Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2023 | Nov. 08, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | FIRST MID BANCSHARES, INC. | |
Entity Central Index Key | 0000700565 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 23,840,265 | |
Entity Shell Company | false | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | FMBH | |
Security Exchange Name | NASDAQ | |
Entity File Number | 001-36434 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 37-1103704 | |
Entity Address, Address Line One | 1421 Charleston Avenue | |
Entity Address, City or Town | Mattoon | |
Entity Address, State or Province | IL | |
Entity Address, Postal Zip Code | 61938 | |
City Area Code | 217 | |
Local Phone Number | 234-7454 | |
Document Quarterly Report | true | |
Document Transition Report | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Cash and due from banks: | ||
Non-interest bearing | $ 142,766,000 | $ 138,412,000 |
Interest bearing | 232,017,000 | 6,394,000 |
Federal funds sold | 8,454,000 | 7,627,000 |
Cash and cash equivalents | 383,237,000 | 152,433,000 |
Certificates of deposit | 1,960,000 | 1,470,000 |
Investment securities: | ||
Available-for-sale, at fair value (amortized cost of $1,470,569 and $1,432,372 at September 30, 2023 and December 31, 2022, respectively) | 1,218,595,000 | 1,218,985,000 |
Held-to-maturity, at amortized cost (estimated fair value of $2,259 and $2,954 at September 30, 2023 and December 31, 2022, respectively) | 2,259,000 | 2,954,000 |
Equity securities, at fair value | 3,932,000 | 311,000 |
Loans held for sale | 6,233,000 | 338,000 |
Loans | 5,533,832,000 | 4,825,874,000 |
Less allowance for credit losses | (68,241,000) | (59,093,000) |
Net loans | 5,465,591,000 | 4,766,781,000 |
Interest receivable | 36,476,000 | 28,357,000 |
Other real estate owned | 2,296,000 | 4,261,000 |
Premises and equipment, net | 102,004,000 | 90,473,000 |
Goodwill | 196,461,000 | 140,412,000 |
Intangible assets, net | 71,332,000 | 29,485,000 |
Bank owned life insurance | 165,022,000 | 151,756,000 |
Right of use lease assets | 14,192,000 | 15,774,000 |
'Deferred tax asset, net | 104,541,000 | 72,254,000 |
Other assets | 81,163,000 | 68,171,000 |
Total assets | 7,855,294,000 | 6,744,215,000 |
Deposits: | ||
Non-interest bearing | 1,389,022,000 | 1,256,514,000 |
Interest bearing | 4,957,302,000 | 4,000,487,000 |
Total deposits | 6,346,324,000 | 5,257,001,000 |
Securities sold under agreements to repurchase | 214,978,000 | 221,414,000 |
Interest payable | 6,727,000 | 3,346,000 |
FHLB borrowings | 364,953,000 | 465,071,000 |
Junior subordinated debentures, net | 24,003,000 | 19,364,000 |
Subordinated debt, net | 106,648,000 | 94,553,000 |
Lease liabilities | 14,503,000 | 16,035,000 |
Other liabilities | 39,210,000 | 34,276,000 |
Total liabilities | 7,117,346,000 | 6,111,060,000 |
Stockholders’ equity: | ||
Common stock ($4 par value; authorized 30,000,000 shares; issued 21,167,452 and 21,091,466 shares in 2023 and 2022, respectively; outstanding 20,528,192 and 20,452,376 shares in 2023 and 2022, respectively) | 99,877,000 | 86,366,000 |
Additional paid-in capital | 509,095,000 | 427,001,000 |
Retained earnings | 326,052,000 | 289,284,000 |
Deferred compensation | 2,072,000 | 2,064,000 |
Accumulated other comprehensive loss | (178,903,000) | (151,507,000) |
Treasury stock, at cost (639,260 shares in 2023 and 639,090 shares in 2022) | (20,245,000) | (20,053,000) |
Total stockholders’ equity | 737,948,000 | 633,155,000 |
Total liabilities and stockholders’ equity | $ 7,855,294,000 | $ 6,744,215,000 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Investment securities: | ||
Held-to-maturity, at fair value | $ 2,259 | $ 2,954 |
Available-for-sale, amotized cost | $ 1,470,569 | $ 1,432,372 |
Stockholders’ equity: | ||
Common stock, par value (in dollars per share) | $ 4 | $ 4 |
Common stock, authorized (in shares) | 30,000,000 | 30,000,000 |
Common stock, issued (in shares) | 24,469,298 | 21,091,466 |
Common stock, outstanding (in shares) | 23,830,038 | 20,452,376 |
Treasury stock (in shares) | 639,260 | 639,090 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Interest income: | ||||
Interest and fees on loans | $ 69,143,000 | $ 49,278,000 | $ 183,747,000 | $ 132,741,000 |
Interest on investment securities | 9,284,000 | 7,302,000 | 23,604,000 | 22,095,000 |
Interest on certificates of deposit investments | 15,000 | 8,000 | 44,000 | 29,000 |
Interest on federal funds sold | 114,000 | 38,000 | 297,000 | 45,000 |
Interest on deposits with other financial institutions | 1,882,000 | 128,000 | 2,547,000 | 272,000 |
Total interest income | 80,438,000 | 56,754,000 | 210,239,000 | 155,182,000 |
Interest expense: | ||||
Interest on deposits | 22,047,000 | 4,915,000 | 51,394,000 | 9,586,000 |
Interest on securities sold under agreements to repurchase | 1,625,000 | 428,000 | 4,811,000 | 632,000 |
Interest on FHLB borrowings | 4,761,000 | 1,926,000 | 13,719,000 | 2,842,000 |
Interest on other borrowings | (12,000) | 1,000 | (3,000) | 6,000 |
Interest on junior subordinated debentures | 545,000 | 241,000 | 1,314,000 | 553,000 |
Interest on subordinated debentures | 1,029,000 | 986,000 | 3,003,000 | 2,958,000 |
Total interest expense | 29,995,000 | 8,497,000 | 74,238,000 | 16,577,000 |
Net interest income | 50,443,000 | 48,257,000 | 136,001,000 | 138,605,000 |
Provision for credit losses | 5,911,000 | 142,000 | 5,552,000 | 4,001,000 |
Net interest income after provision for credit losses | 44,532,000 | 48,115,000 | 130,449,000 | 134,604,000 |
Other income: | ||||
Wealth management revenues | 4,940,000 | 4,843,000 | 15,795,000 | 16,291,000 |
Insurance commissions | 5,199,000 | 4,158,000 | 19,416,000 | 16,903,000 |
Service charges | 2,994,000 | 2,445,000 | 7,583,000 | 6,737,000 |
Securities gains, net | 3,389,000 | 79,000 | 3,337,000 | 81,000 |
Mortgage banking revenue, net | 846,000 | 355,000 | 1,328,000 | 1,125,000 |
ATM / debit card revenue | 3,766,000 | 3,101,000 | 10,114,000 | 9,213,000 |
Bank owned life insurance | 1,024,000 | 913,000 | 3,854,000 | 2,634,000 |
Other | 895,000 | 897,000 | 3,591,000 | 3,491,000 |
Total other income | 23,053,000 | 16,791,000 | 65,018,000 | 56,475,000 |
Other expense: | ||||
Salaries and employee benefits | 25,422,000 | 24,877,000 | 75,037,000 | 74,984,000 |
Net occupancy and equipment expense | 6,929,000 | 5,903,000 | 18,969,000 | 18,131,000 |
Net other real estate owned expense | 902,000 | 58,000 | 1,062,000 | 243,000 |
FDIC insurance | 785,000 | 479,000 | 2,324,000 | 1,341,000 |
Amortization of intangible assets | 2,568,000 | 1,598,000 | 5,567,000 | 4,753,000 |
Stationery and supplies | 335,000 | 361,000 | 942,000 | 997,000 |
Legal and professional | 1,844,000 | 1,770,000 | 5,314,000 | 5,389,000 |
ATM / debit card | 1,751,000 | 1,243,000 | 3,990,000 | 2,991,000 |
Marketing and donations | 764,000 | 739,000 | 2,326,000 | 2,318,000 |
Other | 5,796,000 | 4,521,000 | 13,184,000 | 12,342,000 |
Total other expense | 47,096,000 | 41,549,000 | 128,715,000 | 123,489,000 |
Income before income taxes | 20,489,000 | 23,357,000 | 66,752,000 | 67,590,000 |
Income taxes | 5,372,000 | 5,418,000 | 15,888,000 | 15,277,000 |
Net income | $ 15,117,000 | $ 17,939,000 | $ 50,864,000 | $ 52,313,000 |
Per share data: | ||||
Basic net income per common share | $ 0.68 | $ 0.88 | $ 2.41 | $ 2.61 |
Diluted net income per common share | 0.68 | 0.88 | 2.4 | 2.6 |
Cash dividends declared per common share | $ 0.23 | $ 0.23 | $ 0.69 | $ 0.67 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net Income (Loss) | $ 15,117,000 | $ 17,939,000 | $ 50,864,000 | $ 52,313,000 |
Other comprehensive income (loss) | ||||
Unrealized losses on available-for-sale securities, net of tax benefits of $10,183 and $16,079 for three months ended September 30, 2023 and 2022, respectively and $10,223 and $68,119 for nine months ended September 30, 2023 and 2022, respectively | (24,931,000) | (39,367,000) | (25,027,000) | (166,775,000) |
Less: reclassification adjustment for realized gains (losses) included in net income, net of tax benefit (expense) of ($832) and $23 for three months ended September 30, 2023 and 2022, respectively and ($968) and $24 for nine months ended September 30, 2023 and 2022, respectively | 2,406,000 | 56,000 | 2,369,000 | 57,000 |
Other comprehensive loss, net of taxes | (27,337,000) | (39,423,000) | (27,396,000) | (166,832,000) |
Comprehensive income/(loss) | $ 12,220,000 | $ (21,484,000) | $ 23,468,000 | $ (114,519,000) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Other comprehensive income (loss) | ||||
Unrealized gains (losses) on available-for-sale securities,tax benefits | $ 10,183 | $ 16,079 | $ 10,223 | $ 68,119 |
Reclassification adjustment for realized gains (losses) included in net income, taxes | $ (983) | $ 23 | $ (968) | $ 24 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) | Total | LINCO Bancshares, Inc. | Blackhawk Bancorp, Inc | Common Stock | Common Stock LINCO Bancshares, Inc. | Common Stock Blackhawk Bancorp, Inc | Additional Paid-in Capital | Additional Paid-in Capital LINCO Bancshares, Inc. | Additional Paid-in Capital Blackhawk Bancorp, Inc | Retained Earnings | Deferred Compensation | Accumulated Other Comprehensive Income (Loss) | Treasury Stock |
Beginning balance at Dec. 31, 2021 | $ 633,894,000 | $ 76,835,000 | $ 340,419,000 | $ 234,162,000 | $ 2,517,000 | $ (831,000) | $ (19,208,000) | ||||||
Net Income (Loss) | 52,313,000 | 52,313,000 | |||||||||||
Other comprehensive Income (loss), net tax | (166,832,000) | (166,832,000) | |||||||||||
Cash dividends on common stock | (13,140,000) | (13,140,000) | |||||||||||
Issuance of common shares pursuant to the deferred compensation plan | 331,000 | 34,000 | 297,000 | ||||||||||
Issuance of restricted shares pursuant to the stock incentive plan | 2,250,000 | 218,000 | 2,032,000 | ||||||||||
Issuance of common shares pursuant to 2017 stock incentive plan | 199,000 | 20,000 | 179,000 | ||||||||||
Issuance of common shares pursuant to the employee stock purchase plan | 478,000 | 58,000 | 420,000 | ||||||||||
Issuance of shares pursuant to the acquisition | $ 92,172,000 | $ 9,169,000 | $ 83,003,000 | ||||||||||
Issuance costs pursuant to acquisition of Delta Bancshares Company | (29,000) | (29,000) | |||||||||||
Purchase of shares of treasury stock | (11,000) | (11,000) | |||||||||||
Deferred compensation | (2,563,000) | (2,206,000) | (357,000) | ||||||||||
Grant of restricted units pursuant to 2017 stock incentive plan | 1,529,000 | 1,529,000 | |||||||||||
Release of restricted units pursuant to 2017 stock incentive plan | (1,216,000) | (1,216,000) | |||||||||||
Vested restricted shares/units compensation expense | 1,340,000 | 133,000 | 1,207,000 | ||||||||||
Ending balance at Sep. 30, 2022 | 600,715,000 | 86,334,000 | 426,767,000 | 273,335,000 | 1,518,000 | (167,663,000) | (19,576,000) | ||||||
Beginning balance at Jun. 30, 2022 | 626,268,000 | 86,310,000 | 426,562,000 | 260,080,000 | 974,000 | (128,240,000) | (19,418,000) | ||||||
Net Income (Loss) | 17,939,000 | 17,939,000 | |||||||||||
Other comprehensive Income (loss), net tax | (39,423,000) | (39,423,000) | |||||||||||
Cash dividends on common stock | (4,684,000) | (4,684,000) | |||||||||||
Issuance of common shares pursuant to the deferred compensation plan | (9,000) | (1,000) | (8,000) | ||||||||||
Issuance of common shares pursuant to the employee stock purchase plan | 185,000 | 25,000 | 160,000 | ||||||||||
Deferred compensation | (8,000) | 166,000 | (158,000) | ||||||||||
Vested restricted shares/units compensation expense | 431,000 | 53,000 | 378,000 | ||||||||||
Ending balance at Sep. 30, 2022 | 600,715,000 | 86,334,000 | 426,767,000 | 273,335,000 | 1,518,000 | (167,663,000) | (19,576,000) | ||||||
Beginning balance at Dec. 31, 2022 | 633,155,000 | 86,366,000 | 427,001,000 | 289,284,000 | 2,064,000 | (151,507,000) | (20,053,000) | ||||||
Net Income (Loss) | 50,864,000 | 50,864,000 | |||||||||||
Other comprehensive Income (loss), net tax | (27,396,000) | (27,396,000) | |||||||||||
Cash dividends on common stock | (14,096,000) | (14,096,000) | |||||||||||
Issuance of restricted shares pursuant to the stock incentive plan, net of forfeitures | 1,622,000 | 218,000 | 1,404,000 | ||||||||||
Issuance of common shares pursuant to 2017 stock incentive plan | 120,000 | 17,000 | 103,000 | ||||||||||
Issuance of common shares pursuant to the employee stock purchase plan | 667,000 | 115,000 | 552,000 | ||||||||||
Issuance of shares pursuant to the acquisition | $ 93,508,000 | $ 13,161,000 | $ 80,347,000 | ||||||||||
Purchase of shares of treasury stock | (5,000) | (5,000) | |||||||||||
Deferred compensation | (1,223,000) | (1,036,000) | (187,000) | ||||||||||
Grant of restricted units pursuant to 2017 stock incentive plan | 1,048,000 | 1,048,000 | |||||||||||
Release of restricted units pursuant to 2017 stock incentive plan | (1,529,000) | (1,529,000) | |||||||||||
Vested restricted shares/units compensation expense | 1,213,000 | 169,000 | 1,044,000 | ||||||||||
Ending balance at Sep. 30, 2023 | 737,948,000 | 99,877,000 | 509,095,000 | 326,052,000 | 2,072,000 | (178,903,000) | (20,245,000) | ||||||
Beginning balance at Jun. 30, 2023 | 660,687,000 | 86,670,000 | 428,504,000 | 315,636,000 | 1,502,000 | (151,566,000) | (20,059,000) | ||||||
Net Income (Loss) | 15,117,000 | 15,117,000 | |||||||||||
Other comprehensive Income (loss), net tax | (27,337,000) | (27,337,000) | |||||||||||
Cash dividends on common stock | (4,701,000) | (4,701,000) | |||||||||||
Issuance of common shares pursuant to the employee stock purchase plan | 238,000 | 46,000 | 192,000 | ||||||||||
Issuance of shares pursuant to the acquisition | $ 93,508,000 | $ 13,161,000 | $ 80,347,000 | ||||||||||
Deferred compensation | (33,000) | 153,000 | (186,000) | ||||||||||
Vested restricted shares/units compensation expense | 469,000 | 52,000 | 417,000 | ||||||||||
Ending balance at Sep. 30, 2023 | $ 737,948,000 | $ 99,877,000 | $ 509,095,000 | $ 326,052,000 | $ 2,072,000 | $ (178,903,000) | $ (20,245,000) |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Cash dividends declared per common share | $ 0.23 | $ 0.23 | $ 0.69 | $ 0.67 |
Stock issued during period, shares, restricted stock award, forfeited | 700 | 267 | ||
Stock issued during period, shares, employee stock purchase plans | 11,624 | 6,104 | 28,762 | 14,430 |
Stock issued during period, shares, deferred compensation | 8,378 | |||
Restricted stock issued during period, shares, pursuant to the 2017 stock incentive plan | 54,567 | |||
Restricted stock issued during period, shares, pursuant to the 2017 stock incentive plan, net of forfeitures | 54,498 | |||
Restricted stock issued during period, shares, pursuant to the 2017 stock incentive plan | 4,350 | 4,950 | ||
Purchase of treasury shares (in shares) | 170 | 262 | ||
Blackhawk Bancorp, Inc | ||||
Stock Issued During Period, Shares, Acquisitions | 3,290,222 | 3,290,222 | ||
LINCO Bancshares, Inc. | ||||
Stock Issued During Period, Shares, Acquisitions | 2,292,270 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Cash flows from operating activities: | ||
Net income | $ 50,864 | $ 52,313 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for credit losses | 5,552 | 4,001 |
Depreciation, amortization and accretion, net | 9,971 | 11,502 |
Change in cash surrender value of bank owned life insurance | (2,878) | (2,634) |
Gain on redemption of bank owned life insurance | (976) | |
Stock-based compensation expense | 1,213 | 1,342 |
Operating lease payments | (2,414) | (2,286) |
Gain on investment securities, net | (3,337) | (81) |
Loss on sales and write downs of other real estate owned, net | 1,227 | 103 |
Loss on sale of other assets | 69 | 76 |
Gain on sale of loans held for sale, net | (934) | (1,060) |
Increase in accrued interest receivable | (4,090) | (4,335) |
Increase in accrued interest payable | 2,306 | 1,207 |
Origination of loans held for sale | (51,413) | (53,591) |
Proceeds from sale of loans held for sale | 46,452 | 56,932 |
Decrease in other investment | 0 | 6 |
Increase in other assets | (2,351) | (10,187) |
(Decrease) increase in other liabilities | (5,692) | 952 |
Net cash provided by operating activities | 43,569 | 54,260 |
Cash flows from investing activities: | ||
Proceeds from maturities of certificates of deposit investments | 690 | 1,225 |
Purchases of certificates of deposit investments | (245) | (245) |
Proceeds from sales of securities available-for-sale | 265,145 | 27,396 |
Proceeds from maturities of securities available-for-sale | 80,932 | 117,799 |
Proceeds from maturities of securities held-to-maturity | 695 | 5,000 |
Purchases of securities available-for-sale | (1,063) | (10,768) |
Net decrease (increase) in loans | 21,078 | (309,664) |
Purchases of premises and equipment | (3,021) | (3,874) |
Proceeds from sales of other real property owned | 1,754 | 821 |
Proceeds from bank owned life insurance death benefit | 2,048 | 0 |
Net cash provided by acquisition | 44,621 | 67,323 |
Net cash provided by (used in) investing activities | 412,634 | (104,987) |
Cash flows from financing activities: | ||
Net decrease in deposits | (105,649) | (33,665) |
(Decrease) increase in repurchase agreements | (6,436) | 38,916 |
Proceeds from FHLB advances | 150,000 | 365,000 |
Repayment of FHLB advances | (250,000) | (320,000) |
Proceeds from issuance of common stock | 787 | 1,008 |
Direct expenses related to capital transactions | 0 | (29) |
Purchase of treasury stock | (5) | (11) |
Dividends paid on common stock | (14,096) | (13,140) |
Net cash (used in) provided by financing activities | (225,399) | 43,079 |
Increase (decrease) in cash and cash equivalents | 230,804 | (7,648) |
Cash and cash equivalents at beginning of period | 152,433 | 168,602 |
Cash and cash equivalents at end of period | 383,237 | 160,954 |
Cash paid during the period for: | ||
Interest | 70,857 | 14,916 |
Income taxes | 16,627 | 22,463 |
Supplemental disclosures of noncash investing and financing activities | ||
Loans transferred to other real estate | 648 | 383 |
Initial recognition of right-of-use assets | 659 | 715 |
Initial recognition of lease liabilities | 659 | 715 |
LINCO Bancshares, Inc. | ||
Supplemental disclosures of purchases of capital stock | ||
Fair value of assets acquired | 1,328,280 | 750,063 |
Cash paid | 10,172 | 15,150 |
Common stock issued | 93,508 | 92,172 |
Total consideration paid | 103,680 | 107,322 |
Fair value of liabilities assumed | $ 1,224,600 | $ 642,741 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Pay vs Performance Disclosure | ||||
Net Income (Loss) | $ 15,117,000 | $ 17,939,000 | $ 50,864,000 | $ 52,313,000 |
Insider Trading Arrangements
Insider Trading Arrangements | 9 Months Ended |
Sep. 30, 2023 | |
Trading Arrangements, by Individual | |
Title | directors and officers |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Basis of Accounting and Consoli
Basis of Accounting and Consolidation | 9 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Accounting and Consolidation | Note 1 -- Basis of Accou nting and Consolidation The unaudited condensed consolidated financial statements include the accounts of First Mid Bancshares, Inc. (“Company”) and its wholly owned subsidiaries: First Mid Bank & Trust, N.A. (“First Mid Bank”), Blackhawk Bank ("Blackhawk Bank"), First Mid Wealth Management Company, First Mid Insurance Group, Inc. (“First Mid Insurance”), and First Mid Captive, Inc. All significant intercompany balances and transactions have been eliminated in consolidation. The financial information reflects all adjustments which, in the opinion of management, are necessary for a fair presentation of the results of the interim periods ended September 30, 2023 and 2022, and all such adjustments are of a normal recurring nature. Certain amounts in the prior year’s consolidated financial statements may have been reclassified to conform to the September 30, 2023 presentation and there was no impact on net income or stockholders’ equity. The results of the interim period ended September 30, 2023 are not necessarily indicative of the results expected for the year ending December 31, 2023. The Company operates as a one-segment entity for financial reporting purposes. The 2022 year-end consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America. The unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X and do not include all the information required by U.S. generally accepted accounting principles (“GAAP”) for complete financial statements and related footnote disclosures although the Company believes that the disclosures made are adequate to make the information not misleading. These consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s 2022 Annual Report on Form 10-K. Blackhawk Bancorp, Inc. On March 20, 2023, First Mid Bancshares, Inc. (“First Mid”) and Eagle Sub LLC, a newly formed Wisconsin limited liability company and wholly-owned subsidiary of First Mid (“Merger Sub”), entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Blackhawk Bancorp, Inc., a Wisconsin corporation (“Blackhawk”), pursuant to which, among other things, First Mid agreed to acquire 100 % of the issued and outstanding shares of Blackhawk pursuant to a business combination whereby Blackhawk will merge with and into Merger Sub, whereupon the separate corporate existence of Blackhawk will cease and Merger Sub will continue as the surviving company and a wholly-owned subsidiary of First Mid (the “Merger”). Subject to the terms and conditions of the Merger Agreement, at the effective time of the Merger, each share of common stock, par value $ 0.01 per share, of Blackhawk issued and outstanding immediately prior to the effective time of the Merger (other than shares held in treasury by Blackhawk and dissenting shares) were converted into and become the right to receive 1.15 shares of common stock, par value $ 4.00 per share, of First Mid and cash in lieu of fractional shares, less any applicable taxes required to be withheld, and subject to certain potential adjustments. On an aggregate basis, the total consideration payable by First Mid at the closing of the Merger to Blackhawk’s shareholders and equity award holders was 3,290,222 shares of First Mid common stock valued at $ 93.51 million and $ 1,928 of cash in lieu of fractional shares. It is anticipated that Blackhawk Bank, will be merged with and into First Mid Bank the first weekend of December 2023. At which time, Blackhawk Bank’s banking offices will become branches of First Mid Bank. Delta Bancshares Company On July 28, 2021, the Company and Brock Sub LLC, a newly formed Delaware limited liability company and wholly-owned subsidiary of the Company (“Delta Merger Sub”), entered into an Agreement and Plan of Merger (the “Delta Merger Agreement”) with Delta Bancshares Company, a Missouri corporation (“Delta”), pursuant to which, among other things, the Company agreed to acquire 100 % of the issued and outstanding shares of Delta pursuant to a business combination whereby Delta merged with and into Merger Sub, whereupon the separate corporate existence of Delta ceased and Merger Sub continued as the surviving company and a wholly-owned subsidiary of First Mid (the “Delta Merger”). The Delta Merger was completed on February 14, 2022. Subject to the terms and conditions of the Merger Agreement, at the effective time of the Delta Merger, each share of common stock, par value $ 10.00 per share, of Delta issued and outstanding immediately prior to the effective time of the Delta Merger (other than shares held in treasury by Delta) converted into and became the right to receive cash and shares of common stock, par value $ 4.00 per share, of the Company and cash in lieu of fractional shares, less any applicable taxes required to be withheld, and subject to certain potential adjustments. On an aggregate basis, the total consideration paid by the Company at the closing of the Delta Merger to Delta’s shareholders and option holders was approximately $ 15.15 million in cash and 2,292,270 shares of Company common stock. Delta’s outstanding stock options vested upon consummation of the Delta Merger, and all outstanding Delta options that were unexercised prior to the effective time of the Delta Merger were cashed out. Delta’s wholly owned bank subsidiary, Jefferson Bank, was merged with and into First Mid Bank during the second quarter of 2022. At the time of the bank merger, Jefferson Bank’s banking offices became branches of First Mid Bank. Website The Company maintains a website at www.firstmid.com . All periodic and current reports of the Company and amendments to these reports filed with the Securities and Exchange Commission (“SEC”) can be accessed, free of charge, through this website as soon as reasonably practicable after these materials are filed with the SEC. General Litigation The Company is subject to claims and lawsuits that arise primarily in the ordinary course of business. It is the opinion of management that the disposition or ultimate resolution of such claims and lawsuits will not have a material adverse effect on the consolidated financial position, results of operations and cash flows of the Company. Stock Plans At the Annual Meeting of Stockholders held April 26, 2017, the stockholders approved the First Mid-Illinois Bancshares, Inc. 2017 Stock Incentive Plan (“SI Plan”). The SI Plan was implemented to succeed the Company’s 2007 Stock Incentive Plan, which had a ten-year term. The SI Plan is intended to provide a means whereby directors, employees, consultants and advisors of the Company and its subsidiaries may sustain a sense of proprietorship and personal involvement in the continued development and financial success of the Company and its subsidiaries, thereby advancing the interests of the Company and its stockholders. Accordingly, directors and selected employees, consultants and advisors may be provided the opportunity to acquire shares of common stock of the Company on the terms and conditions established in the SI Plan. Following the stockholders’ approval at the 2021 annual meeting of the Company, a maximum of 399,983 shares of common stock may be issued under the SI Plan. There have been no stock options awarded under any Company plan since 2008. The Company has awarded 60,550 and 61,400 shares of restricted stock during the nine months ended September 30, 2023 and 2022, respectively, and 37,900 and 37,150 restricted stock units during the nine months ended September 30, 2023 and 2022 , respectively. Employee Stock Purchase Plan At the Annual Meeting of Stockholders held April 25, 2018, the stockholders approved the First Mid-Illinois Bancshares, Inc. Employee Stock Purchase Plan (“ESPP”). The ESPP is intended to promote the interests of the Company by providing eligible employees with the opportunity to purchase shares of common stock of the Company at a 15 % discount through payroll deductions. The ESPP is also intended to qualify as an employee stock purchase plan under Section 423 of the Internal Revenue Code. A maximum of 600,000 shares of common stock may be issued under the ESPP. During the nine months ended September 30, 2023 and 2022, 28,762 shares and 14,430 shares, respectively, were issued pursuant to the ESPP. Captive Insurance Company First Mid Captive, Inc. (the “Captive"), a wholly owned subsidiary of the Company which was formed and began operations in December 2019, is a Nevada-based captive insurance company. The Captive insures against certain risks unique to operations of the Company and its subsidiaries for which insurance may not be currently available or economically feasible in today's insurance marketplace. The Captive pools resources with several other similar insurance company subsidiaries of financial institutions to spread a limited amount of risk among themselves. The Captive is subject to regulations of the State of Nevada and undergoes periodic examinations by the Nevada Division of Insurance. It has elected to be taxed under Section 831(b) of the Internal Revenue Code. Pursuant to Section 831(b), if gross premiums do not exceed $ 2,650,000 , then the Captive is taxable solely on its investment income. The Captive is included in the Company's consolidated financial statements and its federal income return. Bank Owned Life Insurance First Mid Bank has purchased life insurance policies on certain senior management. Bank owned life insurance is recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other charges or other amounts that are probable at settlement. Revenue Recognition Accounting Standards Codification 606, Revenue from Contracts with Customers (“ASC 606”), establishes a revenue recognition model for reporting information about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity's contracts to provide goods or services to customers. Most of the Company’s revenue-generating transactions are not subject to ASC 606, including revenue generated from financial instruments, such as loans and investment securities, and revenue related to mortgage servicing activities, which are subject to other accounting standards. A description of the revenue-generating activities that are within the scope of ASC 606, and included in other income in the Company’s condensed consolidated statements of income are as follows: Trust revenues. The Company generates fee income from providing fiduciary services through its subsidiary, First Mid Wealth Management Company. Fees are billed in arrears based upon the preceding period account balance. Revenue from farm management services is recorded when the service is complete, for example when crops are sold. Brokerage commissions. Revenue is recorded at the beginning of each quarter through billing to customers based on the account asset size on the last day of the previous quarter. If a withdrawal of funds takes place, a prorated refund may occur; this is reflected within the same quarter as the original billing occurred. All performance obligations are met within the same quarter that the revenue is recorded. Insurance commissions. The Company’s insurance agency subsidiary, First Mid Insurance, receives commissions on premiums of new and renewed business policies. First Mid Insurance records commission revenue on direct bill policies as the cash is received. For agency bill policies, First Mid Insurance retains its commission portion of the customer premium payment and remits the balance to the carrier. In both cases, the entire performance obligation is held by the carriers. Service charges on deposits. The Company generates revenue from fees charged for deposit account maintenance, overdrafts, wire transfers, and check fees. The revenue related to deposit fees is recognized at the time the performance obligation is satisfied. ATM/debit card revenue. The Company generates revenue through service charges on the use of its ATM machines and interchange income from the use of Company issued credit and debit cards. The revenue is recognized at the time the service is used and the performance obligation is satisfied. Other income. Treasury management fees and lock box fees are received and recorded after the service performance obligation is completed. Merchant bank card fees are received from various vendors; however, the performance obligation is with the vendors. The Company records gains on the sale of loans and the sale of OREO properties after the transactions are complete and transfer of ownership has occurred. As each of the Company’s facilities is in markets with similar economies, no disaggregation of revenue is necessary. Accumulated Other Comprehensive Loss The components of accumulated other comprehensive loss included in stockholders’ equity as of September 30, 2023 and December 31, 2022 are as follows (in thousands): Unrealized Losses on Securities September 30, 2023 Net unrealized losses on securities available-for-sale $ ( 251,974 ) Tax benefit 73,071 Balance at September 30, 2023 $ ( 178,903 ) December 31, 2022 Net unrealized losses on securities available-for-sale $ ( 213,387 ) Tax benefit 61,880 Balance at December 31, 2022 $ ( 151,507 ) Amounts reclassified from accumulated other comprehensive loss and the affected line items in the statements of income during the three and nine months ended September 30, 2023 and 2022, were as follows (in thousands): Amounts Reclassified from Three months ended Nine months ended September 30, September 30, 2023 2022 2023 2022 Affected Line Item in the Statements of Income Realized gain (loss) on available-for-sale securities $ 3,389 $ 79 $ 3,337 $ 81 Securities (loss) gain, net Tax effect ( 983 ) ( 23 ) ( 968 ) ( 24 ) Income taxes Total reclassifications out of accumulated other comprehensive income (loss) $ 2,406 $ 56 $ 2,369 $ 57 Net reclassified amount See “Note 3 – Investment Securities” for more detailed information regarding unrealized losses on available-for-sale securities. Adoption of New Accounting Guidance Accounting Standards Update 2022-02, Financial Instruments-Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures (“ASU 2022-02”). In March 2022, FASB issued ASU 2022-02. The amendments in this update eliminate the accounting guidance and related disclosures for TDRs by creditors in Subtopic 310-40, Receivables—Troubled Debt Restructurings by Creditors , while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty and requiring an entity to disclose current-period gross writeoffs by year of origination for financing receivables and net investments in leases within the scope of Subtopic 326-20, Financial Instruments—Credit Losses—Measured at Amortized Cost . The amendments in this update were effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years and are applied prospectively, except with respect to the recognition and measurement of TDRs, where an entity has the option to apply a modified retrospective transition method. The adoption of this accounting guidance resulted in updated disclosures within the Company's consolidated financial statements. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 2 -- Earnings Per Share Basic net income per common share available to common stockholders is calculated as net income less preferred stock dividends divided by the weighted average number of common shares outstanding. Diluted net income per common share available to common stockholders is computed using the weighted average number of common shares outstanding, increased by the Company’s stock options, unless anti-dilutive. The components of basic and diluted net income per common share available to common stockholders for the three and nine months ended September 30, 2023 and 2022 were as follows: Three months ended Nine months ended September 30, September 30, 2023 2022 2023 2022 Basic net income per common share Available to common stockholders: Net income $ 15,117,000 $ 17,939,000 $ 50,864,000 $ 52,313,000 Weighted average common shares outstanding 22,220,438 20,454,669 21,086,802 20,070,687 Basic earnings per common share $ 0.68 $ 0.88 $ 2.41 $ 2.61 Diluted net income per common share Available to common stockholders: Net income applicable to diluted earnings per share $ 15,117,000 $ 17,939,000 $ 50,864,000 $ 52,313,000 Weighted average common shares outstanding 22,220,438 20,454,669 21,086,802 20,070,687 Dilutive potential common shares: restricted stock awarded 98,896 80,546 90,144 74,748 Diluted weighted average common shares outstanding 22,319,334 20,535,215 21,176,946 20,145,435 Diluted earnings per common share $ 0.68 $ 0.88 $ 2.40 $ 2.60 There were no shares excluded when computing diluted earnings per share for the three and nine months ended September 30, 2023 and 2022 because they were anti-dilutive. |
Investment Securities
Investment Securities | 9 Months Ended |
