Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2020 | Aug. 07, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | FIRST MID BANCSHARES, INC. | |
Entity Central Index Key | 0000700565 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 16,728,190 | |
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 | 0-13368 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 37-1103704 | |
Entity Address, Address Line One | 1421 Charleston Avenue | |
Entity Address, City or Town | Mattoon | |
Entity Address, State or Province | IL | |
Entity Address, Postal Zip Code | 61938 | |
City Area Code | 217 | |
Local Phone Number | 234-7454 | |
Document Quarterly Report | true | |
Document Transition Report | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Cash and due from banks: | ||
Non-interest bearing | $ 77,392,000 | $ 76,498,000 |
Interest bearing | 159,809,000 | 7,656,000 |
Federal funds sold | 1,286,000 | 926,000 |
Cash and cash equivalents | 238,487,000 | 85,080,000 |
Certificates of deposit | 3,890,000 | 4,625,000 |
Investment securities: | ||
Available-for-sale, at fair value | 708,158,000 | 685,636,000 |
Held-to-maturity, at amortized cost (estimated fair value of $15,216 and $69,572 at June 30, 2020 and December 31, 2019, respectively) | 15,009,000 | 69,542,000 |
Equity securities, at fair value | 97,000 | 412,000 |
Loans held for sale | 5,981,000 | 1,820,000 |
Loans | 3,199,281,000 | 2,693,527,000 |
Less allowance for credit losses | (38,381,000) | (26,911,000) |
Net loans | 3,160,900,000 | 2,666,616,000 |
Interest receivable | 16,842,000 | 15,577,000 |
Other real estate owned | 2,256,000 | 3,644,000 |
Premises and equipment, net | 58,905,000 | 59,491,000 |
Goodwill | 104,992,000 | 104,992,000 |
Intangible assets, net | 25,664,000 | 28,265,000 |
Bank owned life insurance | 68,084,000 | 67,225,000 |
Right of use lease assets | 15,979,000 | 17,006,000 |
Other assets | 33,067,000 | 29,495,000 |
Total assets | 4,458,311,000 | 3,839,426,000 |
Deposits: | ||
Non-interest bearing | 817,623,000 | 633,331,000 |
Interest bearing | 2,568,204,000 | 2,284,035,000 |
Total deposits | 3,385,827,000 | 2,917,366,000 |
Securities sold under agreements to repurchase | 350,288,000 | 208,109,000 |
Interest payable | 1,922,000 | 2,261,000 |
FHLB borrowings | 103,939,000 | 113,895,000 |
Other borrowings | 5,000,000 | |
Junior subordinated debentures | 18,942,000 | 18,858,000 |
Lease liabilities | 16,014,000 | 17,007,000 |
Other liabilities | 32,106,000 | 30,321,000 |
Total liabilities | 3,909,038,000 | 3,312,817,000 |
Stockholders’ Equity: | ||
Common stock, $4 par value; authorized 30,000,000 shares; issued 17,342,592 and 17,287,882 shares in 2020 and 2019, respectively | 71,370,000 | 71,152,000 |
Additional paid-in capital | 297,392,000 | 295,925,000 |
Retained earnings | 179,435,000 | 166,667,000 |
Deferred compensation | 2,364,000 | 2,760,000 |
Accumulated other comprehensive income | 17,105,000 | 8,360,000 |
Less treasury stock at cost, 614,403 shares in 2020 and 2019 | (18,393,000) | (18,255,000) |
Total stockholders’ equity | 549,273,000 | 526,609,000 |
Total liabilities and stockholders’ equity | $ 4,458,311,000 | $ 3,839,426,000 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Investment securities: | ||
Held-to-maturity, at fair value | $ 15,216 | $ 69,572 |
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) | 17,342,592 | 17,287,882 |
Treasury stock (in shares) | 614,403 | 614,403 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Interest income: | ||||
Interest and fees on loans | $ 31,382,000 | $ 31,539,000 | $ 61,409,000 | $ 63,643,000 |
Interest on investment securities | 4,077,000 | 5,436,000 | 8,666,000 | 10,645,000 |
Interest on certificates of deposit investments | 21,000 | 37,000 | 52,000 | 75,000 |
Interest on federal funds sold | 4,000 | 2,000 | 7,000 | |
Interest on deposits with other financial institutions | 55,000 | 555,000 | 147,000 | 1,252,000 |
Total interest income | 35,535,000 | 37,571,000 | 70,276,000 | 75,622,000 |
Interest expense: | ||||
Interest on deposits | 3,105,000 | 4,940,000 | 6,966,000 | 9,318,000 |
Interest on securities sold under agreements to repurchase | 158,000 | 215,000 | 352,000 | 475,000 |
Interest on FHLB borrowings | 505,000 | 696,000 | 1,085,000 | 1,419,000 |
Interest on other borrowings | 11,000 | 1,000 | 26,000 | 1,000 |
Interest on subordinated debentures | 174,000 | 406,000 | 392,000 | 844,000 |
Total interest expense | 3,953,000 | 6,258,000 | 8,821,000 | 12,057,000 |
Net interest income | 31,582,000 | 31,313,000 | 61,455,000 | 63,565,000 |
Provision for loan losses | 6,136,000 | 91,000 | 11,617,000 | 1,038,000 |
Net interest income after provision for loan losses | 25,446,000 | 31,222,000 | 49,838,000 | 62,527,000 |
Other income: | ||||
Wealth management revenues | 3,827,000 | 3,587,000 | 7,453,000 | 7,232,000 |
Insurance commissions | 4,088,000 | 3,760,000 | 10,709,000 | 9,315,000 |
Service charges | 1,111,000 | 1,959,000 | 2,889,000 | 3,761,000 |
Securities gains, net | 287,000 | 218,000 | 818,000 | 272,000 |
Mortgage banking revenue, net | 1,236,000 | 346,000 | 1,544,000 | 585,000 |
ATM / debit card revenue | 2,239,000 | 2,202,000 | 4,226,000 | 4,218,000 |
Bank owned life insurance | 428,000 | 447,000 | 859,000 | 877,000 |
Other | 669,000 | 1,069,000 | 1,897,000 | 1,967,000 |
Total other income | 13,885,000 | 13,588,000 | 30,395,000 | 28,227,000 |
Other expense: | ||||
Salaries and employee benefits | 15,455,000 | 15,565,000 | 31,955,000 | 32,139,000 |
Net occupancy and equipment expense | 4,141,000 | 4,543,000 | 8,383,000 | 8,998,000 |
Net other real estate owned expense | (2,000) | 188,000 | (48,000) | 241,000 |
FDIC insurance | 289,000 | 197,000 | 382,000 | 476,000 |
Amortization of intangible assets | 1,290,000 | 1,823,000 | 2,585,000 | 3,179,000 |
Stationery and supplies | 275,000 | 264,000 | 543,000 | 551,000 |
Legal and professional | 1,489,000 | 1,304,000 | 2,887,000 | 2,498,000 |
ATM / debit card | 274,000 | 829,000 | 879,000 | 1,632,000 |
Marketing and donations | 314,000 | 481,000 | 795,000 | 935,000 |
Other | 2,573,000 | 4,993,000 | 5,468,000 | 7,848,000 |
Total other expense | 26,098,000 | 30,187,000 | 53,829,000 | 58,497,000 |
Income before income taxes | 13,233,000 | 14,623,000 | 26,404,000 | 32,257,000 |
Income taxes | 3,096,000 | 3,642,000 | 6,268,000 | 7,960,000 |
Net income | $ 10,137,000 | $ 10,981,000 | $ 20,136,000 | $ 24,297,000 |
Per share data: | ||||
Basic net income per common share | $ 0.61 | $ 0.66 | $ 1.21 | $ 1.46 |
Diluted net income per common share | 0.60 | 0.66 | 1.20 | 1.45 |
Cash dividends declared per common share | $ 0.40 | $ 0.36 | $ 0.40 | $ 0.36 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income | $ 10,137,000 | $ 10,981,000 | $ 20,136,000 | $ 24,297,000 |
Other Comprehensive Income | ||||
Unrealized gains (losses) on available-for-sale securities, net of taxes of ($4,938) and ($2,531) for three months ended June 30, 2020 and 2019, respectively and ($3,799) and ($5,653) for six months ended June 30, 2020 and 2019, respectively. | 12,091,000 | 6,195,000 | 9,302,000 | 13,841,000 |
Amortized holding losses on held-to-maturity securities transferred from available-for- sale, net of taxes of ($5) and ($8) for three months ended June 30, 2020 and 2019, respectively and ($10) and ($17) for six months ended June 30, 2020 and June 30, 2019, respectively. | 9,000 | 21,000 | 24,000 | 41,000 |
Less: reclassification adjustment for realized gains included in net income, net of taxes of $83 and $63 for three months ended June 30, 2020 and 2019, respectively and $237 and $79 for six months ended June 30, 2020 and 2019, respectively. | (204,000) | (155,000) | (581,000) | (193,000) |
Other comprehensive income, net of taxes | 11,896,000 | 6,061,000 | 8,745,000 | 13,689,000 |
Comprehensive income | $ 22,033,000 | $ 17,042,000 | $ 28,881,000 | $ 37,986,000 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Other Comprehensive Income | ||||
Unrealized gains (losses) on available-for-sale securities, taxes | $ (4,938) | $ (2,531) | $ (3,799) | $ (5,653) |
Amortized holding losses on held-to-maturity securities transferred from available-for-sale, taxes | (5) | (8) | (10) | (17) |
Reclassification adjustment for realized gains included in net income, taxes | $ 83 | $ 63 | $ 237 | $ 79 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Deferred Compensation | Accumulated Other Comprehensive Income (Loss) | Treasury Stock |
Beginning balance at Dec. 31, 2018 | $ 475,864,000 | $ 70,876,000 | $ 293,937,000 | $ 131,392,000 | $ 2,761,000 | $ (6,473,000) | $ (16,629,000) |
Net income | 24,297,000 | 24,297,000 | |||||
Other comprehensive income, net of tax | 13,689,000 | 13,689,000 | |||||
Cash dividends on common stock | (6,001,000) | (6,001,000) | |||||
Issuance of common shares pursuant to the Dividend Reinvestment Plan | 473,000 | 54,000 | 419,000 | ||||
Issuance of common shares pursuant to the Deferred Compensation Plan | 248,000 | 30,000 | 218,000 | ||||
Issuance of restricted shares pursuant to the 2017 Stock Incentive Plan | 864,000 | 104,000 | 760,000 | ||||
Issuance of common shares pursuant to the Employee Stock Purchase Plan | 88,000 | 11,000 | 77,000 | ||||
Deferred compensation | 130,000 | (130,000) | |||||
Tax benefit related to deferred compensation distributions | 56,000 | 56,000 | |||||
Grant of restricted units pursuant to 2017 Stock Incentive Plan | (866,000) | (52,000) | (814,000) | ||||
Vested restricted shares/units compensation expense | 246,000 | 246,000 | |||||
Ending balance at Jun. 30, 2019 | 508,958,000 | 71,075,000 | 295,415,000 | 149,688,000 | 2,323,000 | 7,216,000 | (16,759,000) |
Beginning balance at Mar. 31, 2019 | 497,152,000 | 71,006,000 | 294,837,000 | 144,708,000 | 2,074,000 | 1,155,000 | (16,628,000) |
Net income | 10,981,000 | 10,981,000 | |||||
Other comprehensive income, net of tax | 6,061,000 | 6,061,000 | |||||
Cash dividends on common stock | (6,001,000) | (6,001,000) | |||||
Issuance of common shares pursuant to the Dividend Reinvestment Plan | 473,000 | 54,000 | 419,000 | ||||
Issuance of common shares pursuant to the Deferred Compensation Plan | 54,000 | 7,000 | 47,000 | ||||
Issuance of common shares pursuant to the Employee Stock Purchase Plan | 64,000 | 8,000 | 56,000 | ||||
Deferred compensation | 131,000 | (131,000) | |||||
Tax benefit related to deferred compensation distributions | 56,000 | 56,000 | |||||
Vested restricted shares/units compensation expense | 118,000 | 118,000 | |||||
Ending balance at Jun. 30, 2019 | 508,958,000 | 71,075,000 | 295,415,000 | 149,688,000 | 2,323,000 | 7,216,000 | (16,759,000) |
Beginning balance at Dec. 31, 2019 | 526,609,000 | 71,152,000 | 295,925,000 | 166,667,000 | 2,760,000 | 8,360,000 | (18,255,000) |
Net income | 20,136,000 | 20,136,000 | |||||
Other comprehensive income, net of tax | 8,745,000 | 8,745,000 | |||||
Cash dividends on common stock | (6,651,000) | (6,651,000) | |||||
Issuance of common shares pursuant to the Dividend Reinvestment Plan | 336,000 | 54,000 | 282,000 | ||||
Issuance of common shares pursuant to the Deferred Compensation Plan | 228,000 | 33,000 | 195,000 | ||||
Issuance of restricted shares pursuant to the 2017 Stock Incentive Plan | 868,000 | 101,000 | 767,000 | ||||
Issuance of common shares pursuant to the Employee Stock Purchase Plan | 163,000 | 30,000 | 133,000 | ||||
Deferred compensation | 138,000 | (138,000) | |||||
Tax benefit related to deferred compensation distributions | 22,000 | 22,000 | |||||
Grant of restricted units pursuant to 2017 Stock Incentive Plan | 584,000 | 584,000 | |||||
Release of restricted units pursuant to 2017 Stock Incentive Plan | (516,000) | (516,000) | |||||
Vested restricted shares/units compensation expense | (534,000) | (534,000) | |||||
Ending balance at Jun. 30, 2020 | 549,273,000 | 71,370,000 | 297,392,000 | 179,435,000 | 2,364,000 | 17,105,000 | (18,393,000) |
Cumulative change in accounting principal at Dec. 31, 2019 | (717,000) | (717,000) | |||||
Adjusted beginning balance at Dec. 31, 2019 | 525,892,000 | 71,152,000 | 295,925,000 | 165,950,000 | 2,760,000 | 8,360,000 | (18,255,000) |
Beginning balance at Mar. 31, 2020 | 533,051,000 | 71,268,000 | 296,853,000 | 175,949,000 | 2,022,000 | 5,209,000 | (18,250,000) |
Net income | 10,137,000 | 10,137,000 | |||||
Other comprehensive income, net of tax | 11,896,000 | 11,896,000 | |||||
Cash dividends on common stock | (6,651,000) | (6,651,000) | |||||
Issuance of common shares pursuant to the Dividend Reinvestment Plan | 336,000 | 54,000 | 282,000 | ||||
Issuance of common shares pursuant to the Deferred Compensation Plan | 228,000 | 33,000 | 195,000 | ||||
Issuance of common shares pursuant to the Employee Stock Purchase Plan | 77,000 | 15,000 | 62,000 | ||||
Deferred compensation | 143,000 | (143,000) | |||||
Vested restricted shares/units compensation expense | 199,000 | 199,000 | |||||
Ending balance at Jun. 30, 2020 | $ 549,273,000 | $ 71,370,000 | $ 297,392,000 | $ 179,435,000 | $ 2,364,000 | $ 17,105,000 | $ (18,393,000) |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Statement Of Stockholders Equity [Abstract] | ||||
Cash dividends declared per common share | $ 0.40 | $ 0.36 | $ 0.40 | $ 0.36 |
Issuance of common shares pursuant to the Dividend Reinvestment Plan (in shares) | 13,804 | 13,475 | 13,804 | 13,475 |
Stock issued during period, shares, deferred compensation | 8,163 | 7,398 | 8,163 | 7,398 |
Restricted stock issued during period, shares, pursuant to the 2017 stock incentive plan | 25,200 | 25,950 | ||
Stock issued during period, shares, employee stock purchase plans | 3,739 | 2,858 | 7,543 | 2,858 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Cash flows from operating activities: | ||
Net income | $ 20,136 | $ 24,297 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for loan losses | 11,617 | 1,038 |
Depreciation, amortization and accretion, net | 5,714 | 5,435 |
Change in cash surrender value of bank owned life insurance | (859) | (877) |
Stock-based compensation expense | 404 | 264 |
Operating lease payments | (1,375) | (1,340) |
Gains on investment securities, net | (818) | (272) |
Gain on sales of repossessed assets, net | (482) | 63 |
Loss on sale of premises and equipment | (26) | 0 |
Gains on sale of loans held for sale, net | (1,756) | (508) |
(Increase) decrease in accrued interest receivable | (1,265) | 1,231 |
(Decrease) increase in accrued interest payable | (211) | 823 |
Origination of loans held for sale | (90,495) | (28,750) |
Proceeds from sale of loans held for sale | 88,090 | 29,049 |
(Increase) decrease in other assets | (2,163) | 1,658 |
Decrease in other liabilities | (1,282) | (141) |
Net cash provided by operating activities | 25,229 | 31,970 |
Cash flows from investing activities: | ||
Proceeds from maturities of certificates of deposit investments | 1,715 | 984 |
Purchases of certificates of deposit investments | (980) | 0 |
Proceeds from sales of securities available-for-sale | 1,566 | 20,052 |
Proceeds from maturities of securities available-for-sale | 182,410 | 42,222 |
Proceeds from maturities of securities held-to-maturity | 45,000 | 0 |
Purchases of securities available-for-sale | (184,751) | (108,684) |
Net (increase) decrease in loans | (506,945) | 95,687 |
Purchases of premises and equipment | (1,282) | (2,543) |
Proceeds from sales of other real property owned | 1,731 | 508 |
Net cash (used in) provided by investing activities | (461,536) | 48,226 |
Cash flows from financing activities: | ||
Net increase in deposits | 468,461 | 23,804 |
Decrease in federal funds purchased | (5,000) | 0 |
Increase (decrease) in repurchase agreements | 142,179 | (40,066) |
Proceeds from FHLB advances | 19,000 | 0 |
Repayment of FHLB advances | (29,000) | (24,000) |
Proceeds from short-term debt | 5,000 | |
Repayment of short-term debt | (5,000) | |
Repayment of long-term debt | 0 | (7,724) |
Proceeds from issuance of common stock | 390 | 334 |
Dividends paid on common stock | (6,316) | (5,528) |
Net cash provided by (used in) financing activities | 589,714 | (53,180) |
Increase in cash and cash equivalents | 153,407 | 27,016 |
Cash and cash equivalents at beginning of period | 85,080 | 141,400 |
Cash and cash equivalents at end of period | 238,487 | 168,416 |
Cash paid during the period for: | ||
Interest | 9,160 | 11,399 |
Income taxes | (8,616) | 6,987 |
Supplemental disclosures of noncash investing and financing activities | ||
Loans transferred to other real estate | 205 | 1,630 |
Initial recognition of right-of-use assets | 0 | 14,116 |
Initial recognition of lease liabilities | 0 | 14,116 |
Dividends reinvested in common stock | 336 | 473 |
Net tax benefit related to option and deferred compensation plans | $ 22 | $ 56 |
Basis of Accounting and Consoli
Basis of Accounting and Consolidation | 6 Months Ended |
Jun. 30, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Accounting and Consolidation | Note 1 -- Basis of Accounting and Consolidation The unaudited condensed consolidated financial statements include the accounts of First Mid Bancshares, Inc. (“Company”) formerly known as First Mid-Illinois Bancshares, Inc., and its wholly owned subsidiaries: First Mid Bank & Trust, N.A. (“First Wealth The unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X and do not include all of the information required by U.S. generally accepted accounting principles (“GAAP”) for complete financial statements and related footnote disclosures although the Company believes that the disclosures made are adequate to make the information not misleading. These consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s 2019 Annual Report on Form 10-K. COVID-19 The COVID-19 outbreak is an unprecedented event that provides significant economic uncertainty for a broad spectrum of industries. The Company is focused on supporting its customers, communities and employees during this unique operating environment. Throughout this document, we describe the impact COVID-19 is having, actions taken as a result of COVID-19, and certain risks to the Company that COVID-19 creates or exacerbates, as well as management's outlook on the current COVID-19 situation. Website The Company maintains a website at www.firstmid.com 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 Purchase On April 21, 2020, First Mid Bank completed an acquisition of loans in the St. Louis metro market totaling $183 million 8 Stock Plans At ten-year A maximum of 149,983 shares of common stock may be issued under the SI Plan. There have been no stock options awarded under 25,200 25,950 Employee Stock Purchase Plan At the Annual Meeting of Stockholders held April 25, 2018, the stockholders approved the First Mid-Illinois Bancshares, Inc. Employee A 600,000 ESPP. 7,543 ESPP. Captive Insurance Company First “ Bank Owned Life Insurance First Mid Bank has purchased life insurance policies on certain senior management. Bank owned life insurance is recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other charges or other amounts that are probable at settlement. Revenue Recognition Accounting Revenue from Contracts with Customers Trust revenues. The Company generates fee income from providing fiduciary services through its subsidiary, First Mid Wealth Management Company. Fees are billed in arrears based upon the preceding period account balance. Revenue from the farm management department is recorded when service is complete, for example when crops are sold. 9 Brokerage commissions. The primary non-farm 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 is in markets with similar economies, no disaggregation of revenue is necessary. Leases Effective January 1, 2019, the Company adopted ASU 2016-02, Leases (Topic 842). As of June 30, 2020, all of the Company's leases are operating leases for real estate property for bank branches, ATM locations, and office space. For leases in effect at January 1, 2019 and for leases commencing thereafter, the Company recognizes a lease liability and a right-of-use asset, based on the present value of lease payments over the lease term. The discount rate used in determining present value was the Company's incremental borrowing rate which is the FHLB fixed advance rate based on the remaining lease term as of January 1, 2019, or the commencement date for leases subsequently entered into. Accumulated Other Comprehensive Income The components of accumulated other comprehensive income included in stockholders’ equity as of June 30, 2020 and December 31, 2019 are as follows (in Unrealized Gain (Loss) on Securities June 30, 2020 Net unrealized gains on securities available-for-sale $ 24,107 Unamortized losses on held-to-maturity securities transferred from available-for-sale (15 ) Tax expense (6,987 ) Balance at June 30, 2020 $ 17,105 December 31, 2019 Net unrealized gains on securities available-for-sale $ 11,825 Unamortized losses on held-to-maturity securities transferred from available-for-sale (50 ) Tax expense (3,415 ) Balance at December 31, 2019 $ 8,360 10 Amounts reclassified from accumulated other comprehensive income and the affected line items in the statements of income during the three and six months ended June 30, 2020 and 2019 , were as follows (in thousands): Amounts Reclassified from Other Comprehensive Income Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Affected Line Item in the Statements of Income Realized gains on available-for-sale securities $ 287 $ 218 $ 818 $ 272 Securities gains, net Tax effect (83 ) (63 ) (237 ) (79 ) Income taxes Total reclassifications out of accumulated other comprehensive income $ 204 $ 155 $ 581 $ 193 Net reclassified amount See “Note 3 – Investment Securities” for more detailed information regarding unrealized losses on available-for-sale securities. Adoption of New Accounting Guidance Accounting Standards Update 2017-04, Intangibles-Goodwill and Other (Topic 350: Simplifying the Test for Goodwill Impairment ("ASU 2017-04"). In January 2017, FASB issued ASU 2017-04. The amendments in this update simplify the measurement of goodwill by eliminating Step 2 from the goodwill impairment test. Under this guidance, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value; however, the loss should not exceed the total amount of goodwill allocated to that reporting unit. ASU 2017-04 is effective for public companies for the reporting periods beginning after December 15, 2019. The Company adopted the guidance effective January 2020. Although the Company cannot anticipate future goodwill impairment, the Company does not anticipate a material impact on the Company's financial statements. The current accounting policies and procedures of the Company have not changed, except for the elimination of Step 2 analysis. Accounting Standards Update 2016-02, Leases (Topic 842) ("ASU 2016-02"). On February 25, 2016, FASB issued ASU 2016-02 which creates Topic 842, Leases and supersedes Topic 840, Leases. ASU 2016-02 is intended to improve financial reporting about leasing transactions, by increasing transparency and comparability among organizations. Under the new guidance, a lessee is required to record all leases with lease terms of more than 12 months on their balance sheet as lease liabilities with a corresponding right-of-use asset. ASU 2016-02 maintains the dual model for lease accounting, requiring leases to be classified as either operating or finance, with lease classification determined in a manner similar to existing lease guidance. The new guidance is effective for public companies for fiscal years beginning on or after December 15, 2018, and for private companies for fiscal years beginning on or after December 15, 2019. The Company adopted the guidance effective January 1, 2019 and recorded a right of use asset of $14.1 million and a lease liability of $14.1 million. Accounting Standards Update 2018-13, Fair Value Measurements (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). In August 2018, FASB issued ASU 2018-13. This ASU eliminates, adds and modifies certain disclosure requirements for fair value measurements. Among the changes, an entity will no longer be required to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, but will be required to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. ASU 2018-13 is effective for interim and annual reporting periods beginning after December 15, 2019. As ASU 2018-13 only revises disclosure requirements, it did not have a material impact on the Company’s consolidated financial statements. Accounting Standards Update 2016-13, Financial Instruments - Credit Losses In June 2016, FASB issued ASU 2016-13. The provisions of ASU 2016-13 requires an entity to utilize a new impairment model known as the current expected credit loss ("CECL") model to estimate its lifetime "expected credit loss" and record an allowance that, when deducted from the amortized cost basis of the financial asset, presents the net amount expected to be collected on the financial asset. The CECL model is expected to result in more timely recognition of credit losses. ASU 2016-13 also requires new disclosures for financial assets measured at amortized cost, loans and available-for sale debt securities. ASU 2016-13 is effective for annual periods beginning after December 15, 2019, including interim periods within those fiscal years. Entities will apply the standard's provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. 11 Management formed an internal, cross functional committee in 2017 to evaluate implementation steps and assess the impact ASU 2016-13 would have on the Company’s consolidated financial statements. The committee assigned roles and responsibilities, key tasks to complete, and established a general time - line for implementation. The Company also engaged an outside consultant to assist with the methodology review and data validation, as well as other key aspects of implementing the standard. The committee met periodically to discuss the latest developments and ensure progress was being made. In addition, the committee kept current on evolving interpretations and industry practices related to ASU 2016-13. The committee evaluated and validated data resources and different loss methodologies. Key implementation activities for 2019 included finalization of models, establishing processes and controls, development of supporting analytics and documentation, policies and disclosure, and implementing parallel processing. The Company adopted ASU 2016-13 using the modified retrospective method for financial assets measured at amortized cost-effective January 1, 2020. Results for the periods beginning after January 1, 2020 are presented under ASU 2016-13 while prior period amounts are reported in accordance with the previously applicable accounting standards. The Company recorded a reduction to retained earnings of approximately $717,000 upon adoption of ASU 2016-13. The transition adjustment included an increase to the allowance for credit losses on loans of $1.7 million and an increase to the allowance for credit losses on off-balance sheet credit exposure of $69,000. There was no allowance for credit losses recorded for held-to- maturity debt securities. The transition adjustment included corresponding increases in deferred tax assets. The Company adopted ASU 2016-13 using the prospective transition approach for financial assets considered purchased credit deteriorated ("PCD") that were previously classified as purchase credit impaired ("PCI") and accounted for under ASC 310-30 effective January 1, 2020. In accordance with the standard, the Company did not reassess whether the PCI assets met the criteria of PCD assets as of the adoption date. The amortized cost of the PCD assets were adjusted to reflect the addition of $833,000 to the allowance for credit losses. The remaining noncredit discount (based on the adjusted amortized cost) will be accreted into interest income at the effective interest rate over the remaining life of the assets. The following table illustrates the impact of ASU 2016-13 adoption (in thousands): January 1, 2020 As reported Pre-ASU Impact of ASU under ASU 2016-13 2016-13 2016-13 Adoption Adoption Assets: Construction & Land Development $ 1,033 $ 1,146 $ (113 ) Farm 1,323 1,093 230 1-4 Family Residential Properties 2,142 1,386 756 Commercial Real Estate 11,739 11,198 541 Agricultural 1,023 1,386 (363 ) Commercial & Industrial 9,428 9,273 155 Consumer 1,895 1,429 466 Allowance for credit losses for all loans $ 28,583 $ 26,911 $ 1,672 Liabilities: Allowance for credit losses on off-balance sheet exposures $ 69 $ — $ 69 The following table illustrates the impact of ASU 2013-13 adoption for PCD assets previously classified as PCI included in the table above (in thousands): January 1, 2020 As reported Pre-ASU Impact of ASU under ASU 2016-13 2016-13 2016-13 Adoption Adoption Construction & Land Development $ 291 $ — $ 291 1-4 Family Residential Properties 48 6 42 Commercial Real Estate 818 359 459 Commercial & Industrial 41 — 41 Allowance for credit losses for PCD loans $ 1,198 $ 365 $ 833 |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 2 -- Earnings Per Share Basic net income per common share available to common stockholders is calculated as net income less preferred stock dividends divided by the weighted average number of common shares outstanding. Diluted net income per common share available to common stockholders is computed using the weighted average number of common shares outstanding, increased by the Company’s stock options, unless anti-dilutive. The components of basic and diluted net income per common share available to common stockholders for the three and six months ended June 30, 2020 and 2019 were as follows: Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Basic Net Income per Common Share Available to Common Stockholders: Net income $ 10,137,000 $ 10,981,000 $ 20,136,000 $ 24,297,000 Weighted average common shares outstanding 16,709,886 16,683,194 16,701,536 16,674,646 Basic earnings per common share $ 0.61 $ 0.66 $ 1.21 $ 1.46 Diluted Net Income per Common Share Available to Common Stockholders: Net income applicable to diluted earnings per share $ 10,137,000 $ 10,981,000 $ 20,136,000 $ 24,297,000 Weighted average common shares outstanding 16,709,886 16,683,194 16,701,536 16,674,646 Dilutive potential common shares: Restricted stock awarded 46,908 34,780 46,908 34,780 Dilutive potential common shares 46,908 34,780 46,908 34,780 Diluted weighted average common shares outstanding 16,756,794 16,717,974 16,748,444 16,709,426 Diluted earnings per common share $ 0.60 $ 0.66 $ 1.20 $ 1.45 There were no shares not considered in computing diluted earnings per share for the three and six months ended June 30, 2020 and 2019 because they were anti-dilutive. |
