | 0 | 0 |
Measured at Fair Value on a Recurring Basis | Significant Other Observable Inputs (Level 2) | ||
Assets [Abstract] | ||
Loans held for sale, carried at fair value | 8,935 | 12,063 |
Capitalized mortgage loan servicing rights | 0 | 0 |
Derivative financial instruments | 41,290 | 38,683 |
Liabilities | ||
Derivatives | 19,344 | 21,835 |
Assets | ||
Loans held for sale, carried at the lower of cost or fair value | 0 | |
Measured at Fair Value on a Recurring Basis | Significant Other Observable Inputs (Level 2) | U.S. agency | ||
Assets [Abstract] | ||
Securities available for sale | 8,925 | 9,507 |
Measured at Fair Value on a Recurring Basis | Significant Other Observable Inputs (Level 2) | U.S. agency residential mortgage-backed | ||
Assets [Abstract] | ||
Securities available for sale | 78,495 | 81,217 |
Measured at Fair Value on a Recurring Basis | Significant Other Observable Inputs (Level 2) | U.S. agency commercial mortgage-backed | ||
Assets [Abstract] | ||
Securities available for sale | 12,055 | 12,297 |
Measured at Fair Value on a Recurring Basis | Significant Other Observable Inputs (Level 2) | Private label mortgage-backed | ||
Assets [Abstract] | ||
Securities available for sale | 84,770 | 86,469 |
Measured at Fair Value on a Recurring Basis | Significant Other Observable Inputs (Level 2) | Other asset backed | ||
Assets [Abstract] | ||
Securities available for sale | 64,833 | 112,931 |
Measured at Fair Value on a Recurring Basis | Significant Other Observable Inputs (Level 2) | Obligations of states and political subdivisions | ||
Assets [Abstract] | ||
Securities available for sale | 293,216 | 302,737 |
Measured at Fair Value on a Recurring Basis | Significant Other Observable Inputs (Level 2) | Corporate | ||
Assets [Abstract] | ||
Securities available for sale | 70,383 | 73,250 |
Measured at Fair Value on a Recurring Basis | Significant Other Observable Inputs (Level 2) | Trust preferred | ||
Assets [Abstract] | ||
Securities available for sale | 943 | 942 |
Measured at Fair Value on a Recurring Basis | Significant Un- observable Inputs (Level 3) | ||
Assets [Abstract] | ||
Loans held for sale, carried at fair value | 0 | 0 |
Capitalized mortgage loan servicing rights | 43,577 | 42,243 |
Derivative financial instruments | 0 | 0 |
Liabilities | ||
Derivatives | 0 | 0 |
Assets | ||
Loans held for sale, carried at the lower of cost or fair value | 0 | |
Measured at Fair Value on a Recurring Basis | Significant Un- observable Inputs (Level 3) | U.S. agency | ||
Assets [Abstract] | ||
Securities available for sale | 0 | 0 |
Measured at Fair Value on a Recurring Basis | Significant Un- observable Inputs (Level 3) | U.S. agency residential mortgage-backed | ||
Assets [Abstract] | ||
Securities available for sale | 0 | 0 |
Measured at Fair Value on a Recurring Basis | Significant Un- observable Inputs (Level 3) | U.S. agency commercial mortgage-backed | ||
Assets [Abstract] | ||
Securities available for sale | 0 | 0 |
Measured at Fair Value on a Recurring Basis | Significant Un- observable Inputs (Level 3) | Private label mortgage-backed | ||
Assets [Abstract] | ||
Securities available for sale | 0 | 0 |
Measured at Fair Value on a Recurring Basis | Significant Un- observable Inputs (Level 3) | Other asset backed | ||
Assets [Abstract] | ||
Securities available for sale | 0 | 0 |
Measured at Fair Value on a Recurring Basis | Significant Un- observable Inputs (Level 3) | Obligations of states and political subdivisions | ||
Assets [Abstract] | ||
Securities available for sale | 0 | 0 |
Measured at Fair Value on a Recurring Basis | Significant Un- observable Inputs (Level 3) | Corporate | ||
Assets [Abstract] | ||
Securities available for sale | 0 | 0 |
Measured at Fair Value on a Recurring Basis | Significant Un- observable Inputs (Level 3) | Trust preferred | ||
Assets [Abstract] | ||
Securities available for sale | 0 | 0 |
Measured at Fair Value on a Non-recurring Basis: | Collateral dependent loans | Commercial | Commercial and industrial | ||