Sep. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Note 3 -- Investment Securities The amortized cost, gross unrealized gains and losses and estimated fair values for available-for-sale and held-to-maturity securities by major security type at September 30, 2023 and December 31, 2022 were as follows (in thousands): Amortized Gross Gross Fair Value September 30, 2023 Available-for-sale: U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 245,648 $ — $ ( 33,719 ) $ 211,929 Obligations of states and political subdivisions 341,002 28 ( 74,557 ) 266,473 Mortgage-backed securities: GSE residential 810,113 2,036 ( 139,627 ) 672,522 Other securities 73,806 — ( 6,135 ) 67,671 Total available-for-sale $ 1,470,569 $ 2,064 $ ( 254,038 ) $ 1,218,595 Held-to-maturity: Other investments $ 2,259 $ — $ — $ 2,259 Total held-to-maturity $ 2,259 $ — $ — $ 2,259 December 31, 2022 Available-for-sale: U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 252,934 $ — $ ( 32,407 ) $ 220,527 Obligations of states and political subdivisions 347,409 134 ( 59,845 ) 287,698 Mortgage-backed securities: GSE residential 744,636 3 ( 116,759 ) 627,880 Other securities 87,393 6 ( 4,519 ) 82,880 Total available-for-sale $ 1,432,372 $ 143 $ ( 213,530 ) $ 1,218,985 Held-to-maturity: Other investments $ 2,954 $ — $ — $ 2,954 Total held-to-maturity $ 2,954 $ — $ — $ 2,954 The Company also had $ 3,932,000 and $ 311,000 of equity securities, at fair value, as of September 30, 2023 and December 31, 2022, respectively. The Company's held-to-maturity securities are annuities for which the risk of loss is minimal. As such, as of September 30, 2023, the Company did not record an allowance for credit losses on its held-to-maturity securities. Realized gains and losses resulting from sales of securities were as follows during the three and nine months ended September 30, 2023 and 2022 (in thousands): Three months Nine months September 30, September 30, 2023 2022 2023 2022 Gross gains $ 3,823 $ 191 $ 3,829 $ 193 Gross losses ( 434 ) ( 112 ) ( 492 ) ( 112 ) The following table indicates the expected maturities of investment securities classified as available-for-sale presented at fair value, and held-to-maturity presented at amortized cost, at September 30, 2023 and the weighted average yield for each range of maturities (dollars in thousands): One year After 1 After 5 After Total Available-for-sale: U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 170,295 $ 39,997 $ 1,637 $ — $ 211,929 Obligations of state and political subdivisions 20,023 82,929 162,387 1,134 266,473 Mortgage-backed securities: GSE residential 1,690 19,588 39,452 611,792 672,522 Other securities 18,929 48,121 621 — 67,671 Total available-for-sale investments $ 210,937 $ 190,635 $ 204,097 $ 612,926 $ 1,218,595 Weighted average yield 1.64 % 2.57 % 2.03 % 1.70 % 1.88 % Full tax-equivalent yield 1.64 % 2.58 % 2.06 % 1.72 % 1.90 % Held to maturity: Other investments $ — $ — $ — $ 2,259 $ 2,259 Total held-to-maturity $ — $ — $ — $ 2,259 $ 2,259 Weighted average yield — % — % — % — % — % Full tax-equivalent yield — % — % — % — % — % The weighted average yields are calculated based on the amortized cost and effective yields weighted for the scheduled maturity of each security. Tax-equivalent yields have been calculated using a 21 % tax rate. With the exception of obligations of the U.S. Treasury and other U.S. government agencies and corporations, there were no investment securities of any single issuer, the book value of which exceeded 10 % of stockholders' equity at September 30, 2023. Investment securities carried at approximately $ 860 million and $ 770 million at September 30, 2023 and December 31, 2022, respectively, were pledged to secure public deposits and repurchase agreements and for other purposes as permitted or required by law. The following table presents the aging of gross unrealized losses and fair value by investment category as of September 30, 2023 and December 31, 2022 (in thousands): Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized September 30, 2023 Available-for-sale: U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 3,204 $ ( 38 ) $ 208,428 $ ( 33,681 ) $ 211,632 $ ( 33,719 ) Obligations of states and political subdivisions 41,664 ( 2,467 ) 219,250 ( 72,090 ) 260,914 ( 74,557 ) Mortgage-backed securities: GSE residential 16,495 ( 278 ) 555,338 ( 139,349 ) 571,833 ( 139,627 ) Other securities 5,280 ( 470 ) 56,641 ( 5,665 ) 61,921 ( 6,135 ) Total $ 66,643 $ ( 3,253 ) $ 1,039,657 $ ( 250,785 ) $ 1,106,300 $ ( 254,038 ) December 31, 2022 Available-for-sale: U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 57,007 $ ( 3,493 ) $ 163,520 $ ( 28,914 ) $ 220,527 $ ( 32,407 ) Obligations of states and political subdivisions 220,102 ( 43,221 ) 45,419 ( 16,624 ) 265,521 ( 59,845 ) Mortgage-backed securities: GSE residential 165,966 ( 19,859 ) 461,446 ( 96,900 ) 627,412 ( 116,759 ) Other securities 64,676 ( 3,675 ) 6,698 ( 844 ) 71,374 ( 4,519 ) Total $ 507,751 $ ( 70,248 ) $ 677,083 $ ( 143,282 ) $ 1,184,834 $ ( 213,530 ) U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies. At September 30, 2023 there were forty available-for-sale securities with a fair value of $ 208.4 million and unrealized losses of $ 33.7 million in a continuous unrealized loss position for twelve months or more. At December 31, 2022, there were sixteen available-for-sale securities with a fair value of $ 163.5 million and unrealized losses of $ 28.9 million in a continuous unrealized loss position for twelve months or more. There were no held-to-maturity U.S. Treasury securities and obligations of U.S. government corporations and agencies in a continuous unrealized loss position for twelve months or more. Obligations of states and political subdivisions. At September 30, 2023, there were two hundred thirty-five obligations of states and political subdivisions with a fair value of $ 219.3 million and unrealized losses of $ 72.1 million in a continuous unrealized loss position for twelve months or more. At December 31, 2022 there were thirty-six obligations of states and political subdivisions with a fair value of $ 45.4 million and unrealized losses of $ 16.6 million in a continuous unrealized loss position for twelve months or more. Mortgage-backed Securities: GSE Residential. At September 30, 2023, there were two hundred seventy-eight mortgage-backed securities with a fair value of $ 555.3 million and unrealized losses of $ 139.3 million in a continuous unrealized loss position for twelve months or more. At December 31, 2022, there were ninety-one mortgage-backed securities with a fair value of $ 461.4 million and unrealized losses of $ 96.9 million in a continuous unrealized loss position for twelve months or more. Other securities. At September 30, 2023, there were forty-three other securities with a fair value of $ 56.6 million and unrealized losses of $ 5.7 million in a continuous unrealized loss position for twelve months or more. At December 31, 2022, there were five other securities with a fair value of $ 6.7 million and unrealized losses of $ 0.8 million in a continuous unrealized loss position for twelve months or more. |
Loans and Allowance for Credit
Loans and Allowance for Credit Losses | 9 Months Ended |
Sep. 30, 2023 | |
Receivables [Abstract] | |
Loans and Allowance for Credit Losses | Note 4 – Loans and Allowance for Credit Losses Loans are stated at amortized cost net of an allowance for credit losses. Amortized cost is the unpaid principal net of unearned premiums and discounts, and net deferred origination fees and costs. Deferred loan origination fees are reduced by loan origination costs and are amortized to interest income over the life of the related loan using methods that approximated the effective interest rate method. Interest on substantially all loans is credited to income based on the principal amount outstanding. A summary of loans at September 30, 2023 and December 31, 2022 follows (in thousands): September 30, 2023 December 31, 2022 Construction and land development $ 191,344 $ 144,387 Agricultural real estate 401,115 410,790 1-4 family residential properties 539,492 440,018 Multifamily residential properties 329,684 295,073 Commercial real estate 2,427,494 2,036,243 Loans secured by real estate 3,889,129 3,326,511 Agricultural loans 179,360 166,695 Commercial and industrial loans 1,250,800 1,085,004 Consumer loans 100,854 97,730 All other loans 177,783 159,499 Total gross loans 5,597,926 4,835,439 Less: loans held for sale 6,233 338 5,591,693 4,835,101 Less: Net deferred loan fees, premiums and discounts 57,861 9,227 Allowance for credit losses 68,241 59,093 Net loans $ 5,465,591 $ 4,766,781 Loans expected to be sold are classified as held for sale in the consolidated financial statements and are recorded at fair value, taking into consideration future commitments to sell the loans. These loans are primarily for 1-4 family residential properties. Accrued interest on loans, which is excluded from the amortized cost of the balances above, totaled $ 29.7 million and $ 23.0 million at September 30, 2023 and December 31, 2022, respectively. Most of the Company’s business activities are with customers located near the Company's branch locations in Illinois, Missouri, Texas, and Wisconsin. At September 30, 2023, the Company’s loan portfolio included $ 580.5 million of loans to borrowers whose businesses are directly related to agriculture. Of this amount, $ 452.9 million was concentrated in corn and other grain farming. Total loans to borrowers whose businesses are directly related to agriculture increased $ 3.3 million from $ 577.2 million at December 31, 2022 due to seasonal timing of cash flow requirements. Loans concentrated in corn and other grain farming increased $ 7.6 million from $ 445.2 million at December 31, 2022. The Company's underwriting practices include collateralization of loans. Any extended period of low commodity prices, drought conditions, significantly reduced yields on crops and/or reduced levels of government assistance to the agricultural industry could result in an increase in the level of problem agriculture loans and potentially result in loan losses within the agricultural portfolio. In addition, the Company has $ 227.2 million of loans to motels and hotels. The performance of these loans is dependent on borrower specific issues as well as the general level of business and personal travel within the region. While the Company adheres to sound underwriting standards, a prolonged period of reduced business or personal travel could result in an increase in nonperforming loans to this business segment and potentially in loan losses. The Company also has $ 1,077.5 million of loans to lessors of non-residential buildings, and $ 532.8 million of loans to lessors of residential buildings and dwellings. The structure of the Company’s loan approval process is based on progressively larger lending authorities granted to individual loan officers, loan committees, and ultimately the board of directors. Outstanding balances to one borrower or affiliated borrowers are limited by federal regulation and most borrowers are below regulatory thresholds. The Company can occasionally have outstanding balances to one borrower up to but not exceeding the regulatory threshold should underwriting guidelines warrant. Most of the Company’s loans are to businesses located in the geographic market areas served by the Company’s branch bank system. Additionally, a significant portion of the collateral securing the loans in the portfolio is located within the Company’s primary geographic footprint. In general, the Company adheres to loan underwriting standards consistent with industry guidelines for all loan segments. The Company’s lending can be summarized into the following primary areas: Commercial Real Estate Loans. Commercial real estate loans are generally comprised of loans to small business entities to purchase or expand structures in which the business operations are housed, loans to owners of real estate who lease space to non-related commercial entities, loans for construction and land development, loans to hotel operators, and loans to owners of multi-family residential structures, such as apartment buildings. Commercial real estate loans are underwritten based on historical and projected cash flows of the borrower and secondarily on the underlying real estate pledged as collateral on the debt. For the various types of commercial real estate loans, minimum criteria have been established within the Company’s loan policy regarding debt service coverage while maximum limits on loan-to-value and amortization periods have been defined. Maximum loan-to-value ratios range from 65 % to 80 % depending upon the type of real estate collateral, while the desired minimum debt coverage ratio is 1.20x . Amortization periods for commercial real estate loans are generally limited to twenty or twenty five years , depending on the loan-to-value. The Company’s commercial real estate portfolio is below the thresholds that would designate a concentration in commercial real estate lending, as established by the federal banking regulators. Commercial and Industrial Loans. Commercial and industrial loans are primarily comprised of working capital loans used to purchase inventory and fund accounts receivable that are secured by business assets other than real estate. These loans are generally written for one year or less. Also, equipment financing is provided to businesses with these loans generally limited to 80 % of the value of the collateral and amortization periods limited to seven years . Commercial loans are often accompanied by a personal guaranty of the principal owners of a business. Like commercial real estate loans, the underlying cash flow of the business is the primary consideration in the underwriting process. The financial condition of commercial borrowers is monitored at least annually with the type of financial information required determined by the size of the relationship. Measures employed by the Company for businesses with higher risk profiles include the use of government- assisted lending programs through the Small Business Administration and U.S. Department of Agriculture. Agricultural and Agricultural Real Estate Loans. Agricultural loans are generally comprised of seasonal operating lines to cash grain farmers to plant and harvest corn and soybeans and term loans to fund the purchase of equipment. Agricultural real estate loans are primarily comprised of loans for the purchase of farmland. Specific underwriting standards have been established for agricultural-related loans including the establishment of projections for each operating year based on industry developed estimates of farm input costs and expected commodity yields and prices. Operating lines are typically written for one year and secured by the crop. Loan-to-value ratios on loans secured by farmland generally do not exceed 65 % and have amortization periods limited to twenty-five years . Federal government-assistance lending programs through the Farm Service Agency are used to mitigate the level of credit risk when deemed appropriate. Residential Real Estate Loans. Residential real estate loans generally include loans for the purchase or refinance of residential real estate properties consisting of one-to-four units and home equity loans and lines of credit. The Company sells most of its long-term fixed rate residential real estate loans to secondary market investors. The Company also releases the servicing of these loans upon sale. Residential real estate loans are typically underwritten to conform to industry standards including criteria for maximum debt-to-income and loan-to-value ratios as well as minimum credit scores. Loans secured by first liens on residential real estate held in the portfolio typically do not exceed 80 % of the value of the collateral and have amortization periods of twenty-five years or less. The Company does not originate subprime mortgage loans. Consumer Loans. Consumer loans are primarily comprised of loans to individuals for personal and household purposes such as the purchase of an automobile or other living expenses. Minimum underwriting criteria have been established that consider credit score, debt-to-income ratio, employment history, and collateral coverage. Typically, consumer loans are set up on monthly payments with amortization periods based on the type and age of the collateral. Other Loans. Other loans consist primarily of loans to municipalities to support community projects such as infrastructure improvements or equipment purchases. Underwriting guidelines for these loans are consistent with those established for commercial loans with the additional repayment source of the taxing authority of the municipality. Allowance for Credit Losses The allowance for credit losses represents the Company’s best estimate of the reserve necessary to adequately account for probable losses expected over the remaining contractual life of the assets. The provision for credit losses is the charge against current earnings that is determined by the Company as the amount needed to maintain an adequate allowance for credit losses. In determining the adequacy of the allowance for credit losses, and therefore the provision to be charged to current earnings, the Company relies predominantly on a disciplined credit review and approval process that extends to the full range of the Company’s credit exposure. The review process is directed by the overall lending policy and is intended to identify, at the earliest possible stage, borrowers who might be facing financial difficulty. Factors considered by the Company in evaluating the overall adequacy of the allowance include historical net loan losses, the level and composition of nonaccrual, past due and modified loans, trends in volumes and terms of loans, effects of changes in risk selection and underwriting standards or lending practices, lending staff changes, concentrations of credit, industry conditions and the current economic conditions in the region where the Company operates. The Company estimates the appropriate level of allowance for credit losses by evaluating large individually evaluated loans separately from non-individually evaluated loans. Individually Evaluated Loans The Company individually evaluates certain loans for impairment. In general, these loans have been internally identified via the Company’s loan grading system as credits requiring management’s attention due to underlying problems in the borrower’s business or collateral concerns. This evaluation considers expected future cash flows, the value of collateral and other factors that may impact the borrower’s ability to make payments when due. For loans greater than $ 250,000 , impairment is individually measured each quarter using one of three alternatives: (1) the present value of expected future cash flows discounted at the loan’s effective interest rate; (2) the loan’s observable market price, if available; or (3) the fair value of the collateral less costs to sell for collateral dependent loans and loans for which foreclosure is deemed to be probable. A specific allowance is assigned when expected cash flows or collateral are less than the carrying amount of the loan. The carrying value of the loan reflects reductions from prior charge-offs. Non-Individually Evaluated Loans Non-individually evaluated loans comprise the vast majority of the Company’s total loan portfolio and include loans in accrual status and those credits not identified as modified loans. A small portion of these loans are considered “criticized” due to the risk rating assigned reflecting elevated credit risk due to characteristics, such as a strained cash flow position, associated with the individual borrowers. Criticized loans are those assigned risk ratings of Special Mention, Substandard, or Doubtful. To determine the allowance, the loan portfolio is segmented based on similar risk characteristics. The allowance for credit losses is estimated using a discounted cash flow (DCF) methodology. The DCF projects future cash flows over the life of the loan portfolio. Probability of default (PD) and loss given default (LGD) are key components in calculating expected losses in this model. The PD is forecasted using a regression model that determines the likelihood of default with a forward-looking forecast of unemployment rates. The LGD is the percentage of defaulted loans that is ultimately charged off. The allowance is calculated as the net present value of the expected cash flows less the amortized cost basis of the loans. Prior to 2022, the allowance for credit losses was measured on a collective (pool) basis for non-individually evaluated loans with similar risk characteristics. Historical credit loss experience provided the basis for the estimate of expected credit losses. Adjustments to expected losses are made using qualitative factors for relevant to each loan segment including merger & acquisition activity, economic conditions, changes in policies, procedures & underwriting, and concentrations. In addition, a forecast, using reasonable and supportable future conditions, is prepared that is used to estimate expected changes to existing and historical conditions in the current period. The Company also considers specific current economic events occurring globally, in the U.S. and in its local markets. Events considered include the status of trade agreements with China, scheduled increases in minimum wage and changes to the minimum salary threshold for overtime provisions, current and projected unemployment rates, current and projected grain and oil prices and economies of local markets where customers work and operate. Within each pool, risk elements are evaluated that have specific impacts to the borrowers within the pool. These, along with the general risks and events, and the specific lending policies and procedures by loan type described above, are analyzed to estimate the qualitative factors used to adjust the historical loss rates. During the current period, the following assumptions and factors were considered when determining the historical loss rate and any potential adjustments by loan pool. Construction and Land Development Loans. Historical losses in this segment remain very low. While staffing shortages and supply chain disruptions cause risk in this segment, most projects are associated with financially strong borrowers. The qualitative factors for this segment were decreased due to the significant discount added to the balance sheet on Blackhawk loans resulting in a change to the nature of the financial assets. Agricultural Real Estate Loans. Historical losses in the segment remain very low. Farmland values have increased over an extended period of time and there are no indications that this will change in the next year. There was no change to the qualitative factors for this segment. 1- 4 Family Residential Properties Loans. The loan segment has remained stable throughout the last several years. Both adversely classified and past dues have been consistent. There was no change to the qualitative factors for this segment. Commercial Real Estate Loans. This segment includes the Company's largest balances and the largest allowance for credit losses. The qualitative factors on both non-owner occupied and owner-occupied loans for this segment were decreased due to the significant discount added to the balance sheet on Blackhawk loans resulting in a change to the nature of the financial assets. Agricultural Loans. Losses in this segment are very low. Commodity prices have been volatile and yield expectations have been lowered due to the lack of rain. The qualitative factors of this segment were increased due to this higher level of risk. Commercial and Industrial Loans. This segment includes the second largest balance of allowance for credit losses. The qualitative factors for this segment was decreased due to the significant discount added to the balance sheet on Blackhawk loans resulting in a change to the nature of the financial assets. Consumer Loans. This segment is the smallest portion of the Company's loan portfolio. This segment is anticipated to be impacted by any recession that may appear. In addition, the risk has increased for cash flow challenges for any borrower who have student loans that will soon be returned to payments. The qualitative factors for this segment were not changed in the period. Acquired Loans. Prior to January 1, 2020 loans acquired with evidence of credit deterioration since origination and for which it was probable that all contractually required payments would not be collected were considered purchased credit impaired at the time of acquisition. Purchase credit-impaired ("PCI") loans were accounted for under ASC 310-30, Receivables--Loans and Debt Securities Acquired with Deteriorated Credit Quality ("ASC 310-30"), and were initially measured at fair value, which included the estimated future credit losses expected to be incurred over the life of the loan. Accordingly, an allowance for credit losses related to these loans was not carried over and recorded at the acquisition date. The cash flows expected to be collected were estimated using current key assumptions, such as default rates, value of underlying collateral, severity and prepayment speeds. Subsequent to January 1, 2020, loans acquired in a business combination that have experienced more-than-insignificant deterioration in credit quality since origination are considered purchased credit deteriorated (“PCD”) loans. At the acquisition date, an estimate of expected credit losses is made for groups of PCD loans with similar risk characteristics and individual PCD loans without similar risk characteristics. This initial allowance for credit losses is allocated to individual PCD loans and added to the purchase price or acquisition date fair values to establish the initial amortized cost basis of the PCD loans. As the initial allowance for credit losses is added to the purchase price, there is no credit loss expense recognized upon acquisition of a PCD loan. Any difference between the unpaid principal balance of PCD loans and the amortized cost basis is considered to relate to noncredit factors and results in a discount or premium. Discounts and premiums are recognized through interest income on a level-yield method over the life of the loans. For acquired loans not deemed purchased credit deteriorated at acquisition, the differences between the initial fair value and the unpaid principal balance are recognized as interest income on a level-yield basis over the lives of the related loans. At the acquisition date, an initial allowance for expected credit losses is estimated and recorded as credit loss expense. The subsequent measurement of expected credit losses for all acquired loans is the same as the subsequent measurement of expected credit losses for originated loans. The following table presents the activity in the allowance for credit losses based on portfolio segment for the three and nine months ended September 30, 2023 (in thousands): Construction Agricultural 1-4 Family Commercial Agricultural Commercial Consumer Total Three months ended September 30, 2023 Beginning balance $ 2,208 $ 1,370 $ 3,247 $ 28,014 $ 524 $ 21,544 $ 1,812 $ 58,719 Initial allowance on loans purchased with credit deterioration 308 — 124 1,066 — 2,273 20 3,791 Provision for credit loss expense 219 27 629 2,727 245 1,697 367 5,911 Loans charged off — — 21 — 132 — 368 521 Recoveries collected — — 91 16 3 81 150 341 Ending balance $ 2,735 $ 1,397 $ 4,070 $ 31,823 $ 640 $ 25,595 $ 1,981 $ 68,241 Nine months ended September 30, 2023 Beginning balance $ 2,250 $ 1,433 $ 3,742 $ 28,157 $ 585 $ 20,808 $ 2,118 $ 59,093 Initial allowance on loans purchased with credit deterioration 308 — 124 1,066 — 2,273 20 3,791 Provision for credit loss expense 191 ( 36 ) 88 2,278 450 2,202 379 5,552 Loans charged off 14 — 77 25 408 62 995 1,581 Recoveries collected — — 193 347 13 374 459 1,386 Ending balance $ 2,735 $ 1,397 $ 4,070 $ 31,823 $ 640 $ 25,595 $ 1,981 $ 68,241 The following tables present the activity in the allowance for credit losses based on portfolio segment for the three and nine months ended September 30, 2022 and for the year ended December 31, 2022 (in thousands): Construction and Land Development Agricultural Real Estate 1-4 Family Residential Properties Commercial Real Estate Agricultural Loans Commercial and Industrial Consumer Loans Total Three months ended September 30, 2022 Beginning balance $ 2,042 $ 2,112 $ 3,523 $ 28,856 $ 886 $ 19,496 $ 2,160 $ 59,075 Provision for credit loss expense 1 ( 674 ) 269 ( 796 ) ( 246 ) 1,271 317 142 Loans charged off — — 45 7 — 389 392 833 Recoveries collected 100 — 19 8 38 63 165 393 Ending balance $ 2,143 $ 1,438 $ 3,766 $ 28,061 $ 678 $ 20,441 $ 2,250 $ 58,777 Nine months ended September 30, 2022 Beginning balance $ 1,743 $ 1,257 $ 2,330 $ 26,246 $ 983 $ 19,241 $ 2,855 $ 54,655 Initial allowance on loans purchased with credit deterioration 272 — 3 478 — 94 16 863 Provision for credit loss expense 30 181 1,355 1,384 ( 250 ) 1,343 ( 42 ) 4,001 Loans charged off 2 — 186 414 93 424 1,059 2,178 Recoveries collected 100 — 264 367 38 187 480 1,436 Ending balance $ 2,143 $ 1,438 $ 3,766 $ 28,061 $ 678 $ 20,441 $ 2,250 $ 58,777 Twelve months ended December 31, 2022 Beginning balance (prior to adoption of ASC 326) $ 1,743 $ 1,257 $ 2,330 $ 26,246 $ 983 $ 19,241 $ 2,855 $ 54,655 Impact of adopting ASC 326 272 — 3 478 — 94 16 863 Provision for credit loss expense 137 176 1,241 1,462 ( 359 ) 2,135 14 4,806 Loans charged off 2 — 191 414 93 870 1,380 2,950 Recoveries collected 100 — 359 385 54 208 613 1,719 Ending balance $ 2,250 $ 1,433 $ 3,742 $ 28,157 $ 585 $ 20,808 $ 2,118 $ 59,093 Consistent with regulatory guidance, charge-offs on all loan segments are taken when specific loans, or portions thereof, are considered uncollectible. The Company’s policy is to promptly charge these loans off in the period the uncollectible loss is reasonably determined. For all loan portfolio segments except 1-4 family residential properties and consumer, the Company promptly charges-off loans, or portions thereof, when available information confirms that specific loans are uncollectible based on information that includes, but is not limited to, (1) the deteriorating financial condition of the borrower, (2) declining collateral values, and/or (3) legal action, including bankruptcy, that impairs the borrower’s ability to adequately meet its obligations. For individually evaluated loans that are considered solely collateral dependent, a partial charge-off is recorded when a loss has been confirmed by an updated appraisal or other appropriate valuation of the collateral. The Company charges-off 1-4 family residential and consumer loans, or portions thereof, when the Company reasonably determines the amount of the loss. The Company adheres to time frames established by applicable regulatory guidance which provides for the charge-down of 1-4 family first and junior lien mortgages to the net realizable value less costs to sell when the loan is 180 days past due, charge-off of unsecured open-end loans when the loan is 180 days past due, and charge down to the net realizable value when other secured loans are 120 days past due. Loans at these respective delinquency thresholds for which the Company can clearly document that the loan is both well-secured and in the process of collection, such that collection will occur regardless of delinquency status, need not be charged off. The following table presents the amortized cost basis of collateral-dependent loans by class of loans that were individually evaluated to determine expected credit losses, and the related allowance for credit losses, as of September 30, 2023 (in thousands): Collateral Allowance Real Estate Business Other Total for Credit Construction and land development $ 421 $ — $ — $ 421 $ 192 Agricultural real estate — — 16 16 — 1-4 family residential properties 1,258 — — 1,258 — Multifamily residential properties 1,080 — — 1,080 — Commercial real estate 9,334 — — 9,334 — Loans secured by real estate 12,093 — 16 12,109 192 Agricultural loans — — — — — Commercial and industrial loans 82 1,159 — 1,241 183 Consumer loans — — — — — Total loans $ 12,175 $ 1,159 $ 16 $ 13,350 $ 375 Credit Quality The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, collateral support, credit documentation, public information, and current economic trends, among other factors. The Company analyzes loans individually by classifying the loans as to credit risk. This analysis is performed on a continuous basis. The Company uses the following definitions for risk ratings which are commensurate with a loan considered “criticized”: Special Mention. Loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution’s credit position at some future date. Substandard. Loans classified as substandard are inadequately protected by the current sound-worthiness and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. Doubtful. Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, based on currently existing factors, conditions and values, highly questionable and improbable. Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered pass rated loans. The following tables present the credit risk profile of the Company’s loan portfolio on amortized cost basis based on risk rating category and year of origination as of September 30, 2023 (in thousands): Term Loans by Origination Year Revolving Risk rating 2023 2022 2021 2020 2019 Prior Loans Total September 30, 2023 Construction and land development loans Pass $ 49,485 $ 78,795 $ 29,330 $ 6,101 $ 10,218 $ 14,834 $ — $ 188,763 Special mention — — — — — — — — Substandard — — — — — 443 — 443 Total $ 49,485 $ 78,795 $ 29,330 $ 6,101 $ 10,218 $ 15,277 $ — $ 189,206 Current period gross writeoffs $ — $ — $ — $ — $ 14 $ — $ — $ 14 Agricultural real estate loans Pass $ 12,265 $ 172,028 $ 58,648 $ 56,006 $ 21,114 $ 74,179 $ — $ 394,240 Special mention 209 — 694 — 1,170 1,945 — 4,018 Substandard — — 375 — — 1,201 — 1,576 Total $ 12,474 $ 172,028 $ 59,717 $ 56,006 $ 22,284 $ 77,325 $ — $ 399,834 Current period gross writeoffs $ — $ — $ — $ — $ — $ — $ — $ — 1-4 family residential property loans Pass $ 40,228 $ 101,055 $ 101,609 $ 80,368 $ 27,477 $ 90,403 $ 71,412 $ 512,552 Special mention — 849 3,234 — — 3,825 10 7,918 Substandard 96 820 543 406 370 8,953 41 11,229 Total $ 40,324 $ 102,724 $ 105,386 $ 80,774 $ 27,847 $ 103,181 $ 71,463 $ 531,699 Current period gross writeoffs $ — $ — $ — $ — $ 14 $ 63 $ — $ 77 Commercial real estate loans Pass $ 157,527 $ 721,955 $ 578,816 $ 336,064 $ 245,896 $ 645,950 $ — $ 2,686,208 Special mention 3,700 2,735 1,348 2,326 1,614 7,987 — 19,710 Substandard — 4,231 537 31 792 8,392 — 13,983 Total $ 161,227 $ 728,921 $ 580,701 $ 338,421 $ 248,302 $ 662,329 $ — $ 2,719,901 Current period gross writeoffs $ — $ — $ — $ — $ 25 $ — $ — $ 25 Agricultural loans Pass $ 113,694 $ 40,523 $ 16,470 $ 4,355 $ 1,961 $ 2,399 $ — $ 179,402 Special mention 6 18 — — 15 — — 39 Substandard — — 3 — 3 — — 6 Total $ 113,700 $ 40,541 $ 16,473 $ 4,355 $ 1,979 $ 2,399 $ — $ 179,447 Current period gross writeoffs $ — $ 276 $ — $ — $ — $ 132 $ — $ 408 Commercial and industrial loans Pass $ 243,700 $ 321,790 $ 241,780 $ 154,578 $ 86,721 $ 327,485 $ — $ 1,376,054 Special mention 50 1,634 10,634 7,510 647 21,563 — 42,038 Substandard — 521 876 71 34 842 — 2,344 Total $ 243,750 $ 323,945 $ 253,290 $ 162,159 $ 87,402 $ 349,890 $ — $ 1,420,436 Current period gross writeoffs $ — $ — $ — $ 49 $ — $ 13 $ — $ 62 Consumer loans Pass $ 8,929 $ 44,835 $ 24,253 $ 12,165 $ 5,427 $ 2,930 $ — $ 98,539 Special mention — 9 — — — — — 9 Substandard 44 434 253 160 61 42 — 994 Total $ 8,973 $ 45,278 $ 24,506 $ 12,325 $ 5,488 $ 2,972 $ — $ 99,542 Current period gross writeoffs $ — $ 57 $ 83 $ 1 $ 9 $ 845 $ — $ 995 Total loans Pass $ 625,828 $ 1,480,981 $ 1,050,906 $ 649,637 $ 398,814 $ 1,158,180 $ 71,412 $ 5,435,758 Special mention 3,965 5,245 15,910 9,836 3,446 35,320 10 73,732 Substandard 140 6,006 2,587 668 1,260 19,873 41 30,575 Total $ 629,933 $ 1,492,232 $ 1,069,403 $ 660,141 $ 403,520 $ 1,213,373 $ 71,463 $ 5,540,065 Current period gross writeoffs $ — $ 333 $ 83 $ 50 $ 62 $ 1,053 $ — $ 1,581 The following tables present the credit risk profile of the Company’s loan portfolio based on risk rating category as of December 31, 2022 (in thousands): Term Loans by Origination Year Revolving Risk rating 2022 2021 2020 2019 2018 Prior Loans Total December 31, 2022 Construction and land development loans Pass $ 63,846 $ 39,790 $ 12,558 $ 15,787 $ 1,210 $ 10,601 $ — $ 143,792 Special mention — — — — — — — — Substandard — — — 14 — 458 — 472 Total $ 63,846 $ 39,790 $ 12,558 $ 15,801 $ 1,210 $ 11,059 $ — $ 144,264 Current period gross writeoffs $ — $ — $ — $ — $ — $ 2 $ — $ 2 Agricultural real estate loans Pass $ 171,833 $ 67,115 $ 58,283 $ 23,820 $ 27,573 $ 52,799 $ — $ 401,423 Special mention 1,123 — 490 1,240 273 3,121 — 6,247 Substandard — — — — 1,383 1,274 — 2,657 Total $ 172,956 $ 67,115 $ 58,773 $ 25,060 $ 29,229 $ 57,194 $ — $ 410,327 Current period gross writeoffs $ — $ — $ — $ — $ — $ — $ — $ — 1-4 family residential property loans Pass $ 94,377 $ 86,717 $ 78,977 $ 27,580 $ 30,809 $ 63,050 $ 43,722 $ 425,232 Special mention 169 218 1 44 238 1,000 — 1,670 Substandard 1,060 566 529 295 2,749 8,079 — 13,278 Total $ 95,606 $ 87,501 $ 79,507 $ 27,919 $ 33,796 $ 72,129 $ 43,722 $ 440,180 Current period gross writeoffs $ — $ — $ 67 $ 13 $ — $ 111 $ — $ 191 Commercial real estate loans Pass $ 558,921 $ 509,614 $ 319,049 $ 239,564 $ 211,505 $ 453,076 $ — $ 2,291,729 Special mention 2,187 1,287 769 1,508 952 8,503 — 15,206 Substandard 3,783 478 794 873 5,394 6,100 — 17,422 Total $ 564,891 $ 511,379 $ 320,612 $ 241,945 $ 217,851 $ 467,679 $ — $ 2,324,357 Current period gross writeoffs $ 250 $ 22 $ — $ — $ — $ 142 $ — $ 414 Agricultural loans Pass $ 137,327 $ 18,783 $ 3,433 $ 3,918 $ 915 $ 254 $ — $ 164,630 Special mention 1,178 — — 756 66 109 — 2,109 Substandard 53 — — 46 — — — 99 Total $ 138,558 $ 18,783 $ 3,433 $ 4,720 $ 981 $ 363 $ — $ 166,838 Current period gross writeoffs $ — $ 93 $ — $ — $ — $ — $ — $ 93 Commercial and industrial loans Pass $ 450,001 $ 226,038 $ 172,208 $ 63,906 $ 61,929 $ 247,404 $ — $ 1,221,486 Special mention 469 640 10,095 570 7,280 158 — 19,212 Substandard 346 418 184 35 157 633 — 1,773 Total $ 450,816 $ 227,096 $ 182,487 $ 64,511 $ 69,366 $ 248,195 $ — $ 1,242,471 Current period gross writeoffs $ 39 $ 311 $ 39 $ 439 $ 23 $ 19 $ — $ 870 Consumer loans Pass $ 48,600 $ 21,088 $ 12,101 $ 7,968 $ 1,945 $ 5,630 $ — $ 97,332 Special mention — 18 1 — 5 — — 24 Substandard 69 246 3 43 52 6 — 419 Total $ 48,669 $ 21,352 $ 12,105 $ 8,011 $ 2,002 $ 5,636 $ — $ 97,775 Current period gross writeoffs $ 22 $ 177 $ 89 $ 10 $ 7 $ 1,075 $ — $ 1,380 Total loans Pass $ 1,524,905 $ 969,145 $ 656,609 $ 382,543 $ 335,886 $ 832,814 $ 43,722 $ 4,745,624 Special mention 5,126 2,163 11,356 4,118 8,814 12,891 — 44,468 Substandard 5,311 1,708 1,510 1 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 9 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Note 5 -- Goodwill and Intangible Assets The Company has goodwill from business combinations, intangible assets from branch acquisitions, identifiable intangible assets assigned to core deposit relationships and customer lists of First Mid Wealth Management Company and First Mid Insurance. The following table presents gross carrying value and accumulated amortization by major intangible asset class as of September 30, 2023 and December 31, 2022 (in thousands): September 30, 2023 December 31, 2022 Gross Carrying Accumulated Gross Carrying Accumulated Goodwill not subject to amortization $ 200,221 $ 3,760 $ 144,172 $ 3,760 Intangibles from branch acquisition 3,015 3,015 3,015 3,015 Core deposit intangibles 79,945 32,348 45,355 28,432 Other intangibles 26,552 10,041 20,782 8,551 $ 309,733 $ 49,164 $ 213,324 $ 43,758 Goodwill of $ 50.1 million was recorded for the acquisition and merger of Blackhawk Bancorp, Inc. during the third quarter of 2023. All of the goodwill was assigned to the banking segment of the Company. The goodwill will not be deductible for tax purposes. The following table provides a reconciliation of the purchase price paid for the acquisition of Blackhawk and the amount of goodwill recorded (in thousands): Unallocated purchase price $ 26,955 Less purchase accounting adjustments: Fair value of securities $ ( 25,521 ) Fair value of loans, net ( 43,477 ) Fair value of premises and equipment ( 3,856 ) Fair value of time deposits 2,311 Fair value of subordinated and jr subordinated debentures 3,707 Increase in core deposit intangible 33,731 Increase in mortgage servicing rights 3,344 Other assets 6,619 ( 23,142 ) $ 50,097 During the quarter ended June 30, 2023, goodwill of $ 6 million was recorded for the acquisition of the stock of Purdum, Gray, Ingledue, Beck, Inc., in connection with its insurance business. First Mid Insurance was assigned all this goodwill. The following provides a reconciliation of the purchase price paid for Purdum, Gray, Ingledue, Beck, Inc. and the amount of goodwill recorded (in thousands): Unallocated purchase price $ 10,145 Less purchase accounting adjustments: Insurance Company intangible $ 5,770 Other liabilities ( 1,576 ) 4,194 $ 5,951 During the first quarter of 2022, goodwill of $ 28.6 million was provisionally recorded for the acquisition and merger of Delta Bancshares Company. This goodwill was subsequently adjusted to $ 28.2 million to reflect proper tax treatment of the Delta assets and liabilities. All this goodwill was assigned to the banking unit of the Company. The following table provides a reconciliation of the purchase price paid for the acquisition of Delta and the amount of goodwill recorded (in thousands): Unallocated purchase price $ 29,791 Less purchase accounting adjustments: Fair value of securities $ ( 2,836 ) Fair value of loans, net ( 3,399 ) Fair value of premises and equipment 3,508 Fair value of time deposits ( 1,759 ) Fair value of FHLB advances ( 75 ) Core deposit intangible 5,920 Other assets ( 570 ) Other liabilities 444 1,233 $ 28,558 The Company has mortgage servicing rights acquired in previous acquisitions. The following table summarizes the activity pertaining to mortgage servicing rights included in intangible assets as of September 30, 2023, September 30, 2022 and December 31, 2022 (in thousands): September 30, 2023 September 30, 2022 December 31, 2022 Beginning balance $ 331 $ 420 $ 420 Mortgage servicing rights acquired during period 7,062 — — Adjustment to valuation reserve — 108 108 Mortgage servicing rights amortized ( 161 ) ( 184 ) ( 200 ) Interest only strip ( 8 ) 6 3 Ending balance $ 7,224 $ 350 $ 331 Total amortization expense for three and nine months ended September 30, 2023 and 2022 was as follows (in thousands): Three months ended Nine months ended September 30, September 30, 2023 2022 2023 2022 Core deposit intangibles $ 1,857 $ 1,131 $ 3,916 $ 3,273 Customer list intangibles 578 432 1,490 1,296 Mortgage servicing rights 133 35 161 184 $ 2,568 $ 1,598 $ 5,567 $ 4,753 Aggregate amortization expense for the current year and estimated amortization expense for each of the five succeeding years is shown in the table below (in thousands): Aggregate amortization expense: For period 01/01/23 - 09/30/23 $ 5,567 Estimated amortization expense: For period 10/01/23 - 12/31/23 3,561 For year ended 12/31/24 13,477 For year ended 12/31/25 12,156 For year ended 12/31/26 10,569 For year ended 12/31/27 9,349 In accordance with the provisions of SFAS No. 142, “ Goodwill and Other Intangible Assets ,” codified within ASC 350, the Company performed testing of goodwill for impairment as of May 31, 2023 and determined that, as of that date, goodwill was not impaired. Management also concluded that the remaining amounts and amortization periods were appropriate for all intangible assets. |
Repurchase Agreements and Other
Repurchase Agreements and Other Borrowings | 9 Months Ended |
Sep. 30, 2023 | |
Repurchase Agreements And Other Borrowings [Abstract] | |
Repurchase Agreements and Other Borrowings | Note 6 -- Repurchase Agreements and Other Borrowings Securities sold under agreements to repurchase were $ 215.0 million at September 30, 2023, an decrease of $ 6.4 million from $ 221.4 million at December 31, 2022. All the transactions have overnight maturities with a weighted average rate of 2.93 % . The right of setoff for a repurchase agreement resembles a secured borrowing, whereby the collateral pledged by the Company would be used to settle the fair value of the repurchase agreement should the Company be in default (e.g., declare bankruptcy), the Company could cancel the repurchase agreement (i.e., cease payment of principal and interest), and attempt collection on the amount of collateral value in excess of the repurchase agreement fair value. The collateral is held by a third-party financial institution in the counterparty's custodial account. The counterparty has the right to sell or repledge the investment securities. For government entity repurchase agreements, the collateral is held by the Company in a segregated custodial account under a tri-party agreement. The Company is required by the counterparty to maintain adequate collateral levels. In the event the collateral fair value falls below stipulated levels, the Company will pledge additional securities. The Company closely monitors collateral levels to ensure adequate levels are maintained, while mitigating the potential of over-collateralization in the event of counterparty default. Collateral pledged by class for repurchase agreements are as follows (in thousands): September 30, 2023 December 31, 2022 US Treasury securities and obligations of U.S. government corporations and agencies $ 39,093 $ 47,775 Mortgage-backed securities: GSE: residential 175,885 173,639 Total $ 214,978 $ 221,414 FHLB borrowings, were $ 364.7 million and $ 464.7 million at September 30, 2023 and December 31, 2022, respectively. At September 30, 2023 the advances were as follows: Advance Term (in years) Interest Rate Maturity Date 25,000,000 1.0 4.81 % November 10, 2023 25,000,000 1.5 4.69 % May 10, 2024 25,000,000 2.0 4.59 % November 8, 2024 10,000,000 5.0 1.45 % December 31, 2024 5,000,000 5.0 0.91 % March 10, 2025 4,746,475 10.0 2.64 % December 23, 2025 25,000,000 3.0 4.40 % June 15, 2026 50,000,000 4.0 3.49 % December 8, 2027 50,000,000 4.0 3.28 % December 8, 2027 25,000,000 5.0 3.47 % March 13, 2028 25,000,000 5.0 3.67 % June 15, 2028 25,000,000 5.0 3.71 % June 29, 2028 25,000,000 5.0 3.82 % June 29, 2028 25,000,000 5.0 3.95 % June 29, 2028 5,000,000 10.0 1.15 % October 3, 2029 5,000,000 10.0 1.12 % October 3, 2029 10,000,000 10.0 1.39 % December 31, 2029 |
Fair Value of Assets and Liabil
Fair Value of Assets and Liabilities | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Assets and Liabilities | Note 7 -- Fair Value of Assets and Liabilities Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements must maximize the use of observable inputs and minimize the use of unobservable inputs. There is a hierarchy of three levels of inputs that may be used to measure fair value: Level 1 Valuations for assets and liabilities traded in active exchange markets, such as the New York Stock Exchange. Valuations are obtained from readily available pricing sources for market transactions involving identical assets or liabilities. Level 2 Valuations for assets and liabilities traded in less active dealer or broker markets. Valuations are obtained from third party pricing services for identical or comparable assets or liabilities which use observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in active markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Following is a description of the inputs and valuation methodologies used for assets measured at fair value on a recurring basis and recognized in the accompanying balance sheets, as well as the general classification of such assets pursuant to the valuation hierarchy. Available-for-Sale Securities. The fair value of available-for-sale securities is determined by various valuation methodologies. Where quoted market prices are available in an active market, securities are classified within Level 1. If quoted market prices are not available, then fair values are estimated by using quoted prices of securities with similar characteristics or independent asset pricing services and pricing models, the inputs of which are market-based or independent sources of market parameters, including but not limited to, yield curves, interest rates, volatilities, prepayments, defaults, cumulative loss projections and cash flows. Such securities are classified in Level 2 of the valuation hierarchy. In certain cases where Level 1 or Level 2 inputs are not available, securities are classified within Level 3 of the hierarchy. Fair value determinations for Level 3 measurements of securities are the responsibility of the Treasury function of the Company. The Company contracts with a pricing specialist to generate fair value estimates on a monthly basis. The Treasury function of the Company challenges the reasonableness of the assumptions used and reviews the methodology to ensure the estimated fair value complies with accounting standards generally accepted in the United States, analyzes the changes in fair value and compares these changes to internally developed expectations and monitors these changes for appropriateness. Loans Held for Sale. The fair value of loans held for sale is based on independent asset pricing services which use observable market data as of the measurement date and are therefore classified in Level 2 of the valuation hierarchy. Derivatives. The fair value of derivatives is based on models using observable market data as of the measurement date and are therefore classified in Level 2 of the valuation hierarchy. The following table presents the Company’s assets and liabilities that are measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall as of September 30, 2023 and December 31, 2022 (in thousands): Fair Value Measurements Using Quoted Prices in Significant Significant Fair Value (Level 1) (Level 2) (Level 3) September 30, 2023 Available-for-sale securities: U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 211,929 $ — $ 211,929 $ — Obligations of states and political subdivisions 266,473 — 266,473 — Mortgage-backed securities 672,522 — 672,522 — Other securities 67,671 — 61,911 5,760 Total available-for-sale securities 1,218,595 — 1,212,835 5,760 Equity securities 3,932 3,932 — — Loans held for sale 6,233 — 6,233 — Derivative assets: interest rate swaps 4,349 — 4,349 — Total assets $ 1,233,109 $ 3,932 $ 1,223,417 $ 5,760 Derivative liabilities: interest rate swaps $ 2,932 $ — $ 2,932 $ — December 31, 2022 Available-for-sale securities: U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 220,527 $ — $ 220,527 $ — Obligations of states and political subdivisions 287,698 — 287,698 — Mortgage-backed securities 627,880 — 627,880 — Other securities 82,880 — 73,630 9,250 Total available-for-sale securities 1,218,985 — 1,209,735 9,250 Equity securities 311 311 — — Loans held for sale 338 — 338 — Derivative assets: interest rate swaps 4,253 — 4,253 — Total assets $ 1,223,887 $ 311 $ 1,214,326 $ 9,250 Derivative liabilities: interest rate swaps $ 3,100 $ — $ 3,100 $ — The change in fair value of assets measured on a recurring basis using significant unobservable inputs (Level 3) for the three and nine months ended September 30, 2023 and 2022 is summarized as follows (in thousands): Three months ended September 30, 2023 Nine months ended September 30, 2023 Obligation of State and Political Subdivisions Other Total Obligation of State and Political Subdivisions Other Total Beginning balance $ — $ 5,760 $ 5,760 $ — $ 10,000 $ 10,000 Transfers into Level 3 — — — — 10 10 Transfers out of Level 3 — — — — ( 4,250 ) ( 4,250 ) Total gains or losses: Included in net income — — — — — — Included in other comprehensive income (loss) — — — — — — Purchases, issuances, sales and settlements: Purchases — — — — — — Issuances — — — — — — Sales — — — — — — Settlements — — — — — — Ending balance $ — $ 5,760 $ 5,760 $ — $ 5,760 $ 5,760 Total gains or losses for the period included in net income attributable to the change in unrealized gains or losses related to assets and liabilities still held at the reporting date $ — $ — $ — $ — $ — $ — Three months ended September 30, 2022 Nine months ended September 30, 2022 Obligation of State and Political Subdivisions Other Total Obligation of State and Political Subdivisions Other Total Beginning balance $ — $ — $ — $ 99 $ — $ 99 Transfers into Level 3 — — — — — — Transfers out of Level 3 — — — — — — Total gains or losses: Included in net income — — — — — — Included in other comprehensive income (loss) — — — — — — Purchases, issuances, sales and settlements: Purchases — — — — — — Issuances — — — — — — Sales — — — — — — Settlements — — — ( 99 ) — ( 99 ) Ending balance $ — $ — $ — $ — $ — $ — Total gains or losses for the period included in net income attributable to the change in unrealized gains or losses related to assets and liabilities still held at the reporting date $ — $ — $ — $ — $ — $ — Following is a description of the valuation methodologies used for assets measured at fair value on a nonrecurring basis and recognized in the accompanying balance sheets, as well as the general classification of such assets pursuant to the valuation hierarchy. Collateral Dependent Loans. Loans for which it is probable that the Company will not collect all principal and interest due according to contractual terms are measured for impairment. Allowable methods for determining the amount of impairment and estimating fair value include using the fair value of the collateral for collateral dependent loans. If the impaired loan is identified as collateral dependent, then the fair value method of measuring the amount of impairment is utilized. This method requires obtaining a current independent appraisal of the collateral and applying a discount factor to the value, which includes selling costs. Individually evaluated loans that are collateral dependent are classified within Level 3 of the fair value hierarchy when impairment is determined using the fair value method. Management establishes a specific allowance for individually evaluated loans that have an estimated fair value that is below the carrying value. The total carrying amount of loans for which a change in specific allowance has occurred as of September 30, 2023 was $ 2.1 million and a fair value of $ 1.7 million resulting in specific loss exposures of $ 0.4 million . When there is little prospect of collecting principal or interest, loans, or portions of loans, may be charged-off to the allowance for credit losses. Losses are recognized in the period an obligation becomes uncollectible. The recognition of a loss does not mean that the loan has absolutely no recovery or salvage value, but rather that it is not practical or desirable to defer writing off the loan even though partial recovery may be affected in the future. Foreclosed Assets Held For Sale. Other real estate owned acquired through loan foreclosure are initially recorded at fair value less costs to sell when acquired, establishing a new cost basis. The adjustment at the time of foreclosure is recorded through the allowance for credit losses. Due to the subjective nature of establishing the fair value when the asset is acquired, the actual fair value of the other real estate owned, or foreclosed asset could differ from the original estimate. If it is determined that fair value declines subsequent to foreclosure, a valuation allowance is recorded through noninterest expense. Operating costs associated with the assets after acquisition are also recorded as noninterest expense. Gains and losses on the disposition of other real estate owned and foreclosed assets are netted and posted to other noninterest expense. The total carrying amount of other real estate owned as of September 30, 2023 was $ 2.3 million . Other real estate owned included in the total carrying amount and measured at fair value on a nonrecurring basis during the period amounted to $ 942,000 . The following table presents the fair value measurement of assets measured at fair value on a nonrecurring basis and the level within the fair value hierarchy in which the fair value measurements fall at September 30, 2023 and December 31, 2022 (in thousands): Fair Value Measurements Using Quoted Prices in Significant Significant Fair Value (Level 1) (Level 2) (Level 3) September 30, 2023 Collateral dependent loans $ 1,669 $ — $ — $ 1,669 Foreclosed assets held for sale 942 — — 942 December 31, 2022 Collateral dependent loans $ 2,548 $ — $ — $ 2,548 Foreclosed assets held for sale — — — — Sensitivity of Significant Unobservable Inputs The following table presents quantitative information about unobservable inputs used in Level 3 fair value measurements other than goodwill at September 30, 2023 and December 31, 2022. September 30, 2023 Fair Value Valuation Unobservable Inputs Range Weighted Average Collateral dependent loans $ 1,669 Third party Discount to reflect realizable value less estimated selling costs 0 % - 40 % 20 % Foreclosed assets held for sale 942 Third party Discount to reflect realizable value less estimated selling costs 0 % - 40 % 35 % December 31, 2022 Fair Value Valuation Unobservable Inputs Range Weighted Average Collateral dependent loans $ 2,548 Third party Discount to reflect realizable value 0 % - 40 % 20 % The following tables present estimated fair values of the Company’s financial instruments at September 30, 2023 and December 31, 2022 in accordance with ASC 825 (in thousands): Carrying Fair Level 1 Level 2 Level 3 September 30, 2023 Financial assets Cash and due from banks $ 374,783 $ 374,783 $ 374,783 $ — $ — Federal funds sold 8,454 8,454 8,454 — — Certificates of deposit investments 1,960 1,960 — 1,960 — Available-for-sale securities 1,218,595 1,218,595 — 1,212,835 5,760 Held-to-maturity securities 2,259 2,259 2,259 — — Equity securities 3,932 3,932 3,932 — — Loans held for sale 6,233 6,233 — 6,233 — Loans net of allowance for credit losses 5,465,591 5,141,708 — — 5,141,708 Interest receivable 36,476 36,476 — 36,476 — Federal Reserve Bank stock 17,050 17,050 — 17,050 — Federal Home Loan Bank stock 12,648 12,648 — 12,648 — Financial liabilities Deposits $ 6,346,324 $ 6,253,912 $ — $ 5,225,518 $ 1,028,394 Securities sold under agreements to repurchase 214,978 214,984 — 214,984 — Interest payable 6,727 6,727 — 6,727 — Federal Home Loan Bank borrowings 364,953 358,031 — 358,031 — Subordinated debt, net 106,648 99,498 — 99,498 — Junior subordinated debentures, net 24,003 21,605 — 21,605 — December 31, 2022 Financial assets Cash and due from banks $ 144,806 $ 144,806 $ 144,806 $ — $ — Federal funds sold 7,627 7,627 7,627 — — Certificates of deposit investments 1,470 1,470 — 1,470 — Available-for-sale securities 1,218,986 1,218,986 — 1,209,736 9,250 Held-to-maturity securities 2,953 2,953 2,953 — — Equity securities 311 311 311 — — Loans held for sale 338 338 — 338 — Loans net of allowance for credit losses 4,766,780 4,460,661 — — 4,460,661 Interest receivable 28,357 28,357 — 28,357 — Federal Reserve Bank stock 17,050 17,050 — 17,050 — Federal Home Loan Bank stock 18,440 18,440 — 18,440 — Financial liabilities Deposits $ 5,257,001 $ 5,257,748 $ — $ 4,550,222 $ 707,526 Federal funds purchased — — — — — Securities sold under agreements to repurchase 221,414 221,260 — 221,260 — Interest payable 3,346 3,346 — 3,346 — Federal Home Loan Bank borrowings 465,071 459,327 — 459,327 — Other borrowings — — — — — Subordinated debt, net 94,553 87,977 — 87,977 — Junior subordinated debentures, net 19,364 17,164 — 17,164 — |
Business Combinations
Business Combinations | 9 Months Ended |
Sep. 30, 2023 | |
Business Combinations [Abstract] | |
Business Combinations | Note 8 – Business Combinations Blackhawk Bankcorp, Inc. On August 15, 2023, the Company completed its acquisition of Blackhawk Bancorp, Inc. (“Blackhawk”) pursuant to an Agreement and Plan of Merger Agreement, dated March 20, 2023 (the “Agreement”). Pursuant to the Agreement, Blackhawk was merged with and into the Company. Blackhawk shareholders received 1.15 shares of the Company's common stock for each share of Blackhawk common stock. The Company accounted for the Blackhawk acquisition as a business combination using the acquisition method of accounting in accordance with ASC 805, Business Combinations (“ASC 805”). ASC 805 requires assets purchased and liabilities assumed to be recorded at their respective fair values at the date of acquisition. The Company determined the fair value of loans, core deposit intangibles, mortgage servicing rights, time deposits, real property, and subordinated debt with the assistance of third-party valuations and appraisals. A preliminary summary of the fair value of assets received and liabilities assumed are as follows: (In thousands) Assets Cash and due from banks $ 55,600 Loans held for sale 3,222 Loans, net 722,866 Investments-available for sale 377,969 Short-term investments 869 FHLB stock 1,737 Premises and equipment 12,366 Accrued interest receivable 4,029 Prepaid expenses 1,182 Other assets 20,742 Core deposit intangible 34,590 Income tax receivable 2,077 Deferred tax asset 22,152 Mortgage servicing rights 7,031 Total assets acquired $ 1,266,432 Liabilities Deposits $ 1,194,972 Subordinated and jr. subordinated debt 16,448 Accrued interest payable 1,091 Accrued and other liabilities 10,508 Total liabilities assumed 1,223,019 Net assets acquired $ 43,413 Total consideration $ 93,510 Goodwill $ 50,097 The following table presents a summary of consideration transferred: (In thousands, except shares) Common stock issued ( 3,290,222 shares) $ 93,508 Cash consideration 2 Purchase price $ 93,510 The Company recorded $ 50.1 million of goodwill in connection with the acquisition of Blackhawk, none of which is deductible for tax purposes. The amount of goodwill recorded reflects the synergies and operational efficiencies that are expected to result from the acquisition. The descriptions below describe the methods used to determine the fair value of significant assets acquired and liabilities assumed, as presented above: Loans, net . The fair value of the loan portfolio was calculated on an individual loan basis using a discounted cash flow analysis, with results presented and assumptions applied on a summary basis. This analysis took into consideration the contractual terms of the loans and assumptions related to the cost of debt, cost of equity, servicing cost and other liquidity/risk premium considerations to estimate the projected cash flows. The inputs and assumptions used in the fair value estimate of the loan portfolio include credit mark, discount rate, prepayment speed, and foreclosure lag. Cash flows were adjusted by estimating future credit losses and the rate of prepayments. Projected monthly cash flows were then discounted to present value using a risk-adjusted market rate for similar loans. Core deposit intangible. The Company identified customer relationships, in the form of core deposit intangibles, as an identified intangible asset. Core deposit intangibles derive value from the expected future benefits or earnings capacity attributable to the acquired core deposits. The fair value of the core deposit intangible was estimated by identifying the expected future benefits of the core deposits and discounting those benefits back to present value. The core deposit intangible will be amortized over its estimated useful life of approximately 10 years using the sum of the months digits accelerated method. Mortgage servicing rights. The Company identified residential mortgage servicing rights intangible asset and determined the fair value using a discounted cash flow analysis. The key inputs and assumptions used in the fair value estimate include prepayment assumptions, servicing costs, delinquencies, foreclosure costs, ancillary income, income earned on float & escrow, interest on escrow, internal rate of return and inflation. Deposits. The fair value of demand deposit and interest checking deposit accounts was assumed to approximate the carrying value as these accounts have no stated maturity and are payable on demand. The fair value of time deposits was estimated by discounting the contractual future cash flows using market rates offered for time deposits of similar remaining maturities. Subordinated and jr. subordinated debt. The Subordinated and jr. subordinated debt was fair valued using an income approach. Cash flows were calculated using an annualized contractual rate adjusted for forward interest costs and discounted using a variable discount rate. Accounting for acquired loans Loans acquired are recorded at fair value with no carryover of the related allowance for credit losses. Purchased-credit deteriorated loans (“PCD”) are loans that have experienced more than insignificant credit deterioration since origination and are recorded at the purchase price. The allowance for credit losses is determined at the loan level. The sum of the loan’s purchase price and the allowance for credit losses becomes its initial amortized cost basis. The difference between the initial amortized cost basis and the par value of the loan is a noncredit discount or premium, which is amortized into interest income over the life of the loan. Non-PCD loans have not experienced a more than insignificant deterioration in credit quality since origination. The difference between the fair value and outstanding balance of the non-PCD loans is recognized as an adjustment to interest income over the lives of the loan. In accordance with ASC 326, Financial Instruments – Credit Losses , immediately following the acquisition the Company established a $ 3.8 million allowance for credit losses on the $ 618.33 million of acquired non-PCD loans through provision for credit losses in the consolidated statement of operations. The following table provides a summary of PCD loans purchased as part of the Blackhawk acquisition as of the acquisition date: (In thousands) Unpaid principal balance $ 115,250 PCD allowance for credit losses at acquisition $ ( 3,791 ) Non-credit discount on acquired loans $ ( 5,476 ) Fair value of PCD loans $ 105,983 The following unaudited pro forma condensed combined financial information presents the results of operations of the Company, including the effects of the purchase accounting adjustments and acquisition expenses, had the Blackhawk Merger taken place at the beginning of the period (dollars in thousands, except per share data): Three months ended Nine months ended September 30, September 30, 2023 2022 2023 2022 Net interest income $ 57,245 $ 52,141 $ 171,635 $ 179,040 Provision for loan losses 6,246 1,742 6,768 2,601 Non-interest income 25,205 16,712 73,892 67,954 Non-interest expense 60,741 44,476 166,430 162,943 Income before taxes 15,463 22,635 72,329 81,450 Income tax expense 3,830 5,191 17,069 18,662 Net income $ 11,633 $ 17,444 $ 55,260 $ 62,788 Earnings per share Basic $ 0.52 $ 0.73 $ 2.62 $ 2.69 Diluted 0.52 0.73 2.61 2.68 Basic weighted average shares o/s 22,220,438 23,744,891 21,086,802 23,360,909 Diluted weighted average shares o/s 22,319,334 23,825,437 21,176,946 23,435,657 Acquisition costs are expensed as incurred as a component of non-interest expense and primarily include, but are not limited to, severance costs, professional services, data processing fees, and marketing and advertising expenses. The Company incurred acquisition costs related to the Blackhawk acquisition, pre-tax, of $ 2.1 million and $ 2.6 million, respectively, during the three and nine-months ended September 30, 2023 and no related acquisition costs were incurred during the three and nine-months ended September 30, 2022. Delta Bancshares Company On July 28, 2021, the Company and Brock Sub LLC, a newly formed Delaware limited liability company and wholly-owned subsidiary of the Company (“Delta Merger Sub”), entered into an Agreement and Plan of Merger (the “Delta Merger Agreement”) with Delta Bancshares Company, a Missouri corporation (“Delta”), pursuant to which, among other things, the Company agreed to acquire 100 % of the issued and outstanding shares of Delta pursuant to a business combination whereby Delta merged with and into Delta Merger Sub, whereupon the separate corporate existence of Delta ceased and Delta Merger Sub continued as the surviving company and a wholly-owned subsidiary of First Mid (the “Delta Merger”). The Delta Merger was completed on February 14, 2022. Subject to the terms and conditions of the Delta Merger Agreement, at the effective time of the Delta Merger, each share of common stock, par value $ 10.00 per share, of Delta issued and outstanding immediately prior to the effective time of the Delta Merger (other than shares held in treasury by Delta) converted into and became the right to receive cash and shares of common stock, par value $ 4.00 per share, of the Company and cash in lieu of fractional shares, less any applicable taxes required to be withheld, and subject to certain potential adjustments. On an aggregate basis, the total consideration paid by the Company at the closing of the Delta Merger to Delta’s shareholders and option holders was approximately $ 15.15 million in cash and 2,292,270 shares of Company common stock. Delta’s outstanding stock options vested upon consummation of the Delta Merger, and all outstanding Delta options that were unexercised prior to the effective time of the Delta Merger were cashed out. The acquisition was accounted for under the acquisition method of accounting in accordance with ASC 805, “Business Combinations ("ASC 805"),” and accordingly the assets and liabilities were recorded at their estimated fair values as of the date of acquisition. Fair values are subject to refinement for up to one year after the closing date of February 14, 2022 as additional information regarding the closing date fair values become available. The total consideration paid was used to determine the amount of goodwill resulting from the transaction. As the total consideration paid exceeded the net assets acquired, goodwill of $ 28.2 million was recorded for the acquisition. Goodwill recorded in the transaction, which reflects the synergies and economies of scale expected from combining operations and the enhanced revenue opportunities from the Company’s service capabilities, is not tax deductible, and was all assigned to the banking segment of the Company. Acquired Fair Value As Recorded by (In thousands) Book Value Adjustments Jefferson Bank Assets Cash and due from banks $ 82,473 $ — $ 82,473 Investment securities 184,959 ( 2,836 ) 182,123 Loans 426,433 ( 7,924 ) 418,509 Allowance for credit losses ( 5,388 ) 4,525 ( 863 ) Premises and equipment 5,522 3,508 9,030 Goodwill 14 28,544 28,558 Core deposit intangible — 5,920 5,920 Bank owned life insurance 15,822 15,822 Right of use asset — 717 717 Other assets 9,061 ( 1,287 ) 7,774 Total assets acquired $ 718,896 $ 31,167 $ 750,063 Liabilities Deposits $ 558,619 $ 1,759 $ 560,378 Securities sold under agreements to repurchase 35,523 — 35,523 FHLB advances 45,000 75 45,075 Lease liability — 717 717 Other liabilities 2,209 ( 1,161 ) 1,048 Total liabilities assumed 641,351 1,390 642,741 Net assets acquired $ 77,545 $ 29,777 $ 107,322 Consideration paid Cash $ 15,150 Common stock 92,172 $ 107,322 The Company has recognized approximately $ 2.6 million, pre-tax, of acquisition costs for the Delta Merger. Of this amount, $ 2.1 million was recognized during 2022. These costs are included in salaries and benefits, legal and professional and other expense. Of the $ 7.9 million adjustment to loans, $ 8.2 million is being accreted to interest income over the remaining term of the loans. The remaining $ 300,000 was the elimination of deferred fees and unearned discounts previously recorded by Jefferson Bank. The Company also recorded approximately $ 863,000 directly to the allowance for credit losses for loans identified as PCD. Of the $ 426 million of loans acquired, approximately $ 18.8 million was identified as PCD. The differences between fair value and acquired value of the assumed time deposits of $ 1.8 million and the assumed FHLB advances of $ 75,000 , are being amortized to interest expense over the remaining life of the liabilities. The core deposit intangible asset, with a fair value of $ 5.9 million, is being amortized on an accelerated basis over its estimated life of 10 years. The following unaudited pro forma condensed combined financial information presents the results of operations of the Company, including the effects of the purchase accounting adjustments and acquisition expenses, had the Delta Merger taken place at the beginning of the period (dollars in thousands, except per share data): Nine months ended September 30, 2022 Net interest income $ 141,524 Provision for loan losses 4,001 Non-interest income 56,592 Non-interest expense 125,690 Income before taxes 68,425 Income tax expense 15,480 Net income $ 52,945 Earnings per share Basic $ 2.64 Diluted 2.63 Basic weighted average shares o/s 20,070,687 Diluted weighted average shares o/s 20,145,435 |
Leases
Leases | 9 Months Ended |
Sep. 30, 2023 | |
Leases [Abstract] | |
