Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Mar. 06, 2024 | Jun. 30, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | FIRST MID BANCSHARES, INC. | ||
Entity Central Index Key | 0000700565 | ||
Entity Current Reporting Status | Yes | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Interactive Data Current | Yes | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 23,889,515 | ||
Entity Public Float | $ 469,083,216 | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction Flag | false | ||
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 Annual Report | true | ||
Document Transition Report | false | ||
Auditor Name | FORVIS, LLP | ||
Auditor Location | Decatur, Illinois | ||
Auditor Firm Id | 686 | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE Document Into Form 10-K Part: Portions of the Proxy Statement for 2024 Annual Meeting of Shareholders to be held on April 24, 2024 III |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Cash and due from banks: | ||
Non-interest bearing | $ 122,871,000 | $ 138,412,000 |
Interest bearing | 11,211,000 | 6,394,000 |
Federal funds sold | 8,982,000 | 7,627,000 |
Cash and cash equivalents | 143,064,000 | 152,433,000 |
Certificates of deposit investments | 1,470,000 | 1,470,000 |
Investment securities: | ||
Available-for-sale, at fair value (amortized cost of $1,363,721 and $1,432,372 at December 31, 2023 and 2022, respectively) | 1,171,572,000 | 1,218,985,000 |
Held-to-maturity, at amortized cost (estimated fair value of $2,286 and $2,954 at December 31, 2023 and 2022, respectively) | 2,286,000 | 2,954,000 |
Equity securities, at fair value | 4,074,000 | 311,000 |
Loans held for sale | 4,980,000 | 338,000 |
Loans | 5,575,585,000 | 4,825,874,000 |
Less allowance for credit losses | (68,675,000) | (59,093,000) |
Net loans | 5,506,910,000 | 4,766,781,000 |
Interest receivable | 35,082,000 | 28,357,000 |
Other real estate owned, net | 1,163,000 | 4,261,000 |
Premises and equipment, net | 101,396,000 | 90,473,000 |
Goodwill, net | 196,461,000 | 140,412,000 |
Intangible assets, net | 67,770,000 | 29,485,000 |
Bank owned life insurance | 166,125,000 | 151,756,000 |
Right of use asset | 14,306,000 | 15,774,000 |
Deferred tax asset, net | 70,067,000 | 72,254,000 |
Other assets | 100,068,000 | 68,171,000 |
Total assets | 7,586,794,000 | 6,744,215,000 |
Deposits: | ||
Non-interest bearing | 1,398,234,000 | 1,256,514,000 |
Interest bearing | 4,725,425,000 | 4,000,487,000 |
Total deposits | 6,123,659,000 | 5,257,001,000 |
Repurchase agreements with customers | 213,721,000 | 221,414,000 |
Interest payable | 5,437,000 | 3,346,000 |
FHLB borrowings | 263,787,000 | 465,071,000 |
Junior subordinated debentures, net | 24,058,000 | 19,364,000 |
Subordinated debt, net | 106,755,000 | 94,553,000 |
Lease liability | 14,615,000 | 16,035,000 |
Other liabilities | 41,558,000 | 34,276,000 |
Total liabilities | 6,793,590,000 | 6,111,060,000 |
Stockholders’ equity: | ||
Common stock, $4 par value; authorized 30,000,000 shares; issued 24,479,708 and 21,091,466 shares in 2023 and 2022, respectively; outstanding 23,827,137 and 20,452,376 shares in 2023 and 2022, respectively | 99,919,000 | 86,366,000 |
Additional paid-in capital | 509,314,000 | 427,001,000 |
Retained earnings | 338,662,000 | 289,284,000 |
Deferred compensation | 2,629,000 | 2,064,000 |
Accumulated other comprehensive loss | (136,427,000) | (151,507,000) |
Less treasury stock at cost, 652,571 and 639,090 shares in 2023 and 2022, respectively | (20,893,000) | (20,053,000) |
Total stockholders’ equity | 793,204,000 | 633,155,000 |
Total liabilities and stockholders’ equity | $ 7,586,794,000 | $ 6,744,215,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Investment securities: | ||
Available-for-sale, amotized cost | $ 1,363,721 | $ 1,432,372 |
Held-to-maturity, at fair value | $ 2,286 | $ 2,954 |
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) | 24,479,708 | 21,091,466 |
Common stock, outstanding (in shares) | 23,827,137 | 20,452,376 |
Treasury stock (in shares) | 652,571 | 639,090 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Interest income: | |||
Interest and fees on loans | $ 262,423,000 | $ 185,869,000 | $ 159,684,000 |
Interest on investment securities | |||
Taxable | 24,949,000 | 20,595,000 | 15,598,000 |
Exempt from federal income tax | 7,170,000 | 8,785,000 | 7,318,000 |
Interest on certificates of deposit investments | 98,000 | 37,000 | 56,000 |
Interest on federal funds sold | 419,000 | 113,000 | 0 |
Interest on deposits with other financial institutions | 5,107,000 | 492,000 | 357,000 |
Total interest income | 300,166,000 | 215,891,000 | 183,013,000 |
Interest expense: | |||
Interest on deposits | 77,294,000 | 18,813,000 | 9,037,000 |
Interest on securities sold under agreements to repurchase | 6,565,000 | 1,795,000 | 231,000 |
Interest on FHLB borrowings | 16,779,000 | 6,184,000 | 1,514,000 |
Interest on other borrowings | 10,000 | 9,000 | 0 |
Interest on junior subordinated debentures | 1,859,000 | 868,000 | 541,000 |
Interest on subordinated debt | 4,196,000 | 3,945,000 | 3,939,000 |
Total interest expense | 106,703,000 | 31,614,000 | 15,262,000 |
Net interest income | 193,463,000 | 184,277,000 | 167,751,000 |
Provision for credit losses | 6,104,000 | 4,806,000 | 15,151,000 |
Net interest income after provision for credit losses | 187,359,000 | 179,471,000 | 152,600,000 |
Other income: | |||
Wealth management revenues | 20,793,000 | 22,492,000 | 20,407,000 |
Insurance commissions | 24,814,000 | 21,622,000 | 18,927,000 |
Service charges | 10,881,000 | 9,112,000 | 6,808,000 |
Securities gains, net | 3,383,000 | 33,000 | 124,000 |
Mortgage banking revenue, net | 2,282,000 | 1,190,000 | 4,718,000 |
ATM / debit card revenue | 14,347,000 | 12,422,000 | 11,974,000 |
Bank owned life insurance | 4,957,000 | 3,559,000 | 3,039,000 |
Other income | 5,329,000 | 4,252,000 | 3,770,000 |
Total other income | 86,786,000 | 74,682,000 | 69,767,000 |
Other expense: | |||
Salaries and employee benefits | 104,962,000 | 98,594,000 | 89,660,000 |
Net occupancy and equipment expense | 26,946,000 | 24,257,000 | 21,546,000 |
Net other real estate owned expense | 1,862,000 | 330,000 | 3,866,000 |
FDIC insurance expense | 3,339,000 | 1,805,000 | 1,604,000 |
Amortization of intangible assets | 9,127,000 | 6,290,000 | 5,391,000 |
Stationery and supplies | 1,346,000 | 1,295,000 | 1,161,000 |
Legal and professional | 7,379,000 | 6,996,000 | 6,730,000 |
ATM / debit card expense | 5,322,000 | 4,300,000 | 3,116,000 |
Marketing and donations | 3,005,000 | 2,999,000 | 3,603,000 |
Other expense | 22,452,000 | 15,995,000 | 18,902,000 |
Total other expense | 185,740,000 | 162,861,000 | 155,579,000 |
Income before income taxes | 88,405,000 | 91,292,000 | 66,788,000 |
Income taxes | 19,470,000 | 18,340,000 | 15,298,000 |
Net income | $ 68,935,000 | $ 72,952,000 | $ 51,490,000 |
Per share data: | |||
Basic net income per common share | $ 3.17 | $ 3.62 | $ 2.88 |
Diluted net income per common share | 3.15 | 3.6 | 2.87 |
Cash dividends declared per common share | $ 0.92 | $ 0.9 | $ 0.85 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net Income (Loss) | $ 68,935,000 | $ 72,952,000 | $ 51,490,000 |
Other comprehensive income (loss) | |||
Unrealized gains (losses) on available-for-sale securities, net of taxes of ($7,140), $61,534, and $7,285 for the years ended December 31, 2023, 2022 and 2021, respectively | 17,482,000 | (150,653,000) | (17,838,000) |
Less: reclassification adjustment for realized gains included in net income net of taxes of $981, $10, and $36 for the years ended December 31, 2023, 2022 and 2021, respectively | (2,402,000) | (23,000) | (88,000) |
Other comprehensive income (loss), net of taxes | 15,080,000 | (150,676,000) | (17,926,000) |
Comprehensive income (loss) | $ 84,015,000 | $ (77,724,000) | $ 33,564,000 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other comprehensive income (loss) | |||
Unrealized gains (losses) on available-for-sale securities, taxes | $ (7,140) | $ 61,534 | $ 7,285 |
Reclassification adjustment for realized gains included in net income, taxes | $ 981 | $ 10 | $ 36 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) | Total | LINCO Bancshares, Inc. | BBM & Associates, Inc. | Delta Bancshares Company | Common Stock | Common Stock LINCO Bancshares, Inc. | Common Stock BBM & Associates, Inc. | Common Stock Delta Bancshares Company | Additional Paid-in Capital | Additional Paid-in Capital LINCO Bancshares, Inc. | Additional Paid-in Capital BBM & Associates, Inc. | Additional Paid-in Capital Delta Bancshares Company | Retained Earnings | Deferred Compensation | Accumulated Other Comprehensive Income (Loss) | Treasury Stock |
Beginning Balance at Dec. 31, 2020 | $ 568,228,000 | $ 71,449,000 | $ 297,806,000 | $ 197,726,000 | $ 2,980,000 | $ 17,095,000 | $ (18,828,000) | |||||||||
Net Income (Loss) | 51,490,000 | 51,490,000 | ||||||||||||||
Other comprehensive income (loss), net of tax | (17,926,000) | (17,926,000) | ||||||||||||||
Dividends on common stock | (15,054,000) | (15,054,000) | ||||||||||||||
Issuance of common shares pursuant to the dividend reinvestment plan | 333,000 | 32,000 | 301,000 | |||||||||||||
Issuance of common shares pursuant to the deferred compensation plan | 351,000 | 38,000 | 313,000 | |||||||||||||
Issuance of restricted shares pursuant to the 2017 Stock Incentive Plan | 928,000 | 111,000 | 817,000 | |||||||||||||
Issuance of common shares pursuant to the 2017 stock incentive plan | 85,000 | 10,000 | 75,000 | |||||||||||||
Issuance of shares pursuant to the acquisition | $ 44,191,000 | $ 1,109,000 | $ 5,049,000 | $ 100,000 | $ 39,142,000 | $ 1,009,000 | ||||||||||
Issuance costs pursuant to acquisition of Delta Bancshares Company | $ (206,000) | $ (206,000) | ||||||||||||||
Issuance of common shares pursuant to the employee stock purchase plan | 391,000 | 46,000 | 345,000 | |||||||||||||
Purchase of treasury shares | (326,000) | (326,000) | ||||||||||||||
Deferred compensation | 54,000 | (54,000) | ||||||||||||||
Grant of restricted stock units pursuant to the 2017 stock incentive plan | 1,216,000 | 1,216,000 | ||||||||||||||
Release of restricted stock units pursuant to the 2017 stock incentive plan | (584,000) | (584,000) | ||||||||||||||
Vested restricted shares/units compensation expense | (332,000) | 185,000 | (517,000) | |||||||||||||
Ending 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) | 72,952,000 | 72,952,000 | ||||||||||||||
Other comprehensive income (loss), net of tax | (150,676,000) | (150,676,000) | ||||||||||||||
Dividends on common stock | (17,830,000) | (17,830,000) | ||||||||||||||
Issuance of common shares pursuant to the deferred compensation plan | 331,000 | 34,000 | 297,000 | |||||||||||||
Issuance of restricted shares pursuant to the 2017 Stock Incentive Plan | 2,229,000 | 216,000 | 2,013,000 | |||||||||||||
Issuance of common shares pursuant to the 2017 stock incentive plan | 199,000 | 20,000 | 179,000 | |||||||||||||
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) | ||||||||||||||
Issuance of common shares pursuant to the employee stock purchase plan | 713,000 | 92,000 | 621,000 | |||||||||||||
Purchase of treasury shares | (340,000) | (340,000) | ||||||||||||||
Deferred compensation | (2,542,000) | (2,037,000) | (505,000) | |||||||||||||
Grant of restricted stock units pursuant to the 2017 stock incentive plan | 1,529,000 | 1,529,000 | ||||||||||||||
Release of restricted stock units pursuant to the 2017 stock incentive plan | (1,216,000) | (1,216,000) | ||||||||||||||
Vested restricted shares/units compensation expense | 1,769,000 | 185,000 | 1,584,000 | |||||||||||||
Ending 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) | 68,935,000 | 68,935,000 | ||||||||||||||
Other comprehensive income (loss), net of tax | 15,080,000 | 15,080,000 | ||||||||||||||
Dividends on common stock | (19,557,000) | (19,557,000) | ||||||||||||||
Issuance of restricted shares pursuant to the 2017 Stock Incentive Plan | 1,620,000 | 218,000 | 1,402,000 | |||||||||||||
Issuance of common shares pursuant to the 2017 stock incentive plan | 127,000 | 18,000 | 109,000 | |||||||||||||
Issuance of shares pursuant to the acquisition | $ 93,508,000 | $ 13,161,000 | $ 80,347,000 | |||||||||||||
Issuance of common shares pursuant to the employee stock purchase plan | 877,000 | 156,000 | 721,000 | |||||||||||||
Purchase of treasury shares | (465,000) | (465,000) | ||||||||||||||
Deferred compensation | (1,140,000) | (765,000) | (375,000) | |||||||||||||
Grant of restricted stock units pursuant to the 2017 stock incentive plan | 1,048,000 | 1,048,000 | ||||||||||||||
Release of restricted stock units pursuant to the 2017 stock incentive plan | (1,529,000) | (1,529,000) | ||||||||||||||
Vested restricted shares/units compensation expense | 1,545,000 | 215,000 | 1,330,000 | |||||||||||||
Ending Balance at Dec. 31, 2023 | $ 793,204,000 | $ 99,919,000 | $ 509,314,000 | $ 338,662,000 | $ 2,629,000 | $ (136,427,000) | $ (20,893,000) |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Dividends declared per common share | $ 0.92 | $ 0.9 | $ 0.85 |
Issuance of common shares pursuant to the Dividend Reinvestment Plan (in shares) | 8,616 | ||
Stock issued during period, shares, deferred compensation | 0 | 8,378 | 9,513 |
Restricted stock issued during period, shares, pursuant to the 2017 stock incentive plan | 54,431 | 54,067 | 27,750 |
Common stock issued during period, shares, pursuant to the 2017 stock incentive plan | 4,600 | 4,950 | 2,375 |
Stock issued during period, shares, employee stock purchase plans | 38,989 | 23,055 | 11,748 |
Purchase of treasury shares (in shares) | 13,481 | 10,647 | 7,752 |
LINCO Bancshares, Inc. | |||
Stock Issued During Period, Shares, Acquisitions | 2,292,270 | 1,262,246 | |
BBM & Associates, Inc. | |||
Stock Issued During Period, Shares, Acquisitions | 25,000 | ||
Delta Bancshares Company | |||
Stock Issued During Period, Shares, Acquisitions | 3,290,222 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities: | |||
Net income | $ 68,935 | $ 72,952 | $ 51,490 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Provision for credit losses | 6,104 | 4,806 | 15,151 |
Depreciation, amortization and accretion, net | 14,904 | 15,060 | 14,449 |
Change in cash surrender value of bank owned life insurance | (3,981) | (3,559) | (3,039) |
Gain on cash surrender value of bank owned life insurance | (976) | 0 | 0 |
Stock-based compensation expense | 1,656 | 1,802 | 1,304 |
Operating lease payments | (3,263) | (3,061) | (2,872) |
Gains on investment securities, net | (3,383) | (33) | (124) |
Losses on sales of other real property owned, net | 4,080 | 97 | 5,725 |
Loss on write down of premises and equipment | 131 | 0 | 0 |
Loss (gain) on sale of other assets | 0 | 125 | (126) |
Gains on sale of loans held for sale, net | (1,200) | (1,159) | (4,256) |
Deferred income taxes | 16,739 | (2,232) | (3,355) |
Decrease (increase) in accrued interest receivable | (2,696) | (6,717) | 2,384 |
Increase (decrease) in accrued interest payable | 1,045 | 1,538 | (1,812) |
Origination of loans held for sale | (62,168) | (59,893) | (149,807) |
Proceeds from sale of loans held for sale | 58,726 | 63,462 | 153,239 |
Gains on equity securities | 0 | (1,145) | (499) |
Increase in other assets | (20,562) | (19,537) | (13,719) |
Increase (decrease) in other liabilities | (1,674) | 3,318 | 5,463 |
Net cash provided by operating activities | 72,417 | 65,824 | 69,596 |
Cash flows from investing activities: | |||
Proceeds from maturities of certificates of deposit investments | 1,180 | 1,225 | 490 |
Purchase of certificates of deposit investments | (245) | (245) | (245) |
Proceeds from sales of securities available-for-sale | 343,610 | 36,257 | 611 |
Proceeds from maturities of securities available-for-sale | 105,964 | 144,734 | 238,049 |
Proceeds from maturities of securities held-to-maturity | 668 | 5,000 | 0 |
Purchases of securities available-for-sale | (1,462) | (12,754) | (692,234) |
Net increase in loans | (20,826) | (416,204) | (32,032) |
Purchases of premises and equipment | (3,639) | (5,020) | (3,702) |
Proceeds from sales of other real property owned | 2,461 | 996 | 9,503 |
Investment in bank owned life insurance | 0 | 0 | (30,000) |
Proceeds from bank owned life insurance death benefit | 2,048 | 0 | 0 |
Net cash provided by acquisition | 44,621 | 67,323 | 27,061 |
Net cash provided by (used in) investing activities | 474,380 | (178,688) | (482,499) |
Cash flows from financing activities: | |||
Net increase (decrease) in deposits | (328,314) | (259,862) | 273,292 |
Increase (decrease) in repurchase agreements | (7,693) | 39,623 | (60,669) |
Proceeds from FHLB advances | 150,000 | 359,745 | 5,000 |
Repayment of FHLB advances | (351,141) | (25,856) | (40,083) |
Proceeds from issuance of common stock | 1,004 | 1,244 | 1,937 |
Direct expenses related to capital transactions | 0 | (29) | (206) |
Purchase of treasury stock | (465) | (340) | (326) |
Dividends paid on common stock | (19,557) | (17,830) | (14,721) |
Net cash provided by (used in) financing activities | (556,166) | 96,695 | 164,224 |
Decrease in cash and cash equivalents | (9,369) | (16,169) | (248,679) |
Cash and cash equivalents at beginning of period | 152,433 | 168,602 | 417,281 |
Cash and cash equivalents at end of period | 143,064 | 152,433 | 168,602 |
Cash paid during the period for: | |||
Interest | 104,612 | 29,614 | 16,261 |
Income taxes | 22,252 | 22,988 | 18,966 |
Loans transferred to other real estate owned | 681 | 383 | 249 |
Fixed assets transferred to other real estate | 0 | 0 | 3,971 |
Initial recognition of right-of-use assets | 1,399 | 715 | 0 |
Initial recognition of lease liabilities | 1,399 | 715 | 0 |
Dividends reinvested in common stock | 0 | 0 | 333 |
LINCO Bancshares, Inc. | |||
Supplemental disclosures of purchases of capital stock | |||
Fair value of assets acquired | 1,328,280 | 750,063 | 1,170,699 |
Cash paid | 10,172 | 15,150 | 103,500 |
Common stock issued | 93,508 | 92,172 | 44,191 |
Total consideration paid | 103,680 | 107,322 | 147,691 |
Fair value of liabilities assumed | $ 1,224,600 | $ 642,741 | $ 1,023,008 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pay vs Performance Disclosure | |||
Net Income (Loss) | $ 68,935,000 | $ 72,952,000 | $ 51,490,000 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Rule 10b51 Arr Modified Flag | false |
NonRule10b51ArrModifiedFlag | false |
Basis of Accounting and Consoli
Basis of Accounting and Consolidation | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Accounting and Consolidation | Note 1 – Basis of Accounting and Consolidation The accompanying 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”), 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 Company operates as a single segment entity for financial reporting purposes. The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America. 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. The Blackhawk Merger closed August 15, 2023 and Blackhawk Bank was merged into First Mid Bank on December 1, 2023. 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 will merge with and into Delta Merger Sub, whereupon the separate corporate existence of Delta will cease and Delta Merger Sub will continue 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 $ 15.2 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 on June 10, 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. Summary of Significant Accounting Policies Use of Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires the Company to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. The Company uses estimates and employs the judgments of management in determining the amount of its allowance for credit losses and income tax accruals and deferrals, in its fair value measurements of investment securities, and in the evaluation of impairment of loans, goodwill, investment securities, and premises and equipment. As with any estimate, actual results could differ from these estimates. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for credit losses. In connection with the determination of the allowance for credit losses, management obtains independent appraisals for significant properties. Fair Value Measurements The fair value of a financial instrument is defined as the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The Company estimates the fair value of a financial instrument using a variety of valuation methods. Where financial instruments are actively traded and have quoted market prices, quoted market prices are used for fair value. When the financial instruments are not actively traded, other observable market inputs, such as quoted prices of securities with similar characteristics, may be used, if available, to determine fair value. When observable market prices do not exist, the Company estimates fair value. The Company’s valuation methods consider factors such as liquidity and concentration concerns. Other factors such as model assumptions, market dislocations, and unexpected correlations can affect estimates of fair value. Imprecision in estimating these factors can impact the amount of revenue or loss recorded. At the end of each quarter, the Company assesses the valuation hierarchy for each asset or liability measured. From time to time, assets or liabilities may be transferred within hierarchy levels due to changes in availability of observable market inputs to measure fair value at the measurement date. Transfers into or out of hierarchy levels are based upon the fair value at the beginning of the reporting period. A more detailed description of the fair values measured at each level of the fair value hierarchy can be found in Note 11 – “Disclosures of Fair Values of Financial Instruments.” Cash and Cash Equivalents For purposes of reporting cash flows, cash equivalents include non-interest bearing and interest-bearing cash and due from banks and federal funds sold. Generally, federal funds are sold for one-day periods. Certificates of Deposit Investments Certificates of deposit investments have original maturities of three to five years and are carried at cost. Investment Securities The Company classifies its investments in debt securities as either held-to-maturity or available-for-sale in accordance with ASC 320. Securities classified as held-to-maturity are recorded at cost or amortized cost. Available-for-sale securities are carried at fair value. Fair value calculations are based on quoted market prices when such prices are available. If quoted market prices are not available, estimates of fair value are computed using a variety of techniques, including extrapolation from the quoted prices of similar instruments or recent trades for thinly traded securities, fundamental analysis, or through obtaining purchase quotes. Due to the subjective nature of the valuation process, it is possible that the actual fair values of these investments could differ from the estimated amounts, thereby affecting the financial position, results of operations and cash flows of the Company. If the estimated value of investments is less than the cost or amortized cost, the Company evaluates whether an event or change in circumstances has occurred that may have a significant adverse effect on the fair value of the investment. If such an event or change has occurred and the Company determines that the impairment is other-than-temporary, a further determination is made as to the portion of impairment that is related to credit loss. The impairment of the investment that is related to the credit loss is expensed in the period in which the event or change occurred. The remainder of the impairment is recorded in other comprehensive income (loss). Loans Loans are stated at the principal amount outstanding net of unearned discounts, unearned income, and the allowance for credit losses. Unearned income includes deferred loan origination fees reduced by loan origination costs and is amortized to interest income over the life of the related loan using methods that approximate the effective interest rate method. Interest on substantially all loans is credited to income based on the principal amount outstanding. The Company’s policy is to discontinue the accrual of interest income on any loan that becomes ninety days past due as to principal or interest or earlier when, in the opinion of management there is reasonable doubt as to the timely collection of principal or interest. Nonaccrual loans are returned to accrual status when, in the opinion of management, the financial position of the borrower indicates there is no longer any reasonable doubt as to the timely collectability of interest or principal. Loans expected to be sold are classified as held for sale in the consolidated financial statements and are recorded at the lower of aggregate cost or fair value, taking into consideration future commitments to sell the loans. Allowance for Credit Losses The Company believes the allowance for credit losses is the critical accounting policy that requires the most significant judgments and assumptions used in the preparation of its consolidated financial statements. An estimate of potential losses inherent in the loan portfolio is determined and an allowance for those losses is established by considering factors including historical loss rates, expected cash flows, and estimated collateral values. In assessing these factors, the Company uses organizational history and experience with credit decisions and related outcomes. The allowance for credit losses represents the best estimate of losses inherent in the existing loan portfolio. The allowance for credit losses is increased by the provision for credit losses charged to expense and reduced by loans charged off, net of recoveries. The Company evaluates the allowance for credit losses at least quarterly. If the underlying assumptions later prove to be inaccurate based on subsequent loss evaluations, the allowance for credit losses is adjusted. The Company estimates the appropriate level of allowance for credit losses by separately evaluating impaired and nonimpaired loans. A specific allowance is assigned to an impaired loan when expected cash flows or collateral do not justify the carrying amount of the loan. The methodology used to assign an allowance to a nonimpaired loan is more subjective. Generally, allowance for credit losses is measured on a collective (pool) basis for loans with similar risk characteristics. Historical credit loss experience provides the basis for the estimate of expected credit losses. For each pool, a historical loss rate is computed based on the average remaining contractual life of the pool. Adjustments to historical loss rates are made using qualitative factors relevant to each pool including merger & acquisition activity, economic conditions, changes in policies, procedures & underwriting, and concentrations. In addition, a twelve-month 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. Because the economic and business climate in any given industry or market, and its impact on any given borrower, can change rapidly, the risk profile of the loan portfolio is continually assessed and adjusted when appropriate. Notwithstanding these procedures, there still exists the possibility that the assessment could prove to be significantly incorrect and that an immediate adjustment to the allowance for credit losses would be required. Premises and Equipment Premises and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization are charged to expense and determined principally by the straight-line method over the estimated useful lives of the assets. The estimated useful lives for each major depreciable classification of premises and equipment are as follows: Buildings and improvements 20 years to 40 years Leasehold improvements 5 years to 15 years Furniture and equipment 3 years to 7 years Goodwill and Intangible Assets The Company has goodwill from business combinations, identifiable intangible assets assigned to core deposit relationships and customer lists acquired, and intangible assets arising from the rights to service mortgage loans for others. Identifiable intangible assets generally arise from branches acquired that the Company accounted for as purchases. Such assets consist of the excess of the purchase price over the fair value of net assets acquired, with specific amounts assigned to core deposit relationships and customer lists primarily related to the insurance agency and Wealth Management Company. Intangible assets are amortized by the straight-line method over various periods up to fifteen years . Management reviews intangible assets for possible impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. In accordance with the provisions of SFAS No. 142, “ Goodwill and Other Intangible Assets ,” codified into ASC 350, the Company obtained an independent evaluation of its goodwill as of May 31, 2023 and also performed its annual testing of goodwill for impairment as of September 30, 2023 and each time 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. Other Real Estate Owned Other real estate owned acquired through loan foreclosure is 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 temporarily 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. 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. Federal Home Loan Bank Stock Federal Home Loan Bank stock is a required investment for institutions that are members of the Federal Home Loan Bank system. The required investment in the common stock is based on a predetermined formula and carried at cost. Income Taxes The Company and its subsidiaries file consolidated federal and state income tax returns with each organization computing its taxes on a separate company basis. Amounts provided for income tax expense are based on income reported for financial statement purposes rather than amounts currently payable under tax laws. Deferred tax assets and liabilities are recognized for future tax consequences attributable to the temporary differences existing between the financial statement carrying amounts of assets and liabilities and their respective tax basis, as well as operating loss and tax credit carry forwards. To the extent that current available evidence about the future raises doubt about the realization of a deferred tax asset, a valuation allowance is established. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized as an increase or decrease in income tax expense in the period in which such change is enacted. Additionally, the Company reviews its uncertain tax positions annually under FASB Interpretation No. 48 (FIN No. 48), “Accounting for Uncertainty in Income Taxes,” codified within ASC 740. An uncertain tax position is recognized as a benefit only if it is "more likely than not" that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount actually recognized is the largest amount of tax benefit that is greater than 50% likely to be recognized on examination. For tax positions not meeting the "more likely than not" test, no tax benefit is recorded. A significant amount of judgment is applied to determine both whether the tax position meets the "more likely than not" test as well as to determine the largest amount of tax benefit that is greater than 50% likely to be recognized. Differences between the position taken by management and that of taxing authorities could result in a reduction of a tax benefit or increase to tax liability, which could adversely affect future income tax expense. 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 the 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. Wealth Management Assets Assets held in fiduciary or agency capacities by First Mid Wealth Management Company are not included in the consolidated balance sheets since such items are not assets of the Company or its subsidiaries. Fees from trust activities are recorded on a cash basis over the period in which the service is provided. Fees are a function of the market value of assets managed and administered, the volume of transactions, and fees for other services rendered, as set forth in the underlying client agreement with the First Mid Wealth Management Company. This revenue recognition involves the use of estimates and assumptions, including components that are calculated based on asset valuations and transaction volumes. Any out-of-pocket expenses or services not typically covered by the fee schedule for trust activities are charged directly to the trust account on a gross basis as trust revenue is incurred. First Mid Wealth Management Company managed assets totaling $ 6.1 billion and $ 5.3 billion at December 31, 2023 and 2022 , respectively. Treasury Stock Treasury stock is stated at cost. Cost is determined by the first-in, first-out method. Stock Incentive Awards At the Annual Meeting of Stockholders held April 26, 2017, the stockholders approved the 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. A maximum of 149,983 shares of common stock may be issued under the SI Plan. The Company awarded 45,986 , 63,150 and 48,575 shares during 2023, 2022, and 2021 , respectively as stock and stock unit awards. Employee Stock Purchase Plan At the Annual Meeting of Stockholders held April 25, 2018, the stockholders approved the First Mid 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. As of December 31, 2023, 2022, and 2021, 38,989 , 23,055 and 11,748 shares, respectively were issued pursuant to the ESPP. As of December 31, 2023 , there were 506,272 shares unassigned but available to be issued under the ESPP. Leases Effective January 1, 2019, the Company adopted ASU 2016-02, Leases (Topic 842). As of December 31, 2023 substantially all the Company's leases are operating leases for real estate property for bank branches, ATM locations, and office space. For leases in effect 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. 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 trust department. Fees are billed in arrears based upon the preceding period account balance. Revenue from the farm management department is recorded when service is complete, for example when crops are sold. Brokerage commissions. The primary brokerage 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 are located 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 December 31, 2023 and 2022 are as follows (in thousands): Unrealized Gain (Loss) on Securities December 31, 2023 Net unrealized losses on securities available-for-sale $ ( 192,149 ) Tax benefit 55,722 Balance at December 31, 2023 $ ( 136,427 ) 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 years ended December 31, 2023, 2022, and 2021, were as follows (in thousands): Amounts Reclassified from Other Comprehensive Income Affected Line Item in the 2023 2022 2021 Statements of Income Realized gains on available-for-sale securities $ 3,383 $ 33 $ 124 Securities gains, net (total reclassified amount before tax) Income tax expense ( 981 ) ( 10 ) ( 36 ) Tax expense Total reclassifications out of accumulated other comprehensive income $ 2,402 $ 23 $ 88 Net reclassified amount See “Note 4 – Investment Securities” for more detailed information regarding unrealized losses on available-for-sale securities. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 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 assumed conversion of the Company’s convertible preferred stock and the Company’s stock options and restricted stock awarded, unless anti-dilutive. The components of basic and diluted net income per common share available to common stockholders for the years ended December 31, 2023, 2022, and 2021 were as follows: 2023 2022 2021 Basic net income per common share available to common stockholders: Net income available to common stockholders $ 68,935,000 $ 72,952,000 $ 51,490,000 Weighted average common shares outstanding 21,780,217 20,169,077 17,886,998 Basic earnings per common share $ 3.17 $ 3.62 $ 2.88 Diluted net income per common share available to common stockholders: Net income available to common stockholders $ 68,935,000 $ 72,952,000 $ 51,490,000 Weighted average common shares outstanding 21,780,217 20,169,077 17,886,998 Dilutive potential common shares: Restricted stock awarded 88,571 74,558 52,009 Dilutive potential common shares 88,571 74,558 52,009 Diluted weighted average common shares outstanding 21,868,788 20,243,635 17,939,007 Diluted earnings per common share $ 3.15 $ 3.60 $ 2.87 There were no shares not considered in computing diluted earnings per share for the years ended December 31, 2023, 2022, and 2021 . |