Investment Securities
Investment Securities | 6 Months Ended |
Jun. 30, 2020 | |
Investments Debt And Equity Securities [Abstract] | |
Investment Securities | 13 Note 3 -- Investment Securities The amortized cost, gross unrealized gains and losses and estimated fair values for available-for-sale and held-to-maturity securities by major security type at June 30, 2020 and December 31, 2019 were as follows (in thousands): Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value June 30, 2020 Available-for-sale: U.S. Treasury securities and obligations of U.S. government corporations & agencies $ 73,000 $ 899 $ — $ 73,899 Obligations of states and political subdivisions 191,120 9,593 (16 ) 200,697 Mortgage-backed securities: GSE residential 412,175 13,549 (50 ) 425,674 Other securities 7,756 160 (28 ) 7,888 Total available-for-sale $ 684,051 $ 24,201 $ (94 ) $ 708,158 Held-to-maturity: U.S. Treasury securities and obligations of U.S. government corporations & agencies $ 15,009 $ 207 $ — $ 15,216 December 31, 2019 Available-for-sale: U.S. Treasury securities and obligations of U.S. government corporations & agencies $ 106,428 $ 952 $ (60 ) $ 107,320 Obligations of states and political subdivisions 172,460 5,990 (17 ) 178,433 Mortgage-backed securities: GSE residential 391,307 5,331 (512 ) 396,126 Other securities 3,750 7 — 3,757 Total available-for-sale $ 673,945 $ 12,280 $ (589 ) $ 685,636 Held-to-maturity: U.S. Treasury securities and obligations of U.S. government corporations & agencies $ 69,542 $ 99 $ (69 ) $ 69,572 The Company also had $97,000 and $412,000 of equity securities, at fair value, as of June 30, 2020 and December 31, 2019, respectively. All of the Company's held-to-maturity securities are government agency-backed securities for which the risk of loss is minimal. As such, as of June 30, 2020, the Company did not record an allowance for credit losses on its held-to-maturity securities. Realized gains and losses resulting from sales of securities were as follows during the three and six months ended June 30, 2020 and 2019 (in thousands): Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Gross gains $ 287 $ 230 $ 818 $ 314 Gross losses — (12 ) — (42 ) 14 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 June 30, 2020 and the weighted average yield for each range of maturities (dollars in thousands): One year or less After 1 through 5 years After 5 through 10 years After ten years Total Available-for-sale: U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 46,263 $ 15,852 $ 11,784 $ — $ 73,899 Obligations of state and political subdivisions 32,878 73,456 93,298 1,065 200,697 Mortgage-backed securities: GSE residential 61,458 321,315 42,901 — 425,674 Other securities — 6,842 1,046 0 7,888 Total available-for-sale investments $ 140,599 $ 417,465 $ 149,029 $ 1,065 $ 708,158 Weighted average yield 2.34 % 2.59 % 2.41 % 3.68 % 2.50 % Full tax-equivalent yield 2.60 % 2.78 % 3.05 % 4.99 % 2.79 % Held to Maturity: U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 9,985 $ 5,024 $ — $ — $ 15,009 Weighted average yield 2.33 % 2.06 % — % — % 2.24 % Full tax-equivalent yield 2.33 % 2.06 % — % — % 2.24 % The weighted average yields are calculated based on the amortized cost and effective yields weighted for the scheduled maturity of each security. Tax-equivalent yields have been calculated using a 21% tax rate. With the exception of obligations of the U.S. Treasury and other U.S. government agencies and corporations, there were no investment securities of any single issuer, the book value of which exceeded 10% of stockholders' equity at June 30, 2020. Investment securities carried at approximately $653 million and $688 million at June 30, 2020 and December 31, 2019, 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 June 30, 2020 and December 31, 2019 (in thousands): Less than 12 months 12 months or more Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses June 30, 2020 Available-for-sale: U.S. Treasury securities and obligations of U.S. government corporations and agencies $ — $ — $ — $ — $ — $ — Obligations of states and political subdivisions 6,519 (16 ) — — 6,519 (16 ) Mortgage-backed securities: GSE residential 146 (2 ) 15,276 (48 ) 15,422 (50 ) Other securities 1,722 (28 ) — — 1,722 (28 ) Total $ 8,387 $ (46 ) $ 15,276 $ (48 ) $ 23,663 $ (94 ) December 31, 2019 Available-for-sale: U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 23,375 $ (60 ) $ — $ — $ 23,375 $ (60 ) Obligations of states and political subdivisions 3,469 (16 ) 347 (1 ) 3,816 (17 ) Mortgage-backed securities: GSE residential 67,080 (322 ) 20,888 (190 ) 87,968 (512 ) Total $ 93,924 $ (398 ) $ 21,235 $ (191 ) $ 115,159 $ (589 ) Held-to-maturity: U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 14,996 $ (25 ) $ 24,565 $ (44 ) $ 39,561 $ (69 ) 15 U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies. At June 30, 2020 and December 31, 2019 , there were no available-for sale 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, 2019 , there were four held-to-maturity U.S. Treasury securities and obligations of U.S. government corporations and agencies with a fair value of $ 24,565,000 and unrealized losses of $ 44,000 in a continuous unrealized loss position for twelve months or more. Obligations of states and political subdivisions. At June 30, 2020, there were no obligations of states and political subdivisions in a continuous loss position for twelve months or more. At December 31, 2019, there was one obligation of states and political subdivisions with a fair value of $347,000 and unrealized losses of $1,000 in a continuous unrealized loss position for twelve months or more. Mortgage-backed Securities: GSE Residential. At June 30, 2020, there were two mortgage-backed securities with a fair value of $15,276,000 and unrealized losses of $48,000 in a continuous unrealized loss position for twelve months or more. At December 31, 2019 there were fourteen mortgage-backed securities with a fair value of $20,888,000 and unrealized losses of $190,000 in a continuous unrealized loss position for twelve months or more. The Company does not believe any unrealized losses as of June 30, 2020 represents other than temporary impairment ("OTTI"). However, given the uncertainty of the financial markets, the Company may be required to recognize OTTI losses in future periods with respect to its available for sale investment securities portfolio. The amount and timing of any additional OTTI will depend on the decline in the underlying cash flows of the securities. Should the impairment of any of these securities become other-than-temporary, the cost basis of the investment will be reduced, and the resulting loss recognized in the period the other-than-temporary impairment is identified. |
Loans and Allowance for Loan Lo
Loans and Allowance for Loan Losses | 6 Months Ended |
Jun. 30, 2020 | |
Receivables [Abstract] | |
Loans and Allowance for Loan Losses | 90 Days & Accruing
June 30, 2020
Construction and land development
$
85
$
141
$
—
$
226
$
180,708
$
180,934
$
—
Agricultural real estate
6
544
—
550
250,832
251,382
—
1-4 Family residential properties
3,548
1,260
1,676
6,484
335,552
342,036
—
Multifamily residential properties
2,201
0
—
2,201
138,814
141,015
—
Commercial real estate
637
1,146
2,519
4,302
1,119,238
1,123,540
—
Loans secured by real estate
6,477
3,091
4,195
13,763
2,025,144
2,038,907
—
Agricultural loans
0
0
26
26
149,017
149,043
—
Commercial and industrial loans
715
125
2,380
3,220
807,949
811,169
—
Consumer loans
263
54
165
482
81,602
82,084
—
All other loans
—
—
—
—
124,059
124,059
—
Total loans
$
7,455
$
3,270
$
6,766
$
17,491
$
3,187,771
$
3,205,262
$
—
December 31, 2019
Construction and land development
$
235
$
—
$
—
$
235
$
93,907
$
94,142
$
—
Agricultural real estate
1,595
—
47
1,642
238,599
240,241
—
1-4 Family residential properties
3,834
2,288
4,713
10,835
325,592
336,427
—
Multifamily residential properties
1,348
46
1,131
2,525
151,423
153,948
—
Commercial real estate
602
495
2,241
3,338
992,364
995,702
—
Loans secured by real estate
7,614
2,829
8,132
18,575
1,801,885
1,820,460
—
Agricultural loans
300
—
307
607
135,517
136,124
—
Commercial and industrial loans
767
855
5,989
7,611
521,362
528,973
—
Consumer loans
454
196
150
800
82,383
83,183
—
All other loans
—
—
—
0
126,607
126,607
—
Total loans
$
9,135
$
3,880
$
14,578
$
27,593
$
2,667,754
$
2,695,347
$
—
Impaired 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 accrual The Company’s policy is to discontinue the accrual of interest income on all loans for which principal or interest" id="sjs-B4">Note 4 – Loans and Allowance for Loan Losses Loans are stated at amortized cost net of an allowance for credit losses. Amortized cost is the unpaid principal net of unearned premiums and discounts, and net deferred origination fees and costs. Deferred loan origination fees are reduced by loan origination costs and are amortized to interest income over the life of the related loan using methods that approximated the effective interest rate method. Interest on substantially all loans is credited to income based on the principal amount outstanding. A summary of loans at June 30, 2020 and December 31, 2019 follows (in thousands): June 30, 2020 December 31, 2019 Construction and land development $ 181,362 $ 94,462 Agricultural real estate 251,695 240,481 1-4 Family residential properties 341,691 336,553 Multifamily residential properties 140,415 155,132 Commercial real estate 1,125,584 997,175 Loans secured by real estate 2,040,747 1,823,803 Agricultural loans 149,072 136,023 Commercial and industrial loans 818,686 528,987 Consumer loans 81,980 83,544 All other loans 123,937 126,807 Total Gross loans 3,214,422 2,699,164 Less: Loans held for sale 5,981 1,820 3,208,441 2,697,344 Less: Net deferred loan fees, premiums and discounts 9,160 3,817 Allowance for credit losses 38,381 26,911 Net loans $ 3,160,900 $ 2,666,616 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 $14.1 million and $12.4 million at June 30, 2020 and December 31, 2019, respectively. 16 Most of the Company’s business activities are with customers located near the Company's branch locations in Illinois and Missouri. At June 30, 2020, the Company’s loan portfolio included $400.8 million of loans to borrowers whose businesses are directly related to agriculture. Of this amount, $330.5 million was concentrated in corn and other grain farming. Total loans to borrowers whose businesses are directly related to agriculture increased $24.4 million from $376.4 million at December 31, 2019 due to seasonal timing of cash flow requirements. Loans concentrated in corn and other grain farming increased $29.0 million from $301.5 million at December 31, 2019. The Company's underwriting practices include collateralization of loans, any extended period of low commodity prices, drought conditions, significantly reduced yields on crops and/or reduced levels of government assistance to the agricultural industry, however these could result in an increase in the level of problem agriculture loans and potentially result in loan losses within the agricultural portfolio. In addition, the Company has $126.5 million of loans to motels and hotels. The performance of these loans is dependent on borrower specific issues as well as the general level of business and personal travel within the region. While the Company adheres to sound underwriting standards, a prolonged period of reduced business or personal travel could result in an increase in nonperforming loans to this business segment and potentially in loan losses. The Company also has $401.5 million of The structure of the Company’s loan approval process is based on progressively larger lending authorities granted to individual loan officers, loan committees, and ultimately the board of directors. Outstanding balances to one borrower or affiliated borrowers are limited by federal regulation and most borrowers are below regulatory thresholds. The Company can occasionally have outstanding balances to one borrower up to but not exceeding the regulatory threshold should underwriting guidelines warrant. Most of the the Company’s loans are to businesses located in the 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. 17 Residential Real Estate Loans. Residential real estate loans generally include loans for the purchase or refinance of residential real estate properties consisting of one-to-four units and home equity loans and lines of credit. The Company sells most of its long-term fixed rate residential real estate loans to secondary market investors. The Company also releases the servicing of these loans upon sale. 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 loan 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. Impaired 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 also other factors that may impact the borrower’s ability to make payments when due. For loans greater than $250,000, and loans identified as troubled debt restructurings, 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 Non-Impaired loans Non-impaired 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. 18 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-impaired loans. Under this method, the allowance for credit losses is measured on a collective (pool) basis for non-impaired 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. The Within During Construction and Land Development Loans. The average life of the construction and land development segment was determined to be twelve months. Historical losses in this segment remained very low. Current activity in this industry was deemed essential and has continued during COVID-19, however, projects may be hampered by COVID-19 restrictions which could increase costs and duration. T he qualitative factor for this segment was increased to account for these potential risks. Agricultural Real Estate Loans. The average life of the agricultural real estate segment was determined to be thirty-six months. Historical losses in the segment remain very low. Farmland values have remained steady over an extended period of time and there are no indications that this will change in the next year. More pressure on landowners to lower cash rents as farmers struggle to cover expenses is expected which would lower the return to landowners and impact the market value of the land. The qualitative factor for this segment was increased to account for this potential risk. 1- 4 Family Residential Properties Loans. The average life of the 1-4 Family Residential segment was determined to be: Residential Real Estate-non-owner occupied, sixty months; Residential Real Estate-owner occupied, sixty months; Home Equity lines of credit, thirty months. COVID-19 has impacted the finances of consumers from layoffs and furloughs resulting from employers that must reduce or suspend operations. Increased risk in this segment includes consumer ability to make mortgage and rent payments. Some of this impact has been offset by governmental actions such as stimulus payments and extended unemployment benefits. First Mid Bank has also offered short-term loan payment deferral to borrowers in this segment. The historical loss rate for this segment declined for the period but was offset by an increase in the qualitative factor to account for these potential risks. Commercial Real Estate Loans. The average life of the commercial real estate segment was determined to be thirty-six months. This segment includes the Company's majority of exposure to the hotel industry which has been significantly impacted by COVID-19 events. Other impacted industries in this segment include restaurants and retail establishments. First Mid Bank has implemented a deferral program for borrowers in this segment in order to ease the impact to these borrowers. While there was a slight decrease in the historical loss rate, the qualitative factor for this segment was increased to account for these risks. Agricultural Loans. The average life of the agricultural segment was determined to be eighteen months. Losses in this segment are very low and it is believed that borrowers in this segment will benefit from current governmental programs such as PPP and MFP. Many farmers are holding grain from the 2019 operating season waiting for an increase in prices, however, as of June 30, prices were down compared to the beginning of the year. It is now believed that many farmers will likely not be able to cover their operating expenses. The qualitative factor of this segment was increased to account for this new risk. 19 Commercial and Industrial Loans. The average life of the commercial and industrial segment was determined to be twenty-four months. The COVID-19 impacts include forced closures and scaled-back services for many industries within this segment including retailers, restaurants and video gaming establishments. Some of this risk is offset by government relief programs as well as, First Mid Bank's payment deferral program. In addition to an increase in the historical loss rate, the qualitative factor for this segment was increased to account for these new risks. Consumer Loans. The average life of the consumer segment was determined to be thirty-six months. The financial status of many borrowers has been impacted by COVID-19 events including layoffs and reduced hours. Some of this impact has been offset by government stimulus programs, increased paid leave and increased and extended unemployment benefits. Additionally, First Mid Bank has offered a short-term payment deferral program. While the historical loss rate decreased for this period, the qualitative factor for the segment was increased to account for these risks. 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 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 activity in the allowance for credit losses based on portfolio segment for the three and six months ended June 30, 2020 (in thousands): Construction & Land Development Agricultural Real Estate 1-4 Family Residential Properties Commercial Real Estate Agricultural Loans Commercial & Industrial Consumer Loans Total Three months ended June 30, 2020 Beginning Balance $ 1,620 $ 1,335 $ 1,931 $ 13,621 $ 1,064 $ 11,294 $ 2,011 $ 32,876 Provision for credit loss expense 738 299 483 3,118 259 1,286 (47 ) 6,136 Loans charged off — — 69 467 0 311 116 963 Recoveries collected — — 141 — — 91 100 332 Ending balance $ 2,358 $ 1,634 $ 2,486 $ 16,272 $ 1,323 $ 12,360 $ 1,948 $ 38,381 Six months ended June 30, 2020 Beginning Balance $ 1,146 $ 1,093 $ 1,386 $ 11,198 $ 1,386 $ 9,273 $ 1,429 $ 26,911 Impact of adopting ASU 2016-13 (113 ) 230 756 541 (363 ) 155 466 1,672 Provision for credit loss expense 1,325 311 406 5,079 300 4,101 95 11,617 Loans charged off — — 265 551 — 1,283 287 2,386 Recoveries collected — — 203 5 — 114 245 567 Ending balance $ 2,358 $ 1,634 $ 2,486 $ 16,272 $ 1,323 $ 12,360 $ 1,948 $ 38,381 20 Prior to the adoption of ASU 2016-13, the appropriate level of the allowance for loan losses for all non-impaired loans was based on a migration analysis of net losses over a rolling twelve quarter period by loan segment. A weighted average of the net losses was determined by assigning more weight to the most recent quarters in order to recognize current risk factors influencing the various segments of the loan portfolio more prominently than past periods. Due to weakened economic conditions during historical years, the Company established qualitative factor adjustments for each of the loan segments at levels above the historical net loss averages. Some of the economic factors included the potential for reduced cash flow for commercial operating loans from reduction in sales or increased operating costs, decreased occupancy rates for commercial buildings, reduced levels of home sales for commercial land developments, the uncertainty regarding grain prices and increased operating costs for farmers, and increased levels of unemployment and bankruptcy impacting consumer’s ability to pay. Each of these economic uncertainties was taken into consideration in developing the level of the allowance for loan losses. The following tables present the activity in the allowance for credit losses based on portfolio segment for the three and six months ended June 30, 2019 and for the year ended December 31, 2019 (in thousands): Construction & Land Development Agricultural Real Estate 1-4 Family Residential Properties Commercial Real Estate Agricultural Loans Commercial & Industrial Consumer Loans Total Three months ended June 30, 2019 Beginning Balance $ 552 $ 1,282 $ 1,341 $ 10,565 $ 1,130 $ 10,830 $ 1,004 $ 26,704 Provision for credit loss expense 187 2 367 335 542 (1,558 ) 216 91 Loans charged off — — 66 105 0 155 216 542 Recoveries collected — — 7 1 — 12 86 106 Ending balance $ 739 $ 1,284 $ 1,649 $ 10,796 $ 1,672 $ 9,129 $ 1,090 $ 26,359 Six months ended June 30, 2019 Beginning Balance $ 561 $ 1,246 $ 1,504 $ 11,102 $ 951 $ 9,893 $ 932 $ 26,189 Provision for credit loss expense 178 38 326 (146 ) 730 (546 ) 458 1,038 Loans charged off — — 197 161 9 258 485 1,110 Recoveries collected — — 16 1 — 40 185 242 Ending balance $ 739 $ 1,284 $ 1,649 $ 10,796 $ 1,672 $ 9,129 $ 1,090 $ 26,359 Twelve months ended December 31, 2019 Beginning Balance $ 561 $ 1,246 $ 1,504 $ 11,102 $ 951 $ 9,893 $ 932 $ 26,189 Provision for credit loss expense 585 (153 ) 1,268 1,827 459 1,053 1,394 6,433 Loans charged off — — 1,478 1,743 24 1,828 1,253 6,326 Recoveries collected — — 92 12 — 155 356 615 Ending balance $ 1,146 $ 1,093 $ 1,386 $ 11,198 $ 1,386 $ 9,273 $ 1,429 $ 26,911 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 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 timeframes 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. 21 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 June 30, 2020 (in thousands): Collateral Allowance Real Estate Business Assets Other Total for Credit Losses Construction and land development $ 532 $ — $ — $ 532 $ 261 Agricultural real estate — — — — — 1-4 Family residential properties 3,292 — — 3,292 157 Multifamily residential properties 1,960 — — 1,960 — Commercial real estate 6,858 — — 6,858 863 Loans secured by real estate 12,642 0 0 12,642 1,281 Agricultural loans 0 — — 0 — Commercial and industrial loans 301 3,699 18 4,018 88 Consumer loans — — 11 11 — Total loans $ 12,943 $ 3,699 $ 29 $ 16,671 $ 1,369 Credit Quality The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, collateral support, credit documentation, public information, and current economic trends, among other factors. The Company analyzes loans individually by classifying the loans as to credit risk. This analysis is performed on a continuous basis. The Company uses the following definitions for risk ratings which are commensurate with a loan considered “criticized”: Special Mention. Loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution’s credit position at some future date. Substandard. Loans classified as substandard are inadequately protected by the current sound-worthiness and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. Doubtful. Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, based on currently existing factors, conditions and values, highly questionable and improbable. Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered pass rated loans. 22 The following tables present the credit risk profile of the Company’s loan portfolio on amortized cost basis based on risk rating category and year of origination as of June 30, 2020 (in thousands): Term Loans by Origination Year Revolving Risk Rating 2020 2019 2018 2017 2016 Prior Loans Total June 30, 2020 Construction & Land Development Loans Pass $ 56,357 $ 61,418 $ 4,145 $ 2,848 $ 519 $ 54,361 $ — $ 179,648 Special Mention — 0 — — 390 — — 390 Substandard — 308 — 532 — 56 — 896 Total $ 56,357 $ 61,726 $ 4,145 $ 3,380 $ 909 $ 54,417 $ — $ 180,934 Agricultural Real Estate Loans Pass $ 44,876 $ 42,885 $ 43,297 $ 18,278 $ 15,940 $ 69,084 $ — $ 234,360 Special Mention 300 3,110 387 143 875 11,186 — 16,001 Substandard — 0 487 218 67 249 — 1,021 Total $ 45,176 $ 45,995 $ 44,171 $ 18,639 $ 16,882 $ 80,519 $ — $ 251,382 1-4 Family Residential Property Loans Pass $ 40,654 $ 36,389 $ 37,176 $ 30,446 $ 33,476 $ 117,666 $ 27,209 $ 323,016 Special Mention 200 159 295 1,050 252 1,452 30 3,438 Substandard 55 635 2,036 1,871 1,991 7,719 1,275 15,582 Total $ 40,909 $ 37,183 $ 39,507 $ 33,367 $ 35,719 $ 126,837 $ 28,514 $ 342,036 Commercial Real Estate Loans Pass $ 111,880 $ 206,159 $ 174,472 $ 197,260 $ 174,120 $ 355,666 $ — $ 1,219,557 Special Mention 1,857 23 4,158 1,781 4,818 2,822 — 15,459 Substandard 1,254 99 1,400 3,115 4,588 19,083 — 29,539 Total $ 114,991 $ 206,281 $ 180,030 $ 202,156 $ 183,526 $ 377,571 $ — $ 1,264,555 Agricultural Loans Pass $ 72,118 $ 38,483 $ 8,353 $ 3,169 $ 959 $ 3,400 $ — $ 126,482 Special Mention 9,754 11,078 296 11 701 35 — 21,875 Substandard 607 43 25 — — 11 — 686 Total $ 82,479 $ 49,604 $ 8,674 $ 3,180 $ 1,660 $ 3,446 $ — $ 149,043 Commercial & Industrial Loans Pass $ 362,238 $ 148,476 $ 100,766 $ 84,972 $ 55,893 $ 138,743 $ — $ 891,088 Special Mention 1,642 33,847 185 58 407 952 — 37,091 Substandard 1,122 2,328 382 1,371 208 1,638 — 7,049 Total $ 365,002 $ 184,651 $ 101,333 $ 86,401 $ 56,508 $ 141,333 $ — $ 935,228 Consumer Loans Pass $ 20,116 $ 30,739 $ 17,657 $ 10,147 $ 148 $ 9 $ — $ 78,816 Special Mention 5 — 72 1 960 1,154 — 2,192 Substandard 17 30 156 129 140 604 — 1,076 Total $ 20,138 $ 30,769 $ 17,885 $ 10,277 $ 1,248 $ 1,767 $ — $ 82,084 Total Loans Pass $ 708,239 $ 564,549 $ 385,866 $ 347,120 $ 281,055 $ 738,929 $ 27,209 $ 3,052,967 Special Mention 13,758 48,217 5,393 3,044 8,403 17,601 30 96,446 Substandard 3,055 3,443 4,486 7,236 6,994 29,360 1,275 55,849 Total $ 725,052 $ 616,209 $ 395,745 $ 357,400 $ 296,452 $ 785,890 $ 28,514 $ 3,205,262 The following tables present the credit risk profile of the Company’s loan portfolio based on risk rating category as of December 31, 2019 (in thousands): December 31, 2019 Pass Special Mention Substandard Total Construction & land development $ 93,413 $ 413 $ 316 $ 94,142 Agricultural real estate 231,227 6,902 2,112 240,241 1-4 Family residential property loans 314,999 5,743 15,685 336,427 Commercial real estate 1,103,543 14,156 31,951 1,149,650 Loans secured by real estate 1,743,182 27,214 50,064 1,820,460 Agricultural loans 129,811 3,862 2,451 136,124 Commercial & industrial loans 603,047 40,395 12,138 655,580 Consumer loans 82,117 140 926 83,183 Total loans $ 2,558,157 $ 71,611 $ 65,579 $ 2,695,347 The following table presents the Company’s loan portfolio aging analysis at June 30, 2020 and December 31, 2019 (in 23 thousands): 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Total Past Due Current Total Loans Receivable Total Loans > 90 Days & Accruing June 30, 2020 Construction and land development $ 85 $ 141 $ — $ 226 $ 180,708 $ 180,934 $ — Agricultural real estate 6 544 — 550 250,832 251,382 — 1-4 Family residential properties 3,548 1,260 1,676 6,484 335,552 342,036 — Multifamily residential properties 2,201 0 — 2,201 138,814 141,015 — Commercial real estate 637 1,146 2,519 4,302 1,119,238 1,123,540 — Loans secured by real estate 6,477 3,091 4,195 13,763 2,025,144 2,038,907 — Agricultural loans 0 0 26 26 149,017 149,043 — Commercial and industrial loans 715 125 2,380 3,220 807,949 811,169 — Consumer loans 263 54 165 482 81,602 82,084 — All other loans — — — — 124,059 124,059 — Total loans $ 7,455 $ 3,270 $ 6,766 $ 17,491 $ 3,187,771 $ 3,205,262 $ — December 31, 2019 Construction and land development $ 235 $ — $ — $ 235 $ 93,907 $ 94,142 $ — Agricultural real estate 1,595 — 47 1,642 238,599 240,241 — 1-4 Family residential properties 3,834 2,288 4,713 10,835 325,592 336,427 — Multifamily residential properties 1,348 46 1,131 2,525 151,423 153,948 — Commercial real estate 602 495 2,241 3,338 992,364 995,702 — Loans secured by real estate 7,614 2,829 8,132 18,575 1,801,885 1,820,460 — Agricultural loans 300 — 307 607 135,517 136,124 — Commercial and industrial loans 767 855 5,989 7,611 521,362 528,973 — Consumer loans 454 196 150 800 82,383 83,183 — All other loans — — — 0 126,607 126,607 — Total loans $ 9,135 $ 3,880 $ 14,578 $ 27,593 $ 2,667,754 $ 2,695,347 $ — Impaired 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 accrual The Company’s policy is to discontinue the accrual of interest income on all loans for which principal or interest |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 6 Months Ended |