Leases | Note 9 -- Leases Effective January 1, 2019, the Company adopted ASU 2016-02, Leases (Topic 842). As of September 30, 2023, substantially all the Company's leases are operating leases for real estate property for bank branches, ATM locations, and office space. These leases are generally for periods of 1 to 25 years with various renewal options. The Company elected the optional transition method permitted by Topic 842. Under this method, the Company recognizes and measures leases that exist at the application date and prior comparative periods are not adjusted. In addition, the Company elected the package of practical expedients: 1. An entity need not reassess whether any expired or existing contracts contain leases. 2. An entity need not reassess the lease classification for any expired or existing leases. 3. An entity need not reassess initial direct costs for any existing leases. The Company has also elected the practical expedient, which may be elected separately or in conjunction with the package noted above, to use hindsight in determining the lease term and in assessing the right-of-use assets. This expedient must be applied consistently to all leases. Lastly, the Company has elected to use the practical expedient to include both lease and non-lease components as a single component and account for it as a lease. In addition, the Company has elected to not include short-term leases (i.e. leases with terms of twelve months or less) or equipment leases (primarily copiers) deemed immaterial, on the consolidated balance sheets. For leases in effect at January 1, 2019 and for leases commencing thereafter, the Company recognizes a lease liability and a right-of-use asset, based on the present value of lease payments over the lease term. The discount rate used in determining present value was the Company's incremental borrowing rate which is the FHLB fixed advance rate based on the remaining lease term as of January 1, 2019, or the commencement date for leases subsequently entered into. The following table contains supplemental balance sheet information related to leases (dollars in thousands): September 30, 2023 September 30, 2022 December 31, 2022 Operating lease right-of-use assets $ 14,192 $ 15,194 $ 15,774 Operating lease liabilities 14,503 15,425 16,035 Weighted-average remaining lease term (in years) 5.0 6.1 5.8 Weighted-average discount rate 2.75 % 2.68 % 2.67 % Certain of the Company's leases contain options to renew the lease; however, not all renewal options are included in the calculation of lease liabilities as they are not reasonably certain to be exercised. The Company's leases do not contain residual value guarantees or material variable lease payments. The Company does not have any other material restrictions or covenants imposed by leases that would impact the Company's ability to pay dividends or cause the Company to incur additional financial obligations. Maturities of lease liabilities are as follows (in thousands): Year ending December 31, 2023 $ 805 2024 2,791 2025 2,351 2026 2,191 2027 2,012 Thereafter 6,318 Total lease payments 16,468 Less imputed interest ( 1,965 ) Total lease liability $ 14,503 The components of lease expense for the three and nine months ended September 30, 2023 and 2022 were as follows (in thousands): Three months ended Nine months ended September 30, September 30, 2023 2022 2023 2022 Operating lease cost $ 870 $ 893 $ 2,448 $ 2,268 Short-term lease cost 24 21 51 63 Variable lease cost 163 43 577 502 Total lease cost 1,057 957 3,076 2,833 Income from subleases ( 94 ) ( 109 ) ( 281 ) ( 299 ) Net lease cost $ 963 $ 848 $ 2,795 $ 2,534 As the Company elected not to separate lease and non-lease components, the variable lease cost primarily represents variable payment such as common area maintenance and copier expense. The Company does not have any material sub-lease agreements. Cash paid for amounts included in the measurement of lease liabilities was (in thousands): September 30, 2023 September 30, 2022 Operating cash flows from operating leases $ 2,414 $ 2,286 |
Derivatives
Derivatives | 9 Months Ended |
Sep. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | Note 10 – Derivatives The Company utilizes an interest rate swap, designated as a fair value hedge, to mitigate the risk of changing interest rates on the fair value of a fixed rate commercial real estate loan. For derivative instruments that are designed and qualify as a fair value hedge, the gain or loss on the derivative instrument, as well as the offsetting loss or gain in the hedged asset attributable to the hedged risk, is recognized in current earnings. Derivatives Designated as Hedging Instruments The following table provides the outstanding notional balances and fair values of outstanding derivatives designated as hedging instruments as of September 30, 2023 and December 31, 2022 (in thousands): Balance Weighted Notional Estimated September 30, 2023 Fair value hedges: Interest rate swap agreements Other liabilities 5.6 $ 13,145 $ ( 2,932 ) December 31, 2022 Fair value hedges: Interest rate swap agreements Other liabilities 6.3 $ 13,448 $ ( 3,100 ) The effects of the fair value hedges on the Company's income statement during the three and nine months ended September 30, 2023 and 2022 were as follows (in thousands): Three months ended Nine months ended September 30, September 30, Derivative Location of Gain (Loss) on Derivatives 2023 2022 2023 2022 Interest rate swap agreements Interest income on loans $ 226 $ 595 $ 264 $ 1,871 Three months ended Nine months ended September 30, September 30, Derivative Location of Gain (Loss) on Hedged Items 2023 2022 2023 2022 Interest rate swap agreements Interest income on loans $ ( 226 ) $ ( 595 ) $ ( 264 ) $ ( 1,871 ) As of September 30, 2023, the following amounts were recorded on the consolidated balance sheet related to cumulative basis adjustment for fair value hedges (in thousands): Line Item in the Balance Sheet in Which Carrying Amount of the Cumulative Amount of Fair Value Hedging Loans $ 11,729 $ ( 1,417 ) Derivatives Not Designated as Hedging Instruments The following amounts represent the notional amounts and gross fair value of derivative contracts not designated as hedging instruments outstanding during the nine months ended September 30, 2023 (dollars in thousands): September 30, 2023 Balance Weighted Notional Estimated Interest rate swap agreements Other assets 5.3 $ 31,093 $ 4,349 Interest rate swap agreements Other liabilities 5.3 31,093 ( 4,349 ) |
Basis of Accounting and Conso_2
Basis of Accounting and Consolidation (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Accounting and Consolidation | The unaudited condensed consolidated financial statements include the accounts of First Mid Bancshares, Inc. (“Company”) and its wholly owned subsidiaries: First Mid Bank & Trust, N.A. (“First Mid Bank”), Blackhawk Bank ("Blackhawk Bank"), First Mid Wealth Management Company, First Mid Insurance Group, Inc. (“First Mid Insurance”), and First Mid Captive, Inc. All significant intercompany balances and transactions have been eliminated in consolidation. The financial information reflects all adjustments which, in the opinion of management, are necessary for a fair presentation of the results of the interim periods ended September 30, 2023 and 2022, and all such adjustments are of a normal recurring nature. Certain amounts in the prior year’s consolidated financial statements may have been reclassified to conform to the September 30, 2023 presentation and there was no impact on net income or stockholders’ equity. The results of the interim period ended September 30, 2023 are not necessarily indicative of the results expected for the year ending December 31, 2023. The Company operates as a one-segment entity for financial reporting purposes. The 2022 year-end consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America. The unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X and do not include all the information required by U.S. generally accepted accounting principles (“GAAP”) for complete financial statements and related footnote disclosures although the Company believes that the disclosures made are adequate to make the information not misleading. These consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s 2022 Annual Report on Form 10-K. |
Acquisitions | Blackhawk Bancorp, Inc. On March 20, 2023, First Mid Bancshares, Inc. (“First Mid”) and Eagle Sub LLC, a newly formed Wisconsin limited liability company and wholly-owned subsidiary of First Mid (“Merger Sub”), entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Blackhawk Bancorp, Inc., a Wisconsin corporation (“Blackhawk”), pursuant to which, among other things, First Mid agreed to acquire 100 % of the issued and outstanding shares of Blackhawk pursuant to a business combination whereby Blackhawk will merge with and into Merger Sub, whereupon the separate corporate existence of Blackhawk will cease and Merger Sub will continue as the surviving company and a wholly-owned subsidiary of First Mid (the “Merger”). Subject to the terms and conditions of the Merger Agreement, at the effective time of the Merger, each share of common stock, par value $ 0.01 per share, of Blackhawk issued and outstanding immediately prior to the effective time of the Merger (other than shares held in treasury by Blackhawk and dissenting shares) were converted into and become the right to receive 1.15 shares of common stock, par value $ 4.00 per share, of First Mid and cash in lieu of fractional shares, less any applicable taxes required to be withheld, and subject to certain potential adjustments. On an aggregate basis, the total consideration payable by First Mid at the closing of the Merger to Blackhawk’s shareholders and equity award holders was 3,290,222 shares of First Mid common stock valued at $ 93.51 million and $ 1,928 of cash in lieu of fractional shares. It is anticipated that Blackhawk Bank, will be merged with and into First Mid Bank the first weekend of December 2023. At which time, Blackhawk Bank’s banking offices will become branches of First Mid Bank. Delta Bancshares Company On July 28, 2021, the Company and Brock Sub LLC, a newly formed Delaware limited liability company and wholly-owned subsidiary of the Company (“Delta Merger Sub”), entered into an Agreement and Plan of Merger (the “Delta Merger Agreement”) with Delta Bancshares Company, a Missouri corporation (“Delta”), pursuant to which, among other things, the Company agreed to acquire 100 % of the issued and outstanding shares of Delta pursuant to a business combination whereby Delta merged with and into Merger Sub, whereupon the separate corporate existence of Delta ceased and Merger Sub continued as the surviving company and a wholly-owned subsidiary of First Mid (the “Delta Merger”). The Delta Merger was completed on February 14, 2022. Subject to the terms and conditions of the Merger Agreement, at the effective time of the Delta Merger, each share of common stock, par value $ 10.00 per share, of Delta issued and outstanding immediately prior to the effective time of the Delta Merger (other than shares held in treasury by Delta) converted into and became the right to receive cash and shares of common stock, par value $ 4.00 per share, of the Company and cash in lieu of fractional shares, less any applicable taxes required to be withheld, and subject to certain potential adjustments. On an aggregate basis, the total consideration paid by the Company at the closing of the Delta Merger to Delta’s shareholders and option holders was approximately $ 15.15 million in cash and 2,292,270 shares of Company common stock. Delta’s outstanding stock options vested upon consummation of the Delta Merger, and all outstanding Delta options that were unexercised prior to the effective time of the Delta Merger were cashed out. Delta’s wholly owned bank subsidiary, Jefferson Bank, was merged with and into First Mid Bank during the second quarter of 2022. At the time of the bank merger, Jefferson Bank’s banking offices became branches of First Mid Bank. |
General Litigation | General Litigation The Company is subject to claims and lawsuits that arise primarily in the ordinary course of business. It is the opinion of management that the disposition or ultimate resolution of such claims and lawsuits will not have a material adverse effect on the consolidated financial position, results of operations and cash flows of the Company. |
Stock Plans | Stock Plans At the Annual Meeting of Stockholders held April 26, 2017, the stockholders approved the First Mid-Illinois Bancshares, Inc. 2017 Stock Incentive Plan (“SI Plan”). The SI Plan was implemented to succeed the Company’s 2007 Stock Incentive Plan, which had a ten-year term. The SI Plan is intended to provide a means whereby directors, employees, consultants and advisors of the Company and its subsidiaries may sustain a sense of proprietorship and personal involvement in the continued development and financial success of the Company and its subsidiaries, thereby advancing the interests of the Company and its stockholders. Accordingly, directors and selected employees, consultants and advisors may be provided the opportunity to acquire shares of common stock of the Company on the terms and conditions established in the SI Plan. Following the stockholders’ approval at the 2021 annual meeting of the Company, a maximum of 399,983 shares of common stock may be issued under the SI Plan. There have been no stock options awarded under any Company plan since 2008. The Company has awarded 60,550 and 61,400 shares of restricted stock during the nine months ended September 30, 2023 and 2022, respectively, and 37,900 and 37,150 restricted stock units during the nine months ended September 30, 2023 and 2022 , respectively. |
Employee Stock Purchase Plan | Employee Stock Purchase Plan At the Annual Meeting of Stockholders held April 25, 2018, the stockholders approved the First Mid-Illinois Bancshares, Inc. Employee Stock Purchase Plan (“ESPP”). The ESPP is intended to promote the interests of the Company by providing eligible employees with the opportunity to purchase shares of common stock of the Company at a 15 % discount through payroll deductions. The ESPP is also intended to qualify as an employee stock purchase plan under Section 423 of the Internal Revenue Code. A maximum of 600,000 shares of common stock may be issued under the ESPP. During the nine months ended September 30, 2023 and 2022, 28,762 shares and 14,430 shares, respectively, were issued pursuant to the ESPP. |
Captive Insurance Company | Captive Insurance Company First Mid Captive, Inc. (the “Captive"), a wholly owned subsidiary of the Company which was formed and began operations in December 2019, is a Nevada-based captive insurance company. The Captive insures against certain risks unique to operations of the Company and its subsidiaries for which insurance may not be currently available or economically feasible in today's insurance marketplace. The Captive pools resources with several other similar insurance company subsidiaries of financial institutions to spread a limited amount of risk among themselves. The Captive is subject to regulations of the State of Nevada and undergoes periodic examinations by the Nevada Division of Insurance. It has elected to be taxed under Section 831(b) of the Internal Revenue Code. Pursuant to Section 831(b), if gross premiums do not exceed $ 2,650,000 , then the Captive is taxable solely on its investment income. The Captive is included in the Company's consolidated financial statements and its federal income return. |
Bank Owned Life Insurance | Bank Owned Life Insurance First Mid Bank has purchased life insurance policies on certain senior management. Bank owned life insurance is recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other charges or other amounts that are probable at settlement. |
Revenue Recognition | Revenue Recognition Accounting Standards Codification 606, Revenue from Contracts with Customers (“ASC 606”), establishes a revenue recognition model for reporting information about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity's contracts to provide goods or services to customers. Most of the Company’s revenue-generating transactions are not subject to ASC 606, including revenue generated from financial instruments, such as loans and investment securities, and revenue related to mortgage servicing activities, which are subject to other accounting standards. A description of the revenue-generating activities that are within the scope of ASC 606, and included in other income in the Company’s condensed consolidated statements of income are as follows: Trust revenues. The Company generates fee income from providing fiduciary services through its subsidiary, First Mid Wealth Management Company. Fees are billed in arrears based upon the preceding period account balance. Revenue from farm management services is recorded when the service is complete, for example when crops are sold. Brokerage commissions. Revenue is recorded at the beginning of each quarter through billing to customers based on the account asset size on the last day of the previous quarter. If a withdrawal of funds takes place, a prorated refund may occur; this is reflected within the same quarter as the original billing occurred. All performance obligations are met within the same quarter that the revenue is recorded. Insurance commissions. The Company’s insurance agency subsidiary, First Mid Insurance, receives commissions on premiums of new and renewed business policies. First Mid Insurance records commission revenue on direct bill policies as the cash is received. For agency bill policies, First Mid Insurance retains its commission portion of the customer premium payment and remits the balance to the carrier. In both cases, the entire performance obligation is held by the carriers. Service charges on deposits. The Company generates revenue from fees charged for deposit account maintenance, overdrafts, wire transfers, and check fees. The revenue related to deposit fees is recognized at the time the performance obligation is satisfied. ATM/debit card revenue. The Company generates revenue through service charges on the use of its ATM machines and interchange income from the use of Company issued credit and debit cards. The revenue is recognized at the time the service is used and the performance obligation is satisfied. Other income. Treasury management fees and lock box fees are received and recorded after the service performance obligation is completed. Merchant bank card fees are received from various vendors; however, the performance obligation is with the vendors. The Company records gains on the sale of loans and the sale of OREO properties after the transactions are complete and transfer of ownership has occurred. As each of the Company’s facilities is in markets with similar economies, no disaggregation of revenue is necessary. |
Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Loss The components of accumulated other comprehensive loss included in stockholders’ equity as of September 30, 2023 and December 31, 2022 are as follows (in thousands): Unrealized Losses on Securities September 30, 2023 Net unrealized losses on securities available-for-sale $ ( 251,974 ) Tax benefit 73,071 Balance at September 30, 2023 $ ( 178,903 ) December 31, 2022 Net unrealized losses on securities available-for-sale $ ( 213,387 ) Tax benefit 61,880 Balance at December 31, 2022 $ ( 151,507 ) Amounts reclassified from accumulated other comprehensive loss and the affected line items in the statements of income during the three and nine months ended September 30, 2023 and 2022, were as follows (in thousands): Amounts Reclassified from Three months ended Nine months ended September 30, September 30, 2023 2022 2023 2022 Affected Line Item in the Statements of Income Realized gain (loss) on available-for-sale securities $ 3,389 $ 79 $ 3,337 $ 81 Securities (loss) gain, net Tax effect ( 983 ) ( 23 ) ( 968 ) ( 24 ) Income taxes Total reclassifications out of accumulated other comprehensive income (loss) $ 2,406 $ 56 $ 2,369 $ 57 Net reclassified amount See “Note 3 – Investment Securities” for more detailed information regarding unrealized losses on available-for-sale securities. |
Adoption of New Accounting Guidance | Adoption of New Accounting Guidance Accounting Standards Update 2022-02, Financial Instruments-Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures (“ASU 2022-02”). In March 2022, FASB issued ASU 2022-02. The amendments in this update eliminate the accounting guidance and related disclosures for TDRs by creditors in Subtopic 310-40, Receivables—Troubled Debt Restructurings by Creditors , while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty and requiring an entity to disclose current-period gross writeoffs by year of origination for financing receivables and net investments in leases within the scope of Subtopic 326-20, Financial Instruments—Credit Losses—Measured at Amortized Cost . The amendments in this update were effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years and are applied prospectively, except with respect to the recognition and measurement of TDRs, where an entity has the option to apply a modified retrospective transition method. The adoption of this accounting guidance resulted in updated disclosures within the Company's consolidated financial statements. |
Basis of Accounting and Conso_3
Basis of Accounting and Consolidation (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Components of Accumulated Other Comprehensive loss | The components of accumulated other comprehensive loss included in stockholders’ equity as of September 30, 2023 and December 31, 2022 are as follows (in thousands): Unrealized Losses on Securities September 30, 2023 Net unrealized losses on securities available-for-sale $ ( 251,974 ) Tax benefit 73,071 Balance at September 30, 2023 $ ( 178,903 ) December 31, 2022 Net unrealized losses on securities available-for-sale $ ( 213,387 ) Tax benefit 61,880 Balance at December 31, 2022 $ ( 151,507 ) |
Schedule of Amounts Reclassified from Accumulated Other Comprehensive Income | Amounts reclassified from accumulated other comprehensive loss and the affected line items in the statements of income during the three and nine months ended September 30, 2023 and 2022, were as follows (in thousands): Amounts Reclassified from Three months ended Nine months ended September 30, September 30, 2023 2022 2023 2022 Affected Line Item in the Statements of Income Realized gain (loss) on available-for-sale securities $ 3,389 $ 79 $ 3,337 $ 81 Securities (loss) gain, net Tax effect ( 983 ) ( 23 ) ( 968 ) ( 24 ) Income taxes Total reclassifications out of accumulated other comprehensive income (loss) $ 2,406 $ 56 $ 2,369 $ 57 Net reclassified amount |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Components of Basic and Diluted Net Income per Common Share | The components of basic and diluted net income per common share available to common stockholders for the three and nine months ended September 30, 2023 and 2022 were as follows: Three months ended Nine months ended September 30, September 30, 2023 2022 2023 2022 Basic net income per common share Available to common stockholders: Net income $ 15,117,000 $ 17,939,000 $ 50,864,000 $ 52,313,000 Weighted average common shares outstanding 22,220,438 20,454,669 21,086,802 20,070,687 Basic earnings per common share $ 0.68 $ 0.88 $ 2.41 $ 2.61 Diluted net income per common share Available to common stockholders: Net income applicable to diluted earnings per share $ 15,117,000 $ 17,939,000 $ 50,864,000 $ 52,313,000 Weighted average common shares outstanding 22,220,438 20,454,669 21,086,802 20,070,687 Dilutive potential common shares: restricted stock awarded 98,896 80,546 90,144 74,748 Diluted weighted average common shares outstanding 22,319,334 20,535,215 21,176,946 20,145,435 Diluted earnings per common share $ 0.68 $ 0.88 $ 2.40 $ 2.60 |
Investment Securities (Tables)
Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Available for Sale and Held for Maturity Securities | The amortized cost, gross unrealized gains and losses and estimated fair values for available-for-sale and held-to-maturity securities by major security type at September 30, 2023 and December 31, 2022 were as follows (in thousands): Amortized Gross Gross Fair Value September 30, 2023 Available-for-sale: U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 245,648 $ — $ ( 33,719 ) $ 211,929 Obligations of states and political subdivisions 341,002 28 ( 74,557 ) 266,473 Mortgage-backed securities: GSE residential 810,113 2,036 ( 139,627 ) 672,522 Other securities 73,806 — ( 6,135 ) 67,671 Total available-for-sale $ 1,470,569 $ 2,064 $ ( 254,038 ) $ 1,218,595 Held-to-maturity: Other investments $ 2,259 $ — $ — $ 2,259 Total held-to-maturity $ 2,259 $ — $ — $ 2,259 December 31, 2022 Available-for-sale: U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 252,934 $ — $ ( 32,407 ) $ 220,527 Obligations of states and political subdivisions 347,409 134 ( 59,845 ) 287,698 Mortgage-backed securities: GSE residential 744,636 3 ( 116,759 ) 627,880 Other securities 87,393 6 ( 4,519 ) 82,880 Total available-for-sale $ 1,432,372 $ 143 $ ( 213,530 ) $ 1,218,985 Held-to-maturity: Other investments $ 2,954 $ — $ — $ 2,954 Total held-to-maturity $ 2,954 $ — $ — $ 2,954 |
Realized Gains and Losses From Sale of Securities | Realized gains and losses resulting from sales of securities were as follows during the three and nine months ended September 30, 2023 and 2022 (in thousands): Three months Nine months September 30, September 30, 2023 2022 2023 2022 Gross gains $ 3,823 $ 191 $ 3,829 $ 193 Gross losses ( 434 ) ( 112 ) ( 492 ) ( 112 ) |
Investments Classified by Contractual Maturity Date | The following table indicates the expected maturities of investment securities classified as available-for-sale presented at fair value, and held-to-maturity presented at amortized cost, at September 30, 2023 and the weighted average yield for each range of maturities (dollars in thousands): One year After 1 After 5 After Total Available-for-sale: U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 170,295 $ 39,997 $ 1,637 $ — $ 211,929 Obligations of state and political subdivisions 20,023 82,929 162,387 1,134 266,473 Mortgage-backed securities: GSE residential 1,690 19,588 39,452 611,792 672,522 Other securities 18,929 48,121 621 — 67,671 Total available-for-sale investments $ 210,937 $ 190,635 $ 204,097 $ 612,926 $ 1,218,595 Weighted average yield 1.64 % 2.57 % 2.03 % 1.70 % 1.88 % Full tax-equivalent yield 1.64 % 2.58 % 2.06 % 1.72 % 1.90 % Held to maturity: Other investments $ — $ — $ — $ 2,259 $ 2,259 Total held-to-maturity $ — $ — $ — $ 2,259 $ 2,259 Weighted average yield — % — % — % — % — % Full tax-equivalent yield — % — % — % — % — % |
Fair Value of Investments with Sustained Gross Unrealized Losses | The following table presents the aging of gross unrealized losses and fair value by investment category as of September 30, 2023 and December 31, 2022 (in thousands): Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized September 30, 2023 Available-for-sale: U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 3,204 $ ( 38 ) $ 208,428 $ ( 33,681 ) $ 211,632 $ ( 33,719 ) Obligations of states and political subdivisions 41,664 ( 2,467 ) 219,250 ( 72,090 ) 260,914 ( 74,557 ) Mortgage-backed securities: GSE residential 16,495 ( 278 ) 555,338 ( 139,349 ) 571,833 ( 139,627 ) Other securities 5,280 ( 470 ) 56,641 ( 5,665 ) 61,921 ( 6,135 ) Total $ 66,643 $ ( 3,253 ) $ 1,039,657 $ ( 250,785 ) $ 1,106,300 $ ( 254,038 ) December 31, 2022 Available-for-sale: U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 57,007 $ ( 3,493 ) $ 163,520 $ ( 28,914 ) $ 220,527 $ ( 32,407 ) Obligations of states and political subdivisions 220,102 ( 43,221 ) 45,419 ( 16,624 ) 265,521 ( 59,845 ) Mortgage-backed securities: GSE residential 165,966 ( 19,859 ) 461,446 ( 96,900 ) 627,412 ( 116,759 ) Other securities 64,676 ( 3,675 ) 6,698 ( 844 ) 71,374 ( 4,519 ) Total $ 507,751 $ ( 70,248 ) $ 677,083 $ ( 143,282 ) $ 1,184,834 $ ( 213,530 ) |
Loans and Allowance for Credi_2
Loans and Allowance for Credit Losses (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Receivables [Abstract] | |
Summary of Loans | A summary of loans at September 30, 2023 and December 31, 2022 follows (in thousands): September 30, 2023 December 31, 2022 Construction and land development $ 191,344 $ 144,387 Agricultural real estate 401,115 410,790 1-4 family residential properties 539,492 440,018 Multifamily residential properties 329,684 295,073 Commercial real estate 2,427,494 2,036,243 Loans secured by real estate 3,889,129 3,326,511 Agricultural loans 179,360 166,695 Commercial and industrial loans 1,250,800 1,085,004 Consumer loans 100,854 97,730 All other loans 177,783 159,499 Total gross loans 5,597,926 4,835,439 Less: loans held for sale 6,233 338 5,591,693 4,835,101 Less: Net deferred loan fees, premiums and discounts 57,861 9,227 Allowance for credit losses 68,241 59,093 Net loans $ 5,465,591 $ 4,766,781 |
Allowance for Credit Losses Based on Portfolio Segment | The following table presents the activity in the allowance for credit losses based on portfolio segment for the three and nine months ended September 30, 2023 (in thousands): Construction Agricultural 1-4 Family Commercial Agricultural Commercial Consumer Total Three months ended September 30, 2023 Beginning balance $ 2,208 $ 1,370 $ 3,247 $ 28,014 $ 524 $ 21,544 $ 1,812 $ 58,719 Initial allowance on loans purchased with credit deterioration 308 — 124 1,066 — 2,273 20 3,791 Provision for credit loss expense 219 27 629 2,727 245 1,697 367 5,911 Loans charged off — — 21 — 132 — 368 521 Recoveries collected — — 91 16 3 81 150 341 Ending balance $ 2,735 $ 1,397 $ 4,070 $ 31,823 $ 640 $ 25,595 $ 1,981 $ 68,241 Nine months ended September 30, 2023 Beginning balance $ 2,250 $ 1,433 $ 3,742 $ 28,157 $ 585 $ 20,808 $ 2,118 $ 59,093 Initial allowance on loans purchased with credit deterioration 308 — 124 1,066 — 2,273 20 3,791 Provision for credit loss expense 191 ( 36 ) 88 2,278 450 2,202 379 5,552 Loans charged off 14 — 77 25 408 62 995 1,581 Recoveries collected — — 193 347 13 374 459 1,386 Ending balance $ 2,735 $ 1,397 $ 4,070 $ 31,823 $ 640 $ 25,595 $ 1,981 $ 68,241 The following tables present the activity in the allowance for credit losses based on portfolio segment for the three and nine months ended September 30, 2022 and for the year ended December 31, 2022 (in thousands): Construction and Land Development Agricultural Real Estate 1-4 Family Residential Properties Commercial Real Estate Agricultural Loans Commercial and Industrial Consumer Loans Total Three months ended September 30, 2022 Beginning balance $ 2,042 $ 2,112 $ 3,523 $ 28,856 $ 886 $ 19,496 $ 2,160 $ 59,075 Provision for credit loss expense 1 ( 674 ) 269 ( 796 ) ( 246 ) 1,271 317 142 Loans charged off — — 45 7 — 389 392 833 Recoveries collected 100 — 19 8 38 63 165 393 Ending balance $ 2,143 $ 1,438 $ 3,766 $ 28,061 $ 678 $ 20,441 $ 2,250 $ 58,777 Nine months ended September 30, 2022 Beginning balance $ 1,743 $ 1,257 $ 2,330 $ 26,246 $ 983 $ 19,241 $ 2,855 $ 54,655 Initial allowance on loans purchased with credit deterioration 272 — 3 478 — 94 16 863 Provision for credit loss expense 30 181 1,355 1,384 ( 250 ) 1,343 ( 42 ) 4,001 Loans charged off 2 — 186 414 93 424 1,059 2,178 Recoveries collected 100 — 264 367 38 187 480 1,436 Ending balance $ 2,143 $ 1,438 $ 3,766 $ 28,061 $ 678 $ 20,441 $ 2,250 $ 58,777 Twelve months ended December 31, 2022 Beginning balance (prior to adoption of ASC 326) $ 1,743 $ 1,257 $ 2,330 $ 26,246 $ 983 $ 19,241 $ 2,855 $ 54,655 Impact of adopting ASC 326 272 — 3 478 — 94 16 863 Provision for credit loss expense 137 176 1,241 1,462 ( 359 ) 2,135 14 4,806 Loans charged off 2 — 191 414 93 870 1,380 2,950 Recoveries collected 100 — 359 385 54 208 613 1,719 Ending balance $ 2,250 $ 1,433 $ 3,742 $ 28,157 $ 585 $ 20,808 $ 2,118 $ 59,093 |
Amortized Cost Basis of Collateral-Dependent Loans by Class of Loans Individually Evaluated | The following table presents the amortized cost basis of collateral-dependent loans by class of loans that were individually evaluated to determine expected credit losses, and the related allowance for credit losses, as of September 30, 2023 (in thousands): Collateral Allowance Real Estate Business Other Total for Credit Construction and land development $ 421 $ — $ — $ 421 $ 192 Agricultural real estate — — 16 16 — 1-4 family residential properties 1,258 — — 1,258 — Multifamily residential properties 1,080 — — 1,080 — Commercial real estate 9,334 — — 9,334 — Loans secured by real estate 12,093 — 16 12,109 192 Agricultural loans — — — — — Commercial and industrial loans 82 1,159 — 1,241 183 Consumer loans — — — — — Total loans $ 12,175 $ 1,159 $ 16 $ 13,350 $ 375 |
Credit Risk Profile of Loan Portfolio on Amortized Cost Basis Based on Risk Rating Category | The following tables present the credit risk profile of the Company’s loan portfolio on amortized cost basis based on risk rating category and year of origination as of September 30, 2023 (in thousands): Term Loans by Origination Year Revolving Risk rating 2023 2022 2021 2020 2019 Prior Loans Total September 30, 2023 Construction and land development loans Pass $ 49,485 $ 78,795 $ 29,330 $ 6,101 $ 10,218 $ 14,834 $ — $ 188,763 Special mention — — — — — — — — Substandard — — — — — 443 — 443 Total $ 49,485 $ 78,795 $ 29,330 $ 6,101 $ 10,218 $ 15,277 $ — $ 189,206 Current period gross writeoffs $ — $ — $ — $ — $ 14 $ — $ — $ 14 Agricultural real estate loans Pass $ 12,265 $ 172,028 $ 58,648 $ 56,006 $ 21,114 $ 74,179 $ — $ 394,240 Special mention 209 — 694 — 1,170 1,945 — 4,018 Substandard — — 375 — — 1,201 — 1,576 Total $ 12,474 $ 172,028 $ 59,717 $ 56,006 $ 22,284 $ 77,325 $ — $ 399,834 Current period gross writeoffs $ — $ — $ — $ — $ — $ — $ — $ — 1-4 family residential property loans Pass $ 40,228 $ 101,055 $ 101,609 $ 80,368 $ 27,477 $ 90,403 $ 71,412 $ 512,552 Special mention — 849 3,234 — — 3,825 10 7,918 Substandard 96 820 543 406 370 8,953 41 11,229 Total $ 40,324 $ 102,724 $ 105,386 $ 80,774 $ 27,847 $ 103,181 $ 71,463 $ 531,699 Current period gross writeoffs $ — $ — $ — $ — $ 14 $ 63 $ — $ 77 Commercial real estate loans Pass $ 157,527 $ 721,955 $ 578,816 $ 336,064 $ 245,896 $ 645,950 $ — $ 2,686,208 Special mention 3,700 2,735 1,348 2,326 1,614 7,987 — 19,710 Substandard — 4,231 537 31 792 8,392 — 13,983 Total $ 161,227 $ 728,921 $ 580,701 $ 338,421 $ 248,302 $ 662,329 $ — $ 2,719,901 Current period gross writeoffs $ — $ — $ — $ — $ 25 $ — $ — $ 25 Agricultural loans Pass $ 113,694 $ 40,523 $ 16,470 $ 4,355 $ 1,961 $ 2,399 $ — $ 179,402 Special mention 6 18 — — 15 — — 39 Substandard — — 3 — 3 — — 6 Total $ 113,700 $ 40,541 $ 16,473 $ 4,355 $ 1,979 $ 2,399 $ — $ 179,447 Current period gross writeoffs $ — $ 276 $ — $ — $ — $ 132 $ — $ 408 Commercial and industrial loans Pass $ 243,700 $ 321,790 $ 241,780 $ 154,578 $ 86,721 $ 327,485 $ — $ 1,376,054 Special mention 50 1,634 10,634 7,510 647 21,563 — 42,038 Substandard — 521 876 71 34 842 — 2,344 Total $ 243,750 $ 323,945 $ 253,290 $ 162,159 $ 87,402 $ 349,890 $ — $ 1,420,436 Current period gross writeoffs $ — $ — $ — $ 49 $ — $ 13 $ — $ 62 Consumer loans Pass $ 8,929 $ 44,835 $ 24,253 $ 12,165 $ 5,427 $ 2,930 $ — $ 98,539 Special mention — 9 — — — — — 9 Substandard 44 434 253 160 61 42 — 994 Total $ 8,973 $ 45,278 $ 24,506 $ 12,325 $ 5,488 $ 2,972 $ — $ 99,542 Current period gross writeoffs $ — $ 57 $ 83 $ 1 $ 9 $ 845 $ — $ 995 Total loans Pass $ 625,828 $ 1,480,981 $ 1,050,906 $ 649,637 $ 398,814 $ 1,158,180 $ 71,412 $ 5,435,758 Special mention 3,965 5,245 15,910 9,836 3,446 35,320 10 73,732 Substandard 140 6,006 2,587 668 1,260 19,873 41 30,575 Total $ 629,933 $ 1,492,232 $ 1,069,403 $ 660,141 $ 403,520 $ 1,213,373 $ 71,463 $ 5,540,065 Current period gross writeoffs $ — $ 333 $ 83 $ 50 $ 62 $ 1,053 $ — $ 1,581 The following tables present the credit risk profile of the Company’s loan portfolio based on risk rating category as of December 31, 2022 (in thousands): Term Loans by Origination Year Revolving Risk rating 2022 2021 2020 2019 2018 Prior Loans Total December 31, 2022 Construction and land development loans Pass $ 63,846 $ 39,790 $ 12,558 $ 15,787 $ 1,210 $ 10,601 $ — $ 143,792 Special mention — — — — — — — — Substandard — — — 14 — 458 — 472 Total $ 63,846 $ 39,790 $ 12,558 $ 15,801 $ 1,210 $ 11,059 $ — $ 144,264 Current period gross writeoffs $ — $ — $ — $ — $ — $ 2 $ — $ 2 Agricultural real estate loans Pass $ 171,833 $ 67,115 $ 58,283 $ 23,820 $ 27,573 $ 52,799 $ — $ 401,423 Special mention 1,123 — 490 1,240 273 3,121 — 6,247 Substandard — — — — 1,383 1,274 — 2,657 Total $ 172,956 $ 67,115 $ 58,773 $ 25,060 $ 29,229 $ 57,194 $ — $ 410,327 Current period gross writeoffs $ — $ — $ — $ — $ — $ — $ — $ — 1-4 family residential property loans Pass $ 94,377 $ 86,717 $ 78,977 $ 27,580 $ 30,809 $ 63,050 $ 43,722 $ 425,232 Special mention 169 218 1 44 238 1,000 — 1,670 Substandard 1,060 566 529 295 2,749 8,079 — 13,278 Total $ 95,606 $ 87,501 $ 79,507 $ 27,919 $ 33,796 $ 72,129 $ 43,722 $ 440,180 Current period gross writeoffs $ — $ — $ 67 $ 13 $ — $ 111 $ — $ 191 Commercial real estate loans Pass $ 558,921 $ 509,614 $ 319,049 $ 239,564 $ 211,505 $ 453,076 $ — $ 2,291,729 Special mention 2,187 1,287 769 1,508 952 8,503 — 15,206 Substandard 3,783 478 794 873 5,394 6,100 — 17,422 Total $ 564,891 $ 511,379 $ 320,612 $ 241,945 $ 217,851 $ 467,679 $ — $ 2,324,357 Current period gross writeoffs $ 250 $ 22 $ — $ — $ — $ 142 $ — $ 414 Agricultural loans Pass $ 137,327 $ 18,783 $ 3,433 $ 3,918 $ 915 $ 254 $ — $ 164,630 Special mention 1,178 — — 756 66 109 — 2,109 Substandard 53 — — 46 — — — 99 Total $ 138,558 $ 18,783 $ 3,433 $ 4,720 $ 981 $ 363 $ — $ 166,838 Current period gross writeoffs $ — $ 93 $ — $ — $ — $ — $ — $ 93 Commercial and industrial loans Pass $ 450,001 $ 226,038 $ 172,208 $ 63,906 $ 61,929 $ 247,404 $ — $ 1,221,486 Special mention 469 640 10,095 570 7,280 158 — 19,212 Substandard 346 418 184 35 157 633 — 1,773 Total $ 450,816 $ 227,096 $ 182,487 $ 64,511 $ 69,366 $ 248,195 $ — $ 1,242,471 Current period gross writeoffs $ 39 $ 311 $ 39 $ 439 $ 23 $ 19 $ — $ 870 Consumer loans Pass $ 48,600 $ 21,088 $ 12,101 $ 7,968 $ 1,945 $ 5,630 $ — $ 97,332 Special mention — 18 1 — 5 — — 24 Substandard 69 246 3 43 52 6 — 419 Total $ 48,669 $ 21,352 $ 12,105 $ 8,011 $ 2,002 $ 5,636 $ — $ 97,775 Current period gross writeoffs $ 22 $ 177 $ 89 $ 10 $ 7 $ 1,075 $ — $ 1,380 Total loans Pass $ 1,524,905 $ 969,145 $ 656,609 $ 382,543 $ 335,886 $ 832,814 $ 43,722 $ 4,745,624 Special mention 5,126 2,163 11,356 4,118 8,814 12,891 — 44,468 Substandard 5,311 1,708 1,510 1,306 9,735 16,550 — 36,120 Total $ 1,535,342 $ 973,016 $ 669,475 $ 387,967 $ 354,435 $ 862,255 $ 43,722 $ 4,826,212 Current period gross writeoffs $ 311 $ 603 $ 195 $ 462 $ 30 $ 1,349 $ — $ 2,950 |