Cash and Due from Banks
Cash and Due from Banks | 12 Months Ended |
Dec. 31, 2023 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Due from Banks | Note 3 -- Cash and Due from Banks At December 31, 2023, the Company's cash accounts exceeded federal insurance limits by $ 14.4 million . There have been no losses on these accounts. |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Note 4 -- 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 December 31, 2023 and 2022 were as follows (in thousands): Gross Gross Amortized Unrealized Unrealized Cost Gains (Losses) Fair Value December 31, 2023 Available-for-sale: U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 237,875 $ — $ ( 26,219 ) $ 211,656 Obligations of states and political subdivisions 337,835 152 ( 49,371 ) 288,616 Mortgage-backed securities: GSE residential 714,216 1,158 ( 113,074 ) 602,300 Other securities 73,795 — ( 4,795 ) 69,000 Total available-for-sale $ 1,363,721 $ 1,310 $ ( 193,459 ) $ 1,171,572 Held-to-maturity: Other securities $ 2,286 $ — $ — $ 2,286 Total held-to-maturity $ 2,286 $ — $ — $ 2,286 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 securities $ 2,954 $ — $ — $ 2,954 Total held-to-maturity $ 2,954 $ — $ — $ 2,954 The Company also had $ 4.1 million and $ 311,000 of equity securities, at fair value, as of December 31, 2023 and 2022, respectively. All the Company's held-to-maturity securities are government agency-backed securities for which the risk of loss is minimal. As such, as of December 31, 2023, the Company did not record an allowance for credit losses on its held-to-maturity securities. Proceeds from sales of available-for-sale investment securities, realized gains and losses and income tax expense were as follows during the years ended December 31, 2023, 2022, and 2021 (in thousands): 2023 2022 2021 Proceeds from sales $ 343,610 $ 36,257 $ 611 Gross gains 4,381 202 124 Gross losses ( 998 ) ( 169 ) — Income tax expense 981 ( 10 ) 36 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 December 31, 2023 and the weighted average yield for each range of maturities (dollars in thousands): One After 1 After 5 year or through through After less 5 years 10 years ten years Total Available-for-sale: U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 185,981 $ 25,675 $ — $ — $ 211,656 Obligations of state and political subdivisions 20,879 97,328 169,111 1,298 288,616 Mortgage-backed securities: GSE residential 10 8,566 34,995 558,729 602,300 Other securities 21,876 46,392 732 — 69,000 Total available-for-sale $ 228,746 $ 177,961 $ 204,838 $ 560,027 $ 1,171,572 Weighted average yield 1.67 % 2.70 % 2.25 % 1.82 % 2.00 % Full tax equivalent yield 1.68 % 2.70 % 2.24 % 1.83 % 2.00 % Held-to-maturity: Other securities $ — $ — $ — $ 2,286 $ 2,286 Total held-to-maturity $ — $ — $ — $ 2,286 $ 2,286 Weighted average yield — % — % — % — % — % Full tax equivalent yield — % — % — % — % — % The weighted average yields are calculated on the basis of 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 December 31, 2023. Investment securities carried at approximately $ 831 million and $ 770 million at December 31, 2023 and 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 December 31, 2023 and 2022 (in thousands): Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses December 31, 2023 Available-for-sale: U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 1,288 $ ( 4 ) $ 210,069 $ ( 26,215 ) $ 211,357 $ ( 26,219 ) Obligations of states and political subdivisions 22,281 ( 333 ) 241,630 ( 49,038 ) 263,911 ( 49,371 ) Mortgage-backed securities: GSE residential 5,818 ( 67 ) 566,197 ( 113,007 ) 572,015 ( 113,074 ) Other securities 5,311 ( 439 ) 57,939 ( 4,356 ) 63,250 ( 4,795 ) Total $ 34,698 $ ( 843 ) $ 1,075,835 $ ( 192,616 ) $ 1,110,533 $ ( 193,459 ) 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 December 31, 2023, there were thirty-six available-for-sale U.S. Treasury securities and obligations of U.S. government corporations and agencies with a fair value of $ 210.1 million and unrealized losses of $ 26.2 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 at December 31, 2023 or 2022. Obligations of states and political subdivisions. At December 31, 2023 there were two hundred thirty-seven obligations of states and political subdivisions with fair value of $ 241.6 million and unrealized losses of $ 49.0 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 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 December 31, 2023 there were two hundred sixty-three mortgage-backed securities with a fair value of $ 566.2 million and unrealized losses of $ 113.0 million in a continuous unrealized loss position for twelve months or more. At December 31, 2022, there were ninety-one mortgage-backed security 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 December 31, 2023 there were forty-three other securities with fair value of $ 57.9 million and unrealized losses of $ 4.4 million in a continuous unrealized loss position for twelve months or more. At December 31, 2022 there were five other securities with fair value of $ 6.7 million and unrealized losses of $ 0.8 million in a continuous unrealized loss position for twelve months or more. Maturities of investment securities were as follows at December 31, 2023 (in thousands): Amortized Estimated Cost Fair Value Available-for-sale: Due in one year or less $ 254,176 $ 228,736 Due after one-five years 188,169 169,395 Due after five-ten years 205,900 169,843 Due after ten years 1,260 1,298 649,505 569,272 Mortgage-backed securities: GSE residential 714,216 602,300 Total available-for-sale $ 1,363,721 $ 1,171,572 Held-to-maturity: Due after ten years 2,286 2,286 Total held-to-maturity $ 2,286 $ 2,286 Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. |
Loans and Allowance for Credit
Loans and Allowance for Credit Losses | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Loans and Allowance for Credit Losses | 90
30-59 days 60-89 days or More Total Total Loans days and
Past Due Past Due Past Due Past Due Current Receivable Accruing
December 31, 2023
Construction and land development $ — $ 585 $ 450 $ 1,035 $ 204,042 $ 205,077 $ —
Agricultural real estate — — 1 1 391,131 391,132 —
1-4 family residential properties 3,054 530 1,018 4,602 537,867 542,469 —
Multifamily residential properties 150 — 551 701 318,428 319,129 —
Commercial real estate 819 74 3,765 4,658 2,380,046 2,384,704 —
Loans secured by real estate 4,023 1,189 5,785 10,997 3,831,514 3,842,511 —
Agricultural loans — — — — 196,272 196,272 —
Commercial and industrial loans 673 73 1,531 2,277 1,263,882 1,266,159 —
Consumer loans 983 162 330 1,475 89,539 91,014 —
All other loans — — — — 184,609 184,609 —
Total loans $ 5,679 $ 1,424 $ 7,646 $ 14,749 $ 5,565,816 $ 5,580,565 $ —
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 $ — Individually Evaluated Loans Within all loan portfolio segments, loans are considered impaired when, based on current information and events, it is probable the Company will be unable to collect all amounts due from the borrower in accordance with the contractual terms of the loan. The entire balance of a loan is considered delinquent if the minimum payment contractually required to be made is not received by the specified due date. Impaired loans, excluding certain troubled debt restructured loans, are placed on nonaccrual status. Impaired loans include nonaccrual loans and loans modified in troubled debt restructurings where concessions have been granted to borrowers experiencing financial difficulties. These concessions could include a reduction in the interest rate on the loan, payment extensions, forgiveness of principal, forbearance or other actions intended to maximize collection. It is the Company’s policy to have any restructured loans which are on nonaccrual status prior to being modified remain on nonaccrual status until, in the opinion of management, the financial position of the borrower indicates there is no longer any reasonable doubt as to the timely collection of interest or principal. If the restructured loan is on accrual status prior to being modified, the loan is reviewed to determine if the modified loan should remain on a" id="sjs-B4">Note 5 -- Loans and Allowance for Credit Losses Loans are stated at the principal amount outstanding net of unearned discounts, unearned income, and allowance for credit losses. Unearned income includes deferred loan origination fees reduced by loan origination costs and is 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 December 31, 2023 and 2022 follows (in thousands): 2023 2022 Construction and land development $ 207,033 $ 144,387 Agricultural real estate 392,265 410,790 1-4 family residential properties 549,843 440,018 Multifamily residential properties 321,537 295,073 Commercial real estate 2,416,294 2,036,243 Loans secured by real estate 3,886,972 3,326,511 Agricultural loans 196,202 166,695 Commercial and industrial loans 1,273,637 1,085,004 Consumer loans 92,142 97,730 All other loans 184,609 159,499 Gross loans 5,633,562 4,835,439 Less: Loans held for sale 4,980 338 5,628,582 4,835,101 Less: Net deferred loan fees, premiums and discounts 52,997 9,227 Allowance for credit losses 68,675 59,093 Net loans $ 5,506,910 $ 4,766,781 Net loans increased $ 740.1 million as of December 31, 2023 compared to December 31, 2022 . Of this increase, approximately $ 730.2 million were gross loans acquired, after purchase accounting adjustments, from Blackhawk Bank. Loans expected to be sold are classified as held for sale in the consolidated financial statements and are recorded at the lower of aggregate cost or 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 $ 29.9 million and $ 23.0 million at December 31, 2023 and 2022, respectively. 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; however, limits well below the regulatory thresholds are generally observed. The vast majority 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 years . The Company’s commercial real estate portfolio is well 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 the vast majority 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. The Company retains all residential real estate loans with balloon payment features. Balloon periods are limited to five years . 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 credit losses, the level and composition of nonaccrual, past due and troubled debt restructurings, 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, impaired loans separately from non-impaired 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 troubled debt restructurings. 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. Beginning January 1, 2020, the allowance for credit losses was estimated using the current expected credit loss model ("CECL"). The Company uses the Loss Rate method to estimate the historical loss rate for all non-individually evaluated loans. Under this method, the allowance for credit losses is measured on a collective (pool) basis for loans with similar risk characteristics. Historical credit loss experience provides the basis for the estimate of expected credit losses. For each pool, a historical loss rate is computed based on the average remaining contractual life of the pool. Adjustments to historical loss rates are made using qualitative factors relevant to each pool including merger & acquisition activity, economic conditions, changes in policies, procedures & underwriting, and concentrations. In addition, a twelve-month 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. 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. During 2023, 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 and adversely classifieds in this segment remained very low. Past dues also remained low and stable compared to last year. Given the increasing uncertainty regarding the potential for a recession, the qualitative factor for this segment was increased slightly for the economic conditions. The qualitative factor for the nature and volume of the portfolio was decreased slightly given the significant discount created with the Blackhawk acquisition. Agricultural Real Estate Loans. Historical losses in the segment remain very low. Adversely classified balances and past dues were stable in 2023. Farmland values have remained steady over an extended period of time and there are no indications that this will change in the next year. There were no changes to the qualitative factors for this segment. 1- 4 Family Residential Properties Loans. This loan segment has remained stable throughout the last several years. Both adversely classifieds and past dues were stable during the year. The qualitative factors on both non-owner occupied and owner-occupied loans for this segment have not changed. Commercial Real Estate Loans. This is the largest segment of loans in the portfolio and carries the largest balance of allowance for credit losses. For 2023, adversely classified balances and past dues were stable. However, the economic uncertainty increased and drove the qualitative factors on both non-owner occupied and owner-occupied loans to be increased at a moderate level. The qualitative factor for the nature and volume of the portfolio was decreased slightly given the significant discount created with the Blackhawk acquisition. Agricultural Loans. Losses in this segment have been low for a long time. Adversely classified balances and past dues have been stable. Commodity prices have been declining and input costs have risen. The qualitative factor of this segment was increased moderately. Commercial and Industrial Loans. This segment carries the second largest balance of allowance for credit losses for the Company. During the year, adversely classified balances increased, primarily due to the Blackhawk acquisition. Due to the increase in the adversely classifieds and the increased economic uncertainty, the qualitative factor for this segment was increased at a moderate level. The qualitative factor for the nature and volume of the portfolio was decreased slightly given the significant discount created with the Blackhawk acquisition. Consumer Loans. This segment represents the smallest portion of the Company's loan portfolio. During the year, adversely classified loans and past dues increased. Due to the increase in past due and the increased economic uncertainty, the qualitative factor for this segment was increased at a significant level. 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. All loans considered to be PCI prior to January 1, 2020 were converted to PCD on that date. Accordingly, on January 1, 2020, the amortized cost basis of the PCD loans were adjusted to reflect the addition of $ 833,000 to the allowance for credit losses. 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 tables present the balance in the allowance for credit losses and the recorded investment in loans based on portfolio segment and impairment method as of December 31, 2023, 2022, and 2021 (in thousands): Construction Agricultural 1-4 Family Commercial Agricultural Commercial Consumer Total Twelve months ended December 31, 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 374 ( 67 ) 225 1,755 490 2,322 1,005 6,104 Loans charged off 14 — 87 25 408 529 1,568 2,631 Recoveries collected — — 216 805 38 576 683 2,318 Ending balance $ 2,918 $ 1,366 $ 4,220 $ 31,758 $ 705 $ 25,450 $ 2,258 $ 68,675 Twelve months ended December 31, 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 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 Twelve months ended December 31, 2021 Beginning Balance $ 1,666 $ 1,084 $ 2,322 $ 19,660 $ 1,526 $ 13,485 $ 2,167 $ 41,910 Initial allowance on loans purchased with credit deterioration 261 44 328 646 — 795 — 2,074 Provision for credit loss expense 21 129 ( 160 ) 6,415 ( 544 ) 7,940 1,350 15,151 Loans charged off 205 — 371 535 — 3,118 1,405 5,634 Recoveries collected — — 211 60 1 139 743 1,154 Ending balance $ 1,743 $ 1,257 $ 2,330 $ 26,246 $ 983 $ 19,241 $ 2,855 $ 54,655 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 impaired 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 December 31, 2023 (in thousands): Collateral Allowance Real Estate Business Other Total for Credit Construction and land development $ 416 $ — $ — $ 416 $ 186 Agricultural real estate — — 841 841 — 1-4 family residential properties 1,192 — — 1,192 — Multifamily residential properties 1,037 — — 1,037 — Commercial real estate 8,571 — — 8,571 — Loans secured by real estate 11,216 — 841 12,057 186 Agricultural loans — — — — — Commercial and industrial loans 77 1,147 — 1,224 — Consumer loans — — — — — All other loans — — — — — Total loans $ 11,293 $ 1,147 $ 841 $ 13,281 $ 186 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, on the basis of 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 based on rating category and payment activity as of December 31, 2023 (in thousands): Term Loans by Origination Year Revolving Risk rating 2023 2022 2021 2020 2019 Prior Loans Total December 31, 2023 Construction and land development loans Pass $ 68,086 $ 74,065 $ 27,392 $ 5,188 $ 10,795 $ 19,115 $ — $ 204,641 Special mention — — — — — — — — Substandard — — — — — 436 — 436 Total $ 68,086 $ 74,065 $ 27,392 $ 5,188 $ 10,795 $ 19,551 $ — $ 205,077 Current period gross writeoffs $ — $ — $ — $ — $ 14 $ — $ — $ 14 Agricultural real estate loans Pass $ 19,231 $ 164,812 $ 57,815 $ 53,249 $ 19,419 $ 71,189 $ — $ 385,715 Special mention 206 — 627 — 1,170 1,868 — 3,871 Substandard — — 371 — — 1,175 — 1,546 Total $ 19,437 $ 164,812 $ 58,813 $ 53,249 $ 20,589 $ 74,232 $ — $ 391,132 Current period gross writeoffs $ — $ — $ — $ — $ — $ — $ — $ — 1-4 family residential property loans Pass $ 66,119 $ 96,995 $ 79,085 $ 73,073 $ 26,854 $ 105,257 $ 75,700 $ 523,083 Special mention — 967 3,184 — — 3,804 10 7,965 Substandard 152 759 460 396 288 8,865 501 11,421 Total $ 66,271 $ 98,721 $ 82,729 $ 73,469 $ 27,142 $ 117,926 $ 76,211 $ 542,469 Current period gross writeoffs $ 10 $ — $ — $ — $ 14 $ 63 $ — $ 87 Commercial real estate loans Pass $ 185,628 $ 680,099 $ 548,733 $ 317,075 $ 239,323 $ 701,464 $ — $ 2,672,322 Special mention 3,666 2,706 1,317 2,159 1,563 7,778 — 19,189 Substandard — 3,899 520 20 775 7,108 — 12,322 Total $ 189,294 $ 686,704 $ 550,570 $ 319,254 $ 241,661 $ 716,350 $ — $ 2,703,833 Current period gross writeoffs $ — $ — $ — $ — $ 25 $ — $ — $ 25 Agricultural loans Pass $ 147,993 $ 27,895 $ 10,044 $ 2,549 $ 1,883 $ 5,854 $ — $ 196,218 Special mention 6 10 — — 38 — — 54 Substandard — — — — — — — — Total $ 147,999 $ 27,905 $ 10,044 $ 2,549 $ 1,921 $ 5,854 $ — $ 196,272 Current period gross writeoffs $ — $ 276 $ — $ — $ — $ 132 $ — $ 408 Commercial and industrial loans Pass $ 290,304 $ 306,794 $ 232,198 $ 154,499 $ 73,906 $ 347,957 $ — $ 1,405,658 Special mention 1,047 1,857 9,982 562 597 28,900 — 42,945 Substandard — 537 791 58 29 750 — 2,165 Doubtful — — — — — — — — Total $ 291,351 $ 309,188 $ 242,971 $ 155,119 $ 74,532 $ 377,607 $ — $ 1,450,768 Current period gross writeoffs $ — $ 353 $ — $ 49 $ 20 $ 107 $ — $ 529 Consumer loans Pass $ 9,547 $ 40,225 $ 21,264 $ 10,387 $ 4,475 $ 4,035 $ — $ 89,933 Special mention — 26 — — — — — 26 Substandard 86 405 325 139 59 41 — 1,055 Total $ 9,633 $ 40,656 $ 21,589 $ 10,526 $ 4,534 $ 4,076 $ — $ 91,014 Current period gross writeoffs $ — $ 132 $ 208 $ 2 $ 20 $ 1,206 $ — $ 1,568 Total loans Pass $ 786,908 $ 1,390,885 $ 976,531 $ 616,020 $ 376,655 $ 1,254,871 $ 75,700 $ 5,477,570 Special mention 4,925 5,566 15,110 2,721 3,368 42,350 10 74,050 Substandard 238 5,600 2,467 613 1,151 18,375 501 28,945 Doubtful — — — — — — — — Total $ 792,071 $ 1,402,051 $ 994,108 $ 619,354 $ 381,174 $ 1,315,596 $ 76,211 $ 5,580,565 Current period gross writeoffs $ 10 $ 761 $ 208 $ 51 $ 93 $ 1,508 $ — $ 2,631 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 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 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 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 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 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 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 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 The following table presents the Company’s loan portfolio aging analysis at December 31, 2023 and 2022 (in thousands): Total 90 Days Loans > 90 30-59 days 60-89 days or More Total Total Loans days and Past Due Past Due Past Due Past Due Current Receivable Accruing December 31, 2023 Construction and land development $ — $ 585 $ 450 $ 1,035 $ 204,042 $ 205,077 $ — Agricultural real estate — — 1 1 391,131 391,132 — 1-4 family residential properties 3,054 530 1,018 4,602 537,867 542,469 — Multifamily residential properties 150 — 551 701 318,428 319,129 — Commercial real estate 819 74 3,765 4,658 2,380,046 2,384,704 — Loans secured by real estate 4,023 1,189 5,785 10,997 3,831,514 3,842,511 — Agricultural loans — — — — 196,272 196,272 — Commercial and industrial loans 673 73 1,531 2,277 1,263,882 1,266,159 — Consumer loans 983 162 330 1,475 89,539 91,014 — All other loans — — — — 184,609 184,609 — Total loans $ 5,679 $ 1,424 $ 7,646 $ 14,749 $ 5,565,816 $ 5,580,565 $ — 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 $ — Individually Evaluated Loans Within all loan portfolio segments, loans are considered impaired when, based on current information and events, it is probable the Company will be unable to collect all amounts due from the borrower in accordance with the contractual terms of the loan. The entire balance of a loan is considered delinquent if the minimum payment contractually required to be made is not received by the specified due date. Impaired loans, excluding certain troubled debt restructured loans, are placed on nonaccrual status. Impaired loans include nonaccrual loans and loans modified in troubled debt restructurings where concessions have been granted to borrowers experiencing financial difficulties. These concessions could include a reduction in the interest rate on the loan, payment extensions, forgiveness of principal, forbearance or other actions intended to maximize collection. It is the Company’s policy to have any restructured loans which are on nonaccrual status prior to being modified remain on nonaccrual status until, in the opinion of management, the financial position of the borrower indicates there is no longer any reasonable doubt as to the timely collection of interest or principal. If the restructured loan is on accrual status prior to being modified, the loan is reviewed to determine if the modified loan should remain on a |
Premises and Equipment, Net
Premises and Equipment, Net | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment, Net | Note 6 -- Premises and Equipment, Net Premises and equipment at December 31, 2023 and 2022 consisted of (in thousands): 2023 2022 Land $ 35,732 $ 27,982 Buildings and improvements 72,082 68,345 Furniture and equipment 27,518 25,498 Leasehold improvements 4,829 4,676 Construction in progress 2,751 1,538 Subtotal 142,912 128,039 Accumulated depreciation and amortization 41,516 37,566 Total $ 101,396 $ 90,473 Depreciation and amortization expense was $ 5.0 million , $ 4.9 million , and $ 4.4 million for the years ended December 31, 2023, 2022, and 2021 , respectively. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Note 7 -- 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 business lines acquired. The following table presents gross carrying amount and accumulated amortization by major intangible asset class as of December 31, 2023 and 2022 (in thousands): 2023 2022 Gross Accumulated Gross Accumulated Value Amortization Value Amortization Goodwill $ 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 34,966 45,355 28,432 Customer list intangibles 26,552 10,620 20,782 8,551 $ 309,733 $ 52,361 $ 213,324 $ 43,758 Goodwill of $ 50.1 million was recorded for the acquisition and merger of Blackhawk Bankcorp, Inc. during the third quarter of 2023. All this goodwill was assigned to the banking unit 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 ) Resulting goodwill from acquisition $ 50,097 Goodwill of $ 28.6 million was recorded for the acquisition and merger of Delta Bancshares Company during the first quarter of 2022. All this goodwill was assigned to the banking unit of the Company. 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 Resulting goodwill from acquisition $ 5,951 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 Resulting goodwill from acquisition $ 28,558 The unpaid principal balance of mortgage loans serviced for others was $ 641.2 million and $ 73.6 million at December 31, 2023 and 2022 , respectively. The following table summarizes the activity pertaining to the mortgage servicing rights included in intangible assets as of December 31, 2023 and 2022 (in thousands): December 31, 2023 December 31, 2022 Beginning balance $ 331 $ 420 Mortgage servicing rights acquired 7,070 — Valuation recovery ( 8 ) 108 Mortgage servicing rights amortized ( 524 ) ( 200 ) I/O strip ( 10 ) 3 Ending balance $ 6,859 $ 331 Total amortization expense for the years ended December 31, 2023, 2022, and 2021 was as follows (in thousands): 2023 2022 2021 Core deposit intangibles $ 6,534 $ 4,347 $ 3,176 Customer list intangibles 2,069 1,743 1,586 Mortgage servicing rights 524 200 629 $ 9,127 $ 6,290 $ 5,391 Estimated amortization expense for each of the five succeeding years is shown in the table below (in thousands): For year ended 12/31/24 $ 13,478 For year ended 12/31/25 12,158 For year ended 12/31/26 10,570 For year ended 12/31/27 9,351 For year ended 12/31/28 8,183 In accordance with the provisions of SFAS 142 ”Goodwill and Other Intangible Assets,” codified in ASC 350, the Company performed testing of goodwill for impairment during the year, and determined, as of each of these dates, that goodwill was not impaired. Management also concluded that the remaining amounts and amortization periods were appropriate for all intangible assets. The weighted average amortization period for core deposit, customer lists and total intangibles was 3.51 , 4.56 and 3.78 years respectively, at December 31, 2023 . |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2023 | |
Deposits [Abstract] | |
Deposits | Note 8 – Deposits As of December 31, 2023 and 2022, deposits consisted of the following (in thousands): 2023 2022 Demand deposits: Non-interest bearing $ 1,398,234 $ 1,256,514 Interest-bearing 1,837,296 1,389,283 Savings 710,586 636,699 Money market 1,129,950 1,267,726 Time deposits 1,047,593 706,779 Total deposits $ 6,123,659 $ 5,257,001 Total interest expense on deposits for the years ended December 31, 2023, 2022, and 2021 was as follows (in thousands): 2023 2022 2021 Interest-bearing demand $ 21,347 $ 4,315 $ 1,547 Savings 739 570 487 Money market 26,592 9,394 2,711 Time deposits 28,616 4,534 4,292 Total $ 77,294 $ 18,813 $ 9,037 As of December 31, 2023, 2022, and 2021, the aggregate amount of time deposits in denominations of more than $250,000 was as follows (in thousands): 2023 2022 2021 Time deposit balances in denominations of more than $250,000 $ 282,028 $ 138,056 $ 117,887 The following table shows the amount of maturities for all time deposits as of December 31, 2023 (in thousands): Less than 1 year $ 872,385 1 year to 2 years 93,316 2 years to 3 years 24,669 3 years to 4 years 46,962 4 years to 5 years 9,916 Over 5 years 345 Total $ 1,047,593 In 2023 the Company maintained account relationships with various public entities throughout its market areas. These public entities had total balances of approximately $ 381.3 million and $ 319.4 million in various checking accounts and time deposits as of December 31, 2023 and 2022 , respectively. These balances are subject to change depending upon the cash flow needs of the public entity. |
Repurchase Agreements and Other
Repurchase Agreements and Other Borrowings | 12 Months Ended |
Dec. 31, 2023 | |
Repurchase Agreements And Other Borrowings [Abstract] | |
Repurchase Agreements and Other Borrowings | Note 9 -- Repurchase Agreements and Other Borrowings As of December 31, 2023 and 2022 borrowings consisted of the following (in thousands): 2023 2022 Securities sold under agreements to repurchase $ 213,721 $ 221,414 Federal Home Loan Bank-overnight - 65,000 Federal Home Loan Bank (FHLB) fixed-term advances 263,787 400,071 Subordinated debt 106,755 94,553 Junior subordinated debentures 24,058 19,364 Total $ 608,321 $ 800,402 Aggregate annual maturities of FHLB advances and debt (excluding unamortized discounts and premiums) at December 31, 2023 are (in thousands): Subordinated Jr. Subordinated FHLB Debt Debentures 2024 $ 60,000 $ — $ — 2025 8,606 — 4,124 2026 25,000 — — 2027 50,000 — — 2028 100,000 — — Thereafter 20,000 111,000 21,651 263,606 111,000 25,775 Unamortized discount 181 ( 4,245 ) ( 1,717 ) $ 263,787 $ 106,755 $ 24,058 FHLB advances represent borrowings by First Mid Bank to fund loan demand. At December 31, 2023 the advances totaling $ 263.6 million were as follows: Advance Term (in years) Interest Rate Maturity Date $ 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 3,605,826 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 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 3.82 % 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 Securities sold under agreements to repurchase were $ 213.7 million at December 31, 2023, a decrease of $ 7.7 million from $ 221.4 million at December 31, 2022 primarily due to seasonal cash needs of customers. Securities sold under agreements to repurchase have overnight maturities and a weighted average rate of 2.93 % . (In thousands) 2023 2022 2021 Securities sold under agreements to repurchase: Maximum outstanding at any month-end $ 231,650 $ 257,061 $ 212,503 Average amount outstanding for the year 225,307 202,242 173,762 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. Repurchase agreements by class of collateral pledged are as follows (in thousands): December 31, 2023 December 31, 2022 US Treasury securities and obligations of U.S. government corporations and agencies $ 46,544 $ 47,775 Mortgage-backed securities: GSE: residential 167,177 173,639 Total $ 213,721 $ 221,414 At December 31, 2023, there was no outstanding loan balance on the revolving credit agreement with The Northern Trust Company. This loan was renewed on April 7, 2023 for one year as a revolving credit agreement with a maximum available balance of $ 15 million . The interest rate is floating at 2.25 % over the federal funds rate. The loan is secured by all the stock of First Mid Bank. Management believes that the Company and its subsidiary banks were in compliance with all the existing covenants at December 31, 2023 and 2022. On October 6, 2020, the Company issued and sold $ 96.0 million in aggregate principal amount of its 3.95 % Fixed-to-Floating Rate Subordinated Notes due 2030 (the “Notes”). The Notes were issued pursuant to the Indenture, dated as of October 6, 2020 (the “Base Indenture”), between the Company and U.S. Bank National Association, as trustee (the “Trustee”), as supplemented by the First Supplemental Indenture, dated as of October 6, 2020 (the “Supplemental Indenture”), between the Company and the Trustee. The Base Indenture, as amended and supplemented by the Supplemental Indenture, governs the terms of the Notes and provides that the Notes are unsecured, subordinated debt obligations of the Company and will mature on October 15, 2030 . From and including the date of issuance to, but excluding October 15, 2025, the Notes will bear interest at an initial rate of 3.95% per annum. From and including October 15, 2025 to, but excluding the maturity date or earlier redemption, the Notes will bear interest at a floating rate equal to three-month Term SOFR plus a spread of 383 basis points, or such other rate as determined pursuant to the Supplemental Indenture, provided that in no event shall the applicable floating interest rate be less than zero per annum. The Company may, beginning with the interest payment date of October 15, 2025, and on any interest payment date thereafter, redeem the Notes, in whole or in part, at a redemption price equal to 100% of the principal amount of the Notes to be redeemed plus accrued and unpaid interest to but excluding the date of redemption. The Company may also redeem the Notes at any time, including prior to October 15, 2025, at the Company’s option, in whole but not in part, if: (i) a change or prospective change in law occurs that could prevent the Company from deducting interest payable on the Notes for U.S. federal income tax purposes; (ii) a subsequent event occurs that could preclude the Notes from being recognized as Tier 2 capital for regulatory capital purposes; or (iii) the Company is required to register as an investment company under the Investment Company Act of 1940, as amended; in each case, at a redemption price equal to 100% of the principal amount of the Notes plus any accrued and unpaid interest to but excluding the redemption date. On August 15, 2023, the Company assumed subordinated notes from Blackhawk with an aggregate principal balance of $ 15.0 million that were issued by Blackhawk in May of 2021. The first $ 7.5 million of notes bear interest at a fixed rate of 3.50 % through the first redemption date of May 2026, in which the rate becomes floating, calculated at three-month SOFR plus 2.85 %, adjusted quarterly until maturity in May 2031 when the principal balance and any accrued and unpaid interest is due. The second $ 7.5 million in notes bear interest at a fixed rate of 3.875 % through the first redemption date of May 2031, in which the rate becomes floating, calculated at three-month SOFR plus 2.55 %, adjusted quarterly until maturity in May 2036 when the principal balance and any accrued and unpaid interest is due. The Company may redeem the notes, in whole or in part, at a redemption price equal to 100 % of the outstanding principal amount plus accrued and unpaid interest on any quarterly interest payment date after the first redemption date stated for each offering. On April 26, 2006, the Company completed the issuance and sale of $ 10 million of fixed/floating rate trust preferred securities through Trust II, a statutory business trust and wholly owned unconsolidated subsidiary of the Company, as part of a pooled offering. The Company established Trust II for the purpose of issuing the trust preferred securities. The $10 million in proceeds from the trust preferred issuance and an additional $ 310,000 for the Company’s investment in common equity of Trust II, a total of $ 10,310,000 , was invested in junior subordinated debentures of the Company. The underlying junior subordinated debentures issued by the Company to Trust II mature in 2036, bore interest at a fixed rate of 6.98% paid quarterly until June 15, 2011 and then converted to floating rate (LIBOR plus 160 basis points) after June 15, 2011 ( 7.25 % and 6.37 % at December 31, 2023 and 2022). The net proceeds to the Company were used for general corporate purposes, including the Company’s acquisition of Mansfield. On September 8, 2016, the Company assumed the trust preferred securities of Clover Leaf Statutory Trust I (“CLST I”), a statutory business trust that