Assets | ||
Loans receivable, fair value disclosure | 5,035 | 551 |
Measured at Fair Value on a Non-recurring Basis: | Collateral dependent loans | Mortgage | 1-4 family owner occupied - non-jumbo | ||
Assets | ||
Loans receivable, fair value disclosure | 441 | 732 |
Measured at Fair Value on a Non-recurring Basis: | Collateral dependent loans | Mortgage | 1-4 family non-owner occupied | ||
Assets | ||
Loans receivable, fair value disclosure | 33 | |
Measured at Fair Value on a Non-recurring Basis: | Collateral dependent loans | Mortgage | 1-4 family - 2nd lien | ||
Assets | ||
Loans receivable, fair value disclosure | 85 | 157 |
Measured at Fair Value on a Non-recurring Basis: | Collateral dependent loans | Mortgage | Resort lending | ||
Assets | ||
Loans receivable, fair value disclosure | 125 | 92 |
Measured at Fair Value on a Non-recurring Basis: | Collateral dependent loans | Installment | Boat lending | ||
Assets | ||
Loans receivable, fair value disclosure | 75 | 192 |
Measured at Fair Value on a Non-recurring Basis: | Collateral dependent loans | Installment | Recreational vehicle lending | ||
Assets | ||
Loans receivable, fair value disclosure | 155 | 196 |
Measured at Fair Value on a Non-recurring Basis: | Collateral dependent loans | Installment | Other | ||
Assets | ||
Loans receivable, fair value disclosure | 36 | 66 |
Measured at Fair Value on a Non-recurring Basis: | Quoted Prices in Active Markets for Identical Assets (Level 1) | Collateral dependent loans | Commercial | Commercial and industrial | ||
Assets | ||
Loans receivable, fair value disclosure | 0 | 0 |
Measured at Fair Value on a Non-recurring Basis: | Quoted Prices in Active Markets for Identical Assets (Level 1) | Collateral dependent loans | Mortgage | 1-4 family owner occupied - non-jumbo | ||
Assets | ||
Loans receivable, fair value disclosure | 0 | 0 |
Measured at Fair Value on a Non-recurring Basis: | Quoted Prices in Active Markets for Identical Assets (Level 1) | Collateral dependent loans | Mortgage | 1-4 family non-owner occupied | ||
Assets | ||
Loans receivable, fair value disclosure | 0 | |
Measured at Fair Value on a Non-recurring Basis: | Quoted Prices in Active Markets for Identical Assets (Level 1) | Collateral dependent loans | Mortgage | 1-4 family - 2nd lien | ||
Assets | ||
Loans receivable, fair value disclosure | 0 | 0 |
Measured at Fair Value on a Non-recurring Basis: | Quoted Prices in Active Markets for Identical Assets (Level 1) | Collateral dependent loans | Mortgage | Resort lending | ||
Assets | ||
Loans receivable, fair value disclosure | 0 | 0 |
Measured at Fair Value on a Non-recurring Basis: | Quoted Prices in Active Markets for Identical Assets (Level 1) | Collateral dependent loans | Installment | Boat lending | ||
Assets | ||
Loans receivable, fair value disclosure | 0 | 0 |
Measured at Fair Value on a Non-recurring Basis: | Quoted Prices in Active Markets for Identical Assets (Level 1) | Collateral dependent loans | Installment | Recreational vehicle lending | ||
Assets | ||
Loans receivable, fair value disclosure | 0 | 0 |
Measured at Fair Value on a Non-recurring Basis: | Quoted Prices in Active Markets for Identical Assets (Level 1) | Collateral dependent loans | Installment | Other | ||
Assets | ||
Loans receivable, fair value disclosure | 0 | 0 |
Measured at Fair Value on a Non-recurring Basis: | Significant Other Observable Inputs (Level 2) | Collateral dependent loans | Commercial | Commercial and industrial | ||
Assets | ||
Loans receivable, fair value disclosure | 0 | 0 |
Measured at Fair Value on a Non-recurring Basis: | Significant Other Observable Inputs (Level 2) | Collateral dependent loans | Mortgage | 1-4 family owner occupied - non-jumbo | ||
Assets | ||
Loans receivable, fair value disclosure | 0 | 0 |
Measured at Fair Value on a Non-recurring Basis: | Significant Other Observable Inputs (Level 2) | Collateral dependent loans | Mortgage | 1-4 family non-owner occupied | ||