Loan Portfolio Aging Analysis | The following table presents the Company’s loan portfolio aging analysis at September 30, 2023 and December 31, 2022 (in thousands): 30-59 60-89 90 Days or Total Past Current Total Loans Total Loans September 30, 2023 Construction and land development $ 130 $ — $ 450 $ 580 $ 188,626 $ 189,206 $ — Agricultural real estate — — 1 1 399,833 399,834 — 1-4 family residential properties 2,917 781 630 4,328 527,371 531,699 — Multifamily residential properties 4 — 550 554 326,513 327,067 — Commercial real estate 895 49 3,625 4,569 2,388,265 2,392,834 — Loans secured by real estate 3,946 830 5,256 10,032 3,830,608 3,840,640 — Agricultural loans 5 — 5 10 179,437 179,447 — Commercial and industrial loans 697 231 626 1,554 1,241,099 1,242,653 — Consumer loans 854 336 169 1,359 98,183 99,542 — All other loans — — — — 177,783 177,783 — Total loans $ 5,502 $ 1,397 $ 6,056 $ 12,955 $ 5,527,110 $ 5,540,065 $ — December 31, 2022 Construction and land development $ 20 $ 14 $ 449 $ 483 $ 143,781 $ 144,264 $ — Agricultural real estate 20 6 1 27 410,300 410,327 — 1-4 family residential properties 1,706 1,092 896 3,694 436,486 440,180 — Multifamily residential properties — — 548 548 293,798 294,346 — Commercial real estate 494 205 3,654 4,353 2,025,658 2,030,011 — Loans secured by real estate 2,240 1,317 5,548 9,105 3,310,023 3,319,128 — Agricultural loans — 53 29 82 166,756 166,838 — Commercial and industrial loans 716 24 854 1,594 1,081,366 1,082,960 — Consumer loans 326 195 278 799 96,976 97,775 — All other loans — — — — 159,511 159,511 — Total loans $ 3,282 $ 1,589 $ 6,709 $ 11,580 $ 4,814,632 $ 4,826,212 $ — |
Amortized Cost Basis of Loans on Nonaccrual Status and Nonaccrual Loans Individually Evaluated | The following table presents the amortized cost basis of loans on nonaccrual status and of nonaccrual loans individually evaluated for which no allowance was recorded as of September 30, 2023 and December 31, 2022 (in thousands). There were no loans past due over eighty-nine days that were still accruing. September 30, 2023 December 31, 2022 Nonaccrual Total Nonaccrual Total Credit Loss Nonaccrual Credit Loss Nonaccrual Construction and land development $ — $ — $ 14 $ 14 Agricultural real estate 1,227 1,227 1,258 1,258 1-4 family residential properties 4,763 5,037 4,532 4,943 Multifamily residential properties — — 672 672 Commercial real estate 10,679 11,131 7,640 7,640 Loans secured by real estate 16,669 17,395 14,116 14,527 Agricultural loans 5 5 57 57 Commercial and industrial loans 1,328 2,025 1,098 1,098 Consumer loans 428 434 274 274 All other loans — — — — Total loans $ 18,430 $ 19,859 $ 15,545 $ 15,956 |
Amortized Cost Basis of Loans Experiencing Difficulty and Modified | The following table shows the amortized cost of loans at September 30, 2023 that were both experiencing financial difficulty and modified segregated by portfolio segment and type of modification. The percentage of the amortized cost of loans that were modified to borrowers in financial distress as compared to outstanding loans is also presented below. Total Payment Term Interest Class of Principal Delay Extension Rate Financing Forgiveness Investment Modifications Reduction Receivable September 30, 2023 Agricultural real estate $ — $ 333 $ — $ — 0.01 % 1-4 family residential properties — 57 819 — 0.02 % Commercial real estate — 770 137 — 0.02 % Loans secured by real estate — 1,160 956 — 0.04 % Commercial and industrial loans — 218 279 — 0.01 % Consumer loans — 7 41 — — % Total $ — $ 1,385 $ 1,276 $ — 0.05 % |
Performance of loans modified | The following table shows the performance of such loans that have been modified in the last twelve months ended September 30, 2023. 30-59 60-89 90 Days or Total Past September 30, 2023 1-4 family residential properties $ 28 $ — $ — $ 28 Loans secured by real estate 28 — — 28 Commercial and industrial loans 11 — — 11 Consumer loans — — 16 16 Total loans $ 39 $ — $ 16 $ 55 |
Financial Effect of Loan Modifications | The following table shows the financial effect of loan modifications during the current quarter to borrowers experiencing financial difficulty for the three months ended September 30, 2023. Weighted Average Weighted Average Interest Rate Term Extension Reduction (in months) Commercial and industrial loans 4.75 % 5.13 Consumer loans — % 3.00 |
Loans Classified as Troubled Debt Restructurings | The following table shows the recorded investment of loans classified as troubled debt restructurings as of December 31, 2022. December 31, 2022 Performing TDRs $ 3,214 Nonperforming TDRs 1,850 Total TDRs $ 5,064 |
Summary of Purchased Credit Deteriorated (PCD) Loans | The Company has acquired loans, for which there was, at acquisition, evidence of more than insignificant deterioration of credit quality since origination. The carrying amount of those loans at acquisition date is as follows (in thousands): 2023 Blackhawk Purchase price of purchase credit deteriorated loans at acquisition $ 115,250 Allowance for credit losses at acquisition ( 3,791 ) Non-credit discount/(premium) at acquisition ( 5,476 ) Fair value of purchased credit deteriorated loans at acquisition $ 105,983 2022 Delta Purchase price of purchase credit deteriorated loans at acquisition $ 18,796 Allowance for credit losses at acquisition ( 863 ) Non-credit discount/(premium) at acquisition ( 523 ) Fair value of purchased credit deteriorated loans at acquisition $ 17,410 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Schedule of Intangible Assets and Goodwill | The following table presents gross carrying value and accumulated amortization by major intangible asset class as of September 30, 2023 and December 31, 2022 (in thousands): September 30, 2023 December 31, 2022 Gross Carrying Accumulated Gross Carrying Accumulated Goodwill not subject to amortization $ 200,221 $ 3,760 $ 144,172 $ 3,760 Intangibles from branch acquisition 3,015 3,015 3,015 3,015 Core deposit intangibles 79,945 32,348 45,355 28,432 Other intangibles 26,552 10,041 20,782 8,551 $ 309,733 $ 49,164 $ 213,324 $ 43,758 |
Intangible Assets Mortgage Servicing Rights | The Company has mortgage servicing rights acquired in previous acquisitions. The following table summarizes the activity pertaining to mortgage servicing rights included in intangible assets as of September 30, 2023, September 30, 2022 and December 31, 2022 (in thousands): September 30, 2023 September 30, 2022 December 31, 2022 Beginning balance $ 331 $ 420 $ 420 Mortgage servicing rights acquired during period 7,062 — — Adjustment to valuation reserve — 108 108 Mortgage servicing rights amortized ( 161 ) ( 184 ) ( 200 ) Interest only strip ( 8 ) 6 3 Ending balance $ 7,224 $ 350 $ 331 |
Schedule of Intangible Assets Amortization Expense | Total amortization expense for three and nine months ended September 30, 2023 and 2022 was as follows (in thousands): Three months ended Nine months ended September 30, September 30, 2023 2022 2023 2022 Core deposit intangibles $ 1,857 $ 1,131 $ 3,916 $ 3,273 Customer list intangibles 578 432 1,490 1,296 Mortgage servicing rights 133 35 161 184 $ 2,568 $ 1,598 $ 5,567 $ 4,753 |
Schedule of Expected Amortization Expense | Aggregate amortization expense for the current year and estimated amortization expense for each of the five succeeding years is shown in the table below (in thousands): Aggregate amortization expense: For period 01/01/23 - 09/30/23 $ 5,567 Estimated amortization expense: For period 10/01/23 - 12/31/23 3,561 For year ended 12/31/24 13,477 For year ended 12/31/25 12,156 For year ended 12/31/26 10,569 For year ended 12/31/27 9,349 |
Purdum, Gray, Ingledue, Beck, Inc. | |
Schedule of Reconciliation of Purchase Price Paid for Acquisition and Goodwill Recorded | The following provides a reconciliation of the purchase price paid for Purdum, Gray, Ingledue, Beck, Inc. and the amount of goodwill recorded (in thousands): Unallocated purchase price $ 10,145 Less purchase accounting adjustments: Insurance Company intangible $ 5,770 Other liabilities ( 1,576 ) 4,194 $ 5,951 |
Delta Bancshares Company | |
Schedule of Reconciliation of Purchase Price Paid for Acquisition and Goodwill Recorded | The following table provides a reconciliation of the purchase price paid for the acquisition of Delta and the amount of goodwill recorded (in thousands): Unallocated purchase price $ 29,791 Less purchase accounting adjustments: Fair value of securities $ ( 2,836 ) Fair value of loans, net ( 3,399 ) Fair value of premises and equipment 3,508 Fair value of time deposits ( 1,759 ) Fair value of FHLB advances ( 75 ) Core deposit intangible 5,920 Other assets ( 570 ) Other liabilities 444 1,233 $ 28,558 |
Blackhawk Bancorp, Inc | |
Schedule of Reconciliation of Purchase Price Paid for Acquisition and Goodwill Recorded | The following table provides a reconciliation of the purchase price paid for the acquisition of Blackhawk and the amount of goodwill recorded (in thousands): Unallocated purchase price $ 26,955 Less purchase accounting adjustments: Fair value of securities $ ( 25,521 ) Fair value of loans, net ( 43,477 ) Fair value of premises and equipment ( 3,856 ) Fair value of time deposits 2,311 Fair value of subordinated and jr subordinated debentures 3,707 Increase in core deposit intangible 33,731 Increase in mortgage servicing rights 3,344 Other assets 6,619 ( 23,142 ) $ 50,097 |
Repurchase Agreements and Oth_2
Repurchase Agreements and Other Borrowings (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Repurchase Agreements And Other Borrowings [Abstract] | |
Schedule of Securities Financing Transactions | Collateral pledged by class for repurchase agreements are as follows (in thousands): September 30, 2023 December 31, 2022 US Treasury securities and obligations of U.S. government corporations and agencies $ 39,093 $ 47,775 Mortgage-backed securities: GSE: residential 175,885 173,639 Total $ 214,978 $ 221,414 |
Federal Home Loan Bank, Advances | FHLB borrowings, were $ 364.7 million and $ 464.7 million at September 30, 2023 and December 31, 2022, respectively. At September 30, 2023 the advances were as follows: Advance Term (in years) Interest Rate Maturity Date 25,000,000 1.0 4.81 % November 10, 2023 25,000,000 1.5 4.69 % May 10, 2024 25,000,000 2.0 4.59 % November 8, 2024 10,000,000 5.0 1.45 % December 31, 2024 5,000,000 5.0 0.91 % March 10, 2025 4,746,475 10.0 2.64 % December 23, 2025 25,000,000 3.0 4.40 % June 15, 2026 50,000,000 4.0 3.49 % December 8, 2027 50,000,000 4.0 3.28 % December 8, 2027 25,000,000 5.0 3.47 % March 13, 2028 25,000,000 5.0 3.67 % June 15, 2028 25,000,000 5.0 3.71 % June 29, 2028 25,000,000 5.0 3.82 % June 29, 2028 25,000,000 5.0 3.95 % June 29, 2028 5,000,000 10.0 1.15 % October 3, 2029 5,000,000 10.0 1.12 % October 3, 2029 10,000,000 10.0 1.39 % December 31, 2029 |
Fair Value of Assets and Liab_2
Fair Value of Assets and Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table presents the Company’s assets and liabilities that are measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall as of September 30, 2023 and December 31, 2022 (in thousands): Fair Value Measurements Using Quoted Prices in Significant Significant Fair Value (Level 1) (Level 2) (Level 3) September 30, 2023 Available-for-sale securities: U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 211,929 $ — $ 211,929 $ — Obligations of states and political subdivisions 266,473 — 266,473 — Mortgage-backed securities 672,522 — 672,522 — Other securities 67,671 — 61,911 5,760 Total available-for-sale securities 1,218,595 — 1,212,835 5,760 Equity securities 3,932 3,932 — — Loans held for sale 6,233 — 6,233 — Derivative assets: interest rate swaps 4,349 — 4,349 — Total assets $ 1,233,109 $ 3,932 $ 1,223,417 $ 5,760 Derivative liabilities: interest rate swaps $ 2,932 $ — $ 2,932 $ — December 31, 2022 Available-for-sale securities: U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 220,527 $ — $ 220,527 $ — Obligations of states and political subdivisions 287,698 — 287,698 — Mortgage-backed securities 627,880 — 627,880 — Other securities 82,880 — 73,630 9,250 Total available-for-sale securities 1,218,985 — 1,209,735 9,250 Equity securities 311 311 — — Loans held for sale 338 — 338 — Derivative assets: interest rate swaps 4,253 — 4,253 — Total assets $ 1,223,887 $ 311 $ 1,214,326 $ 9,250 Derivative liabilities: interest rate swaps $ 3,100 $ — $ 3,100 $ — |
Fair Value of Assets Measured on a Recurring Basis Using Significant Unobservable Inputs | The change in fair value of assets measured on a recurring basis using significant unobservable inputs (Level 3) for the three and nine months ended September 30, 2023 and 2022 is summarized as follows (in thousands): Three months ended September 30, 2023 Nine months ended September 30, 2023 Obligation of State and Political Subdivisions Other Total Obligation of State and Political Subdivisions Other Total Beginning balance $ — $ 5,760 $ 5,760 $ — $ 10,000 $ 10,000 Transfers into Level 3 — — — — 10 10 Transfers out of Level 3 — — — — ( 4,250 ) ( 4,250 ) Total gains or losses: Included in net income — — — — — — Included in other comprehensive income (loss) — — — — — — Purchases, issuances, sales and settlements: Purchases — — — — — — Issuances — — — — — — Sales — — — — — — Settlements — — — — — — Ending balance $ — $ 5,760 $ 5,760 $ — $ 5,760 $ 5,760 Total gains or losses for the period included in net income attributable to the change in unrealized gains or losses related to assets and liabilities still held at the reporting date $ — $ — $ — $ — $ — $ — Three months ended September 30, 2022 Nine months ended September 30, 2022 Obligation of State and Political Subdivisions Other Total Obligation of State and Political Subdivisions Other Total Beginning balance $ — $ — $ — $ 99 $ — $ 99 Transfers into Level 3 — — — — — — Transfers out of Level 3 — — — — — — Total gains or losses: Included in net income — — — — — — Included in other comprehensive income (loss) — — — — — — Purchases, issuances, sales and settlements: Purchases — — — — — — Issuances — — — — — — Sales — — — — — — Settlements — — — ( 99 ) — ( 99 ) Ending balance $ — $ — $ — $ — $ — $ — Total gains or losses for the period included in net income attributable to the change in unrealized gains or losses related to assets and liabilities still held at the reporting date $ — $ — $ — $ — $ — $ — |
Assets Measured at Fair Value on a Nonrecurring Basis | The following table presents the fair value measurement of assets measured at fair value on a nonrecurring basis and the level within the fair value hierarchy in which the fair value measurements fall at September 30, 2023 and December 31, 2022 (in thousands): Fair Value Measurements Using Quoted Prices in Significant Significant Fair Value (Level 1) (Level 2) (Level 3) September 30, 2023 Collateral dependent loans $ 1,669 $ — $ — $ 1,669 Foreclosed assets held for sale 942 — — 942 December 31, 2022 Collateral dependent loans $ 2,548 $ — $ — $ 2,548 Foreclosed assets held for sale — — — — |
Significant Unobservable Inputs Used in Valuation of Level 3 Fair Value Measurements | The following table presents quantitative information about unobservable inputs used in Level 3 fair value measurements other than goodwill at September 30, 2023 and December 31, 2022. September 30, 2023 Fair Value Valuation Unobservable Inputs Range Weighted Average Collateral dependent loans $ 1,669 Third party Discount to reflect realizable value less estimated selling costs 0 % - 40 % 20 % Foreclosed assets held for sale 942 Third party Discount to reflect realizable value less estimated selling costs 0 % - 40 % 35 % December 31, 2022 Fair Value Valuation Unobservable Inputs Range Weighted Average Collateral dependent loans $ 2,548 Third party Discount to reflect realizable value 0 % - 40 % 20 % |
Summary of Estimated Fair Values of Company Financial Instruments | The following tables present estimated fair values of the Company’s financial instruments at September 30, 2023 and December 31, 2022 in accordance with ASC 825 (in thousands): Carrying Fair Level 1 Level 2 Level 3 September 30, 2023 Financial assets Cash and due from banks $ 374,783 $ 374,783 $ 374,783 $ — $ — Federal funds sold 8,454 8,454 8,454 — — Certificates of deposit investments 1,960 1,960 — 1,960 — Available-for-sale securities 1,218,595 1,218,595 — 1,212,835 5,760 Held-to-maturity securities 2,259 2,259 2,259 — — Equity securities 3,932 3,932 3,932 — — Loans held for sale 6,233 6,233 — 6,233 — Loans net of allowance for credit losses 5,465,591 5,141,708 — — 5,141,708 Interest receivable 36,476 36,476 — 36,476 — Federal Reserve Bank stock 17,050 17,050 — 17,050 — Federal Home Loan Bank stock 12,648 12,648 — 12,648 — Financial liabilities Deposits $ 6,346,324 $ 6,253,912 $ — $ 5,225,518 $ 1,028,394 Securities sold under agreements to repurchase 214,978 214,984 — 214,984 — Interest payable 6,727 6,727 — 6,727 — Federal Home Loan Bank borrowings 364,953 358,031 — 358,031 — Subordinated debt, net 106,648 99,498 — 99,498 — Junior subordinated debentures, net 24,003 21,605 — 21,605 — December 31, 2022 Financial assets Cash and due from banks $ 144,806 $ 144,806 $ 144,806 $ — $ — Federal funds sold 7,627 7,627 7,627 — — Certificates of deposit investments 1,470 1,470 — 1,470 — Available-for-sale securities 1,218,986 1,218,986 — 1,209,736 9,250 Held-to-maturity securities 2,953 2,953 2,953 — — Equity securities 311 311 311 — — Loans held for sale 338 338 — 338 — Loans net of allowance for credit losses 4,766,780 4,460,661 — — 4,460,661 Interest receivable 28,357 28,357 — 28,357 — Federal Reserve Bank stock 17,050 17,050 — 17,050 — Federal Home Loan Bank stock 18,440 18,440 — 18,440 — Financial liabilities Deposits $ 5,257,001 $ 5,257,748 $ — $ 4,550,222 $ 707,526 Federal funds purchased — — — — — Securities sold under agreements to repurchase 221,414 221,260 — 221,260 — Interest payable 3,346 3,346 — 3,346 — Federal Home Loan Bank borrowings 465,071 459,327 — 459,327 — Other borrowings — — — — — Subordinated debt, net 94,553 87,977 — 87,977 — Junior subordinated debentures, net 19,364 17,164 — 17,164 — |
Business Combinations (Tables)
Business Combinations (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Business Acquisition [Line Items] | |
Summary of Purchased Credit Deteriorated (PCD) Loans | The Company has acquired loans, for which there was, at acquisition, evidence of more than insignificant deterioration of credit quality since origination. The carrying amount of those loans at acquisition date is as follows (in thousands): 2023 Blackhawk Purchase price of purchase credit deteriorated loans at acquisition $ 115,250 Allowance for credit losses at acquisition ( 3,791 ) Non-credit discount/(premium) at acquisition ( 5,476 ) Fair value of purchased credit deteriorated loans at acquisition $ 105,983 2022 Delta Purchase price of purchase credit deteriorated loans at acquisition $ 18,796 Allowance for credit losses at acquisition ( 863 ) Non-credit discount/(premium) at acquisition ( 523 ) Fair value of purchased credit deteriorated loans at acquisition $ 17,410 |
Blackhawk Bancorp, Inc | |
Business Acquisition [Line Items] | |
Summary of Consideration Transferred | The following table presents a summary of consideration transferred: (In thousands, except shares) Common stock issued ( 3,290,222 shares) $ 93,508 Cash consideration 2 Purchase price $ 93,510 |
Summary of Purchased Credit Deteriorated (PCD) Loans | The following table provides a summary of PCD loans purchased as part of the Blackhawk acquisition as of the acquisition date: (In thousands) Unpaid principal balance $ 115,250 PCD allowance for credit losses at acquisition $ ( 3,791 ) Non-credit discount on acquired loans $ ( 5,476 ) Fair value of PCD loans $ 105,983 |
Summary of Fair Value of Assets Acquired and Liabilities Assumed | A preliminary summary of the fair value of assets received and liabilities assumed are as follows: (In thousands) Assets Cash and due from banks $ 55,600 Loans held for sale 3,222 Loans, net 722,866 Investments-available for sale 377,969 Short-term investments 869 FHLB stock 1,737 Premises and equipment 12,366 Accrued interest receivable 4,029 Prepaid expenses 1,182 Other assets 20,742 Core deposit intangible 34,590 Income tax receivable 2,077 Deferred tax asset 22,152 Mortgage servicing rights 7,031 Total assets acquired $ 1,266,432 Liabilities Deposits $ 1,194,972 Subordinated and jr. subordinated debt 16,448 Accrued interest payable 1,091 Accrued and other liabilities 10,508 Total liabilities assumed 1,223,019 Net assets acquired $ 43,413 Total consideration $ 93,510 Goodwill $ 50,097 |
Unaudited Pro Forma Condensed Combined Financial Information | The following unaudited pro forma condensed combined financial information presents the results of operations of the Company, including the effects of the purchase accounting adjustments and acquisition expenses, had the Blackhawk Merger taken place at the beginning of the period (dollars in thousands, except per share data): Three months ended Nine months ended September 30, September 30, 2023 2022 2023 2022 Net interest income $ 57,245 $ 52,141 $ 171,635 $ 179,040 Provision for loan losses 6,246 1,742 6,768 2,601 Non-interest income 25,205 16,712 73,892 67,954 Non-interest expense 60,741 44,476 166,430 162,943 Income before taxes 15,463 22,635 72,329 81,450 Income tax expense 3,830 5,191 17,069 18,662 Net income $ 11,633 $ 17,444 $ 55,260 $ 62,788 Earnings per share Basic $ 0.52 $ 0.73 $ 2.62 $ 2.69 Diluted 0.52 0.73 2.61 2.68 Basic weighted average shares o/s 22,220,438 23,744,891 21,086,802 23,360,909 Diluted weighted average shares o/s 22,319,334 23,825,437 21,176,946 23,435,657 |
Delta Bancshare Company | |
Business Acquisition [Line Items] | |
Summary of Fair Value of Assets Acquired and Liabilities Assumed | Acquired Fair Value As Recorded by (In thousands) Book Value Adjustments Jefferson Bank Assets Cash and due from banks $ 82,473 $ — $ 82,473 Investment securities 184,959 ( 2,836 ) 182,123 Loans 426,433 ( 7,924 ) 418,509 Allowance for credit losses ( 5,388 ) 4,525 ( 863 ) Premises and equipment 5,522 3,508 9,030 Goodwill 14 28,544 28,558 Core deposit intangible — 5,920 5,920 Bank owned life insurance 15,822 15,822 Right of use asset — 717 717 Other assets 9,061 ( 1,287 ) 7,774 Total assets acquired $ 718,896 $ 31,167 $ 750,063 Liabilities Deposits $ 558,619 $ 1,759 $ 560,378 Securities sold under agreements to repurchase 35,523 — 35,523 FHLB advances 45,000 75 45,075 Lease liability — 717 717 Other liabilities 2,209 ( 1,161 ) 1,048 Total liabilities assumed 641,351 1,390 642,741 Net assets acquired $ 77,545 $ 29,777 $ 107,322 Consideration paid Cash $ 15,150 Common stock 92,172 $ 107,322 |
Unaudited Pro Forma Condensed Combined Financial Information | The following unaudited pro forma condensed combined financial information presents the results of operations of the Company, including the effects of the purchase accounting adjustments and acquisition expenses, had the Delta Merger taken place at the beginning of the period (dollars in thousands, except per share data): Nine months ended September 30, 2022 Net interest income $ 141,524 Provision for loan losses 4,001 Non-interest income 56,592 Non-interest expense 125,690 Income before taxes 68,425 Income tax expense 15,480 Net income $ 52,945 Earnings per share Basic $ 2.64 Diluted 2.63 Basic weighted average shares o/s 20,070,687 Diluted weighted average shares o/s 20,145,435 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Leases [Abstract] | |
Summary of Supplemental Balance Sheet Information | The following table contains supplemental balance sheet information related to leases (dollars in thousands): September 30, 2023 September 30, 2022 December 31, 2022 Operating lease right-of-use assets $ 14,192 $ 15,194 $ 15,774 Operating lease liabilities 14,503 15,425 16,035 Weighted-average remaining lease term (in years) 5.0 6.1 5.8 Weighted-average discount rate 2.75 % 2.68 % 2.67 % |
Summary of Maturities of Lease Liabilities | Maturities of lease liabilities are as follows (in thousands): Year ending December 31, 2023 $ 805 2024 2,791 2025 2,351 2026 2,191 2027 2,012 Thereafter 6,318 Total lease payments 16,468 Less imputed interest ( 1,965 ) Total lease liability $ 14,503 |
Summary of Components of Lease Expense | The components of lease expense for the three and nine months ended September 30, 2023 and 2022 were as follows (in thousands): Three months ended Nine months ended September 30, September 30, 2023 2022 2023 2022 Operating lease cost $ 870 $ 893 $ 2,448 $ 2,268 Short-term lease cost 24 21 51 63 Variable lease cost 163 43 577 502 Total lease cost 1,057 957 3,076 2,833 Income from subleases ( 94 ) ( 109 ) ( 281 ) ( 299 ) Net lease cost $ 963 $ 848 $ 2,795 $ 2,534 |
Summary of Operating Lease Cash Flows | Cash paid for amounts included in the measurement of lease liabilities was (in thousands): September 30, 2023 September 30, 2022 Operating cash flows from operating leases $ 2,414 $ 2,286 |
Derivatives (Tables)
Derivatives (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Derivative [Line Items] | |
Summary of Derivative Instruments, Gain (Loss) | The effects of the fair value hedges on the Company's income statement during the three and nine months ended September 30, 2023 and 2022 were as follows (in thousands): Three months ended Nine months ended September 30, September 30, Derivative Location of Gain (Loss) on Derivatives 2023 2022 2023 2022 Interest rate swap agreements Interest income on loans $ 226 $ 595 $ 264 $ 1,871 Three months ended Nine months ended September 30, September 30, Derivative Location of Gain (Loss) on Hedged Items 2023 2022 2023 2022 Interest rate swap agreements Interest income on loans $ ( 226 ) $ ( 595 ) $ ( 264 ) $ ( 1,871 ) |
Summary of Cumulative Basis Adjustment of Fair Value Hedges | As of September 30, 2023, the following amounts were recorded on the consolidated balance sheet related to cumulative basis adjustment for fair value hedges (in thousands): Line Item in the Balance Sheet in Which Carrying Amount of the Cumulative Amount of Fair Value Hedging Loans $ 11,729 $ ( 1,417 ) |
Not Designated as Hedging Instrument | |
Derivative [Line Items] | |
Summary of Fair Value Derivative Instruments | The following amounts represent the notional amounts and gross fair value of derivative contracts not designated as hedging instruments outstanding during the nine months ended September 30, 2023 (dollars in thousands): September 30, 2023 Balance Weighted Notional Estimated Interest rate swap agreements Other assets 5.3 $ 31,093 $ 4,349 Interest rate swap agreements Other liabilities 5.3 31,093 ( 4,349 ) |
Fair Value Hedging | Designated As Hedging Instrument | |
Derivative [Line Items] | |
Summary of Fair Value Derivative Instruments | The following table provides the outstanding notional balances and fair values of outstanding derivatives designated as hedging instruments as of September 30, 2023 and December 31, 2022 (in thousands): Balance Weighted Notional Estimated September 30, 2023 Fair value hedges: Interest rate swap agreements Other liabilities 5.6 $ 13,145 $ ( 2,932 ) December 31, 2022 Fair value hedges: Interest rate swap agreements Other liabilities 6.3 $ 13,448 $ ( 3,100 ) |
Basis of Accounting and Conso_4
Basis of Accounting and Consolidation - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||||
Mar. 20, 2023 | Feb. 14, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Summary Of Significant Accounting Policies [Line Items] | |||||||
Common stock, par value (in dollars per share) | $ 4 | $ 4 | $ 4 | ||||
Deposits | $ 6,346,324,000 | $ 6,346,324,000 | $ 5,257,001,000 | ||||
Stock plans, term | 10 years | ||||||
Maximum number of shares to be issued in stock incentive plan (in shares) | 399,983 | 399,983 | |||||
Employee discount for employee stock purchase plan | 15% | ||||||
Employee stock purchase plan, number of shares authorized | 600,000 | 600,000 | |||||
Stock issued during period, shares, employee stock purchase plans | 11,624 | 6,104 | 28,762 | 14,430 | |||
Captive maximum gross premiums | $ 2,650,000 | ||||||
Employee Stock Option | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Common stock awarded in SI plan (in shares) | 0 | ||||||
Restricted Stock | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Common stock awarded in SI plan (in shares) | 60,550 | 61,400 | |||||
Restricted Stock Units (RSUs) | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Common stock awarded in SI plan (in shares) | 37,900 | 37,150 | |||||
Blackhawk Bancorp, Inc | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Percentage of issued and outstanding shares acquired | 100% | ||||||
Common stock, par value (in dollars per share) | $ 0.01 | ||||||
Conversion of common stock | 1.15 | ||||||
Share Price | $ 4 | ||||||
Consideration payable in cash | $ 1,928 | ||||||
Consideration payable in shares | 3,290,222 | ||||||
Common stock consideration value | $ 93,508,000 | ||||||
Delta Bancshares Company | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Percentage of issued and outstanding shares acquired | 100% | ||||||
Common stock, par value (in dollars per share) | $ 10 | ||||||
Share Price | $ 4 | ||||||
Consideration payable in cash | $ 15,150,000 | ||||||
Consideration payable in shares | 2,292,270 |
Basis of Accounting and Conso_5
Basis of Accounting and Consolidation - Schedule of Components of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | |
Balance | $ 737,948 | $ 633,155 | $ 660,687 | $ 600,715 | $ 626,268 | $ 633,894 |
Accumulated Other Comprehensive Income (Loss) | ||||||
Net unrealized losses on securities available-for-sale | (251,974) | (213,387) | ||||
Tax benefit | 73,071 | 61,880 | ||||
Balance | $ (178,903) | $ (151,507) | $ (151,566) | $ (167,663) | $ (128,240) | $ (831) |
Basis of Accounting and Conso_6
Basis of Accounting and Consolidation - Schedule of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Realized gain (loss) on available-for-sale securities | $ 3,389 | $ 79 | $ 3,337 | $ 81 |
Tax effect | (5,372) | (5,418) | (15,888) | (15,277) |
Total reclassifications out of accumulated other comprehensive income (loss) | 2,406 | 56 | 2,369 | 57 |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent | ||||
Realized gain (loss) on available-for-sale securities | 3,389 | 79 | 3,337 | 81 |
Tax effect | $ (983) | $ (23) | $ (968) | $ (24) |
Earnings Per Share - Components
Earnings Per Share - Components of Basic and Diluted Net Income Per Common Share (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Basic Net Income per Common Share Available to Common Stockholders: | ||||
Net Income (Loss) | $ 15,117,000 | $ 17,939,000 | $ 50,864,000 | $ 52,313,000 |
Weighted average common shares outstanding | 22,220,438 | 20,454,669 | 21,086,802 | 20,070,687 |
Basic earnings per common share | $ 0.68 | $ 0.88 | $ 2.41 | $ 2.61 |
Diluted Net Income per Common Share Available to Common Stockholders: | ||||
Net income applicable to diluted earnings per share | $ 15,117,000 | $ 17,939,000 | $ 50,864,000 | $ 52,313,000 |
Weighted average common shares outstanding | 22,220,438 | 20,454,669 | 21,086,802 | 20,070,687 |
Dilutive potential common shares: restricted stock awarded | 98,896 | 80,546 | 90,144 | 74,748 |
Diluted weighted average common shares outstanding | 22,319,334 | 20,535,215 | 21,176,946 | 20,145,435 |
Diluted earnings per common share | $ 0.68 | $ 0.88 | $ 2.4 | $ 2.6 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Earnings Per Share [Abstract] | ||||
Number of anti-dilutive shares excluded when computing diluted earnings per share | 0 | 0 | 0 | 0 |
Investment Securities - Availab
Investment Securities - Available for Sale and Held for Maturity Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Available-for-sale: [Abstract] | ||
Amortized Cost | $ 1,470,569 | $ 1,432,372 |
Gross Unrealized Gains | 2,064 | 143 |
Gross Unrealized (Losses) | (254,038) | (213,530) |
Fair Value | 1,218,595 | 1,218,985 |
Held-to-maturity: [Abstract] | ||
Held-to-maturity | 2,259 | 2,954 |
Gross Unrealized Gains | 0 | 0 |
Unrealized (Losses) | 0 | 0 |
Fair Value | 2,259 | 2,954 |
U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies | ||
Available-for-sale: [Abstract] | ||
Amortized Cost | 245,648 | 252,934 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized (Losses) | (33,719) | (32,407) |
Fair Value | 211,929 | 220,527 |
Obligations of States and Political Subdivisions | ||
Available-for-sale: [Abstract] | ||
Amortized Cost | 341,002 | 347,409 |
Gross Unrealized Gains | 28 | 134 |
Gross Unrealized (Losses) | (74,557) | (59,845) |
Fair Value | 266,473 | 287,698 |
Mortgage-backed Securities: GSE Residential | ||
Available-for-sale: [Abstract] | ||
Amortized Cost | 810,113 | 744,636 |
Gross Unrealized Gains | 2,036 | 3 |
Gross Unrealized (Losses) | (139,627) | (116,759) |
Fair Value | 672,522 | 627,880 |
Other Securities | ||
Available-for-sale: [Abstract] | ||
Amortized Cost | 73,806 | 87,393 |
Gross Unrealized Gains | 0 | 6 |
Gross Unrealized (Losses) | (6,135) | (4,519) |
Fair Value | 67,671 | 82,880 |
Other Investments | ||
Held-to-maturity: [Abstract] | ||
Held-to-maturity | 2,259 | 2,954 |
Gross Unrealized Gains | 0 | 0 |
Unrealized (Losses) | 0 | 0 |
Fair Value | $ 2,259 | $ 2,954 |
Investment Securities - Additio
Investment Securities - Additional Information (Details) | 9 Months Ended | |
Sep. 30, 2023 USD ($) Security | Dec. 31, 2022 USD ($) Securities Security | |
Schedule Of Available For Sale Securities [Line Items] | ||
Equity securities, at fair value | $ 3,932,000 | $ 311,000 |
Tax rate used to calculate tax-equivalent yields (in hundredths) | 21% | |
Percentage investment book value exceeds stockholders' equity (in hundredths) | 10% | |
Debt securities, available-for-sale, restricted | $ 860,000,000 | 770,000,000 |
Available-for-sale, 12 months or longer, Fair Value | 1,039,657,000 | 677,083,000 |
12 months or longer, unrealized losses | $ 250,785,000 | $ 143,282,000 |
U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Number of securities in unrealized loss positions | Security | 40 | 16 |
Available-for-sale, 12 months or longer, Fair Value | $ 208,428,000 | $ 163,520,000 |
12 months or longer, unrealized losses | $ 33,681,000 | $ 28,914,000 |
Held-to-maturity, securities in unrealized loss positions, qualitative disclosure, number of positions | Securities | 0 | |
Obligations of States and Political Subdivisions | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Number of securities in unrealized loss positions | Security | 235 | 36 |
Available-for-sale, 12 months or longer, Fair Value | $ 219,250,000 | $ 45,419,000 |
12 months or longer, unrealized losses | $ 72,090,000 | $ 16,624,000 |
Mortgage-backed Securities: GSE Residential | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Number of securities in unrealized loss positions | Security | 278 | 91 |
Available-for-sale, 12 months or longer, Fair Value | $ 555,338,000 | $ 461,446,000 |
12 months or longer, unrealized losses | $ 139,349,000 | $ 96,900,000 |
Other Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Number of securities in unrealized loss positions | Security | 43 | 5 |
Available-for-sale, 12 months or longer, Fair Value | $ 56,641,000 | $ 6,698,000 |
12 months or longer, unrealized losses | $ 5,665,000 | $ 844,000 |
Investment Securities - Realize
Investment Securities - Realized Gains and Losses From Sale of Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Realized Investment Gains (Losses) [Abstract] | ||||
Gross gains | $ 3,823 | $ 191 | $ 3,829 | $ 193 |
Gross losses | $ (434) | $ (112) | $ (492) | $ (112) |
Investment Securities - Investm
Investment Securities - Investments Classified by Contractual Maturity Date (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | |
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract] | ||
Available-for-sale investments, One year or less | $ 210,937 | |
Available-for-sale investments, After 1 through 5 years | 190,635 | |
Available-for-sale investments, After 5 through 10 years | 204,097 | |
Available-for-sale investments, After ten years | 612,926 | |
Available-for-sale investments, Fair Value | $ 1,218,595 | $ 1,218,985 |
Available-for-sale, Weighted average yield, One year or less (in hundredths) | 1.64% | |
Available-for-sale , Weighted average yield,After 1 through 5 years (in hundredths) | 2.57% | |
Available-for-sale, Weighted average yield,After 5 through 10 years (in hundredths) | 2.03% | |
Available-for-sale , Weighted average yield,After ten years (in hundredths) | 1.70% | |
Available-for-sale , Weighted average yield,Total (in hundredths) | 1.88% | |
Available-for-sale, Full Tax-equivalent yield, One year or less (in hundredths) | 1.64% | |
Available-for-sale, Full Tax-equivalent yield,After 1 through 5 years (in hundredths) | 2.58% | |