was a wholly owned unconsolidated subsidiary of First Clover Financial. The $ 4 million of trust preferred securities and an additional $ 124,000 additional investment in common equity of CLST I, is invested in junior subordinated debentures issued to CLST I. The subordinated debentures mature in 2025, bear interest at three-month LIBOR plus 185 basis points ( 7.50 % and 6.47 % at December 31, 2023 and 2022, respectively) and resets quarterly. On May 1, 2018, the Company assumed the trust preferred securities of FBTC Statutory Trust I (“FBTCST I”), a statutory business trust that was a wholly owned unconsolidated subsidiary of First BancTrust Corporation. The $ 6 million of trust preferred securities and an additional $ 186,000 additional investment in common equity of FBTCST I is invested in junior subordinated debentures issued to FBTCST I. The subordinated debentures mature in 2035, bear interest at three-month LIBOR plus 170 basis points ( 7.35 % and 6.62 % at December 31, 2023 and 2022, respectively) and resets quarterly. On August 15, 2023, the Company assumed the trust preferred securities of Blackhawk Statutory Trust I (“BHST I”), a special purpose entity that was formed solely to hold the subordinated debentures and a wholly owned unconsolidated subsidiary of Blackhawk Bancorp,Inc. The initial $ 7.2 million of subordinated debentures was capitalized by issuing $ 7.0 million of preferred securities and $ 217,000 of common ownership shares in December of 2002. Blackhawk purchased 100 % of the common ownership shares and the preferred shares were issued to unrelated parties. In December 2007, Blackhawk redeemed $ 6.2 million of the originally issued subordinated debentures and the terms are identical to the common and preferred securities. Distributions are paid quarterly. Cumulative cash distributions are calculated at three-month LIBOR plus 325 basis points ( 8.87 % at December 31, 2023 ) and resets quarterly. The Company may, at one or more times defer interest payment on the subordinated debentures for up to 20 consecutive quarters, but not beyond December 26, 2032. At the end of any deferral period, all accumulated and unpaid distributions will be paid. The subordinated debentures, if still outstanding, must by redeemed by December 26, 2032. The Company has the option to redeem the debentures on a quarterly basis at par plus any accrued and unpaid distribution to the date of redemptions. On August 15, 2023, the Company assumed the trust preferred securities of Blackhawk Statutory Trust II (“BHST II”), a special purpose entity that was formed solely to hold the subordinated debentures and a wholly owned unconsolidated subsidiary of Blackhawk Bancorp,Inc. The initial $ 4.1 million of subordinated debentures was capitalized by issuing $ 4.0 million of preferred securities and $ 124,000 of common ownership shares in March 2005. Blackhawk purchased 100 % of the common ownership shares and the preferred shares were issued to unrelated parties. Distributions are paid quarterly. Cumulative cash distributions are calculated at three-month LIBOR plus 205 basis points ( 7.69 % at December 31, 2023 ) and resets quarterly. The Company may, at one or more times defer interest payment on the subordinated debentures for up to 20 consecutive quarters, but not beyond March 17, 2035. At the end of any deferral period, all accumulated and unpaid distributions will be paid. The subordinated debentures, if still outstanding, must by redeemed by March 17, 2035. The Company has the option to redeem the debentures on a quarterly basis at par plus any accrued and unpaid distribution to the date of redemptions. The trust preferred securities issued by Trust II, CLST I, FBTCSTI, BHST I, and BHST II are included as Tier 1 capital of the Company for regulatory capital purposes. On March 1, 2005, the Federal Reserve Board adopted a final rule that allows the continued limited inclusion of trust preferred securities in the calculation of Tier 1 capital for regulatory purposes. The final rule provided a five-year transition period, ending September 30, 2010, for application of the revised quantitative limits. On March 17, 2009, the Federal Reserve Board adopted an additional final rule that delayed the effective date of the new limits on inclusion of trust preferred securities in the calculation of Tier 1 capital until March 31, 2012. The application of the revised quantitative limits did not and is not expected to have a significant impact on its calculation of Tier 1 capital for regulatory purposes or its classification as well-capitalized. The Dodd-Frank Act, signed into law July 21, 2010, removes trust preferred securities as a permitted component of a holding company’s Tier 1 capital after a three-year phase-in period beginning January 1, 2013 for larger holding companies. For holding companies with less than $15 billion in consolidated assets, existing issues of trust preferred securities are grandfathered and not subject to this new restriction. Similarly, the final rule implementing the Basel III reforms allows holding companies with less than $15 billion in consolidated assets as of December 31, 2009 to continue to count toward Tier 1 capital any trust preferred securities issued before May 19, 2010. New issuances of trust preferred securities, however would not count as Tier 1 regulatory capital. In addition to requirements of the Dodd-Frank Act discussed above, the act also required the federal banking agencies to adopt rules that prohibit banks and their affiliates from engaging in proprietary trading and investing in and sponsoring certain unregistered investment companies (defined as hedge funds and private equity funds). This rule is generally referred to as the “Volcker Rule.” On December 10, 2013, the federal banking agencies issued final rules to implement the prohibitions required by the Volcker Rule. Following the publication of the final rule, and in reaction to concerns in the banking industry regarding the adverse impact the final rule’s treatment of certain collateralized debt instruments has on community banks, the federal banking agencies approved an interim final rule to permit banking entities to retain interests in certain collateralized debt obligations backed primarily by trust preferred securities. Under the interim final rule, the agencies permit the retention of an interest in or sponsorship of covered funds by banking entities under $15 billion in assets if (1) the collateralized debt obligation was established and issued prior to May 19, 2010, (2) the banking entity reasonably believes that the offering proceeds received by the collateralized debt obligation were invested primarily in qualifying trust preferred collateral, and (3) the banking entity’s interests in the collateralized debt obligation was acquired on or prior to December 10, 2013. Although the Volcker Rule impacts many large banking entities, the Company does not currently anticipate that the Volcker Rule will have a material effect on the operations of the Company or First Mid Bank. |
Regulatory Capital
Regulatory Capital | 12 Months Ended |
Dec. 31, 2023 | |
Regulatory Capital [Abstract] | |
Regulatory Capital | Note 10 -- Regulatory Capital The Company is subject to various regulatory capital requirements administered by the federal banking agencies. Bank holding companies follow minimum regulatory requirements established by the Board of Governors of the Federal Reserve System (“Federal Reserve System”), and First Mid Bank follow similar minimum regulatory requirements established for national banks by the Office of the Comptroller of the Currency (“OCC”). Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary action by regulators that, if undertaken, could have a direct material effect on the Company’s financial statements. Quantitative measures established by each regulatory capital standards to ensure capital adequacy require the Company and its subsidiary bank to maintain a minimum capital amounts and ratios (set forth in the table below). Management believes that, as of December 31, 2023 and 2022, the Company and First Mid Bank all capital adequacy requirements. As of December 31, 2023 and 2022, the most recent notification from the primary regulators categorized First Mid Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized, minimum total risk-based capital, Tier 1 risk-based capital, Common Equity Tier 1 risk-based capital, and Tier 1 leverage ratios must be maintained as set forth in the table below. At December 31, 2023, there were no conditions or events since the most recent notification that management believes have changed this categorization. Actual Required Minimum For Capital Adequacy Purposes with Capital Buffer To Be Well-Capitalized Under Prompt Corrective Action Provisions (Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio December 31, 2023 Total capital (to risk-weighted assets) Company $ 894,259 14.84 % $ 632,724 > 10.50 % N/A N/A First Mid Bank 854,235 14.22 % 630,581 > 10.50 % $ 600,553 > 10.00 % Tier 1 capital (to risk-weighted assets) Company 724,186 12.02 % 512,205 > 8.50 % N/A N/A First Mid Bank 790,917 13.17 % 510,470 > 8.50 % 480,443 > 8.00 % Common equity tier 1 capital (to risk-weighted assets) Company 700,128 11.62 % 421,816 > 7.00 % N/A N/A First Mid Bank 790,917 13.17 % 420,387 > 7.00 % 390,360 > 6.50 % Tier 1 capital (to average assets) Company 724,186 9.33 % 310,587 > 4.00 % N/A N/A First Mid Bank 790,917 10.23 % 309,151 > 4.00 % 386,439 > 5.00 % December 31, 2022 Total capital (to risk-weighted assets) Company $ 801,966 15.20 % $ 554,164 > 10.50 % N/A N/A First Mid Bank 745,624 14.18 % 552,161 > 10.50 % $ 525,868 > 10.00 % Tier 1 capital (to risk-weighted assets) Company 654,453 12.40 % 448,609 > 8.50 % N/A N/A First Mid Bank 692,664 13.17 % 446,987 > 8.50 % 420,694 > 8.00 % Common equity tier 1 capital (to risk-weighted assets) Company 635,089 12.03 % 369,442 > 7.00 % N/A N/A First Mid Bank 692,664 13.17 % 368,107 > 7.00 % 341,814 > 6.50 % Tier 1 capital (to average assets) Company 654,453 9.68 % 268,875 > 4.00 % N/A N/A First Mid Bank 692,664 10.22 % 270,990 > 4.00 % 338,738 > 5.00 % The Company's risk-weighted assets, capital and capital ratios for December 31, 2023 and 2022 were computed in accordance with Basel III capital rules which were effective January 1, 2015. Prior periods were computed following previous rules. See heading "Basel III" in the Overview section of this report for a more detailed description of Basel III rules. As of December 31, 2023 and 2022 , the Company and First Mid Bank had capital ratios above the required minimums for regulatory capital adequacy, and First Mid Bank had capital ratios that qualified it for treatment as well-capitalized under the regulatory framework for prompt corrective action with respect to banks. |
Disclosures of Fair Values of F
Disclosures of Fair Values of Financial Instruments | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Disclosures of Fair Values of Financial Instruments | Note 11 -- Disclosures of Fair Values of Financial Instruments 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 independently sources 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. Equity Securities. The fair value of current equity securities is determined by obtaining quoted market prices in an active market and are classified within Level 1. In cases where quoted market prices are not available, fair values are estimated by using quoted prices of securities with similar characteristics and are 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 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 December 31, 2023 and 2022 (in thousands): Fair Value Measurements Using: Quoted Prices in Significant Significant Active Markets Other Unobservable for Identical Observable Inputs Fair Value Assets (Level 1) Inputs (Level 2) (Level 3) December 31, 2023 Available-for-sale securities: U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 211,656 $ — $ 211,656 $ — Obligations of states and political subdivisions 288,616 — 288,616 — Mortgage-backed securities 602,300 — 602,300 — Other securities 69,000 — 62,837 6,163 Total available-for-sale securities 1,171,572 — 1,165,409 6,163 Equity securities 4,074 4,074 — — Loans held for sale 4,980 — 4,980 — Derivative assets: interest rate swaps 3,166 — 3,166 — Total assets $ 1,183,792 $ 4,074 $ 1,173,555 $ 6,163 Derivative liabilities: interest swaps $ 2,217 $ — $ 2,217 $ — 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 — — Derivative assets: interest rate swaps 4,253 — 4,253 — Total assets $ 1,223,549 $ 311 $ 1,213,988 $ 9,250 Derivative liabilities: interest 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 years ended December 31, 2023 and 2022 is summarized as follows (in thousands): Obligations of State and Political Subdivisions Other Total December 31, 2023 Beginning balance $ — $ 9,250 $ 9,250 Transfers into Level 3 — 1,163 1,163 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 $ — $ 6,163 $ 6,163 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 $ — $ — $ — December 31, 2022 Beginning balance $ 99 $ — $ 99 Transfers into Level 3 — 9,250 9,250 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 $ — $ 9,250 $ 9,250 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. Impaired 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 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 December 31, 2023 was $ 1.2 million and a fair value of $ 1.0 million resulting in specific loss exposures of $ 0.2 million . As of December 31, 2022, the total carrying amount of loans for which a change specific allowance has occurred was $ 3.3 million . These loans had a fair value of $ 2.5 million which resulted in specific loss exposures of $ 0.8 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 December 31, 2023 was $ 1.2 million . Other real estate owned included in the total carrying amount and measured at fair value on a nonrecurring basis during the year amounted to $ 24,000 . The total carrying amount of other real estate owned as of December 31, 2022 was $ 4.3 million . Other real estate owned included in the total carrying amount and measured at fair value on a nonrecurring basis during the year amounted to $ 0.0 million . 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 December 31, 2023 and 2022 (in thousands): Fair Value Measurements Using Quoted Prices in Active Significant Significant Markets for Other Unobservable Identical Assets Observable Inputs Inputs Fair Value (Level 1) (Level 2) (Level 3) December 31, 2023 Collateral dependent loans $ 1,028 $ — $ — $ 1,028 Foreclosed assets held for sale 24 — — 24 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 December 31, 2023. Fair Value Valuation Range (in thousands) Technique Unobservable Inputs (Weighted Average) Collateral dependent loans $ 1,028 Third party valuations Discount to reflect realizable value 0 % - 40 % ( 20 %) Foreclosed assets held for sale 24 Third party valuations Discount to reflect realizable value less estimated selling costs 0 % - 40 % ( 35 %) The following table presents quantitative information about unobservable inputs used in Level 3 fair value measurements other than goodwill at December 31, 2022. Fair Value Valuation Range (in thousands) Technique Unobservable Inputs (Weighted Average) Collateral dependent loans $ 2,548 Third party valuations Discount to reflect realizable value 0 % - 40 % ( 20 %) Foreclosed assets held for sale — Third party valuations Discount to reflect realizable value less estimated selling costs 0 % - 40 % ( 35 %) The following tables present estimated fair values of the Company’s financial instruments at December 31, 2023 and 2022 (in thousands): Carrying Fair Amount Value Level 1 Level 2 Level 3 December 31, 2023 Financial assets Cash and due from banks $ 134,082 $ 134,082 $ 134,082 $ — $ — Federal funds sold 8,982 8,982 8,982 — — Certificates of deposit investments 1,470 1,470 — 1,470 — Available-for-sale securities 1,171,572 1,171,572 — 1,165,409 6,163 Held-to-maturity securities 2,286 2,286 2,286 — — Equity securities 4,074 4,074 4,074 — — Loans held for sale 4,980 4,980 — 4,980 — Loans net of allowance for credit losses 5,506,910 5,235,525 — — 5,235,525 Interest receivable 35,082 35,082 — 35,082 — Federal Reserve Bank stock 19,855 19,855 — 19,855 — Federal Home Loan Bank stock 9,758 9,758 — 9,758 — Financial liabilities Deposits $ 6,123,659 $ 6,042,277 $ — $ 5,076,066 $ 966,211 Securities sold under agreements to repurchase 213,721 213,714 — 213,714 — Interest payable 5,437 5,437 — 5,437 — Federal Home Loan Bank borrowings 263,787 261,206 — 261,206 — Subordinated debentures 106,755 102,018 — 102,018 — Junior subordinated debentures 24,058 21,524 — 21,524 — 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 2,954 2,954 2,954 — — Equity securities 311 311 311 — — Loans held for sale 338 338 — 338 — Loans net of allowance for credit losses 4,766,781 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 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 — Subordinated debentures 94,553 87,977 — 87,977 — Junior subordinated debentures 19,364 17,164 — 17,164 — |
Deferred Compensation Plan
Deferred Compensation Plan | 12 Months Ended |
Dec. 31, 2023 | |
Deferred Compensation Plan [Abstract] | |
Deferred Compensation Plan | Note 12 -- Deferred Compensation Plan The Company follows the provisions of ASC 710, for purposes of the First Mid Bancshares, Inc. Amended and Restated Deferred Compensation Plan (“DCP”). At December 31, 2023, the Company classified the cost basis of its common stock issued and held in trust in connection with the DCP of approximately $ 5.2 million as treasury stock. The Company also classified the cost basis of its related deferred compensation obligation of approximately $ 5.2 million as an equity instrument (deferred compensation). The DCP was effective as of June 1984. The purpose of the DCP is to enable directors, advisory directors, and key employees the opportunity to defer a portion of the fees and cash compensation paid by the Company as a means of maximizing the effectiveness and flexibility of compensation arrangements. The Company invests all participants’ deferrals in shares of common stock. Dividends paid on the shares are credited to participants’ DCP accounts and invested in additional shares. During 2023 and 2022, the Company issued 0 common shares and 8,378 common shares, respectively, pursuant to the DCP. The Company also maintains deferred compensation arrangements that were acquired in the Soy Capital acquisition. Individual participants in the agreements are primarily business development employees in the First Mid Insurance and First Mid Wealth Management divisions. The total liabilities associated with these agreements are included in other liabilities on the Company's consolidated balance sheets as of December 31, 2023 and 2022 . |
Stock Incentive Plan
Stock Incentive Plan | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock Incentive Plan | Note 13 -- Stock Incentive Plan At the Annual Meeting of Stockholders held April 26, 2017, the stockholders approved the 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. A maximum of 149,983 shares are authorized under the SI Plan. There have been no options awarded since 2008. All previously issued, unexercised options expired on December 16, 2018. The Company awarded 45,986 , 63,150 and 48,575 shares (under the 2017 Stock Incentive Plan) during 2023, 2022, and 2021, respectively, as stock and stock unit awards. The following table summarizes the compensation cost, net of forfeitures, related to stock-based compensation for the years ended December 31, 2023, 2022, and 2021 (in thousands): 2023 2022 2021 Stock and stock unit awards: Pre-tax compensation expense $ 1,656 $ 1,874 $ 1,304 Income tax benefit ( 348 ) ( 394 ) ( 274 ) Total share-based compensation expense, net of income taxes $ 1,308 $ 1,480 $ 1,030 The following table summarizes non-vested stock and stock unit activity for the years ended December 31, 2023, 2022, and 2021: 2023 2022 2021 Weighted-avg Weighted-avg Weighted-avg Grant-date Grant-date Grant-date Shares Fair Value Shares Fair Value Shares Fair Value Nonvested, beginning of year 82,048 $ 37.41 62,040 $ 34.27 42,220 $ 34.62 Granted 45,986 27.64 63,150 41.07 48,575 34.42 Vested ( 49,525 ) ( 34.88 ) ( 40,759 ) ( 38.20 ) ( 28,355 ) ( 35.02 ) Forfeited ( 1,769 ) ( 35.15 ) ( 2,383 ) ( 39.35 ) ( 400 ) ( 34.34 ) Nonvested, end of year 76,740 $ 33.24 82,048 $ 37.41 62,040 $ 34.27 Fair value of shares vested $ 1,727,554 $ 1,556,870 $ 993,094 The fair value of the awards is amortized to compensation expense over the vesting periods of the awards ( four years for restricted stock unit awards and three years for restricted stock awards) and is based on the market price of the Company’s common stock at the date of grant multiplied by the number of shares granted that are expected to vest. As of December 31, 2023, 2022, and 2021, there was $ 1.5 million , $ 2.6 million , and $ 1.7 million , respectively, of total unrecognized compensation cost related to unvested stock and stock unit awards under the SI Plan. |
Retirement Plans
Retirement Plans | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Retirement Plans | Note 14 -- Retirement Plans The Company has a defined contribution retirement plan which covers substantially all employees, which provides a Company matching contribution of up to 100% of the first 3% and 50% of the next 2% of pre-tax contributions made by each participant. Employee contributions are limited to the 402(g) limit of compensation. The total expense for the plan amounted to $ 4.0 million , $ 3.9 million and $ 3.6 million in 2023, 2022, and 2021 , respectively. The Company also has an agreement in place to pay $ 50,000 annually for 20 years from the retirement date to a senior officer that retired December 31, 2013. Total expense under this agreement amounted to $ 24,000 , $ 24,000 and $ 27,000 in 2023, 2022, and 2021 respectively. The current liability recorded for this agreement was $ 368,000 and $ 394,000 , as of December 31, 2023 and 2022 , respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 15 -- Income Taxes The components of federal and state income tax expense for the years ended December 31, 2023, 2022, and 2021 were as follows (in thousands): 2023 2022 2021 Current Federal $ 2,189 $ 14,401 $ 12,269 State 542 6,171 6,384 Total current 2,731 20,572 18,653 Deferred Federal 12,585 ( 2,005 ) ( 2,562 ) State 4,154 ( 227 ) ( 793 ) Total deferred 16,739 ( 2,232 ) ( 3,355 ) Total $ 19,470 $ 18,340 $ 15,298 Recorded income tax expense differs from the expected tax expense (computed by applying the applicable statutory U.S. federal tax rate of 21 % to income before income taxes). The principal reasons for the difference are as follows (in thousands): 2023 2022 2021 Expected income taxes $ 18,565 $ 19,172 $ 14,025 Effects of: Tax-exempt income from bank owned life insurance ( 1,035 ) ( 659 ) ( 575 ) Other tax exempt income ( 2,416 ) ( 2,497 ) ( 2,072 ) Nondeductible interest expense 799 255 17 State taxes, net of federal taxes 3,710 4,695 4,417 Other items ( 153 ) ( 2,525 ) ( 514 ) Effect of marginal tax rate — ( 101 ) — Total $ 19,470 $ 18,340 $ 15,298 Tax expense recorded by the Company during 2023 included interest or penalties of approximately $ 307,000 . Tax expense recorded by the Company during 2022 did no t include any interest or penalties. Tax expense recorded by the Company during 2021 included interest of approximately $ 2,100 . Tax returns filed with the Internal Revenue Service, Illinois Department of Revenue and various other state jurisdictions are subject to review by law under a three-year statute of limitations. The Company is no longer subject to U.S. federal or state income tax examinations by tax authorities for years before 2020. The tax effects of the temporary differences that gave rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2023 and 2022 are presented below (in thousands): 2023 2022 Deferred tax assets: Allowance for credit losses $ 18,955 $ 16,248 Available-for-sale investment securities 55,722 61,880 Deferred compensation 4,128 4,157 Supplemental retirement 519 492 Deferred loan costs 222 302 Stock compensation expense 82 147 Deferred revenue 283 349 Purchase accounting 5,326 795 Acquisition costs 152 179 Lease liability 3,975 4,381 Other 1,305 823 Total gross deferred tax assets 90,669 89,753 Less valuation allowance ( 988 ) — Net deferred tax asset 89,681 89,753 Deferred tax liabilities: Intangibles amortization 6,432 6,398 Prepaid expenses 1,576 1,418 FHLB stock dividend 22 22 Deferred expenses 104 104 Depreciation 5,367 4,911 Accumulated accretion 244 245 Mortgage servicing rights 1,874 91 Right of use asset 3,891 4,310 Other 104 — Total gross deferred tax liabilities 19,614 17,499 Deferred tax assets, net $ 70,067 $ 72,254 As of December 31, 2023 , the Company recorded a partial valuation allowance of $ 988,000 on the available-for-sale investments recorded in purchase accounting which management believes is more likely than not that the deferred tax asset will not be fully realized. No valuation allowance related to deferred tax assets was recorded at December 31, 2022 . |
Dividend Restrictions
Dividend Restrictions | 12 Months Ended |
Dec. 31, 2023 | |
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments [Abstract] | |
Dividend Restrictions | Note 16 -- Dividend Restrictions The National Bank Act imposes limitations on the amount of dividends that may be paid by a national bank, such as First Mid Bank. Generally, a national bank may pay dividends out of its undivided profits, in such amounts and at such times as the bank’s board of directors deems prudent. Without prior OCC approval, however, a national bank may not pay dividends in any calendar year which, in the aggregate, exceed the bank’s year-to-date net income plus the bank’s adjusted retained net income for the two preceding years. Factors that could adversely affect First Mid Bank’s net income include other-than- temporary impairment on investment securities that result in credit losses and economic conditions in industries where there are concentrations of loans outstanding that result in impairment of these loans and, consequently loan charges and the need for increased allowances for losses. See “Item 1A. Risk Factors,” Note 4 – “Investment Securities” and Note 5 – “Loans” for a more detailed discussion of the factors. The payment of dividends by any financial institution or its holding company is affected by the requirement to maintain adequate capital pursuant to applicable capital adequacy guidelines and regulations, and a financial institution generally is prohibited from paying any dividends if, following payment thereof, the institution would be undercapitalized. As described above, First Mid Bank exceeded their minimum capital requirements under applicable guidelines as of December 31, 2023. As of December 31, 2023, approximately $ 82.1 million was available to be paid as dividends to the Company by First Mid Bank. Notwithstanding the availability of funds for dividends, however, the OCC may prohibit the payment of any dividends by First Mid Bank if the OCC determines that such payment would constitute an unsafe or unsound practice. |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | Note 17 -- Commitments and Contingent Liabilities First Mid Bank enters into financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include lines of credit, letters of credit and other commitments to extend credit. Each of these instruments involves, to varying degrees, elements of credit, interest rate and liquidity risk in excess of the amounts recognized in the consolidated balance sheets. The Company uses the same credit policies and requires similar collateral in approving lines of credit and commitments and issuing letters of credit as it does in making loans. The exposure to credit losses on financial instruments is represented by the contractual amount of these instruments. However, the Company does not anticipate any losses from these instruments. The off-balance sheet financial instruments whose contract amounts represent credit risk at December 31, 2023 and 2022 were as follows (in thousands): 2023 2022 Unused commitments and lines of credit: Commercial real estate $ 219,117 $ 147,702 Commercial operating 681,360 655,676 Home equity 104,142 63,570 Other 311,907 307,030 Total $ 1,316,526 $ 1,173,978 Standby letters of credit $ 17,401 $ 10,162 Commitments to originate credit represent approved commercial, residential real estate and home equity loans that generally are expected to be funded within ninety days . Lines of credit are agreements by which the Company agrees to provide a borrowing accommodation up to a stated amount as long as there is no violation of any condition established in the loan agreement. Both commitments to originate credit and lines of credit generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the lines and some commitments are expected to expire without being drawn upon, the total amounts do not necessarily represent future cash requirements. Standby letters of credit are conditional commitments issued by the Company to guarantee the financial performance of customers to third parties. Standby letters of credit are primarily issued to facilitate trade or support borrowing arrangements and generally expire in one year or less . The credit risk involved in issuing letters of credit is essentially the same as that involved in extending credit facilities to customers. The maximum amount of credit that would be extended under letters of credit is equal to the total off-balance sheet contract amount of such instrument at December 31, 2023 and 2022. The Company's deferred revenue under standby letters of credit was nominal. The Company is also subject to claims and lawsuits that arise primarily in the ordinary course of business. It is the opinion of management that the disposition of 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. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 18 -- Related Party Transactions Certain officers, directors and principal stockholders of the Company and its subsidiaries, their immediate families or their affiliated companies (“related parties”) have loans with one or more of the subsidiaries. These loans are made in the ordinary course of business on substantially the same terms, including interest and collateral, as those prevailing for comparable transactions with others. Loans to related parties totaled approximately $ 248.7 million and $ 169.7 million at December 31, 2023 and 2022, respectively. Activity during 2023 and 2022 was as follows (in thousands): 2023 2022 Beginning balance $ 169,684 $ 123,614 New loans 195,711 135,464 Loan repayments ( 116,697 ) ( 89,394 ) Ending balance $ 248,698 $ 169,684 Deposits from related parties held by First Mid Bank at December 31, 2023 and 2022 totaled $ 37.7 million and $ 31.2 million , respectively. |
Business Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 2023 | |
Business Combinations [Abstract] | |
Business Combinations | Note 19 -- Business Combinations 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 20,703 Core deposit intangible 34,590 Income tax receivable 2,077 Deferred tax asset 22,152 Mortgage servicing rights 7,070 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): Twelve months ended December 31, 2023 2022 Net interest income $ 229,317 $ 239,748 Provision for credit losses 7,320 3,856 Non-interest income 95,660 89,575 Non-interest expense 223,354 219,646 Income before income taxes 94,303 105,821 Income tax expense 20,744 21,297 Net income available to common stockholders $ 73,559 $ 84,524 Earnings per share Basic $ 3.38 $ 3.60 Diluted $ 3.36 $ 3.59 Basic weighted average shares outstanding 21,780,217 24,459,299 Diluted weighted average shares outstanding 21,868,788 23,533,857 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 $ 8.2 million during the year ended December 31, 2023 and no related acquisition costs were incurred during the year December 31, 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 $ 28.6 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 Book As Recorded by Value Adjustments First Mid 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 and stockholders' equity 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 Total consideration paid $ 107,322 The Company has recognized approximately $ 2.5 million, pre-tax, of acquisition costs for the Delta Merger. Of this amount, $ 2.2 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): Twelve months ended December 31, 2022 2021 Net interest income $ 187,075 $ 147,387 Provision for credit losses 4,806 14,679 Non-interest income 74,799 53,371 Non-interest expense 165,062 132,086 Income before income taxes 92,006 53,993 Income tax expense 18,508 12,321 Net income available to common stockholders $ 73,498 $ 41,672 Earnings per share Basic $ 3.64 $ 2.07 Diluted $ 3.63 $ 2.07 Basic weighted average shares outstanding 20,169,077 20,111,889 Diluted weighted average shares outstanding 20,243,635 20,164,909 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Leases | Note 20 -- Leases Effective January 1, 2019, the Company adopted ASU 2016-02 Leases (Topic 842). As of December 31, 2023 , substantially all of the Company's leases are operating leases for real estate property 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, an entity 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 needs to reassess initial direct costs for any existing leases. The Company 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 not to 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 the 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): 2023 2022 Operating lease right-of-use assets $ 14,306 $ 15,774 Operating lease liabilities 14,615 16,035 Weighted-average remaining lease term (in years) 4.9 5.8 Weighted-average discount rate 3.21 % 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. Future minimum lease payments under operating leases are (in thousands): Operating Leases 2024 $ 3,001 2025 2,535 2026 2,373 2027 2,146 2028 1,551 Thereafter 4,872 Total minimum lease payments 16,478 Less imputed interest ( 1,863 ) Total lease liability $ 14,615 The components of lease expense for the twelve months ended December 31, 2023 and 2022 were as follows (in thousands): 2023 2022 Operating lease cost $ 3,280 $ 3,040 Short-term lease cost 84 75 Variable lease cost 821 720 Total lease cost 4,185 3,835 Income from subleases ( 382 ) ( 369 ) Net lease cost $ 3,803 $ 3,466 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): 2023 2022 Operating cash flows from operating leases $ 3,263 $ 3,061 |
Derivatives
Derivatives | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | Note 21 -- Derivatives The Company utilizes interest rate swaps, designated as fair value hedges, to mitigate the risk of changing interest rates on the fair value of fixed rate loans. 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 value of outstanding derivatives designated as hedging instruments as of December 31, 2023 and 2022 (in thousands): Weighted Average Balance Sheet Remaining Maturity Notional Estimated Derivative Location (Years) Amount Value December 31, 2023 Interest rate swap agreements Other liabilities 5.3 $ 12,976 $ ( 2,217 ) December 31, 2022 Interest rate swap agreements Other liabilities 6.3 $ 13,448 $ ( 3,100 ) The effects of fair value hedges on the Company's income statement during the twelve months ended December 31, 2023 and 2022 were as follows (in thousands): Derivative Location of Gain (Loss) on Derivative 2023 2022 Interest rate swap agreements Interest income on loans $ ( 204 ) $ 1,819 Derivative Location of Gain (Loss) on Hedged Items 2023 2022 Interest rate swap agreements Interest income on loans $ 204 $ ( 1,819 ) As of December 31, 2023 and 2022, the following amounts were recorded on the balance sheet related to the cumulative basis adjustment for fair value hedges (in thousands): Cumulative Amount of Fair Value Hedging Line Item in the Balance Sheet in Carrying Amount of Adjustments Included in the Carrying Which the Hedge Items are Included the Hedged Assets Amount of the Hedged Assets December 31, 2023 Loans $ 12,027 $ ( 949 ) December 31, 2022 Loans $ 12,295 $ ( 1,153 ) Derivatives Not Designated as Hedging Instruments The following table provides the outstanding notional balances and fair value of outstanding derivatives not designated as hedging instruments as of December 31, 2023 and 2022 (in thousands): Weighted Average Balance Sheet Remaining Maturity Notional Estimated Location (Years) Amount Value December 31, 2023 Interest rate swap agreements Other assets 5.0 $ 30,688 $ 3,166 Interest rate swap agreements Other liabilities 5.0 30,688 ( 3,166 ) December 31, 2022 Interest rate swap agreements Other assets 5.0 $ 39,095 $ 4,253 Interest rate swap agreements Other liabilities 5.0 39,095 ( 4,253 ) |