Assets | ||
Loans receivable, fair value disclosure | 0 | |
Measured at Fair Value on a Non-recurring Basis: | Significant Other Observable Inputs (Level 2) | Collateral dependent loans | Mortgage | 1-4 family - 2nd lien | ||
Assets | ||
Loans receivable, fair value disclosure | 0 | 0 |
Measured at Fair Value on a Non-recurring Basis: | Significant Other Observable Inputs (Level 2) | Collateral dependent loans | Mortgage | Resort lending | ||
Assets | ||
Loans receivable, fair value disclosure | 0 | 0 |
Measured at Fair Value on a Non-recurring Basis: | Significant Other Observable Inputs (Level 2) | Collateral dependent loans | Installment | Boat lending | ||
Assets | ||
Loans receivable, fair value disclosure | 0 | 0 |
Measured at Fair Value on a Non-recurring Basis: | Significant Other Observable Inputs (Level 2) | Collateral dependent loans | Installment | Recreational vehicle lending | ||
Assets | ||
Loans receivable, fair value disclosure | 0 | 0 |
Measured at Fair Value on a Non-recurring Basis: | Significant Other Observable Inputs (Level 2) | Collateral dependent loans | Installment | Other | ||
Assets | ||
Loans receivable, fair value disclosure | 0 | 0 |
Measured at Fair Value on a Non-recurring Basis: | Significant Un- observable Inputs (Level 3) | Collateral dependent loans | Commercial | Commercial and industrial | ||
Assets | ||
Loans receivable, fair value disclosure | 5,035 | 551 |
Measured at Fair Value on a Non-recurring Basis: | Significant Un- observable Inputs (Level 3) | Collateral dependent loans | Mortgage | 1-4 family owner occupied - non-jumbo | ||
Assets | ||
Loans receivable, fair value disclosure | 441 | 732 |
Measured at Fair Value on a Non-recurring Basis: | Significant Un- observable Inputs (Level 3) | Collateral dependent loans | Mortgage | 1-4 family non-owner occupied | ||
Assets | ||
Loans receivable, fair value disclosure | 33 | |
Measured at Fair Value on a Non-recurring Basis: | Significant Un- observable Inputs (Level 3) | Collateral dependent loans | Mortgage | 1-4 family - 2nd lien | ||
Assets | ||
Loans receivable, fair value disclosure | 85 | 157 |
Measured at Fair Value on a Non-recurring Basis: | Significant Un- observable Inputs (Level 3) | Collateral dependent loans | Mortgage | Resort lending | ||
Assets | ||
Loans receivable, fair value disclosure | 125 | 92 |
Measured at Fair Value on a Non-recurring Basis: | Significant Un- observable Inputs (Level 3) | Collateral dependent loans | Installment | Boat lending | ||
Assets | ||
Loans receivable, fair value disclosure | 75 | 192 |
Measured at Fair Value on a Non-recurring Basis: | Significant Un- observable Inputs (Level 3) | Collateral dependent loans | Installment | Recreational vehicle lending | ||
Assets | ||
Loans receivable, fair value disclosure | 155 | 196 |
Measured at Fair Value on a Non-recurring Basis: | Significant Un- observable Inputs (Level 3) | Collateral dependent loans | Installment | Other | ||
Assets | ||
Loans receivable, fair value disclosure | $ 36 | $ 66 |
Fair Value Disclosures - Change
Fair Value Disclosures - Changes in Fair Value for Financial Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Gain (Loss) Included in Earnings [Abstract] | ||
Loans held for sale | $ 29 | $ 1,597 |
Capitalized mortgage loan servicing rights | 506 | (1,496) |
Mortgage Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Gain (Loss) Included in Earnings [Abstract] | ||
Loans held for sale | 29 | 1,597 |
Mortgage Loan Servicing, net | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Gain (Loss) Included in Earnings [Abstract] | ||
Capitalized mortgage loan servicing rights | $ 506 | $ (1,496) |
Fair Value Disclosures - Narrat
Fair Value Disclosures - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Asset Impairment Charges [Abstract] | |||
Collateral dependent loans, carrying amount | $ 6 | $ 2 | |
Collateral dependent loans, valuation allowance | 2.3 | $ 1.3 | |