Available-for-sale, Full Tax-equivalent yield, After 5 through 10 years (in hundredths) | 2.06% | |
Available-for-sale, Full Tax-equivalent yield,After ten years (in hundredths) | 1.72% | |
Available-for-sale, Full Tax-equivalent yield,Total (in hundredths) | 1.90% | |
Held-to-maturity, Maturity [Abstract] | ||
Held-to-maturity, One Year or less | $ 0 | |
Held-to-maturity, After1 through 5 years | 0 | |
Held-to-maturity, After 5 through 10 years | 0 | |
Held-to-maturity, After ten years | 2,259 | |
Held-to-maturity | $ 2,259 | 2,954 |
Held To Maturity Weighted average yield, One year or less | 0% | |
Held To Maturity Weighted average yield, After 1 through 5 years | 0% | |
Held To Maturity Weighted average yield After 5 through 10 years | 0% | |
Held To Maturity Weighted average yield After ten years | 0% | |
Held To Maturity Weighted average yield ,Total | 0% | |
Held To Maturity, Full tax-equivalent yield , One year or less | 0% | |
Held To Maturity, Full tax-equivalent yield , After 1 through 5 years | 0% | |
Held To Maturity, Full tax-equivalent yield , After 5 through 10 years | 0% | |
Held To Maturity, Full tax-equivalent yield , After ten years | 0% | |
Held To Maturity, Full tax-equivalent yield , Total | 0% | |
U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies | ||
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract] | ||
Available-for-sale investments, One year or less | $ 170,295 | |
Available-for-sale investments, After 1 through 5 years | 39,997 | |
Available-for-sale investments, After 5 through 10 years | 1,637 | |
Available-for-sale investments, After ten years | 0 | |
Available-for-sale investments, Fair Value | 211,929 | 220,527 |
Obligations of States and Political Subdivisions | ||
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract] | ||
Available-for-sale investments, One year or less | 20,023 | |
Available-for-sale investments, After 1 through 5 years | 82,929 | |
Available-for-sale investments, After 5 through 10 years | 162,387 | |
Available-for-sale investments, After ten years | 1,134 | |
Available-for-sale investments, Fair Value | 266,473 | 287,698 |
Mortgage-backed Securities: GSE Residential | ||
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract] | ||
Available-for-sale investments, One year or less | 1,690 | |
Available-for-sale investments, After 1 through 5 years | 19,588 | |
Available-for-sale investments, After 5 through 10 years | 39,452 | |
Available-for-sale investments, After ten years | 611,792 | |
Available-for-sale investments, Fair Value | 672,522 | 627,880 |
Other Securities | ||
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract] | ||
Available-for-sale investments, One year or less | 18,929 | |
Available-for-sale investments, After 1 through 5 years | 48,121 | |
Available-for-sale investments, After 5 through 10 years | 621 | |
Available-for-sale investments, After ten years | 0 | |
Available-for-sale investments, Fair Value | 67,671 | 82,880 |
Other Investments | ||
Held-to-maturity, Maturity [Abstract] | ||
Held-to-maturity, One Year or less | 0 | |
Held-to-maturity, After1 through 5 years | 0 | |
Held-to-maturity, After 5 through 10 years | 0 | |
Held-to-maturity, After ten years | 2,259 | |
Held-to-maturity | $ 2,259 | $ 2,954 |
Investment Securities - Fair Va
Investment Securities - Fair Value of Investments with Sustained Gross Unrealized Losses (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Qualitative Disclosure [Abstract] | ||
Available-for-sale, Less than 12 months, Fair Value | $ 66,643 | $ 507,751 |
Available-for-sale, Less than 12 months, Unrealized Losses | (3,253) | (70,248) |
Available-for-sale, 12 months or longer, Fair Value | 1,039,657 | 677,083 |
Available-for-sale, 12 months or longer, Unrealized losses | (250,785) | (143,282) |
Available-for-sale, Total Fair Value | 1,106,300 | 1,184,834 |
Available-for-sale, Total Unrealized Losses | (254,038) | (213,530) |
U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Qualitative Disclosure [Abstract] | ||
Available-for-sale, Less than 12 months, Fair Value | 3,204 | 57,007 |
Available-for-sale, Less than 12 months, Unrealized Losses | (38) | (3,493) |
Available-for-sale, 12 months or longer, Fair Value | 208,428 | 163,520 |
Available-for-sale, 12 months or longer, Unrealized losses | (33,681) | (28,914) |
Available-for-sale, Total Fair Value | 211,632 | 220,527 |
Available-for-sale, Total Unrealized Losses | (33,719) | (32,407) |
Obligations of States and Political Subdivisions | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Qualitative Disclosure [Abstract] | ||
Available-for-sale, Less than 12 months, Fair Value | 41,664 | 220,102 |
Available-for-sale, Less than 12 months, Unrealized Losses | (2,467) | (43,221) |
Available-for-sale, 12 months or longer, Fair Value | 219,250 | 45,419 |
Available-for-sale, 12 months or longer, Unrealized losses | (72,090) | (16,624) |
Available-for-sale, Total Fair Value | 260,914 | 265,521 |
Available-for-sale, Total Unrealized Losses | (74,557) | (59,845) |
Mortgage-backed Securities: GSE Residential | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Qualitative Disclosure [Abstract] | ||
Available-for-sale, Less than 12 months, Fair Value | 16,495 | 165,966 |
Available-for-sale, Less than 12 months, Unrealized Losses | (278) | (19,859) |
Available-for-sale, 12 months or longer, Fair Value | 555,338 | 461,446 |
Available-for-sale, 12 months or longer, Unrealized losses | (139,349) | (96,900) |
Available-for-sale, Total Fair Value | 571,833 | 627,412 |
Available-for-sale, Total Unrealized Losses | (139,627) | (116,759) |
Other Securities | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Qualitative Disclosure [Abstract] | ||
Available-for-sale, Less than 12 months, Fair Value | 5,280 | 64,676 |
Available-for-sale, Less than 12 months, Unrealized Losses | (470) | (3,675) |
Available-for-sale, 12 months or longer, Fair Value | 56,641 | 6,698 |
Available-for-sale, 12 months or longer, Unrealized losses | (5,665) | (844) |
Available-for-sale, Total Fair Value | 61,921 | 71,374 |
Available-for-sale, Total Unrealized Losses | $ (6,135) | $ (4,519) |
Loans and Allowance for Credi_3
Loans and Allowance for Credit Losses - Summary of Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross loans | $ 5,597,926 | $ 4,835,439 | ||||
Loans held for sale | 6,233 | 338 | ||||
Loans and leases receivable gross excluding loans held for sale | 5,591,693 | 4,835,101 | ||||
Net deferred loan fees, premiums and discounts | 57,861 | 9,227 | ||||
Allowance for credit losses | 68,241 | $ 58,719 | 59,093 | $ 58,777 | $ 59,075 | $ 54,655 |
Net loans | 5,465,591 | 4,766,781 | ||||
Real Estate Loan | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross loans | 3,889,129 | 3,326,511 | ||||
Construction and Land Development | Real Estate Loan | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross loans | 191,344 | 144,387 | ||||
Allowance for credit losses | 2,735 | 2,208 | 2,250 | 2,143 | 2,042 | 1,743 |
Agricultural | Real Estate Loan | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross loans | 401,115 | 410,790 | ||||
Allowance for credit losses | 1,397 | 1,370 | 1,433 | 1,438 | 2,112 | 1,257 |
Commercial | Real Estate Loan | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross loans | 2,427,494 | 2,036,243 | ||||
Allowance for credit losses | 31,823 | 28,014 | 28,157 | 28,061 | 28,856 | 26,246 |
Agricultural Loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross loans | 179,360 | 166,695 | ||||
Allowance for credit losses | 640 | 524 | 585 | 678 | 886 | 983 |
Commercial and Industrial Loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross loans | 1,250,800 | 1,085,004 | ||||
Allowance for credit losses | 25,595 | 21,544 | 20,808 | 20,441 | 19,496 | 19,241 |
Consumer Loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross loans | 100,854 | 97,730 | ||||
Allowance for credit losses | 1,981 | 1,812 | 2,118 | 2,250 | 2,160 | 2,855 |
All Other Loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross loans | 177,783 | 159,499 | ||||
1-4 Family | Residential Properties | Real Estate Loan | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross loans | 539,492 | 440,018 | ||||
Allowance for credit losses | 4,070 | $ 3,247 | 3,742 | $ 3,766 | $ 3,523 | $ 2,330 |
Multifamily | Residential Properties | Real Estate Loan | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross loans | $ 329,684 | $ 295,073 |
Loans and Allowance for Credi_4
Loans and Allowance for Credit Losses - Additional Information (Details) | 9 Months Ended | ||
Sep. 30, 2023 USD ($) Loan_modified Alternative | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accrued interest on loans | $ 29,700,000 | $ 23,000,000 | |
Minimum value of loans individually measured for impairment | $ 250,000,000 | ||
Number of alternatives for measuring impaired loans receivable | Alternative | 3 | ||
Interest lost on nonaccrual loans | $ 173,000 | $ 168,000 | |
Modified loans balance | $ 0 | 5,064,000 | |
Troubled debt restructurings balance | Loan_modified | 0 | ||
Real estate acquired through foreclosure | $ 2,296,000 | 4,261,000 | |
Commercial Real Estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Debt coverage ratio | 1.20x | ||
Commercial Real Estate | Minimum | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Maximum loan-to-value ratio (in hundredths) | 65% | ||
Amortization period of loans | twenty | ||
Commercial Real Estate | Maximum | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Maximum loan-to-value ratio (in hundredths) | 80% | ||
Amortization period of loans | twenty five years | ||
1-4 Family Residential Properties | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Period when loans charged-down | 180 days | ||
Motels and Hotels Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | $ 227,200,000 | ||
Non-residential Buildings | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 1,077,500,000 | ||
Residential Buildings and Dwellings | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | $ 532,800,000 | ||
Unsecured Open-end Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Period when loans charged-down | 180 days | ||
Other Secured Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Period when loans charged-down | 120 days | ||
Agricultural | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | $ 580,500,000 | 577,200,000 | |
Increase (decrease) in accounts and notes receivable | $ 3,300,000 | ||
Maximum loan-to-value ratio (in hundredths) | 65% | ||
Amortization period of loans | twenty-five years | ||
Loans receivable, time period | 1 year | ||
Agricultural | Corn and Other Grain Farming | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | $ 452,900,000 | $ 445,200,000 | |
Increase (decrease) in accounts and notes receivable | $ 7,600,000 | ||
Commercial and Industrial Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Maximum loan-to-value ratio (in hundredths) | 80% | ||
Amortization period of loans | seven years | ||
Loans receivable, time period | 1 year | ||
Residential Properties | Real Estate Loan | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Maximum loan-to-value ratio (in hundredths) | 80% | ||
Amortization period of loans | twenty-five years |
Loans and Allowance for Credi_5
Loans and Allowance for Credit Losses - Allowance for Credit Losses Based on Portfolio Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Allowance for loan losses [Abstract] | |||||
Allowance for credit losses, Beginning Balance | $ 58,719 | $ 59,075 | $ 59,093 | $ 54,655 | $ 54,655 |
Initial allowance on loans purchased with credit deterioration | 3,791 | 3,791 | 863 | ||
Provision for credit loss expense | 5,911 | 142 | 5,552 | 4,001 | 4,806 |
Loans charged off | 521 | 833 | 1,581 | 2,178 | 2,950 |
Recoveries collected | 341 | 393 | 1,386 | 1,436 | 1,719 |
Allowance for credit losses, Ending Balance | 68,241 | 58,777 | 68,241 | 58,777 | 59,093 |
Cumulative Change in Accounting Principal, Adjustment | ASU 2016-13 | |||||
Allowance for loan losses [Abstract] | |||||
Allowance for credit losses, Beginning Balance | 863 | 863 | |||
Construction and Land Development | Real Estate Loan | |||||
Allowance for loan losses [Abstract] | |||||
Allowance for credit losses, Beginning Balance | 2,208 | 2,042 | 2,250 | 1,743 | 1,743 |
Initial allowance on loans purchased with credit deterioration | 308 | 308 | 272 | ||
Provision for credit loss expense | 219 | 1 | 191 | 30 | 137 |
Loans charged off | 0 | 0 | 14 | 2 | 2 |
Recoveries collected | 0 | 100 | 0 | 100 | 100 |
Allowance for credit losses, Ending Balance | 2,735 | 2,143 | 2,735 | 2,143 | 2,250 |
Construction and Land Development | Real Estate Loan | Cumulative Change in Accounting Principal, Adjustment | ASU 2016-13 | |||||
Allowance for loan losses [Abstract] | |||||
Allowance for credit losses, Beginning Balance | 272 | 272 | |||
Agricultural | Real Estate Loan | |||||
Allowance for loan losses [Abstract] | |||||
Allowance for credit losses, Beginning Balance | 1,370 | 2,112 | 1,433 | 1,257 | 1,257 |
Initial allowance on loans purchased with credit deterioration | 0 | 0 | 0 | ||
Provision for credit loss expense | 27 | (674) | (36) | 181 | 176 |
Loans charged off | 0 | 0 | 0 | 0 | 0 |
Recoveries collected | 0 | 0 | 0 | 0 | 0 |
Allowance for credit losses, Ending Balance | 1,397 | 1,438 | 1,397 | 1,438 | 1,433 |
Agricultural | Real Estate Loan | Cumulative Change in Accounting Principal, Adjustment | ASU 2016-13 | |||||
Allowance for loan losses [Abstract] | |||||
Allowance for credit losses, Beginning Balance | 0 | 0 | |||
Residential Properties | Real Estate Loan | 1-4 Family | |||||
Allowance for loan losses [Abstract] | |||||
Allowance for credit losses, Beginning Balance | 3,247 | 3,523 | 3,742 | 2,330 | 2,330 |
Initial allowance on loans purchased with credit deterioration | 124 | 124 | 3 | ||
Provision for credit loss expense | 629 | 269 | 88 | 1,355 | 1,241 |
Loans charged off | 21 | 45 | 77 | 186 | 191 |
Recoveries collected | 91 | 19 | 193 | 264 | 359 |
Allowance for credit losses, Ending Balance | 4,070 | 3,766 | 4,070 | 3,766 | 3,742 |
Residential Properties | Real Estate Loan | 1-4 Family | Cumulative Change in Accounting Principal, Adjustment | ASU 2016-13 | |||||
Allowance for loan losses [Abstract] | |||||
Allowance for credit losses, Beginning Balance | 3 | 3 | |||
Commercial | Real Estate Loan | |||||
Allowance for loan losses [Abstract] | |||||
Allowance for credit losses, Beginning Balance | 28,014 | 28,856 | 28,157 | 26,246 | 26,246 |
Initial allowance on loans purchased with credit deterioration | 1,066 | 1,066 | 478 | ||
Provision for credit loss expense | 2,727 | (796) | 2,278 | 1,384 | 1,462 |
Loans charged off | 0 | 7 | 25 | 414 | 414 |
Recoveries collected | 16 | 8 | 347 | 367 | 385 |
Allowance for credit losses, Ending Balance | 31,823 | 28,061 | 31,823 | 28,061 | 28,157 |
Commercial | Real Estate Loan | Cumulative Change in Accounting Principal, Adjustment | ASU 2016-13 | |||||
Allowance for loan losses [Abstract] | |||||
Allowance for credit losses, Beginning Balance | 478 | 478 | |||
Agricultural Loans | |||||
Allowance for loan losses [Abstract] | |||||
Allowance for credit losses, Beginning Balance | 524 | 886 | 585 | 983 | 983 |
Initial allowance on loans purchased with credit deterioration | 0 | 0 | 0 | ||
Provision for credit loss expense | 245 | (246) | 450 | (250) | (359) |
Loans charged off | 132 | 0 | 408 | 93 | 93 |
Recoveries collected | 3 | 38 | 13 | 38 | 54 |
Allowance for credit losses, Ending Balance | 640 | 678 | 640 | 678 | 585 |
Agricultural Loans | Cumulative Change in Accounting Principal, Adjustment | ASU 2016-13 | |||||
Allowance for loan losses [Abstract] | |||||
Allowance for credit losses, Beginning Balance | 0 | 0 | |||
Commercial and Industrial Loans | |||||
Allowance for loan losses [Abstract] | |||||
Allowance for credit losses, Beginning Balance | 21,544 | 19,496 | 20,808 | 19,241 | 19,241 |
Initial allowance on loans purchased with credit deterioration | 2,273 | 2,273 | 94 | ||
Provision for credit loss expense | 1,697 | 1,271 | 2,202 | 1,343 | 2,135 |
Loans charged off | 0 | 389 | 62 | 424 | 870 |
Recoveries collected | 81 | 63 | 374 | 187 | 208 |
Allowance for credit losses, Ending Balance | 25,595 | 20,441 | 25,595 | 20,441 | 20,808 |
Commercial and Industrial Loans | Cumulative Change in Accounting Principal, Adjustment | ASU 2016-13 | |||||
Allowance for loan losses [Abstract] | |||||
Allowance for credit losses, Beginning Balance | 94 | 94 | |||
Consumer Loans | |||||
Allowance for loan losses [Abstract] | |||||
Allowance for credit losses, Beginning Balance | 1,812 | 2,160 | 2,118 | 2,855 | 2,855 |
Initial allowance on loans purchased with credit deterioration | 20 | 20 | 16 | ||
Provision for credit loss expense | 367 | 317 | 379 | (42) | 14 |
Loans charged off | 368 | 392 | 995 | 1,059 | 1,380 |
Recoveries collected | 150 | 165 | 459 | 480 | 613 |
Allowance for credit losses, Ending Balance | $ 1,981 | $ 2,250 | $ 1,981 | 2,250 | 2,118 |
Consumer Loans | Cumulative Change in Accounting Principal, Adjustment | ASU 2016-13 | |||||
Allowance for loan losses [Abstract] | |||||
Allowance for credit losses, Beginning Balance | $ 16 | $ 16 |
Loans and Allowance for Credi_6
Loans and Allowance for Credit Losses - Amortized Cost Basis of Collateral-Dependent Loans by Class of Loans Individually Evaluated (Details) $ in Thousands | Sep. 30, 2023 USD ($) |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivable, Individually Evaluated for Impairment | $ 13,350 |
Allowance for Credit Losses | 375 |
Agricultural Loans | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivable, Individually Evaluated for Impairment | 0 |
Allowance for Credit Losses | 0 |
Commercial and Industrial Loans | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivable, Individually Evaluated for Impairment | 1,241 |
Allowance for Credit Losses | 183 |
Consumer Loans | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivable, Individually Evaluated for Impairment | 0 |
Allowance for Credit Losses | 0 |
Real Estate | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivable, Individually Evaluated for Impairment | 12,175 |
Real Estate | Agricultural Loans | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivable, Individually Evaluated for Impairment | 0 |
Real Estate | Commercial and Industrial Loans | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivable, Individually Evaluated for Impairment | 82 |
Real Estate | Consumer Loans | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivable, Individually Evaluated for Impairment | 0 |
Business Assets | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivable, Individually Evaluated for Impairment | 1,159 |
Business Assets | Agricultural Loans | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivable, Individually Evaluated for Impairment | 0 |
Business Assets | Commercial and Industrial Loans | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivable, Individually Evaluated for Impairment | 1,159 |
Business Assets | Consumer Loans | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivable, Individually Evaluated for Impairment | 0 |
Other Property | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivable, Individually Evaluated for Impairment | 16 |
Other Property | Agricultural Loans | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivable, Individually Evaluated for Impairment | 0 |
Other Property | Commercial and Industrial Loans | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivable, Individually Evaluated for Impairment | 0 |
Other Property | Consumer Loans | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivable, Individually Evaluated for Impairment | 0 |
Real Estate Loan | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivable, Individually Evaluated for Impairment | 12,109 |
Allowance for Credit Losses | 192 |
Real Estate Loan | Construction and Land Development | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivable, Individually Evaluated for Impairment | 421 |
Allowance for Credit Losses | 192 |
Real Estate Loan | Agricultural | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivable, Individually Evaluated for Impairment | 16 |
Allowance for Credit Losses | 0 |
Real Estate Loan | Commercial | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivable, Individually Evaluated for Impairment | 9,334 |
Allowance for Credit Losses | 0 |
Real Estate Loan | Real Estate | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivable, Individually Evaluated for Impairment | 12,093 |
Real Estate Loan | Real Estate | Construction and Land Development | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivable, Individually Evaluated for Impairment | 421 |
Real Estate Loan | Real Estate | Agricultural | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivable, Individually Evaluated for Impairment | 0 |
Real Estate Loan | Real Estate | Commercial | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivable, Individually Evaluated for Impairment | 9,334 |
Real Estate Loan | Business Assets | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivable, Individually Evaluated for Impairment | 0 |
Real Estate Loan | Business Assets | Construction and Land Development | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivable, Individually Evaluated for Impairment | 0 |
Real Estate Loan | Business Assets | Agricultural | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivable, Individually Evaluated for Impairment | 0 |
Real Estate Loan | Business Assets | Commercial | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivable, Individually Evaluated for Impairment | 0 |
Real Estate Loan | Other Property | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivable, Individually Evaluated for Impairment | 16 |
Real Estate Loan | Other Property | Construction and Land Development | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivable, Individually Evaluated for Impairment | 0 |
Real Estate Loan | Other Property | Agricultural | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivable, Individually Evaluated for Impairment | 16 |
Real Estate Loan | Other Property | Commercial | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivable, Individually Evaluated for Impairment | 0 |
1-4 Family | Real Estate Loan | Residential Properties | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivable, Individually Evaluated for Impairment | 1,258 |
Allowance for Credit Losses | 0 |
1-4 Family | Real Estate Loan | Real Estate | Residential Properties | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivable, Individually Evaluated for Impairment | 1,258 |
1-4 Family | Real Estate Loan | Business Assets | Residential Properties | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivable, Individually Evaluated for Impairment | 0 |
1-4 Family | Real Estate Loan | Other Property | Residential Properties | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivable, Individually Evaluated for Impairment | 0 |
Multifamily | Real Estate Loan | Residential Properties | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivable, Individually Evaluated for Impairment | 1,080 |
Allowance for Credit Losses | 0 |
Multifamily | Real Estate Loan | Real Estate | Residential Properties | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivable, Individually Evaluated for Impairment | 1,080 |
Multifamily | Real Estate Loan | Business Assets | Residential Properties | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivable, Individually Evaluated for Impairment | 0 |
Multifamily | Real Estate Loan | Other Property | Residential Properties | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivable, Individually Evaluated for Impairment | $ 0 |
Loans and Allowance for Credi_7
Loans and Allowance for Credit Losses - Credit Risk Profile of Loan Portfolio on Amortized Cost Basis Based on Risk Rating Category (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Credit Quality Information [Abstract] | ||
Current fiscal year | $ 629,933 | $ 1,535,342 |
Fiscal year before current fiscal year | 1,492,232 | 973,016 |
Two years before current fiscal year | 1,069,403 | 669,475 |
Three years before current fiscal year | 660,141 | 387,967 |
Four years before current fiscal year | 403,520 | 354,435 |
Prior | 1,213,373 | 862,255 |
Revolving Loans | 71,463 | 43,722 |
Current period gross writeoffs, current fiscal year | 0 | 311 |
Current period gross writeoffs, fiscal year before current fiscal year | 333 | 603 |
Current period gross writeoffs, two year before current fiscal year | 83 | 195 |
Current period gross writeoffs, three year before current fiscal year | 50 | 462 |
Current period gross writeoffs, four year before current fiscal year | 62 | 30 |
Current period gross writeoffs, prior | 1,053 | 1,349 |
Current period gross writeoffs, revolving loans | 0 | 0 |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 5,540,065 | 4,826,212 |
Current period gross writeoffs, total loans receivables | 1,581 | 2,950 |
Pass | ||
Credit Quality Information [Abstract] | ||
Current fiscal year | 625,828 | 1,524,905 |
Fiscal year before current fiscal year | 1,480,981 | 969,145 |
Two years before current fiscal year | 1,050,906 | 656,609 |
Three years before current fiscal year | 649,637 | 382,543 |
Four years before current fiscal year | 398,814 | 335,886 |
Prior | 1,158,180 | 832,814 |
Revolving Loans | 71,412 | 43,722 |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 5,435,758 | 4,745,624 |
Special Mention | ||
Credit Quality Information [Abstract] | ||
Current fiscal year | 3,965 | 5,126 |
Fiscal year before current fiscal year | 5,245 | 2,163 |
Two years before current fiscal year | 15,910 | 11,356 |
Three years before current fiscal year | 9,836 | 4,118 |
Four years before current fiscal year | 3,446 | 8,814 |
Prior | 35,320 | 12,891 |
Revolving Loans | 10 | 0 |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 73,732 | 44,468 |
Substandard | ||
Credit Quality Information [Abstract] | ||
Current fiscal year | 140 | 5,311 |
Fiscal year before current fiscal year | 6,006 | 1,708 |
Two years before current fiscal year | 2,587 | 1,510 |
Three years before current fiscal year | 668 | 1,306 |
Four years before current fiscal year | 1,260 | 9,735 |
Prior | 19,873 | 16,550 |
Revolving Loans | 41 | 0 |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 30,575 | 36,120 |
Agricultural Loans | ||
Credit Quality Information [Abstract] | ||
Current fiscal year | 113,700 | 138,558 |
Fiscal year before current fiscal year | 40,541 | 18,783 |
Two years before current fiscal year | 16,473 | 3,433 |
Three years before current fiscal year | 4,355 | 4,720 |
Four years before current fiscal year | 1,979 | 981 |
Prior | 2,399 | 363 |
Revolving Loans | 0 | 0 |
Current period gross writeoffs, current fiscal year | 0 | 0 |
Current period gross writeoffs, fiscal year before current fiscal year | 276 | 93 |
Current period gross writeoffs, two year before current fiscal year | 0 | 0 |
Current period gross writeoffs, three year before current fiscal year | 0 | 0 |
Current period gross writeoffs, four year before current fiscal year | 0 | 0 |
Current period gross writeoffs, prior | 132 | 0 |
Current period gross writeoffs, revolving loans | 0 | 0 |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 179,447 | 166,838 |
Current period gross writeoffs, total loans receivables | 408 | 93 |
Agricultural Loans | Pass | ||
Credit Quality Information [Abstract] | ||
Current fiscal year | 113,694 | 137,327 |
Fiscal year before current fiscal year | 40,523 | 18,783 |
Two years before current fiscal year | 16,470 | 3,433 |
Three years before current fiscal year | 4,355 | 3,918 |
Four years before current fiscal year | 1,961 | 915 |
Prior | 2,399 | 254 |
Revolving Loans | 0 | 0 |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 179,402 | 164,630 |
Agricultural Loans | Special Mention | ||
Credit Quality Information [Abstract] | ||
Current fiscal year | 6 | 1,178 |
Fiscal year before current fiscal year | 18 | 0 |
Two years before current fiscal year | 0 | 0 |
Three years before current fiscal year | 0 | 756 |
Four years before current fiscal year | 15 | 66 |
Prior | 0 | 109 |
Revolving Loans | 0 | 0 |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 39 | 2,109 |
Agricultural Loans | Substandard | ||
Credit Quality Information [Abstract] | ||
Current fiscal year | 0 | 53 |
Fiscal year before current fiscal year | 0 | 0 |
Two years before current fiscal year | 3 | 0 |
Three years before current fiscal year | 0 | 46 |
Four years before current fiscal year | 3 | 0 |
Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 6 | 99 |
Commercial Industrial And Other Portfolio Segment | ||
Credit Quality Information [Abstract] | ||
Current fiscal year | 243,750 | 450,816 |
Fiscal year before current fiscal year | 323,945 | 227,096 |
Two years before current fiscal year | 253,290 | 182,487 |
Three years before current fiscal year | 162,159 | 64,511 |
Four years before current fiscal year | 87,402 | 69,366 |
Prior | 349,890 | 248,195 |
Revolving Loans | 0 | 0 |
Current period gross writeoffs, current fiscal year | 0 | 39 |
Current period gross writeoffs, fiscal year before current fiscal year | 0 | 311 |
Current period gross writeoffs, two year before current fiscal year | 0 | 39 |
Current period gross writeoffs, three year before current fiscal year | 49 | 439 |
Current period gross writeoffs, four year before current fiscal year | 0 | 23 |
Current period gross writeoffs, prior | 13 | 19 |
Current period gross writeoffs, revolving loans | 0 | 0 |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 1,420,436 | 1,242,471 |
Current period gross writeoffs, total loans receivables | 62 | 870 |
Commercial Industrial And Other Portfolio Segment | Pass | ||
Credit Quality Information [Abstract] | ||
Current fiscal year | 243,700 | 450,001 |
Fiscal year before current fiscal year | 321,790 | 226,038 |
Two years before current fiscal year | 241,780 | 172,208 |
Three years before current fiscal year | 154,578 | 63,906 |
Four years before current fiscal year | 86,721 | 61,929 |
Prior | 327,485 | 247,404 |
Revolving Loans | 0 | 0 |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 1,376,054 | 1,221,486 |
Commercial Industrial And Other Portfolio Segment | Special Mention | ||
Credit Quality Information [Abstract] | ||
Current fiscal year | 50 | 469 |
Fiscal year before current fiscal year | 1,634 | 640 |
Two years before current fiscal year | 10,634 | 10,095 |
Three years before current fiscal year | 7,510 | 570 |
Four years before current fiscal year | 647 | 7,280 |
Prior | 21,563 | 158 |
Revolving Loans | 0 | 0 |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 42,038 | 19,212 |
Commercial Industrial And Other Portfolio Segment | Substandard | ||
Credit Quality Information [Abstract] | ||
Current fiscal year | 0 | 346 |
Fiscal year before current fiscal year | 521 | 418 |
Two years before current fiscal year | 876 | 184 |
Three years before current fiscal year | 71 | 35 |
Four years before current fiscal year | 34 | 157 |
Prior | 842 | 633 |
Revolving Loans | 0 | 0 |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 2,344 | 1,773 |
Consumer Loans | ||
Credit Quality Information [Abstract] | ||
Current fiscal year | 8,973 | 48,669 |
Fiscal year before current fiscal year | 45,278 | 21,352 |
Two years before current fiscal year | 24,506 | 12,105 |
Three years before current fiscal year | 12,325 | 8,011 |
Four years before current fiscal year | 5,488 | 2,002 |
Prior | 2,972 | 5,636 |
Revolving Loans | 0 | 0 |
Current period gross writeoffs, current fiscal year | 0 | 22 |
Current period gross writeoffs, fiscal year before current fiscal year | 57 | 177 |
Current period gross writeoffs, two year before current fiscal year | 83 | 89 |
Current period gross writeoffs, three year before current fiscal year | 1 | 10 |
Current period gross writeoffs, four year before current fiscal year | 9 | 7 |
Current period gross writeoffs, prior | 845 | 1,075 |
Current period gross writeoffs, revolving loans | 0 | 0 |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 99,542 | 97,775 |
Current period gross writeoffs, total loans receivables | 995 | 1,380 |
Consumer Loans | Pass | ||
Credit Quality Information [Abstract] | ||
Current fiscal year | 8,929 | 48,600 |
Fiscal year before current fiscal year | 44,835 | 21,088 |
Two years before current fiscal year | 24,253 | 12,101 |
Three years before current fiscal year | 12,165 | 7,968 |
Four years before current fiscal year | 5,427 | 1,945 |
Prior | 2,930 | 5,630 |
Revolving Loans | 0 | 0 |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 98,539 | 97,332 |
Consumer Loans | Special Mention | ||
Credit Quality Information [Abstract] | ||
Current fiscal year | 0 | 0 |
Fiscal year before current fiscal year | 9 | 18 |
Two years before current fiscal year | 0 | 1 |
Three years before current fiscal year | 0 | 0 |
Four years before current fiscal year | 0 | 5 |
Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 9 | 24 |
Consumer Loans | Substandard | ||
Credit Quality Information [Abstract] | ||
Current fiscal year | 44 | 69 |
Fiscal year before current fiscal year | 434 | 246 |
Two years before current fiscal year | 253 | 3 |
Three years before current fiscal year | 160 | 43 |
Four years before current fiscal year | 61 | 52 |
Prior | 42 | 6 |
Revolving Loans | 0 | 0 |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 994 | 419 |
Real Estate Loan | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 3,840,640 | 3,319,128 |
Real Estate Loan | Construction and Land Development | ||
Credit Quality Information [Abstract] | ||
Current fiscal year | 49,485 | 63,846 |
Fiscal year before current fiscal year | 78,795 | 39,790 |
Two years before current fiscal year | 29,330 | 12,558 |
Three years before current fiscal year | 6,101 | 15,801 |
Four years before current fiscal year | 10,218 | 1,210 |
Prior | 15,277 | 11,059 |
Revolving Loans | 0 | 0 |
Current period gross writeoffs, current fiscal year | 0 | 0 |
Current period gross writeoffs, fiscal year before current fiscal year | 0 | 0 |
Current period gross writeoffs, two year before current fiscal year | 0 | 0 |
Current period gross writeoffs, three year before current fiscal year | 0 | 0 |
Current period gross writeoffs, four year before current fiscal year | 0 | 0 |
Current period gross writeoffs, prior | 2 | |
Current period gross writeoffs, revolving loans | 0 | 0 |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 189,206 | 144,264 |
Current period gross writeoffs, total loans receivables | 14 | 2 |
Real Estate Loan | Construction and Land Development | Pass | ||
Credit Quality Information [Abstract] | ||
Current fiscal year | 49,485 | 63,846 |
Fiscal year before current fiscal year | 78,795 | 39,790 |
Two years before current fiscal year | 29,330 | 12,558 |
Three years before current fiscal year | 6,101 | 15,787 |
Four years before current fiscal year | 10,218 | 1,210 |
Prior | 14,834 | 10,601 |
Revolving Loans | 0 | 0 |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 188,763 | 143,792 |
Real Estate Loan | Construction and Land Development | Special Mention | ||
Credit Quality Information [Abstract] | ||
Current fiscal year | 0 | 0 |
Fiscal year before current fiscal year | 0 | 0 |
Two years before current fiscal year | 0 | 0 |
Three years before current fiscal year | 0 | 0 |
Four years before current fiscal year | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 0 | 0 |
Real Estate Loan | Construction and Land Development | Substandard | ||
Credit Quality Information [Abstract] | ||
Current fiscal year | 0 | 0 |
Fiscal year before current fiscal year | 0 | 0 |
Two years before current fiscal year | 0 | 0 |
Three years before current fiscal year | 0 | 14 |
Four years before current fiscal year | 0 | 0 |
Prior | 443 | 458 |
Revolving Loans | 0 | 0 |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 443 | 472 |
Real Estate Loan | Agricultural | ||
Credit Quality Information [Abstract] | ||
Current fiscal year | 12,474 | 172,956 |
Fiscal year before current fiscal year | 172,028 | 67,115 |
Two years before current fiscal year | 59,717 | 58,773 |
Three years before current fiscal year | 56,006 | 25,060 |
Four years before current fiscal year | 22,284 | 29,229 |
Prior | 77,325 | 57,194 |
Revolving Loans | 0 | 0 |
Current period gross writeoffs, current fiscal year | 0 | 0 |
Current period gross writeoffs, fiscal year before current fiscal year | 0 | 0 |
Current period gross writeoffs, two year before current fiscal year | 0 | 0 |
Current period gross writeoffs, three year before current fiscal year | 0 | 0 |
Current period gross writeoffs, four year before current fiscal year | 0 | 0 |
Current period gross writeoffs, prior | 0 | 0 |
Current period gross writeoffs, revolving loans | 0 | 0 |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 399,834 | 410,327 |
Current period gross writeoffs, total loans receivables | 0 | 0 |
Real Estate Loan | Agricultural | Pass | ||