Parent Company Only Financial S
Parent Company Only Financial Statements | 12 Months Ended |
Dec. 31, 2023 | |
Condensed Financial Information Disclosure [Abstract] | |
Parent Company Only Financial Statements | Note 22 -- Parent Company Only Financial Statements Presented below are condensed balance sheets, statements of income and cash flows for the Company (in thousands): First Mid Bancshares, Inc. (Parent Company) Balance Sheets December 31, 2023 2022 Assets Cash $ 9,968 $ 24,854 Premises and equipment, net 5,218 4,955 Investment in subsidiaries 907,989 714,237 Other assets 6,720 5,212 Total assets $ 929,895 $ 749,258 Liabilities and stockholders’ equity Liabilities Debt $ 130,813 $ 113,917 Other liabilities 5,878 2,186 Total liabilities 136,691 116,103 Stockholders’ equity 793,204 633,155 Total liabilities and stockholders’ equity $ 929,895 $ 749,258 First Mid Bancshares, Inc. (Parent Company) Statements of Income and Comprehensive Income (Loss) Years ended December 31, 2023 2022 2021 Income: Dividends from subsidiaries $ 51,213 $ 34,040 $ 28,075 Other income 87 542 9 Total income 51,300 34,582 28,084 Operating expenses 12,192 9,221 9,630 Income before income taxes and equity in undistributed earnings of subsidiaries 39,108 25,361 18,454 Income tax benefit 3,453 2,780 2,656 Income before equity in undistributed earnings of subsidiaries 42,561 28,141 21,110 Equity in undistributed earnings of subsidiaries 26,374 44,811 30,380 Net income 68,935 72,952 51,490 Other comprehensive income (loss), net of taxes 15,080 ( 150,676 ) ( 17,926 ) Comprehensive income (loss) $ 84,015 $ ( 77,724 ) $ 33,564 First Mid Bancshares, Inc. (Parent Company) Statements of Cash Flows Years ended December 31, 2023 2022 2021 Cash flows from operating activities: Net income $ 68,935 $ 72,952 $ 51,490 Adjustments to reconcile net income to net Cash provided by operating activities: Depreciation, amortization, accretion, net 265 218 350 Dividends received from subsidiary 51,213 34,040 28,075 Equity in undistributed earnings of subsidiaries ( 26,374 ) ( 44,811 ) ( 30,380 ) Increase in other assets ( 49,606 ) ( 208,359 ) ( 206,880 ) Increase (decrease) in other liabilities 1,526 ( 146 ) 1,760 Net cash provided by (used in) operating activities 45,959 ( 146,106 ) ( 155,585 ) Cash flows from investing activities: Net cash from (used in) business acquisition ( 41,827 ) 67,323 30,968 Net cash provided by (used in) investing activities ( 41,827 ) 67,323 30,968 Cash flows from financing activities: Proceeds from issuance of common stock 1,004 93,415 46,128 Payment to repurchase common stock ( 465 ) ( 340 ) ( 326 ) Direct expense related to capital transactions — ( 29 ) ( 206 ) Dividends paid on common stock ( 19,557 ) ( 17,830 ) ( 14,721 ) Net cash provided by (used in) financing activities ( 19,018 ) 75,216 30,875 Increase (decrease) in cash ( 14,886 ) ( 3,567 ) ( 93,742 ) Cash at beginning of year 24,854 28,421 122,163 Cash at end of year $ 9,968 $ 24,854 $ 28,421 |
Basis of Accounting and Conso_2
Basis of Accounting and Consolidation (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Accounting and Consolidation | The accompanying 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”), 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 Company operates as a single segment entity for financial reporting purposes. The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America. |
Acquisitions | 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. The Blackhawk Merger closed August 15, 2023 and Blackhawk Bank was merged into First Mid Bank on December 1, 2023. 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 will merge with and into Delta Merger Sub, whereupon the separate corporate existence of Delta will cease and Delta Merger Sub will continue 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 $ 15.2 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 on June 10, 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. |
Loan | Loans Loans are stated at the principal amount outstanding net of unearned discounts, unearned income, and the allowance for credit losses. Unearned income includes deferred loan origination fees reduced by loan origination costs and is amortized to interest income over the life of the related loan using methods that approximate the effective interest rate method. Interest on substantially all loans is credited to income based on the principal amount outstanding. The Company’s policy is to discontinue the accrual of interest income on any loan that becomes ninety days past due as to principal or interest or earlier when, in the opinion of management there is reasonable doubt as to the timely collection of principal or interest. Nonaccrual loans are returned to accrual status when, in the opinion of management, the financial position of the borrower indicates there is no longer any reasonable doubt as to the timely collectability of interest or principal. Loans expected to be sold are classified as held for sale in the consolidated financial statements and are recorded at the lower of aggregate cost or fair value, taking into consideration future commitments to sell the loans. |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires the Company to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. The Company uses estimates and employs the judgments of management in determining the amount of its allowance for credit losses and income tax accruals and deferrals, in its fair value measurements of investment securities, and in the evaluation of impairment of loans, goodwill, investment securities, and premises and equipment. As with any estimate, actual results could differ from these estimates. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for credit losses. In connection with the determination of the allowance for credit losses, management obtains independent appraisals for significant properties. |
Fair Value Measurements | Fair Value Measurements The fair value of a financial instrument is defined as the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The Company estimates the fair value of a financial instrument using a variety of valuation methods. Where financial instruments are actively traded and have quoted market prices, quoted market prices are used for fair value. When the financial instruments are not actively traded, other observable market inputs, such as quoted prices of securities with similar characteristics, may be used, if available, to determine fair value. When observable market prices do not exist, the Company estimates fair value. The Company’s valuation methods consider factors such as liquidity and concentration concerns. Other factors such as model assumptions, market dislocations, and unexpected correlations can affect estimates of fair value. Imprecision in estimating these factors can impact the amount of revenue or loss recorded. At the end of each quarter, the Company assesses the valuation hierarchy for each asset or liability measured. From time to time, assets or liabilities may be transferred within hierarchy levels due to changes in availability of observable market inputs to measure fair value at the measurement date. Transfers into or out of hierarchy levels are based upon the fair value at the beginning of the reporting period. A more detailed description of the fair values measured at each level of the fair value hierarchy can be found in Note 11 – “Disclosures of Fair Values of Financial Instruments.” |
Cash and Cash Equivalents and Certificates of Deposit Investments | Cash and Cash Equivalents For purposes of reporting cash flows, cash equivalents include non-interest bearing and interest-bearing cash and due from banks and federal funds sold. Generally, federal funds are sold for one-day periods. Certificates of Deposit Investments Certificates of deposit investments have original maturities of three to five years and are carried at cost. |
Investment Securities | Investment Securities The Company classifies its investments in debt securities as either held-to-maturity or available-for-sale in accordance with ASC 320. Securities classified as held-to-maturity are recorded at cost or amortized cost. Available-for-sale securities are carried at fair value. Fair value calculations are based on quoted market prices when such prices are available. If quoted market prices are not available, estimates of fair value are computed using a variety of techniques, including extrapolation from the quoted prices of similar instruments or recent trades for thinly traded securities, fundamental analysis, or through obtaining purchase quotes. Due to the subjective nature of the valuation process, it is possible that the actual fair values of these investments could differ from the estimated amounts, thereby affecting the financial position, results of operations and cash flows of the Company. If the estimated value of investments is less than the cost or amortized cost, the Company evaluates whether an event or change in circumstances has occurred that may have a significant adverse effect on the fair value of the investment. If such an event or change has occurred and the Company determines that the impairment is other-than-temporary, a further determination is made as to the portion of impairment that is related to credit loss. The impairment of the investment that is related to the credit loss is expensed in the period in which the event or change occurred. The remainder of the impairment is recorded in other comprehensive income (loss). |
Allowance for Credit Losses | Allowance for Credit Losses The Company believes the allowance for credit losses is the critical accounting policy that requires the most significant judgments and assumptions used in the preparation of its consolidated financial statements. An estimate of potential losses inherent in the loan portfolio is determined and an allowance for those losses is established by considering factors including historical loss rates, expected cash flows, and estimated collateral values. In assessing these factors, the Company uses organizational history and experience with credit decisions and related outcomes. The allowance for credit losses represents the best estimate of losses inherent in the existing loan portfolio. The allowance for credit losses is increased by the provision for credit losses charged to expense and reduced by loans charged off, net of recoveries. The Company evaluates the allowance for credit losses at least quarterly. If the underlying assumptions later prove to be inaccurate based on subsequent loss evaluations, the allowance for credit losses is adjusted. The Company estimates the appropriate level of allowance for credit losses by separately evaluating impaired and nonimpaired loans. A specific allowance is assigned to an impaired loan when expected cash flows or collateral do not justify the carrying amount of the loan. The methodology used to assign an allowance to a nonimpaired loan is more subjective. Generally, allowance for credit losses is measured on a collective (pool) basis for loans with similar risk characteristics. Historical credit loss experience provides the basis for the estimate of expected credit losses. For each pool, a historical loss rate is computed based on the average remaining contractual life of the pool. Adjustments to historical loss rates are made using qualitative factors relevant to each pool including merger & acquisition activity, economic conditions, changes in policies, procedures & underwriting, and concentrations. In addition, a twelve-month 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. Because the economic and business climate in any given industry or market, and its impact on any given borrower, can change rapidly, the risk profile of the loan portfolio is continually assessed and adjusted when appropriate. Notwithstanding these procedures, there still exists the possibility that the assessment could prove to be significantly incorrect and that an immediate adjustment to the allowance for credit losses would be required. |
Premises and Equipment | Premises and Equipment Premises and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization are charged to expense and determined principally by the straight-line method over the estimated useful lives of the assets. The estimated useful lives for each major depreciable classification of premises and equipment are as follows: Buildings and improvements 20 years to 40 years Leasehold improvements 5 years to 15 years Furniture and equipment 3 years to 7 years |
Goodwill and Intangible Assets | Goodwill and Intangible Assets The Company has goodwill from business combinations, identifiable intangible assets assigned to core deposit relationships and customer lists acquired, and intangible assets arising from the rights to service mortgage loans for others. Identifiable intangible assets generally arise from branches acquired that the Company accounted for as purchases. Such assets consist of the excess of the purchase price over the fair value of net assets acquired, with specific amounts assigned to core deposit relationships and customer lists primarily related to the insurance agency and Wealth Management Company. Intangible assets are amortized by the straight-line method over various periods up to fifteen years . Management reviews intangible assets for possible impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. In accordance with the provisions of SFAS No. 142, “ Goodwill and Other Intangible Assets ,” codified into ASC 350, the Company obtained an independent evaluation of its goodwill as of May 31, 2023 and also performed its annual testing of goodwill for impairment as of September 30, 2023 and each time 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. |
Other Real Estate Owned | Other Real Estate Owned Other real estate owned acquired through loan foreclosure is 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 temporarily 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. |
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. |
Federal Home Loan Bank Stock | Federal Home Loan Bank Stock Federal Home Loan Bank stock is a required investment for institutions that are members of the Federal Home Loan Bank system. The required investment in the common stock is based on a predetermined formula and carried at cost. |
Income Taxes | Income Taxes The Company and its subsidiaries file consolidated federal and state income tax returns with each organization computing its taxes on a separate company basis. Amounts provided for income tax expense are based on income reported for financial statement purposes rather than amounts currently payable under tax laws. Deferred tax assets and liabilities are recognized for future tax consequences attributable to the temporary differences existing between the financial statement carrying amounts of assets and liabilities and their respective tax basis, as well as operating loss and tax credit carry forwards. To the extent that current available evidence about the future raises doubt about the realization of a deferred tax asset, a valuation allowance is established. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized as an increase or decrease in income tax expense in the period in which such change is enacted. Additionally, the Company reviews its uncertain tax positions annually under FASB Interpretation No. 48 (FIN No. 48), “Accounting for Uncertainty in Income Taxes,” codified within ASC 740. An uncertain tax position is recognized as a benefit only if it is "more likely than not" that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount actually recognized is the largest amount of tax benefit that is greater than 50% likely to be recognized on examination. For tax positions not meeting the "more likely than not" test, no tax benefit is recorded. A significant amount of judgment is applied to determine both whether the tax position meets the "more likely than not" test as well as to determine the largest amount of tax benefit that is greater than 50% likely to be recognized. Differences between the position taken by management and that of taxing authorities could result in a reduction of a tax benefit or increase to tax liability, which could adversely affect future income tax expense. |
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 the 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. |
Wealth Management Assets | Wealth Management Assets Assets held in fiduciary or agency capacities by First Mid Wealth Management Company are not included in the consolidated balance sheets since such items are not assets of the Company or its subsidiaries. Fees from trust activities are recorded on a cash basis over the period in which the service is provided. Fees are a function of the market value of assets managed and administered, the volume of transactions, and fees for other services rendered, as set forth in the underlying client agreement with the First Mid Wealth Management Company. This revenue recognition involves the use of estimates and assumptions, including components that are calculated based on asset valuations and transaction volumes. Any out-of-pocket expenses or services not typically covered by the fee schedule for trust activities are charged directly to the trust account on a gross basis as trust revenue is incurred. First Mid Wealth Management Company managed assets totaling $ 6.1 billion and $ 5.3 billion at December 31, 2023 and 2022 , respectively. |
Treasury Stock | Treasury Stock Treasury stock is stated at cost. Cost is determined by the first-in, first-out method. |
Stock Incentive Awards | Stock Incentive Awards At the Annual Meeting of Stockholders held April 26, 2017, the stockholders approved the 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. A maximum of 149,983 shares of common stock may be issued under the SI Plan. The Company awarded 45,986 , 63,150 and 48,575 shares during 2023, 2022, and 2021 , respectively as stock and stock unit awards. |
Employee Stock Purchase Plan | Employee Stock Purchase Plan At the Annual Meeting of Stockholders held April 25, 2018, the stockholders approved the First Mid 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. As of December 31, 2023, 2022, and 2021, 38,989 , 23,055 and 11,748 shares, respectively were issued pursuant to the ESPP. As of December 31, 2023 , there were 506,272 shares unassigned but available to be issued under the ESPP. |
Leases | Leases Effective January 1, 2019, the Company adopted ASU 2016-02, Leases (Topic 842). As of December 31, 2023 substantially all the Company's leases are operating leases for real estate property for bank branches, ATM locations, and office space. For leases in effect 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. |
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 trust department. Fees are billed in arrears based upon the preceding period account balance. Revenue from the farm management department is recorded when service is complete, for example when crops are sold. Brokerage commissions. The primary brokerage 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 are located in markets with similar economies, no disaggregation of revenue is necessary. |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss The components of accumulated other comprehensive loss included in stockholders’ equity as of December 31, 2023 and 2022 are as follows (in thousands): Unrealized Gain (Loss) on Securities December 31, 2023 Net unrealized losses on securities available-for-sale $ ( 192,149 ) Tax benefit 55,722 Balance at December 31, 2023 $ ( 136,427 ) 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 years ended December 31, 2023, 2022, and 2021, were as follows (in thousands): Amounts Reclassified from Other Comprehensive Income Affected Line Item in the 2023 2022 2021 Statements of Income Realized gains on available-for-sale securities $ 3,383 $ 33 $ 124 Securities gains, net (total reclassified amount before tax) Income tax expense ( 981 ) ( 10 ) ( 36 ) Tax expense Total reclassifications out of accumulated other comprehensive income $ 2,402 $ 23 $ 88 Net reclassified amount See “Note 4 – Investment Securities” for more detailed information regarding unrealized losses on available-for-sale securities. |
Basis of Accounting and Conso_3
Basis of Accounting and Consolidation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Estimated Useful Lives for Major Depreciable Classification of Premises and Equipment | The estimated useful lives for each major depreciable classification of premises and equipment are as follows: Buildings and improvements 20 years to 40 years Leasehold improvements 5 years to 15 years Furniture and equipment 3 years to 7 years |
Schedule of Components of Accumulated Other Comprehensive Loss | The components of accumulated other comprehensive loss included in stockholders’ equity as of December 31, 2023 and 2022 are as follows (in thousands): Unrealized Gain (Loss) on Securities December 31, 2023 Net unrealized losses on securities available-for-sale $ ( 192,149 ) Tax benefit 55,722 Balance at December 31, 2023 $ ( 136,427 ) 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 Loss | Amounts reclassified from accumulated other comprehensive loss and the affected line items in the statements of income during the years ended December 31, 2023, 2022, and 2021, were as follows (in thousands): Amounts Reclassified from Other Comprehensive Income Affected Line Item in the 2023 2022 2021 Statements of Income Realized gains on available-for-sale securities $ 3,383 $ 33 $ 124 Securities gains, net (total reclassified amount before tax) Income tax expense ( 981 ) ( 10 ) ( 36 ) Tax expense Total reclassifications out of accumulated other comprehensive income $ 2,402 $ 23 $ 88 Net reclassified amount |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 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 years ended December 31, 2023, 2022, and 2021 were as follows: 2023 2022 2021 Basic net income per common share available to common stockholders: Net income available to common stockholders $ 68,935,000 $ 72,952,000 $ 51,490,000 Weighted average common shares outstanding 21,780,217 20,169,077 17,886,998 Basic earnings per common share $ 3.17 $ 3.62 $ 2.88 Diluted net income per common share available to common stockholders: Net income available to common stockholders $ 68,935,000 $ 72,952,000 $ 51,490,000 Weighted average common shares outstanding 21,780,217 20,169,077 17,886,998 Dilutive potential common shares: Restricted stock awarded 88,571 74,558 52,009 Dilutive potential common shares 88,571 74,558 52,009 Diluted weighted average common shares outstanding 21,868,788 20,243,635 17,939,007 Diluted earnings per common share $ 3.15 $ 3.60 $ 2.87 |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2023 and 2022 were as follows (in thousands): Gross Gross Amortized Unrealized Unrealized Cost Gains (Losses) Fair Value December 31, 2023 Available-for-sale: U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 237,875 $ — $ ( 26,219 ) $ 211,656 Obligations of states and political subdivisions 337,835 152 ( 49,371 ) 288,616 Mortgage-backed securities: GSE residential 714,216 1,158 ( 113,074 ) 602,300 Other securities 73,795 — ( 4,795 ) 69,000 Total available-for-sale $ 1,363,721 $ 1,310 $ ( 193,459 ) $ 1,171,572 Held-to-maturity: Other securities $ 2,286 $ — $ — $ 2,286 Total held-to-maturity $ 2,286 $ — $ — $ 2,286 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 securities $ 2,954 $ — $ — $ 2,954 Total held-to-maturity $ 2,954 $ — $ — $ 2,954 |
Proceeds From Sales of Available for Sale Investment Securities, Realized Gains and Losses and Income Tax Expense | Proceeds from sales of available-for-sale investment securities, realized gains and losses and income tax expense were as follows during the years ended December 31, 2023, 2022, and 2021 (in thousands): 2023 2022 2021 Proceeds from sales $ 343,610 $ 36,257 $ 611 Gross gains 4,381 202 124 Gross losses ( 998 ) ( 169 ) — Income tax expense 981 ( 10 ) 36 |
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 December 31, 2023 and the weighted average yield for each range of maturities (dollars in thousands): One After 1 After 5 year or through through After less 5 years 10 years ten years Total Available-for-sale: U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 185,981 $ 25,675 $ — $ — $ 211,656 Obligations of state and political subdivisions 20,879 97,328 169,111 1,298 288,616 Mortgage-backed securities: GSE residential 10 8,566 34,995 558,729 602,300 Other securities 21,876 46,392 732 — 69,000 Total available-for-sale $ 228,746 $ 177,961 $ 204,838 $ 560,027 $ 1,171,572 Weighted average yield 1.67 % 2.70 % 2.25 % 1.82 % 2.00 % Full tax equivalent yield 1.68 % 2.70 % 2.24 % 1.83 % 2.00 % Held-to-maturity: Other securities $ — $ — $ — $ 2,286 $ 2,286 Total held-to-maturity $ — $ — $ — $ 2,286 $ 2,286 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 December 31, 2023 and 2022 (in thousands): Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses December 31, 2023 Available-for-sale: U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 1,288 $ ( 4 ) $ 210,069 $ ( 26,215 ) $ 211,357 $ ( 26,219 ) Obligations of states and political subdivisions 22,281 ( 333 ) 241,630 ( 49,038 ) 263,911 ( 49,371 ) Mortgage-backed securities: GSE residential 5,818 ( 67 ) 566,197 ( 113,007 ) 572,015 ( 113,074 ) Other securities 5,311 ( 439 ) 57,939 ( 4,356 ) 63,250 ( 4,795 ) Total $ 34,698 $ ( 843 ) $ 1,075,835 $ ( 192,616 ) $ 1,110,533 $ ( 193,459 ) 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 ) |
Maturities of Investment Securities | Maturities of investment securities were as follows at December 31, 2023 (in thousands): Amortized Estimated Cost Fair Value Available-for-sale: Due in one year or less $ 254,176 $ 228,736 Due after one-five years 188,169 169,395 Due after five-ten years 205,900 169,843 Due after ten years 1,260 1,298 649,505 569,272 Mortgage-backed securities: GSE residential 714,216 602,300 Total available-for-sale $ 1,363,721 $ 1,171,572 Held-to-maturity: Due after ten years 2,286 2,286 Total held-to-maturity $ 2,286 $ 2,286 |
Loans and Allowance for Credi_2
Loans and Allowance for Credit Losses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Summary of Loans | A summary of loans at December 31, 2023 and 2022 follows (in thousands): 2023 2022 Construction and land development $ 207,033 $ 144,387 Agricultural real estate 392,265 410,790 1-4 family residential properties 549,843 440,018 Multifamily residential properties 321,537 295,073 Commercial real estate 2,416,294 2,036,243 Loans secured by real estate 3,886,972 3,326,511 Agricultural loans 196,202 166,695 Commercial and industrial loans 1,273,637 1,085,004 Consumer loans 92,142 97,730 All other loans 184,609 159,499 Gross loans 5,633,562 4,835,439 Less: Loans held for sale 4,980 338 5,628,582 4,835,101 Less: Net deferred loan fees, premiums and discounts 52,997 9,227 Allowance for credit losses 68,675 59,093 Net loans $ 5,506,910 $ 4,766,781 |
Allowance for Credit Losses Based on Portfolio Segment | The following tables present the balance in the allowance for credit losses and the recorded investment in loans based on portfolio segment and impairment method as of December 31, 2023, 2022, and 2021 (in thousands): Construction Agricultural 1-4 Family Commercial Agricultural Commercial Consumer Total Twelve months ended December 31, 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 374 ( 67 ) 225 1,755 490 2,322 1,005 6,104 Loans charged off 14 — 87 25 408 529 1,568 2,631 Recoveries collected — — 216 805 38 576 683 2,318 Ending balance $ 2,918 $ 1,366 $ 4,220 $ 31,758 $ 705 $ 25,450 $ 2,258 $ 68,675 Twelve months ended December 31, 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 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 Twelve months ended December 31, 2021 Beginning Balance $ 1,666 $ 1,084 $ 2,322 $ 19,660 $ 1,526 $ 13,485 $ 2,167 $ 41,910 Initial allowance on loans purchased with credit deterioration 261 44 328 646 — 795 — 2,074 Provision for credit loss expense 21 129 ( 160 ) 6,415 ( 544 ) 7,940 1,350 15,151 Loans charged off 205 — 371 535 — 3,118 1,405 5,634 Recoveries collected — — 211 60 1 139 743 1,154 Ending balance $ 1,743 $ 1,257 $ 2,330 $ 26,246 $ 983 $ 19,241 $ 2,855 $ 54,655 |
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 December 31, 2023 (in thousands): Collateral Allowance Real Estate Business Other Total for Credit Construction and land development $ 416 $ — $ — $ 416 $ 186 Agricultural real estate — — 841 841 — 1-4 family residential properties 1,192 — — 1,192 — Multifamily residential properties 1,037 — — 1,037 — Commercial real estate 8,571 — — 8,571 — Loans secured by real estate 11,216 — 841 12,057 186 Agricultural loans — — — — — Commercial and industrial loans 77 1,147 — 1,224 — Consumer loans — — — — — All other loans — — — — — Total loans $ 11,293 $ 1,147 $ 841 $ 13,281 $ 186 |
Credit Risk Profile of Loan Portfolio Based on Risk Rating Category and Payment Activity | The following tables present the credit risk profile of the Company’s loan portfolio based on rating category and payment activity as of December 31, 2023 (in thousands): Term Loans by Origination Year Revolving Risk rating 2023 2022 2021 2020 2019 Prior Loans Total December 31, 2023 Construction and land development loans Pass $ 68,086 $ 74,065 $ 27,392 $ 5,188 $ 10,795 $ 19,115 $ — $ 204,641 Special mention — — — — — — — — Substandard — — — — — 436 — 436 Total $ 68,086 $ 74,065 $ 27,392 $ 5,188 $ 10,795 $ 19,551 $ — $ 205,077 Current period gross writeoffs $ — $ — $ — $ — $ 14 $ — $ — $ 14 Agricultural real estate loans Pass $ 19,231 $ 164,812 $ 57,815 $ 53,249 $ 19,419 $ 71,189 $ — $ 385,715 Special mention 206 — 627 — 1,170 1,868 — 3,871 Substandard — — 371 — — 1,175 — 1,546 Total $ 19,437 $ 164,812 $ 58,813 $ 53,249 $ 20,589 $ 74,232 $ — $ 391,132 Current period gross writeoffs $ — $ — $ — $ — $ — $ — $ — $ — 1-4 family residential property loans Pass $ 66,119 $ 96,995 $ 79,085 $ 73,073 $ 26,854 $ 105,257 $ 75,700 $ 523,083 Special mention — 967 3,184 — — 3,804 10 7,965 Substandard 152 759 460 396 288 8,865 501 11,421 Total $ 66,271 $ 98,721 $ 82,729 $ 73,469 $ 27,142 $ 117,926 $ 76,211 $ 542,469 Current period gross writeoffs $ 10 $ — $ — $ — $ 14 $ 63 $ — $ 87 Commercial real estate loans Pass $ 185,628 $ 680,099 $ 548,733 $ 317,075 $ 239,323 $ 701,464 $ — $ 2,672,322 Special mention 3,666 2,706 1,317 2,159 1,563 7,778 — 19,189 Substandard — 3,899 520 20 775 7,108 — 12,322 Total $ 189,294 $ 686,704 $ 550,570 $ 319,254 $ 241,661 $ 716,350 $ — $ 2,703,833 Current period gross writeoffs $ — $ — $ — $ — $ 25 $ — $ — $ 25 Agricultural loans Pass $ 147,993 $ 27,895 $ 10,044 $ 2,549 $ 1,883 $ 5,854 $ — $ 196,218 Special mention 6 10 — — 38 — — 54 Substandard — — — — — — — — Total $ 147,999 $ 27,905 $ 10,044 $ 2,549 $ 1,921 $ 5,854 $ — $ 196,272 Current period gross writeoffs $ — $ 276 $ — $ — $ — $ 132 $ — $ 408 Commercial and industrial loans Pass $ 290,304 $ 306,794 $ 232,198 $ 154,499 $ 73,906 $ 347,957 $ — $ 1,405,658 Special mention 1,047 1,857 9,982 562 597 28,900 — 42,945 Substandard — 537 791 58 29 750 — 2,165 Doubtful — — — — — — — — Total $ 291,351 $ 309,188 $ 242,971 $ 155,119 $ 74,532 $ 377,607 $ — $ 1,450,768 Current period gross writeoffs $ — $ 353 $ — $ 49 $ 20 $ 107 $ — $ 529 Consumer loans Pass $ 9,547 $ 40,225 $ 21,264 $ 10,387 $ 4,475 $ 4,035 $ — $ 89,933 Special mention — 26 — — — — — 26 Substandard 86 405 325 139 59 41 — 1,055 Total $ 9,633 $ 40,656 $ 21,589 $ 10,526 $ 4,534 $ 4,076 $ — $ 91,014 Current period gross writeoffs $ — $ 132 $ 208 $ 2 $ 20 $ 1,206 $ — $ 1,568 Total loans Pass $ 786,908 $ 1,390,885 $ 976,531 $ 616,020 $ 376,655 $ 1,254,871 $ 75,700 $ 5,477,570 Special mention 4,925 5,566 15,110 2,721 3,368 42,350 10 74,050 Substandard 238 5,600 2,467 613 1,151 18,375 501 28,945 Doubtful — — — — — — — — Total $ 792,071 $ 1,402,051 $ 994,108 $ 619,354 $ 381,174 $ 1,315,596 $ 76,211 $ 5,580,565 Current period gross writeoffs $ 10 $ 761 $ 208 $ 51 $ 93 $ 1,508 $ — $ 2,631 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 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 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 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 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 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 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 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 |
Loan Portfolio Aging Analysis | The following table presents the Company’s loan portfolio aging analysis at December 31, 2023 and 2022 (in thousands): Total 90 Days Loans > 90 30-59 days 60-89 days or More Total Total Loans days and Past Due Past Due Past Due Past Due Current Receivable Accruing December 31, 2023 Construction and land development $ — $ 585 $ 450 $ 1,035 $ 204,042 $ 205,077 $ — Agricultural real estate — — 1 1 391,131 391,132 — 1-4 family residential properties 3,054 530 1,018 4,602 537,867 542,469 — Multifamily residential properties 150 — 551 701 318,428 319,129 — Commercial real estate 819 74 3,765 4,658 2,380,046 2,384,704 — Loans secured by real estate 4,023 1,189 5,785 10,997 3,831,514 3,842,511 — Agricultural loans — — — — 196,272 196,272 — Commercial and industrial loans 673 73 1,531 2,277 1,263,882 1,266,159 — Consumer loans 983 162 330 1,475 89,539 91,014 — All other loans — — — — 184,609 184,609 — Total loans $ 5,679 $ 1,424 $ 7,646 $ 14,749 $ 5,565,816 $ 5,580,565 $ — 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 $ — |
Recorded Balance of Loans on Nonaccrual Loans | The following table presents the Company’s recorded balance of nonaccrual loans at December 31, 2023 and December 31, 2022 (in thousands). This table excludes performing purchased credit deteriorated loans and performing troubled debt restructurings. 2023 2022 Nonaccrual Nonaccrual Credit Loss Nonaccrual Credit Loss Nonaccrual Construction and land development $ — $ — $ 14 $ 14 Agricultural real estate 1,146 1,146 1,258 1,258 1-4 family residential properties 4,679 4,940 4,532 4,943 Multifamily residential properties — — 672 672 Commercial real estate 10,237 10,237 7,640 7,640 Loans secured by real estate 16,062 16,323 14,116 14,527 Agricultural loans — — 57 57 Commercial and industrial loans 1,931 1,931 1,098 1,098 Consumer loans 578 578 274 274 Total loans $ 18,571 $ 18,832 $ 15,545 $ 15,956 |