Jun. 30, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Note 5 -- Goodwill and Intangible Assets The Company has goodwill from business combinations, intangible assets from branch acquisitions, identifiable intangible assets assigned to core deposit relationships and customer lists of First Mid Wealth Management Company and First Mid Insurance. The following table presents gross carrying value and accumulated amortization by major intangible asset class as of June 30, 2020 and December 31, 2019 (in thousands): June 30, 2020 December 31,2019 Gross Carrying Value Accumulated Amortization Gross Carrying Value Accumulated Amortization Goodwill not subject to amortization (effective 1/1/02) $ 108,752 $ 3,760 $ 108,752 $ 3,760 Intangibles from branch acquisition 3,015 3,015 3,015 3,015 Core deposit intangibles 32,355 19,410 32,355 17,746 Other intangibles 16,389 4,570 16,129 3,917 $ 160,511 $ 30,755 $ 160,251 $ 28,438 The Company has mortgage servicing rights acquired in previous acquisitions. The following table summarizes the activity pertaining to mortgage servicing rights included in intangible assets as of June 30, 2020, June 30, 2019 and December 31, 2019 (in thousands): June 30, 2020 June 30, 2019 December 31, 2019 Beginning Balance $ 1,444 $ 2,101 $ 2,101 Valuation reserve (259 ) (439 ) (380 ) Mortgage servicing rights amortized (268 ) (172 ) (411 ) I/O Strip (17 ) 146 134 Ending Balance $ 900 $ 1,636 $ 1,444 Total amortization expense for the six months ended June 30, 2020 and 2019 was as follows (in thousands): Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Core deposit intangibles $ 821 $ 953 $ 1,664 $ 1,933 Customer list intangibles 327 317 653 635 Mortgage servicing rights 142 553 268 611 $ 1,290 $ 1,823 $ 2,585 $ 3,179 29 Aggregate amortization expense for the current year and estimated amortization expense for each of the five succeeding years is shown in the table below (in thousands): Aggregate amortization expense: For period 01/01/20-6/30/20 $ 2,585 Estimated amortization expense: For period 7/01/20-12/31/20 2,438 For year ended 12/31/21 4,347 For year ended 12/31/22 3,981 For year ended 12/31/23 3,440 For year ended 12/31/24 2,946 For year ended 12/31/25 2,633 In accordance with the provisions of SFAS No. 142, “ Goodwill and Other Intangible Assets ,” |
Repurchase Agreements and Other
Repurchase Agreements and Other Borrowings | 6 Months Ended |
Jun. 30, 2020 | |
Repurchase Agreements And Other Borrowings [Abstract] | |
Repurchase Agreements and Other Borrowings | Note 6 -- Repurchase Agreements and Other Borrowings Securities sold under agreements to repurchase were $350.3 million at June 30, 2020, an increase of $142.2 million from $208.1 million at December 31, 2019. The increase during the first three months of 2020 was primarily due to changes in business cash flow needs. All the transactions have overnight maturities with a weighted average rate of 0.22%. The right of setoff for a repurchase agreement resembles a secured borrowing, whereby the collateral pledged by the Company would be used to settle the fair value of the repurchase agreement should the Company be in default (e.g., declare bankruptcy), the Company could cancel the repurchase agreement (i.e., cease payment of principal and interest), and attempt collection on the amount of collateral value in excess of the repurchase agreement fair value. The collateral is held by a third-party financial institution in the counterparty's custodial account. The counterparty has the right to sell or repledge the investment securities. For government entity repurchase agreements, the collateral is held by the Company in a segregated custodial account under a tri-party agreement. The Company is required by the counterparty to maintain adequate collateral levels. In the event the collateral fair value falls below stipulated levels, the Company will pledge additional securities. The Company closely monitors collateral levels to ensure adequate levels are maintained, while mitigating the potential of over- collateralization in the event of counterparty default. Collateral pledged by class for repurchase agreements are as follows (in thousands): June 30, 2020 December 31, 2019 US Treasury securities and obligations of U.S. government corporations & agencies $ 69,427 $ 77,333 Obligations of states and political subdivisions — 2,375 Mortgage-backed securities: GSE: residential 278,741 128,401 Other Securities 2,120 — Total $ 350,288 $ 208,109 30 FHLB borrowings were $104 million and $114 million at June 30, 2020 and December 31, 2019, respectively. At June 30, 2020 the advances were as follows: Advance Term (in years) Interest Rate Maturity Date $ 5,000,000 3.0 1.75% July 31, 2020 5,000,000 6.0 2.30% August 24, 2020 5,000,000 3.5 1.83% February 1, 2021 5,000,000 5.0 1.85% April 12, 2021 4,000,000 1.0 2.00% May 3, 2021 5,000,000 7.0 2.55% October 1, 2021 5,000,000 5.0 2.71% March 21, 2022 5,000,000 8.0 2.40% January 9, 2023 5,000,000 3.5 1.51% July 31, 2023 5,000,000 3.5 0.77% September 11, 2023 10,000,000 5.0 1.45% December 31, 2024 5,000,000 5.0 0.91% March 10, 2025 5,000,000 10.0 1.14% October 3, 2029 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 15,000,000 10.0 1.41% December 31, 2029 |
Fair Value of Assets and Liabil
Fair Value of Assets and Liabilities | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Assets and Liabilities | Note 7 -- Fair Value of Assets and Liabilities Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements must maximize the use of observable inputs and minimize the use of unobservable inputs. There is a hierarchy of three levels of inputs that may be used to measure fair value: Level 1 Valuations for assets and liabilities traded in active exchange markets, such as the New York Stock Exchange. Valuations are obtained from readily available pricing sources for market transactions involving identical assets or liabilities. Level 2 Valuations for assets and liabilities traded in less active dealer or broker markets. Valuations are obtained from third party pricing services for identical or comparable assets or liabilities which use observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in active markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Following is a description of the inputs and valuation methodologies used for assets measured at fair value on a recurring basis and recognized in the accompanying balance sheets, as well as the general classification of such assets pursuant to the valuation hierarchy. Available-for-Sale Securities. The fair value of available-for-sale securities is determined by various valuation methodologies. Where quoted market prices are available in an active market, securities are classified within Level 1. If quoted market prices are not available, then fair values are estimated by using quoted prices of securities with similar characteristics or independent asset pricing services and pricing models, the inputs of which are market-based or independent sources of market parameters, including but not limited to, yield curves, interest rates, volatilities, prepayments, defaults, cumulative loss projections and cash flows. Such securities are classified in Level 2 of the valuation hierarchy. In certain cases where Level 1 or Level 2 inputs are not available, securities are classified within Level 3 of the hierarchy. Fair value determinations for Level 3 measurements of securities are the responsibility of the Treasury function of the Company. The Company contracts with a pricing specialist to generate fair value estimates on a monthly basis. The Treasury function of the Company challenges the reasonableness of the assumptions used and reviews the methodology to ensure the estimated fair value complies with accounting standards generally accepted in the United States, analyzes the changes in fair value and compares these changes to internally developed expectations and monitors these changes for appropriateness. 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. 31 The following table presents the Company’s assets and liabilities that are measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall as of June 30, 2020 and December 31, 2019 (in thousands): Fair Value Measurements Using Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Fair Value (Level 1) (Level 2) (Level 3) June 30, 2020 Available-for-sale securities: U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 73,899 $ — $ 73,899 $ — Obligations of states and political subdivisions 200,697 — 199,906 791 Mortgage-backed securities 425,674 — 425,674 — Other securities 7,888 — 7,888 — Total available-for-sale securities 708,158 — 707,367 791 Equity securities 97 97 — — Derivative assets: interest rate swaps 42 — 42 — Total assets $ 708,297 $ 97 $ 707,409 $ 791 Derivative liabilities: interest rate swaps $ 1,829 $ — $ 1,829 $ — December 31, 2019 Available-for-sale securities: U.S. Treasury securities and Obligations of U.S. government corporations and agencies $ 107,320 $ — $ 107,320 $ — Obligations of states and political subdivisions 178,433 — 177,460 973 Mortgage-backed securities 396,126 — 396,126 — Other securities 3,950 — 3,950 — Total available-for-sale securities 685,829 — 684,856 973 Equity securities 219 219 — — Total assets $ 686,048 $ 219 $ 684,856 $ 973 Derivative liabilities: interest rate swaps $ 325 $ — $ 325 $ — 32 The change in fair value of assets measured on a recurring basis using significant unobservable inputs (Level 3) for the three and six months ended June 30, 2020 and 2019 is summarized as follows (in thousands): Obligation of State and Political Subdivisions Three months ended Six months ended June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 Beginning balance $ 790 $ 968 $ 973 $ 967 Transfers into Level 3 — — — — Transfers out of Level 3 — — — — Total gains or losses: Included in net income 1 2 2 3 Included in other comprehensive income (loss) — — — — Purchases, issuances, sales and settlements: Purchases — — — — Issuances — — — — Sales — — (184 ) — Settlements — — — — Ending balance $ 791 $ 970 $ 791 $ 970 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. Impaired Loans (Collateral Dependent). 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 impaired 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 June 30, 2020 was $9,708,000 and a fair value of $8,358,000 resulting in specific loss exposures of $1,350,000. When there is little prospect of collecting principal or interest, loans, or portions of loans, may be charged-off to the allowance for loan 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 loan 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 June 30, 2020 was $2,256,000. Other real estate owned included in the total carrying amount and measured at fair value on a nonrecurring basis during the period amounted to $21,000 33 Mortgage Servicing Rights. As of June 30, 2020, mortgage servicing rights had a carrying value of $1,422,000 and a fair value of $899,000 resulting in a valuation reserve of $523,000. The fair value used to determine the valuation reserve for mortgage servicing rights was estimated using the discounted cash flow models. June 30, 2020 Fair Value Valuation Technique Unobservable Inputs Range (Weighted Average) Impaired loans (collateral dependent) $ 8,358 Third party valuations Discount to reflect realizable value 0% - 40% (20%) Foreclosed assets held for sale 21 Third party valuations Discount to reflect realizable value less estimated selling costs 0% - 40% (35%) Mortgage servicing rights 899 Third party valuations Discount to reflect realizable value 9.0% - 11.0% (9.1%) December 31, 2019 Fair Value Valuation Technique Unobservable Inputs Range (Weighted Average) Impaired loans (collateral dependent) $ 12,727 Third party valuations Discount to reflect realizable value 0% - 40% (20%) Foreclosed assets held for sale 935 Third party valuations Discount to reflect realizable value less estimated selling costs 0% - 40% (35%) Mortgage servicing rights 1,444 Third party valuations Discount to reflect realizable value 9.5% - 12.5% (9.7%) 34 The following table presents quantitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements other than goodwill at June 30, 2020 and December 31, 2019 (in thousands). The following tables present estimated fair values of the Company’s financial instruments at June 30, 2020 and December 31, 2019 in accordance with ASC 825 (in thousands): Carrying Amount Fair Value Level 1 Level 2 Level 3 June 30, 2020 Financial Assets Cash and due from banks $ 237,201 $ 237,201 $ 237,201 $ — $ — Federal funds sold 1,286 1,286 1,286 — — Certificates of deposit investments 3,890 3,890 — 3,890 — Available-for-sale securities 708,158 708,158 — 707,367 791 Held-to-maturity securities 15,009 15,216 — 15,216 — Equity securities 97 97 97 — — Loans held for sale 5,981 5,981 — 5,981 — Loans net of allowance for loan losses 3,160,900 3,095,700 — — 3,095,700 Interest receivable 16,842 16,482 — 16,482 — Federal Reserve Bank stock 9,401 9,401 — 9,401 — Federal Home Loan Bank stock 5,450 5,450 — 5,450 — Financial Liabilities Deposits $ 3,385,827 $ 3,396,983 $ — $ 2,856,239 $ 540,744 Securities sold under agreements to repurchase 350,288 350,306 — 350,306 — Interest payable 1,922 1,922 — 1,922 — Federal Home Loan Bank borrowings 103,939 107,286 — 107,286 — Other borrowings — — — — — Junior subordinated debentures 18,942 14,285 — 14,285 — December 31, 2019 Financial Assets Cash and due from banks $ 84,154 $ 84,154 $ 84,154 $ — $ — Federal funds sold 926 926 926 — — Certificates of deposit investments 4,625 4,625 — 4,625 — Available-for-sale securities 685,636 685,636 — 684,856 780 Held-to-maturity securities 69,542 69,572 — 69,572 — Equity securities 412 412 219 — 193 Loans held for sale 1,820 1,820 — 1,820 — Loans net of allowance for loan losses 2,666,616 2,622,053 — — 2,622,053 Interest receivable 15,577 15,577 — 15,577 — Federal Reserve Bank stock 9,401 9,401 — 9,401 — Federal Home Loan Bank stock 4,105 4,105 — 4,105 — Financial Liabilities Deposits $ 2,917,366 $ 2,924,144 $ — $ 2,332,866 $ 591,278 Securities sold under agreements to repurchase 208,109 208,016 — 208,016 — Interest payable 2,261 2,261 — 2,261 — Federal Home Loan Bank borrowings 113,895 114,510 — 114,510 — Other borrowings 5,000 5,000 5,000 — — Junior subordinated debentures 18,858 15,596 — 15,596 — |
Leases
Leases | 6 Months Ended |
Jun. 30, 2020 | |
Leases [Abstract] | |
Leases | 35 Note 8 -- Leases Effective January 1, 2019, the Company adopted ASU 2016-02, Leases (Topic 842). As of June 30, 2020, substantially all the Company's leases are operating leases for real estate property for bank branches, ATM locations, and office space. These leases are generally for periods of 1 to 25 years with various renewal options. The Company elected the optional transition method permitted by Topic 842. Under this method, the Company recognizes and measures leases that exist at the application date and prior comparative periods are not adjusted. In addition, the Company elected the package of practical expedients: 1. An entity need not reassess whether any expired or existing contracts contain 2. An entity need not reassess the lease classification for any expired or existing 3. An entity need not reassess initial direct costs for any existing The Company has also elected the practical expedient, which may be elected separately or in conjunction with the package noted above, to use hindsight in determining the lease term and in assessing the right-of-use assets. This expedient must be applied consistently to all leases. Lastly, the Company has elected to use the practical expedient to include both lease and non-lease components as a single component and account for it as a lease. In addition, The Company has elected to not include short-term leases (i.e. Leases with terms of twelve months or less) or equipment leases (primarily copiers) deemed immaterial, on the consolidated balance sheets. For leases in effect at January 1, 2019 and for leases commencing thereafter, the Company recognizes a lease liability and a right-of-use asset, based on the present value of lease payments over the lease term. The discount rate used in determining present value was the Company's incremental borrowing rate which is the FHLB fixed advance rate based on the remaining lease term as of January 1, 2019, or the commencement date for leases subsequently entered into. The following table contains supplemental balance sheet information related to leases (dollars in thousands): June 30, 2020 June 30, 2019 December 31, 2019 Operating lease right-of-use assets $ 15,979 $ 12,805 $ 17,006 Operating lease liabilities 16,014 12,815 17,007 Weighted-average remaining lease term (in years) 6.8 5.5 7.3 Weighted-average discount rate 2.77 % 3.21 % 3.07 % Certain of the Company's leases contain options to renew the lease; however, not all renewal options are included in the calculation of lease liabilities as they are not reasonably certain to be exercised. The Company's leases do not contain residual value guarantees or material variable lease payments. The Company does not have any other material restrictions or covenants imposed by leases that would impact the Company's ability to pay dividends or cause the Company to incur additional financial obligations. Maturities of lease liabilities were as follows (in thousands): Year ending December 31, 2020 $ 1,609 2021 2,447 2022 2,183 2023 1,838 2024 1,505 Thereafter 9,389 Total lease payments 18,971 Less imputed interest (2,957 ) Total lease liability $ 16,014 36 The components of lease expense for the six months ended June 30, 2020 and 2019 were as follows (in thousands): Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Operating lease cost $ 736 $ 647 $ 1,378 $ 1,318 Short-term lease cost 7 22 53 45 Variable lease cost 94 432 263 656 Total lease cost 837 1,101 1,694 2,019 Income from subleases (199 ) (213 ) (392 ) (461 ) Net lease cost $ 638 $ 888 $ 1,302 $ 1,558 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): June 30, 2020 June 30, 2019 Operating cash flows from operating leases $ 1,375 $ 1,340 |
Derivatives
Derivatives | 6 Months Ended |
Jun. 30, 2020 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivatives | Note 9 – Derivatives The Company utilizes an interest rate swap, designated as a fair value hedge, to mitigate the risk of changing interest rates on the fair value of a fixed rate commercial real estate loan. For derivative instruments that are designed and qualify as a fair value hedge, the gain or loss on the derivative instrument, as well as the offsetting loss or gain in the hedged asset attributable to the hedged risk, is recognized in current earnings. Derivatives Designated as Hedging Instruments The following table provides the outstanding notional balances and fair values of outstanding derivatives designated as hedging instruments as of June 30, 2020 and December 31, 2019 (in thousands): Balance Sheet Location Weighted Average Remaining Maturity (Years) Notional Amount Estimated Value June 30, 2020 Fair Value Hedges: Interest rate swap agreements Other liabilities 9.1 years $ 14,539 $ (3,763 ) December 31, 2019 Fair Value Hedges: Interest rate swap agreements Other liabilities 9.3 years $ 14,748 $ (325 ) The effects of the fair value hedges on the Company's income statement during the six months ended June 30, 2020 and 2019 were as follows (in thousands): Three months ended June 30, Six months ended June 30, Derivative Location of Gain (Loss) on Derivatives 2020 2019 2020 2019 Interest rate swap agreements Interest income on loans $ (78 ) $ (293 ) $ (1,462 ) $ (293 ) Three months ended June 30, Six months ended June 30, Derivative Location of Gain (Loss) on Hedged Items 2020 2019 2020 2019 Interest rate swap agreements Interest income on loans $ 78 $ 293 $ 1,462 $ 293 37 As of June 30, 2020, the following amounts were recorded on the consolidated balance sheet related to cumulative basis adjustment for fair value hedges (in thousands) Line Item in the Balance Sheet in Which the Hedge Item is Included Carrying Amount of the Hedged Asset Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Asset Loans $ 12,752 $ 1,787 Derivatives Not Designated as Hedging Instruments The following amounts represent the notional amounts and gross fair value of derivative contracts not designated as hedging instruments outstanding during the three months ended June 30, 2020 and 2019 (in thousands): June 30, 2020 Balance Sheet Location Weighted Average Remaining Maturity (Years) Notional Amount Estimated Value Interest rate swap agreements Other assets 9.2 years $ 43,517 $ 42 Interest rate swap agreements Other liabilities 9.2 years 43,517 (42 ) |
Basis of Accounting and Conso_2
Basis of Accounting and Consolidation (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Consolidation | The unaudited condensed consolidated financial statements include the accounts of First Mid Bancshares, Inc. (“Company”) formerly known as First Mid-Illinois Bancshares, Inc., and its wholly owned subsidiaries: First Mid Bank & Trust, N.A. (“First Wealth The unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X and do not include all of the information required by U.S. generally accepted accounting principles (“GAAP”) for complete financial statements and related footnote disclosures although the Company believes that the disclosures made are adequate to make the information not misleading. These consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s 2019 Annual Report on Form 10-K. |
COVID-19 | COVID-19 The COVID-19 outbreak is an unprecedented event that provides significant economic uncertainty for a broad spectrum of industries. The Company is focused on supporting its customers, communities and employees during this unique operating environment. Throughout this document, we describe the impact COVID-19 is having, actions taken as a result of COVID-19, and certain risks to the Company that COVID-19 creates or exacerbates, as well as management's outlook on the current COVID-19 situation. |
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 Purchase | Loan Purchase On April 21, 2020, First Mid Bank completed an acquisition of loans in the St. Louis metro market totaling $183 million |
Stock Plans | Stock Plans At ten-year A maximum of 149,983 shares of common stock may be issued under the SI Plan. There have been no stock options awarded under 25,200 25,950 |
Employee Stock Purchase Plan | Employee Stock Purchase Plan At the Annual Meeting of Stockholders held April 25, 2018, the stockholders approved the First Mid-Illinois Bancshares, Inc. Employee A 600,000 ESPP. 7,543 ESPP. |
Captive Insurance Company | Captive Insurance Company First “ |
Bank Owned Life Insurance | Bank Owned Life Insurance First Mid Bank has purchased life insurance policies on certain senior management. Bank owned life insurance is recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other charges or other amounts that are probable at settlement. |
Revenue Recognition | Revenue Recognition Accounting Revenue from Contracts with Customers Trust revenues. The Company generates fee income from providing fiduciary services through its subsidiary, First Mid Wealth Management Company. Fees are billed in arrears based upon the preceding period account balance. Revenue from the farm management department is recorded when service is complete, for example when crops are sold. 9 Brokerage commissions. The primary non-farm 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 is in markets with similar economies, no disaggregation of revenue is necessary. |
Leases | Leases Effective January 1, 2019, the Company adopted ASU 2016-02, Leases (Topic 842). As of June 30, 2020, all of the Company's leases are operating leases for real estate property for bank branches, ATM locations, and office space. For leases in effect at January 1, 2019 and for leases commencing thereafter, the Company recognizes a lease liability and a right-of-use asset, based on the present value of lease payments over the lease term. The discount rate used in determining present value was the Company's incremental borrowing rate which is the FHLB fixed advance rate based on the remaining lease term as of January 1, 2019, or the commencement date for leases subsequently entered into. |
Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income The components of accumulated other comprehensive income included in stockholders’ equity as of June 30, 2020 and December 31, 2019 are as follows (in Unrealized Gain (Loss) on Securities June 30, 2020 Net unrealized gains on securities available-for-sale $ 24,107 Unamortized losses on held-to-maturity securities transferred from available-for-sale (15 ) Tax expense (6,987 ) Balance at June 30, 2020 $ 17,105 December 31, 2019 Net unrealized gains on securities available-for-sale $ 11,825 Unamortized losses on held-to-maturity securities transferred from available-for-sale (50 ) Tax expense (3,415 ) Balance at December 31, 2019 $ 8,360 10 Amounts reclassified from accumulated other comprehensive income and the affected line items in the statements of income during the three and six months ended June 30, 2020 and 2019 , were as follows (in thousands): Amounts Reclassified from Other Comprehensive Income Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Affected Line Item in the Statements of Income Realized gains on available-for-sale securities $ 287 $ 218 $ 818 $ 272 Securities gains, net Tax effect (83 ) (63 ) (237 ) (79 ) Income taxes Total reclassifications out of accumulated other comprehensive income $ 204 $ 155 $ 581 $ 193 Net reclassified amount See “Note 3 – Investment Securities” for more detailed information regarding unrealized losses on available-for-sale securities. |