Accounts receivable, credit loss expense (reversal) | $ 1.6 | $ 0.3 |
Fair Value Disclosures - Reconc
Fair Value Disclosures - Reconciliation for all Assets Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3) (Details) - Capitalized Mortgage Loan Servicing Rights - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | $ 42,243 | $ 42,489 |
Total gains (losses) realized and unrealized: | ||
Included in results of operations | 506 | (1,496) |
Included in other comprehensive loss | 0 | 0 |
Purchases, issuances, settlements, maturities and calls | 828 | 930 |
Transfers in and/or out of Level 3 | 0 | 0 |
Ending balance | 43,577 | 41,923 |
Amount of total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities still held at March 31 | $ 506 | $ (1,496) |
Fair Value Disclosures - Quanti
Fair Value Disclosures - Quantitative Information About Level 3 (Details) | Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) |
Mortgage and Installment | Collateral Other Than Real Estate | ||
Asset Fair Value [Abstract] | ||
Collateral dependent loans, fair value | $ 270,000 | $ 450,000 |
Significant Un- observable Inputs (Level 3) | Measured at Fair Value on a Recurring Basis | Mortgage Loan Servicing, net | ||
Asset Fair Value [Abstract] | ||
Servicing asset, fair value | $ 43,577,000 | $ 42,243,000 |
Significant Un- observable Inputs (Level 3) | Measured at Fair Value on a Recurring Basis | Mortgage Loan Servicing, net | Present value of net servicing revenue | Float rate | ||
Ranges and Weighted Average [Abstract] | ||
Servicing asset | ||
Significant Un- observable Inputs (Level 3) | Measured at Fair Value on a Recurring Basis | Mortgage Loan Servicing, net | Minimum | Present value of net servicing revenue | Discount rate | ||
Ranges and Weighted Average [Abstract] | ||
Servicing asset | 0.0998 | 0.1000 |
Significant Un- observable Inputs (Level 3) | Measured at Fair Value on a Recurring Basis | Mortgage Loan Servicing, net | Minimum | Present value of net servicing revenue | Cost to service | ||
Ranges and Weighted Average [Abstract] | ||
Servicing asset | 69 | 70 |
Significant Un- observable Inputs (Level 3) | Measured at Fair Value on a Recurring Basis | Mortgage Loan Servicing, net | Minimum | Present value of net servicing revenue | Ancillary income | ||
Ranges and Weighted Average [Abstract] | ||
Servicing asset | 20 | 20 |
Significant Un- observable Inputs (Level 3) | Measured at Fair Value on a Recurring Basis | Mortgage Loan Servicing, net | Minimum | Present value of net servicing revenue | Prepayment rate | ||
Ranges and Weighted Average [Abstract] | ||
Servicing asset | 0.0655 | 0.0656 |
Significant Un- observable Inputs (Level 3) | Measured at Fair Value on a Recurring Basis | Mortgage Loan Servicing, net | Maximum | Present value of net servicing revenue | Discount rate | ||
Ranges and Weighted Average [Abstract] | ||
Servicing asset | 0.1632 | 0.1427 |
Significant Un- observable Inputs (Level 3) | Measured at Fair Value on a Recurring Basis | Mortgage Loan Servicing, net | Maximum | Present value of net servicing revenue | Cost to service | ||
Ranges and Weighted Average [Abstract] | ||
Servicing asset | 317 | 442 |
Significant Un- observable Inputs (Level 3) | Measured at Fair Value on a Recurring Basis | Mortgage Loan Servicing, net | Maximum | Present value of net servicing revenue | Ancillary income | ||
Ranges and Weighted Average [Abstract] | ||
Servicing asset | 30 | 30 |
Significant Un- observable Inputs (Level 3) | Measured at Fair Value on a Recurring Basis | Mortgage Loan Servicing, net | Maximum | Present value of net servicing revenue | Prepayment rate | ||
Ranges and Weighted Average [Abstract] | ||
Servicing asset | 0.2727 | 0.2647 |
Significant Un- observable Inputs (Level 3) | Measured at Fair Value on a Recurring Basis | Mortgage Loan Servicing, net | Weighted Average | Present value of net servicing revenue | Discount rate | ||
Ranges and Weighted Average [Abstract] | ||