Credit Quality Information [Abstract] | ||
Current fiscal year | 12,265 | 171,833 |
Fiscal year before current fiscal year | 172,028 | 67,115 |
Two years before current fiscal year | 58,648 | 58,283 |
Three years before current fiscal year | 56,006 | 23,820 |
Four years before current fiscal year | 21,114 | 27,573 |
Prior | 74,179 | 52,799 |
Revolving Loans | 0 | 0 |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 394,240 | 401,423 |
Real Estate Loan | Agricultural | Special Mention | ||
Credit Quality Information [Abstract] | ||
Current fiscal year | 209 | 1,123 |
Fiscal year before current fiscal year | 0 | 0 |
Two years before current fiscal year | 694 | 490 |
Three years before current fiscal year | 0 | 1,240 |
Four years before current fiscal year | 1,170 | 273 |
Prior | 1,945 | 3,121 |
Revolving Loans | 0 | 0 |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 4,018 | 6,247 |
Real Estate Loan | Agricultural | Substandard | ||
Credit Quality Information [Abstract] | ||
Current fiscal year | 0 | 0 |
Fiscal year before current fiscal year | 0 | 0 |
Two years before current fiscal year | 375 | 0 |
Three years before current fiscal year | 0 | 0 |
Four years before current fiscal year | 0 | 1,383 |
Prior | 1,201 | 1,274 |
Revolving Loans | 0 | 0 |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 1,576 | 2,657 |
Real Estate Loan | Commercial And Multifamily Portfolio Segment | ||
Credit Quality Information [Abstract] | ||
Current fiscal year | 161,227 | 564,891 |
Fiscal year before current fiscal year | 728,921 | 511,379 |
Two years before current fiscal year | 580,701 | 320,612 |
Three years before current fiscal year | 338,421 | 241,945 |
Four years before current fiscal year | 248,302 | 217,851 |
Prior | 662,329 | 467,679 |
Revolving Loans | 0 | |
Current period gross writeoffs, current fiscal year | 0 | 250 |
Current period gross writeoffs, fiscal year before current fiscal year | 0 | 22 |
Current period gross writeoffs, two year before current fiscal year | 0 | 0 |
Current period gross writeoffs, three year before current fiscal year | 0 | 0 |
Current period gross writeoffs, four year before current fiscal year | 0 | 0 |
Current period gross writeoffs, prior | 0 | 142 |
Current period gross writeoffs, revolving loans | 0 | 0 |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 2,719,901 | 2,324,357 |
Current period gross writeoffs, total loans receivables | 25 | 414 |
Real Estate Loan | Commercial And Multifamily Portfolio Segment | Pass | ||
Credit Quality Information [Abstract] | ||
Current fiscal year | 157,527 | 558,921 |
Fiscal year before current fiscal year | 721,955 | 509,614 |
Two years before current fiscal year | 578,816 | 319,049 |
Three years before current fiscal year | 336,064 | 239,564 |
Four years before current fiscal year | 245,896 | 211,505 |
Prior | 645,950 | 453,076 |
Revolving Loans | 0 | 0 |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 2,686,208 | 2,291,729 |
Real Estate Loan | Commercial And Multifamily Portfolio Segment | Special Mention | ||
Credit Quality Information [Abstract] | ||
Current fiscal year | 3,700 | 2,187 |
Fiscal year before current fiscal year | 2,735 | 1,287 |
Two years before current fiscal year | 1,348 | 769 |
Three years before current fiscal year | 2,326 | 1,508 |
Four years before current fiscal year | 1,614 | 952 |
Prior | 7,987 | 8,503 |
Revolving Loans | 0 | 0 |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 19,710 | 15,206 |
Real Estate Loan | Commercial And Multifamily Portfolio Segment | Substandard | ||
Credit Quality Information [Abstract] | ||
Current fiscal year | 0 | 3,783 |
Fiscal year before current fiscal year | 4,231 | 478 |
Two years before current fiscal year | 537 | 794 |
Three years before current fiscal year | 31 | 873 |
Four years before current fiscal year | 792 | 5,394 |
Prior | 8,392 | 6,100 |
Revolving Loans | 0 | 0 |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 13,983 | 17,422 |
1-4 Family | Real Estate Loan | ||
Credit Quality Information [Abstract] | ||
Current fiscal year | 40,324 | 95,606 |
Fiscal year before current fiscal year | 102,724 | 87,501 |
Two years before current fiscal year | 105,386 | 79,507 |
Three years before current fiscal year | 80,774 | 27,919 |
Four years before current fiscal year | 27,847 | 33,796 |
Prior | 103,181 | 72,129 |
Revolving Loans | 71,463 | 43,722 |
Current period gross writeoffs, current fiscal year | 0 | 0 |
Current period gross writeoffs, fiscal year before current fiscal year | 0 | 0 |
Current period gross writeoffs, two year before current fiscal year | 0 | 67 |
Current period gross writeoffs, three year before current fiscal year | 0 | 13 |
Current period gross writeoffs, four year before current fiscal year | 14 | 0 |
Current period gross writeoffs, prior | 63 | 111 |
Current period gross writeoffs, revolving loans | 0 | 0 |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 531,699 | 440,180 |
Current period gross writeoffs, total loans receivables | 77 | 191 |
1-4 Family | Real Estate Loan | Pass | ||
Credit Quality Information [Abstract] | ||
Current fiscal year | 40,228 | 94,377 |
Fiscal year before current fiscal year | 101,055 | 86,717 |
Two years before current fiscal year | 101,609 | 78,977 |
Three years before current fiscal year | 80,368 | 27,580 |
Four years before current fiscal year | 27,477 | 30,809 |
Prior | 90,403 | 63,050 |
Revolving Loans | 71,412 | 43,722 |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 512,552 | 425,232 |
1-4 Family | Real Estate Loan | Special Mention | ||
Credit Quality Information [Abstract] | ||
Current fiscal year | 0 | 169 |
Fiscal year before current fiscal year | 849 | 218 |
Two years before current fiscal year | 3,234 | 1 |
Three years before current fiscal year | 0 | 44 |
Four years before current fiscal year | 0 | 238 |
Prior | 3,825 | 1,000 |
Revolving Loans | 10 | 0 |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 7,918 | 1,670 |
1-4 Family | Real Estate Loan | Substandard | ||
Credit Quality Information [Abstract] | ||
Current fiscal year | 96 | 1,060 |
Fiscal year before current fiscal year | 820 | 566 |
Two years before current fiscal year | 543 | 529 |
Three years before current fiscal year | 406 | 295 |
Four years before current fiscal year | 370 | 2,749 |
Prior | 8,953 | 8,079 |
Revolving Loans | 41 | 0 |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | $ 11,229 | $ 13,278 |
Loans and Allowance for Credi_8
Loans and Allowance for Credit Losses - Loan Portfolio Aging Analysis (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | $ 5,533,832 | $ 4,825,874 |
Total Loans Receivable | 5,540,065 | 4,826,212 |
Total Loans> 90 Days and Accruing | 0 | 0 |
Real Estate Loan | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 3,840,640 | 3,319,128 |
Total Loans> 90 Days and Accruing | 0 | 0 |
Real Estate Loan | 1-4 Family | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 531,699 | 440,180 |
Construction and Land Development | Real Estate Loan | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 189,206 | 144,264 |
Total Loans> 90 Days and Accruing | 0 | 0 |
Agricultural | Real Estate Loan | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 399,834 | 410,327 |
Total Loans> 90 Days and Accruing | 0 | 0 |
Residential Properties | Real Estate Loan | 1-4 Family | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 531,699 | 440,180 |
Total Loans> 90 Days and Accruing | 0 | 0 |
Residential Properties | Real Estate Loan | Multifamily | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 327,067 | 294,346 |
Total Loans> 90 Days and Accruing | 0 | 0 |
Commercial | Real Estate Loan | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 2,392,834 | 2,030,011 |
Total Loans> 90 Days and Accruing | 0 | 0 |
Agricultural Loans | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 179,447 | 166,838 |
Total Loans> 90 Days and Accruing | 0 | 0 |
Commercial and Industrial Loans | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 1,242,653 | 1,082,960 |
Total Loans> 90 Days and Accruing | 0 | 0 |
Consumer Loans | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 99,542 | 97,775 |
Total Loans> 90 Days and Accruing | 0 | 0 |
All Other Loans | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 177,783 | 159,511 |
Total Loans> 90 Days and Accruing | 0 | 0 |
Financial Asset, 30 to 59 Days Past Due | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 5,502 | 3,282 |
Financial Asset, 30 to 59 Days Past Due | Real Estate Loan | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 3,946 | 2,240 |
Financial Asset, 30 to 59 Days Past Due | Construction and Land Development | Real Estate Loan | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 130 | 20 |
Financial Asset, 30 to 59 Days Past Due | Agricultural | Real Estate Loan | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 0 | 20 |
Financial Asset, 30 to 59 Days Past Due | Residential Properties | Real Estate Loan | 1-4 Family | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 2,917 | 1,706 |
Financial Asset, 30 to 59 Days Past Due | Residential Properties | Real Estate Loan | Multifamily | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 4 | 0 |
Financial Asset, 30 to 59 Days Past Due | Commercial | Real Estate Loan | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 895 | 494 |
Financial Asset, 30 to 59 Days Past Due | Agricultural Loans | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 5 | 0 |
Financial Asset, 30 to 59 Days Past Due | Commercial and Industrial Loans | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 697 | 716 |
Financial Asset, 30 to 59 Days Past Due | Consumer Loans | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 854 | 326 |
Financial Asset, 30 to 59 Days Past Due | All Other Loans | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 0 | 0 |
Financial Asset, 60 to 89 Days Past Due | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 1,397 | 1,589 |
Financial Asset, 60 to 89 Days Past Due | Real Estate Loan | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 830 | 1,317 |
Financial Asset, 60 to 89 Days Past Due | Construction and Land Development | Real Estate Loan | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 0 | 14 |
Financial Asset, 60 to 89 Days Past Due | Agricultural | Real Estate Loan | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 0 | 6 |
Financial Asset, 60 to 89 Days Past Due | Residential Properties | Real Estate Loan | 1-4 Family | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 781 | 1,092 |
Financial Asset, 60 to 89 Days Past Due | Residential Properties | Real Estate Loan | Multifamily | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 0 | 0 |
Financial Asset, 60 to 89 Days Past Due | Commercial | Real Estate Loan | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 49 | 205 |
Financial Asset, 60 to 89 Days Past Due | Agricultural Loans | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 0 | 53 |
Financial Asset, 60 to 89 Days Past Due | Commercial and Industrial Loans | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 231 | 24 |
Financial Asset, 60 to 89 Days Past Due | Consumer Loans | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 336 | 195 |
Financial Asset, 60 to 89 Days Past Due | All Other Loans | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 0 | 0 |
Financial Asset, Equal to or Greater than 90 Days Past Due | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 6,056 | 6,709 |
Financial Asset, Equal to or Greater than 90 Days Past Due | Real Estate Loan | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 5,256 | 5,548 |
Financial Asset, Equal to or Greater than 90 Days Past Due | Construction and Land Development | Real Estate Loan | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 450 | 449 |
Financial Asset, Equal to or Greater than 90 Days Past Due | Agricultural | Real Estate Loan | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 1 | 1 |
Financial Asset, Equal to or Greater than 90 Days Past Due | Residential Properties | Real Estate Loan | 1-4 Family | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 630 | 896 |
Financial Asset, Equal to or Greater than 90 Days Past Due | Residential Properties | Real Estate Loan | Multifamily | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 550 | 548 |
Financial Asset, Equal to or Greater than 90 Days Past Due | Commercial | Real Estate Loan | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 3,625 | 3,654 |
Financial Asset, Equal to or Greater than 90 Days Past Due | Agricultural Loans | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 5 | 29 |
Financial Asset, Equal to or Greater than 90 Days Past Due | Commercial and Industrial Loans | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 626 | 854 |
Financial Asset, Equal to or Greater than 90 Days Past Due | Consumer Loans | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 169 | 278 |
Financial Asset, Equal to or Greater than 90 Days Past Due | All Other Loans | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 0 | 0 |
Total Past Due | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 12,955 | 11,580 |
Total Past Due | Real Estate Loan | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 10,032 | 9,105 |
Total Past Due | Construction and Land Development | Real Estate Loan | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 580 | 483 |
Total Past Due | Agricultural | Real Estate Loan | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 1 | 27 |
Total Past Due | Residential Properties | Real Estate Loan | 1-4 Family | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 4,328 | 3,694 |
Total Past Due | Residential Properties | Real Estate Loan | Multifamily | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 554 | 548 |
Total Past Due | Commercial | Real Estate Loan | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 4,569 | 4,353 |
Total Past Due | Agricultural Loans | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 10 | 82 |
Total Past Due | Commercial and Industrial Loans | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 1,554 | 1,594 |
Total Past Due | Consumer Loans | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 1,359 | 799 |
Total Past Due | All Other Loans | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 0 | 0 |
Current | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 5,527,110 | 4,814,632 |
Current | Real Estate Loan | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 3,830,608 | 3,310,023 |
Current | Construction and Land Development | Real Estate Loan | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 188,626 | 143,781 |
Current | Agricultural | Real Estate Loan | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 399,833 | 410,300 |
Current | Residential Properties | Real Estate Loan | 1-4 Family | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 527,371 | 436,486 |
Current | Residential Properties | Real Estate Loan | Multifamily | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 326,513 | 293,798 |
Current | Commercial | Real Estate Loan | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 2,388,265 | 2,025,658 |
Current | Agricultural Loans | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 179,437 | 166,756 |
Current | Commercial and Industrial Loans | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 1,241,099 | 1,081,366 |
Current | Consumer Loans | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 98,183 | 96,976 |
Current | All Other Loans | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | $ 177,783 | $ 159,511 |
Loans and Allowance for Credi_9
Loans and Allowance for Credit Losses - Amortized Cost Basis of Loans on Nonaccrual Status and Nonaccrual Loans Individually Evaluated (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Nonaccrual, No Allowance | $ 18,430 | $ 15,545 |
Financing Receivable, Nonaccrual | 19,859 | 15,956 |
Construction and Land Development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Nonaccrual, No Allowance | 0 | 14 |
Financing Receivable, Nonaccrual | 0 | 14 |
Agricultural Real Estate Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Nonaccrual, No Allowance | 1,227 | 1,258 |
Financing Receivable, Nonaccrual | 1,227 | 1,258 |
1-4 Family Residential Properties | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Nonaccrual, No Allowance | 4,763 | 4,532 |
Financing Receivable, Nonaccrual | 5,037 | 4,943 |
Multifamily Residential Properties | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Nonaccrual, No Allowance | 0 | 672 |
Financing Receivable, Nonaccrual | 0 | 672 |
Commercial Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Nonaccrual, No Allowance | 10,679 | 7,640 |
Financing Receivable, Nonaccrual | 11,131 | 7,640 |
Loans Secured by Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Nonaccrual, No Allowance | 16,669 | 14,116 |
Financing Receivable, Nonaccrual | 17,395 | 14,527 |
Agricultural Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Nonaccrual, No Allowance | 5 | 57 |
Financing Receivable, Nonaccrual | 5 | 57 |
Commercial and Industrial Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Nonaccrual, No Allowance | 1,328 | 1,098 |
Financing Receivable, Nonaccrual | 2,025 | 1,098 |
Consumer Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Nonaccrual, No Allowance | 428 | 274 |
Financing Receivable, Nonaccrual | 434 | 274 |
All Other Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Nonaccrual, No Allowance | 0 | 0 |
Financing Receivable, Nonaccrual | $ 0 | $ 0 |
Loans and Allowance for Cred_10
Loans and Allowance for Credit Losses - Amortized Cost Basis of Loans Experiencing Financial Difficulty and Modified (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Total Class of Financing Receivable | 0.05% |
Real Estate Loan | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Total Class of Financing Receivable | 0.04% |
Consumer Loans | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Total Class of Financing Receivable | 0% |
Agricultural Real Estate Loans | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Total Class of Financing Receivable | 0.01% |
Residential Properties | Real Estate Loan | 1-4 Family | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Total Class of Financing Receivable | 0.02% |
Commercial Real Estate | Real Estate Loan | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Total Class of Financing Receivable | 0.02% |
Commercial and Industrial Loans | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Total Class of Financing Receivable | 0.01% |
Principal Forgiveness | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivables, Modifications during Period, Balance | $ 0 |
Principal Forgiveness | Real Estate Loan | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivables, Modifications during Period, Balance | 0 |
Principal Forgiveness | Consumer Loans | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivables, Modifications during Period, Balance | 0 |
Principal Forgiveness | Agricultural Real Estate Loans | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivables, Modifications during Period, Balance | 0 |
Principal Forgiveness | Residential Properties | Real Estate Loan | 1-4 Family | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivables, Modifications during Period, Balance | 0 |
Principal Forgiveness | Commercial Real Estate | Real Estate Loan | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivables, Modifications during Period, Balance | 0 |
Principal Forgiveness | Commercial and Industrial Loans | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivables, Modifications during Period, Balance | 0 |
Payment Delay Investment | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivables, Modifications during Period, Balance | 1,385 |
Payment Delay Investment | Real Estate Loan | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivables, Modifications during Period, Balance | 1,160 |
Payment Delay Investment | Consumer Loans | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivables, Modifications during Period, Balance | 7 |
Payment Delay Investment | Agricultural Real Estate Loans | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivables, Modifications during Period, Balance | 333 |
Payment Delay Investment | Residential Properties | Real Estate Loan | 1-4 Family | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivables, Modifications during Period, Balance | 57 |
Payment Delay Investment | Commercial Real Estate | Real Estate Loan | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivables, Modifications during Period, Balance | 770 |
Payment Delay Investment | Commercial and Industrial Loans | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivables, Modifications during Period, Balance | 218 |
Term Extension Modifications | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivables, Modifications during Period, Balance | 1,276 |
Term Extension Modifications | Real Estate Loan | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivables, Modifications during Period, Balance | 956 |
Term Extension Modifications | Consumer Loans | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivables, Modifications during Period, Balance | 41 |
Term Extension Modifications | Agricultural Real Estate Loans | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivables, Modifications during Period, Balance | 0 |
Term Extension Modifications | Residential Properties | Real Estate Loan | 1-4 Family | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivables, Modifications during Period, Balance | 819 |
Term Extension Modifications | Commercial Real Estate | Real Estate Loan | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivables, Modifications during Period, Balance | 137 |
Term Extension Modifications | Commercial and Industrial Loans | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivables, Modifications during Period, Balance | 279 |
Interest Rate Reduction | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivables, Modifications during Period, Balance | 0 |
Interest Rate Reduction | Real Estate Loan | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivables, Modifications during Period, Balance | 0 |
Interest Rate Reduction | Consumer Loans | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivables, Modifications during Period, Balance | 0 |
Interest Rate Reduction | Agricultural Real Estate Loans | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivables, Modifications during Period, Balance | 0 |
Interest Rate Reduction | Residential Properties | Real Estate Loan | 1-4 Family | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivables, Modifications during Period, Balance | 0 |
Interest Rate Reduction | Commercial Real Estate | Real Estate Loan | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivables, Modifications during Period, Balance | 0 |
Interest Rate Reduction | Commercial and Industrial Loans | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivables, Modifications during Period, Balance | $ 0 |
Loans and Allowance for Cred_11
Loans and Allowance for Credit Losses - Performance of Loans Modified (Details) $ in Thousands | Sep. 30, 2023 USD ($) |
30-59 Days Past Due | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Performance recorded Investment | $ 39 |
60-89 Days Past Due | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Performance recorded Investment | 0 |
90 Days or More Past Due | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Performance recorded Investment | 16 |
Total Past Due | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Performance recorded Investment | 55 |
Real Estate Loan | 30-59 Days Past Due | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Performance recorded Investment | 28 |
Real Estate Loan | 60-89 Days Past Due | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Performance recorded Investment | 0 |
Real Estate Loan | 90 Days or More Past Due | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Performance recorded Investment | 0 |
Real Estate Loan | Total Past Due | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Performance recorded Investment | 28 |
Consumer Loans | 30-59 Days Past Due | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Performance recorded Investment | 0 |
Consumer Loans | 60-89 Days Past Due | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Performance recorded Investment | 0 |
Consumer Loans | 90 Days or More Past Due | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Performance recorded Investment | 16 |
Consumer Loans | Total Past Due | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Performance recorded Investment | 16 |
Commercial and Industrial Loans | 30-59 Days Past Due | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Performance recorded Investment | 11 |
Commercial and Industrial Loans | 60-89 Days Past Due | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Performance recorded Investment | 0 |
Commercial and Industrial Loans | 90 Days or More Past Due | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Performance recorded Investment | 0 |
Commercial and Industrial Loans | Total Past Due | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Performance recorded Investment | 11 |
1-4 Family | Residential Properties | Real Estate Loan | 30-59 Days Past Due | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Performance recorded Investment | 28 |
1-4 Family | Residential Properties | Real Estate Loan | 60-89 Days Past Due | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Performance recorded Investment | 0 |
1-4 Family | Residential Properties | Real Estate Loan | 90 Days or More Past Due | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Performance recorded Investment | 0 |
1-4 Family | Residential Properties | Real Estate Loan | Total Past Due | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Performance recorded Investment | $ 28 |
Loans and Allowance for Cred_12
Loans and Allowance for Credit Losses - Financial Effect of Loan Modifications (Details) | 3 Months Ended |
Sep. 30, 2023 | |
Commercial and Industrial Loans | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Weighted Average Interest Rate Reduction | 4.75% |
Weighted Average Term Extension (in months) | 5 months 3 days |
Consumer Loans | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Weighted Average Interest Rate Reduction | 0% |
Weighted Average Term Extension (in months) | 3 months |
Loans and Allowance for Cred_13
Loans and Allowance for Credit Losses - Loans Classified as Troubled Debt Restructurings (Details) - USD ($) | Dec. 31, 2022 | Sep. 30, 2022 |
Receivables [Abstract] | ||
Performing TDRs | $ 3,214,000 | |
Nonperforming TDRs | 1,850,000 | |
Total TDRs | $ 5,064,000 | $ 0 |
Loans and Allowance for Cred_14
Loans and Allowance for Credit Losses - Summary of Purchased Credit Deteriorated (PCD) Loans (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Feb. 14, 2022 | Sep. 30, 2023 | |
Delta Acquisition [Member] | ||
Summary Of Purchased Credit Deteriorated Loans [Line Items] | ||
Fair value of PCD loans | $ 18,796 | |
PCD allowance for credit losses at acquisition | (863) | |
Non-credit discount/(premium) at acquisition | (523) | |
Fair value of purchased credit deteriorated loans at acquisition | $ 17,410 | |
Blackhawk Acquisition [Member[ | ||
Summary Of Purchased Credit Deteriorated Loans [Line Items] | ||
Fair value of PCD loans | $ 115,250 | |
PCD allowance for credit losses at acquisition | (3,791) | |
Non-credit discount/(premium) at acquisition | (5,476) | |
Fair value of purchased credit deteriorated loans at acquisition | $ 105,983 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Schedule of Intangible Assets and Goodwill (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Finite Lived Intangible Assets [Line Items] | ||
Goodwill, Gross Carrying Value | $ 200,221 | $ 144,172 |
Goodwill, Accumulated Amortization | 3,760 | 3,760 |
Goodwill and Intangible Assets, Gross Carrying Value | 309,733 | 213,324 |
Goodwill and Intangible Assets, Accumulated Amortization | 49,164 | 43,758 |
Intangibles from Branch Acquisition | ||
Finite Lived Intangible Assets [Line Items] | ||
Intangible Assets, Gross Carrying Value | 3,015 | 3,015 |
Intangible Assets, Accumulated Amortization | 3,015 | 3,015 |
Core Deposit Intangibles | ||
Finite Lived Intangible Assets [Line Items] | ||
Intangible Assets, Gross Carrying Value | 79,945 | 45,355 |
Intangible Assets, Accumulated Amortization | 32,348 | 28,432 |
Other Intangibles | ||
Finite Lived Intangible Assets [Line Items] | ||
Intangible Assets, Gross Carrying Value | 26,552 | 20,782 |
Intangible Assets, Accumulated Amortization | $ 10,041 | $ 8,551 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands | Mar. 20, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Mar. 31, 2022 |
Finite Lived Intangible Assets [Line Items] | ||||||
Goodwill, net | $ 196,461 | $ 140,412 | ||||
Delta Bancshares Company | ||||||
Finite Lived Intangible Assets [Line Items] | ||||||
Goodwill, net | 28,558 | $ 28,200 | $ 28,600 | |||
Purdum, Gray, Ingledue, Beck, Inc. | ||||||
Finite Lived Intangible Assets [Line Items] | ||||||
Goodwill, net | 5,951 | $ 6,000 | ||||
Blackhawk Bancorp, Inc | ||||||
Finite Lived Intangible Assets [Line Items] | ||||||
Goodwill, net | $ 50,097 | |||||
Adjusted goodwill | $ 50,100 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Schedule of Reconciliation of Purchase Price Paid for Acquisition and Goodwill Recorded (Details) - USD ($) $ in Thousands | 9 Months Ended | ||||
Sep. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Mar. 31, 2022 | |
Less purchase accounting adjustments: | |||||
Goodwill | $ 196,461 | $ 140,412 | |||
Purdum, Gray, Ingledue, Beck, Inc. | |||||
Goodwill [Line Items] | |||||
Unallocated purchase price | 10,145 | ||||
Less purchase accounting adjustments: | |||||
Insurance Company intangible | 5,770 | ||||
Other liabilities | (1,576) | ||||
Goodwill, purchase accounting adjustments | 4,194 | ||||
Goodwill | 5,951 | $ 6,000 | |||
Delta Bancshares Company | |||||
Goodwill [Line Items] | |||||
Unallocated purchase price | 29,791 | ||||
Less purchase accounting adjustments: | |||||
Fair value of securities | (2,836) | ||||
Fair value of loans, net | (3,399) | ||||
Fair value of premises and equipment | 3,508 | ||||
Fair value of time deposits | (1,759) | ||||
Fair value of FHLB advances | (75) | ||||
Core deposit intangible | 5,920 | ||||
Other assets | (570) | ||||
Other liabilities | 444 | ||||
Goodwill, purchase accounting adjustments | 1,233 | ||||
Goodwill | 28,558 | $ 28,200 | $ 28,600 | ||
Blackhawk Bancorp, Inc | |||||
Goodwill [Line Items] | |||||
Unallocated purchase price | 26,955 | ||||
Less purchase accounting adjustments: | |||||
Fair value of securities | (25,521) | ||||
Fair value of loans, net | (43,477) | ||||
Fair value of premises and equipment | (3,856) | ||||
Fair value of subordinated and jr subordinated debentures | 3,707 | ||||
Fair value of time deposits | 2,311 | ||||
Increase in core deposit intangible | 33,731 | ||||
Increase in mortgage servicing rights | 3,344 | ||||
Other assets | 6,619 | ||||
Goodwill, purchase accounting adjustments | (23,142) | ||||
Goodwill | $ 50,097 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets - Intangible Assets Mortgage Servicing Rights (Details) - Mortgage Servicing Rights - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Finite Lived Intangible Assets [Line Items] | |||
Beginning balance | $ 331 | $ 420 | $ 420 |
Mortgage servicing rights acquired during period | 7,062 | 0 | 0 |
Adjustment to valuation reserve | 0 | 108 | 108 |
Mortgage servicing rights amortized | (161) | (184) | (200) |
Interest only strip | (8) | 6 | 3 |
Ending balance | $ 7,224 | $ 350 | $ 331 |
Goodwill and Intangible Asset_6
Goodwill and Intangible Assets - Schedule of Intangible Assets Amortization Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Finite Lived Intangible Assets [Line Items] | ||||
Amortization of intangible assets | $ 2,568 | $ 1,598 | $ 5,567 | $ 4,753 |
Core Deposit Intangibles | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Amortization of intangible assets | 1,857 | 1,131 | 3,916 | 3,273 |
Customer List Intangibles | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Amortization of intangible assets | 578 | 432 | 1,490 | 1,296 |
Mortgage Servicing Rights | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Amortization of intangible assets | $ 133 | $ 35 | $ 161 | $ 184 |
Goodwill and Intangible Asset_7
Goodwill and Intangible Assets - Schedule of Expected Amortization Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Aggregate amortization expense: | ||||
For period 01/01/23 - 09/30/23 | $ 2,568 | $ 1,598 | $ 5,567 | $ 4,753 |
Estimated amortization expense: | ||||
For period 10/01/23 - 12/31/23 | 3,561 | 3,561 | ||
For year ended 12/31/24 | 13,477 | 13,477 | ||
For year ended 12/31/25 | 12,156 | 12,156 | ||
For year ended 12/31/26 | 10,569 | 10,569 | ||
For year ended 12/31/27 | $ 9,349 | $ 9,349 |
Repurchase Agreements and Oth_3
Repurchase Agreements and Other Borrowings - Additional Information (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | |
Repurchase Agreements And Other Borrowings [Abstract] | ||
Securities sold under agreements to repurchase | $ 214,978 | $ 221,414 |
Securities sold under agreements to repurchase increase (decrease) | $ (6,400) | |
Securities sold under agreements to repurchase weighted average rate | 2.93% | |
FHLB borrowings | $ 364,700 | $ 464,700 |
Repurchase Agreements and Oth_4
Repurchase Agreements and Other Borrowings - Schedule of Securities Financing Transactions (Details) - Asset Pledged as Collateral without Right - Securities Sold under Agreements to Repurchase - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Assets Sold Under Agreements To Repurchase [Line Items] | ||
Securities pledged to Repurchase Agreements | $ 214,978 | $ 221,414 |
U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies | ||
Assets Sold Under Agreements To Repurchase [Line Items] | ||
Securities pledged to Repurchase Agreements | 39,093 | 47,775 |
Mortgage-backed Securities: GSE Residential | ||
Assets Sold Under Agreements To Repurchase [Line Items] | ||
Securities pledged to Repurchase Agreements | $ 175,885 | $ 173,639 |
Repurchase Agreements and Oth_5
Repurchase Agreements and Other Borrowings - Federal Home Loan Bank, Advances (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | |
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | ||
Federal Home Loan Bank Advances | $ 364,700,000 | $ 464,700,000 |
Interest Rate 4.81% - Maturity Date November 10, 2023 | ||
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | ||
Federal Home Loan Bank Advances | $ 25,000,000 | |
Federal Home Loan Bank Advances, Term (in years) | 1 year | |
Federal Home Loan Bank, Advances, Interest Rate | 4.81% | |
Federal Home Loan Bank, Advances, Maturity Date | Nov. 10, 2023 | |
Interest Rate 4.69% - Maturity Date May 10, 2024 | ||
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | ||
Federal Home Loan Bank Advances | $ 25,000,000 | |
Federal Home Loan Bank Advances, Term (in years) | 1 year 6 months | |
Federal Home Loan Bank, Advances, Interest Rate | 4.69% | |
Federal Home Loan Bank, Advances, Maturity Date | May 10, 2024 | |
Interest Rate 4.59% - Maturity Date November 8, 2024 | ||
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | ||
Federal Home Loan Bank Advances | $ 25,000,000 | |
Federal Home Loan Bank Advances, Term (in years) | 2 years | |
Federal Home Loan Bank, Advances, Interest Rate | 4.59% | |
Federal Home Loan Bank, Advances, Maturity Date | Nov. 08, 2024 | |
Interest Rate 1.45% - Maturity Date December 31, 2024 | ||
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | ||
Federal Home Loan Bank Advances | $ 10,000,000 | |
Federal Home Loan Bank Advances, Term (in years) | 5 years | |
Federal Home Loan Bank, Advances, Interest Rate | 1.45% | |
Federal Home Loan Bank, Advances, Maturity Date | Dec. 31, 2024 | |
Interest Rate 0.91% - Maturity Date March 10, 2025 | ||
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | ||
Federal Home Loan Bank Advances | $ 5,000,000 | |
Federal Home Loan Bank Advances, Term (in years) | 5 years | |
Federal Home Loan Bank, Advances, Interest Rate | 0.91% | |
Federal Home Loan Bank, Advances, Maturity Date | Mar. 10, 2025 | |
Interest Rate 2.64% - Maturity Date December 23, 2025 | ||
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | ||
Federal Home Loan Bank Advances | $ 4,746,475 | |
Federal Home Loan Bank Advances, Term (in years) | 10 years | |
Federal Home Loan Bank, Advances, Interest Rate | 2.64% | |
Federal Home Loan Bank, Advances, Maturity Date | Dec. 23, 2025 | |
Interest Rate 4.40% - Maturity Date June 15, 2026 | ||
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | ||
Federal Home Loan Bank Advances | $ 25,000,000 | |
Federal Home Loan Bank Advances, Term (in years) | 3 years | |
Federal Home Loan Bank, Advances, Interest Rate | 4.40% | |
Federal Home Loan Bank, Advances, Maturity Date | Jun. 15, 2026 | |