Adoption of New Accounting Guidance | Adoption of New Accounting Guidance Accounting Standards Update 2017-04, Intangibles-Goodwill and Other (Topic 350: Simplifying the Test for Goodwill Impairment ("ASU 2017-04"). In January 2017, FASB issued ASU 2017-04. The amendments in this update simplify the measurement of goodwill by eliminating Step 2 from the goodwill impairment test. Under this guidance, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value; however, the loss should not exceed the total amount of goodwill allocated to that reporting unit. ASU 2017-04 is effective for public companies for the reporting periods beginning after December 15, 2019. The Company adopted the guidance effective January 2020. Although the Company cannot anticipate future goodwill impairment, the Company does not anticipate a material impact on the Company's financial statements. The current accounting policies and procedures of the Company have not changed, except for the elimination of Step 2 analysis. Accounting Standards Update 2016-02, Leases (Topic 842) ("ASU 2016-02"). On February 25, 2016, FASB issued ASU 2016-02 which creates Topic 842, Leases and supersedes Topic 840, Leases. ASU 2016-02 is intended to improve financial reporting about leasing transactions, by increasing transparency and comparability among organizations. Under the new guidance, a lessee is required to record all leases with lease terms of more than 12 months on their balance sheet as lease liabilities with a corresponding right-of-use asset. ASU 2016-02 maintains the dual model for lease accounting, requiring leases to be classified as either operating or finance, with lease classification determined in a manner similar to existing lease guidance. The new guidance is effective for public companies for fiscal years beginning on or after December 15, 2018, and for private companies for fiscal years beginning on or after December 15, 2019. The Company adopted the guidance effective January 1, 2019 and recorded a right of use asset of $14.1 million and a lease liability of $14.1 million. Accounting Standards Update 2018-13, Fair Value Measurements (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). In August 2018, FASB issued ASU 2018-13. This ASU eliminates, adds and modifies certain disclosure requirements for fair value measurements. Among the changes, an entity will no longer be required to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, but will be required to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. ASU 2018-13 is effective for interim and annual reporting periods beginning after December 15, 2019. As ASU 2018-13 only revises disclosure requirements, it did not have a material impact on the Company’s consolidated financial statements. Accounting Standards Update 2016-13, Financial Instruments - Credit Losses In June 2016, FASB issued ASU 2016-13. The provisions of ASU 2016-13 requires an entity to utilize a new impairment model known as the current expected credit loss ("CECL") model to estimate its lifetime "expected credit loss" and record an allowance that, when deducted from the amortized cost basis of the financial asset, presents the net amount expected to be collected on the financial asset. The CECL model is expected to result in more timely recognition of credit losses. ASU 2016-13 also requires new disclosures for financial assets measured at amortized cost, loans and available-for sale debt securities. ASU 2016-13 is effective for annual periods beginning after December 15, 2019, including interim periods within those fiscal years. Entities will apply the standard's provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. 11 Management formed an internal, cross functional committee in 2017 to evaluate implementation steps and assess the impact ASU 2016-13 would have on the Company’s consolidated financial statements. The committee assigned roles and responsibilities, key tasks to complete, and established a general time - line for implementation. The Company also engaged an outside consultant to assist with the methodology review and data validation, as well as other key aspects of implementing the standard. The committee met periodically to discuss the latest developments and ensure progress was being made. In addition, the committee kept current on evolving interpretations and industry practices related to ASU 2016-13. The committee evaluated and validated data resources and different loss methodologies. Key implementation activities for 2019 included finalization of models, establishing processes and controls, development of supporting analytics and documentation, policies and disclosure, and implementing parallel processing. The Company adopted ASU 2016-13 using the modified retrospective method for financial assets measured at amortized cost-effective January 1, 2020. Results for the periods beginning after January 1, 2020 are presented under ASU 2016-13 while prior period amounts are reported in accordance with the previously applicable accounting standards. The Company recorded a reduction to retained earnings of approximately $717,000 upon adoption of ASU 2016-13. The transition adjustment included an increase to the allowance for credit losses on loans of $1.7 million and an increase to the allowance for credit losses on off-balance sheet credit exposure of $69,000. There was no allowance for credit losses recorded for held-to- maturity debt securities. The transition adjustment included corresponding increases in deferred tax assets. The Company adopted ASU 2016-13 using the prospective transition approach for financial assets considered purchased credit deteriorated ("PCD") that were previously classified as purchase credit impaired ("PCI") and accounted for under ASC 310-30 effective January 1, 2020. In accordance with the standard, the Company did not reassess whether the PCI assets met the criteria of PCD assets as of the adoption date. The amortized cost of the PCD assets were adjusted to reflect the addition of $833,000 to the allowance for credit losses. The remaining noncredit discount (based on the adjusted amortized cost) will be accreted into interest income at the effective interest rate over the remaining life of the assets. The following table illustrates the impact of ASU 2016-13 adoption (in thousands): January 1, 2020 As reported Pre-ASU Impact of ASU under ASU 2016-13 2016-13 2016-13 Adoption Adoption Assets: Construction & Land Development $ 1,033 $ 1,146 $ (113 ) Farm 1,323 1,093 230 1-4 Family Residential Properties 2,142 1,386 756 Commercial Real Estate 11,739 11,198 541 Agricultural 1,023 1,386 (363 ) Commercial & Industrial 9,428 9,273 155 Consumer 1,895 1,429 466 Allowance for credit losses for all loans $ 28,583 $ 26,911 $ 1,672 Liabilities: Allowance for credit losses on off-balance sheet exposures $ 69 $ — $ 69 The following table illustrates the impact of ASU 2013-13 adoption for PCD assets previously classified as PCI included in the table above (in thousands): January 1, 2020 As reported Pre-ASU Impact of ASU under ASU 2016-13 2016-13 2016-13 Adoption Adoption Construction & Land Development $ 291 $ — $ 291 1-4 Family Residential Properties 48 6 42 Commercial Real Estate 818 359 459 Commercial & Industrial 41 — 41 Allowance for credit losses for PCD loans $ 1,198 $ 365 $ 833 |
Basis of Accounting and Conso_3
Basis of Accounting and Consolidation (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |
Schedule of Components of Accumulated Other Comprehensive Income | The components of accumulated other comprehensive income included in stockholders’ equity as of June 30, 2020 and December 31, 2019 are as follows (in Unrealized Gain (Loss) on Securities June 30, 2020 Net unrealized gains on securities available-for-sale $ 24,107 Unamortized losses on held-to-maturity securities transferred from available-for-sale (15 ) Tax expense (6,987 ) Balance at June 30, 2020 $ 17,105 December 31, 2019 Net unrealized gains on securities available-for-sale $ 11,825 Unamortized losses on held-to-maturity securities transferred from available-for-sale (50 ) Tax expense (3,415 ) Balance at December 31, 2019 $ 8,360 |
Schedule of Amounts Reclassified from Accumulated Other Comprehensive Income | 10 Amounts reclassified from accumulated other comprehensive income and the affected line items in the statements of income during the three and six months ended June 30, 2020 and 2019 , were as follows (in thousands): Amounts Reclassified from Other Comprehensive Income Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Affected Line Item in the Statements of Income Realized gains on available-for-sale securities $ 287 $ 218 $ 818 $ 272 Securities gains, net Tax effect (83 ) (63 ) (237 ) (79 ) Income taxes Total reclassifications out of accumulated other comprehensive income $ 204 $ 155 $ 581 $ 193 Net reclassified amount |
ASU 2016-13 | |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |
Schedule of Impact of ASU 2016-13 Adoption | The following table illustrates the impact of ASU 2016-13 adoption (in thousands): January 1, 2020 As reported Pre-ASU Impact of ASU under ASU 2016-13 2016-13 2016-13 Adoption Adoption Assets: Construction & Land Development $ 1,033 $ 1,146 $ (113 ) Farm 1,323 1,093 230 1-4 Family Residential Properties 2,142 1,386 756 Commercial Real Estate 11,739 11,198 541 Agricultural 1,023 1,386 (363 ) Commercial & Industrial 9,428 9,273 155 Consumer 1,895 1,429 466 Allowance for credit losses for all loans $ 28,583 $ 26,911 $ 1,672 Liabilities: Allowance for credit losses on off-balance sheet exposures $ 69 $ — $ 69 The following table illustrates the impact of ASU 2013-13 adoption for PCD assets previously classified as PCI included in the table above (in thousands): January 1, 2020 As reported Pre-ASU Impact of ASU under ASU 2016-13 2016-13 2016-13 Adoption Adoption Construction & Land Development $ 291 $ — $ 291 1-4 Family Residential Properties 48 6 42 Commercial Real Estate 818 359 459 Commercial & Industrial 41 — 41 Allowance for credit losses for PCD loans $ 1,198 $ 365 $ 833 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Earnings Per Share [Abstract] | |
Components of Basic and Diluted Net Income per Common Share | The components of basic and diluted net income per common share available to common stockholders for the three and six months ended June 30, 2020 and 2019 were as follows: Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Basic Net Income per Common Share Available to Common Stockholders: Net income $ 10,137,000 $ 10,981,000 $ 20,136,000 $ 24,297,000 Weighted average common shares outstanding 16,709,886 16,683,194 16,701,536 16,674,646 Basic earnings per common share $ 0.61 $ 0.66 $ 1.21 $ 1.46 Diluted Net Income per Common Share Available to Common Stockholders: Net income applicable to diluted earnings per share $ 10,137,000 $ 10,981,000 $ 20,136,000 $ 24,297,000 Weighted average common shares outstanding 16,709,886 16,683,194 16,701,536 16,674,646 Dilutive potential common shares: Restricted stock awarded 46,908 34,780 46,908 34,780 Dilutive potential common shares 46,908 34,780 46,908 34,780 Diluted weighted average common shares outstanding 16,756,794 16,717,974 16,748,444 16,709,426 Diluted earnings per common share $ 0.60 $ 0.66 $ 1.20 $ 1.45 |
Investment Securities (Tables)
Investment Securities (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
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 June 30, 2020 and December 31, 2019 were as follows (in thousands): Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value June 30, 2020 Available-for-sale: U.S. Treasury securities and obligations of U.S. government corporations & agencies $ 73,000 $ 899 $ — $ 73,899 Obligations of states and political subdivisions 191,120 9,593 (16 ) 200,697 Mortgage-backed securities: GSE residential 412,175 13,549 (50 ) 425,674 Other securities 7,756 160 (28 ) 7,888 Total available-for-sale $ 684,051 $ 24,201 $ (94 ) $ 708,158 Held-to-maturity: U.S. Treasury securities and obligations of U.S. government corporations & agencies $ 15,009 $ 207 $ — $ 15,216 December 31, 2019 Available-for-sale: U.S. Treasury securities and obligations of U.S. government corporations & agencies $ 106,428 $ 952 $ (60 ) $ 107,320 Obligations of states and political subdivisions 172,460 5,990 (17 ) 178,433 Mortgage-backed securities: GSE residential 391,307 5,331 (512 ) 396,126 Other securities 3,750 7 — 3,757 Total available-for-sale $ 673,945 $ 12,280 $ (589 ) $ 685,636 Held-to-maturity: U.S. Treasury securities and obligations of U.S. government corporations & agencies $ 69,542 $ 99 $ (69 ) $ 69,572 |
Realized Gains and Losses From Sale of Securities | Realized gains and losses resulting from sales of securities were as follows during the three and six months ended June 30, 2020 and 2019 (in thousands): Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Gross gains $ 287 $ 230 $ 818 $ 314 Gross losses — (12 ) — (42 ) |
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 June 30, 2020 and the weighted average yield for each range of maturities (dollars in thousands): One year or less After 1 through 5 years After 5 through 10 years After ten years Total Available-for-sale: U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 46,263 $ 15,852 $ 11,784 $ — $ 73,899 Obligations of state and political subdivisions 32,878 73,456 93,298 1,065 200,697 Mortgage-backed securities: GSE residential 61,458 321,315 42,901 — 425,674 Other securities — 6,842 1,046 0 7,888 Total available-for-sale investments $ 140,599 $ 417,465 $ 149,029 $ 1,065 $ 708,158 Weighted average yield 2.34 % 2.59 % 2.41 % 3.68 % 2.50 % Full tax-equivalent yield 2.60 % 2.78 % 3.05 % 4.99 % 2.79 % Held to Maturity: U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 9,985 $ 5,024 $ — $ — $ 15,009 Weighted average yield 2.33 % 2.06 % — % — % 2.24 % Full tax-equivalent yield 2.33 % 2.06 % — % — % 2.24 % |
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 June 30, 2020 and December 31, 2019 (in thousands): Less than 12 months 12 months or more Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses June 30, 2020 Available-for-sale: U.S. Treasury securities and obligations of U.S. government corporations and agencies $ — $ — $ — $ — $ — $ — Obligations of states and political subdivisions 6,519 (16 ) — — 6,519 (16 ) Mortgage-backed securities: GSE residential 146 (2 ) 15,276 (48 ) 15,422 (50 ) Other securities 1,722 (28 ) — — 1,722 (28 ) Total $ 8,387 $ (46 ) $ 15,276 $ (48 ) $ 23,663 $ (94 ) December 31, 2019 Available-for-sale: U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 23,375 $ (60 ) $ — $ — $ 23,375 $ (60 ) Obligations of states and political subdivisions 3,469 (16 ) 347 (1 ) 3,816 (17 ) Mortgage-backed securities: GSE residential 67,080 (322 ) 20,888 (190 ) 87,968 (512 ) Total $ 93,924 $ (398 ) $ 21,235 $ (191 ) $ 115,159 $ (589 ) Held-to-maturity: U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 14,996 $ (25 ) $ 24,565 $ (44 ) $ 39,561 $ (69 ) |
Loans and Allowance for Loan _2
Loans and Allowance for Loan Losses (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Receivables [Abstract] | |
Summary of Loans | A summary of loans at June 30, 2020 and December 31, 2019 follows (in thousands): June 30, 2020 December 31, 2019 Construction and land development $ 181,362 $ 94,462 Agricultural real estate 251,695 240,481 1-4 Family residential properties 341,691 336,553 Multifamily residential properties 140,415 155,132 Commercial real estate 1,125,584 997,175 Loans secured by real estate 2,040,747 1,823,803 Agricultural loans 149,072 136,023 Commercial and industrial loans 818,686 528,987 Consumer loans 81,980 83,544 All other loans 123,937 126,807 Total Gross loans 3,214,422 2,699,164 Less: Loans held for sale 5,981 1,820 3,208,441 2,697,344 Less: Net deferred loan fees, premiums and discounts 9,160 3,817 Allowance for credit losses 38,381 26,911 Net loans $ 3,160,900 $ 2,666,616 |
Allowance for Credit Losses Based on Portfolio Segment | The following tables present the activity in the allowance for credit losses based on portfolio segment for the three and six months ended June 30, 2020 (in thousands): Construction & Land Development Agricultural Real Estate 1-4 Family Residential Properties Commercial Real Estate Agricultural Loans Commercial & Industrial Consumer Loans Total Three months ended June 30, 2020 Beginning Balance $ 1,620 $ 1,335 $ 1,931 $ 13,621 $ 1,064 $ 11,294 $ 2,011 $ 32,876 Provision for credit loss expense 738 299 483 3,118 259 1,286 (47 ) 6,136 Loans charged off — — 69 467 0 311 116 963 Recoveries collected — — 141 — — 91 100 332 Ending balance $ 2,358 $ 1,634 $ 2,486 $ 16,272 $ 1,323 $ 12,360 $ 1,948 $ 38,381 Six months ended June 30, 2020 Beginning Balance $ 1,146 $ 1,093 $ 1,386 $ 11,198 $ 1,386 $ 9,273 $ 1,429 $ 26,911 Impact of adopting ASU 2016-13 (113 ) 230 756 541 (363 ) 155 466 1,672 Provision for credit loss expense 1,325 311 406 5,079 300 4,101 95 11,617 Loans charged off — — 265 551 — 1,283 287 2,386 Recoveries collected — — 203 5 — 114 245 567 Ending balance $ 2,358 $ 1,634 $ 2,486 $ 16,272 $ 1,323 $ 12,360 $ 1,948 $ 38,381 20 Prior to the adoption of ASU 2016-13, the appropriate level of the allowance for loan losses for all non-impaired loans was based on a migration analysis of net losses over a rolling twelve quarter period by loan segment. A weighted average of the net losses was determined by assigning more weight to the most recent quarters in order to recognize current risk factors influencing the various segments of the loan portfolio more prominently than past periods. Due to weakened economic conditions during historical years, the Company established qualitative factor adjustments for each of the loan segments at levels above the historical net loss averages. Some of the economic factors included the potential for reduced cash flow for commercial operating loans from reduction in sales or increased operating costs, decreased occupancy rates for commercial buildings, reduced levels of home sales for commercial land developments, the uncertainty regarding grain prices and increased operating costs for farmers, and increased levels of unemployment and bankruptcy impacting consumer’s ability to pay. Each of these economic uncertainties was taken into consideration in developing the level of the allowance for loan losses. The following tables present the activity in the allowance for credit losses based on portfolio segment for the three and six months ended June 30, 2019 and for the year ended December 31, 2019 (in thousands): Construction & Land Development Agricultural Real Estate 1-4 Family Residential Properties Commercial Real Estate Agricultural Loans Commercial & Industrial Consumer Loans Total Three months ended June 30, 2019 Beginning Balance $ 552 $ 1,282 $ 1,341 $ 10,565 $ 1,130 $ 10,830 $ 1,004 $ 26,704 Provision for credit loss expense 187 2 367 335 542 (1,558 ) 216 91 Loans charged off — — 66 105 0 155 216 542 Recoveries collected — — 7 1 — 12 86 106 Ending balance $ 739 $ 1,284 $ 1,649 $ 10,796 $ 1,672 $ 9,129 $ 1,090 $ 26,359 Six months ended June 30, 2019 Beginning Balance $ 561 $ 1,246 $ 1,504 $ 11,102 $ 951 $ 9,893 $ 932 $ 26,189 Provision for credit loss expense 178 38 326 (146 ) 730 (546 ) 458 1,038 Loans charged off — — 197 161 9 258 485 1,110 Recoveries collected — — 16 1 — 40 185 242 Ending balance $ 739 $ 1,284 $ 1,649 $ 10,796 $ 1,672 $ 9,129 $ 1,090 $ 26,359 Twelve months ended December 31, 2019 Beginning Balance $ 561 $ 1,246 $ 1,504 $ 11,102 $ 951 $ 9,893 $ 932 $ 26,189 Provision for credit loss expense 585 (153 ) 1,268 1,827 459 1,053 1,394 6,433 Loans charged off — — 1,478 1,743 24 1,828 1,253 6,326 Recoveries collected — — 92 12 — 155 356 615 Ending balance $ 1,146 $ 1,093 $ 1,386 $ 11,198 $ 1,386 $ 9,273 $ 1,429 $ 26,911 |
Amortized Cost Basis of Collateral-Dependent Loans by Class of Loans Individually Evaluated | 21 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 June 30, 2020 (in thousands): Collateral Allowance Real Estate Business Assets Other Total for Credit Losses Construction and land development $ 532 $ — $ — $ 532 $ 261 Agricultural real estate — — — — — 1-4 Family residential properties 3,292 — — 3,292 157 Multifamily residential properties 1,960 — — 1,960 — Commercial real estate 6,858 — — 6,858 863 Loans secured by real estate 12,642 0 0 12,642 1,281 Agricultural loans 0 — — 0 — Commercial and industrial loans 301 3,699 18 4,018 88 Consumer loans — — 11 11 — Total loans $ 12,943 $ 3,699 $ 29 $ 16,671 $ 1,369 |
Credit Risk Profile of Loan Portfolio on Amortized Cost Basis Based on Risk Rating Category | The following tables present the credit risk profile of the Company’s loan portfolio on amortized cost basis based on risk rating category and year of origination as of June 30, 2020 (in thousands): Term Loans by Origination Year Revolving Risk Rating 2020 2019 2018 2017 2016 Prior Loans Total June 30, 2020 Construction & Land Development Loans Pass $ 56,357 $ 61,418 $ 4,145 $ 2,848 $ 519 $ 54,361 $ — $ 179,648 Special Mention — 0 — — 390 — — 390 Substandard — 308 — 532 — 56 — 896 Total $ 56,357 $ 61,726 $ 4,145 $ 3,380 $ 909 $ 54,417 $ — $ 180,934 Agricultural Real Estate Loans Pass $ 44,876 $ 42,885 $ 43,297 $ 18,278 $ 15,940 $ 69,084 $ — $ 234,360 Special Mention 300 3,110 387 143 875 11,186 — 16,001 Substandard — 0 487 218 67 249 — 1,021 Total $ 45,176 $ 45,995 $ 44,171 $ 18,639 $ 16,882 $ 80,519 $ — $ 251,382 1-4 Family Residential Property Loans Pass $ 40,654 $ 36,389 $ 37,176 $ 30,446 $ 33,476 $ 117,666 $ 27,209 $ 323,016 Special Mention 200 159 295 1,050 252 1,452 30 3,438 Substandard 55 635 2,036 1,871 1,991 7,719 1,275 15,582 Total $ 40,909 $ 37,183 $ 39,507 $ 33,367 $ 35,719 $ 126,837 $ 28,514 $ 342,036 Commercial Real Estate Loans Pass $ 111,880 $ 206,159 $ 174,472 $ 197,260 $ 174,120 $ 355,666 $ — $ 1,219,557 Special Mention 1,857 23 4,158 1,781 4,818 2,822 — 15,459 Substandard 1,254 99 1,400 3,115 4,588 19,083 — 29,539 Total $ 114,991 $ 206,281 $ 180,030 $ 202,156 $ 183,526 $ 377,571 $ — $ 1,264,555 Agricultural Loans Pass $ 72,118 $ 38,483 $ 8,353 $ 3,169 $ 959 $ 3,400 $ — $ 126,482 Special Mention 9,754 11,078 296 11 701 35 — 21,875 Substandard 607 43 25 — — 11 — 686 Total $ 82,479 $ 49,604 $ 8,674 $ 3,180 $ 1,660 $ 3,446 $ — $ 149,043 Commercial & Industrial Loans Pass $ 362,238 $ 148,476 $ 100,766 $ 84,972 $ 55,893 $ 138,743 $ — $ 891,088 Special Mention 1,642 33,847 185 58 407 952 — 37,091 Substandard 1,122 2,328 382 1,371 208 1,638 — 7,049 Total $ 365,002 $ 184,651 $ 101,333 $ 86,401 $ 56,508 $ 141,333 $ — $ 935,228 Consumer Loans Pass $ 20,116 $ 30,739 $ 17,657 $ 10,147 $ 148 $ 9 $ — $ 78,816 Special Mention 5 — 72 1 960 1,154 — 2,192 Substandard 17 30 156 129 140 604 — 1,076 Total $ 20,138 $ 30,769 $ 17,885 $ 10,277 $ 1,248 $ 1,767 $ — $ 82,084 Total Loans Pass $ 708,239 $ 564,549 $ 385,866 $ 347,120 $ 281,055 $ 738,929 $ 27,209 $ 3,052,967 Special Mention 13,758 48,217 5,393 3,044 8,403 17,601 30 96,446 Substandard 3,055 3,443 4,486 7,236 6,994 29,360 1,275 55,849 Total $ 725,052 $ 616,209 $ 395,745 $ 357,400 $ 296,452 $ 785,890 $ 28,514 $ 3,205,262 The following tables present the credit risk profile of the Company’s loan portfolio based on risk rating category as of December 31, 2019 (in thousands): December 31, 2019 Pass Special Mention Substandard Total Construction & land development $ 93,413 $ 413 $ 316 $ 94,142 Agricultural real estate 231,227 6,902 2,112 240,241 1-4 Family residential property loans 314,999 5,743 15,685 336,427 Commercial real estate 1,103,543 14,156 31,951 1,149,650 Loans secured by real estate 1,743,182 27,214 50,064 1,820,460 Agricultural loans 129,811 3,862 2,451 136,124 Commercial & industrial loans 603,047 40,395 12,138 655,580 Consumer loans 82,117 140 926 83,183 Total loans $ 2,558,157 $ 71,611 $ 65,579 $ 2,695,347 |
Loan Portfolio Aging Analysis | The following table presents the Company’s loan portfolio aging analysis at June 30, 2020 and December 31, 2019 (in 23 thousands): 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Total Past Due Current Total Loans Receivable Total Loans > 90 Days & Accruing June 30, 2020 Construction and land development $ 85 $ 141 $ — $ 226 $ 180,708 $ 180,934 $ — Agricultural real estate 6 544 — 550 250,832 251,382 — 1-4 Family residential properties 3,548 1,260 1,676 6,484 335,552 342,036 — Multifamily residential properties 2,201 0 — 2,201 138,814 141,015 — Commercial real estate 637 1,146 2,519 4,302 1,119,238 1,123,540 — Loans secured by real estate 6,477 3,091 4,195 13,763 2,025,144 2,038,907 — Agricultural loans 0 0 26 26 149,017 149,043 — Commercial and industrial loans 715 125 2,380 3,220 807,949 811,169 — Consumer loans 263 54 165 482 81,602 82,084 — All other loans — — — — 124,059 124,059 — Total loans $ 7,455 $ 3,270 $ 6,766 $ 17,491 $ 3,187,771 $ 3,205,262 $ — December 31, 2019 Construction and land development $ 235 $ — $ — $ 235 $ 93,907 $ 94,142 $ — Agricultural real estate 1,595 — 47 1,642 238,599 240,241 — 1-4 Family residential properties 3,834 2,288 4,713 10,835 325,592 336,427 — Multifamily residential properties 1,348 46 1,131 2,525 151,423 153,948 — Commercial real estate 602 495 2,241 3,338 992,364 995,702 — Loans secured by real estate 7,614 2,829 8,132 18,575 1,801,885 1,820,460 — Agricultural loans 300 — 307 607 135,517 136,124 — Commercial and industrial loans 767 855 5,989 7,611 521,362 528,973 — Consumer loans 454 196 150 800 82,383 83,183 — All other loans — — — 0 126,607 126,607 — Total loans $ 9,135 $ 3,880 $ 14,578 $ 27,593 $ 2,667,754 $ 2,695,347 $ — |
Impaired Loans | The following tables present impaired loans as of June 30, 2020 and December 31, 2019 (in thousands): June 30, 2020 December 31, 2019 Recorded Balance Unpaid Principal Balance Specific Allowance Recorded Balance Unpaid Principal Balance Specific Allowance Loans with a specific allowance: Construction and land development $ 532 $ 532 $ 261 $ 256 $ 256 $ — Agricultural real estate — — — — — — 1-4 Family residential properties 4,916 5,149 157 5,154 5,351 182 Multifamily residential properties 1,960 1,960 — 4,254 4,254 19 Commercial real estate 6,861 7,337 863 5,904 6,408 587 Loans secured by real estate 14,269 14,978 1,281 15,568 16,269 788 Agricultural loans 88 316 — 85 669 8 Commercial and industrial loans 4,087 5,673 88 7,653 8,789 301 Consumer loans 134 134 — 134 134 1 Total loans $ 18,578 $ 21,101 $ 1,369 $ 23,440 $ 25,861 $ 1,098 Loans without a specific allowance: Construction and land development $ 38 $ 38 $ — $ 41 $ 41 $ — Agricultural real estate 369 369 — 479 479 — 1-4 Family residential properties 3,807 4,494 — 3,719 4,263 — Multifamily residential properties 283 283 — — — — Commercial real estate 1,146 1,583 — 1,721 1,724 — Loans secured by real estate 5,643 6,767 — 5,960 6,507 — Agricultural loans 837 609 — 724 140 — Commercial and industrial loans 817 2,892 — 916 3,065 — Consumer loans 288 743 — 391 713 — Total loans $ 7,585 $ 11,011 $ — $ 7,991 $ 10,425 $ — Total loans: Construction and land development $ 570 $ 570 $ 261 $ 297 $ 297 $ — Agricultural real estate 369 369 0 479 479 — 1-4 Family residential properties 8,723 9,643 157 8,873 9,614 182 Multifamily residential properties 2,243 2,243 — 4,254 4,254 19 Commercial real estate 8,007 8,920 863 7,625 8,132 587 Loans secured by real estate 19,912 21,745 1,281 21,528 22,776 788 Agricultural loans 925 925 0 809 809 8 Commercial and industrial loans 4,904 8,565 88 8,569 11,854 301 Consumer loans 422 877 0 525 847 1 Total loans $ 26,163 $ 32,112 $ 1,369 $ 31,431 $ 36,286 $ 1,098 25 |
Average Recorded Investment and Interest Income Recognized on Impaired Loans | The following tables present average recorded investment and interest income recognized on impaired loans for the three and six months ended June 30, 2020 and 2019 (in thousands): For the three months ended June 30, 2020 June 30, 2019 Average Investment in Impaired Loans Interest Income Recognized Average Investment in Impaired Loans Interest Income Recognized Construction and land development $ 590 $ 8 $ 629 $ 8 Agricultural real estate 854 — 956 — 1-4 Family residential properties 8,920 18 9,543 26 Multifamily residential properties 2,374 0 4,522 32 Commercial real estate 8,256 42 14,414 82 Loans secured by real estate 20,994 68 30,064 148 Agricultural loans 902 — 823 1 Commercial and industrial loans 5,167 1 9,929 1 Consumer loans 457 — 742 — All other loans — — — — Total loans $ 27,520 $ 69 $ 41,558 $ 150 For the six months ended June 30, 2020 June 30, 2019 Average Investment in Impaired Loans Interest Income Recognized Average Investment in Impaired Loans Interest Income Recognized Construction and land development $ 595 $ 15 $ 632 $ 16 Agricultural real estate 854 — 957 — 1-4 Family residential properties 9,062 37 9,973 51 Multifamily residential properties 2,391 0 4,804 61 Commercial real estate 8,352 84 14,844 160 Loans secured by real estate 21,254 136 31,210 288 Agricultural loans 909 — 773 1 Commercial and industrial loans 6,046 3 10,059 2 Consumer loans 499 — 781 — All other loans — — — — Total loans $ 28,708 $ 139 $ 42,823 $ 291 |
Amortized Cost Basis of Loans on Nonaccrual Status and Nonaccrual Loans Individually Evaluated | The following table presents the amortized cost basis of loans on nonaccrual status and of nonaccrual loans individually evaluated for which no allowance was recorded as of June 30, 2020 and December 31, 2019 (in thousands). There were no loans past due over eighty-nine days that were still accruing. Nonaccrual with no Allowance for June 30, 2020 December 31, 2019 Credit Loss Nonaccrual Nonaccrual Construction and land development $ — $ 38 $ 41 Agricultural real estate — 369 479 1-4 Family residential properties 3,220 7,299 7,379 Multifamily residential properties 1,960 2,243 3,137 Commercial real estate 2,127 4,412 4,351 Loans secured by real estate 7,307 14,361 15,387 Agricultural loans 228 837 769 Commercial and industrial loans 1,691 4,823 8,441 Consumer loans 130 419 521 Total loans $ 9,356 $ 20,440 $ 25,118 |
Acquired Loans with Credit Deterioration | The amount of these loans at December 31, 2019 was as follows (in thousands): December 31, 2019 Construction and land development $ 256 Agricultural real estate — 1-4 Family residential properties 371 Multifamily residential properties 2,077 Commercial real estate 2,247 Loans secured by real estate 4,951 Carrying amount 4,951 Allowance for loan losses (365 ) Carrying amount, net of allowance $ 4,586 |