Servicing asset | 0.1030 | 0.1025 |
Significant Un- observable Inputs (Level 3) | Measured at Fair Value on a Recurring Basis | Mortgage Loan Servicing, net | Weighted Average | Present value of net servicing revenue | Cost to service | ||
Ranges and Weighted Average [Abstract] | ||
Servicing asset | 78 | 79 |
Significant Un- observable Inputs (Level 3) | Measured at Fair Value on a Recurring Basis | Mortgage Loan Servicing, net | Weighted Average | Present value of net servicing revenue | Ancillary income | ||
Ranges and Weighted Average [Abstract] | ||
Servicing asset | 20 | 20 |
Significant Un- observable Inputs (Level 3) | Measured at Fair Value on a Recurring Basis | Mortgage Loan Servicing, net | Weighted Average | Present value of net servicing revenue | Float rate | ||
Ranges and Weighted Average [Abstract] | ||
Servicing asset | 0.0427 | 0.0382 |
Significant Un- observable Inputs (Level 3) | Measured at Fair Value on a Recurring Basis | Mortgage Loan Servicing, net | Weighted Average | Present value of net servicing revenue | Prepayment rate | ||
Ranges and Weighted Average [Abstract] | ||
Servicing asset | 0.0846 | 0.0850 |
Significant Un- observable Inputs (Level 3) | Measured at Fair Value on a Non-recurring Basis: | Commercial | ||
Asset Fair Value [Abstract] | ||
Collateral dependent loans, fair value | $ 5,035,000 | $ 551,000 |
Significant Un- observable Inputs (Level 3) | Measured at Fair Value on a Non-recurring Basis: | Commercial | Accounts Receivable, Inventory and Machinery and Equipment | ||
Asset Fair Value [Abstract] | ||
Collateral dependent loans, fair value | $ 4,100,000 | |
Significant Un- observable Inputs (Level 3) | Measured at Fair Value on a Non-recurring Basis: | Commercial | Minimum | Discounted cash flow | Discount rate | ||
Ranges and Weighted Average [Abstract] | ||
Impaired loans | 0.280 | |
Significant Un- observable Inputs (Level 3) | Measured at Fair Value on a Non-recurring Basis: | Commercial | Minimum | Sales comparison approach | Comparability adjustment | ||
Ranges and Weighted Average [Abstract] | ||
Impaired loans | (0.180) | (0.050) |
Significant Un- observable Inputs (Level 3) | Measured at Fair Value on a Non-recurring Basis: | Commercial | Maximum | Discounted cash flow | Discount rate | ||
Ranges and Weighted Average [Abstract] | ||
Impaired loans | 0.500 | |
Significant Un- observable Inputs (Level 3) | Measured at Fair Value on a Non-recurring Basis: | Commercial | Maximum | Sales comparison approach | Comparability adjustment | ||
Ranges and Weighted Average [Abstract] | ||
Impaired loans | 0.430 | 0.060 |
Significant Un- observable Inputs (Level 3) | Measured at Fair Value on a Non-recurring Basis: | Commercial | Weighted Average | Discounted cash flow | Discount rate | ||
Ranges and Weighted Average [Abstract] | ||
Impaired loans | 0.299 | |
Significant Un- observable Inputs (Level 3) | Measured at Fair Value on a Non-recurring Basis: | Commercial | Weighted Average | Sales comparison approach | Comparability adjustment | ||
Ranges and Weighted Average [Abstract] | ||
Impaired loans | (0.022) | (0.004) |
Significant Un- observable Inputs (Level 3) | Measured at Fair Value on a Non-recurring Basis: | Mortgage and Installment | ||
Asset Fair Value [Abstract] | ||
Collateral dependent loans, fair value | $ 917,000 | $ 1,468,000 |
Significant Un- observable Inputs (Level 3) | Measured at Fair Value on a Non-recurring Basis: | Mortgage and Installment | Minimum | Sales comparison approach | Comparability adjustment | ||
Ranges and Weighted Average [Abstract] | ||
Impaired loans | (0.127) | (0.041) |
Significant Un- observable Inputs (Level 3) | Measured at Fair Value on a Non-recurring Basis: | Mortgage and Installment | Maximum | Sales comparison approach | Comparability adjustment | ||
Ranges and Weighted Average [Abstract] | ||
Impaired loans | 0.333 | 0.105 |
Significant Un- observable Inputs (Level 3) | Measured at Fair Value on a Non-recurring Basis: | Mortgage and Installment | Weighted Average | Sales comparison approach | Comparability adjustment | ||