Amortized Cost Basis of Loans Experiencing Difficulty and Modified | The following table shows the amortized cost of loans at December 31, 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 December 31, 2023 Agricultural real estate $ — $ 331 $ — $ — 0.01 % 1-4 family residential properties — 55 807 — 0.02 % Commercial real estate — 744 131 562 0.03 % Loans secured by real estate — 1,130 938 562 0.05 % Commercial and industrial loans — 199 178 — 0.01 % Consumer loans — 6 38 — — % Total $ — $ 1,335 $ 1,154 $ 562 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 December 31, 2023. 30-59 60-89 90 Days or Total Past December 31, 2023 Commercial and industrial loans $ 9 $ — $ — $ 9 Consumer loans 25 — — 25 Total loans $ 34 $ — $ — $ 34 |
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 December 31, 2023. Weighted Average Weighted Average Interest Rate Term Extension Reduction (in months) Commercial and industrial loans 4.75 % 5.13 Consumer loans — % 3.00 Commercial real estate 3.75 % — |
Summary of Purchased Credit Deteriorated (PCD) Loans | During 2023 and 2022, the Company acquired loans from Blackhawk and Delta, respectively, for which there was, at acquisition, evidence of more than insignificant deterioration of credit quality since origination. The carrying amount of those loans is as follows (in thousands): Blackhawk Acquisition Delta Acquisition Purchase price of purchase credit deteriorated loans at acquisition $ 115,250 $ 18,796 Allowance for credit losses at acquisition ( 3,791 ) ( 863 ) Non-credit discount/(premium) at acquisition ( 5,476 ) ( 523 ) Fair value of purchased credit deteriorated loans at acquisition $ 105,983 $ 17,410 |
Premises and Equipment, Net (Ta
Premises and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | Premises and equipment at December 31, 2023 and 2022 consisted of (in thousands): 2023 2022 Land $ 35,732 $ 27,982 Buildings and improvements 72,082 68,345 Furniture and equipment 27,518 25,498 Leasehold improvements 4,829 4,676 Construction in progress 2,751 1,538 Subtotal 142,912 128,039 Accumulated depreciation and amortization 41,516 37,566 Total $ 101,396 $ 90,473 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Schedule of Intangible Assets and Goodwill | The Company has goodwill from business combinations, intangible assets from branch acquisitions, identifiable intangible assets assigned to core deposit relationships and customer lists of business lines acquired. The following table presents gross carrying amount and accumulated amortization by major intangible asset class as of December 31, 2023 and 2022 (in thousands): 2023 2022 Gross Accumulated Gross Accumulated Value Amortization Value Amortization Goodwill $ 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 34,966 45,355 28,432 Customer list intangibles 26,552 10,620 20,782 8,551 $ 309,733 $ 52,361 $ 213,324 $ 43,758 |
Intangible Assets Mortgage Servicing Rights | The following table summarizes the activity pertaining to the mortgage servicing rights included in intangible assets as of December 31, 2023 and 2022 (in thousands): December 31, 2023 December 31, 2022 Beginning balance $ 331 $ 420 Mortgage servicing rights acquired 7,070 — Valuation recovery ( 8 ) 108 Mortgage servicing rights amortized ( 524 ) ( 200 ) I/O strip ( 10 ) 3 Ending balance $ 6,859 $ 331 |
Schedule of Intangible Assets Amortization Expense | Total amortization expense for the years ended December 31, 2023, 2022, and 2021 was as follows (in thousands): 2023 2022 2021 Core deposit intangibles $ 6,534 $ 4,347 $ 3,176 Customer list intangibles 2,069 1,743 1,586 Mortgage servicing rights 524 200 629 $ 9,127 $ 6,290 $ 5,391 |
Schedule of Expected Amortization Expense | Estimated amortization expense for each of the five succeeding years is shown in the table below (in thousands): For year ended 12/31/24 $ 13,478 For year ended 12/31/25 12,158 For year ended 12/31/26 10,570 For year ended 12/31/27 9,351 For year ended 12/31/28 8,183 |
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 ) Resulting goodwill from acquisition $ 50,097 |
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 Resulting goodwill from acquisition $ 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 Resulting goodwill from acquisition $ 28,558 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Deposits [Abstract] | |
Summary of Deposits | As of December 31, 2023 and 2022, deposits consisted of the following (in thousands): 2023 2022 Demand deposits: Non-interest bearing $ 1,398,234 $ 1,256,514 Interest-bearing 1,837,296 1,389,283 Savings 710,586 636,699 Money market 1,129,950 1,267,726 Time deposits 1,047,593 706,779 Total deposits $ 6,123,659 $ 5,257,001 |
Summary of Interest Expense on Deposits | Total interest expense on deposits for the years ended December 31, 2023, 2022, and 2021 was as follows (in thousands): 2023 2022 2021 Interest-bearing demand $ 21,347 $ 4,315 $ 1,547 Savings 739 570 487 Money market 26,592 9,394 2,711 Time deposits 28,616 4,534 4,292 Total $ 77,294 $ 18,813 $ 9,037 |
Summary of Aggregate Amount of Time Deposits more than 100,000 | As of December 31, 2023, 2022, and 2021, the aggregate amount of time deposits in denominations of more than $250,000 was as follows (in thousands): 2023 2022 2021 Time deposit balances in denominations of more than $250,000 $ 282,028 $ 138,056 $ 117,887 |
Summary of Maturities for All Time Deposits | The following table shows the amount of maturities for all time deposits as of December 31, 2023 (in thousands): Less than 1 year $ 872,385 1 year to 2 years 93,316 2 years to 3 years 24,669 3 years to 4 years 46,962 4 years to 5 years 9,916 Over 5 years 345 Total $ 1,047,593 |
Repurchase Agreements and Oth_2
Repurchase Agreements and Other Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Repurchase Agreements And Other Borrowings [Abstract] | |
Schedule of Borrowings | As of December 31, 2023 and 2022 borrowings consisted of the following (in thousands): 2023 2022 Securities sold under agreements to repurchase $ 213,721 $ 221,414 Federal Home Loan Bank-overnight - 65,000 Federal Home Loan Bank (FHLB) fixed-term advances 263,787 400,071 Subordinated debt 106,755 94,553 Junior subordinated debentures 24,058 19,364 Total $ 608,321 $ 800,402 |
Aggregate Annual Maturities of Long-Term Borrowings | Aggregate annual maturities of FHLB advances and debt (excluding unamortized discounts and premiums) at December 31, 2023 are (in thousands): Subordinated Jr. Subordinated FHLB Debt Debentures 2024 $ 60,000 $ — $ — 2025 8,606 — 4,124 2026 25,000 — — 2027 50,000 — — 2028 100,000 — — Thereafter 20,000 111,000 21,651 263,606 111,000 25,775 Unamortized discount 181 ( 4,245 ) ( 1,717 ) $ 263,787 $ 106,755 $ 24,058 |
Federal Home Loan Bank, Advances | FHLB advances represent borrowings by First Mid Bank to fund loan demand. At December 31, 2023 the advances totaling $ 263.6 million were as follows: Advance Term (in years) Interest Rate Maturity Date $ 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 3,605,826 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 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 3.82 % 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 |
Securities Underlying the Repurchase Agreements | (In thousands) 2023 2022 2021 Securities sold under agreements to repurchase: Maximum outstanding at any month-end $ 231,650 $ 257,061 $ 212,503 Average amount outstanding for the year 225,307 202,242 173,762 |
Schedule of Securities Financing Transactions | Repurchase agreements by class of collateral pledged are as follows (in thousands): December 31, 2023 December 31, 2022 US Treasury securities and obligations of U.S. government corporations and agencies $ 46,544 $ 47,775 Mortgage-backed securities: GSE: residential 167,177 173,639 Total $ 213,721 $ 221,414 |
Regulatory Capital (Tables)
Regulatory Capital (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Regulatory Capital [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations | As of December 31, 2023 and 2022, the most recent notification from the primary regulators categorized First Mid Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized, minimum total risk-based capital, Tier 1 risk-based capital, Common Equity Tier 1 risk-based capital, and Tier 1 leverage ratios must be maintained as set forth in the table below. At December 31, 2023, there were no conditions or events since the most recent notification that management believes have changed this categorization. Actual Required Minimum For Capital Adequacy Purposes with Capital Buffer To Be Well-Capitalized Under Prompt Corrective Action Provisions (Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio December 31, 2023 Total capital (to risk-weighted assets) Company $ 894,259 14.84 % $ 632,724 > 10.50 % N/A N/A First Mid Bank 854,235 14.22 % 630,581 > 10.50 % $ 600,553 > 10.00 % Tier 1 capital (to risk-weighted assets) Company 724,186 12.02 % 512,205 > 8.50 % N/A N/A First Mid Bank 790,917 13.17 % 510,470 > 8.50 % 480,443 > 8.00 % Common equity tier 1 capital (to risk-weighted assets) Company 700,128 11.62 % 421,816 > 7.00 % N/A N/A First Mid Bank 790,917 13.17 % 420,387 > 7.00 % 390,360 > 6.50 % Tier 1 capital (to average assets) Company 724,186 9.33 % 310,587 > 4.00 % N/A N/A First Mid Bank 790,917 10.23 % 309,151 > 4.00 % 386,439 > 5.00 % December 31, 2022 Total capital (to risk-weighted assets) Company $ 801,966 15.20 % $ 554,164 > 10.50 % N/A N/A First Mid Bank 745,624 14.18 % 552,161 > 10.50 % $ 525,868 > 10.00 % Tier 1 capital (to risk-weighted assets) Company 654,453 12.40 % 448,609 > 8.50 % N/A N/A First Mid Bank 692,664 13.17 % 446,987 > 8.50 % 420,694 > 8.00 % Common equity tier 1 capital (to risk-weighted assets) Company 635,089 12.03 % 369,442 > 7.00 % N/A N/A First Mid Bank 692,664 13.17 % 368,107 > 7.00 % 341,814 > 6.50 % Tier 1 capital (to average assets) Company 654,453 9.68 % 268,875 > 4.00 % N/A N/A First Mid Bank 692,664 10.22 % 270,990 > 4.00 % 338,738 > 5.00 % |
Disclosures of Fair Values of_2
Disclosures of Fair Values of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table presents the Company’s assets 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 December 31, 2023 and 2022 (in thousands): Fair Value Measurements Using: Quoted Prices in Significant Significant Active Markets Other Unobservable for Identical Observable Inputs Fair Value Assets (Level 1) Inputs (Level 2) (Level 3) December 31, 2023 Available-for-sale securities: U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 211,656 $ — $ 211,656 $ — Obligations of states and political subdivisions 288,616 — 288,616 — Mortgage-backed securities 602,300 — 602,300 — Other securities 69,000 — 62,837 6,163 Total available-for-sale securities 1,171,572 — 1,165,409 6,163 Equity securities 4,074 4,074 — — Loans held for sale 4,980 — 4,980 — Derivative assets: interest rate swaps 3,166 — 3,166 — Total assets $ 1,183,792 $ 4,074 $ 1,173,555 $ 6,163 Derivative liabilities: interest swaps $ 2,217 $ — $ 2,217 $ — 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 — — Derivative assets: interest rate swaps 4,253 — 4,253 — Total assets $ 1,223,549 $ 311 $ 1,213,988 $ 9,250 Derivative liabilities: interest 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 years ended December 31, 2023 and 2022 is summarized as follows (in thousands): Obligations of State and Political Subdivisions Other Total December 31, 2023 Beginning balance $ — $ 9,250 $ 9,250 Transfers into Level 3 — 1,163 1,163 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 $ — $ 6,163 $ 6,163 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 $ — $ — $ — December 31, 2022 Beginning balance $ 99 $ — $ 99 Transfers into Level 3 — 9,250 9,250 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 $ — $ 9,250 $ 9,250 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 December 31, 2023 and 2022 (in thousands): Fair Value Measurements Using Quoted Prices in Active Significant Significant Markets for Other Unobservable Identical Assets Observable Inputs Inputs Fair Value (Level 1) (Level 2) (Level 3) December 31, 2023 Collateral dependent loans $ 1,028 $ — $ — $ 1,028 Foreclosed assets held for sale 24 — — 24 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 December 31, 2023. Fair Value Valuation Range (in thousands) Technique Unobservable Inputs (Weighted Average) Collateral dependent loans $ 1,028 Third party valuations Discount to reflect realizable value 0 % - 40 % ( 20 %) Foreclosed assets held for sale 24 Third party valuations Discount to reflect realizable value less estimated selling costs 0 % - 40 % ( 35 %) The following table presents quantitative information about unobservable inputs used in Level 3 fair value measurements other than goodwill at December 31, 2022. Fair Value Valuation Range (in thousands) Technique Unobservable Inputs (Weighted Average) Collateral dependent loans $ 2,548 Third party valuations Discount to reflect realizable value 0 % - 40 % ( 20 %) Foreclosed assets held for sale — Third party valuations Discount to reflect realizable value less estimated selling costs 0 % - 40 % ( 35 %) |
Summary of Estimated Fair Values of Company Financial Instruments | The following tables present estimated fair values of the Company’s financial instruments at December 31, 2023 and 2022 (in thousands): Carrying Fair Amount Value Level 1 Level 2 Level 3 December 31, 2023 Financial assets Cash and due from banks $ 134,082 $ 134,082 $ 134,082 $ — $ — Federal funds sold 8,982 8,982 8,982 — — Certificates of deposit investments 1,470 1,470 — 1,470 — Available-for-sale securities 1,171,572 1,171,572 — 1,165,409 6,163 Held-to-maturity securities 2,286 2,286 2,286 — — Equity securities 4,074 4,074 4,074 — — Loans held for sale 4,980 4,980 — 4,980 — Loans net of allowance for credit losses 5,506,910 5,235,525 — — 5,235,525 Interest receivable 35,082 35,082 — 35,082 — Federal Reserve Bank stock 19,855 19,855 — 19,855 — Federal Home Loan Bank stock 9,758 9,758 — 9,758 — Financial liabilities Deposits $ 6,123,659 $ 6,042,277 $ — $ 5,076,066 $ 966,211 Securities sold under agreements to repurchase 213,721 213,714 — 213,714 — Interest payable 5,437 5,437 — 5,437 — Federal Home Loan Bank borrowings 263,787 261,206 — 261,206 — Subordinated debentures 106,755 102,018 — 102,018 — Junior subordinated debentures 24,058 21,524 — 21,524 — 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 2,954 2,954 2,954 — — Equity securities 311 311 311 — — Loans held for sale 338 338 — 338 — Loans net of allowance for credit losses 4,766,781 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 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 — Subordinated debentures 94,553 87,977 — 87,977 — Junior subordinated debentures 19,364 17,164 — 17,164 — |
Stock Incentive Plan (Tables)
Stock Incentive Plan (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of Compensation Cost, Net of Forfeitures, Related to Stock-based Compensation | The following table summarizes the compensation cost, net of forfeitures, related to stock-based compensation for the years ended December 31, 2023, 2022, and 2021 (in thousands): 2023 2022 2021 Stock and stock unit awards: Pre-tax compensation expense $ 1,656 $ 1,874 $ 1,304 Income tax benefit ( 348 ) ( 394 ) ( 274 ) Total share-based compensation expense, net of income taxes $ 1,308 $ 1,480 $ 1,030 |
Summary of Unvested Stock and Stock Units | The following table summarizes non-vested stock and stock unit activity for the years ended December 31, 2023, 2022, and 2021: 2023 2022 2021 Weighted-avg Weighted-avg Weighted-avg Grant-date Grant-date Grant-date Shares Fair Value Shares Fair Value Shares Fair Value Nonvested, beginning of year 82,048 $ 37.41 62,040 $ 34.27 42,220 $ 34.62 Granted 45,986 27.64 63,150 41.07 48,575 34.42 Vested ( 49,525 ) ( 34.88 ) ( 40,759 ) ( 38.20 ) ( 28,355 ) ( 35.02 ) Forfeited ( 1,769 ) ( 35.15 ) ( 2,383 ) ( 39.35 ) ( 400 ) ( 34.34 ) Nonvested, end of year 76,740 $ 33.24 82,048 $ 37.41 62,040 $ 34.27 Fair value of shares vested $ 1,727,554 $ 1,556,870 $ 993,094 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Components of Federal and State Income Tax Expense | The components of federal and state income tax expense for the years ended December 31, 2023, 2022, and 2021 were as follows (in thousands): 2023 2022 2021 Current Federal $ 2,189 $ 14,401 $ 12,269 State 542 6,171 6,384 Total current 2,731 20,572 18,653 Deferred Federal 12,585 ( 2,005 ) ( 2,562 ) State 4,154 ( 227 ) ( 793 ) Total deferred 16,739 ( 2,232 ) ( 3,355 ) Total $ 19,470 $ 18,340 $ 15,298 |
Effective Income Tax Reconciliation | The principal reasons for the difference are as follows (in thousands): 2023 2022 2021 Expected income taxes $ 18,565 $ 19,172 $ 14,025 Effects of: Tax-exempt income from bank owned life insurance ( 1,035 ) ( 659 ) ( 575 ) Other tax exempt income ( 2,416 ) ( 2,497 ) ( 2,072 ) Nondeductible interest expense 799 255 17 State taxes, net of federal taxes 3,710 4,695 4,417 Other items ( 153 ) ( 2,525 ) ( 514 ) Effect of marginal tax rate — ( 101 ) — Total $ 19,470 $ 18,340 $ 15,298 |
Tax Effects of Temporary Differences on Deferred Tax Assets and Deferred Tax Liabilities | The tax effects of the temporary differences that gave rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2023 and 2022 are presented below (in thousands): 2023 2022 Deferred tax assets: Allowance for credit losses $ 18,955 $ 16,248 Available-for-sale investment securities 55,722 61,880 Deferred compensation 4,128 4,157 Supplemental retirement 519 492 Deferred loan costs 222 302 Stock compensation expense 82 147 Deferred revenue 283 349 Purchase accounting 5,326 795 Acquisition costs 152 179 Lease liability 3,975 4,381 Other 1,305 823 Total gross deferred tax assets 90,669 89,753 Less valuation allowance ( 988 ) — Net deferred tax asset 89,681 89,753 Deferred tax liabilities: Intangibles amortization 6,432 6,398 Prepaid expenses 1,576 1,418 FHLB stock dividend 22 22 Deferred expenses 104 104 Depreciation 5,367 4,911 Accumulated accretion 244 245 Mortgage servicing rights 1,874 91 Right of use asset 3,891 4,310 Other 104 — Total gross deferred tax liabilities 19,614 17,499 Deferred tax assets, net $ 70,067 $ 72,254 |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Off-balance Sheet Financial Instruments Whose Contract Amounts Represent Credit Risk | The off-balance sheet financial instruments whose contract amounts represent credit risk at December 31, 2023 and 2022 were as follows (in thousands): 2023 2022 Unused commitments and lines of credit: Commercial real estate $ 219,117 $ 147,702 Commercial operating 681,360 655,676 Home equity 104,142 63,570 Other 311,907 307,030 Total $ 1,316,526 $ 1,173,978 Standby letters of credit $ 17,401 $ 10,162 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | 2023 2022 Beginning balance $ 169,684 $ 123,614 New loans 195,711 135,464 Loan repayments ( 116,697 ) ( 89,394 ) Ending balance $ 248,698 $ 169,684 |
Business Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Business Acquisition [Line Items] | |
Summary of Purchased Credit Deteriorated (PCD) Loans | During 2023 and 2022, the Company acquired loans from Blackhawk and Delta, respectively, for which there was, at acquisition, evidence of more than insignificant deterioration of credit quality since origination. The carrying amount of those loans is as follows (in thousands): Blackhawk Acquisition Delta Acquisition Purchase price of purchase credit deteriorated loans at acquisition $ 115,250 $ 18,796 Allowance for credit losses at acquisition ( 3,791 ) ( 863 ) Non-credit discount/(premium) at acquisition ( 5,476 ) ( 523 ) Fair value of purchased credit deteriorated loans at acquisition $ 105,983 $ 17,410 |
Blackhawk Bancorp, Inc | |
Business Acquisition [Line Items] | |
Estimated Fair Values 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 20,703 Core deposit intangible 34,590 Income tax receivable 2,077 Deferred tax asset 22,152 Mortgage servicing rights 7,070 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 |
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 |
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): Twelve months ended December 31, 2023 2022 Net interest income $ 229,317 $ 239,748 Provision for credit losses 7,320 3,856 Non-interest income 95,660 89,575 Non-interest expense 223,354 219,646 Income before income taxes 94,303 105,821 Income tax expense 20,744 21,297 Net income available to common stockholders $ 73,559 $ 84,524 Earnings per share Basic $ 3.38 $ 3.60 Diluted $ 3.36 $ 3.59 Basic weighted average shares outstanding 21,780,217 24,459,299 Diluted weighted average shares outstanding 21,868,788 23,533,857 |
Delta Bancshare Company | |
Business Acquisition [Line Items] | |
Estimated Fair Values of Assets Acquired and Liabilities Assumed | Acquired Book As Recorded by Value Adjustments First Mid 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 and stockholders' equity 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 Total consideration paid $ 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): Twelve months ended December 31, 2022 2021 Net interest income $ 187,075 $ 147,387 Provision for credit losses 4,806 14,679 Non-interest income 74,799 53,371 Non-interest expense 165,062 132,086 Income before income taxes 92,006 53,993 Income tax expense 18,508 12,321 Net income available to common stockholders $ 73,498 $ 41,672 Earnings per share Basic $ 3.64 $ 2.07 Diluted $ 3.63 $ 2.07 Basic weighted average shares outstanding 20,169,077 20,111,889 Diluted weighted average shares outstanding 20,243,635 20,164,909 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Summary of Supplemental Balance Sheet Information | The following table contains supplemental balance sheet information related to leases (dollars in thousands): 2023 2022 Operating lease right-of-use assets $ 14,306 $ 15,774 Operating lease liabilities 14,615 16,035 Weighted-average remaining lease term (in years) 4.9 5.8 Weighted-average discount rate 3.21 % 2.67 % |
Summary of Future Minimum Lease Payments | Future minimum lease payments under operating leases are (in thousands): Operating Leases 2024 $ 3,001 2025 2,535 2026 2,373 2027 2,146 2028 1,551 Thereafter 4,872 Total minimum lease payments 16,478 Less imputed interest ( 1,863 ) Total lease liability $ 14,615 |
Summary of Components of Lease Expense | The components of lease expense for the twelve months ended December 31, 2023 and 2022 were as follows (in thousands): 2023 2022 Operating lease cost $ 3,280 $ 3,040 Short-term lease cost 84 75 Variable lease cost 821 720 Total lease cost 4,185 3,835 Income from subleases ( 382 ) ( 369 ) Net lease cost $ 3,803 $ 3,466 |
Summary of Operating Lease Cash Flows | Cash paid for amounts included in the measurement of lease liabilities was (in thousands): 2023 2022 Operating cash flows from operating leases $ 3,263 $ 3,061 |
Derivatives (Tables)
Derivatives (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Derivative [Line Items] | |
Summary of Derivative Instruments, Gain (Loss) | The effects of fair value hedges on the Company's income statement during the twelve months ended December 31, 2023 and 2022 were as follows (in thousands): Derivative Location of Gain (Loss) on Derivative 2023 2022 Interest rate swap agreements Interest income on loans $ ( 204 ) $ 1,819 Derivative Location of Gain (Loss) on Hedged Items 2023 2022 Interest rate swap agreements Interest income on loans $ 204 $ ( 1,819 ) |
Summary of Cumulative Basis Adjustment of Fair Value Hedges | As of December 31, 2023 and 2022, the following amounts were recorded on the balance sheet related to the cumulative basis adjustment for fair value hedges (in thousands): Cumulative Amount of Fair Value Hedging Line Item in the Balance Sheet in Carrying Amount of Adjustments Included in the Carrying Which the Hedge Items are Included the Hedged Assets Amount of the Hedged Assets December 31, 2023 Loans $ 12,027 $ ( 949 ) December 31, 2022 Loans $ 12,295 $ ( 1,153 ) |
Not Designated as Hedging Instrument | |
Derivative [Line Items] | |
Summary of Fair Value Derivative Instruments | The following table provides the outstanding notional balances and fair value of outstanding derivatives not designated as hedging instruments as of December 31, 2023 and 2022 (in thousands): Weighted Average Balance Sheet Remaining Maturity Notional Estimated Location (Years) Amount Value December 31, 2023 Interest rate swap agreements Other assets 5.0 $ 30,688 $ 3,166 Interest rate swap agreements Other liabilities 5.0 30,688 ( 3,166 ) December 31, 2022 Interest rate swap agreements Other assets 5.0 $ 39,095 $ 4,253 Interest rate swap agreements Other liabilities 5.0 39,095 ( 4,253 ) |
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 value of outstanding derivatives designated as hedging instruments as of December 31, 2023 and 2022 (in thousands): Weighted Average Balance Sheet Remaining Maturity Notional Estimated Derivative Location (Years) Amount Value December 31, 2023 Interest rate swap agreements Other liabilities 5.3 $ 12,976 $ ( 2,217 ) December 31, 2022 Interest rate swap agreements Other liabilities 6.3 $ 13,448 $ ( 3,100 ) |
Parent Company Only Financial_2
Parent Company Only Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Balance Sheets | First Mid Bancshares, Inc. (Parent Company) Balance Sheets December 31, 2023 2022 Assets Cash $ 9,968 $ 24,854 Premises and equipment, net 5,218 4,955 Investment in subsidiaries 907,989 714,237 Other assets 6,720 5,212 Total assets $ 929,895 $ 749,258 Liabilities and stockholders’ equity Liabilities Debt $ 130,813 $ 113,917 Other liabilities 5,878 2,186 Total liabilities 136,691 116,103 Stockholders’ equity 793,204 633,155 Total liabilities and stockholders’ equity $ 929,895 $ 749,258 |
Condensed Statements of Income | First Mid Bancshares, Inc. (Parent Company) Statements of Income and Comprehensive Income (Loss) Years ended December 31, 2023 2022 2021 Income: Dividends from subsidiaries $ 51,213 $ 34,040 $ 28,075 Other income 87 542 9 Total income 51,300 34,582 28,084 Operating expenses 12,192 9,221 9,630 Income before income taxes and equity in undistributed earnings of subsidiaries 39,108 25,361 18,454 Income tax benefit 3,453 2,780 2,656 Income before equity in undistributed earnings of subsidiaries 42,561 28,141 21,110 Equity in undistributed earnings of subsidiaries 26,374 44,811 30,380 Net income 68,935 72,952 51,490 Other comprehensive income (loss), net of taxes 15,080 ( 150,676 ) ( 17,926 ) Comprehensive income (loss) $ 84,015 $ ( 77,724 ) $ 33,564 |
Condensed Statements of Cash Flows | First Mid Bancshares, Inc. (Parent Company) Statements of Cash Flows Years ended December 31, 2023 2022 2021 Cash flows from operating activities: Net income $ 68,935 $ 72,952 $ 51,490 Adjustments to reconcile net income to net Cash provided by operating activities: Depreciation, amortization, accretion, net 265 218 350 Dividends received from subsidiary 51,213 34,040 28,075 Equity in undistributed earnings of subsidiaries ( 26,374 ) ( 44,811 ) ( 30,380 ) Increase in other assets ( 49,606 ) ( 208,359 ) ( 206,880 ) Increase (decrease) in other liabilities 1,526 ( 146 ) 1,760 Net cash provided by (used in) operating activities 45,959 ( 146,106 ) ( 155,585 ) Cash flows from investing activities: Net cash from (used in) business acquisition ( 41,827 ) 67,323 30,968 Net cash provided by (used in) investing activities ( 41,827 ) 67,323 30,968 Cash flows from financing activities: Proceeds from issuance of common stock 1,004 93,415 46,128 Payment to repurchase common stock ( 465 ) ( 340 ) ( 326 ) Direct expense related to capital transactions — ( 29 ) ( 206 ) Dividends paid on common stock ( 19,557 ) ( 17,830 ) ( 14,721 ) Net cash provided by (used in) financing activities ( 19,018 ) 75,216 30,875 Increase (decrease) in cash ( 14,886 ) ( 3,567 ) ( 93,742 ) Cash at beginning of year 24,854 28,421 122,163 Cash at end of year $ 9,968 $ 24,854 $ 28,421 |
Basis of Accounting and Conso_4
Basis of Accounting and Consolidation - Additional Information (Details) - USD ($) | 12 Months Ended | |||||
Mar. 20, 2023 | Feb. 14, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Summary Of Significant Accounting Policies [Line Items] | ||||||
Common stock, par value (in dollars per share) | $ 4 | $ 4 | ||||
Assets | $ 7,586,794,000 | $ 6,744,215,000 | ||||
Loans | 5,506,910,000 | 4,766,781,000 | ||||
Deposits | $ 6,123,659,000 | 5,257,001,000 | ||||
Federal funds selling period | 1 day | |||||
Intangible assets amortization period | 15 years | |||||
Captive maximum gross premiums | $ 2,650,000 | |||||
Value of trust accounts | $ 6,100,000,000 | $ 5,300,000,000 | ||||
Stock plans, term | 10 years | |||||
Maximum number of shares to be issued in stock incentive plan (in shares) | 149,983 | |||||
RSA/RSU, grants in period, gross | 45,986 | 63,150 | 48,575 | |||
Employee discount for employee stock purchase plan | 15% | |||||
Employee stock purchase plan, number of shares authorized | 600,000 | |||||
Stock issued during period, shares, employee stock purchase plans | 38,989 | 23,055 | 11,748 | |||
Right of use lease assets | $ 14,306,000 | $ 15,774,000 | ||||
Lease liability | 14,615,000 | 16,035,000 | ||||
Cumulative change in accounting principal | 793,204,000 | 633,155,000 | $ 633,894,000 | $ 568,228,000 | ||
Allowance for credit losses on loans | $ 68,675,000 | $ 59,093,000 | $ 54,655,000 | $ 41,910,000 | ||
Employee Stock Purchase Plan | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Shares available for issuance | 506,272 | |||||
Minimum | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Certificates of deposit investments original maturities period | 3 years | |||||
Maximum | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Certificates of deposit investments original maturities period | 5 years | |||||
Delta Bancshare 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 | |||||
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 | |||||
Share Price | $ 4 | |||||
Consideration payable in cash | $ 1,928 | |||||
Consideration payable in shares | 3,290,222 | |||||
Conversion of common stock | 1.15 | |||||
Common stock consideration value | $ 93,508,000 |
Basis of Accounting and Conso_5
Basis of Accounting and Consolidation - Summary of Estimated Useful Lives for Major Depreciable Classification of Premises and Equipment (Details) | Dec. 31, 2023 |
Building and Building Improvements | Minimum | |
Property Plant And Equipment [Line Items] | |
Property, plant and equipment, useful life | 20 years |
Building and Building Improvements | Maximum | |
Property Plant And Equipment [Line Items] | |
Property, plant and equipment, useful life | 40 years |
Leasehold Improvements | Minimum | |
Property Plant And Equipment [Line Items] | |
Property, plant and equipment, useful life | 5 years |
Leasehold Improvements | Maximum | |
Property Plant And Equipment [Line Items] | |
Property, plant and equipment, useful life | 15 years |
Furniture and Equipment | Minimum | |
Property Plant And Equipment [Line Items] | |
Property, plant and equipment, useful life | 3 years |
Furniture and Equipment | Maximum | |
Property Plant And Equipment [Line Items] | |
Property, plant and equipment, useful life | 7 years |
Basis of Accounting and Conso_6
Basis of Accounting and Consolidation - Schedule of Components of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Balance | $ 793,204 | $ 633,155 | $ 633,894 | $ 568,228 |
Accumulated Other Comprehensive Income (Loss) | ||||
Net unrealized gains on securities available-for-sale | (192,149) | (213,387) | ||
Tax expense | 55,722 | 61,880 | ||
Balance | $ (136,427) | $ (151,507) | $ (831) | $ 17,095 |
Basis of Accounting and Conso_7
Basis of Accounting and Consolidation - Schedule of Amounts Reclassified from Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Realized gains on available-for-sale securities | $ 3,383 | $ 33 | $ 124 |
Income tax expense | (19,470) | (18,340) | (15,298) |
Total reclassifications out of accumulated other comprehensive income | 2,402 | 23 | 88 |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Realized gains on available-for-sale securities | 3,383 | 33 | 124 |
Income tax expense | $ (981) | $ (10) | $ (36) |
Earnings Per Share - Components
Earnings Per Share - Components of Basic and Diluted Net Income Per Common Share (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Basic net income per common share available to common stockholders: | |||
Net income available to common stockholders | $ 68,935,000 | $ 72,952,000 | $ 51,490,000 |
Weighted average common shares outstanding | 21,780,217 | 20,169,077 | 17,886,998 |
Basic earnings per common share | $ 3.17 | $ 3.62 | $ 2.88 |
Diluted net income per common share available to common stockholders: | |||
Net income available to common stockholders | $ 68,935,000 | $ 72,952,000 | $ 51,490,000 |
Weighted average common shares outstanding | 21,780,217 | 20,169,077 | 17,886,998 |
Dilutive potential common shares: | |||
Restricted stock awarded | 88,571 | 74,558 | 52,009 |
Dilutive potential common shares | 88,571 | 74,558 | 52,009 |
Diluted weighted average common shares outstanding | 21,868,788 | 20,243,635 | 17,939,007 |
Diluted earnings per common share | $ 3.15 | $ 3.6 | $ 2.87 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Details) - shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |||
Number of anti-dilutive shares not considered in computing diluted earnings per share | 0 | 0 | 0 |
Cash and Due from Banks - Addit
Cash and Due from Banks - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Cash and Cash Equivalents [Abstract] | |
Cash uninsured amount | $ 14,400,000 |
Loss on cash uninsured | $ 0 |
Investment Securities - Availab
Investment Securities - Available for Sale and Held for Maturity Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Available-for-sale: [Abstract] | ||
Amortized Cost | $ 1,363,721 | $ 1,432,372 |
Gross Unrealized Gains | 1,310 | 143 |
Gross Unrealized (Losses) | (193,459) | (213,530) |
Fair Value | 1,171,572 | 1,218,985 |
Held-to-maturity: [Abstract] | ||
Held-to-maturity | 2,286 | 2,954 |
Gross Unrealized Gains | 0 | 0 |
Unrealized (Losses) | 0 | 0 |
Fair Value | 2,286 | 2,954 |
U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies | ||
Available-for-sale: [Abstract] | ||
Amortized Cost | 237,875 | 252,934 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized (Losses) | (26,219) | (32,407) |
Fair Value | 211,656 | 220,527 |
Obligations of States and Political Subdivisions | ||
Available-for-sale: [Abstract] | ||
Amortized Cost | 337,835 | 347,409 |
Gross Unrealized Gains | 152 | 134 |
Gross Unrealized (Losses) | (49,371) | (59,845) |
Fair Value | 288,616 | 287,698 |
Mortgage-backed Securities: GSE Residential | ||
Available-for-sale: [Abstract] | ||
Amortized Cost | 714,216 | 744,636 |
Gross Unrealized Gains | 1,158 | 3 |
Gross Unrealized (Losses) | (113,074) | (116,759) |
Fair Value | 602,300 | 627,880 |
Other Securities | ||
Available-for-sale: [Abstract] | ||
Amortized Cost | 73,795 | 87,393 |
Gross Unrealized Gains | 0 | 6 |
Gross Unrealized (Losses) | (4,795) | (4,519) |
Fair Value | 69,000 | 82,880 |
Held-to-maturity: [Abstract] | ||
Held-to-maturity | 2,286 | 2,954 |
Gross Unrealized Gains | 0 | 0 |
Unrealized (Losses) | 0 | 0 |
Fair Value | $ 2,286 | $ 2,954 |
Investment Securities - Additio
Investment Securities - Additional Information (Details) | 12 Months Ended | |
Dec. 31, 2023 USD ($) Position Security | Dec. 31, 2022 USD ($) Position Security | |
Schedule Of Available For Sale Securities [Line Items] | ||
Equity securities, at fair value | $ 4,074,000 | $ 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 | $ 831,000,000 | 770,000,000 |
Available-for-sale, 12 months or longer, Fair Value | 1,075,835,000 | 677,083,000 |
12 months or longer, unrealized losses | $ 192,616,000 | $ 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 | 36 | 16 |
Available-for-sale, 12 months or longer, Fair Value | $ 210,069,000 | $ 163,520,000 |
12 months or longer, unrealized losses | $ 26,215,000 | $ 28,914,000 |
Held-to-maturity, securities in unrealized loss positions, qualitative disclosure, number of positions | Position | 0 | 0 |