Recorded Balance of Troubled Debt Restructurings | The following table presents the Company’s recorded balance of troubled debt restructurings at June 30, 2020 and December 31, 2019 (in thousands). Troubled debt restructurings: June 30, 2020 December 31, 2019 1-4 Family residential properties $ 1,843 $ 1,905 Commercial real estate 1,873 1,746 Loans secured by real estate 3,716 3,651 Agricultural loans 316 669 Commercial and industrial loans 2,673 1,349 Consumer loans 134 134 Total $ 6,839 $ 5,803 Performing troubled debt restructurings: 1-4 Family residential properties $ 1,352 $ 1,382 Commercial real estate 1,132 1,146 Loans secured by real estate 2,484 2,528 Agricultural Loans 88 40 Commercial and industrial loans 81 128 Consumer loans 3 5 Total $ 2,656 $ 2,701 |
Loans Modified as Troubled Debt Restructurings During Period | The following table presents loans modified as TDRs during the six months ended June 30, 2020, as a result of various modified loan factors (in thousands). The change in the recorded investment from pre-modification to post- modification was not material. June 30, 2020 June 30, 2019 Number of Recorded Type of Number of Recorded Type of Modifications Investment Modifications Modifications Investment Modifications 1-4 Family residential properties — $ — 1 $ 46 (b)(c) Commercial real estate 1 303 (b) 3 1,533 (b)(c)(d) Loans secured by real estate 1 303 4 1,579 Agricultural loans 2 88 (b)(c) 1 59 (b) Commercial and industrial loans 3 2,342 (b) 2 70 (b)(c)(d) Consumer Loans 1 11 (b) 1 12 (c) Total 7 $ 2,744 8 $ 1,720 Type of modifications: (a) Reduction of stated interest rate of loan (b) Change in payment terms (c) Extension of maturity date (d) Permanent reduction of the recorded investment |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Goodwill | The following table presents gross carrying value and accumulated amortization by major intangible asset class as of June 30, 2020 and December 31, 2019 (in thousands): June 30, 2020 December 31,2019 Gross Carrying Value Accumulated Amortization Gross Carrying Value Accumulated Amortization Goodwill not subject to amortization (effective 1/1/02) $ 108,752 $ 3,760 $ 108,752 $ 3,760 Intangibles from branch acquisition 3,015 3,015 3,015 3,015 Core deposit intangibles 32,355 19,410 32,355 17,746 Other intangibles 16,389 4,570 16,129 3,917 $ 160,511 $ 30,755 $ 160,251 $ 28,438 |
Intangible Assets Mortgage Servicing Rights | The Company has mortgage servicing rights acquired in previous acquisitions. The following table summarizes the activity pertaining to mortgage servicing rights included in intangible assets as of June 30, 2020, June 30, 2019 and December 31, 2019 (in thousands): June 30, 2020 June 30, 2019 December 31, 2019 Beginning Balance $ 1,444 $ 2,101 $ 2,101 Valuation reserve (259 ) (439 ) (380 ) Mortgage servicing rights amortized (268 ) (172 ) (411 ) I/O Strip (17 ) 146 134 Ending Balance $ 900 $ 1,636 $ 1,444 |
Schedule of Intangible Assets Amortization Expense | Total amortization expense for the six months ended June 30, 2020 and 2019 was as follows (in thousands): Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Core deposit intangibles $ 821 $ 953 $ 1,664 $ 1,933 Customer list intangibles 327 317 653 635 Mortgage servicing rights 142 553 268 611 $ 1,290 $ 1,823 $ 2,585 $ 3,179 |
Schedule of Expected Amortization Expense | Aggregate amortization expense for the current year and estimated amortization expense for each of the five succeeding years is shown in the table below (in thousands): Aggregate amortization expense: For period 01/01/20-6/30/20 $ 2,585 Estimated amortization expense: For period 7/01/20-12/31/20 2,438 For year ended 12/31/21 4,347 For year ended 12/31/22 3,981 For year ended 12/31/23 3,440 For year ended 12/31/24 2,946 For year ended 12/31/25 2,633 |
Repurchase Agreements and Oth_2
Repurchase Agreements and Other Borrowings (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Repurchase Agreements And Other Borrowings [Abstract] | |
Schedule of Securities Financing Transactions | Collateral pledged by class for repurchase agreements are as follows (in thousands): June 30, 2020 December 31, 2019 US Treasury securities and obligations of U.S. government corporations & agencies $ 69,427 $ 77,333 Obligations of states and political subdivisions — 2,375 Mortgage-backed securities: GSE: residential 278,741 128,401 Other Securities 2,120 — Total $ 350,288 $ 208,109 |
Federal Home Loan Bank, Advances | 30 FHLB borrowings were $104 million and $114 million at June 30, 2020 and December 31, 2019, respectively. At June 30, 2020 the advances were as follows: Advance Term (in years) Interest Rate Maturity Date $ 5,000,000 3.0 1.75% July 31, 2020 5,000,000 6.0 2.30% August 24, 2020 5,000,000 3.5 1.83% February 1, 2021 5,000,000 5.0 1.85% April 12, 2021 4,000,000 1.0 2.00% May 3, 2021 5,000,000 7.0 2.55% October 1, 2021 5,000,000 5.0 2.71% March 21, 2022 5,000,000 8.0 2.40% January 9, 2023 5,000,000 3.5 1.51% July 31, 2023 5,000,000 3.5 0.77% September 11, 2023 10,000,000 5.0 1.45% December 31, 2024 5,000,000 5.0 0.91% March 10, 2025 5,000,000 10.0 1.14% October 3, 2029 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 15,000,000 10.0 1.41% December 31, 2029 |
Fair Value of Assets and Liab_2
Fair Value of Assets and Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Assets Measured at Fair Value on Recurring Basis | The following table presents the Company’s assets and liabilities that are measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall as of June 30, 2020 and December 31, 2019 (in thousands): Fair Value Measurements Using Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Fair Value (Level 1) (Level 2) (Level 3) June 30, 2020 Available-for-sale securities: U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 73,899 $ — $ 73,899 $ — Obligations of states and political subdivisions 200,697 — 199,906 791 Mortgage-backed securities 425,674 — 425,674 — Other securities 7,888 — 7,888 — Total available-for-sale securities 708,158 — 707,367 791 Equity securities 97 97 — — Derivative assets: interest rate swaps 42 — 42 — Total assets $ 708,297 $ 97 $ 707,409 $ 791 Derivative liabilities: interest rate swaps $ 1,829 $ — $ 1,829 $ — December 31, 2019 Available-for-sale securities: U.S. Treasury securities and Obligations of U.S. government corporations and agencies $ 107,320 $ — $ 107,320 $ — Obligations of states and political subdivisions 178,433 — 177,460 973 Mortgage-backed securities 396,126 — 396,126 — Other securities 3,950 — 3,950 — Total available-for-sale securities 685,829 — 684,856 973 Equity securities 219 219 — — Total assets $ 686,048 $ 219 $ 684,856 $ 973 Derivative liabilities: interest rate swaps $ 325 $ — $ 325 $ — |
Fair Value of Assets Measured on a Recurring Basis Using Significant Unobservable Inputs | The change in fair value of assets measured on a recurring basis using significant unobservable inputs (Level 3) for the three and six months ended June 30, 2020 and 2019 is summarized as follows (in thousands): Obligation of State and Political Subdivisions Three months ended Six months ended June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 Beginning balance $ 790 $ 968 $ 973 $ 967 Transfers into Level 3 — — — — Transfers out of Level 3 — — — — Total gains or losses: Included in net income 1 2 2 3 Included in other comprehensive income (loss) — — — — Purchases, issuances, sales and settlements: Purchases — — — — Issuances — — — — Sales — — (184 ) — Settlements — — — — Ending balance $ 791 $ 970 $ 791 $ 970 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 $ — $ — $ — $ — |
Significant Assumptions Used in Valuation of Level 3 Financial Instruments | the following table presents the fair value measurement of assets measured at fair value on a nonrecurring basis and the level within the fair value hierarchy in which the fair value measurements fall at June 30, 2020 and December 31, 2019 (in thousands): June 30, 2020 Fair Value Valuation Technique Unobservable Inputs Range (Weighted Average) Impaired loans (collateral dependent) $ 8,358 Third party valuations Discount to reflect realizable value 0% - 40% (20%) Foreclosed assets held for sale 21 Third party valuations Discount to reflect realizable value less estimated selling costs 0% - 40% (35%) Mortgage servicing rights 899 Third party valuations Discount to reflect realizable value 9.0% - 11.0% (9.1%) December 31, 2019 Fair Value Valuation Technique Unobservable Inputs Range (Weighted Average) Impaired loans (collateral dependent) $ 12,727 Third party valuations Discount to reflect realizable value 0% - 40% (20%) Foreclosed assets held for sale 935 Third party valuations Discount to reflect realizable value less estimated selling costs 0% - 40% (35%) Mortgage servicing rights 1,444 Third party valuations Discount to reflect realizable value 9.5% - 12.5% (9.7%) |
Summary of Estimated Fair Values of Company Financial Instruments | The following tables present estimated fair values of the Company’s financial instruments at June 30, 2020 and December 31, 2019 in accordance with ASC 825 (in thousands): Carrying Amount Fair Value Level 1 Level 2 Level 3 June 30, 2020 Financial Assets Cash and due from banks $ 237,201 $ 237,201 $ 237,201 $ — $ — Federal funds sold 1,286 1,286 1,286 — — Certificates of deposit investments 3,890 3,890 — 3,890 — Available-for-sale securities 708,158 708,158 — 707,367 791 Held-to-maturity securities 15,009 15,216 — 15,216 — Equity securities 97 97 97 — — Loans held for sale 5,981 5,981 — 5,981 — Loans net of allowance for loan losses 3,160,900 3,095,700 — — 3,095,700 Interest receivable 16,842 16,482 — 16,482 — Federal Reserve Bank stock 9,401 9,401 — 9,401 — Federal Home Loan Bank stock 5,450 5,450 — 5,450 — Financial Liabilities Deposits $ 3,385,827 $ 3,396,983 $ — $ 2,856,239 $ 540,744 Securities sold under agreements to repurchase 350,288 350,306 — 350,306 — Interest payable 1,922 1,922 — 1,922 — Federal Home Loan Bank borrowings 103,939 107,286 — 107,286 — Other borrowings — — — — — Junior subordinated debentures 18,942 14,285 — 14,285 — December 31, 2019 Financial Assets Cash and due from banks $ 84,154 $ 84,154 $ 84,154 $ — $ — Federal funds sold 926 926 926 — — Certificates of deposit investments 4,625 4,625 — 4,625 — Available-for-sale securities 685,636 685,636 — 684,856 780 Held-to-maturity securities 69,542 69,572 — 69,572 — Equity securities 412 412 219 — 193 Loans held for sale 1,820 1,820 — 1,820 — Loans net of allowance for loan losses 2,666,616 2,622,053 — — 2,622,053 Interest receivable 15,577 15,577 — 15,577 — Federal Reserve Bank stock 9,401 9,401 — 9,401 — Federal Home Loan Bank stock 4,105 4,105 — 4,105 — Financial Liabilities Deposits $ 2,917,366 $ 2,924,144 $ — $ 2,332,866 $ 591,278 Securities sold under agreements to repurchase 208,109 208,016 — 208,016 — Interest payable 2,261 2,261 — 2,261 — Federal Home Loan Bank borrowings 113,895 114,510 — 114,510 — Other borrowings 5,000 5,000 5,000 — — Junior subordinated debentures 18,858 15,596 — 15,596 — |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Leases [Abstract] | |
Summary of Supplemental Balance Sheet Information | The following table contains supplemental balance sheet information related to leases (dollars in thousands): June 30, 2020 June 30, 2019 December 31, 2019 Operating lease right-of-use assets $ 15,979 $ 12,805 $ 17,006 Operating lease liabilities 16,014 12,815 17,007 Weighted-average remaining lease term (in years) 6.8 5.5 7.3 Weighted-average discount rate 2.77 % 3.21 % 3.07 % |
Summary of Maturities of Lease Liabilities | Maturities of lease liabilities were as follows (in thousands): Year ending December 31, 2020 $ 1,609 2021 2,447 2022 2,183 2023 1,838 2024 1,505 Thereafter 9,389 Total lease payments 18,971 Less imputed interest (2,957 ) Total lease liability $ 16,014 |
Summary of Components of Lease Expense | The components of lease expense for the six months ended June 30, 2020 and 2019 were as follows (in thousands): Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Operating lease cost $ 736 $ 647 $ 1,378 $ 1,318 Short-term lease cost 7 22 53 45 Variable lease cost 94 432 263 656 Total lease cost 837 1,101 1,694 2,019 Income from subleases (199 ) (213 ) (392 ) (461 ) Net lease cost $ 638 $ 888 $ 1,302 $ 1,558 |
Summary of Operating Lease Cash Flows | Cash paid for amounts included in the measurement of lease liabilities was (in thousands): June 30, 2020 June 30, 2019 Operating cash flows from operating leases $ 1,375 $ 1,340 |
Derivatives (Tables)
Derivatives (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Derivative [Line Items] | |
Summary of Derivative Instruments, Gain (Loss) | The effects of the fair value hedges on the Company's income statement during the six months ended June 30, 2020 and 2019 were as follows (in thousands): Three months ended June 30, Six months ended June 30, Derivative Location of Gain (Loss) on Derivatives 2020 2019 2020 2019 Interest rate swap agreements Interest income on loans $ (78 ) $ (293 ) $ (1,462 ) $ (293 ) Three months ended June 30, Six months ended June 30, Derivative Location of Gain (Loss) on Hedged Items 2020 2019 2020 2019 Interest rate swap agreements Interest income on loans $ 78 $ 293 $ 1,462 $ 293 |
Summary of Cumulative Basis Adjustment of Fair Value Hedges | As of June 30, 2020, the following amounts were recorded on the consolidated balance sheet related to cumulative basis adjustment for fair value hedges (in thousands) Line Item in the Balance Sheet in Which the Hedge Item is Included Carrying Amount of the Hedged Asset Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Asset Loans $ 12,752 $ 1,787 |
Not Designated as Hedging Instrument | |
Derivative [Line Items] | |
Summary of Fair Value Derivative Instruments | The following amounts represent the notional amounts and gross fair value of derivative contracts not designated as hedging instruments outstanding during the three months ended June 30, 2020 and 2019 (in thousands): June 30, 2020 Balance Sheet Location Weighted Average Remaining Maturity (Years) Notional Amount Estimated Value Interest rate swap agreements Other assets 9.2 years $ 43,517 $ 42 Interest rate swap agreements Other liabilities 9.2 years 43,517 (42 ) |
Fair Value Hedging | Designated As Hedging Instrument | |
Derivative [Line Items] | |
Summary of Fair Value Derivative Instruments | The following table provides the outstanding notional balances and fair values of outstanding derivatives designated as hedging instruments as of June 30, 2020 and December 31, 2019 (in thousands): Balance Sheet Location Weighted Average Remaining Maturity (Years) Notional Amount Estimated Value June 30, 2020 Fair Value Hedges: Interest rate swap agreements Other liabilities 9.1 years $ 14,539 $ (3,763 ) December 31, 2019 Fair Value Hedges: Interest rate swap agreements Other liabilities 9.3 years $ 14,748 $ (325 ) |
Basis of Accounting and Conso_4
Basis of Accounting and Consolidation - Additional Information (Details) - USD ($) | Jan. 02, 2020 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | Apr. 21, 2020 | Mar. 31, 2020 | Jan. 01, 2020 | Mar. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Basis Of Accounting And Consolidation [Line Items] | ||||||||||||
Loans acquired | $ 183,000,000 | |||||||||||
Stock plans, term | 10 years | |||||||||||
Maximum number of shares to be issued in stock incentive plan (in shares) | 149,983 | 149,983 | ||||||||||
Employee discount for employee stock purchase plan | 5.00% | |||||||||||
Employee stock purchase plan, number of shares authorized | 600,000 | 600,000 | ||||||||||
Stock issued during period, shares, employee stock purchase plans | 3,739 | 2,858 | 7,543 | 2,858 | ||||||||
Captive maximum gross premiums | $ 2,300,000 | |||||||||||
Right of use lease assets | $ 15,979,000 | $ 12,805,000 | 15,979,000 | $ 12,805,000 | $ 17,006,000 | |||||||
Lease liabilities | 16,014,000 | 12,815,000 | 16,014,000 | 12,815,000 | 17,007,000 | |||||||
Allowance for credit losses on loans | $ 38,381,000 | $ 26,359,000 | $ 38,381,000 | $ 26,359,000 | $ 26,911,000 | $ 32,876,000 | $ 26,704,000 | $ 26,189,000 | ||||
ASU 2016-02 | ||||||||||||
Basis Of Accounting And Consolidation [Line Items] | ||||||||||||
Right of use lease assets | $ 14,100,000 | |||||||||||
Lease liabilities | $ 14,100,000 | |||||||||||
ASU 2016-13 | ||||||||||||
Basis Of Accounting And Consolidation [Line Items] | ||||||||||||
New accounting pronouncement or change in accounting principle, cumulative effect of change on equity or net assets | $ 717,000 | |||||||||||
Allowance for credit losses on loans | 28,583,000 | |||||||||||
Off-balance sheet, credit loss, liability | 69,000 | |||||||||||
Allowance for credit losses, held-to-maturity debt securities | 0 | |||||||||||
Amortized cost of PCD assets reflected the addition to allowance for credit losses | $ 833,000 | |||||||||||
ASU 2016-13 | Impact of ASU | ||||||||||||
Basis Of Accounting And Consolidation [Line Items] | ||||||||||||
Allowance for credit losses on loans | 1,672,000 | |||||||||||
Off-balance sheet, credit loss, liability | $ 69,000 | |||||||||||
Stock Options | ||||||||||||
Basis Of Accounting And Consolidation [Line Items] | ||||||||||||
Common stock awarded in SI plan (in shares) | 0 | |||||||||||
Restricted Stock | ||||||||||||
Basis Of Accounting And Consolidation [Line Items] | ||||||||||||
Common stock awarded in SI plan (in shares) | 25,200 | 25,950 | ||||||||||
Restricted Stock Units (RSUs) | ||||||||||||
Basis Of Accounting And Consolidation [Line Items] | ||||||||||||
Common stock awarded in SI plan (in shares) | 16,950 | 16,200 |
Basis of Accounting and Conso_5
Basis of Accounting and Consolidation - Schedule of Components of Accumulated Other Comprehensive Income (Details) - Accumulated Other Comprehensive Income - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Net unrealized gains on securities available-for-sale | $ 24,107 | $ 11,825 |
Unamortized losses on held-to-maturity securities transferred from available-for-sale | (15) | (50) |
Tax expense | (6,987) | (3,415) |
Balance | $ 17,105 | $ 8,360 |
Basis of Accounting and Conso_6
Basis of Accounting and Consolidation - Schedule of Amounts Reclassified from Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | ||||
Realized gains on available-for-sale securities | $ 287 | $ 218 | $ 818 | $ 272 |
Tax effect | (83) | (63) | (237) | (79) |
Total reclassifications out of accumulated other comprehensive income | $ 204 | $ 155 | $ 581 | $ 193 |
Basis of Accounting and Conso_7
Basis of Accounting and Consolidation - Schedule of Impact of ASU 2016-13 Adoption (Details) - USD ($) | Jun. 30, 2020 | Mar. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||||
Allowance for credit losses on loans | $ 38,381,000 | $ 32,876,000 | $ 26,911,000 | $ 26,359,000 | $ 26,704,000 | $ 26,189,000 | |
Pre-ASU | |||||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||||
Allowance for credit losses on loans | 26,911,000 | ||||||
Allowance for credit losses on off-balance sheet exposures | 0 | ||||||
ASU 2016-13 | |||||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||||
Allowance for credit losses on loans | $ 28,583,000 | ||||||
Allowance for credit losses on off-balance sheet exposures | 69,000 | ||||||
ASU 2016-13 | Impact of ASU | |||||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||||
Allowance for credit losses on loans | 1,672,000 | ||||||
Allowance for credit losses on off-balance sheet exposures | 69,000 | ||||||
Construction & Land Development | Pre-ASU | |||||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||||
Allowance for credit losses on loans | 1,146,000 | ||||||
Construction & Land Development | ASU 2016-13 | |||||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||||
Allowance for credit losses on loans | 1,033,000 | ||||||
Construction & Land Development | ASU 2016-13 | Impact of ASU | |||||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||||
Allowance for credit losses on loans | (113,000) | ||||||
Farm | Pre-ASU | |||||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||||
Allowance for credit losses on loans | 1,093,000 | ||||||
Farm | ASU 2016-13 | |||||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||||
Allowance for credit losses on loans | 1,323,000 | ||||||
Farm | ASU 2016-13 | Impact of ASU | |||||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||||
Allowance for credit losses on loans | 230,000 | ||||||
1-4 Family Residential Properties | Pre-ASU | |||||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||||
Allowance for credit losses on loans | 1,386,000 | ||||||
1-4 Family Residential Properties | ASU 2016-13 | |||||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||||
Allowance for credit losses on loans | 2,142,000 | ||||||
1-4 Family Residential Properties | ASU 2016-13 | Impact of ASU | |||||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||||
Allowance for credit losses on loans | 756,000 | ||||||
Commercial Real Estate | Pre-ASU | |||||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||||
Allowance for credit losses on loans | 11,198,000 | ||||||
Commercial Real Estate | ASU 2016-13 | |||||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||||
Allowance for credit losses on loans | 11,739,000 | ||||||
Commercial Real Estate | ASU 2016-13 | Impact of ASU | |||||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||||
Allowance for credit losses on loans | 541,000 | ||||||
Agricultural | Pre-ASU | |||||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||||
Allowance for credit losses on loans | 1,386,000 | ||||||
Agricultural | ASU 2016-13 | |||||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||||
Allowance for credit losses on loans | 1,023,000 | ||||||
Agricultural | ASU 2016-13 | Impact of ASU | |||||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||||
Allowance for credit losses on loans | (363,000) | ||||||
Commercial & Industrial | Pre-ASU | |||||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||||
Allowance for credit losses on loans | 9,273,000 | ||||||
Commercial & Industrial | ASU 2016-13 | |||||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||||
Allowance for credit losses on loans | 9,428,000 | ||||||
Commercial & Industrial | ASU 2016-13 | Impact of ASU | |||||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||||
Allowance for credit losses on loans | 155,000 | ||||||
Consumer | Pre-ASU | |||||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||||
Allowance for credit losses on loans | $ 1,429,000 | ||||||
Consumer | ASU 2016-13 | |||||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||||
Allowance for credit losses on loans | 1,895,000 | ||||||
Consumer | ASU 2016-13 | Impact of ASU | |||||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||||
Allowance for credit losses on loans | $ 466,000 |
Basis of Accounting and Conso_8
Basis of Accounting and Consolidation - Schedule of Impact of ASU 2016-13 Adoption of PCD Assets Previously Classified as PCI (Details) - USD ($) | Jun. 30, 2020 | Mar. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||||
Allowance for credit losses on loans | $ 38,381,000 | $ 32,876,000 | $ 26,911,000 | $ 26,359,000 | $ 26,704,000 | $ 26,189,000 | |
Pre-ASU | |||||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||||
Allowance for credit losses on loans | 26,911,000 | ||||||
ASU 2016-13 | |||||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||||
Allowance for credit losses on loans | $ 28,583,000 | ||||||
ASU 2016-13 | Impact of ASU | |||||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||||
Allowance for credit losses on loans | 1,672,000 | ||||||
Construction & Land Development | Pre-ASU | |||||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||||
Allowance for credit losses on loans | 1,146,000 | ||||||
Construction & Land Development | ASU 2016-13 | |||||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||||
Allowance for credit losses on loans | 1,033,000 | ||||||
Construction & Land Development | ASU 2016-13 | Impact of ASU | |||||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||||
Allowance for credit losses on loans | (113,000) | ||||||
1-4 Family Residential Properties | Pre-ASU | |||||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||||
Allowance for credit losses on loans | 1,386,000 | ||||||
1-4 Family Residential Properties | ASU 2016-13 | |||||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||||
Allowance for credit losses on loans | 2,142,000 | ||||||
1-4 Family Residential Properties | ASU 2016-13 | Impact of ASU | |||||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||||
Allowance for credit losses on loans | 756,000 | ||||||
Commercial Real Estate | Pre-ASU | |||||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||||
Allowance for credit losses on loans | 11,198,000 | ||||||
Commercial Real Estate | ASU 2016-13 | |||||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||||
Allowance for credit losses on loans | 11,739,000 | ||||||
Commercial Real Estate | ASU 2016-13 | Impact of ASU | |||||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||||
Allowance for credit losses on loans | 541,000 | ||||||
Commercial & Industrial | Pre-ASU | |||||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||||
Allowance for credit losses on loans | 9,273,000 | ||||||
Commercial & Industrial | ASU 2016-13 | |||||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||||
Allowance for credit losses on loans | 9,428,000 | ||||||
Commercial & Industrial | ASU 2016-13 | Impact of ASU | |||||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||||
Allowance for credit losses on loans | 155,000 | ||||||
Financial Asset Acquired with Credit Deterioration | |||||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||||
Allowance for credit losses on loans | 365,000 | ||||||
Financial Asset Acquired with Credit Deterioration | Pre-ASU | |||||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||||
Allowance for credit losses on loans | 365,000 | ||||||
Financial Asset Acquired with Credit Deterioration | ASU 2016-13 | |||||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||||
Allowance for credit losses on loans | 1,198,000 | ||||||
Financial Asset Acquired with Credit Deterioration | ASU 2016-13 | Impact of ASU | |||||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||||
Allowance for credit losses on loans | 833,000 | ||||||
Financial Asset Acquired with Credit Deterioration | Construction & Land Development | Pre-ASU | |||||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||||
Allowance for credit losses on loans | 0 | ||||||
Financial Asset Acquired with Credit Deterioration | Construction & Land Development | ASU 2016-13 | |||||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||||
Allowance for credit losses on loans | 291,000 | ||||||
Financial Asset Acquired with Credit Deterioration | Construction & Land Development | ASU 2016-13 | Impact of ASU | |||||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||||
Allowance for credit losses on loans | 291,000 | ||||||
Financial Asset Acquired with Credit Deterioration | 1-4 Family Residential Properties | Pre-ASU | |||||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||||
Allowance for credit losses on loans | 6,000 | ||||||
Financial Asset Acquired with Credit Deterioration | 1-4 Family Residential Properties | ASU 2016-13 | |||||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||||
Allowance for credit losses on loans | 48,000 | ||||||
Financial Asset Acquired with Credit Deterioration | 1-4 Family Residential Properties | ASU 2016-13 | Impact of ASU | |||||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||||
Allowance for credit losses on loans | 42,000 | ||||||
Financial Asset Acquired with Credit Deterioration | Commercial Real Estate | Pre-ASU | |||||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||||
Allowance for credit losses on loans | 359,000 | ||||||
Financial Asset Acquired with Credit Deterioration | Commercial Real Estate | ASU 2016-13 | |||||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||||
Allowance for credit losses on loans | 818,000 | ||||||
Financial Asset Acquired with Credit Deterioration | Commercial Real Estate | ASU 2016-13 | Impact of ASU | |||||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||||
Allowance for credit losses on loans | 459,000 | ||||||
Financial Asset Acquired with Credit Deterioration | Commercial & Industrial | Pre-ASU | |||||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||||
Allowance for credit losses on loans | $ 0 | ||||||
Financial Asset Acquired with Credit Deterioration | Commercial & Industrial | ASU 2016-13 | |||||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||||
Allowance for credit losses on loans | 41,000 | ||||||
Financial Asset Acquired with Credit Deterioration | Commercial & Industrial | ASU 2016-13 | Impact of ASU | |||||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||||
Allowance for credit losses on loans | $ 41,000 |
Earnings Per Share - Components