Ranges and Weighted Average [Abstract] | ||
Impaired loans | 0.018 | 0.031 |
Fair Value Disclosures - Differ
Fair Value Disclosures - Difference Between Aggregate Fair Value and Aggregate Remaining Contractual Principal (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Loans held for sale [Abstract] | ||
Aggregate Fair Value | $ 8,935 | $ 12,063 |
Difference | (32) | (61) |
Contractual Principal | $ 8,967 | $ 12,124 |
Fair Values of Financial Inst_3
Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Assets | ||
Securities available for sale | $ 613,620 | $ 679,350 |
Securities held to maturity | 349,957 | 353,988 |
Reserve Bank Stock | 16,821 | 16,821 |
Liabilities | ||
Other borrowings | 49,977 | 50,026 |
Subordinated debt | 39,529 | 39,510 |
Subordinated debentures | 39,745 | 39,728 |
Reciprocal deposits included in deposits with no stated maturity | 781,645 | 723,014 |
Reciprocal deposits included in deposits with stated maturity | 111,998 | 109,006 |
Recorded Book Balance | ||
Assets | ||
Cash and due from banks | 41,646 | 68,208 |
Interest bearing deposits | 120,198 | 101,573 |
Securities available for sale | 613,620 | 679,350 |
Securities held to maturity | 349,957 | 353,988 |
Reserve Bank Stock | 16,821 | 16,821 |
Net loans and loans held for sale | 3,792,587 | 3,748,306 |
Accrued interest receivable | 18,774 | 19,044 |
Derivative financial instruments | 41,290 | 38,683 |
Liabilities | ||
Deposits with no stated maturity | 3,751,701 | 3,704,808 |
Deposits with stated maturity | 830,713 | 918,071 |
Other borrowings | 49,977 | 50,026 |
Subordinated debt | 39,529 | 39,510 |
Subordinated debentures | 39,745 | 39,728 |
Accrued interest payable | 6,501 | 6,534 |
Derivative financial instruments | 19,344 | 21,835 |
Fair Value | ||
Assets | ||
Cash and due from banks | 41,646 | 68,208 |
Interest bearing deposits | 120,198 | 101,573 |
Securities available for sale | 613,620 | 679,350 |
Securities held to maturity | 311,013 | 318,606 |
Net loans and loans held for sale | 3,542,984 | 3,453,790 |
Accrued interest receivable | 18,774 | 19,044 |
Derivative financial instruments | 41,290 | 38,683 |
Liabilities | ||
Deposits with no stated maturity | 3,751,701 | 3,704,808 |
Deposits with stated maturity | 826,829 | 914,404 |
Other borrowings | 49,889 | 49,831 |
Subordinated debt | 38,994 | 40,352 |
Subordinated debentures | 39,643 | 38,103 |
Accrued interest payable | 6,501 | 6,534 |
Derivative financial instruments | 19,344 | 21,835 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets | ||
Cash and due from banks | 41,646 | 68,208 |
Interest bearing deposits | 120,198 | 101,573 |
Securities available for sale | 0 | 0 |
Securities held to maturity | 0 | 0 |
Net loans and loans held for sale | 0 | 0 |
Accrued interest receivable | 191 | 58 |
Derivative financial instruments | 0 | 0 |
Liabilities | ||
Deposits with no stated maturity | 3,751,701 | 3,704,808 |
Deposits with stated maturity | 0 | 0 |
Other borrowings | 0 | 0 |
Subordinated debt | 0 | 0 |
Subordinated debentures | 0 | 0 |
Accrued interest payable | 479 | 482 |
Derivative financial instruments | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Assets | ||
Cash and due from banks | 0 | 0 |
Interest bearing deposits | 0 | 0 |
Securities available for sale | 613,620 | 679,350 |
Securities held to maturity | 311,013 | 318,606 |
Net loans and loans held for sale | 8,935 | 12,063 |
Accrued interest receivable | 5,541 | 6,486 |
Derivative financial instruments | 41,290 | 38,683 |
Liabilities | ||
Deposits with no stated maturity | 0 | 0 |
Deposits with stated maturity | 826,829 | 914,404 |
Other borrowings | 49,889 | 49,831 |
Subordinated debt | 38,994 | 40,352 |
Subordinated debentures | 39,643 | 38,103 |
Accrued interest payable | 6,022 | 6,052 |
Derivative financial instruments | 19,344 | 21,835 |
Significant Un- observable Inputs (Level 3) | ||
Assets | ||