Obligations of States and Political Subdivisions | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Number of securities in unrealized loss positions | Security | 237 | 36 |
Available-for-sale, 12 months or longer, Fair Value | $ 241,630,000 | $ 45,419,000 |
12 months or longer, unrealized losses | $ 49,038,000 | $ 16,624,000 |
Mortgage-backed Securities: GSE Residential | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Number of securities in unrealized loss positions | Security | 263 | 91 |
Available-for-sale, 12 months or longer, Fair Value | $ 566,197,000 | $ 461,446,000 |
12 months or longer, unrealized losses | $ 113,007,000 | $ 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 | $ 57,939,000 | $ 6,698,000 |
12 months or longer, unrealized losses | $ 4,356,000 | $ 844,000 |
Investment Securities - Schedul
Investment Securities - Schedule of Proceeds From Sales of Available for Sale Investment Securities, Realized Gains and Losses and Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Realized Investment Gains (Losses) [Abstract] | |||
Proceeds from sales | $ 343,610 | $ 36,257 | $ 611 |
Gross gains | 4,381 | 202 | 124 |
Gross losses | (998) | (169) | 0 |
Income tax expense | $ 981 | $ (10) | $ 36 |
Investment Securities - Investm
Investment Securities - Investments Classified by Contractual Maturity Date (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract] | ||
Available-for-sale investments, One year or less | $ 228,746 | |
Available-for-sale investments, After 1 through 5 years | 177,961 | |
Available-for-sale investments, After 5 through 10 years | 204,838 | |
Available-for-sale investments, After ten years | 560,027 | |
Available-for-sale investments, Fair Value | $ 1,171,572 | $ 1,218,985 |
Available-for-sale, Weighted average yield, One year or less (in hundredths) | 1.67% | |
Available-for-sale , Weighted average yield,After 1 through 5 years (in hundredths) | 2.70% | |
Available-for-sale, Weighted average yield,After 5 through 10 years (in hundredths) | 2.25% | |
Available-for-sale , Weighted average yield,After ten years (in hundredths) | 1.82% | |
Available-for-sale , Weighted average yield,Total (in hundredths) | 2% | |
Available-for-sale, Full Tax-equivalent yield, One year or less (in hundredths) | 1.68% | |
Available-for-sale, Full Tax-equivalent yield,After 1 through 5 years (in hundredths) | 2.70% | |
Available-for-sale, Full Tax-equivalent yield, After 5 through 10 years (in hundredths) | 2.24% | |
Available-for-sale, Full Tax-equivalent yield,After ten years (in hundredths) | 1.83% | |
Available-for-sale, Full Tax-equivalent yield,Total (in hundredths) | 2% | |
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 | 2,286 | |
Held-to-maturity | $ 2,286 | 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 | $ 185,981 | |
Available-for-sale investments, After 1 through 5 years | 25,675 | |
Available-for-sale investments, After 5 through 10 years | 0 | |
Available-for-sale investments, After ten years | 0 | |
Available-for-sale investments, Fair Value | 211,656 | 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 | 20,879 | |
Available-for-sale investments, After 1 through 5 years | 97,328 | |
Available-for-sale investments, After 5 through 10 years | 169,111 | |
Available-for-sale investments, After ten years | 1,298 | |
Available-for-sale investments, Fair Value | 288,616 | 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 | 10 | |
Available-for-sale investments, After 1 through 5 years | 8,566 | |
Available-for-sale investments, After 5 through 10 years | 34,995 | |
Available-for-sale investments, After ten years | 558,729 | |
Available-for-sale investments, Fair Value | 602,300 | 627,880 |
Other Securities | ||
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract] | ||
Available-for-sale investments, One year or less | 21,876 | |
Available-for-sale investments, After 1 through 5 years | 46,392 | |
Available-for-sale investments, After 5 through 10 years | 732 | |
Available-for-sale investments, After ten years | 0 | |
Available-for-sale investments, Fair Value | 69,000 | 82,880 |
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 | 2,286 | |
Held-to-maturity | $ 2,286 | $ 2,954 |
Investment Securities - Fair Va
Investment Securities - Fair Value of Investments with Sustained Gross Unrealized Losses (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Qualitative Disclosure [Abstract] | ||
Available-for-sale, Less than 12 months, Fair Value | $ 34,698 | $ 507,751 |
Available-for-sale, Less than 12 months, Unrealized Losses | (843) | (70,248) |
Available-for-sale, 12 months or longer, Fair Value | 1,075,835 | 677,083 |
Available-for-sale, 12 months or longer, Unrealized losses | (192,616) | (143,282) |
Available-for-sale, Total Fair Value | 1,110,533 | 1,184,834 |
Available-for-sale, Total Unrealized Losses | (193,459) | (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 | 1,288 | 57,007 |
Available-for-sale, Less than 12 months, Unrealized Losses | (4) | (3,493) |
Available-for-sale, 12 months or longer, Fair Value | 210,069 | 163,520 |
Available-for-sale, 12 months or longer, Unrealized losses | (26,215) | (28,914) |
Available-for-sale, Total Fair Value | 211,357 | 220,527 |
Available-for-sale, Total Unrealized Losses | (26,219) | (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 | 22,281 | 220,102 |
Available-for-sale, Less than 12 months, Unrealized Losses | (333) | (43,221) |
Available-for-sale, 12 months or longer, Fair Value | 241,630 | 45,419 |
Available-for-sale, 12 months or longer, Unrealized losses | (49,038) | (16,624) |
Available-for-sale, Total Fair Value | 263,911 | 265,521 |
Available-for-sale, Total Unrealized Losses | (49,371) | (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 | 5,818 | 165,966 |
Available-for-sale, Less than 12 months, Unrealized Losses | (67) | (19,859) |
Available-for-sale, 12 months or longer, Fair Value | 566,197 | 461,446 |
Available-for-sale, 12 months or longer, Unrealized losses | (113,007) | (96,900) |
Available-for-sale, Total Fair Value | 572,015 | 627,412 |
Available-for-sale, Total Unrealized Losses | (113,074) | (116,759) |
Other Securities | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Qualitative Disclosure [Abstract] | ||
Available-for-sale, Less than 12 months, Fair Value | 5,311 | 64,676 |
Available-for-sale, Less than 12 months, Unrealized Losses | (439) | (3,675) |
Available-for-sale, 12 months or longer, Fair Value | 57,939 | 6,698 |
Available-for-sale, 12 months or longer, Unrealized losses | (4,356) | (844) |
Available-for-sale, Total Fair Value | 63,250 | 71,374 |
Available-for-sale, Total Unrealized Losses | $ (4,795) | $ (4,519) |
Investment Securities - Maturit
Investment Securities - Maturities of Investment Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, within One Year, Amortized Cost | $ 254,176 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after One Through Five Years, Amortized Cost | 188,169 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after Five Through Ten Years, Amortized Cost | 205,900 | |
Debt Securities, Available-for-sale, Allocated and Single Maturity Date, Maturity, after 10 Years, Amortized Cost | 1,260 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Amortized Cost | 649,505 | |
Debt Securities, Available-for-sale, Maturity, Amortized Cost, Rolling Maturity [Abstract] | ||
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Amortized Cost | 714,216 | |
Amortized Cost | 1,363,721 | $ 1,432,372 |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Held-to-maturity, One Year or less | 0 | |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, after Ten Years, Amortized Cost | 2,286 | |
Held-to-maturity | 2,286 | 2,954 |
Available-For-Sale Securities, Debt Maturities, Single Maturity Date, Fair Value single maturity [Abstract] | ||
AFS Securities, Debt Maturities, Single Maturity Date, Next Twelve Months, Fair Value | 228,736 | |
AFS Securities, Debt Maturities, Single Maturity Date, Year Two Through Five, Fair Value | 169,395 | |
AFS Securities, Debt Maturities, Single Maturity Date, Year Six Through Ten, Fair Value | 169,843 | |
AFS Securities, Debt Maturities, Single Maturity Date, After Ten Years, Fair Value | 1,298 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Fair Value | 569,272 | |
Debt Securities, Available-for-sale, Maturity, Fair Value, Rolling Maturity [Abstract] | ||
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Fair Value | 602,300 | |
Fair Value | 1,171,572 | |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Fair Value [Abstract] | ||
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, after Ten Years, Fair Value | 2,286 | |
Debt Securities, Held-to-maturity, Fair Value | $ 2,286 | $ 2,954 |
Loans and Allowance for Credi_3
Loans and Allowance for Credit Losses - Summary of Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross loans | $ 5,633,562 | $ 4,835,439 | ||
Loans held for sale | 4,980 | 338 | ||
Loans and leases receivable gross excluding loans held for sale | 5,628,582 | 4,835,101 | ||
Net deferred loan fees, premiums and discounts | 52,997 | 9,227 | ||
Allowance for credit losses | 68,675 | 59,093 | $ 54,655 | $ 41,910 |
Net loans | 5,506,910 | 4,766,781 | ||
Real Estate Loan | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross loans | 3,886,972 | 3,326,511 | ||
Construction and Land Development | Real Estate Loan | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross loans | 207,033 | 144,387 | ||
Allowance for credit losses | 2,918 | 2,250 | 1,743 | 1,666 |
Agricultural | Real Estate Loan | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross loans | 392,265 | 410,790 | ||
Allowance for credit losses | 1,366 | 1,433 | 1,257 | 1,084 |
Commercial | Real Estate Loan | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross loans | 2,416,294 | 2,036,243 | ||
Allowance for credit losses | 31,758 | 28,157 | 26,246 | 19,660 |
Agricultural Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross loans | 196,202 | 166,695 | ||
Allowance for credit losses | 705 | 585 | 983 | 1,526 |
Commercial and Industrial Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross loans | 1,273,637 | 1,085,004 | ||
Allowance for credit losses | 25,450 | 20,808 | 19,241 | 13,485 |
Consumer Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross loans | 92,142 | 97,730 | ||
Allowance for credit losses | 2,258 | 2,118 | 2,855 | 2,167 |
All Other Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross loans | 184,609 | 159,499 | ||
1-4 Family | Residential Properties | Real Estate Loan | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross loans | 549,843 | 440,018 | ||
Allowance for credit losses | 4,220 | 3,742 | $ 2,330 | $ 2,322 |
Multifamily | Residential Properties | Real Estate Loan | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross loans | $ 321,537 | $ 295,073 |
Loans and Allowance for Credi_4
Loans and Allowance for Credit Losses - Additional Information (Details) | 12 Months Ended | ||||
Dec. 31, 2023 USD ($) Alternative Loan_modified | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Jan. 01, 2020 USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Increase (decrease) in accounts and notes receivable | $ 740,100,000 | ||||
Accrued interest on loans | 29,900,000 | $ 23,000,000 | |||
Minimum value of loans individually measured for impairment | $ 250,000,000 | ||||
Number of alternatives for measuring impaired loans receivable | Alternative | 3 | ||||
Allowance for credit losses | $ 68,675,000 | 59,093,000 | $ 54,655,000 | $ 41,910,000 | |
Recorded balance of nonaccrual loans | 18,832,000 | 15,956,000 | |||
Interest lost on nonaccrual loans | $ 412,000 | 103,000 | 308,000 | ||
Troubled debt restructurings balance | Loan_modified | 0 | ||||
Real estate acquired through foreclosure | $ 1,163,000 | 4,261,000 | |||
Mortgage loans secured by real estate In foreclosure | $ 399,000 | 425,000 | |||
ASU 2016-13 | Financial Asset Acquired with Credit Deterioration | Revision of Prior Period, Adjustment | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for credit losses | $ 833,000 | ||||
Commercial Real Estate | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Debt coverage ratio | 1.20x | ||||
Amortization period of loans | twenty years | ||||
Recorded balance of nonaccrual loans | $ 10,237,000 | 7,640,000 | |||
Commercial Real Estate | Minimum | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Maximum loan-to-value ratio (in hundredths) | 65% | ||||
Commercial Real Estate | Maximum | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Maximum loan-to-value ratio (in hundredths) | 80% | ||||
1-4 Family Residential Properties | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Period when loans charged-down | 180 days | ||||
Recorded balance of nonaccrual loans | $ 4,940,000 | 4,943,000 | |||
Jefferson Bank | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans acquired amount | $ 730,200,000 | ||||
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] | |||||
Maximum loan-to-value ratio (in hundredths) | 65% | ||||
Amortization period of loans | twenty-five years | ||||
Loans receivable, time period | one year | ||||
Agricultural | Real Estate Loan | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for credit losses | $ 1,366,000 | 1,433,000 | 1,257,000 | 1,084,000 | |
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 | one year | ||||
Allowance for credit losses | $ 25,450,000 | $ 20,808,000 | $ 19,241,000 | $ 13,485,000 | |
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 | ||||
Balloon period | 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 | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Allowance for loan losses [Abstract] | |||
Allowance for credit losses, Beginning Balance | $ 59,093 | $ 54,655 | $ 41,910 |
Initial allowance on loans purchased with credit deterioration | 3,791 | 863 | 2,074 |
Provision for credit loss expense | 6,104 | 4,806 | 15,151 |
Loans charged off | 2,631 | 2,950 | 5,634 |
Recoveries collected | 2,318 | 1,719 | 1,154 |
Allowance for credit losses, Ending Balance | 68,675 | 59,093 | 54,655 |
Construction and Land Development | Real Estate Loan | |||
Allowance for loan losses [Abstract] | |||
Allowance for credit losses, Beginning Balance | 2,250 | 1,743 | 1,666 |
Initial allowance on loans purchased with credit deterioration | 308 | 272 | 261 |
Provision for credit loss expense | 374 | 137 | 21 |
Loans charged off | 14 | 2 | 205 |
Recoveries collected | 0 | 100 | 0 |
Allowance for credit losses, Ending Balance | 2,918 | 2,250 | 1,743 |
Agricultural | Real Estate Loan | |||
Allowance for loan losses [Abstract] | |||
Allowance for credit losses, Beginning Balance | 1,433 | 1,257 | 1,084 |
Initial allowance on loans purchased with credit deterioration | 0 | 0 | 44 |
Provision for credit loss expense | (67) | 176 | 129 |
Loans charged off | 0 | 0 | 0 |
Recoveries collected | 0 | 0 | 0 |
Allowance for credit losses, Ending Balance | 1,366 | 1,433 | 1,257 |
Residential Properties | Real Estate Loan | 1-4 Family | |||
Allowance for loan losses [Abstract] | |||
Allowance for credit losses, Beginning Balance | 3,742 | 2,330 | 2,322 |
Initial allowance on loans purchased with credit deterioration | 124 | 3 | 328 |
Provision for credit loss expense | 225 | 1,241 | (160) |
Loans charged off | 87 | 191 | 371 |
Recoveries collected | 216 | 359 | 211 |
Allowance for credit losses, Ending Balance | 4,220 | 3,742 | 2,330 |
Commercial | Real Estate Loan | |||
Allowance for loan losses [Abstract] | |||
Allowance for credit losses, Beginning Balance | 28,157 | 26,246 | 19,660 |
Initial allowance on loans purchased with credit deterioration | 1,066 | 478 | 646 |
Provision for credit loss expense | 1,755 | 1,462 | 6,415 |
Loans charged off | 25 | 414 | 535 |
Recoveries collected | 805 | 385 | 60 |
Allowance for credit losses, Ending Balance | 31,758 | 28,157 | 26,246 |
Agricultural Loans | |||
Allowance for loan losses [Abstract] | |||
Allowance for credit losses, Beginning Balance | 585 | 983 | 1,526 |
Initial allowance on loans purchased with credit deterioration | 0 | 0 | 0 |
Provision for credit loss expense | 490 | (359) | (544) |
Loans charged off | 408 | 93 | 0 |
Recoveries collected | 38 | 54 | 1 |
Allowance for credit losses, Ending Balance | 705 | 585 | 983 |
Commercial and Industrial Loans | |||
Allowance for loan losses [Abstract] | |||
Allowance for credit losses, Beginning Balance | 20,808 | 19,241 | 13,485 |
Initial allowance on loans purchased with credit deterioration | 2,273 | 94 | 795 |
Provision for credit loss expense | 2,322 | 2,135 | 7,940 |
Loans charged off | 529 | 870 | 3,118 |
Recoveries collected | 576 | 208 | 139 |
Allowance for credit losses, Ending Balance | 25,450 | 20,808 | 19,241 |
Consumer Loans | |||
Allowance for loan losses [Abstract] | |||
Allowance for credit losses, Beginning Balance | 2,118 | 2,855 | 2,167 |
Initial allowance on loans purchased with credit deterioration | 20 | 16 | 0 |
Provision for credit loss expense | 1,005 | 14 | 1,350 |
Loans charged off | 1,568 | 1,380 | 1,405 |
Recoveries collected | 683 | 613 | 743 |
Allowance for credit losses, Ending Balance | $ 2,258 | $ 2,118 | $ 2,855 |
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 | Dec. 31, 2023 USD ($) |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivable, Individually Evaluated for Impairment | $ 13,281 |
Allowance for Credit Losses | 186 |
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 | 1,224 |
Allowance for Credit Losses | 0 |
Consumer Loans | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivable, Individually Evaluated for Impairment | 0 |
Allowance for Credit Losses | 0 |
All Other 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 | 11,293 |
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 | 77 |
Real Estate | Consumer Loans | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivable, Individually Evaluated for Impairment | 0 |
Real Estate | All Other 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 | 1,147 |
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 | 1,147 |
Business Assets | Consumer Loans | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivable, Individually Evaluated for Impairment | 0 |
Business Assets | All Other 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 | 841 |
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 |
Other Property | All Other 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 | 12,057 |
Allowance for Credit Losses | 186 |
Real Estate Loan | Construction and Land Development | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivable, Individually Evaluated for Impairment | 416 |
Allowance for Credit Losses | 186 |
Real Estate Loan | Agricultural | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivable, Individually Evaluated for Impairment | 841 |
Allowance for Credit Losses | 0 |
Real Estate Loan | Commercial | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivable, Individually Evaluated for Impairment | 8,571 |
Allowance for Credit Losses | 0 |
Real Estate Loan | Real Estate | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivable, Individually Evaluated for Impairment | 11,216 |
Real Estate Loan | Real Estate | Construction and Land Development | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivable, Individually Evaluated for Impairment | 416 |
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 | 8,571 |
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 | 841 |
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 | 841 |
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 | 1,192 |
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 | 1,192 |
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 | 1,037 |
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 | 1,037 |
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 Based on Risk Rating Category and Payment Activity (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Credit Quality Information [Abstract] | ||
Current fiscal year | $ 792,071 | $ 1,535,342 |
Fiscal year before current fiscal year | 1,402,051 | 973,016 |
Two years before current fiscal year | 994,108 | 669,475 |
Three years before current fiscal year | 619,354 | 387,967 |
Four years before current fiscal year | 381,174 | 354,435 |
Prior | 1,315,596 | 862,255 |
Revolving Loans | 76,211 | 43,722 |
Current period gross writeoffs, current fiscal year | 10 | |
Current period gross writeoffs, fiscal year before current fiscal year | 761 | |
Current period gross writeoffs, two year before current fiscal year | 208 | |
Current period gross writeoffs, three year before current fiscal year | 51 | |
Current period gross writeoffs, four year before current fiscal year | 93 | |
Current period gross writeoffs, prior | 1,508 | |
Current period gross writeoffs, revolving loans | 0 | |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 5,580,565 | 4,826,212 |
Current period gross writeoffs, total loans receivables | 2,631 | |
Pass | ||
Credit Quality Information [Abstract] | ||
Current fiscal year | 786,908 | 1,524,905 |
Fiscal year before current fiscal year | 1,390,885 | 969,145 |
Two years before current fiscal year | 976,531 | 656,609 |
Three years before current fiscal year | 616,020 | 382,543 |
Four years before current fiscal year | 376,655 | 335,886 |
Prior | 1,254,871 | 832,814 |
Revolving Loans | 75,700 | 43,722 |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 5,477,570 | 4,745,624 |
Special Mention | ||
Credit Quality Information [Abstract] | ||
Current fiscal year | 4,925 | 5,126 |
Fiscal year before current fiscal year | 5,566 | 2,163 |
Two years before current fiscal year | 15,110 | 11,356 |
Three years before current fiscal year | 2,721 | 4,118 |
Four years before current fiscal year | 3,368 | 8,814 |
Prior | 42,350 | 12,891 |
Revolving Loans | 10 | 0 |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 74,050 | 44,468 |
Substandard | ||
Credit Quality Information [Abstract] | ||
Current fiscal year | 238 | 5,311 |
Fiscal year before current fiscal year | 5,600 | 1,708 |
Two years before current fiscal year | 2,467 | 1,510 |
Three years before current fiscal year | 613 | 1,306 |
Four years before current fiscal year | 1,151 | 9,735 |
Prior | 18,375 | 16,550 |
Revolving Loans | 501 | 0 |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 28,945 | 36,120 |
Doubtful | ||
Credit Quality Information [Abstract] | ||
Current fiscal year | 0 | |
Fiscal year before current fiscal year | 0 | |
Two years before current fiscal year | 0 | |
Three years before current fiscal year | 0 | |
Four years before current fiscal year | 0 | |
Prior | 0 | |
Revolving Loans | 0 | |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 0 | |
Agricultural Loans | ||
Credit Quality Information [Abstract] | ||
Current fiscal year | 147,999 | 138,558 |
Fiscal year before current fiscal year | 27,905 | 18,783 |
Two years before current fiscal year | 10,044 | 3,433 |
Three years before current fiscal year | 2,549 | 4,720 |
Four years before current fiscal year | 1,921 | 981 |
Prior | 5,854 | 363 |
Revolving Loans | 0 | 0 |
Current period gross writeoffs, current fiscal year | 0 | |
Current period gross writeoffs, fiscal year before current fiscal year | 276 | |
Current period gross writeoffs, two year before current fiscal year | 0 | |
Current period gross writeoffs, three year before current fiscal year | 0 | |
Current period gross writeoffs, four year before current fiscal year | 0 | |
Current period gross writeoffs, prior | 132 | |
Current period gross writeoffs, revolving loans | 0 | |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 196,272 | 166,838 |
Current period gross writeoffs, total loans receivables | 408 | |
Agricultural Loans | Pass | ||
Credit Quality Information [Abstract] | ||
Current fiscal year | 147,993 | 137,327 |
Fiscal year before current fiscal year | 27,895 | 18,783 |
Two years before current fiscal year | 10,044 | 3,433 |
Three years before current fiscal year | 2,549 | 3,918 |
Four years before current fiscal year | 1,883 | 915 |
Prior | 5,854 | 254 |
Revolving Loans | 0 | 0 |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 196,218 | 164,630 |
Agricultural Loans | Special Mention | ||
Credit Quality Information [Abstract] | ||
Current fiscal year | 6 | 1,178 |
Fiscal year before current fiscal year | 10 | 0 |
Two years before current fiscal year | 0 | 0 |
Three years before current fiscal year | 0 | 756 |
Four years before current fiscal year | 38 | 66 |
Prior | 0 | 109 |
Revolving Loans | 0 | 0 |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 54 | 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 | 0 | 0 |
Three years before current fiscal year | 0 | 46 |
Four years before current fiscal year | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 0 | 99 |
Commercial Industrial And Other Portfolio Segment | ||
Credit Quality Information [Abstract] | ||
Current fiscal year | 291,351 | 450,816 |
Fiscal year before current fiscal year | 309,188 | 227,096 |
Two years before current fiscal year | 242,971 | 182,487 |
Three years before current fiscal year | 155,119 | 64,511 |
Four years before current fiscal year | 74,532 | 69,366 |
Prior | 377,607 | 248,195 |
Revolving Loans | 0 | 0 |
Current period gross writeoffs, current fiscal year | 0 | |
Current period gross writeoffs, fiscal year before current fiscal year | 353 | |
Current period gross writeoffs, two year before current fiscal year | 0 | |
Current period gross writeoffs, three year before current fiscal year | 49 | |
Current period gross writeoffs, four year before current fiscal year | 20 | |
Current period gross writeoffs, prior | 107 | |
Current period gross writeoffs, revolving loans | 0 | |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 1,450,768 | 1,242,471 |
Current period gross writeoffs, total loans receivables | 529 | |
Commercial Industrial And Other Portfolio Segment | Pass | ||
Credit Quality Information [Abstract] | ||
Current fiscal year | 290,304 | 450,001 |
Fiscal year before current fiscal year | 306,794 | 226,038 |
Two years before current fiscal year | 232,198 | 172,208 |
Three years before current fiscal year | 154,499 | 63,906 |
Four years before current fiscal year | 73,906 | 61,929 |
Prior | 347,957 | 247,404 |
Revolving Loans | 0 | 0 |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 1,405,658 | 1,221,486 |
Commercial Industrial And Other Portfolio Segment | Special Mention | ||
Credit Quality Information [Abstract] | ||
Current fiscal year | 1,047 | 469 |
Fiscal year before current fiscal year | 1,857 | 640 |
Two years before current fiscal year | 9,982 | 10,095 |
Three years before current fiscal year | 562 | 570 |
Four years before current fiscal year | 597 | 7,280 |
Prior | 28,900 | 158 |
Revolving Loans | 0 | 0 |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 42,945 | 19,212 |
Commercial Industrial And Other Portfolio Segment | Substandard | ||
Credit Quality Information [Abstract] | ||
Current fiscal year | 0 | 346 |
Fiscal year before current fiscal year | 537 | 418 |
Two years before current fiscal year | 791 | 184 |
Three years before current fiscal year | 58 | 35 |
Four years before current fiscal year | 29 | 157 |
Prior | 750 | 633 |
Revolving Loans | 0 | 0 |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 2,165 | 1,773 |
Commercial Industrial And Other Portfolio Segment | Doubtful | ||
Credit Quality Information [Abstract] | ||
Current fiscal year | 0 | |
Fiscal year before current fiscal year | 0 | |
Two years before current fiscal year | 0 | |
Three years before current fiscal year | 0 | |
Four years before current fiscal year | 0 | |
Prior | 0 | |
Revolving Loans | 0 | |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 0 | |
Consumer Loans | ||
Credit Quality Information [Abstract] | ||
Current fiscal year | 9,633 | 48,669 |
Fiscal year before current fiscal year | 40,656 | 21,352 |
Two years before current fiscal year | 21,589 | 12,105 |
Three years before current fiscal year | 10,526 | 8,011 |
Four years before current fiscal year | 4,534 | 2,002 |
Prior | 4,076 | 5,636 |
Revolving Loans | 0 | 0 |
Current period gross writeoffs, current fiscal year | 0 | |
Current period gross writeoffs, fiscal year before current fiscal year | 132 | |
Current period gross writeoffs, two year before current fiscal year | 208 | |
Current period gross writeoffs, three year before current fiscal year | 2 | |
Current period gross writeoffs, four year before current fiscal year | 20 | |
Current period gross writeoffs, prior | 1,206 | |
Current period gross writeoffs, revolving loans | 0 | |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 91,014 | 97,775 |
Current period gross writeoffs, total loans receivables | 1,568 | |
Consumer Loans | Pass | ||
Credit Quality Information [Abstract] | ||
Current fiscal year | 9,547 | 48,600 |
Fiscal year before current fiscal year | 40,225 | 21,088 |
Two years before current fiscal year | 21,264 | 12,101 |
Three years before current fiscal year | 10,387 | 7,968 |
Four years before current fiscal year | 4,475 | 1,945 |
Prior | 4,035 | 5,630 |
Revolving Loans | 0 | 0 |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 89,933 | 97,332 |
Consumer Loans | Special Mention | ||
Credit Quality Information [Abstract] | ||
Current fiscal year | 0 | 0 |
Fiscal year before current fiscal year | 26 | 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 | 26 | 24 |
Consumer Loans | Substandard | ||
Credit Quality Information [Abstract] | ||
Current fiscal year | 86 | 69 |
Fiscal year before current fiscal year | 405 | 246 |
Two years before current fiscal year | 325 | 3 |
Three years before current fiscal year | 139 | 43 |
Four years before current fiscal year | 59 | 52 |
Prior | 41 | 6 |
Revolving Loans | 0 | 0 |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 1,055 | 419 |
Real Estate Loan | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 3,842,511 | 3,319,128 |
Real Estate Loan | Construction and Land Development | ||
Credit Quality Information [Abstract] | ||
Current fiscal year | 68,086 | 63,846 |
Fiscal year before current fiscal year | 74,065 | 39,790 |
Two years before current fiscal year | 27,392 | 12,558 |
Three years before current fiscal year | 5,188 | 15,801 |
Four years before current fiscal year | 10,795 | 1,210 |
Prior | 19,551 | 11,059 |
Revolving Loans | 0 | 0 |
Current period gross writeoffs, current fiscal year | 0 | |
Current period gross writeoffs, fiscal year before current fiscal year | 0 | |
Current period gross writeoffs, two year before current fiscal year | 0 | |
Current period gross writeoffs, three year before current fiscal year | 0 | |
Current period gross writeoffs, four year before current fiscal year | 14 | |
Current period gross writeoffs, prior | 0 | |
Current period gross writeoffs, revolving loans | 0 | |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 205,077 | 144,264 |
Current period gross writeoffs, total loans receivables | 14 | |
Real Estate Loan | Construction and Land Development | Pass | ||
Credit Quality Information [Abstract] | ||
Current fiscal year | 68,086 | 63,846 |
Fiscal year before current fiscal year | 74,065 | 39,790 |
Two years before current fiscal year | 27,392 | 12,558 |
Three years before current fiscal year | 5,188 | 15,787 |
Four years before current fiscal year | 10,795 | 1,210 |
Prior | 19,115 | 10,601 |
Revolving Loans | 0 | 0 |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 204,641 | 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 | 436 | 458 |
Revolving Loans | 0 | 0 |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 436 | 472 |
Real Estate Loan | Agricultural | ||
Credit Quality Information [Abstract] | ||
Current fiscal year | 19,437 | 172,956 |
Fiscal year before current fiscal year | 164,812 | 67,115 |
Two years before current fiscal year | 58,813 | 58,773 |
Three years before current fiscal year | 53,249 | 25,060 |
Four years before current fiscal year | 20,589 | 29,229 |
Prior | 74,232 | 57,194 |
Revolving Loans | 0 | 0 |
Current period gross writeoffs, current fiscal year | 0 | |
Current period gross writeoffs, fiscal year before current fiscal year | 0 | |
Current period gross writeoffs, two year before current fiscal year | 0 | |
Current period gross writeoffs, three year before current fiscal year | 0 | |
Current period gross writeoffs, four year before current fiscal year | 0 | |
Current period gross writeoffs, prior | 0 | |
Current period gross writeoffs, revolving loans | 0 | |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 391,132 | 410,327 |
Current period gross writeoffs, total loans receivables | 0 | |
Real Estate Loan | Agricultural | Pass | ||
Credit Quality Information [Abstract] | ||
Current fiscal year | 19,231 | 171,833 |
Fiscal year before current fiscal year | 164,812 | 67,115 |
Two years before current fiscal year | 57,815 | 58,283 |
Three years before current fiscal year | 53,249 | 23,820 |
Four years before current fiscal year | 19,419 | 27,573 |
Prior | 71,189 | 52,799 |
Revolving Loans | 0 | 0 |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 385,715 | 401,423 |
Real Estate Loan | Agricultural | Special Mention | ||
Credit Quality Information [Abstract] | ||
Current fiscal year | 206 | 1,123 |
Fiscal year before current fiscal year | 0 | 0 |
Two years before current fiscal year | 627 | 490 |
Three years before current fiscal year | 0 | 1,240 |
Four years before current fiscal year | 1,170 | 273 |
Prior | 1,868 | 3,121 |
Revolving Loans | 0 | 0 |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 3,871 | 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 | 371 | 0 |
Three years before current fiscal year | 0 | 0 |
Four years before current fiscal year | 0 | 1,383 |
Prior | 1,175 | 1,274 |
Revolving Loans | 0 | 0 |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 1,546 | 2,657 |
Real Estate Loan | Commercial And Multifamily Portfolio Segment | ||
Credit Quality Information [Abstract] | ||
Current fiscal year | 189,294 | 564,891 |
Fiscal year before current fiscal year | 686,704 | 511,379 |
Two years before current fiscal year | 550,570 | 320,612 |
Three years before current fiscal year | 319,254 | 241,945 |
Four years before current fiscal year | 241,661 | 217,851 |
Prior | 716,350 | 467,679 |
Revolving Loans | 0 | 0 |
Current period gross writeoffs, current fiscal year | 0 | |
Current period gross writeoffs, fiscal year before current fiscal year | 0 | |
Current period gross writeoffs, two year before current fiscal year | 0 | |
Current period gross writeoffs, three year before current fiscal year | 0 | |
Current period gross writeoffs, four year before current fiscal year | 25 | |
Current period gross writeoffs, prior | 0 | |
Current period gross writeoffs, revolving loans | 0 | |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 2,703,833 | 2,324,357 |
Current period gross writeoffs, total loans receivables | 25 | |
Real Estate Loan | Commercial And Multifamily Portfolio Segment | Pass | ||
Credit Quality Information [Abstract] | ||
Current fiscal year | 185,628 | 558,921 |
Fiscal year before current fiscal year | 680,099 | 509,614 |
Two years before current fiscal year | 548,733 | 319,049 |
Three years before current fiscal year | 317,075 | 239,564 |
Four years before current fiscal year | 239,323 | 211,505 |
Prior | 701,464 | 453,076 |
Revolving Loans | 0 | 0 |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 2,672,322 | 2,291,729 |
Real Estate Loan | Commercial And Multifamily Portfolio Segment | Special Mention | ||
Credit Quality Information [Abstract] | ||
Current fiscal year | 3,666 | 2,187 |
Fiscal year before current fiscal year | 2,706 | 1,287 |
Two years before current fiscal year | 1,317 | 769 |
Three years before current fiscal year | 2,159 | 1,508 |
Four years before current fiscal year | 1,563 | 952 |
Prior | 7,778 | 8,503 |
Revolving Loans | 0 | 0 |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 19,189 | 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 | 3,899 | 478 |
Two years before current fiscal year | 520 | 794 |