Earnings Per Share - Components of Basic and Diluted Net Income Per Common Share (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Basic Net Income per Common Share Available to Common Stockholders: | ||||
Net income | $ 10,137,000 | $ 10,981,000 | $ 20,136,000 | $ 24,297,000 |
Weighted average common shares outstanding | 16,709,886 | 16,683,194 | 16,701,536 | 16,674,646 |
Basic earnings per common share | $ 0.61 | $ 0.66 | $ 1.21 | $ 1.46 |
Diluted Net Income per Common Share Available to Common Stockholders: | ||||
Net income applicable to diluted earnings per share | $ 10,137,000 | $ 10,981,000 | $ 20,136,000 | $ 24,297,000 |
Weighted average common shares outstanding | 16,709,886 | 16,683,194 | 16,701,536 | 16,674,646 |
Dilutive potential common shares: | ||||
Restricted stock awarded | 46,908 | 34,780 | 46,908 | 34,780 |
Dilutive potential common shares | 46,908 | 34,780 | 46,908 | 34,780 |
Diluted weighted average common shares outstanding | 16,756,794 | 16,717,974 | 16,748,444 | 16,709,426 |
Diluted earnings per common share | $ 0.60 | $ 0.66 | $ 1.20 | $ 1.45 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Earnings Per Share [Abstract] | ||||
Number of anti-dilutive shares not considered in computing diluted earnings per share | 0 | 0 | 0 | 0 |
Investment Securities - Availab
Investment Securities - Available for Sale and Held for Maturity Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Available-for-sale: [Abstract] | ||
Amortized Cost | $ 684,051 | $ 673,945 |
Gross Unrealized Gains | 24,201 | 12,280 |
Gross Unrealized (Losses) | (94) | (589) |
Fair Value | 708,158 | 685,636 |
Held-to-maturity: [Abstract] | ||
Held-to-maturity | 15,009 | 69,542 |
Fair Value | 15,216 | 69,572 |
U.S. Treasury Securities and Obligations of U.S. Government Corporations & Agencies | ||
Available-for-sale: [Abstract] | ||
Amortized Cost | 73,000 | 106,428 |
Gross Unrealized Gains | 899 | 952 |
Gross Unrealized (Losses) | 0 | (60) |
Fair Value | 73,899 | 107,320 |
Held-to-maturity: [Abstract] | ||
Held-to-maturity | 15,009 | 69,542 |
Gross Unrealized Gains | 207 | 99 |
Unrealized (Losses) | 0 | (69) |
Fair Value | 15,216 | 69,572 |
Obligations of States and Political Subdivisions | ||
Available-for-sale: [Abstract] | ||
Amortized Cost | 191,120 | 172,460 |
Gross Unrealized Gains | 9,593 | 5,990 |
Gross Unrealized (Losses) | (16) | (17) |
Fair Value | 200,697 | 178,433 |
Mortgage-backed Securities: GSE Residential | ||
Available-for-sale: [Abstract] | ||
Amortized Cost | 412,175 | 391,307 |
Gross Unrealized Gains | 13,549 | 5,331 |
Gross Unrealized (Losses) | (50) | (512) |
Fair Value | 425,674 | 396,126 |
Other Securities | ||
Available-for-sale: [Abstract] | ||
Amortized Cost | 7,756 | 3,750 |
Gross Unrealized Gains | 160 | 7 |
Gross Unrealized (Losses) | (28) | 0 |
Fair Value | $ 7,888 | $ 3,757 |
Investment Securities - Additio
Investment Securities - Additional Information (Details) | 6 Months Ended | |
Jun. 30, 2020USD ($)Security | Dec. 31, 2019USD ($)Security | |
Schedule Of Available For Sale Securities [Line Items] | ||
Equity securities, at fair value | $ 97,000 | $ 412,000 |
Tax rate used to calculate tax-equivalent yields (in hundredths) | 21.00% | |
Percentage investment book value exceeds stockholders' equity (in hundredths) | 10.00% | |
Debt securities, available-for-sale, restricted | $ 653,000,000 | $ 688,000,000 |
U.S. Treasury Securities and Obligations of U.S. Government Corporations & Agencies | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Held-to-maturity, securities in unrealized loss positions, qualitative disclosure, number of positions | Security | 4 | |
Debt securities, held-to-maturity, continuous unrealized loss position, 12 months or longer, fair value | $ 24,565,000 | |
Debt securities, held-to-maturity, continuous unrealized loss position, 12 months or longer, accumulated loss | 44,000 | |
Obligations of States and Political Subdivisions | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt securities, held-to-maturity, continuous unrealized loss position, 12 months or longer, fair value | 347,000 | |
Debt securities, held-to-maturity, continuous unrealized loss position, 12 months or longer, accumulated loss | $ 1,000 | |
Number of securities in unrealized loss positions | Security | 1 | |
Mortgage-backed Securities: GSE Residential | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Number of securities in unrealized loss positions | Security | 2 | 14 |
12 months or longer, fair value | $ 15,276,000 | $ 20,888,000 |
12 months or longer, unrealized losses | $ 48,000 | $ 190,000 |
Investment Securities - Realize
Investment Securities - Realized Gains and Losses From Sale of Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Realized Investment Gains (Losses) [Abstract] | ||||
Gross gains | $ 287 | $ 230 | $ 818 | $ 314 |
Gross losses | $ 0 | $ (12) | $ 0 | $ (42) |
Investment Securities - Investm
Investment Securities - Investments Classified by Contractual Maturity Date (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Dec. 31, 2019 | |
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract] | ||
Available-for-sale investments, One year or less | $ 140,599 | |
Available-for-sale investments, After 1 through 5 years | 417,465 | |
Available-for-sale investments, After 5 through 10 years | 149,029 | |
Available-for-sale investments, After ten years | 1,065 | |
Available-for-sale investments, Fair Value | $ 708,158 | $ 685,636 |
Available-for-sale, Weighted average yield, One year or less (in hundredths) | 2.34% | |
Available-for-sale , Weighted average yield,After 1 through 5 years (in hundredths) | 2.59% | |
Available-for-sale, Weighted average yield,After 5 through 10 years (in hundredths) | 2.41% | |
Available-for-sale , Weighted average yield,After ten years (in hundredths) | 3.68% | |
Available-for-sale , Weighted average yield,Total (in hundredths) | 2.50% | |
Available-for-sale, Full Tax-equivalent yield, One year or less (in hundredths) | 2.60% | |
Available-for-sale, Full Tax-equivalent yield,After 1 through 5 years (in hundredths) | 2.78% | |
Available-for-sale, Full Tax-equivalent yield, After 5 through 10 years (in hundredths) | 3.05% | |
Available-for-sale, Full Tax-equivalent yield,After ten years (in hundredths) | 4.99% | |
Available-for-sale, Full Tax-equivalent yield,Total (in hundredths) | 2.79% | |
Held-to-maturity, Maturity [Abstract] | ||
Held-to-maturity | $ 15,009 | 69,542 |
Held To Maturity Weighted average yield, One year or less | 2.33% | |
Held To Maturity Weighted average yield, After 1 through 5 years | 2.06% | |
Held To Maturity Weighted average yield After 5 through 10 years | 0.00% | |
Held To Maturity Weighted average yield After ten years | 0.00% | |
Held To Maturity Weighted average yield ,Total | 2.24% | |
Held To Maturity, Full tax-equivalent yield , One year or less | 2.33% | |
Held To Maturity, Full tax-equivalent yield , After 1 through 5 years | 2.06% | |
Held To Maturity, Full tax-equivalent yield , After 5 through 10 years | 0.00% | |
Held To Maturity, Full tax-equivalent yield , After ten years | 0.00% | |
Held To Maturity, Full tax-equivalent yield , Total | 2.24% | |
U.S. Treasury Securities and Obligations of U.S. Government Corporations & Agencies | ||
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract] | ||
Available-for-sale investments, One year or less | $ 46,263 | |
Available-for-sale investments, After 1 through 5 years | 15,852 | |
Available-for-sale investments, After 5 through 10 years | 11,784 | |
Available-for-sale investments, After ten years | 0 | |
Available-for-sale investments, Fair Value | 73,899 | 107,320 |
Held-to-maturity, Maturity [Abstract] | ||
Held-to-maturity, One Year or less | 9,985 | |
Held-to-maturity, After1 through 5 years | 5,024 | |
Held-to-maturity, After 5 through 10 years | 0 | |
Held-to-maturity, After ten years | 0 | |
Held-to-maturity | 15,009 | 69,542 |
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 | 32,878 | |
Available-for-sale investments, After 1 through 5 years | 73,456 | |
Available-for-sale investments, After 5 through 10 years | 93,298 | |
Available-for-sale investments, After ten years | 1,065 | |
Available-for-sale investments, Fair Value | 200,697 | 178,433 |
Mortgage-backed Securities: GSE Residential | ||
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract] | ||
Available-for-sale investments, One year or less | 61,458 | |
Available-for-sale investments, After 1 through 5 years | 321,315 | |
Available-for-sale investments, After 5 through 10 years | 42,901 | |
Available-for-sale investments, After ten years | 0 | |
Available-for-sale investments, Fair Value | 425,674 | 396,126 |
Other Securities | ||
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract] | ||
Available-for-sale investments, One year or less | 0 | |
Available-for-sale investments, After 1 through 5 years | 6,842 | |
Available-for-sale investments, After 5 through 10 years | 1,046 | |
Available-for-sale investments, After ten years | 0 | |
Available-for-sale investments, Fair Value | $ 7,888 | $ 3,757 |
Investment Securities - Fair Va
Investment Securities - Fair Value of Investments with Sustained Gross Unrealized Losses (Details) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Qualitative Disclosure [Abstract] | ||
Available-for-sale, Less than 12 months, Fair Value | $ 8,387,000 | $ 93,924,000 |
Available-for-sale, Less than 12 months, Unrealized Losses | (46,000) | (398,000) |
Available-for-sale, 12 months or longer, Fair Value | 15,276,000 | 21,235,000 |
Available-for-sale, 12 months or longer, Unrealized losses | (48,000) | (191,000) |
Available-for-sale, Total Fair Value | 23,663,000 | 115,159,000 |
Available-for-sale, Total Unrealized Losses | (94,000) | (589,000) |
U.S. Treasury Securities and Obligations of U.S. Government Corporations & Agencies | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Qualitative Disclosure [Abstract] | ||
Available-for-sale, Less than 12 months, Fair Value | 0 | 23,375,000 |
Available-for-sale, Less than 12 months, Unrealized Losses | 0 | (60,000) |
Available-for-sale, 12 months or longer, Fair Value | 0 | 0 |
Available-for-sale, 12 months or longer, Unrealized losses | 0 | 0 |
Available-for-sale, Total Fair Value | 0 | 23,375,000 |
Available-for-sale, Total Unrealized Losses | 0 | (60,000) |
Held-to-maturity, [Abstract] | ||
Held-to-maturity, Less than 12 months, Fair Value | 14,996,000 | |
Held-to-maturity, Less than 12 months, Unrealized Losses | (25,000) | |
Held-to-maturity, 12 months or longer, Fair Value | 24,565,000 | |
Held-to-maturity, 12 months or longer, Unrealized losses | (44,000) | |
Held-to-maturity,Total Fair Value | 39,561,000 | |
Held-to-maturity, Total Unrealized Losses | (69,000) | |
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 | 6,519,000 | 3,469,000 |
Available-for-sale, Less than 12 months, Unrealized Losses | (16,000) | (16,000) |
Available-for-sale, 12 months or longer, Fair Value | 0 | 347,000 |
Available-for-sale, 12 months or longer, Unrealized losses | 0 | (1,000) |
Available-for-sale, Total Fair Value | 6,519,000 | 3,816,000 |
Available-for-sale, Total Unrealized Losses | (16,000) | (17,000) |
Held-to-maturity, [Abstract] | ||
Held-to-maturity, 12 months or longer, Fair Value | 347,000 | |
Held-to-maturity, 12 months or longer, Unrealized losses | (1,000) | |
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 | 146,000 | 67,080,000 |
Available-for-sale, Less than 12 months, Unrealized Losses | (2,000) | (322,000) |
Available-for-sale, 12 months or longer, Fair Value | 15,276,000 | 20,888,000 |
Available-for-sale, 12 months or longer, Unrealized losses | (48,000) | (190,000) |
Available-for-sale, Total Fair Value | 15,422,000 | 87,968,000 |
Available-for-sale, Total Unrealized Losses | (50,000) | $ (512,000) |
Other Securities | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Qualitative Disclosure [Abstract] | ||
Available-for-sale, Less than 12 months, Fair Value | 1,722,000 | |
Available-for-sale, Less than 12 months, Unrealized Losses | (28,000) | |
Available-for-sale, 12 months or longer, Fair Value | 0 | |
Available-for-sale, 12 months or longer, Unrealized losses | 0 | |
Available-for-sale, Total Fair Value | 1,722,000 | |
Available-for-sale, Total Unrealized Losses | $ (28,000) |
Loans and Allowance for Loan _3
Loans and Allowance for Loan Losses - Summary of Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross loans | $ 3,214,422 | $ 2,699,164 | ||||
Loans held for sale | 5,981 | 1,820 | ||||
Loans and leases receivable gross excluding loans held for sale | 3,208,441 | 2,697,344 | ||||
Net deferred loan fees, premiums and discounts | 9,160 | 3,817 | ||||
Allowance for credit losses | 38,381 | $ 32,876 | 26,911 | $ 26,359 | $ 26,704 | $ 26,189 |
Net loans | 3,160,900 | 2,666,616 | ||||
Real Estate Loan | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross loans | 2,040,747 | 1,823,803 | ||||
Construction and Land Development | Real Estate Loan | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross loans | 181,362 | 94,462 | ||||
Allowance for credit losses | 2,358 | 1,620 | 1,146 | 739 | 552 | 561 |
Agricultural | Real Estate Loan | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross loans | 251,695 | 240,481 | ||||
Allowance for credit losses | 1,634 | 1,335 | 1,093 | 1,284 | 1,282 | 1,246 |
Commercial | Real Estate Loan | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross loans | 1,125,584 | 997,175 | ||||
Allowance for credit losses | 16,272 | 13,621 | 11,198 | 10,796 | 10,565 | 11,102 |
Agricultural Loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross loans | 149,072 | 136,023 | ||||
Allowance for credit losses | 1,323 | 1,064 | 1,386 | 1,672 | 1,130 | 951 |
Commercial and Industrial Loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross loans | 818,686 | 528,987 | ||||
Allowance for credit losses | 12,360 | 11,294 | 9,273 | 9,129 | 10,830 | 9,893 |
Consumer Loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross loans | 81,980 | 83,544 | ||||
Allowance for credit losses | 1,948 | 2,011 | 1,429 | 1,090 | 1,004 | 932 |
All Other Loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross loans | 123,937 | 126,807 | ||||
1-4 Family | Residential Properties | Real Estate Loan | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross loans | 341,691 | 336,553 | ||||
Allowance for credit losses | 2,486 | $ 1,931 | 1,386 | $ 1,649 | $ 1,341 | $ 1,504 |
Multifamily | Residential Properties | Real Estate Loan | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross loans | $ 140,415 | $ 155,132 |
Loans and Allowance for Loan _4
Loans and Allowance for Loan Losses - Additional Information (Details) | 6 Months Ended | ||||||
Jun. 30, 2020USD ($)alternative | Jun. 30, 2019USD ($) | Mar. 31, 2020USD ($) | Jan. 01, 2020USD ($) | Dec. 31, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Accrued interest on loans | $ 14,100,000 | $ 12,400,000 | |||||
Minimum value of loans individually measured for impairment | $ 250,000 | ||||||
Number of alternatives for measuring impaired loans receivable | alternative | 3 | ||||||
Allowance for credit losses | $ 38,381,000 | $ 26,359,000 | $ 32,876,000 | 26,911,000 | $ 26,704,000 | $ 26,189,000 | |
Financing receivable modifications performing recorded investment | 2,656,000 | 2,800,000 | 2,701,000 | ||||
Interest lost on nonaccrual loans | 1,044,000 | 1,335,000 | |||||
Troubled debt restructurings balance | 6,839,000 | 5,803,000 | |||||
Loans receivable, modifications, allowance | 239,000 | 381,000 | |||||
Real estate acquired through foreclosure | 2,256,000 | 3,644,000 | |||||
Mortgage loans secured by real estate In foreclosure | 1,146,000 | 667,000 | |||||
Financial Asset, Equal to or Greater than 90 Days Past Due | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Troubled debt restructurings balance | $ 0 | 0 | |||||
Financial Asset Acquired with Credit Deterioration | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Allowance for credit losses | 365,000 | ||||||
Financing receivable, allowance for credit losses reversed | 1,229,000 | ||||||
Accounting Standards Update 2016-13 | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Allowance for credit losses | $ 28,583,000 | ||||||
Accounting Standards Update 2016-13 | Impact of ASU | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Allowance for credit losses | 1,672,000 | ||||||
Accounting Standards Update 2016-13 | Financial Asset Acquired with Credit Deterioration | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Allowance for credit losses | 1,198,000 | ||||||
Accounting Standards Update 2016-13 | Financial Asset Acquired with Credit Deterioration | Impact of ASU | |||||||
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 | 20 years | ||||||
Commercial Real Estate | Accounting Standards Update 2016-13 | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Allowance for credit losses | 11,739,000 | ||||||
Commercial Real Estate | Accounting Standards Update 2016-13 | Impact of ASU | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Allowance for credit losses | 541,000 | ||||||
Commercial Real Estate | Accounting Standards Update 2016-13 | Financial Asset Acquired with Credit Deterioration | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Allowance for credit losses | 818,000 | ||||||
Commercial Real Estate | Accounting Standards Update 2016-13 | Financial Asset Acquired with Credit Deterioration | Impact of ASU | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Allowance for credit losses | 459,000 | ||||||
Commercial Real Estate | Minimum | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Maximum loan-to-value ratio (in hundredths) | 65.00% | ||||||
Commercial Real Estate | Maximum | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Maximum loan-to-value ratio (in hundredths) | 80.00% | ||||||
1-4 Family Residential Properties | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Period when loans charged-down | 180 days | ||||||
1-4 Family Residential Properties | Accounting Standards Update 2016-13 | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Allowance for credit losses | 2,142,000 | ||||||
1-4 Family Residential Properties | Accounting Standards Update 2016-13 | Impact of ASU | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Allowance for credit losses | 756,000 | ||||||
1-4 Family Residential Properties | Accounting Standards Update 2016-13 | Financial Asset Acquired with Credit Deterioration | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Allowance for credit losses | 48,000 | ||||||
1-4 Family Residential Properties | Accounting Standards Update 2016-13 | Financial Asset Acquired with Credit Deterioration | Impact of ASU | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Allowance for credit losses | $ 42,000 | ||||||
Motels and Hotels Loans | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Gross loans | $ 126,500,000 | ||||||
Non-residential Buildings | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Gross loans | 401,500,000 | ||||||
Residential Buildings and Dwellings | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Gross loans | 293,700,000 | ||||||
Nursing Care Facilities | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Gross loans | 117,400,000 | ||||||
Other Gambling Industries | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Gross loans | 124,900,000 | ||||||
Real Estate Loan | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Financing receivable modifications performing recorded investment | 2,484,000 | 2,528,000 | |||||
Troubled debt restructurings balance | $ 3,716,000 | 3,651,000 | |||||
Unsecured Open-end Loans | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Period when loans charged-down | 180 days | ||||||
Other Secured Loans | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Period when loans charged-down | 120 days | ||||||
Agricultural | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Gross loans | $ 400,800,000 | 376,400,000 | |||||
Increase (decrease) in accounts and notes receivable | $ 24,400,000 | ||||||
Maximum loan-to-value ratio (in hundredths) | 65.00% | ||||||
Amortization period of loans | 25 years | ||||||
Loans receivable, time period | 1 year | ||||||
Agricultural | Corn and Other Grain Farming | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Gross loans | $ 330,500,000 | 301,500,000 | |||||
Increase (decrease) in accounts and notes receivable | 29,000,000 | ||||||
Agricultural | Real Estate Loan | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Allowance for credit losses | $ 1,634,000 | 1,284,000 | 1,335,000 | 1,093,000 | 1,282,000 | 1,246,000 | |
Commercial and Industrial Loans | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Maximum loan-to-value ratio (in hundredths) | 80.00% | ||||||
Amortization period of loans | 7 years | ||||||
Loans receivable, time period | 1 year | ||||||
Allowance for credit losses | $ 12,360,000 | $ 9,129,000 | $ 11,294,000 | 9,273,000 | $ 10,830,000 | $ 9,893,000 | |
Financing receivable modifications performing recorded investment | 81,000 | 128,000 | |||||
Troubled debt restructurings balance | $ 2,673,000 | $ 1,349,000 | |||||
Residential Properties | Real Estate Loan | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Maximum loan-to-value ratio (in hundredths) | 80.00% | ||||||
Amortization period of loans | 25 years | ||||||
Balloon period | five years |
Loans and Allowance for Loan _5
Loans and Allowance for Loan Losses - Allowance for Credit Losses Based on Portfolio Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Allowance for loan losses [Abstract] | |||||
Allowance for credit losses, Beginning Balance | $ 32,876 | $ 26,704 | $ 26,911 | $ 26,189 | $ 26,189 |
Provision for credit loss expense | 6,136 | 91 | 11,617 | 1,038 | 6,433 |
Loans charged off | 963 | 542 | 2,386 | 1,110 | 6,326 |
Recoveries collected | 332 | 106 | 567 | 242 | 615 |
Ending balance | 38,381 | 26,359 | 38,381 | 26,359 | 26,911 |
Accounting Standards Update 2016-13 | |||||
Allowance for loan losses [Abstract] | |||||
Impact of adopting ASU 2016-13 | 1,672 | ||||
Construction and Land Development | Real Estate Loan | |||||
Allowance for loan losses [Abstract] | |||||
Allowance for credit losses, Beginning Balance | 1,620 | 552 | 1,146 | 561 | 561 |
Provision for credit loss expense | 738 | 187 | 1,325 | 178 | 585 |
Loans charged off | 0 | 0 | 0 | 0 | 0 |
Recoveries collected | 0 | 0 | 0 | 0 | 0 |
Ending balance | 2,358 | 739 | 2,358 | 739 | 1,146 |
Construction and Land Development | Real Estate Loan | Accounting Standards Update 2016-13 | |||||
Allowance for loan losses [Abstract] | |||||
Impact of adopting ASU 2016-13 | (113) | ||||
Agricultural | Real Estate Loan | |||||
Allowance for loan losses [Abstract] | |||||
Allowance for credit losses, Beginning Balance | 1,335 | 1,282 | 1,093 | 1,246 | 1,246 |
Provision for credit loss expense | 299 | 2 | 311 | 38 | (153) |
Loans charged off | 0 | 0 | 0 | 0 | 0 |
Recoveries collected | 0 | 0 | 0 | 0 | 0 |
Ending balance | 1,634 | 1,284 | 1,634 | 1,284 | 1,093 |
Agricultural | Real Estate Loan | Accounting Standards Update 2016-13 | |||||
Allowance for loan losses [Abstract] | |||||
Impact of adopting ASU 2016-13 | 230 | ||||
Residential Properties | Real Estate Loan | 1-4 Family | |||||
Allowance for loan losses [Abstract] | |||||
Allowance for credit losses, Beginning Balance | 1,931 | 1,341 | 1,386 | 1,504 | 1,504 |
Provision for credit loss expense | 483 | 367 | 406 | 326 | 1,268 |
Loans charged off | 69 | 66 | 265 | 197 | 1,478 |
Recoveries collected | 141 | 7 | 203 | 16 | 92 |
Ending balance | 2,486 | 1,649 | 2,486 | 1,649 | 1,386 |
Residential Properties | Real Estate Loan | Accounting Standards Update 2016-13 | 1-4 Family | |||||
Allowance for loan losses [Abstract] | |||||
Impact of adopting ASU 2016-13 | 756 | ||||
Commercial | Real Estate Loan | |||||
Allowance for loan losses [Abstract] | |||||
Allowance for credit losses, Beginning Balance | 13,621 | 10,565 | 11,198 | 11,102 | 11,102 |
Provision for credit loss expense | 3,118 | 335 | 5,079 | (146) | 1,827 |
Loans charged off | 467 | 105 | 551 | 161 | 1,743 |
Recoveries collected | 0 | 1 | 5 | 1 | 12 |
Ending balance | 16,272 | 10,796 | 16,272 | 10,796 | 11,198 |
Commercial | Real Estate Loan | Accounting Standards Update 2016-13 | |||||
Allowance for loan losses [Abstract] | |||||
Impact of adopting ASU 2016-13 | 541 | ||||
Agricultural Loans | |||||
Allowance for loan losses [Abstract] | |||||
Allowance for credit losses, Beginning Balance | 1,064 | 1,130 | 1,386 | 951 | 951 |
Provision for credit loss expense | 259 | 542 | 300 | 730 | 459 |
Loans charged off | 0 | 0 | 0 | 9 | 24 |
Recoveries collected | 0 | 0 | 0 | 0 | 0 |
Ending balance | 1,323 | 1,672 | 1,323 | 1,672 | 1,386 |
Agricultural Loans | Accounting Standards Update 2016-13 | |||||
Allowance for loan losses [Abstract] | |||||
Impact of adopting ASU 2016-13 | (363) | ||||
Commercial And Industrial Portfolio Segment | |||||
Allowance for loan losses [Abstract] | |||||
Allowance for credit losses, Beginning Balance | 11,294 | 10,830 | 9,273 | 9,893 | 9,893 |
Provision for credit loss expense | 1,286 | (1,558) | 4,101 | (546) | 1,053 |
Loans charged off | 311 | 155 | 1,283 | 258 | 1,828 |
Recoveries collected | 91 | 12 | 114 | 40 | 155 |
Ending balance | 12,360 | 9,129 | 12,360 | 9,129 | 9,273 |
Commercial And Industrial Portfolio Segment | Accounting Standards Update 2016-13 | |||||
Allowance for loan losses [Abstract] | |||||
Impact of adopting ASU 2016-13 | 155 | ||||
Consumer Loans | |||||
Allowance for loan losses [Abstract] | |||||
Allowance for credit losses, Beginning Balance | 2,011 | 1,004 | 1,429 | 932 | 932 |
Provision for credit loss expense | (47) | 216 | 95 | 458 | 1,394 |
Loans charged off | 116 | 216 | 287 | 485 | 1,253 |
Recoveries collected | 100 | 86 | 245 | 185 | 356 |
Ending balance | $ 1,948 | $ 1,090 | 1,948 | $ 1,090 | $ 1,429 |
Consumer Loans | Accounting Standards Update 2016-13 | |||||
Allowance for loan losses [Abstract] | |||||
Impact of adopting ASU 2016-13 | $ 466 |
Loans and Allowance for Loan _6
Loans and Allowance for Loan Losses - Amortized Cost Basis of Collateral-Dependent Loans by Class of Loans Individually Evaluated (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Individually Evaluated for Impairment | $ 16,671 | |
Allowance for Credit Losses | 1,369 | $ 1,098 |
Agricultural Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Individually Evaluated for Impairment | 0 | |
Allowance for Credit Losses | 0 | 8 |
Commercial and Industrial Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Individually Evaluated for Impairment | 4,018 | |
Allowance for Credit Losses | 88 | 301 |
Consumer Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Individually Evaluated for Impairment | 11 | |
Allowance for Credit Losses | 0 | 1 |
Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Individually Evaluated for Impairment | 12,943 | |
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 | 301 | |
Real Estate | Consumer Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Individually Evaluated for Impairment | 0 | |
Business Assets | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Individually Evaluated for Impairment | 3,699 | |
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 | 3,699 | |
Business Assets | Consumer Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Individually Evaluated for Impairment | 0 | |
Other Property | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Individually Evaluated for Impairment | 29 | |
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 | 18 | |
Other Property | Consumer Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Individually Evaluated for Impairment | 11 | |
Real Estate Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Individually Evaluated for Impairment | 12,642 | |
Allowance for Credit Losses | 1,281 | 788 |
Real Estate Loan | Construction and Land Development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Individually Evaluated for Impairment | 532 | |
Allowance for Credit Losses | 261 | 0 |
Real Estate Loan | Agricultural | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Individually Evaluated for Impairment | 0 | |
Allowance for Credit Losses | 0 | 0 |
Real Estate Loan | Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Individually Evaluated for Impairment | 6,858 | |
Allowance for Credit Losses | 863 | 587 |
Real Estate Loan | Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Individually Evaluated for Impairment | 12,642 | |
Real Estate Loan | Real Estate | Construction and Land Development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Individually Evaluated for Impairment | 532 | |
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 | 6,858 | |
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 | 0 | |
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 | 0 | |
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 | 3,292 | |
Allowance for Credit Losses | 157 | 182 |