Cash and due from banks | 0 | 0 |
Interest bearing deposits | 0 | 0 |
Securities available for sale | 0 | 0 |
Securities held to maturity | 0 | 0 |
Net loans and loans held for sale | 3,534,049 | 3,441,727 |
Accrued interest receivable | 13,042 | 12,500 |
Derivative financial instruments | 0 | 0 |
Liabilities | ||
Deposits with no stated maturity | 0 | 0 |
Deposits with stated maturity | 0 | 0 |
Other borrowings | 0 | 0 |
Subordinated debt | 0 | 0 |
Subordinated debentures | 0 | 0 |
Accrued interest payable | 0 | 0 |
Derivative financial instruments | $ 0 | $ 0 |
Contingencies - Narrative (Deta
Contingencies - Narrative (Details) $ / shares in Units, $ in Millions | 3 Months Ended | |
Mar. 31, 2024 shares | Apr. 25, 2024 USD ($) $ / shares | |
VISA Class B Common Stock | ||
Visa Stock [Abstract] | ||
Number of shares owned (in shares) | shares | 12,566 | |
VISA Class B Common Stock | Subsequent Event | ||
Visa Stock [Abstract] | ||
Current value of shares owned | $ | $ 5.5 | |
Investment Owned, Balance To Be Recognized, Remainder Of Fiscal Year | 50% | |
VISA Class A Common Stock | ||
Visa Stock [Abstract] | ||
Current conversion ratio | 1.5875 | |
VISA Class A Common Stock | Subsequent Event | ||
Visa Stock [Abstract] | ||
Closing price (in dollars per share) | $ / shares | $ 275.16 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) ("AOCIL") - Summary of Changes (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Changes in AOCIL [Roll Forward] | ||
Balances at beginning of period | $ 404,449 | $ 347,596 |
Other comprehensive income (loss) before reclassifications | 90 | 11,711 |
Amounts reclassified from AOCIL | 423 | 241 |
Other comprehensive income | 513 | 11,952 |
Balances at end of period | 415,570 | 367,714 |
Accumulated Other Comprehensive Income (Loss) | ||
Changes in AOCIL [Roll Forward] | ||
Balances at beginning of period | (72,142) | (92,763) |
Other comprehensive income | 513 | 11,952 |
Balances at end of period | (71,629) | (80,811) |
Unrealized Losses on Securities AFS | ||
Changes in AOCIL [Roll Forward] | ||
Balances at beginning of period | (51,113) | (68,742) |
Other comprehensive income (loss) before reclassifications | 1,203 | 11,370 |
Amounts reclassified from AOCIL | 213 | 175 |
Other comprehensive income | 1,416 | 11,545 |
Balances at end of period | (49,697) | (57,197) |
Unrealized losses on securities transferred to securities HTM | ||
Changes in AOCIL [Roll Forward] | ||
Balances at beginning of period | (15,408) | (18,223) |
Other comprehensive income (loss) before reclassifications | 648 | 672 |
Amounts reclassified from AOCIL | 0 | 0 |
Other comprehensive income | 648 | 672 |
Balances at end of period | (14,760) | (17,551) |
Dispropor- tionate Tax Effects from Securities AFS | ||
Changes in AOCIL [Roll Forward] | ||
Balances at beginning of period | (5,798) | (5,798) |
Other comprehensive income (loss) before reclassifications | 0 | 0 |
Amounts reclassified from AOCIL | 0 | 0 |
Other comprehensive income | 0 | 0 |
Balances at end of period | (5,798) | (5,798) |
Unrealized Gains (Losses) on Derivative Instruments | ||
Changes in AOCIL [Roll Forward] | ||
Balances at beginning of period | 177 | 0 |
Other comprehensive income (loss) before reclassifications | (1,761) | (331) |
Amounts reclassified from AOCIL | 210 | 66 |
Other comprehensive income | (1,551) | (265) |
Balances at end of period | $ (1,374) | $ (265) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) ("AOCIL") - Reclassification Out of Each Components (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Reclassifications out of AOCIL [Abstract] | ||
Interest income | $ 65,126 | $ 53,936 |
Income tax expense | 3,830 | 2,884 |
Reclassifications, net of tax | 15,991 | 12,991 |
Reclassification out of Accumulated Other Comprehensive Income | ||
Reclassifications out of AOCIL [Abstract] | ||
Reclassifications, net of tax | (423) | (241) |
Unrealized Losses on Securities AFS | Reclassification out of Accumulated Other Comprehensive Income | ||