Three years before current fiscal year | 20 | 873 |
Four years before current fiscal year | 775 | 5,394 |
Prior | 7,108 | 6,100 |
Revolving Loans | 0 | 0 |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 12,322 | 17,422 |
1-4 Family | Real Estate Loan | ||
Credit Quality Information [Abstract] | ||
Current fiscal year | 66,271 | 95,606 |
Fiscal year before current fiscal year | 98,721 | 87,501 |
Two years before current fiscal year | 82,729 | 79,507 |
Three years before current fiscal year | 73,469 | 27,919 |
Four years before current fiscal year | 27,142 | 33,796 |
Prior | 117,926 | 72,129 |
Revolving Loans | 76,211 | 43,722 |
Current period gross writeoffs, current fiscal year | 10 | |
Current period gross writeoffs, fiscal year before current fiscal year | 0 | |
Current period gross writeoffs, two year before current fiscal year | 0 | |
Current period gross writeoffs, three year before current fiscal year | 0 | |
Current period gross writeoffs, four year before current fiscal year | 14 | |
Current period gross writeoffs, prior | 63 | |
Current period gross writeoffs, revolving loans | 0 | |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 542,469 | 440,180 |
Current period gross writeoffs, total loans receivables | 87 | |
1-4 Family | Real Estate Loan | Pass | ||
Credit Quality Information [Abstract] | ||
Current fiscal year | 66,119 | 94,377 |
Fiscal year before current fiscal year | 96,995 | 86,717 |
Two years before current fiscal year | 79,085 | 78,977 |
Three years before current fiscal year | 73,073 | 27,580 |
Four years before current fiscal year | 26,854 | 30,809 |
Prior | 105,257 | 63,050 |
Revolving Loans | 75,700 | 43,722 |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 523,083 | 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 | 967 | 218 |
Two years before current fiscal year | 3,184 | 1 |
Three years before current fiscal year | 0 | 44 |
Four years before current fiscal year | 0 | 238 |
Prior | 3,804 | 1,000 |
Revolving Loans | 10 | 0 |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 7,965 | 1,670 |
1-4 Family | Real Estate Loan | Substandard | ||
Credit Quality Information [Abstract] | ||
Current fiscal year | 152 | 1,060 |
Fiscal year before current fiscal year | 759 | 566 |
Two years before current fiscal year | 460 | 529 |
Three years before current fiscal year | 396 | 295 |
Four years before current fiscal year | 288 | 2,749 |
Prior | 8,865 | 8,079 |
Revolving Loans | 501 | 0 |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | $ 11,421 | $ 13,278 |
Loans and Allowance for Credi_8
Loans and Allowance for Credit Losses - Loan Portfolio Aging Analysis (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | $ 5,575,585 | $ 4,825,874 |
Total Loans Receivable | 5,580,565 | 4,826,212 |
Total Loans> 90 Days and Accruing | 0 | 0 |
Real Estate Loan | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 3,842,511 | 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 | 542,469 | 440,180 |
Construction and Land Development | Real Estate Loan | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 205,077 | 144,264 |
Total Loans> 90 Days and Accruing | 0 | 0 |
Agricultural | Real Estate Loan | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 391,132 | 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 | 542,469 | 440,180 |
Total Loans> 90 Days and Accruing | 0 | 0 |
Residential Properties | Real Estate Loan | Multifamily | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 319,129 | 294,346 |
Total Loans> 90 Days and Accruing | 0 | 0 |
Commercial | Real Estate Loan | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 2,384,704 | 2,030,011 |
Total Loans> 90 Days and Accruing | 0 | 0 |
Consumer Loans | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 91,014 | 97,775 |
Total Loans> 90 Days and Accruing | 0 | 0 |
Agricultural Loans | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 196,272 | 166,838 |
Total Loans> 90 Days and Accruing | 0 | 0 |
Commercial and Industrial Loans | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 1,266,159 | 1,082,960 |
Total Loans> 90 Days and Accruing | 0 | 0 |
All Other Loans | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 184,609 | 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 | 5,679 | 3,282 |
Financial Asset, 30 to 59 Days Past Due | Real Estate Loan | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 4,023 | 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 | 0 | 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 | 3,054 | 1,706 |
Financial Asset, 30 to 59 Days Past Due | Residential Properties | Real Estate Loan | Multifamily | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 150 | 0 |
Financial Asset, 30 to 59 Days Past Due | Commercial | Real Estate Loan | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 819 | 494 |
Financial Asset, 30 to 59 Days Past Due | Consumer Loans | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 983 | 326 |
Financial Asset, 30 to 59 Days Past Due | Agricultural Loans | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 0 | 0 |
Financial Asset, 30 to 59 Days Past Due | Commercial and Industrial Loans | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 673 | 716 |
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 | 1,424 | 1,589 |
Financial Asset, 60 to 89 Days Past Due | Real Estate Loan | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 1,189 | 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 | 585 | 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 | 530 | 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 | 74 | 205 |
Financial Asset, 60 to 89 Days Past Due | Consumer Loans | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 162 | 195 |
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 | 73 | 24 |
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 | 7,646 | 6,709 |
Financial Asset, Equal to or Greater than 90 Days Past Due | Real Estate Loan | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 5,785 | 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 | 1,018 | 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 | 551 | 548 |
Financial Asset, Equal to or Greater than 90 Days Past Due | Commercial | Real Estate Loan | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 3,765 | 3,654 |
Financial Asset, Equal to or Greater than 90 Days Past Due | Consumer Loans | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 330 | 278 |
Financial Asset, Equal to or Greater than 90 Days Past Due | Agricultural Loans | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 0 | 29 |
Financial Asset, Equal to or Greater than 90 Days Past Due | Commercial and Industrial Loans | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 1,531 | 854 |
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 | 14,749 | 11,580 |
Total Past Due | Real Estate Loan | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 10,997 | 9,105 |
Total Past Due | Construction and Land Development | Real Estate Loan | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 1,035 | 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 | 4,602 | 3,694 |
Total Past Due | Residential Properties | Real Estate Loan | Multifamily | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 701 | 548 |
Total Past Due | Commercial | Real Estate Loan | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 4,658 | 4,353 |
Total Past Due | Consumer Loans | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 1,475 | 799 |
Total Past Due | Agricultural Loans | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 0 | 82 |
Total Past Due | Commercial and Industrial Loans | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 2,277 | 1,594 |
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 | 5,565,816 | 4,814,632 |
Current | Real Estate Loan | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 3,831,514 | 3,310,023 |
Current | Construction and Land Development | Real Estate Loan | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 204,042 | 143,781 |
Current | Agricultural | Real Estate Loan | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 391,131 | 410,300 |
Current | Residential Properties | Real Estate Loan | 1-4 Family | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 537,867 | 436,486 |
Current | Residential Properties | Real Estate Loan | Multifamily | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 318,428 | 293,798 |
Current | Commercial | Real Estate Loan | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 2,380,046 | 2,025,658 |
Current | Consumer Loans | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 89,539 | 96,976 |
Current | Agricultural Loans | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 196,272 | 166,756 |
Current | Commercial and Industrial Loans | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 1,263,882 | 1,081,366 |
Current | All Other Loans | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | $ 184,609 | $ 159,511 |
Loans and Allowance for Credi_9
Loans and Allowance for Credit Losses - Recorded Balance of Loans on Nonaccrual Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Nonaccrual, No Allowance | $ 18,571 | $ 15,545 |
Financing Receivable, Nonaccrual | 18,832 | 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 | 1,146 | 1,258 |
Financing Receivable, Nonaccrual | 1,146 | 1,258 |
1-4 Family Residential Properties | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Nonaccrual, No Allowance | 4,679 | 4,532 |
Financing Receivable, Nonaccrual | 4,940 | 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 | 10,237 | 7,640 |
Financing Receivable, Nonaccrual | 10,237 | 7,640 |
Loans Secured by Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Nonaccrual, No Allowance | 16,062 | 14,116 |
Financing Receivable, Nonaccrual | 16,323 | 14,527 |
Agricultural Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Nonaccrual, No Allowance | 0 | 57 |
Financing Receivable, Nonaccrual | 0 | 57 |
Commercial & Industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Nonaccrual, No Allowance | 1,931 | 1,098 |
Financing Receivable, Nonaccrual | 1,931 | 1,098 |
Consumer Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Nonaccrual, No Allowance | 578 | 274 |
Financing Receivable, Nonaccrual | $ 578 | $ 274 |
Loans and Allowance for Cred_10
Loans and Allowance for Credit Losses - Amortized Cost Basis of Loans Experiencing Difficulty and Modified (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 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 | 0.05% |
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 | 0.03% |
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 | 1,335 |
Payment Delay Investment | Real Estate Loan | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivables, Modifications during Period, Balance | 1,130 |
Payment Delay Investment | Consumer Loans | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivables, Modifications during Period, Balance | 6 |
Payment Delay Investment | Agricultural Real Estate Loans | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivables, Modifications during Period, Balance | 331 |
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 | 55 |
Payment Delay Investment | Commercial Real Estate | Real Estate Loan | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivables, Modifications during Period, Balance | 744 |
Payment Delay Investment | Commercial and Industrial Loans | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivables, Modifications during Period, Balance | 199 |
Term Extension Modifications | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivables, Modifications during Period, Balance | 1,154 |
Term Extension Modifications | Real Estate Loan | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivables, Modifications during Period, Balance | 938 |
Term Extension Modifications | Consumer Loans | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivables, Modifications during Period, Balance | 38 |
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 | 807 |
Term Extension Modifications | Commercial Real Estate | Real Estate Loan | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivables, Modifications during Period, Balance | 131 |
Term Extension Modifications | Commercial and Industrial Loans | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivables, Modifications during Period, Balance | 178 |
Interest Rate Reduction | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivables, Modifications during Period, Balance | 562 |
Interest Rate Reduction | Real Estate Loan | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivables, Modifications during Period, Balance | 562 |
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 | 562 |
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 | Dec. 31, 2023 USD ($) |
30-59 Days Past Due | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivable Modifications Performance Recorded Investment | $ 34 |
60-89 Days Past Due | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivable Modifications Performance Recorded Investment | 0 |
90 Days or More Past Due | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivable Modifications Performance Recorded Investment | 0 |
Total Past Due | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivable Modifications Performance Recorded Investment | 34 |
Consumer Loans | 30-59 Days Past Due | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivable Modifications Performance Recorded Investment | 25 |
Consumer Loans | 60-89 Days Past Due | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivable Modifications Performance Recorded Investment | 0 |
Consumer Loans | 90 Days or More Past Due | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivable Modifications Performance Recorded Investment | 0 |
Consumer Loans | Total Past Due | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivable Modifications Performance Recorded Investment | 25 |
Commercial and Industrial Loans | 30-59 Days Past Due | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivable Modifications Performance Recorded Investment | 9 |
Commercial and Industrial Loans | 60-89 Days Past Due | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivable Modifications Performance Recorded Investment | 0 |
Commercial and Industrial Loans | 90 Days or More Past Due | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivable Modifications Performance Recorded Investment | 0 |
Commercial and Industrial Loans | Total Past Due | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivable Modifications Performance Recorded Investment | $ 9 |
Loans and Allowance for Cred_12
Loans and Allowance for Credit Losses - Financial Effect of Loan Modifications (Details) | 12 Months Ended |
Dec. 31, 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 |
Commercial Real Estate | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Weighted Average Interest Rate Reduction | 3.75% |
Weighted Average Term Extension (in months) |
Loans and Allowance for Cred_13
Loans and Allowance for Credit Losses - Summary of Purchased Credit Deteriorated (PCD) Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Feb. 14, 2022 | Dec. 31, 2023 | |
Blackhawk Acquisition | ||
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 | |
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 |
Premises and Equipment, Net - S
Premises and Equipment, Net - Summary of Premises and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Property Plant And Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 142,912 | $ 128,039 |
Accumulated depreciation and amortization | 41,516 | 37,566 |
Total | 101,396 | 90,473 |
Land | ||
Property Plant And Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 35,732 | 27,982 |
Buildings and Improvements | ||
Property Plant And Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 72,082 | 68,345 |
Furniture and Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 27,518 | 25,498 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 4,829 | 4,676 |
Construction in Progress | ||
Property Plant And Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 2,751 | $ 1,538 |
Premises and Equipment, Net - A
Premises and Equipment, Net - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation Expense | $ 5 | $ 4.9 | $ 4.4 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Schedule of Intangible Assets and Goodwill (Details) - USD ($) $ in Thousands | Dec. 31, 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 | 52,361 | 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 | 34,966 | 28,432 |
Customer List Intangibles | ||
Finite Lived Intangible Assets [Line Items] | ||
Intangible Assets, Gross Carrying Value | 26,552 | 20,782 |
Intangible Assets, Accumulated Amortization | $ 10,620 | $ 8,551 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | |
Finite Lived Intangible Assets [Line Items] | |||||
Goodwill, net | $ 196,461 | $ 140,412 | |||
Principal balance of mortgage loans serviced for others | $ 641,200 | $ 73,600 | |||
Weighted average amortization period of intangibles | 3 years 9 months 10 days | ||||
Core Deposit Intangibles | |||||
Finite Lived Intangible Assets [Line Items] | |||||
Weighted average amortization period of intangibles | 3 years 6 months 3 days | ||||
Customer List Intangibles | |||||
Finite Lived Intangible Assets [Line Items] | |||||
Weighted average amortization period of intangibles | 4 years 6 months 21 days | ||||
Blackhawk Bancorp, Inc | |||||
Finite Lived Intangible Assets [Line Items] | |||||
Goodwill, net | $ 50,097 | $ 50,100 | |||
Purdum, Gray, Ingledue, Beck, Inc. | |||||
Finite Lived Intangible Assets [Line Items] | |||||
Goodwill, net | 5,951 | $ 6,000 | |||
Delta Bancshares Company | |||||
Finite Lived Intangible Assets [Line Items] | |||||
Goodwill, net | $ 28,558 | $ 28,600 |
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 | 12 Months Ended | ||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | |
Less purchase accounting adjustments: | |||||
Resulting goodwill from acquisition | $ 196,461 | $ 140,412 | |||
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 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 | ||||
Goodwill, purchase accounting adjustments | (23,142) | ||||
Resulting goodwill from acquisition | 50,097 | $ 50,100 | |||
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 | ||||
Resulting goodwill from acquisition | 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 | ||||
Resulting goodwill from acquisition | $ 28,558 | $ 28,600 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets - Intangible Assets Mortgage Servicing Rights (Details) - Mortgage Servicing Rights - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Finite Lived Intangible Assets [Line Items] | ||
Beginning balance | $ 331 | $ 420 |
Mortgage servicing rights acquired during period | 7,070 | 0 |
Valuation recovery | (8) | 108 |
Mortgage servicing rights amortized | (524) | (200) |
I/O strip | (10) | 3 |
Ending balance | $ 6,859 | $ 331 |
Goodwill and Intangible Asset_6
Goodwill and Intangible Assets - Schedule of Intangible Assets Amortization Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Finite Lived Intangible Assets [Line Items] | |||
Amortization of intangible assets | $ 9,127 | $ 6,290 | $ 5,391 |
Core Deposit Intangibles | |||
Finite Lived Intangible Assets [Line Items] | |||
Amortization of intangible assets | 6,534 | 4,347 | 3,176 |
Customer List Intangibles | |||
Finite Lived Intangible Assets [Line Items] | |||
Amortization of intangible assets | 2,069 | 1,743 | 1,586 |
Mortgage Servicing Rights | |||
Finite Lived Intangible Assets [Line Items] | |||
Amortization of intangible assets | $ 524 | $ 200 | $ 629 |
Goodwill and Intangible Asset_7
Goodwill and Intangible Assets - Schedule of Expected Amortization Expense (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Estimated amortization expense [Abstract] | |
For year ended 12/31/24 | $ 13,478 |
For year ended 12/31/25 | 10,570 |
For year ended 12/31/26 | 12,158 |
For year ended 12/31/27 | 8,183 |
For year ended 12/31/28 | $ 9,351 |
Deposits - Summary of Deposits
Deposits - Summary of Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Demand deposits: | ||
Non-interest bearing | $ 1,398,234 | $ 1,256,514 |
Interest-bearing | 1,837,296 | 1,389,283 |
Savings | 710,586 | 636,699 |
Money market | 1,129,950 | 1,267,726 |
Time deposits | 1,047,593 | 706,779 |
Total deposits | $ 6,123,659 | $ 5,257,001 |
Deposits - Summary of Interest
Deposits - Summary of Interest Expense on Deposits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Deposits [Abstract] | |||
Interest-bearing demand | $ 21,347 | $ 4,315 | $ 1,547 |
Savings | 739 | 570 | 487 |
Money market | 26,592 | 9,394 | 2,711 |
Time deposits | 28,616 | 4,534 | 4,292 |
Total | $ 77,294 | $ 18,813 | $ 9,037 |
Deposits - Summary of Aggregate
Deposits - Summary of Aggregate Amount of Time Deposits more than 100,000 (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Deposits [Abstract] | |||
Time deposit balances in denominations of more than $250,000 | $ 282,028 | $ 138,056 | $ 117,887 |
Deposits - Summary of Maturitie
Deposits - Summary of Maturities for All Time Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Maturities of Time Deposits [Abstract] | ||
Less than 1 year | $ 872,385 | |
1 year to 2 years | 93,316 | |
2 years to 3 years | 24,669 | |
3 years to 4 years | 46,962 | |
4 years to 5 years | 9,916 | |
Over 5 years | 345 | |
Total | $ 1,047,593 | $ 706,779 |
Deposits - Additional Informati
Deposits - Additional Information (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Demand deposits: | ||
Total of Public entitiy balances | $ 381.3 | $ 319.4 |
Repurchase Agreements and Oth_3
Repurchase Agreements and Other Borrowings - Schedule of Borrowings (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of Borrowings [Line Items] | ||
Federal Home Loan Bank-overnight | $ 0 | $ 65,000 |
Federal Home Loan Bank (FHLB) fixed-term advances | 263,787 | 400,071 |
Subordinated debt, net | 106,755 | 94,553 |
Junior subordinated debentures | 24,058 | 19,364 |
Short Term and Long Term Borrowings | 608,321 | 800,402 |
Securities Sold under Agreements to Repurchase | ||
Schedule of Borrowings [Line Items] | ||
Short-term debt | $ 213,721 | $ 221,414 |
Repurchase Agreements and Oth_4
Repurchase Agreements and Other Borrowings - Schedule of Aggregate Annual Maturities of Long-Term Borrowings (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Maturities of Long-term Debt [Abstract] | ||
Advances from Federal Home Loan Banks | $ 263,787 | $ 465,071 |
Subordinated Debt | 106,755 | 94,553 |
Junior Subordinated Debenture Owed to Unconsolidated Subsidiary Trust | 24,058 | $ 19,364 |
FHLB Advances | ||
Maturities of Long-term Debt [Abstract] | ||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 60,000 | |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 8,606 | |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 25,000 | |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 50,000 | |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 100,000 | |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 20,000 | |
Long-term Debt | 263,606 | |
Debt Instrument, Unamortized Discount (Premium), Net | 181 | |
Advances from Federal Home Loan Banks | 263,787 | |
Subordinated Debt | ||
Maturities of Long-term Debt [Abstract] | ||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 0 | |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 0 | |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 0 | |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 0 | |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 0 | |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 111,000 | |
Long-term Debt | 111,000 | |
Debt Instrument, Unamortized Discount (Premium), Net | (4,245) | |
Subordinated Debt | 106,755 | |
Junior Subordinated Debentures | ||
Maturities of Long-term Debt [Abstract] | ||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 0 | |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 4,124 | |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 0 | |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 0 | |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 0 | |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 21,651 | |
Long-term Debt | 25,775 | |
Debt Instrument, Unamortized Discount (Premium), Net | (1,717) | |
Junior Subordinated Debenture Owed to Unconsolidated Subsidiary Trust | $ 24,058 |
Repurchase Agreements and Oth_5
Repurchase Agreements and Other Borrowings - Additional Information (Details) | 12 Months Ended | ||||||||
Aug. 15, 2023 USD ($) Quarters shares | Oct. 06, 2020 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | May 01, 2018 USD ($) | Sep. 08, 2016 USD ($) | Dec. 31, 2007 USD ($) | Apr. 26, 2006 USD ($) | |
Repurchase Agreements And Other Borrowings [Line Items] | |||||||||
Federal Home Loan Bank Advances | $ 263,600,000 | ||||||||
Repurchase agreements with customers | 213,721,000 | $ 221,414,000 | |||||||
Securities sold under agreements to repurchase increase (decrease) | $ (7,700,000) | ||||||||
Securities sold under agreements to repurchase weighted average rate | 2.93% | ||||||||
Subordinated Debentures | $ 106,755,000 | 94,553,000 | |||||||
Junior subordinated debentures, net | 24,058,000 | $ 19,364,000 | |||||||
Junior Subordinated Debentures | |||||||||
Repurchase Agreements And Other Borrowings [Line Items] | |||||||||
Junior subordinated debentures, net | $ 24,058,000 | ||||||||
3.95% Subordinated Notes due 2030 | |||||||||
Repurchase Agreements And Other Borrowings [Line Items] | |||||||||
Aggregate principal amount | $ 96,000,000 | ||||||||
Fixed-to-Floating Rate | 3.95% | ||||||||
Maturity date | Oct. 15, 2030 | ||||||||
Basis points | 3.83% | ||||||||
Redemption description | The Company may, beginning with the interest payment date of October 15, 2025, and on any interest payment date thereafter, redeem the Notes, in whole or in part, at a redemption price equal to 100% of the principal amount of the Notes to be redeemed plus accrued and unpaid interest to but excluding the date of redemption. The Company may also redeem the Notes at any time, including prior to October 15, 2025, at the Company’s option, in whole but not in part, if: (i) a change or prospective change in law occurs that could prevent the Company from deducting interest payable on the Notes for U.S. federal income tax purposes; (ii) a subsequent event occurs that could preclude the Notes from being recognized as Tier 2 capital for regulatory capital purposes; or (iii) the Company is required to register as an investment company under the Investment Company Act of 1940, as amended; in each case, at a redemption price equal to 100% of the principal amount of the Notes plus any accrued and unpaid interest to but excluding the redemption date. | ||||||||
3.95% Subordinated Notes due 2030 | SOFR | |||||||||
Repurchase Agreements And Other Borrowings [Line Items] | |||||||||
Description floating rate basis | three-month Term SOFR | ||||||||
FMIS Trust II | |||||||||
Repurchase Agreements And Other Borrowings [Line Items] | |||||||||
Trust preferred securities issued | $ 10,000,000 | ||||||||
Investment in statutory trust | $ 310,000 | ||||||||
Junior subordinated debentures, net | $ 10,310,000 | ||||||||
FMIS Trust II | Junior Subordinated Debentures | |||||||||
Repurchase Agreements And Other Borrowings [Line Items] | |||||||||
Fixed-to-Floating Rate | 7.25% | 6.37% | |||||||
Debt instrument, interest rate terms | bore interest at a fixed rate of 6.98% paid quarterly until June 15, 2011 and then converted to floating rate (LIBOR plus 160 basis points) after June 15, 2011 | ||||||||
BHS Trust I | |||||||||
Repurchase Agreements And Other Borrowings [Line Items] | |||||||||
Number of consecutive quarters that interest payments on subordinated debentures may be deferred | Quarters | 20 | ||||||||
Fixed-to-Floating Rate | 8.87% | ||||||||
Basis points | 3.25% | ||||||||
Preferred and Common Ownership Shares Issued | 100% | ||||||||
Subordinated Debentures | $ 7,200,000 | ||||||||
Redeeemed Subordinated Debentures | $ 6,200,000 | ||||||||
Common Ownership Shares | shares | 217,000 | ||||||||
Trust preferred securities issued | $ 7,000,000 | ||||||||
Debt instrument, interest rate terms | three-month LIBOR | ||||||||
BHS Trust II | |||||||||
Repurchase Agreements And Other Borrowings [Line Items] | |||||||||
Number of consecutive quarters that interest payments on subordinated debentures may be deferred | Quarters | 20 | ||||||||
Fixed-to-Floating Rate | 7.69% | ||||||||
Basis points | 2.05% | ||||||||
Preferred and Common Ownership Shares Issued | 100% | ||||||||
Subordinated Debentures | $ 4,100,000 | ||||||||
Common Ownership Shares | shares | 124,000 | ||||||||
Trust preferred securities issued | $ 4,000,000 | ||||||||
Debt instrument, interest rate terms | three-month LIBOR | ||||||||
CLS Trust I | |||||||||
Repurchase Agreements And Other Borrowings [Line Items] | |||||||||
Trust preferred securities issued | $ 4,000,000 | ||||||||
Investment in statutory trust | $ 124,000 | ||||||||
CLS Trust I | Junior Subordinated Debentures | |||||||||
Repurchase Agreements And Other Borrowings [Line Items] | |||||||||
Fixed-to-Floating Rate | 7.50% | 6.47% | |||||||
Debt instrument, interest rate terms | bear interest at three-month LIBOR plus 185 basis points | ||||||||
FBTCST I | |||||||||
Repurchase Agreements And Other Borrowings [Line Items] | |||||||||
Trust preferred securities issued | $ 6,000,000 | ||||||||
Investment in statutory trust | $ 186,000 | ||||||||
FBTCST I | Junior Subordinated Debentures | |||||||||
Repurchase Agreements And Other Borrowings [Line Items] | |||||||||
Fixed-to-Floating Rate | 7.35% | 6.62% | |||||||
Debt instrument, interest rate terms | bear interest at three-month LIBOR plus 170 basis points | ||||||||
Blackhawk | |||||||||
Repurchase Agreements And Other Borrowings [Line Items] | |||||||||
Aggregate principal amount | $ 15,000,000 | ||||||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 100% | ||||||||
Blackhawk | 3.50% | |||||||||
Repurchase Agreements And Other Borrowings [Line Items] | |||||||||
Aggregate principal amount | $ 7,500,000 | ||||||||
Interest rate (as a percent) | 3.50% | ||||||||
Debt instrument, maturity month and year | 2031-05 | ||||||||
Basis points | 2.85% | ||||||||
Blackhawk | 3.50% | SOFR | |||||||||
Repurchase Agreements And Other Borrowings [Line Items] | |||||||||
Description floating rate basis | three-month SOFR | ||||||||
Blackhawk | 3.875% | |||||||||
Repurchase Agreements And Other Borrowings [Line Items] | |||||||||
Aggregate principal amount | $ 7,500,000 | ||||||||
Interest rate (as a percent) | 3.875% | ||||||||
Debt instrument, maturity month and year | 2036-05 | ||||||||
Basis points | 2.55% | ||||||||
Blackhawk | 3.875% | SOFR | |||||||||
Repurchase Agreements And Other Borrowings [Line Items] | |||||||||
Description floating rate basis | three-month SOFR | ||||||||
Revolving Credit Facility | |||||||||
Repurchase Agreements And Other Borrowings [Line Items] | |||||||||
Line of credit facility, maximum borrowing capacity | $ 15,000,000 | ||||||||
Line of credit facility, interest rate spread | 2.25% |
Repurchase Agreements and Oth_6
Repurchase Agreements and Other Borrowings - Federal Home Loan Bank, Advances (Details) | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
FHLB Advances [Abstract] | |
Federal Home Loan Bank Advances | $ 263,600,000 |
Interest Rate 4.69% - Maturity Date May 10, 2024 | |
FHLB Advances [Abstract] | |
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 | |
FHLB Advances [Abstract] | |
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 | |
FHLB Advances [Abstract] | |
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 | |
FHLB Advances [Abstract] | |
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 | |
FHLB Advances [Abstract] | |
Federal Home Loan Bank Advances | $ 3,605,826 |
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 | |
FHLB Advances [Abstract] | |
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 | |
FHLB Advances [Abstract] | |
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 3.47% - Maturity Date March 13, 2028 | |
FHLB Advances [Abstract] | |
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 | |
FHLB Advances [Abstract] | |
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 | 3.67% |
Federal Home Loan Bank, Advances, Maturity Date | Jun. 15, 2028 |
Interest Rate 3.82% - Maturity Date June 29, 2028 | |
FHLB Advances [Abstract] | |
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 | 3.82% |
Federal Home Loan Bank, Advances, Maturity Date | Jun. 29, 2028 |
Interest Rate 3.95% - Maturity Date June 29, 2028 | |
FHLB Advances [Abstract] | |
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 | 3.95% |
Federal Home Loan Bank, Advances, Maturity Date | Jun. 29, 2028 |
Interest Rate 1.15% - Maturity Date October 3, 2029 | |
FHLB Advances [Abstract] | |
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 | |
FHLB Advances [Abstract] | |
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 | |
FHLB Advances [Abstract] | |
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 |
Repurchase Agreements and Oth_7
Repurchase Agreements and Other Borrowings - Schedule of Securities Underlying the Repurchase Agreements (Details) - Securities Sold under Agreements to Repurchase - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Short Term Debt [Line Items] | |||
Maximum outstanding at any month-end | $ 231,650 | $ 257,061 | $ 212,503 |
Average amount outstanding for the year | $ 225,307 | $ 202,242 | $ 173,762 |
Repurchase Agreements and Oth_8
Repurchase Agreements and Other Borrowings - Schedule of Securities Financing Transactions (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Assets Sold Under Agreements To Repurchase [Line Items] | ||
Securities pledged to Repurchase Agreements | $ 213,721 | $ 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 | 46,544 | 47,775 |
Mortgage-backed Securities: GSE Residential | ||
Assets Sold Under Agreements To Repurchase [Line Items] | ||
Securities pledged to Repurchase Agreements | $ 167,177 | $ 173,639 |
Regulatory Capital - Additional
Regulatory Capital - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Regulatory Capital [Abstract] | |
Description of regulatory requirements, capital adequacy purposes | Quantitative measures established by each regulatory capital standards to ensure capital adequacy require the Company and its subsidiary bank to maintain a minimum capital amounts and ratios (set forth in the table below). |
Regulatory Capital - Schedule o
Regulatory Capital - Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations (Details) $ in Thousands | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Phantom section (for regulatory ratios): | ||
Capital ($) | $ 894,259 | $ 801,966 |
Capital to RWA (%) | 0.1484 | 0.152 |
Capital Required for Capital Adequacy ($) | $ 632,724 | $ 554,164 |
Capital Required for Capital Adequacy to RWA (%) | 0.105 | 0.105 |
Tier One Risk Based Capital ($) | $ 724,186 | $ 654,453 |
Tier One Risk Based Capital to RWA (%) | 0.1202 | 0.124 |
Tier One Risk Based Capital Required for Capital Adequacy ($) | $ 512,205 | $ 448,609 |
Tier One Risk Based Capital Required for Capital Adequacy to RWA (%) | 0.085 | 0.085 |
Common Equity Tier One Risk Based Capital ($) | $ 700,128 | $ 635,089 |
Common Equity Tier One Risk Based Capital To RWA (%) | 0.1162 | 0.1203 |
Common Equity Tier One Risk Based Capital Required For Capital Adequacy ($) | $ 421,816 | $ 369,442 |
Common Equity Tier One Risk Based Capital Required for Capital Adequacy to RWA (%) | 0.07 | 0.07 |
Tier One Leverage Capital to Average Assets | $ 724,186 | $ 654,453 |
Tier One Leverage Capital to Average Assets (%) | 0.0933 | 0.0968 |
Tier One Leverage Capital Required for Capital Adequacy ($) | $ 310,587 | $ 268,875 |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets (%) | 0.04 | 0.04 |