1-4 Family | Real Estate Loan | Real Estate | Residential Properties | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Individually Evaluated for Impairment | 3,292 | |
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 | 1,960 | |
Allowance for Credit Losses | 0 | $ 19 |
Multifamily | Real Estate Loan | Real Estate | Residential Properties | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Individually Evaluated for Impairment | 1,960 | |
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 Loan _7
Loans and Allowance for Loan Losses - Credit Risk Profile of Loan Portfolio on Amortized Cost Basis Based on Risk Rating Category (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Credit Quality Information [Abstract] | ||
2020 | $ 725,052 | |
2019 | 616,209 | |
2018 | 395,745 | |
2017 | 357,400 | |
2016 | 296,452 | |
Prior | 785,890 | |
Revolving Loans | 28,514 | |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 3,205,262 | $ 2,695,347 |
Pass | ||
Credit Quality Information [Abstract] | ||
2020 | 708,239 | |
2019 | 564,549 | |
2018 | 385,866 | |
2017 | 347,120 | |
2016 | 281,055 | |
Prior | 738,929 | |
Revolving Loans | 27,209 | |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 3,052,967 | 2,558,157 |
Special Mention | ||
Credit Quality Information [Abstract] | ||
2020 | 13,758 | |
2019 | 48,217 | |
2018 | 5,393 | |
2017 | 3,044 | |
2016 | 8,403 | |
Prior | 17,601 | |
Revolving Loans | 30 | |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 96,446 | 71,611 |
Substandard | ||
Credit Quality Information [Abstract] | ||
2020 | 3,055 | |
2019 | 3,443 | |
2018 | 4,486 | |
2017 | 7,236 | |
2016 | 6,994 | |
Prior | 29,360 | |
Revolving Loans | 1,275 | |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 55,849 | 65,579 |
Agricultural Loans | ||
Credit Quality Information [Abstract] | ||
2020 | 82,479 | |
2019 | 49,604 | |
2018 | 8,674 | |
2017 | 3,180 | |
2016 | 1,660 | |
Prior | 3,446 | |
Revolving Loans | 0 | |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 149,043 | 136,124 |
Agricultural Loans | Pass | ||
Credit Quality Information [Abstract] | ||
2020 | 72,118 | |
2019 | 38,483 | |
2018 | 8,353 | |
2017 | 3,169 | |
2016 | 959 | |
Prior | 3,400 | |
Revolving Loans | 0 | |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 126,482 | 129,811 |
Agricultural Loans | Special Mention | ||
Credit Quality Information [Abstract] | ||
2020 | 9,754 | |
2019 | 11,078 | |
2018 | 296 | |
2017 | 11 | |
2016 | 701 | |
Prior | 35 | |
Revolving Loans | 0 | |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 21,875 | 3,862 |
Agricultural Loans | Substandard | ||
Credit Quality Information [Abstract] | ||
2020 | 607 | |
2019 | 43 | |
2018 | 25 | |
2017 | 0 | |
2016 | 0 | |
Prior | 11 | |
Revolving Loans | 0 | |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 686 | 2,451 |
Commercial and Industrial Loans | ||
Credit Quality Information [Abstract] | ||
2020 | 365,002 | |
2019 | 184,651 | |
2018 | 101,333 | |
2017 | 86,401 | |
2016 | 56,508 | |
Prior | 141,333 | |
Revolving Loans | 0 | |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 935,228 | 655,580 |
Commercial and Industrial Loans | Pass | ||
Credit Quality Information [Abstract] | ||
2020 | 362,238 | |
2019 | 148,476 | |
2018 | 100,766 | |
2017 | 84,972 | |
2016 | 55,893 | |
Prior | 138,743 | |
Revolving Loans | 0 | |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 891,088 | 603,047 |
Commercial and Industrial Loans | Special Mention | ||
Credit Quality Information [Abstract] | ||
2020 | 1,642 | |
2019 | 33,847 | |
2018 | 185 | |
2017 | 58 | |
2016 | 407 | |
Prior | 952 | |
Revolving Loans | 0 | |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 37,091 | 40,395 |
Commercial and Industrial Loans | Substandard | ||
Credit Quality Information [Abstract] | ||
2020 | 1,122 | |
2019 | 2,328 | |
2018 | 382 | |
2017 | 1,371 | |
2016 | 208 | |
Prior | 1,638 | |
Revolving Loans | 0 | |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 7,049 | 12,138 |
Consumer Loans | ||
Credit Quality Information [Abstract] | ||
2020 | 20,138 | |
2019 | 30,769 | |
2018 | 17,885 | |
2017 | 10,277 | |
2016 | 1,248 | |
Prior | 1,767 | |
Revolving Loans | 0 | |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 82,084 | 83,183 |
Consumer Loans | Pass | ||
Credit Quality Information [Abstract] | ||
2020 | 20,116 | |
2019 | 30,739 | |
2018 | 17,657 | |
2017 | 10,147 | |
2016 | 148 | |
Prior | 9 | |
Revolving Loans | 0 | |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 78,816 | 82,117 |
Consumer Loans | Special Mention | ||
Credit Quality Information [Abstract] | ||
2020 | 5 | |
2019 | 0 | |
2018 | 72 | |
2017 | 1 | |
2016 | 960 | |
Prior | 1,154 | |
Revolving Loans | 0 | |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 2,192 | 140 |
Consumer Loans | Substandard | ||
Credit Quality Information [Abstract] | ||
2020 | 17 | |
2019 | 30 | |
2018 | 156 | |
2017 | 129 | |
2016 | 140 | |
Prior | 604 | |
Revolving Loans | 0 | |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 1,076 | 926 |
Real Estate Loan | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 2,038,907 | 1,820,460 |
Real Estate Loan | Pass | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 1,743,182 | |
Real Estate Loan | Special Mention | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 27,214 | |
Real Estate Loan | Substandard | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 50,064 | |
Real Estate Loan | Construction and Land Development | ||
Credit Quality Information [Abstract] | ||
2020 | 56,357 | |
2019 | 61,726 | |
2018 | 4,145 | |
2017 | 3,380 | |
2016 | 909 | |
Prior | 54,417 | |
Revolving Loans | 0 | |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 180,934 | 94,142 |
Real Estate Loan | Construction and Land Development | Pass | ||
Credit Quality Information [Abstract] | ||
2020 | 56,357 | |
2019 | 61,418 | |
2018 | 4,145 | |
2017 | 2,848 | |
2016 | 519 | |
Prior | 54,361 | |
Revolving Loans | 0 | |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 179,648 | 93,413 |
Real Estate Loan | Construction and Land Development | Special Mention | ||
Credit Quality Information [Abstract] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 390 | |
Prior | 0 | |
Revolving Loans | 0 | |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 390 | 413 |
Real Estate Loan | Construction and Land Development | Substandard | ||
Credit Quality Information [Abstract] | ||
2020 | 0 | |
2019 | 308 | |
2018 | 0 | |
2017 | 532 | |
2016 | 0 | |
Prior | 56 | |
Revolving Loans | 0 | |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 896 | 316 |
Real Estate Loan | Agricultural | ||
Credit Quality Information [Abstract] | ||
2020 | 45,176 | |
2019 | 45,995 | |
2018 | 44,171 | |
2017 | 18,639 | |
2016 | 16,882 | |
Prior | 80,519 | |
Revolving Loans | 0 | |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 251,382 | 240,241 |
Real Estate Loan | Agricultural | Pass | ||
Credit Quality Information [Abstract] | ||
2020 | 44,876 | |
2019 | 42,885 | |
2018 | 43,297 | |
2017 | 18,278 | |
2016 | 15,940 | |
Prior | 69,084 | |
Revolving Loans | 0 | |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 234,360 | 231,227 |
Real Estate Loan | Agricultural | Special Mention | ||
Credit Quality Information [Abstract] | ||
2020 | 300 | |
2019 | 3,110 | |
2018 | 387 | |
2017 | 143 | |
2016 | 875 | |
Prior | 11,186 | |
Revolving Loans | 0 | |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 16,001 | 6,902 |
Real Estate Loan | Agricultural | Substandard | ||
Credit Quality Information [Abstract] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 487 | |
2017 | 218 | |
2016 | 67 | |
Prior | 249 | |
Revolving Loans | 0 | |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 1,021 | 2,112 |
Real Estate Loan | Commercial | ||
Credit Quality Information [Abstract] | ||
2020 | 114,991 | |
2019 | 206,281 | |
2018 | 180,030 | |
2017 | 202,156 | |
2016 | 183,526 | |
Prior | 377,571 | |
Revolving Loans | 0 | |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 1,264,555 | 1,149,650 |
Real Estate Loan | Commercial | Pass | ||
Credit Quality Information [Abstract] | ||
2020 | 111,880 | |
2019 | 206,159 | |
2018 | 174,472 | |
2017 | 197,260 | |
2016 | 174,120 | |
Prior | 355,666 | |
Revolving Loans | 0 | |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 1,219,557 | 1,103,543 |
Real Estate Loan | Commercial | Special Mention | ||
Credit Quality Information [Abstract] | ||
2020 | 1,857 | |
2019 | 23 | |
2018 | 4,158 | |
2017 | 1,781 | |
2016 | 4,818 | |
Prior | 2,822 | |
Revolving Loans | 0 | |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 15,459 | 14,156 |
Real Estate Loan | Commercial | Substandard | ||
Credit Quality Information [Abstract] | ||
2020 | 1,254 | |
2019 | 99 | |
2018 | 1,400 | |
2017 | 3,115 | |
2016 | 4,588 | |
Prior | 19,083 | |
Revolving Loans | 0 | |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 29,539 | 31,951 |
1-4 Family | Real Estate Loan | Residential Properties | ||
Credit Quality Information [Abstract] | ||
2020 | 40,909 | |
2019 | 37,183 | |
2018 | 39,507 | |
2017 | 33,367 | |
2016 | 35,719 | |
Prior | 126,837 | |
Revolving Loans | 28,514 | |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 342,036 | 336,427 |
1-4 Family | Real Estate Loan | Residential Properties | Pass | ||
Credit Quality Information [Abstract] | ||
2020 | 40,654 | |
2019 | 36,389 | |
2018 | 37,176 | |
2017 | 30,446 | |
2016 | 33,476 | |
Prior | 117,666 | |
Revolving Loans | 27,209 | |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 323,016 | 314,999 |
1-4 Family | Real Estate Loan | Residential Properties | Special Mention | ||
Credit Quality Information [Abstract] | ||
2020 | 200 | |
2019 | 159 | |
2018 | 295 | |
2017 | 1,050 | |
2016 | 252 | |
Prior | 1,452 | |
Revolving Loans | 30 | |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 3,438 | 5,743 |
1-4 Family | Real Estate Loan | Residential Properties | Substandard | ||
Credit Quality Information [Abstract] | ||
2020 | 55 | |
2019 | 635 | |
2018 | 2,036 | |
2017 | 1,871 | |
2016 | 1,991 | |
Prior | 7,719 | |
Revolving Loans | 1,275 | |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | $ 15,582 | $ 15,685 |
Loans and Allowance for Loan _8
Loans and Allowance for Loan Losses - Loan Portfolio Aging Analysis (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | $ 17,491 | $ 27,593 |
Current | 3,187,771 | 2,667,754 |
Total Loans Receivable | 3,205,262 | 2,695,347 |
Total Loans> 90 Days &Accruing | 0 | 0 |
Real Estate Loan | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 13,763 | 18,575 |
Current | 2,025,144 | 1,801,885 |
Total Loans Receivable | 2,038,907 | 1,820,460 |
Total Loans> 90 Days &Accruing | 0 | 0 |
Construction and Land Development | Real Estate Loan | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 226 | 235 |
Current | 180,708 | 93,907 |
Total Loans Receivable | 180,934 | 94,142 |
Total Loans> 90 Days &Accruing | 0 | 0 |
Agricultural | Real Estate Loan | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 550 | 1,642 |
Current | 250,832 | 238,599 |
Total Loans Receivable | 251,382 | 240,241 |
Total Loans> 90 Days &Accruing | 0 | 0 |
Residential Properties | Real Estate Loan | 1-4 Family | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 6,484 | 10,835 |
Current | 335,552 | 325,592 |
Total Loans Receivable | 342,036 | 336,427 |
Total Loans> 90 Days &Accruing | 0 | 0 |
Residential Properties | Real Estate Loan | Multifamily | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 2,201 | 2,525 |
Current | 138,814 | 151,423 |
Total Loans Receivable | 141,015 | 153,948 |
Total Loans> 90 Days &Accruing | 0 | 0 |
Commercial | Real Estate Loan | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 4,302 | 3,338 |
Current | 1,119,238 | 992,364 |
Total Loans Receivable | 1,123,540 | 995,702 |
Total Loans> 90 Days &Accruing | 0 | 0 |
Agricultural Loans | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 26 | 607 |
Current | 149,017 | 135,517 |
Total Loans Receivable | 149,043 | 136,124 |
Total Loans> 90 Days &Accruing | 0 | 0 |
Commercial and Industrial Loans | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 3,220 | 7,611 |
Current | 807,949 | 521,362 |
Total Loans Receivable | 811,169 | 528,973 |
Total Loans> 90 Days &Accruing | 0 | 0 |
Consumer Loans | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 482 | 800 |
Current | 81,602 | 82,383 |
Total Loans Receivable | 82,084 | 83,183 |
Total Loans> 90 Days &Accruing | 0 | 0 |
All Other Loans | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 0 | 0 |
Current | 124,059 | 126,607 |
Total Loans Receivable | 124,059 | 126,607 |
Total Loans> 90 Days &Accruing | 0 | 0 |
Financial Asset, 30 to 59 Days Past Due | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 7,455 | 9,135 |
Financial Asset, 30 to 59 Days Past Due | Real Estate Loan | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 6,477 | 7,614 |
Financial Asset, 30 to 59 Days Past Due | Construction and Land Development | Real Estate Loan | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 85 | 235 |
Financial Asset, 30 to 59 Days Past Due | Agricultural | Real Estate Loan | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 6 | 1,595 |
Financial Asset, 30 to 59 Days Past Due | Residential Properties | Real Estate Loan | 1-4 Family | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 3,548 | 3,834 |
Financial Asset, 30 to 59 Days Past Due | Residential Properties | Real Estate Loan | Multifamily | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 2,201 | 1,348 |
Financial Asset, 30 to 59 Days Past Due | Commercial | Real Estate Loan | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 637 | 602 |
Financial Asset, 30 to 59 Days Past Due | Agricultural Loans | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 0 | 300 |
Financial Asset, 30 to 59 Days Past Due | Commercial and Industrial Loans | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 715 | 767 |
Financial Asset, 30 to 59 Days Past Due | Consumer Loans | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 263 | 454 |
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 | 3,270 | 3,880 |
Financial Asset, 60 to 89 Days Past Due | Real Estate Loan | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 3,091 | 2,829 |
Financial Asset, 60 to 89 Days Past Due | Construction and Land Development | Real Estate Loan | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 141 | 0 |
Financial Asset, 60 to 89 Days Past Due | Agricultural | Real Estate Loan | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 544 | 0 |
Financial Asset, 60 to 89 Days Past Due | Residential Properties | Real Estate Loan | 1-4 Family | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 1,260 | 2,288 |
Financial Asset, 60 to 89 Days Past Due | Residential Properties | Real Estate Loan | Multifamily | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 0 | 46 |
Financial Asset, 60 to 89 Days Past Due | Commercial | Real Estate Loan | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 1,146 | 495 |
Financial Asset, 60 to 89 Days Past Due | Agricultural Loans | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 0 | 0 |
Financial Asset, 60 to 89 Days Past Due | Commercial and Industrial Loans | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 125 | 855 |
Financial Asset, 60 to 89 Days Past Due | Consumer Loans | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 54 | 196 |
Financial Asset, 60 to 89 Days Past Due | All Other Loans | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 0 | 0 |
Financial Asset, Equal to or Greater than 90 Days Past Due | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 6,766 | 14,578 |
Financial Asset, Equal to or Greater than 90 Days Past Due | Real Estate Loan | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 4,195 | 8,132 |
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 | 0 | 0 |
Financial Asset, Equal to or Greater than 90 Days Past Due | Agricultural | Real Estate Loan | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 0 | 47 |
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 | 1,676 | 4,713 |
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 | 0 | 1,131 |
Financial Asset, Equal to or Greater than 90 Days Past Due | Commercial | Real Estate Loan | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 2,519 | 2,241 |
Financial Asset, Equal to or Greater than 90 Days Past Due | Agricultural Loans | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 26 | 307 |
Financial Asset, Equal to or Greater than 90 Days Past Due | Commercial and Industrial Loans | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 2,380 | 5,989 |
Financial Asset, Equal to or Greater than 90 Days Past Due | Consumer Loans | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 165 | 150 |
Financial Asset, Equal to or Greater than 90 Days Past Due | All Other Loans | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | $ 0 | $ 0 |
Loans and Allowance for Loan _9
Loans and Allowance for Loan Losses - Impaired Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Loans with a specific allowance: | ||
Recorded Balance | $ 18,578 | $ 23,440 |
Unpaid Principal Balance | 21,101 | 25,861 |
Specific Allowance | 1,369 | 1,098 |
Loans without a specific allowance: | ||
Recorded Balance | 7,585 | 7,991 |
Unpaid Principal Balance | 11,011 | 10,425 |
Total loans: | ||
Recorded Balance | 26,163 | 31,431 |
Unpaid Principal Balance | 32,112 | 36,286 |
Real Estate Loan | ||
Loans with a specific allowance: | ||
Recorded Balance | 14,269 | 15,568 |
Unpaid Principal Balance | 14,978 | 16,269 |
Specific Allowance | 1,281 | 788 |
Loans without a specific allowance: | ||
Recorded Balance | 5,643 | 5,960 |
Unpaid Principal Balance | 6,767 | 6,507 |
Total loans: | ||
Recorded Balance | 19,912 | 21,528 |
Unpaid Principal Balance | 21,745 | 22,776 |
Construction and Land Development | Real Estate Loan | ||
Loans with a specific allowance: | ||
Recorded Balance | 532 | 256 |
Unpaid Principal Balance | 532 | 256 |
Specific Allowance | 261 | 0 |
Loans without a specific allowance: | ||
Recorded Balance | 38 | 41 |
Unpaid Principal Balance | 38 | 41 |
Total loans: | ||
Recorded Balance | 570 | 297 |
Unpaid Principal Balance | 570 | 297 |
Agricultural | Real Estate Loan | ||
Loans with a specific allowance: | ||
Recorded Balance | 0 | 0 |
Unpaid Principal Balance | 0 | 0 |
Specific Allowance | 0 | 0 |
Loans without a specific allowance: | ||
Recorded Balance | 369 | 479 |
Unpaid Principal Balance | 369 | 479 |
Total loans: | ||
Recorded Balance | 369 | 479 |
Unpaid Principal Balance | 369 | 479 |
Residential Properties | Real Estate Loan | 1-4 Family | ||
Loans with a specific allowance: | ||
Recorded Balance | 4,916 | 5,154 |
Unpaid Principal Balance | 5,149 | 5,351 |
Specific Allowance | 157 | 182 |
Loans without a specific allowance: | ||
Recorded Balance | 3,807 | 3,719 |
Unpaid Principal Balance | 4,494 | 4,263 |
Total loans: | ||
Recorded Balance | 8,723 | 8,873 |
Unpaid Principal Balance | 9,643 | 9,614 |
Residential Properties | Real Estate Loan | Multifamily | ||
Loans with a specific allowance: | ||
Recorded Balance | 1,960 | 4,254 |
Unpaid Principal Balance | 1,960 | 4,254 |
Specific Allowance | 0 | 19 |
Loans without a specific allowance: | ||
Recorded Balance | 283 | 0 |
Unpaid Principal Balance | 283 | 0 |
Total loans: | ||
Recorded Balance | 2,243 | 4,254 |
Unpaid Principal Balance | 2,243 | 4,254 |
Commercial | Real Estate Loan | ||
Loans with a specific allowance: | ||
Recorded Balance | 6,861 | 5,904 |
Unpaid Principal Balance | 7,337 | 6,408 |
Specific Allowance | 863 | 587 |
Loans without a specific allowance: | ||
Recorded Balance | 1,146 | 1,721 |
Unpaid Principal Balance | 1,583 | 1,724 |
Total loans: | ||
Recorded Balance | 8,007 | 7,625 |
Unpaid Principal Balance | 8,920 | 8,132 |
Agricultural Loans | ||
Loans with a specific allowance: | ||
Recorded Balance | 88 | 85 |
Unpaid Principal Balance | 316 | 669 |
Specific Allowance | 0 | 8 |
Loans without a specific allowance: | ||
Recorded Balance | 837 | 724 |
Unpaid Principal Balance | 609 | 140 |
Total loans: | ||
Recorded Balance | 925 | 809 |
Unpaid Principal Balance | 925 | 809 |
Commercial and Industrial Loans | ||
Loans with a specific allowance: | ||
Recorded Balance | 4,087 | 7,653 |
Unpaid Principal Balance | 5,673 | 8,789 |
Specific Allowance | 88 | 301 |
Loans without a specific allowance: | ||
Recorded Balance | 817 | 916 |
Unpaid Principal Balance | 2,892 | 3,065 |
Total loans: | ||
Recorded Balance | 4,904 | 8,569 |
Unpaid Principal Balance | 8,565 | 11,854 |
Consumer Loans | ||
Loans with a specific allowance: | ||
Recorded Balance | 134 | 134 |
Unpaid Principal Balance | 134 | 134 |
Specific Allowance | 0 | 1 |
Loans without a specific allowance: | ||
Recorded Balance | 288 | 391 |
Unpaid Principal Balance | 743 | 713 |
Total loans: | ||
Recorded Balance | 422 | 525 |
Unpaid Principal Balance | $ 877 | $ 847 |
Loans and Allowance for Loan_10
Loans and Allowance for Loan Losses - Average Recorded Investment and Interest Income Recognized on Impaired Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Average recorded investment and interest income recognized [Abstract] | ||||
Average Investment in Impaired Loans | $ 27,520 | $ 41,558 | $ 28,708 | $ 42,823 |
Interest Income Recognized | 69 | 150 | 139 | 291 |
Real Estate Loan | ||||
Average recorded investment and interest income recognized [Abstract] | ||||
Average Investment in Impaired Loans | 20,994 | 30,064 | 21,254 | 31,210 |
Interest Income Recognized | 68 | 148 | 136 | 288 |
Construction and Land Development | Real Estate Loan | ||||
Average recorded investment and interest income recognized [Abstract] | ||||
Average Investment in Impaired Loans | 590 | 629 | 595 | 632 |
Interest Income Recognized | 8 | 8 | 15 | 16 |
Agricultural | Real Estate Loan | ||||
Average recorded investment and interest income recognized [Abstract] | ||||
Average Investment in Impaired Loans | 854 | 956 | 854 | 957 |
Interest Income Recognized | 0 | 0 | 0 | 0 |
Residential Properties | Real Estate Loan | 1-4 Family | ||||
Average recorded investment and interest income recognized [Abstract] | ||||
Average Investment in Impaired Loans | 8,920 | 9,543 | 9,062 | 9,973 |
Interest Income Recognized | 18 | 26 | 37 | 51 |
Residential Properties | Real Estate Loan | Multifamily | ||||
Average recorded investment and interest income recognized [Abstract] | ||||
Average Investment in Impaired Loans | 2,374 | 4,522 | 2,391 | 4,804 |
Interest Income Recognized | 0 | 32 | 0 | 61 |
Commercial | Real Estate Loan | ||||
Average recorded investment and interest income recognized [Abstract] | ||||
Average Investment in Impaired Loans | 8,256 | 14,414 | 8,352 | 14,844 |
Interest Income Recognized | 42 | 82 | 84 | 160 |
Agricultural Loans | ||||
Average recorded investment and interest income recognized [Abstract] | ||||
Average Investment in Impaired Loans | 902 | 823 | 909 | 773 |
Interest Income Recognized | 0 | 1 | 0 | 1 |
Commercial and Industrial Loans | ||||
Average recorded investment and interest income recognized [Abstract] | ||||
Average Investment in Impaired Loans | 5,167 | 9,929 | 6,046 | 10,059 |
Interest Income Recognized | 1 | 1 | 3 | 2 |
Consumer Loans | ||||
Average recorded investment and interest income recognized [Abstract] | ||||
Average Investment in Impaired Loans | 457 | 742 | 499 | 781 |
Interest Income Recognized | 0 | 0 | 0 | 0 |
All Other Loans | ||||
Average recorded investment and interest income recognized [Abstract] | ||||
Average Investment in Impaired Loans | 0 | 0 | 0 | 0 |
Interest Income Recognized | $ 0 | $ 0 | $ 0 | $ 0 |
Loans and Allowance for Loan_11
Loans and Allowance for Loan Losses - Amortized Cost Basis of Loans on Nonaccrual Status and Nonaccrual Loans Individually Evaluated (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Nonaccrual, No Allowance | $ 9,356 | |
Financing Receivable, Nonaccrual | 20,440 | $ 25,118 |
Construction and Land Development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Nonaccrual, No Allowance | 0 | |
Financing Receivable, Nonaccrual | 38 | 41 |
Agricultural Real Estate Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Nonaccrual, No Allowance | 0 | |
Financing Receivable, Nonaccrual | 369 | 479 |
1-4 Family Residential Properties | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Nonaccrual, No Allowance | 3,220 | |
Financing Receivable, Nonaccrual | 7,299 | 7,379 |
Multifamily Residential Properties | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Nonaccrual, No Allowance | 1,960 | |
Financing Receivable, Nonaccrual | 2,243 | 3,137 |
Commercial Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Nonaccrual, No Allowance | 2,127 | |
Financing Receivable, Nonaccrual | 4,412 | 4,351 |
Loans Secured by Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Nonaccrual, No Allowance | 7,307 | |
Financing Receivable, Nonaccrual | 14,361 | 15,387 |
Agricultural Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Nonaccrual, No Allowance | 228 | |
Financing Receivable, Nonaccrual | 837 | 769 |
Commercial and Industrial Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Nonaccrual, No Allowance | 1,691 | |
Financing Receivable, Nonaccrual | 4,823 | 8,441 |
Consumer Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Nonaccrual, No Allowance | 130 | |
Financing Receivable, Nonaccrual | $ 419 | $ 521 |
Loans and Allowance for Loan_12
Loans and Allowance for Loan Losses - Acquired Loans with Credit Deterioration (Details) - USD ($) | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Carrying amount | $ 3,160,900,000 | $ 2,666,616,000 | ||||
Allowance for loan losses | (38,381,000) | $ (32,876,000) | (26,911,000) | $ (26,359,000) | $ (26,704,000) | $ (26,189,000) |
Carrying amount, net of allowance | 3,160,900,000 | 2,666,616,000 | ||||
Financial Asset Acquired with Credit Deterioration | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Carrying amount | 4,951,000 | |||||
Allowance for loan losses | (365,000) | |||||
Carrying amount, net of allowance | 4,586,000 | |||||
Financial Asset Acquired with Credit Deterioration | Real Estate Loan | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Carrying amount | 4,951,000 | |||||
Construction and Land Development | Real Estate Loan | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | (2,358,000) | (1,620,000) | (1,146,000) | (739,000) | (552,000) | (561,000) |
Construction and Land Development | Financial Asset Acquired with Credit Deterioration | Real Estate Loan | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Carrying amount | 256,000 | |||||
Agricultural | Real Estate Loan | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | (1,634,000) | (1,335,000) | (1,093,000) | (1,284,000) | (1,282,000) | (1,246,000) |
Agricultural | Financial Asset Acquired with Credit Deterioration | Real Estate Loan | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Carrying amount | 0 | |||||
Residential Properties | Real Estate Loan | 1-4 Family | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | (2,486,000) | (1,931,000) | (1,386,000) | (1,649,000) | (1,341,000) | (1,504,000) |
Residential Properties | Financial Asset Acquired with Credit Deterioration | Real Estate Loan | 1-4 Family | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Carrying amount | 371,000 | |||||
Residential Properties | Financial Asset Acquired with Credit Deterioration | Real Estate Loan | Multifamily | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Carrying amount | 2,077,000 | |||||
Commercial | Real Estate Loan | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | $ (16,272,000) | $ (13,621,000) | (11,198,000) | $ (10,796,000) | $ (10,565,000) | $ (11,102,000) |
Commercial | Financial Asset Acquired with Credit Deterioration | Real Estate Loan | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Carrying amount | $ 2,247,000 |
Loans and Allowance for Loan_13
Loans and Allowance for Loan Losses - Recorded Balance of Troubled Debt Restructurings (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Troubled Debt Restructurings Balance | $ 6,839 | $ 5,803 | |
Financing Receivable Modifications Performing Recorded Investment | 2,656 | 2,701 | $ 2,800 |
Real Estate Loan | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Troubled Debt Restructurings Balance | 3,716 | 3,651 | |
Financing Receivable Modifications Performing Recorded Investment | 2,484 | 2,528 | |
Residential Properties | Real Estate Loan | 1-4 Family | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Troubled Debt Restructurings Balance | 1,843 | 1,905 | |
Financing Receivable Modifications Performing Recorded Investment | 1,352 | 1,382 | |
Commercial | Real Estate Loan | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Troubled Debt Restructurings Balance | 1,873 | 1,746 | |
Financing Receivable Modifications Performing Recorded Investment | 1,132 | 1,146 | |
Agricultural Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Troubled Debt Restructurings Balance | 316 | 669 | |