Reclassifications out of AOCIL [Abstract] | ||
Net gains (losses) on securities available for sale | (269) | (222) |
Income tax expense | (56) | (47) |
Reclassifications, net of tax | (213) | (175) |
Unrealized Gains (Losses) on Derivative Instruments | Reclassification out of Accumulated Other Comprehensive Income | ||
Reclassifications out of AOCIL [Abstract] | ||
Interest income | 266 | 84 |
Income tax expense | 56 | 18 |
Reclassifications, net of tax | $ 210 | $ 66 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers - Narrative (Details) | 3 Months Ended | ||
Mar. 31, 2024 USD ($) asset | Mar. 31, 2023 asset | Dec. 31, 2023 USD ($) | |
Revenue from Contract with Customer [Abstract] | |||
Percentage of revenues excluded from ASC topic 606 | 89% | 86.50% | |
Contract with customers, liability | $ 0 | $ 0 | |
Contract with customer, asset, after allowance for credit loss | $ 0 | $ 0 | |
Number of real estate assets sold during the period | asset | 0 | 0 |
Revenue from Contracts with C_4
Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Disaggregation of Revenue [Abstract] | ||
Revenue from contracts with customers | $ 7,575 | $ 7,565 |
Bank owned life insurance income | 181 | 111 |
Other | 985 | 1,115 |
Total | 2,718 | 2,729 |
Service Charges on Deposit Accounts | ||
Disaggregation of Revenue [Abstract] | ||
Revenue from contracts with customers | 2,872 | 2,857 |
Overdraft fees | Retail | ||
Disaggregation of Revenue [Abstract] | ||
Revenue from contracts with customers | 2,189 | 2,261 |
Overdraft fees | Business | ||
Disaggregation of Revenue [Abstract] | ||
Revenue from contracts with customers | 110 | 129 |
Account service charges | Retail | ||
Disaggregation of Revenue [Abstract] | ||
Revenue from contracts with customers | 573 | 467 |
Other Deposit Related Income | ||
Disaggregation of Revenue [Abstract] | ||
Revenue from contracts with customers | 748 | 676 |
ATM fees | Retail | ||
Disaggregation of Revenue [Abstract] | ||
Revenue from contracts with customers | 383 | 329 |
ATM fees | Business | ||
Disaggregation of Revenue [Abstract] | ||
Revenue from contracts with customers | 11 | 9 |
Other | Retail | ||
Disaggregation of Revenue [Abstract] | ||
Revenue from contracts with customers | 250 | 247 |
Other | Business | ||
Disaggregation of Revenue [Abstract] | ||
Revenue from contracts with customers | 104 | 91 |
Interchange income | ||
Disaggregation of Revenue [Abstract] | ||
Revenue from contracts with customers | 3,151 | 3,205 |
Investment and Insurance Commissions | ||
Disaggregation of Revenue [Abstract] | ||
Revenue from contracts with customers | 804 | 827 |
Asset management revenue | ||
Disaggregation of Revenue [Abstract] | ||
Revenue from contracts with customers | 493 | 442 |
Transaction based revenue | ||
Disaggregation of Revenue [Abstract] | ||
Revenue from contracts with customers | $ 311 | $ 385 |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Lease, Cost [Abstract] | |||
Operating lease cost | $ 346 | $ 362 | |
Variable lease cost | 11 | 24 | |
Short-term lease cost | 24 | 22 | |
Total | 381 | $ 408 | |
Assets and Liabilities, Lessee [Abstract] | |||
Lease right of use asset | 6,744 | $ 4,911 | |
Lease liabilities | $ 6,953 | $ 5,114 | |
Weighted average remaining lease term (years) | 7 years 7 months 17 days | 6 years 10 days | |
Weighted average discount rate | 3.60% | 2.70% | |
Operating lease, right-of-use asset, statement of financial position [extensible enumeration] | Other Assets | Other Assets | |
Operating lease, liability, statement of financial position [extensible enumeration] | Other Liabilities | Other Liabilities | |
Lessee, Operating Lease, Liability, to be Paid [Abstract] | |||
Nine months ending December 31, 2024 | $ 1,001 | ||
2025 | 1,288 | ||
2026 | 1,122 | ||
2027 | 939 | ||
2028 | 916 | ||
2029 and thereafter | 2,861 | ||
Total lease payments | 8,127 | ||
Less imputed interest | (1,174) | ||
Total | $ 6,953 | $ 5,114 |