Interest Rate 3.49% - Maturity Date December 8, 2027 | ||
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | ||
Federal Home Loan Bank Advances | $ 50,000,000 | |
Federal Home Loan Bank Advances, Term (in years) | 4 years | |
Federal Home Loan Bank, Advances, Interest Rate | 3.49% | |
Federal Home Loan Bank, Advances, Maturity Date | Dec. 08, 2027 | |
Interest Rate 3.28% - Maturity Date December 8, 2027 | ||
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | ||
Federal Home Loan Bank Advances | $ 50,000,000 | |
Federal Home Loan Bank Advances, Term (in years) | 4 years | |
Federal Home Loan Bank, Advances, Interest Rate | 3.28% | |
Federal Home Loan Bank, Advances, Maturity Date | Dec. 08, 2027 | |
Interest Rate 3.47% - Maturity Date March 13, 2028 | ||
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | ||
Federal Home Loan Bank Advances | $ 25,000,000 | |
Federal Home Loan Bank Advances, Term (in years) | 5 years | |
Federal Home Loan Bank, Advances, Interest Rate | 3.47% | |
Federal Home Loan Bank, Advances, Maturity Date | Mar. 13, 2028 | |
Interest Rate 3.67% - Maturity Date June 15, 2028 | ||
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | ||
Federal Home Loan Bank Advances | $ 25,000,000,000 | |
Federal Home Loan Bank Advances, Term (in years) | 5 years | |
Federal Home Loan Bank, Advances, Interest Rate | 3.67% | |
Federal Home Loan Bank, Advances, Maturity Date | Jun. 15, 2028 | |
Interest Rate 3.71% - Maturity Date June 29, 2028 | ||
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | ||
Federal Home Loan Bank Advances | $ 25,000,000,000 | |
Federal Home Loan Bank Advances, Term (in years) | 5 years | |
Federal Home Loan Bank, Advances, Interest Rate | 3.71% | |
Federal Home Loan Bank, Advances, Maturity Date | Jun. 29, 2028 | |
Interest Rate 3.82% - Maturity Date June 29, 2028 | ||
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | ||
Federal Home Loan Bank Advances | $ 25,000,000,000 | |
Federal Home Loan Bank Advances, Term (in years) | 5 years | |
Federal Home Loan Bank, Advances, Interest Rate | 3.82% | |
Federal Home Loan Bank, Advances, Maturity Date | Jun. 29, 2028 | |
Interest Rate 3.95% - Maturity Date June 29, 2028 | ||
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | ||
Federal Home Loan Bank Advances | $ 25,000,000,000 | |
Federal Home Loan Bank Advances, Term (in years) | 5 years | |
Federal Home Loan Bank, Advances, Interest Rate | 3.95% | |
Federal Home Loan Bank, Advances, Maturity Date | Jun. 29, 2028 | |
Interest Rate 1.15% - Maturity Date October 3, 2029 | ||
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | ||
Federal Home Loan Bank Advances | $ 5,000,000 | |
Federal Home Loan Bank Advances, Term (in years) | 10 years | |
Federal Home Loan Bank, Advances, Interest Rate | 1.15% | |
Federal Home Loan Bank, Advances, Maturity Date | Oct. 03, 2029 | |
Interest Rate 1.12% - Maturity Date October 3, 2029 | ||
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | ||
Federal Home Loan Bank Advances | $ 5,000,000 | |
Federal Home Loan Bank Advances, Term (in years) | 10 years | |
Federal Home Loan Bank, Advances, Interest Rate | 1.12% | |
Federal Home Loan Bank, Advances, Maturity Date | Oct. 03, 2029 | |
Interest Rate 1.39% - Maturity Date December 31, 2029 | ||
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | ||
Federal Home Loan Bank Advances | $ 10,000,000 | |
Federal Home Loan Bank Advances, Term (in years) | 10 years | |
Federal Home Loan Bank, Advances, Interest Rate | 1.39% | |
Federal Home Loan Bank, Advances, Maturity Date | Dec. 31, 2029 |
Fair Value of Assets and Liab_3
Fair Value of Assets and Liabilities - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Available-for-sale securities: | ||
Total available-for-sale securities | $ 1,218,595,000 | $ 1,218,985,000 |
Equity securities, at fair value | 3,932,000 | 311,000 |
U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies | ||
Available-for-sale securities: | ||
Total available-for-sale securities | 211,929,000 | 220,527,000 |
Obligations of States and Political Subdivisions | ||
Available-for-sale securities: | ||
Total available-for-sale securities | 266,473,000 | 287,698,000 |
Mortgage-backed Securities | ||
Available-for-sale securities: | ||
Total available-for-sale securities | 672,522,000 | 627,880,000 |
Other Securities | ||
Available-for-sale securities: | ||
Total available-for-sale securities | 67,671,000 | 82,880,000 |
Fair Value, Recurring | ||
Available-for-sale securities: | ||
Total available-for-sale securities | 1,218,595,000 | 1,218,985,000 |
Equity securities, at fair value | 3,932,000 | 311,000 |
Loans held for sale, fair value | 6,233,000 | 338,000 |
Derivative assets: interest rate swaps | 4,349,000 | 4,253,000 |
Total assets | 1,233,109,000 | 1,223,887,000 |
Derivative liabilities: interest swaps | 2,932,000 | 3,100,000 |
Fair Value, Recurring | U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies | ||
Available-for-sale securities: | ||
Total available-for-sale securities | 211,929,000 | 220,527,000 |
Fair Value, Recurring | Obligations of States and Political Subdivisions | ||
Available-for-sale securities: | ||
Total available-for-sale securities | 266,473,000 | 287,698,000 |
Fair Value, Recurring | Mortgage-backed Securities | ||
Available-for-sale securities: | ||
Total available-for-sale securities | 672,522,000 | 627,880,000 |
Fair Value, Recurring | Other Securities | ||
Available-for-sale securities: | ||
Total available-for-sale securities | 67,671,000 | 82,880,000 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Available-for-sale securities: | ||
Total available-for-sale securities | 0 | 0 |
Equity securities, at fair value | 3,932,000 | 311,000 |
Loans held for sale, fair value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Recurring | ||
Available-for-sale securities: | ||
Total available-for-sale securities | 0 | 0 |
Equity securities, at fair value | 3,932,000 | 311,000 |
Loans held for sale, fair value | 0 | 0 |
Derivative assets: interest rate swaps | 0 | 0 |
Total assets | 3,932,000 | 311,000 |
Derivative liabilities: interest swaps | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Recurring | U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies | ||
Available-for-sale securities: | ||
Total available-for-sale securities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Recurring | Obligations of States and Political Subdivisions | ||
Available-for-sale securities: | ||
Total available-for-sale securities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Recurring | Mortgage-backed Securities | ||
Available-for-sale securities: | ||
Total available-for-sale securities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Recurring | Other Securities | ||
Available-for-sale securities: | ||
Total available-for-sale securities | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Available-for-sale securities: | ||
Total available-for-sale securities | 1,212,835,000 | 1,209,736,000 |
Equity securities, at fair value | 0 | 0 |
Loans held for sale, fair value | 6,233,000 | 338,000 |
Significant Other Observable Inputs (Level 2) | Fair Value, Recurring | ||
Available-for-sale securities: | ||
Total available-for-sale securities | 1,212,835,000 | 1,209,735,000 |
Equity securities, at fair value | 0 | 0 |
Loans held for sale, fair value | 6,233,000 | 338,000 |
Derivative assets: interest rate swaps | 4,349,000 | 4,253,000 |
Total assets | 1,223,417,000 | 1,214,326,000 |
Derivative liabilities: interest swaps | 2,932,000 | 3,100,000 |
Significant Other Observable Inputs (Level 2) | Fair Value, Recurring | U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies | ||
Available-for-sale securities: | ||
Total available-for-sale securities | 211,929,000 | 220,527,000 |
Significant Other Observable Inputs (Level 2) | Fair Value, Recurring | Obligations of States and Political Subdivisions | ||
Available-for-sale securities: | ||
Total available-for-sale securities | 266,473,000 | 287,698,000 |
Significant Other Observable Inputs (Level 2) | Fair Value, Recurring | Mortgage-backed Securities | ||
Available-for-sale securities: | ||
Total available-for-sale securities | 672,522,000 | 627,880,000 |
Significant Other Observable Inputs (Level 2) | Fair Value, Recurring | Other Securities | ||
Available-for-sale securities: | ||
Total available-for-sale securities | 61,911,000 | 73,630,000 |
Significant Unobservable Inputs (Level 3) | ||
Available-for-sale securities: | ||
Total available-for-sale securities | 5,760,000 | 9,250,000 |
Equity securities, at fair value | 0 | 0 |
Loans held for sale, fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Fair Value, Recurring | ||
Available-for-sale securities: | ||
Total available-for-sale securities | 5,760,000 | 9,250,000 |
Equity securities, at fair value | 0 | 0 |
Loans held for sale, fair value | 0 | 0 |
Derivative assets: interest rate swaps | 0 | 0 |
Total assets | 5,760,000 | 9,250,000 |
Derivative liabilities: interest swaps | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Fair Value, Recurring | U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies | ||
Available-for-sale securities: | ||
Total available-for-sale securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Fair Value, Recurring | Obligations of States and Political Subdivisions | ||
Available-for-sale securities: | ||
Total available-for-sale securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Fair Value, Recurring | Mortgage-backed Securities | ||
Available-for-sale securities: | ||
Total available-for-sale securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Fair Value, Recurring | Other Securities | ||
Available-for-sale securities: | ||
Total available-for-sale securities | $ 5,760,000 | $ 9,250,000 |
Fair Value of Assets and Liab_4
Fair Value of Assets and Liabilities - Fair Value of Assets Measured on a Recurring Basis Using Significant Unobservable Inputs (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | $ 5,760 | $ 0 | $ 10,000 | $ 99 |
Transfers into Level 3 | 0 | 0 | 10 | 0 |
Transfers out of Level 3 | 0 | 0 | (4,250) | 0 |
Total gains or losses: | ||||
Included in net income | $ 0 | $ 0 | $ 0 | $ 0 |
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Net Income (Loss) | Net Income (Loss) | Net Income (Loss) | Net Income (Loss) |
Included in other comprehensive income (loss) | $ 0 | $ 0 | $ 0 | $ 0 |
Purchases, issuances, sales and settlements: | ||||
Purchases | 0 | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 | (99) |
Ending balance | 5,760 | 0 | 5,760 | 0 |
Total gains or losses for the period included in net income attributable to the change in unrealized gains or losses related to assets and liabilities still held at the reporting date | 0 | 0 | 0 | 0 |
Obligations of States and Political Subdivisions | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | 0 | 0 | 0 | 99 |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Total gains or losses: | ||||
Included in net income | $ 0 | $ 0 | $ 0 | $ 0 |
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Net Income (Loss) | Net Income (Loss) | Net Income (Loss) | Net Income (Loss) |
Included in other comprehensive income (loss) | $ 0 | $ 0 | $ 0 | $ 0 |
Purchases, issuances, sales and settlements: | ||||
Purchases | 0 | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 | (99) |
Ending balance | 0 | 0 | 0 | 0 |
Total gains or losses for the period included in net income attributable to the change in unrealized gains or losses related to assets and liabilities still held at the reporting date | 0 | 0 | 0 | 0 |
Other | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | 5,760 | 0 | 10,000 | 0 |
Transfers into Level 3 | 0 | 0 | 10 | 0 |
Transfers out of Level 3 | 0 | 0 | (4,250) | 0 |
Total gains or losses: | ||||
Included in net income | $ 0 | $ 0 | $ 0 | $ 0 |
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Net Income (Loss) | Net Income (Loss) | Net Income (Loss) | Net Income (Loss) |
Included in other comprehensive income (loss) | $ 0 | $ 0 | $ 0 | $ 0 |
Purchases, issuances, sales and settlements: | ||||
Purchases | 0 | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 | 0 |
Ending balance | 5,760 | 0 | 5,760 | 0 |
Total gains or losses for the period included in net income attributable to the change in unrealized gains or losses related to assets and liabilities still held at the reporting date | $ 0 | $ 0 | $ 0 | $ 0 |
Fair Value of Assets and Liab_5
Fair Value of Assets and Liabilities - Additional Information (Details) - USD ($) | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Allowance for Credit Losses | $ 375,000 | |||
Other real estate owned | 2,296,000 | $ 4,261,000 | ||
Mortgage Servicing Rights | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Finite-lived intangible assets, net | 7,224,000 | $ 350,000 | 331,000 | $ 420,000 |
Mortgage servicing rights (MSR) impairment (recovery) | 0 | $ 108,000 | $ 108,000 | |
Fair Value, Nonrecurring | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Carrying amount of loans with a specific allowance | 2,100,000 | |||
Fair value of loans with a specific allowance | 1,700,000 | |||
Allowance for Credit Losses | 400,000 | |||
Fair Value, Nonrecurring | Carrying Amount | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Other real estate owned | 2,300,000 | |||
Fair Value, Nonrecurring | Fair Value | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Other real estate owned | $ 942,000 |
Fair Value of Assets and Liab_6
Fair Value of Assets and Liabilities - Assets Measured at Fair Value on a Nonrecurring Basis (Details) - Fair Value, Nonrecurring - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Collateral Dependent Loans | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets, Fair Value | $ 1,669 | $ 2,548 |
Foreclosed Assets Held-for-sale | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets, Fair Value | 942 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Collateral Dependent Loans | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets, Fair Value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Foreclosed Assets Held-for-sale | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets, Fair Value | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Collateral Dependent Loans | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets, Fair Value | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Foreclosed Assets Held-for-sale | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets, Fair Value | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Collateral Dependent Loans | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets, Fair Value | 1,669 | 2,548 |
Significant Unobservable Inputs (Level 3) | Foreclosed Assets Held-for-sale | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets, Fair Value | $ 942 | $ 0 |
Fair Value of Assets and Liab_7
Fair Value of Assets and Liabilities - Significant Unobservable Inputs Used in Valuation of Level 3 Fair Value Measurements (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Collateral Dependent Loans | Level 3 | Minimum | Third Party Valuations | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Collateral dependent loans | 0% | 0% |
Collateral Dependent Loans | Level 3 | Maximum | Third Party Valuations | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Collateral dependent loans | 40% | 40% |
Collateral Dependent Loans | Level 3 | Weighted Average | Third Party Valuations | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Collateral dependent loans | 20% | 20% |
Foreclosed Assets Held-for-sale | Level 3 | Minimum | Third Party Valuations | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Collateral dependent loans | 0% | |
Foreclosed Assets Held-for-sale | Level 3 | Maximum | Third Party Valuations | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Collateral dependent loans | 40% | |
Foreclosed Assets Held-for-sale | Level 3 | Weighted Average | Third Party Valuations | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Collateral dependent loans | 35% | |
Fair Value, Nonrecurring | Collateral Dependent Loans | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets, Fair Value | $ 1,669 | $ 2,548 |
Fair Value, Nonrecurring | Collateral Dependent Loans | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets, Fair Value | 1,669 | $ 2,548 |
Fair Value, Nonrecurring | Foreclosed Assets Held-for-sale | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets, Fair Value | $ 942 |
Fair Value of Assets and Liab_8
Fair Value of Assets and Liabilities - Summary of Estimated Fair Values of Company Financial Instruments (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Financial assets | ||
Total available-for-sale securities | $ 1,218,595,000 | $ 1,218,985,000 |
Held-to-maturity securities | 2,259,000 | 2,954,000 |
Equity securities, at fair value | 3,932,000 | 311,000 |
Fair Value, Inputs, Level 1 [Member] | ||
Financial assets | ||
Cash and due from banks | 374,783,000 | 144,806,000 |
Federal funds sold | 8,454,000 | 7,627,000 |
Certificates of deposit investments | 0 | 0 |
Total available-for-sale securities | 0 | 0 |
Held-to-maturity securities | 2,259,000 | 2,953,000 |
Equity securities, at fair value | 3,932,000 | 311,000 |
Loans held for sale | 0 | 0 |
Loans net of allowance for credit losses | 0 | 0 |
Interest receivable | 0 | 0 |
Federal Reserve Bank stock | 0 | 0 |
Federal Home Loan Bank stock | 0 | 0 |
Financial liabilities | ||
Deposits | 0 | 0 |
Federal funds purchased | 0 | |
Other borrowings | 0 | |
Securities sold under agreements to repurchase | 0 | 0 |
Interest payable | 0 | 0 |
Federal Home Loan Bank borrowings | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Subordinated Debt | ||
Financial liabilities | ||
Subordinated debt, net | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Junior Subordinated Debentures | ||
Financial liabilities | ||
Subordinated debt, net | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Financial assets | ||
Cash and due from banks | 0 | 0 |
Federal funds sold | 0 | 0 |
Certificates of deposit investments | 1,960,000 | 1,470,000 |
Total available-for-sale securities | 1,212,835,000 | 1,209,736,000 |
Held-to-maturity securities | 0 | 0 |
Equity securities, at fair value | 0 | 0 |
Loans held for sale | 6,233,000 | 338,000 |
Loans net of allowance for credit losses | 0 | 0 |
Interest receivable | 36,476,000 | 28,357,000 |
Federal Reserve Bank stock | 17,050,000 | 17,050,000 |
Federal Home Loan Bank stock | 12,648,000 | 18,440,000 |
Financial liabilities | ||
Deposits | 5,225,518,000 | 4,550,222,000 |
Federal funds purchased | 0 | |
Other borrowings | 0 | |
Securities sold under agreements to repurchase | 214,984,000 | 221,260,000 |
Interest payable | 6,727,000 | 3,346,000 |
Federal Home Loan Bank borrowings | 358,031,000 | 459,327,000 |
Fair Value, Inputs, Level 2 [Member] | Subordinated Debt | ||
Financial liabilities | ||
Subordinated debt, net | 99,498,000 | 87,977,000 |
Fair Value, Inputs, Level 2 [Member] | Junior Subordinated Debentures | ||
Financial liabilities | ||
Subordinated debt, net | 21,605,000 | 17,164,000 |
Level 3 | ||
Financial assets | ||
Cash and due from banks | 0 | 0 |
Federal funds sold | 0 | 0 |
Certificates of deposit investments | 0 | 0 |
Total available-for-sale securities | 5,760,000 | 9,250,000 |
Held-to-maturity securities | 0 | 0 |
Equity securities, at fair value | 0 | 0 |
Loans held for sale | 0 | 0 |
Loans net of allowance for credit losses | 5,141,708,000 | 4,460,661,000 |
Interest receivable | 0 | 0 |
Federal Reserve Bank stock | 0 | 0 |
Federal Home Loan Bank stock | 0 | 0 |
Financial liabilities | ||
Deposits | 1,028,394,000 | 707,526,000 |
Federal funds purchased | 0 | |
Other borrowings | 0 | |
Securities sold under agreements to repurchase | 0 | 0 |
Interest payable | 0 | 0 |
Federal Home Loan Bank borrowings | 0 | 0 |
Level 3 | Subordinated Debt | ||
Financial liabilities | ||
Subordinated debt, net | 0 | |
Level 3 | Junior Subordinated Debentures | ||
Financial liabilities | ||
Subordinated debt, net | 0 | 0 |
Carrying Amount | ||
Financial assets | ||
Cash and due from banks | 374,783,000 | 144,806,000 |
Federal funds sold | 8,454,000 | 7,627,000 |
Certificates of deposit investments | 1,960,000 | 1,470,000 |
Total available-for-sale securities | 1,218,595,000 | 1,218,986,000 |
Held-to-maturity securities | 2,259,000 | 2,953,000 |
Equity securities, at fair value | 3,932,000 | 311,000 |
Loans held for sale | 6,233,000 | 338,000 |
Loans net of allowance for credit losses | 5,465,591,000 | 4,766,780,000 |
Interest receivable | 36,476,000 | 28,357,000 |
Federal Reserve Bank stock | 17,050,000 | 17,050,000 |
Federal Home Loan Bank stock | 12,648,000 | 18,440,000 |
Financial liabilities | ||
Deposits | 6,346,324,000 | 5,257,001,000 |
Federal funds purchased | 0 | |
Other borrowings | 0 | |
Securities sold under agreements to repurchase | 214,978,000 | 221,414,000 |
Interest payable | 6,727,000 | 3,346,000 |
Federal Home Loan Bank borrowings | 364,953,000 | 465,071,000 |
Carrying Amount | Subordinated Debt | ||
Financial liabilities | ||
Subordinated debt, net | 106,648,000 | 94,553,000 |
Carrying Amount | Junior Subordinated Debentures | ||
Financial liabilities | ||
Subordinated debt, net | 24,003,000 | 19,364,000 |
Fair Value | ||
Financial assets | ||
Cash and due from banks | 374,783,000 | 144,806,000 |
Federal funds sold | 8,454,000 | 7,627,000 |
Certificates of deposit investments | 1,960,000 | 1,470,000 |
Total available-for-sale securities | 1,218,595,000 | 1,218,986,000 |
Held-to-maturity securities | 2,259,000 | 2,953,000 |
Equity securities, at fair value | 3,932,000 | 311,000 |
Loans held for sale | 6,233,000 | 338,000 |
Loans net of allowance for credit losses | 5,141,708,000 | 4,460,661,000 |
Interest receivable | 36,476,000 | 28,357,000 |
Federal Reserve Bank stock | 17,050,000 | 17,050,000 |
Federal Home Loan Bank stock | 12,648,000 | 18,440,000 |
Financial liabilities | ||
Deposits | 6,253,912,000 | 5,257,748,000 |
Federal funds purchased | 0 | |
Other borrowings | 0 | |
Securities sold under agreements to repurchase | 214,984,000 | 221,260,000 |
Interest payable | 6,727,000 | 3,346,000 |
Federal Home Loan Bank borrowings | 358,031,000 | 459,327,000 |
Fair Value | Subordinated Debt | ||
Financial liabilities | ||
Subordinated debt, net | 99,498,000 | 87,977,000 |
Fair Value | Junior Subordinated Debentures | ||
Financial liabilities | ||
Subordinated debt, net | $ 21,605,000 | $ 17,164,000 |
Business Combinations - Additio
Business Combinations - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Mar. 20, 2023 | Feb. 14, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2021 | |
Business Acquisition [Line Items] | ||||||||||
Common stock, par value (in dollars per share) | $ 4 | $ 4 | $ 4 | |||||||
Allowance for credit losses | $ 68,241,000 | $ 58,777,000 | $ 68,241,000 | $ 58,777,000 | $ 59,093,000 | $ 58,719,000 | $ 59,075,000 | $ 54,655,000 | ||
Delta Bancshare Company | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Percentage of issued and outstanding shares acquired | 100% | |||||||||
Common stock, par value (in dollars per share) | $ 10 | |||||||||
Share Price | $ 4 | |||||||||
Consideration paid in cash | $ 15,150,000 | |||||||||
Consideration paid in shares | 2,292,270 | |||||||||
Goodwill acquired during period | $ 28,200,000 | |||||||||
Pre-tax of acquisition costs | 2,600,000 | 2,600,000 | ||||||||
Pre-tax of acquisition costs | $ 2,100,000 | |||||||||
Loans | 418,509,000 | |||||||||
Accreted to interest income over the remaining term of loans | 8,200,000 | |||||||||
Elimination of deferred fees and unearned discounts previously recorded by Jefferson Bank | 300,000 | |||||||||
Allowance for credit losses for loans identified as PCD | 863,000 | |||||||||
Change in acquired time deposits | 560,378,000 | |||||||||
Change in FHLB advances | 45,075,000 | |||||||||
Allowance for credit losses | (863,000) | |||||||||
Delta Bancshare Company | Core Deposit Intangibles | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Intangible asset fair value | $ 5,920,000 | |||||||||
Intangible asset estimated useful life | 10 years | |||||||||
Delta Bancshare Company | Fair Value Adjustments | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Loans | $ (7,924,000) | |||||||||
Change in acquired time deposits | 1,759,000 | |||||||||
Change in FHLB advances | 75,000 | |||||||||
Allowance for credit losses | 4,525,000 | |||||||||
Delta Bancshare Company | Fair Value Adjustments | Core Deposit Intangibles | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Intangible asset fair value | 5,920,000 | |||||||||
Delta Bancshare Company | Acquired Book Value | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Loans | 426,433,000 | |||||||||
Purchased credit deteriorated loans | 18,800,000 | |||||||||
Change in acquired time deposits | 558,619,000 | |||||||||
Change in FHLB advances | 45,000,000 | |||||||||
Allowance for credit losses | (5,388,000) | |||||||||
Delta Bancshare Company | Acquired Book Value | Core Deposit Intangibles | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Intangible asset fair value | $ 0 | |||||||||
Blackhawk Bancorp, Inc | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Percentage of issued and outstanding shares acquired | 100% | |||||||||
Common stock, par value (in dollars per share) | $ 0.01 | |||||||||
Share Price | $ 4 | |||||||||
Consideration paid in cash | $ 1,928 | |||||||||
Consideration paid in shares | 3,290,222 | |||||||||
Conversion of common stock | 1.15 | |||||||||
Goodwill acquired during period | $ 50,100,000 | |||||||||
Pre-tax of acquisition costs | $ 2,100,000 | $ 0 | $ 2,600,000 | $ 0 | ||||||
Allowance for credit losses for loans identified as PCD | 3,791,000 | |||||||||
Purchased credit deteriorated loans | 105,983,000 | |||||||||
Blackhawk Bancorp, Inc | ASU 2016-13 | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Allowance for credit losses | 3,800,000 | |||||||||
Allowance for credit losses on non-PCD loans | $ 618,330,000 | |||||||||
Blackhawk Bancorp, Inc | Core Deposit Intangibles | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Intangible asset estimated useful life | 10 years | |||||||||
Blackhawk Bancorp, Inc | Fair Value Adjustments | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Loans | $ 722,866,000 | |||||||||
Change in acquired time deposits | $ 1,194,972,000 |
Business Combinations - Summary
Business Combinations - Summary of Consideration Transferred (Details) - Blackhawk Bancorp, Inc | Mar. 20, 2023 USD ($) |
Business Acquisition [Line Items] | |
Common stock issued (3,290,286 shares) | $ 93,508,000 |
Cash consideration | 1,928 |
Total consideration paid | $ 93,510,000 |
Business Combinations - Summa_2
Business Combinations - Summary of Consideration Transferred (Parenthetical) (Details) | Mar. 20, 2023 shares |
Blackhawk Bancorp, Inc | |
Business Acquisition [Line Items] | |
Consideration paid in shares | 3,290,222 |
Business Combinations - Summa_3
Business Combinations - Summary of Fair Value of Assets Acquired and Liabilities Assumed (Details) - USD ($) | Mar. 20, 2023 | Feb. 14, 2022 | Sep. 30, 2023 | Dec. 31, 2022 |
Assets | ||||
Goodwill | $ 196,461,000 | $ 140,412,000 | ||
Delta Bancshare Company | ||||
Assets | ||||
Cash and due from banks | $ 82,473,000 | |||
Loans | 418,509,000 | |||
Investment securities | 182,123,000 | |||
Premises and equipment | 9,030,000 | |||
Other assets | 7,774,000 | |||
Allowance for credit losses | (863,000) | |||
Goodwill | 28,558,000 | |||
Total assets acquired | 750,063,000 | |||
Liabilities | ||||
Deposits | 560,378,000 | |||
Securities sold under agreements to repurchase | 35,523,000 | |||
FHLB advances | 45,075,000 | |||
Lease liability | 717,000 | |||
Other liabilities | 1,048,000 | |||
Total liabilities assumed | 642,741,000 | |||
Net assets acquired | 107,322,000 | |||
Consideration paid | ||||
Consideration payable in cash | 15,150,000 | |||
Common stock | 92,172,000 | |||
Total consideration paid | 107,322,000 | |||
Delta Bancshare Company | Core Deposit Intangibles | ||||
Assets | ||||
Intangible assets | 5,920,000 | |||
Delta Bancshare Company | Bank Owned Life Insurance | ||||
Assets | ||||
Intangible assets | 15,822,000 | |||
Delta Bancshare Company | Right of Use Asset | ||||
Assets | ||||
Intangible assets | 717,000 | |||
Delta Bancshare Company | Acquired Book Value | ||||
Assets | ||||
Cash and due from banks | 82,473,000 | |||
Loans | 426,433,000 | |||
Investment securities | 184,959,000 | |||
Premises and equipment | 5,522,000 | |||
Other assets | 9,061,000 | |||
Allowance for credit losses | (5,388,000) | |||
Goodwill | 14,000 | |||
Total assets acquired | 718,896,000 | |||
Liabilities | ||||
Deposits | 558,619,000 | |||
Securities sold under agreements to repurchase | 35,523,000 | |||
FHLB advances | 45,000,000 | |||
Lease liability | 0 | |||
Other liabilities | 2,209,000 | |||
Total liabilities assumed | 641,351,000 | |||
Net assets acquired | 77,545,000 | |||
Delta Bancshare Company | Acquired Book Value | Core Deposit Intangibles | ||||
Assets | ||||
Intangible assets | 0 | |||
Delta Bancshare Company | Acquired Book Value | Bank Owned Life Insurance | ||||
Assets | ||||
Intangible assets | 15,822,000 | |||
Delta Bancshare Company | Acquired Book Value | Right of Use Asset | ||||
Assets | ||||
Intangible assets | 0 | |||
Delta Bancshare Company | Fair Value Adjustments | ||||
Assets | ||||
Cash and due from banks | 0 | |||
Loans | (7,924,000) | |||
Investment securities | (2,836,000) | |||
Premises and equipment | 3,508,000 | |||
Other assets | (1,287,000) | |||
Allowance for credit losses | 4,525,000 | |||
Goodwill | 28,544,000 | |||
Total assets acquired | 31,167,000 | |||
Liabilities | ||||
Deposits | 1,759,000 | |||
Securities sold under agreements to repurchase | 0 | |||
FHLB advances | 75,000 | |||
Lease liability | 717,000 | |||
Other liabilities | (1,161,000) | |||
Total liabilities assumed | 1,390,000 | |||
Net assets acquired | 29,777,000 | |||
Delta Bancshare Company | Fair Value Adjustments | Core Deposit Intangibles | ||||
Assets | ||||
Intangible assets | 5,920,000 | |||
Delta Bancshare Company | Fair Value Adjustments | Right of Use Asset | ||||
Assets | ||||
Intangible assets | $ 717,000 | |||
Blackhawk Bancorp, Inc | ||||
Assets | ||||
Goodwill | $ 50,097,000 | |||
Consideration paid | ||||
Consideration payable in cash | $ 1,928 | |||
Total consideration paid | 93,510,000 | |||
Blackhawk Bancorp, Inc | Fair Value Adjustments | ||||
Assets | ||||
Cash and due from banks | 55,600,000 | |||
Loans held for sale | 3,222,000 | |||
Loans | 722,866,000 | |||
Investment securities | 377,969,000 | |||
Short-term investments | 869,000 | |||
FHLB stock | 1,737,000 | |||
Premises and equipment | 12,366,000 | |||
Accrued interest receivable | 4,029,000 | |||
Prepaid expenses | 1,182,000 | |||
Other assets | 20,742,000 | |||
Core deposit intangible | 34,590,000 | |||
Income tax receivable | 2,077,000 | |||
Deferred tax asset | 22,152,000 | |||
Mortgage servicing rights | 7,031,000 | |||
Total assets acquired | 1,266,432,000 | |||
Liabilities | ||||
Deposits | 1,194,972,000 | |||
Subordinated and jr. subordinated debt | 16,448,000 | |||
Accrued interest payable | 1,091,000 | |||
Accrued and other liabilities | 10,508,000 | |||
Total liabilities assumed | 1,223,019,000 | |||
Net assets acquired | 43,413,000 | |||
Consideration paid | ||||
Total consideration paid | 93,510,000 | |||
Goodwill | $ 50,097,000 |
Business Combinations - Summa_4
Business Combinations - Summary of Purchased Credit Deteriorated (PCD) Loans (Details) - Blackhawk Bancorp, Inc $ in Thousands | Mar. 20, 2023 USD ($) |
Business Acquisition [Line Items] | |
Unpaid principal balance | $ 115,250 |
PCD allowance for credit losses at acquisition | (3,791) |
Non-credit discount on acquired loans | (5,476) |
Fair value of PCD loans | $ 105,983 |
Business Combinations - Unaudit
Business Combinations - Unaudited Pro Forma Condensed Combined Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Business Acquisition [Line Items] | ||||
Net interest income | $ 141,524 | |||
Provision for loan losses | 4,001 | |||
Non-interest income | 56,592 | |||
Non-interest expense | 125,690 | |||
Income before taxes | 68,425 | |||
Income tax expense | 15,480 | |||
Net income | $ 52,945 | |||
Earnings per share | ||||
Basic | $ 2.64 | |||
Diluted | $ 2.63 | |||
Basic weighted average shares o/s | 20,070,687 | |||
Diluted weighted average shares o/s | 20,145,435 | |||
Blackhawk Bancorp, Inc | ||||
Business Acquisition [Line Items] | ||||
Net interest income | $ 57,245 | $ 52,141 | $ 171,635 | $ 179,040 |
Provision for loan losses | 6,246 | 1,742 | 6,768 | 2,601 |
Non-interest income | 25,205 | 16,712 | 73,892 | 67,954 |
Non-interest expense | 60,741 | 44,476 | 166,430 | 162,943 |
Income before taxes | 15,463 | 22,635 | 72,329 | 81,450 |
Income tax expense | 3,830 | 5,191 | 17,069 | 18,662 |
Net income | $ 11,633 | $ 17,444 | $ 55,260 | $ 62,788 |
Earnings per share | ||||
Basic | $ 0.52 | $ 0.73 | $ 2.62 | $ 2.69 |
Diluted | $ 0.52 | $ 0.73 | $ 2.61 | $ 2.68 |
Basic weighted average shares o/s | 22,220,438 | 23,744,891 | 21,086,802 | 23,360,909 |
Diluted weighted average shares o/s | 22,319,334 | 23,825,437 | 21,176,946 | 23,435,657 |
Leases - Additional Information
Leases - Additional Information (Details) | Sep. 30, 2023 |
Minimum | |
Lessee Lease Description [Line Items] | |
Renewal term | 1 year |
Maximum | |
Lessee Lease Description [Line Items] | |
Renewal term | 25 years |
Leases - Summary of Supplementa
Leases - Summary of Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 |
Leases, Operating [Abstract] | |||
Operating lease right-of-use assets | $ 14,192 | $ 15,774 | $ 15,194 |
Operating lease liabilities | $ 14,503 | $ 16,035 | $ 15,425 |
Weighted-average remaining lease term (in years) | 5 years | 5 years 9 months 18 days | 6 years 1 month 6 days |
Weighted-average discount rate | 2.75% | 2.67% | 2.68% |
Leases - Summary of Maturities
Leases - Summary of Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |||
2023 | $ 805 | ||
2024 | 2,791 | ||
2025 | 2,351 | ||
2026 | 2,191 | ||
2027 | 2,012 | ||
Thereafter | 6,318 | ||
Total lease payments | 16,468 | ||
Less imputed interest | (1,965) | ||
Total lease liability | $ 14,503 | $ 16,035 | $ 15,425 |
Leases - Summary of Components
Leases - Summary of Components of Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Lease, Cost [Abstract] | ||||
Operating lease cost | $ 870 | $ 893 | $ 2,448 | $ 2,268 |
Short-term lease cost | 24 | 21 | 51 | 63 |
Variable lease cost | 163 | 43 | 577 | 502 |
Total lease cost | 1,057 | 957 | 3,076 | 2,833 |
Income from subleases | (94) | (109) | (281) | (299) |
Net lease cost | $ 963 | $ 848 | $ 2,795 | $ 2,534 |
Leases - Summary of Operating L
Leases - Summary of Operating Lease Cash Flows (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Leases [Abstract] | ||
Operating cash flows from operating leases | $ 2,414 | $ 2,286 |
Derivatives - Schedule of Deriv
Derivatives - Schedule of Derivative Instruments (Details) - Fair Value Hedging - Designated As Hedging Instrument - Interest Rate Swap Agreements - Other Liabilities - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Derivative [Line Items] | ||
Derivative, Weighted Average Remaining Maturity (Years) | 5 years 7 months 6 days | 6 years 3 months 18 days |
Derivative Liability, Notional Amount | $ 13,145 | $ 13,448 |
Derivative Liability, Estimated Value | $ (2,932) | $ (3,100) |
Derivatives - Summary of Deriva
Derivatives - Summary of Derivative Instruments, Gain (Loss) (Details) - Fair Value Hedging - Interest Rate Swap Agreements - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Derivative [Line Items] | ||||
Gain (Loss) on Derivative | $ 226 | $ 595 | $ 264 | $ 1,871 |
Gain (Loss) on Hedged Item | $ (226) | $ (595) | $ (264) | $ (1,871) |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest and fees on loans | Interest and fees on loans | Interest and fees on loans | Interest and fees on loans |
Derivatives - Summary of Hedged
Derivatives - Summary of Hedged Instrument (Details) $ in Thousands | Sep. 30, 2023 USD ($) |
Hedged Instruments [Abstract] | |
Carrying Amount of the Hedged Asset | $ 11,729 |
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Asset | $ (1,417) |
Derivatives - Summary of Non He
Derivatives - Summary of Non Hedge Instruments (Details) - Not Designated as Hedging Instrument - Interest Rate Swap Agreements $ in Thousands | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
Other Assets | |
Derivative [Line Items] | |
Derivative, Weighted Average Remaining Maturity (Years) | 5 years 3 months 18 days |
Derivative Assets, Notional Amount | $ 31,093 |
Derivative Assets, Estimated Value | $ 4,349 |
Other Liabilities | |
Derivative [Line Items] | |
Derivative, Weighted Average Remaining Maturity (Years) | 5 years 3 months 18 days |
Derivative Liability, Notional Amount | $ 31,093 |
Derivative Liability, Estimated Value | $ (4,349) |