First Mid Bank | ||
Phantom section (for regulatory ratios): | ||
Capital ($) | $ 854,235 | $ 745,624 |
Capital to RWA (%) | 0.1422 | 0.1418 |
Capital Required for Capital Adequacy ($) | $ 630,581 | $ 552,161 |
Capital Required for Capital Adequacy to RWA (%) | 0.105 | 0.105 |
Capital Required to be Well Capitalized ($) | $ 600,553 | $ 525,868 |
Capital Required to be Well Capitalized to RWA (%) | 0.10 | 0.10 |
Tier One Risk Based Capital ($) | $ 790,917 | $ 692,664 |
Tier One Risk Based Capital to RWA (%) | 0.1317 | 0.1317 |
Tier One Risk Based Capital Required for Capital Adequacy with Capital Buffer ($) | $ 510,470 | $ 446,987 |
Tier One Risk Based Capital Required for Capital Adequacy with Capital Buffer to RWA (%) | 0.085 | 0.085 |
Tier One Risk Based Capital Required to be Well Capitalized ($) | $ 480,443 | $ 420,694 |
Tier One Risk Based Capital Required to be Well Capitalized to RWA (%) | 0.08 | 0.08 |
Common Equity Tier One Risk Based Capital ($) | $ 790,917 | $ 692,664 |
Common Equity Tier One Risk Based Capital To RWA (%) | 0.1317 | 0.1317 |
Common Equity Tier One Risk Based Capital Required For Capital Adequacy ($) | $ 420,387 | $ 368,107 |
Common Equity Tier One Risk Based Capital Required for Capital Adequacy to RWA (%) | 0.07 | 0.07 |
Common Equity Tier One Risk Based Capital Required to Be Well Capitalized ($) | $ 390,360 | $ 341,814 |
Common Equity Tier One Risk Based Capital Required To Be Well Capitalized to RiWA (%) | 0.065 | 0.065 |
Tier One Leverage Capital to Average Assets | $ 790,917 | $ 692,664 |
Tier One Leverage Capital to Average Assets (%) | 0.1023 | 0.1022 |
Tier One Leverage Capital Required for Capital Adequacy ($) | $ 309,151 | $ 270,990 |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets (%) | 0.04 | 0.04 |
Tier One Leverage Capital Required to be Well Capitalized ($) | $ 386,439 | $ 338,738 |
Tier One Leverage Capital Required to be Well Capitalized to Average Assets (%) | 0.05 | 0.05 |
Disclosures of Fair Values of_3
Disclosures of Fair Values of Financial Instruments - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Available-for-sale securities: | ||
Total available-for-sale securities | $ 1,171,572,000 | $ 1,218,985,000 |
Equity securities, at fair value | 4,074,000 | 311,000 |
U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies | ||
Available-for-sale securities: | ||
Total available-for-sale securities | 211,656,000 | 220,527,000 |
Obligations of States and Political Subdivisions | ||
Available-for-sale securities: | ||
Total available-for-sale securities | 288,616,000 | 287,698,000 |
Mortgage-backed Securities | ||
Available-for-sale securities: | ||
Total available-for-sale securities | 602,300,000 | 627,880,000 |
Other Securities | ||
Available-for-sale securities: | ||
Total available-for-sale securities | 69,000,000 | 82,880,000 |
Fair Value, Recurring | ||
Available-for-sale securities: | ||
Total available-for-sale securities | 1,171,572,000 | 1,218,985,000 |
Equity securities, at fair value | 4,074,000 | 311,000 |
Loans held for sale | 4,980,000 | |
Derivative assets: interest rate swaps | 3,166,000 | 4,253,000 |
Total assets | 1,183,792,000 | 1,223,549,000 |
Derivative liabilities: interest swaps | 2,217,000 | 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 | 211,656,000 | 220,527,000 |
Fair Value, Recurring | Obligations of States and Political Subdivisions | ||
Available-for-sale securities: | ||
Total available-for-sale securities | 288,616,000 | 287,698,000 |
Fair Value, Recurring | Mortgage-backed Securities | ||
Available-for-sale securities: | ||
Total available-for-sale securities | 602,300,000 | 627,880,000 |
Fair Value, Recurring | Other Securities | ||
Available-for-sale securities: | ||
Total available-for-sale securities | 69,000,000 | 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 | 4,074,000 | 311,000 |
Loans held for sale | 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 | 4,074,000 | 311,000 |
Loans held for sale | 0 | |
Derivative assets: interest rate swaps | 0 | 0 |
Total assets | 4,074,000 | 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 | 1,165,409,000 | 1,209,736,000 |
Equity securities, at fair value | 0 | 0 |
Loans held for sale | 4,980,000 | 338,000 |
Significant Other Observable Inputs (Level 2) | Fair Value, Recurring | ||
Available-for-sale securities: | ||
Total available-for-sale securities | 1,165,409,000 | 1,209,735,000 |
Equity securities, at fair value | 0 | 0 |
Loans held for sale | 4,980,000 | |
Derivative assets: interest rate swaps | 3,166,000 | 4,253,000 |
Total assets | 1,173,555,000 | 1,213,988,000 |
Derivative liabilities: interest swaps | 2,217,000 | 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 | 211,656,000 | 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 | 288,616,000 | 287,698,000 |
Significant Other Observable Inputs (Level 2) | Fair Value, Recurring | Mortgage-backed Securities | ||
Available-for-sale securities: | ||
Total available-for-sale securities | 602,300,000 | 627,880,000 |
Significant Other Observable Inputs (Level 2) | Fair Value, Recurring | Other Securities | ||
Available-for-sale securities: | ||
Total available-for-sale securities | 62,837,000 | 73,630,000 |
Significant Unobservable Inputs (Level 3) | ||
Available-for-sale securities: | ||
Total available-for-sale securities | 6,163,000 | 9,250,000 |
Equity securities, at fair value | 0 | 0 |
Loans held for sale | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Fair Value, Recurring | ||
Available-for-sale securities: | ||
Total available-for-sale securities | 6,163,000 | 9,250,000 |
Equity securities, at fair value | 0 | 0 |
Loans held for sale | 0 | |
Derivative assets: interest rate swaps | 0 | 0 |
Total assets | 6,163,000 | 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 | $ 6,163,000 | $ 9,250,000 |
Disclosures of Fair Values of_4
Disclosures of Fair Values of Financial Instruments - Fair Value of Assets Measured on a Recurring Basis Using Significant Unobservable Inputs (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | $ 9,250 | $ 99 |
Transfers into Level 3 | 1,163 | 9,250 |
Transfers out of Level 3 | (4,250) | 0 |
Total gains or losses | ||
Included in net income | $ 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) |
Included in other comprehensive income (loss) | $ 0 | $ 0 |
Purchases, issuances, sales and settlements | ||
Purchases | 0 | 0 |
Issuances | 0 | 0 |
Sales | 0 | 0 |
Settlements | 0 | (99) |
Ending balance | 6,163 | 9,250 |
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 |
Obligations of States and Political Subdivisions | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 0 | 99 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Total gains or losses | ||
Included in net income | $ 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) |
Included in other comprehensive income (loss) | $ 0 | $ 0 |
Purchases, issuances, sales and settlements | ||
Purchases | 0 | 0 |
Issuances | 0 | 0 |
Sales | 0 | 0 |
Settlements | 0 | (99) |
Ending balance | 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 |
Other | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 9,250 | 0 |
Transfers into Level 3 | 1,163 | 9,250 |
Transfers out of Level 3 | (4,250) | 0 |
Total gains or losses | ||
Included in net income | $ 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) |
Included in other comprehensive income (loss) | $ 0 | $ 0 |
Purchases, issuances, sales and settlements | ||
Purchases | 0 | 0 |
Issuances | 0 | 0 |
Sales | 0 | 0 |
Settlements | 0 | 0 |
Ending balance | 6,163 | 9,250 |
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 |
Disclosures of Fair Values of_5
Disclosures of Fair Values of Financial Instruments - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Allowance for Credit Losses | $ 186,000 | ||
Other real estate owned | 1,163,000 | $ 4,261,000 | |
Mortgage Servicing Rights | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Finite-lived intangible assets, net | 6,859,000 | 331,000 | $ 420,000 |
Mortgage servicing rights (MSR) impairment (recovery) | 8,000 | (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 | 1,200,000 | 3,300,000 | |
Fair value of loans with a specific allowance | 1,000,000 | 2,500,000 | |
Allowance for Credit Losses | 200,000 | 800,000 | |
Fair Value, Nonrecurring | Carrying Amount | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Other real estate owned | 1,200,000 | 4,300,000 | |
Fair Value, Nonrecurring | Fair Value | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Other real estate owned | $ 24,000 | $ 0 |
Disclosures of Fair Values of_6
Disclosures of Fair Values of Financial Instruments - Assets Measured at Fair Value on a Nonrecurring Basis (Details) - Fair Value, Nonrecurring - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Collateral Dependent Loans | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets, Fair Value | $ 1,028 | $ 2,548 |
Foreclosed Assets Held-for-sale | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets, Fair Value | 24 | 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 | 1,028 | 2,548 |
Significant Unobservable Inputs (Level 3) | Foreclosed Assets Held-for-sale | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets, Fair Value | $ 24 | $ 0 |
Disclosures of Fair Values of_7
Disclosures of Fair Values of Financial Instruments - Significant Unobservable Inputs Used in Valuation of Level 3 Fair Value Measurements (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 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 | (20.00%) | (20.00%) |
Collateral Dependent Loans | Fair Value, Nonrecurring | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets, Fair Value | $ 1,028 | $ 2,548 |
Collateral Dependent Loans | Fair Value, Nonrecurring | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets, Fair Value | $ 1,028 | $ 2,548 |
Foreclosed Assets Held-for-sale | Level 3 | Minimum | Third Party Valuations | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Collateral dependent loans | 0% | 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% | 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 | (35.00%) | (35.00%) |
Foreclosed Assets Held-for-sale | Fair Value, Nonrecurring | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets, Fair Value | $ 24 | $ 0 |
Disclosures of Fair Values of_8
Disclosures of Fair Values of Financial Instruments - Summary of Estimated Fair Values of Company Financial Instruments (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Financial assets | ||
Total available-for-sale securities | $ 1,171,572,000 | $ 1,218,985,000 |
Held-to-maturity securities | 2,286,000 | 2,954,000 |
Equity securities, at fair value | 4,074,000 | 311,000 |
Fair Value, Inputs, Level 1 [Member] | ||
Financial assets | ||
Cash and due from banks | 134,082,000 | 144,806,000 |
Federal funds sold | 8,982,000 | 7,627,000 |
Certificates of deposit investments | 0 | 0 |
Total available-for-sale securities | 0 | 0 |
Held-to-maturity securities | 2,286,000 | 2,954,000 |
Equity securities, at fair value | 4,074,000 | 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 |
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 debentures | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Junior Subordinated Debentures | ||
Financial liabilities | ||
Subordinated debentures | 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 | 1,470,000 | 1,470,000 |
Total available-for-sale securities | 1,165,409,000 | 1,209,736,000 |
Held-to-maturity securities | 0 | 0 |
Equity securities, at fair value | 0 | 0 |
Loans held for sale | 4,980,000 | 338,000 |
Loans net of allowance for credit losses | 0 | 0 |
Interest receivable | 35,082,000 | 28,357,000 |
Federal Reserve Bank stock | 19,855,000 | 17,050,000 |
Federal Home Loan Bank stock | 9,758,000 | 18,440,000 |
Financial liabilities | ||
Deposits | 5,076,066,000 | 4,550,222,000 |
Securities sold under agreements to repurchase | 213,714,000 | 221,260,000 |
Interest payable | 5,437,000 | 3,346,000 |
Federal Home Loan Bank borrowings | 261,206,000 | 459,327,000 |
Fair Value, Inputs, Level 2 [Member] | Subordinated Debt | ||
Financial liabilities | ||
Subordinated debentures | 102,018,000 | 87,977,000 |
Fair Value, Inputs, Level 2 [Member] | Junior Subordinated Debentures | ||
Financial liabilities | ||
Subordinated debentures | 21,524,000 | 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 | 6,163,000 | 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 | 5,235,525,000 | 4,460,661,000 |
Interest receivable | 0 | 0 |
Federal Reserve Bank stock | 0 | 0 |
Federal Home Loan Bank stock | 0 | 0 |
Financial liabilities | ||
Deposits | 966,211,000 | 707,526,000 |
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 debentures | 0 | 0 |
Level 3 | Junior Subordinated Debentures | ||
Financial liabilities | ||
Subordinated debentures | 0 | 0 |
Carrying Amount | ||
Financial assets | ||
Cash and due from banks | 134,082,000 | 144,806,000 |
Federal funds sold | 8,982,000 | 7,627,000 |
Certificates of deposit investments | 1,470,000 | 1,470,000 |
Total available-for-sale securities | 1,171,572,000 | 1,218,986,000 |
Held-to-maturity securities | 2,286,000 | 2,954,000 |
Equity securities, at fair value | 4,074,000 | 311,000 |
Loans held for sale | 4,980,000 | 338,000 |
Loans net of allowance for credit losses | 5,506,910,000 | 4,766,781,000 |
Interest receivable | 35,082,000 | 28,357,000 |
Federal Reserve Bank stock | 19,855,000 | 17,050,000 |
Federal Home Loan Bank stock | 9,758,000 | 18,440,000 |
Financial liabilities | ||
Deposits | 6,123,659,000 | 5,257,001,000 |
Securities sold under agreements to repurchase | 213,721,000 | 221,414,000 |
Interest payable | 5,437,000 | 3,346,000 |
Federal Home Loan Bank borrowings | 263,787,000 | 465,071,000 |
Carrying Amount | Subordinated Debt | ||
Financial liabilities | ||
Subordinated debentures | 106,755,000 | 94,553,000 |
Carrying Amount | Junior Subordinated Debentures | ||
Financial liabilities | ||
Subordinated debentures | 24,058,000 | 19,364,000 |
Fair Value | ||
Financial assets | ||
Cash and due from banks | 134,082,000 | 144,806,000 |
Federal funds sold | 8,982,000 | 7,627,000 |
Certificates of deposit investments | 1,470,000 | 1,470,000 |
Total available-for-sale securities | 1,171,572,000 | 1,218,986,000 |
Held-to-maturity securities | 2,286,000 | 2,954,000 |
Equity securities, at fair value | 4,074,000 | 311,000 |
Loans held for sale | 4,980,000 | 338,000 |
Loans net of allowance for credit losses | 5,235,525,000 | 4,460,661,000 |
Interest receivable | 35,082,000 | 28,357,000 |
Federal Reserve Bank stock | 19,855,000 | 17,050,000 |
Federal Home Loan Bank stock | 9,758,000 | 18,440,000 |
Financial liabilities | ||
Deposits | 6,042,277,000 | 5,257,748,000 |
Securities sold under agreements to repurchase | 213,714,000 | 221,260,000 |
Interest payable | 5,437,000 | 3,346,000 |
Federal Home Loan Bank borrowings | 261,206,000 | 459,327,000 |
Fair Value | Subordinated Debt | ||
Financial liabilities | ||
Subordinated debentures | 102,018,000 | 87,977,000 |
Fair Value | Junior Subordinated Debentures | ||
Financial liabilities | ||
Subordinated debentures | $ 21,524,000 | $ 17,164,000 |
Deferred Compensation Plan - Ad
Deferred Compensation Plan - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Deferred Compensation Plan [Abstract] | |||
Cost basis of common stock issued and held in trust | $ 5.2 | ||
Deferred compensation plan recorded liability | $ 5.2 | ||
Shares issued pursuant to deferred compensation plan | 0 | 8,378 | 9,513 |
Stock Incentive Plan - Addition
Stock Incentive Plan - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock plans, term | 10 years | ||
Maximum number of shares to be issued in stock incentive plan (in shares) | 149,983 | ||
Common stock awarded in SI plan (in shares) | 0 | ||
Unrecognized share-based compensation cost | $ 1.5 | $ 2.6 | $ 1.7 |
Stock Unit Awards and Stock Awards [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Common stock awarded in SI plan (in shares) | 45,986 | 63,150 | 48,575 |
Annual Awards | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Unrecognized compensation expense, period of recognition | 4 years | ||
Cumulative Awards | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Unrecognized compensation expense, period of recognition | 3 years |
Stock Incentive Plan - Summary
Stock Incentive Plan - Summary of Compensation Cost, Net of Forfeitures, Related to Stock-based Compensation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Total share-based compensation expense, net of income taxes | $ 1,308 | $ 1,480 | $ 1,030 |
Stock Unit Awards and Stock Awards [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Pre-tax compensation expense | 1,656 | 1,874 | 1,304 |
Income tax benefit | $ (348) | $ (394) | $ (274) |
Stock Incentive Plan - Summar_2
Stock Incentive Plan - Summary of Unvested Stock and Stock Units (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Nonvested, beginning of year | 82,048 | 62,040 | 42,220 |
Granted | 45,986 | 63,150 | 48,575 |
Vested | (49,525) | (40,759) | (28,355) |
Forfeited | (1,769) | (2,383) | (400) |
Nonvested, end of year | 76,740 | 82,048 | 62,040 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Nonvested, beginning of year | $ 37.41 | $ 34.27 | $ 34.62 |
Granted | 27.64 | 41.07 | 34.42 |
Vested | (34.88) | (38.2) | (35.02) |
Forfeited | (35.15) | (39.35) | (34.34) |
Nonvested, end of year | $ 33.24 | $ 37.41 | $ 34.27 |
Fair value of shares vested | $ 1,727,554 | $ 1,556,870 | $ 993,094 |
Retirement Plans - Additional I
Retirement Plans - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined contribution plan, employer matching contribution, percent | 100% of the first 3% and 50% of the next 2% | ||
Defined contribution plan, cost | $ 4,000,000 | $ 3,900,000 | $ 3,600,000 |
Supplemental Employee Retirement Plans, Defined Benefit | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Year of benefit | 20 years | ||
Annual benefit amount | $ 50,000 | ||
Defined benefit plan, other cost (credit) | 24,000 | 24,000 | $ 27,000 |
Liability, defined benefit plan | $ 368,000 | $ 394,000 |
Income Taxes - Components of Fe
Income Taxes - Components of Federal and State Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Federal | $ 2,189 | $ 14,401 | $ 12,269 |
State | (542) | 6,171 | 6,384 |
Total current | 2,731 | 20,572 | 18,653 |
Federal | 12,585 | (2,005) | (2,562) |
State | 4,154 | (227) | (793) |
Total deferred | 16,739 | (2,232) | (3,355) |
Total | $ 19,470 | $ 18,340 | $ 15,298 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Statutory U.S. Federal Tax Rate | 21% | ||
Interest or penalties expense | $ 307,000 | $ 0 | $ 2,100 |
Valuation allowance related to deferred tax assets | 988,000 | $ 0 | |
Partial valuation allowance | $ 988,000 |
Income Taxes - Effective Income
Income Taxes - Effective Income Tax Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Expected income taxes | $ 18,565 | $ 19,172 | $ 14,025 |
Tax-exempt income from bank owned life insurance | (1,035) | (659) | (575) |
Other tax exempt income | (2,416) | (2,497) | (2,072) |
Nondeductible interest expense | 799 | 255 | 17 |
State taxes, net of federal taxes | 3,710 | 4,695 | 4,417 |
Other items | (153) | (2,525) | (514) |
Effect of marginal tax rate | (101) | ||
Total | $ 19,470 | $ 18,340 | $ 15,298 |
Income Taxes - Tax Effects of T
Income Taxes - Tax Effects of Temporary Differences on Deferred Tax Assets and Deferred Tax Liabilities (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Income Tax Disclosure [Abstract] | ||
Allowance for credit losses | $ 18,955,000 | $ 16,248,000 |
Available-for-sale investment securities | 55,722,000 | 61,880,000 |
Deferred compensation | 4,128,000 | 4,157,000 |
Supplemental retirement | 519,000 | 492,000 |
Deferred loan costs | 222,000 | 302,000 |
Stock compensation expense | 82,000 | 147,000 |
Deferred revenue | 283,000 | 349,000 |
Purchase accounting | 5,326,000 | 795,000 |
Acquisition costs | 152,000 | 179,000 |
Lease Liability | 3,975,000 | 4,381,000 |
Other | 1,305,000 | 823,000 |
Total gross deferred tax assets | 90,669,000 | 89,753,000 |
Less valuation allowance | (988,000) | 0 |
Net deferred tax asset | 89,681,000 | 89,753,000 |
Intangibles amortization | 6,432,000 | 6,398,000 |
Prepaid expenses | 1,576,000 | 1,418,000 |
FHLB stock dividend | 22,000 | 22,000 |
Deferred expenses | 104,000 | 104,000 |
Depreciation | 5,367,000 | 4,911,000 |
Accumulated accretion | 244,000 | 245,000 |
Mortgage servicing rights | 1,874,000 | 91,000 |
Right of use asset | 3,891,000 | 4,310,000 |
Other | 104,000 | 0 |
Total gross deferred tax liabilities | 19,614,000 | 17,499,000 |
Deferred tax assets, net | $ 70,067,000 | $ 72,254,000 |
Dividend Restrictions - Additio
Dividend Restrictions - Additional Information (Details) $ in Millions | Dec. 31, 2023 USD ($) |
First Mid Bank | |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |
Amount Available for Dividend Distribution without Prior Approval from Regulatory Agency | $ 82.1 |
Commitments and Contingent Li_3
Commitments and Contingent Liabilities - Schedule of Off-balance Sheet Financial Instruments Whose Contract Amounts Represent Credit Risk (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Commitments to Extend Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Commercial real estate | $ 219,117 | $ 147,702 |
Commercial operating | 681,360 | 655,676 |
Home equity | 104,142 | 63,570 |
Other | 311,907 | 307,030 |
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Asset | 1,316,526 | 1,173,978 |
Financial Standby Letter of Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Asset | $ 17,401 | $ 10,162 |
Commitments and Contingent Li_4
Commitments and Contingent Liabilities - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Commitments to Extend Credit [Member] | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Number of expected days to fund commitments | 90 days |
Financial Standby Letter of Credit [Member] | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Period when letters of credit expire | one year or less |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Related Party Transactions [Abstract] | |||
Loans to related parties | $ 248,698 | $ 169,684 | $ 123,614 |
Related Party Deposit Liabilities | $ 37,700 | $ 31,200 |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Related Party Transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Related Party Transactions [Abstract] | ||
Beginning balance | $ 169,684 | $ 123,614 |
New loans | 195,711 | 135,464 |
Loan repayments | (116,697) | (89,394) |
Ending balance | $ 248,698 | $ 169,684 |
Business Combinations - Additio
Business Combinations - Additional Information (Details) - USD ($) | 12 Months Ended | |||
Mar. 20, 2023 | Feb. 14, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Business Acquisition [Line Items] | ||||
Common stock, par value (in dollars per share) | $ 4 | $ 4 | ||
Intangible asset estimated useful life | 15 years | |||
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 | $ 28,600,000 | |||
Pre-tax of acquisition costs | $ 2,500,000 | |||
Pre-tax of acquisition costs | $ 2,200,000 | |||
Loans, net | 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 | |||
Delta Bancshare Company | Core Deposit Intangibles | ||||
Business Acquisition [Line Items] | ||||
Intangible assets fair value | $ 5,920,000 | |||
Intangible asset estimated useful life | 10 years | |||
Delta Bancshare Company | Fair Value Adjustments | ||||
Business Acquisition [Line Items] | ||||
Loans, net | $ (7,924,000) | |||
Change in acquired time deposits | 1,759,000 | |||
Change in FHLB advances | 75,000 | |||
Delta Bancshare Company | Fair Value Adjustments | Core Deposit Intangibles | ||||
Business Acquisition [Line Items] | ||||
Intangible assets fair value | 5,920,000 | |||
Delta Bancshare Company | Acquired Book Value | ||||
Business Acquisition [Line Items] | ||||
Loans, net | 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 | |||
Delta Bancshare Company | Acquired Book Value | Core Deposit Intangibles | ||||
Business Acquisition [Line Items] | ||||
Intangible assets fair value | $ 0 | |||
Blackhawk Bancorp, Inc | ||||
Business Acquisition [Line Items] | ||||
Conversion of Stock, Shares Issued | 1.15 | |||
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 | |||
Goodwill acquired during period | $ 50,100,000 | |||
Pre-tax of acquisition costs | $ 8,200,000 | $ 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, net | $ 722,866,000 | |||
Change in acquired time deposits | $ 1,194,972,000 |
Business Combinations - Estimat
Business Combinations - Estimated Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) | Mar. 20, 2023 | Feb. 14, 2022 | Dec. 31, 2023 | Sep. 30, 2023 | Dec. 31, 2022 |
Assets | |||||
Goodwill | $ 196,461,000 | $ 140,412,000 | |||
Blackhawk Bancorp, Inc | |||||
Assets | |||||
Goodwill | $ 50,097,000 | $ 50,100,000 | |||
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, net | 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 | 20,703,000 | ||||
Core deposit intangible | 34,590,000 | ||||
Income tax receivable | 2,077,000 | ||||
Deferred tax asset | 22,152,000 | ||||
Mortgage servicing rights | 7,070,000 | ||||
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 | ||||
Delta Bancshare Company | |||||
Assets | |||||
Cash and due from banks | $ 82,473,000 | ||||
Loans, net | 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, net | 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, net | (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 | Bank Owned Life Insurance | |||||
Assets | |||||
Intangible assets | 0 | ||||
Delta Bancshare Company | Fair Value Adjustments | Right of Use Asset | |||||
Assets | |||||
Intangible assets | $ 717,000 |
Business Combinations - Summary
Business Combinations - Summary of Consideration Transferred (Details) - Blackhawk Bancorp, Inc | Mar. 20, 2023 USD ($) |
Business Acquisition [Line Items] | |
Common stock issued (3,290,222 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 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 | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Blackhawk Bancorp, Inc | |||
Business Acquisition [Line Items] | |||
Net interest income | $ 229,317 | $ 239,748 | |
Provision for credit losses | 7,320 | 3,856 | |
Non-interest income | 95,660 | 89,575 | |
Non-interest expense | 223,354 | 219,646 | |
Income before income taxes | 94,303 | 105,821 | |
Income tax expense | 20,744 | 21,297 | |
Net income available to common stockholders | $ 73,559 | $ 84,524 | |
Earnings per share | |||
Basic | $ 3.38 | $ 3.6 | |
Diluted | $ 3.36 | $ 3.59 | |
Basic weighted average shares outstanding | 21,780,217 | 24,459,299 | |
Diluted weighted average shares outstanding | 21,868,788 | 23,533,857 | |
Delta Bancshare Company | |||
Business Acquisition [Line Items] | |||
Net interest income | $ 187,075 | $ 147,387 | |
Provision for credit losses | 4,806 | 14,679 | |
Non-interest income | 74,799 | 53,371 | |
Non-interest expense | 165,062 | 132,086 | |
Income before income taxes | 92,006 | 53,993 | |
Income tax expense | 18,508 | 12,321 | |
Net income available to common stockholders | $ 73,498 | $ 41,672 | |
Earnings per share | |||
Basic | $ 3.64 | $ 2.07 | |
Diluted | $ 3.63 | $ 2.07 | |
Basic weighted average shares outstanding | 20,169,077 | 20,111,889 | |
Diluted weighted average shares outstanding | 20,243,635 | 20,164,909 |
Leases - Additional Information
Leases - Additional Information (Details) | Dec. 31, 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 | Dec. 31, 2023 | Dec. 31, 2022 |
Leases, Operating [Abstract] | ||
Operating lease right-of-use assets | $ 14,306 | $ 15,774 |
Operating lease liabilities | $ 14,615 | $ 16,035 |
Weighted-average remaining lease term (in years) | 4 years 10 months 24 days | 5 years 9 months 18 days |
Weighted-average discount rate | 3.21% | 2.67% |
Leases - Summary of Future Mini
Leases - Summary of Future Minimum Lease Payments (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||
2024 | $ 3,001 | |
2025 | 2,535 | |
2026 | 2,373 | |
2027 | 2,146 | |
2028 | 1,551 | |
Thereafter | 4,872 | |
Total minimum lease payments | 16,478 | |
Less imputed interest | (1,863) | |
Total lease liability | $ 14,615 | $ 16,035 |
Leases - Summary of Components
Leases - Summary of Components of Lease Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Lease, Cost [Abstract] | ||
Operating lease cost | $ 3,280 | $ 3,040 |
Short-term lease cost | 84 | 75 |
Variable lease cost | 821 | 720 |
Total lease cost | 4,185 | 3,835 |
Income from subleases | (382) | (369) |
Net lease cost | $ 3,803 | $ 3,466 |
Leases - Summary of Operating L
Leases - Summary of Operating Lease Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | |||
Operating cash flows from operating leases | $ 3,263 | $ 3,061 | $ 2,872 |
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 | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Derivative [Line Items] | ||
Derivative, Weighted Average Remaining Maturity (Years) | 5 years 3 months 18 days | 6 years 3 months 18 days |
Derivative Liability, Notional Amount | $ 12,976 | $ 13,448 |
Derivative Liability, Estimated Value | $ (2,217) | $ (3,100) |
Derivatives - Summary of Deriva
Derivatives - Summary of Derivative Instruments, Gain (Loss) (Details) - Fair Value Hedging - Interest Rate Swap Agreements - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Derivative [Line Items] | ||
Gain (Loss) on Derivative | $ (204) | $ 1,819 |
Gain (Loss) on Hedged Item | $ 204 | $ (1,819) |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest and fees on loans | Interest and fees on loans |
Derivatives - Summary of Hedged
Derivatives - Summary of Hedged Instrument (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Hedged Instruments [Abstract] | ||
Carrying Amount of the Hedged Asset | $ 12,027 | $ 12,295 |
Hedged Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets | Other Assets |
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Asset | $ (949) | $ (1,153) |
Derivatives - Summary of Non He
Derivatives - Summary of Non Hedge Instruments (Details) - Not Designated as Hedging Instrument - Interest Rate Swap Agreements - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Other Assets | ||
Derivative [Line Items] | ||
Derivative, Weighted Average Remaining Maturity (Years) | 5 years | 5 years |
Derivative Assets, Notional Amount | $ 30,688 | $ 39,095 |
Derivative Assets, Estimated Value | $ 3,166 | $ 4,253 |
Other Liabilities | ||
Derivative [Line Items] | ||
Derivative, Weighted Average Remaining Maturity (Years) | 5 years | 5 years |
Derivative Liability, Notional Amount | $ 30,688 | $ 39,095 |
Derivative Liability, Estimated Value | $ (3,166) | $ (4,253) |
Parent Company Only Financial_3
Parent Company Only Financial Statements - Condensed Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Condensed Financial Statements, Captions [Line Items] | ||||
Premises and equipment, net | $ 101,396 | $ 90,473 | ||
Other assets | 100,068 | 68,171 | ||
Total assets | 7,586,794 | 6,744,215 | ||
Other liabilities | 41,558 | 34,276 | ||
Total liabilities | 6,793,590 | 6,111,060 | ||
Stockholders’ equity | 793,204 | 633,155 | $ 633,894 | $ 568,228 |
Total liabilities and stockholders’ equity | 7,586,794 | 6,744,215 | ||
Parent Company [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash | 9,968 | 24,854 | ||
Premises and equipment, net | 5,218 | 4,955 | ||
Investment in subsidiaries | 907,989 | 714,237 | ||
Other assets | 6,720 | 5,212 | ||
Total assets | 929,895 | 749,258 | ||
Debt | 130,813 | 113,917 | ||
Other liabilities | 5,878 | 2,186 | ||
Total liabilities | 136,691 | 116,103 | ||
Stockholders’ equity | 793,204 | 633,155 | ||
Total liabilities and stockholders’ equity | $ 929,895 | $ 749,258 |
Parent Company Only Financial_4
Parent Company Only Financial Statements - Condensed Statements of Income and Comprehensive Income (Loss) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Condensed Financial Statements, Captions [Line Items] | |||
Income tax benefit | $ (19,470,000) | $ (18,340,000) | $ (15,298,000) |
Net income | 68,935,000 | 72,952,000 | 51,490,000 |
Comprehensive income (loss) | 84,015,000 | (77,724,000) | 33,564,000 |
Parent Company [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Dividends from subsidiaries | 51,213,000 | 34,040,000 | 28,075,000 |
Other income | 87,000 | 542,000 | 9,000 |
Total income | 51,300,000 | 34,582,000 | 28,084,000 |
Operating expenses | 12,192,000 | 9,221,000 | 9,630,000 |
Income before income taxes and equity in undistributed earnings of subsidiaries | 39,108,000 | 25,361,000 | 18,454,000 |
Income tax benefit | 3,453,000 | 2,780,000 | 2,656,000 |
Income before equity in undistributed earnings of subsidiaries | 42,561,000 | 28,141,000 | 21,110,000 |
Equity in undistributed earnings of subsidiaries | 26,374,000 | 44,811,000 | 30,380,000 |
Net income | 68,935,000 | 72,952,000 | 51,490,000 |
Other comprehensive income (loss), net of taxes | 15,080,000 | (150,676,000) | (17,926,000) |
Comprehensive income (loss) | $ 84,015,000 | $ (77,724,000) | $ 33,564,000 |
Parent Company Only Financial_5
Parent Company Only Financial Statements - Condensed Statements of Cash Flows (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Condensed Financial Statements, Captions [Line Items] | |||
Net Income (Loss) | $ 68,935,000 | $ 72,952,000 | $ 51,490,000 |
Depreciation, amortization and accretion, net | 14,904,000 | 15,060,000 | 14,449,000 |
Increase in other assets | (20,562,000) | (19,537,000) | (13,719,000) |
Increase (decrease) in other liabilities | (1,674,000) | 3,318,000 | 5,463,000 |
Net cash provided by operating activities | 72,417,000 | 65,824,000 | 69,596,000 |
Net cash provided by (used in) investing activities | 474,380,000 | (178,688,000) | (482,499,000) |
Proceeds from issuance of common stock | 1,004,000 | 1,244,000 | 1,937,000 |
Payment to repurchase common stock | (465,000) | (340,000) | (326,000) |
Direct expenses related to capital transactions | 0 | (29,000) | (206,000) |
Dividends paid on common stock | (19,557,000) | (17,830,000) | (14,721,000) |
Net cash provided by (used in) financing activities | (556,166,000) | 96,695,000 | 164,224,000 |
Decrease in cash and cash equivalents | (9,369,000) | (16,169,000) | (248,679,000) |
Cash and cash equivalents at beginning of period | 152,433,000 | 168,602,000 | 417,281,000 |
Cash and cash equivalents at end of period | 143,064,000 | 152,433,000 | 168,602,000 |
Parent Company [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net Income (Loss) | 68,935,000 | 72,952,000 | 51,490,000 |
Depreciation, amortization and accretion, net | 265,000 | 218,000 | 350,000 |
Dividends received from subsidiary | 51,213,000 | 34,040,000 | 28,075,000 |
Equity in undistributed earnings of subsidiaries | (26,374,000) | (44,811,000) | (30,380,000) |
Increase in other assets | (49,606,000) | (208,359,000) | (206,880,000) |
Increase (decrease) in other liabilities | 1,526,000 | (146,000) | 1,760,000 |
Net cash provided by operating activities | 45,959,000 | (146,106,000) | (155,585,000) |
Net cash from (used in) business acquisition | (41,827,000) | 67,323,000 | 30,968,000 |
Net cash provided by (used in) investing activities | (41,827,000) | 67,323,000 | 30,968,000 |
Proceeds from issuance of common stock | 1,004,000 | 93,415,000 | 46,128,000 |
Payment to repurchase common stock | (465,000) | (340,000) | (326,000) |
Direct expenses related to capital transactions | 0 | (29,000) | (206,000) |
Dividends paid on common stock | (19,557,000) | (17,830,000) | (14,721,000) |
Net cash provided by (used in) financing activities | (19,018,000) | 75,216,000 | 30,875,000 |
Decrease in cash and cash equivalents | (14,886,000) | (3,567,000) | (93,742,000) |
Cash and cash equivalents at beginning of period | 24,854,000 | 28,421,000 | 122,163,000 |
Cash and cash equivalents at end of period | $ 9,968,000 | $ 24,854,000 | $ 28,421,000 |