Financing Receivable Modifications Performing Recorded Investment | 88 | 40 | |
Commercial and Industrial Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Troubled Debt Restructurings Balance | 2,673 | 1,349 | |
Financing Receivable Modifications Performing Recorded Investment | 81 | 128 | |
Consumer Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Troubled Debt Restructurings Balance | 134 | 134 | |
Financing Receivable Modifications Performing Recorded Investment | $ 3 | $ 5 |
Loans and Allowance for Loan_14
Loans and Allowance for Loan Losses - Loans Modified as Troubled Debt Restructurings During Period (Details) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020USD ($)Modification | Dec. 31, 2019USD ($)Modification | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivables, Modifications during Period, Number | Modification | 7 | 8 |
Financing Receivables, Modifications during Period, Balance | $ | $ 2,744 | $ 1,720 |
Real Estate Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivables, Modifications during Period, Number | Modification | 1 | 4 |
Financing Receivables, Modifications during Period, Balance | $ | $ 303 | $ 1,579 |
Residential Properties | Real Estate Loan | 1-4 Family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivables, Modifications during Period, Number | Modification | 0 | 1 |
Financing Receivables, Modifications during Period, Balance | $ | $ 0 | $ 46 |
Commercial Real Estate | Real Estate Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivables, Modifications during Period, Number | Modification | 1 | 3 |
Financing Receivables, Modifications during Period, Balance | $ | $ 303 | $ 1,533 |
Agricultural Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivables, Modifications during Period, Number | Modification | 2 | 1 |
Financing Receivables, Modifications during Period, Balance | $ | $ 88 | $ 59 |
Commercial and Industrial Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivables, Modifications during Period, Number | Modification | 3 | 2 |
Financing Receivables, Modifications during Period, Balance | $ | $ 2,342 | $ 70 |
Consumer Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivables, Modifications during Period, Number | Modification | 1 | 1 |
Financing Receivables, Modifications during Period, Balance | $ | $ 11 | $ 12 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Schedule of Intangible Assets and Goodwill (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Finite Lived Intangible Assets [Line Items] | ||
Goodwill, Gross Carrying Value | $ 108,752 | $ 108,752 |
Goodwill, Accumulated Amortization | 3,760 | 3,760 |
Goodwill and Intangible Assets, Gross Carrying Value | 160,511 | 160,251 |
Goodwill and Intangible Assets, Accumulated Amortization | 30,755 | 28,438 |
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 | 32,355 | 32,355 |
Intangible Assets, Accumulated Amortization | 19,410 | 17,746 |
Other Intangibles | ||
Finite Lived Intangible Assets [Line Items] | ||
Intangible Assets, Gross Carrying Value | 16,389 | 16,129 |
Intangible Assets, Accumulated Amortization | $ 4,570 | $ 3,917 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Intangible Assets Mortgage Servicing Rights (Details) - USD ($) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Finite Lived Intangible Assets [Line Items] | |||
Valuation reserve | $ (523,000) | ||
Mortgage Servicing Rights | |||
Finite Lived Intangible Assets [Line Items] | |||
Beginning Balance | 1,444,000 | $ 2,101,000 | $ 2,101,000 |
Valuation reserve | (259,000) | (439,000) | (380,000) |
Mortgage servicing rights amortized | (268,000) | (172,000) | (411,000) |
I/O Strip | (17,000) | 146,000 | 134,000 |
Ending Balance | $ 900,000 | $ 1,636,000 | $ 1,444,000 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Schedule of Intangible Assets Amortization Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Finite Lived Intangible Assets [Line Items] | ||||
Amortization of intangible assets | $ 1,290 | $ 1,823 | $ 2,585 | $ 3,179 |
Core Deposit Intangibles | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Amortization of intangible assets | 821 | 953 | 1,664 | 1,933 |
Customer List Intangibles | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Amortization of intangible assets | 327 | 317 | 653 | 635 |
Mortgage Servicing Rights | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Amortization of intangible assets | $ 142 | $ 553 | $ 268 | $ 611 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets - Schedule of Expected Amortization Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Aggregate amortization expense: | ||||
For period 01/01/20-6/30/20 | $ 1,290 | $ 1,823 | $ 2,585 | $ 3,179 |
Estimated amortization expense: | ||||
For period 7/01/20-12/31/20 | 2,438 | 2,438 | ||
For year ended 12/31/21 | 4,347 | 4,347 | ||
For year ended 12/31/22 | 3,981 | 3,981 | ||
For year ended 12/31/23 | 3,440 | 3,440 | ||
For year ended 12/31/24 | 2,946 | 2,946 | ||
For year ended 12/31/25 | $ 2,633 | $ 2,633 |
Repurchase Agreements and Oth_3
Repurchase Agreements and Other Borrowings - Additional Information (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Dec. 31, 2019 | |
Repurchase Agreements And Other Borrowings [Abstract] | ||
Securities sold under agreements to repurchase | $ 350,288 | $ 208,109 |
Securities sold under agreements to repurchase increase (decrease) | $ 142,200 | |
Securities sold under agreements to repurchase weighted average rate | 0.22% | |
FHLB borrowings | $ 104,000 | $ 114,000 |
Repurchase Agreements and Oth_4
Repurchase Agreements and Other Borrowings - Schedule of Securities Financing Transactions (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Assets Sold Under Agreements To Repurchase [Line Items] | ||
Securities pledged to Repurchase Agreements | $ 350,288 | $ 208,109 |
U.S. Treasury Securities and Obligations of U.S. Government Corporations & Agencies | ||
Assets Sold Under Agreements To Repurchase [Line Items] | ||
Securities pledged to Repurchase Agreements | 69,427 | 77,333 |
Obligations of States and Political Subdivisions | ||
Assets Sold Under Agreements To Repurchase [Line Items] | ||
Securities pledged to Repurchase Agreements | 0 | 2,375 |
Mortgage-backed Securities: GSE Residential | ||
Assets Sold Under Agreements To Repurchase [Line Items] | ||
Securities pledged to Repurchase Agreements | 278,741 | 128,401 |
Other Securities | ||
Assets Sold Under Agreements To Repurchase [Line Items] | ||
Securities pledged to Repurchase Agreements | $ 2,120 | $ 0 |
Repurchase Agreements and Oth_5
Repurchase Agreements and Other Borrowings - Federal Home Loan Bank, Advances (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2020 | Dec. 31, 2019 | |
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | ||
Federal Home Loan Bank Advances | $ 104,000,000 | $ 114,000,000 |
Interest Rate 1.75% - Maturity Date July 31, 2020 | ||
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | ||
Federal Home Loan Bank Advances | $ 5,000,000 | |
Federal Home Loan Bank Advances, Term (in years) | 3 years | |
Federal Home Loan Bank, Advances, Interest Rate | 1.75% | |
Federal Home Loan Bank, Advances, Maturity Date | Jul. 31, 2020 | |
Interest Rate 2.30% - Maturity Date August 24, 2020 | ||
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | ||
Federal Home Loan Bank Advances | $ 5,000,000 | |
Federal Home Loan Bank Advances, Term (in years) | 6 years | |
Federal Home Loan Bank, Advances, Interest Rate | 2.30% | |
Federal Home Loan Bank, Advances, Maturity Date | Aug. 24, 2020 | |
Interest Rate 1.83% - Maturity Date February 1, 2021 | ||
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | ||
Federal Home Loan Bank Advances | $ 5,000,000 | |
Federal Home Loan Bank Advances, Term (in years) | 3 years 6 months | |
Federal Home Loan Bank, Advances, Interest Rate | 1.83% | |
Federal Home Loan Bank, Advances, Maturity Date | Feb. 1, 2021 | |
Interest Rate 1.85% - Maturity Date April 12, 2021 | ||
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | ||
Federal Home Loan Bank Advances | $ 5,000,000 | |
Federal Home Loan Bank Advances, Term (in years) | 5 years | |
Federal Home Loan Bank, Advances, Interest Rate | 1.85% | |
Federal Home Loan Bank, Advances, Maturity Date | Apr. 12, 2021 | |
Interest Rate 2.00% - Maturity Date May 3, 2021 | ||
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | ||
Federal Home Loan Bank Advances | $ 4,000,000 | |
Federal Home Loan Bank Advances, Term (in years) | 1 year | |
Federal Home Loan Bank, Advances, Interest Rate | 2.00% | |
Federal Home Loan Bank, Advances, Maturity Date | May 3, 2021 | |
Interest Rate 2.55% - Maturity Date October 1, 2021 | ||
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | ||
Federal Home Loan Bank Advances | $ 5,000,000 | |
Federal Home Loan Bank Advances, Term (in years) | 7 years | |
Federal Home Loan Bank, Advances, Interest Rate | 2.55% | |
Federal Home Loan Bank, Advances, Maturity Date | Oct. 1, 2021 | |
Interest Rate 2.71% - Maturity Date March 21, 2022 | ||
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | ||
Federal Home Loan Bank Advances | $ 5,000,000 | |
Federal Home Loan Bank Advances, Term (in years) | 5 years | |
Federal Home Loan Bank, Advances, Interest Rate | 2.71% | |
Federal Home Loan Bank, Advances, Maturity Date | Mar. 21, 2022 | |
Interest Rate 2.40% - Maturity Date January 9, 2023 | ||
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | ||
Federal Home Loan Bank Advances | $ 5,000,000 | |
Federal Home Loan Bank Advances, Term (in years) | 8 years | |
Federal Home Loan Bank, Advances, Interest Rate | 2.40% | |
Federal Home Loan Bank, Advances, Maturity Date | Jan. 9, 2023 | |
Interest Rate 1.51% - Maturity Date July 31, 2023 | ||
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | ||
Federal Home Loan Bank Advances | $ 5,000,000 | |
Federal Home Loan Bank Advances, Term (in years) | 3 years 6 months | |
Federal Home Loan Bank, Advances, Interest Rate | 1.51% | |
Federal Home Loan Bank, Advances, Maturity Date | Jul. 31, 2023 | |
Interest Rate 0.77% - Maturity Date September 11, 2023 | ||
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | ||
Federal Home Loan Bank Advances | $ 5,000,000 | |
Federal Home Loan Bank Advances, Term (in years) | 3 years 6 months | |
Federal Home Loan Bank, Advances, Interest Rate | 0.77% | |
Federal Home Loan Bank, Advances, Maturity Date | Sep. 11, 2023 | |
Interest Rate 1.45% - Maturity Date December 31, 2024 | ||
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | ||
Federal Home Loan Bank Advances | $ 10,000,000 | |
Federal Home Loan Bank Advances, Term (in years) | 5 years | |
Federal Home Loan Bank, Advances, Interest Rate | 1.45% | |
Federal Home Loan Bank, Advances, Maturity Date | Dec. 31, 2024 | |
Interest Rate 0.91% - Maturity Date March 10, 2025 | ||
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | ||
Federal Home Loan Bank Advances | $ 5,000,000 | |
Federal Home Loan Bank Advances, Term (in years) | 5 years | |
Federal Home Loan Bank, Advances, Interest Rate | 0.91% | |
Federal Home Loan Bank, Advances, Maturity Date | Mar. 10, 2025 | |
Interest Rate 1.14% - Maturity Date October 3, 2029 | ||
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | ||
Federal Home Loan Bank Advances | $ 5,000,000 | |
Federal Home Loan Bank Advances, Term (in years) | 10 years | |
Federal Home Loan Bank, Advances, Interest Rate | 1.14% | |
Federal Home Loan Bank, Advances, Maturity Date | Oct. 3, 2029 | |
Interest Rate 1.15% - Maturity Date October 3, 2029 | ||
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | ||
Federal Home Loan Bank Advances | $ 5,000,000 | |
Federal Home Loan Bank Advances, Term (in years) | 10 years | |
Federal Home Loan Bank, Advances, Interest Rate | 1.15% | |
Federal Home Loan Bank, Advances, Maturity Date | Oct. 3, 2029 | |
Interest Rate 1.12% - Maturity Date October 3, 2029 | ||
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | ||
Federal Home Loan Bank Advances | $ 5,000,000 | |
Federal Home Loan Bank Advances, Term (in years) | 10 years | |
Federal Home Loan Bank, Advances, Interest Rate | 1.12% | |
Federal Home Loan Bank, Advances, Maturity Date | Oct. 3, 2029 | |
Interest Rate 1.39% - Maturity Date December 31, 2029 | ||
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | ||
Federal Home Loan Bank Advances | $ 10,000,000 | |
Federal Home Loan Bank Advances, Term (in years) | 10 years | |
Federal Home Loan Bank, Advances, Interest Rate | 1.39% | |
Federal Home Loan Bank, Advances, Maturity Date | Dec. 31, 2029 | |
Interest Rate 1.41% - Maturity Date December 31, 2029 | ||
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | ||
Federal Home Loan Bank Advances | $ 15,000,000 | |
Federal Home Loan Bank Advances, Term (in years) | 10 years | |
Federal Home Loan Bank, Advances, Interest Rate | 1.41% | |
Federal Home Loan Bank, Advances, Maturity Date | Dec. 31, 2029 |
Fair Value of Assets and Liab_3
Fair Value of Assets and Liabilities - Assets Measured at Fair Value on Recurring Basis (Details) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Available-for-sale securities: | ||
Total available-for-sale securities | $ 708,158,000 | $ 685,636,000 |
Equity securities, at fair value | 97,000 | 412,000 |
U.S. Treasury Securities and Obligations of U.S. Government Corporations & Agencies | ||
Available-for-sale securities: | ||
Total available-for-sale securities | 73,899,000 | 107,320,000 |
Obligations of States and Political Subdivisions | ||
Available-for-sale securities: | ||
Total available-for-sale securities | 200,697,000 | 178,433,000 |
Mortgage-backed Securities | ||
Available-for-sale securities: | ||
Total available-for-sale securities | 425,674,000 | 396,126,000 |
Other Securities | ||
Available-for-sale securities: | ||
Total available-for-sale securities | 7,888,000 | 3,757,000 |
Fair Value, Recurring | ||
Available-for-sale securities: | ||
Total available-for-sale securities | 708,158,000 | 685,829,000 |
Equity securities, at fair value | 97,000 | 219,000 |
Derivative assets, Interest rate swaps | 42,000 | |
Total assets | 708,297,000 | 686,048,000 |
Derivative liabilities, Interest rate swaps | 1,829,000 | 325,000 |
Fair Value, Recurring | U.S. Treasury Securities and Obligations of U.S. Government Corporations & Agencies | ||
Available-for-sale securities: | ||
Total available-for-sale securities | 73,899,000 | 107,320,000 |
Fair Value, Recurring | Obligations of States and Political Subdivisions | ||
Available-for-sale securities: | ||
Total available-for-sale securities | 200,697,000 | 178,433,000 |
Fair Value, Recurring | Mortgage-backed Securities | ||
Available-for-sale securities: | ||
Total available-for-sale securities | 425,674,000 | 396,126,000 |
Fair Value, Recurring | Other Securities | ||
Available-for-sale securities: | ||
Total available-for-sale securities | 7,888,000 | 3,950,000 |
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 | 97,000 | 219,000 |
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 | 97,000 | 219,000 |
Derivative assets, Interest rate swaps | 0 | |
Total assets | 97,000 | 219,000 |
Derivative liabilities, Interest rate 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 & 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 | 707,367,000 | 684,856,000 |
Equity securities, at fair value | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Fair Value, Recurring | ||
Available-for-sale securities: | ||
Total available-for-sale securities | 707,367,000 | 684,856,000 |
Equity securities, at fair value | 0 | 0 |
Derivative assets, Interest rate swaps | 42,000 | |
Total assets | 707,409,000 | 684,856,000 |
Derivative liabilities, Interest rate swaps | 1,829,000 | 325,000 |
Significant Other Observable Inputs (Level 2) | Fair Value, Recurring | U.S. Treasury Securities and Obligations of U.S. Government Corporations & Agencies | ||
Available-for-sale securities: | ||
Total available-for-sale securities | 73,899,000 | 107,320,000 |
Significant Other Observable Inputs (Level 2) | Fair Value, Recurring | Obligations of States and Political Subdivisions | ||
Available-for-sale securities: | ||
Total available-for-sale securities | 199,906,000 | 177,460,000 |
Significant Other Observable Inputs (Level 2) | Fair Value, Recurring | Mortgage-backed Securities | ||
Available-for-sale securities: | ||
Total available-for-sale securities | 425,674,000 | 396,126,000 |
Significant Other Observable Inputs (Level 2) | Fair Value, Recurring | Other Securities | ||
Available-for-sale securities: | ||
Total available-for-sale securities | 7,888,000 | 3,950,000 |
Significant Unobservable Inputs (Level 3) | ||
Available-for-sale securities: | ||
Total available-for-sale securities | 791,000 | 780,000 |
Equity securities, at fair value | 0 | 193,000 |
Significant Unobservable Inputs (Level 3) | Fair Value, Recurring | ||
Available-for-sale securities: | ||
Total available-for-sale securities | 791,000 | 973,000 |
Equity securities, at fair value | 0 | 0 |
Derivative assets, Interest rate swaps | 0 | |
Total assets | 791,000 | 973,000 |
Derivative liabilities, Interest rate swaps | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Fair Value, Recurring | U.S. Treasury Securities and Obligations of U.S. Government Corporations & 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 | 791,000 | 973,000 |
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 | $ 0 | $ 0 |
Fair Value of Assets and Liab_4
Fair Value of Assets and Liabilities - Fair Value of Assets Measured on a Recurring Basis Using Significant Unobservable Inputs (Details) - Obligations of State and Political Subdivisions - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | $ 790 | $ 968 | $ 973 | $ 967 |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Total gains or losses: | ||||
Included in net income | 1 | 2 | 2 | 3 |
Included in other comprehensive income (loss) | 0 | 0 | 0 | 0 |
Purchases, issuances, sales and settlements: | ||||
Purchases | 0 | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | (184) | 0 |
Settlements | 0 | 0 | 0 | 0 |
Ending balance | 791 | 970 | 791 | 970 |
Total gains or losses for the period included in net income attributable to the change in unrealized gains or losses related to assets and liabilities still held at the reporting date | $ 0 | $ 0 | $ 0 | $ 0 |
Fair Value of Assets and Liab_5
Fair Value of Assets and Liabilities - Additional Information (Details) - USD ($) | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Unpaid Principal Balance | $ 21,101,000 | $ 25,861,000 | ||
Recorded Balance | 18,578,000 | 23,440,000 | ||
Allowance for Credit Losses | 1,369,000 | 1,098,000 | ||
Other real estate owned | 2,256,000 | 3,644,000 | ||
Mortgage servicing rights (MSR) impairment (recovery) | 523,000 | |||
Mortgage Servicing Rights | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Finite-lived intangible assets, net | 900,000 | $ 1,636,000 | 1,444,000 | $ 2,101,000 |
Mortgage servicing rights (MSR) impairment (recovery) | 259,000 | $ 439,000 | $ 380,000 | |
Fair Value, Nonrecurring | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Unpaid Principal Balance | 9,708,000 | |||
Recorded Balance | 8,358,000 | |||
Allowance for Credit Losses | 1,350,000 | |||
Fair Value, Nonrecurring | Mortgage Servicing Rights | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Indefinite-lived contractual rights | 1,422,000 | |||
Finite-lived intangible assets, net | 899,000 | |||
Fair Value, Nonrecurring | Carrying Amount | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Other real estate owned | 2,256,000 | |||
Fair Value, Nonrecurring | Fair Value | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Other real estate owned | $ 21,000 |
Fair Value of Assets and Liab_6
Fair Value of Assets and Liabilities - Significant Assumptions Used in Valuation of Level 3 Financial Instruments (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Mortgage Servicing Rights | Level 3 | Minimum | Third Party Valuations | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Discount to reflect realizable value | 9.00% | 9.50% |
Mortgage Servicing Rights | Level 3 | Maximum | Third Party Valuations | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Discount to reflect realizable value | 11.00% | 12.50% |
Mortgage Servicing Rights | Level 3 | Weighted Average | Third Party Valuations | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Discount to reflect realizable value | 9.10% | 9.70% |
Impaired Loans (Collateral Dependent) | Level 3 | Minimum | Third Party Valuations | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Discount to reflect realizable value | 0.00% | 0.00% |
Impaired Loans (Collateral Dependent) | Level 3 | Maximum | Third Party Valuations | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Discount to reflect realizable value | 40.00% | 40.00% |
Impaired Loans (Collateral Dependent) | Level 3 | Weighted Average | Third Party Valuations | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Discount to reflect realizable value | 20.00% | 20.00% |
Foreclosed Assets Held-for-sale | Level 3 | Minimum | Third Party Valuations | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Discount to reflect realizable value | 0.00% | 0.00% |
Foreclosed Assets Held-for-sale | Level 3 | Maximum | Third Party Valuations | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Discount to reflect realizable value | 40.00% | 40.00% |
Foreclosed Assets Held-for-sale | Level 3 | Weighted Average | Third Party Valuations | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Discount to reflect realizable value | 35.00% | 35.00% |
Fair Value, Nonrecurring | Mortgage Servicing Rights | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets, Fair Value | $ 899 | $ 1,444 |
Fair Value, Nonrecurring | Impaired Loans (Collateral Dependent) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets, Fair Value | 8,358 | 12,727 |
Fair Value, Nonrecurring | Foreclosed Assets Held-for-sale | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets, Fair Value | $ 21 | $ 935 |
Fair Value of Assets and Liab_7
Fair Value of Assets and Liabilities - Summary of Estimated Fair Values of Company Financial Instruments (Details) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Financial Assets | ||
Total available-for-sale securities | $ 708,158,000 | $ 685,636,000 |
Held-to-maturity securities | 15,216,000 | 69,572,000 |
Equity securities | 97,000 | 412,000 |
Carrying Amount | ||
Financial Assets | ||
Cash and due from banks | 237,201,000 | 84,154,000 |
Federal funds sold | 1,286,000 | 926,000 |
Certificates of deposit investments | 3,890,000 | 4,625,000 |
Total available-for-sale securities | 708,158,000 | 685,636,000 |
Held-to-maturity securities | 15,009,000 | 69,542,000 |
Equity securities | 97,000 | 412,000 |
Loans held for sale | 5,981,000 | 1,820,000 |
Loans net of allowance for loan losses | 3,160,900,000 | 2,666,616,000 |
Interest receivable | 16,842,000 | 15,577,000 |
Federal Reserve Bank stock | 9,401,000 | 9,401,000 |
Federal Home Loan Bank stock | 5,450,000 | 4,105,000 |
Financial Liabilities | ||
Deposits | 3,385,827,000 | 2,917,366,000 |
Securities sold under agreements to repurchase | 350,288,000 | 208,109,000 |
Interest payable | 1,922,000 | 2,261,000 |
Federal Home Loan Bank borrowings | 103,939,000 | 113,895,000 |
Other borrowings | 0 | 5,000,000 |
Junior subordinated debentures | 18,942,000 | 18,858,000 |
Fair Value | ||
Financial Assets | ||
Cash and due from banks | 237,201,000 | 84,154,000 |
Federal funds sold | 1,286,000 | 926,000 |
Certificates of deposit investments | 3,890,000 | 4,625,000 |
Total available-for-sale securities | 708,158,000 | 685,636,000 |
Held-to-maturity securities | 15,216,000 | 69,572,000 |
Equity securities | 97,000 | 412,000 |
Loans held for sale | 5,981,000 | 1,820,000 |
Loans net of allowance for loan losses | 3,095,700,000 | 2,622,053,000 |
Interest receivable | 16,482,000 | 15,577,000 |
Federal Reserve Bank stock | 9,401,000 | 9,401,000 |
Federal Home Loan Bank stock | 5,450,000 | 4,105,000 |
Financial Liabilities | ||
Deposits | 3,396,983,000 | 2,924,144,000 |
Securities sold under agreements to repurchase | 350,306,000 | 208,016,000 |
Interest payable | 1,922,000 | 2,261,000 |
Federal Home Loan Bank borrowings | 107,286,000 | 114,510,000 |
Other borrowings | 0 | 5,000,000 |
Junior subordinated debentures | 14,285,000 | 15,596,000 |
Level 1 | ||
Financial Assets | ||
Cash and due from banks | 237,201,000 | 84,154,000 |
Federal funds sold | 1,286,000 | 926,000 |
Certificates of deposit investments | 0 | 0 |
Total available-for-sale securities | 0 | 0 |
Held-to-maturity securities | 0 | 0 |
Equity securities | 97,000 | 219,000 |
Loans held for sale | 0 | 0 |
Loans net of allowance for loan 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 |
Other borrowings | 0 | 5,000,000 |
Junior subordinated debentures | 0 | 0 |
Level 2 | ||
Financial Assets | ||
Cash and due from banks | 0 | 0 |
Federal funds sold | 0 | 0 |
Certificates of deposit investments | 3,890,000 | 4,625,000 |
Total available-for-sale securities | 707,367,000 | 684,856,000 |
Held-to-maturity securities | 15,216,000 | 69,572,000 |
Equity securities | 0 | 0 |
Loans held for sale | 5,981,000 | 1,820,000 |
Loans net of allowance for loan losses | 0 | 0 |
Interest receivable | 16,482,000 | 15,577,000 |
Federal Reserve Bank stock | 9,401,000 | 9,401,000 |
Federal Home Loan Bank stock | 5,450,000 | 4,105,000 |
Financial Liabilities | ||
Deposits | 2,856,239,000 | 2,332,866,000 |
Securities sold under agreements to repurchase | 350,306,000 | 208,016,000 |
Interest payable | 1,922,000 | 2,261,000 |
Federal Home Loan Bank borrowings | 107,286,000 | 114,510,000 |
Other borrowings | 0 | 0 |
Junior subordinated debentures | 14,285,000 | 15,596,000 |
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 | 791,000 | 780,000 |
Held-to-maturity securities | 0 | 0 |
Equity securities | 0 | 193,000 |
Loans held for sale | 0 | 0 |
Loans net of allowance for loan losses | 3,095,700,000 | 2,622,053,000 |
Interest receivable | 0 | 0 |
Federal Reserve Bank stock | 0 | 0 |
Federal Home Loan Bank stock | 0 | 0 |
Financial Liabilities | ||
Deposits | 540,744,000 | 591,278,000 |
Securities sold under agreements to repurchase | 0 | 0 |
Interest payable | 0 | 0 |
Federal Home Loan Bank borrowings | 0 | 0 |
Other borrowings | 0 | 0 |
Junior subordinated debentures | $ 0 | $ 0 |
Leases- Additional Information
Leases- Additional Information (Details) | Jun. 30, 2020 |
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 | Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 |
Leases, Operating [Abstract] | |||
Operating lease right-of-use assets | $ 15,979 | $ 17,006 | $ 12,805 |
Operating lease liabilities | $ 16,014 | $ 17,007 | $ 12,815 |
Weighted-average remaining lease term (in years) | 6 years 9 months 18 days | 7 years 3 months 18 days | 5 years 6 months |
Weighted-average discount rate | 2.77% | 3.07% | 3.21% |
Leases - Summary of Maturities
Leases - Summary of Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |||
2020 | $ 1,609 | ||
2021 | 2,447 | ||
2022 | 2,183 | ||
2023 | 1,838 | ||
2024 | 1,505 | ||
Thereafter | 9,389 | ||
Total lease payments | 18,971 | ||
Less imputed interest | (2,957) | ||
Lease liabilities | $ 16,014 | $ 17,007 | $ 12,815 |
Leases - Summary of Components
Leases - Summary of Components of Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Lease, Cost [Abstract] | ||||
Operating lease cost | $ 736 | $ 647 | $ 1,378 | $ 1,318 |
Short-term lease cost | 7 | 22 | 53 | 45 |
Variable lease cost | 94 | 432 | 263 | 656 |
Total lease cost | 837 | 1,101 | 1,694 | 2,019 |
Income from subleases | (199) | (213) | (392) | (461) |
Net lease cost | $ 638 | $ 888 | $ 1,302 | $ 1,558 |
Leases - Summary of Operating L
Leases - Summary of Operating Lease Cash Flows (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Leases [Abstract] | ||
Operating cash flows from operating leases | $ 1,375 | $ 1,340 |
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 | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Derivative [Line Items] | ||
Derivative, Weighted Average Remaining Maturity (Years) | 9 years 1 month 6 days | 9 years 3 months 18 days |
Derivative Liability, Notional Amount | $ 14,539 | $ 14,748 |
Derivative Liability, Estimated Value | $ (3,763) | $ (325) |
Derivatives - Summary of Deriva
Derivatives - Summary of Derivative Instruments, Gain (Loss) (Details) - Fair Value Hedging - Interest Rate Swap Agreements - Interest Income On Loans - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Derivative [Line Items] | ||||
Gain (Loss) on Derivative | $ (78) | $ (293) | $ (1,462) | $ (293) |
Gain (Loss) on Hedged Item | $ 78 | $ 293 | $ 1,462 | $ 293 |
Derivatives - Summary of Hedged
Derivatives - Summary of Hedged Instrument (Details) $ in Thousands | Jun. 30, 2020USD ($) |
Hedged Instruments [Abstract] | |
Carrying Amount of the Hedged Asset | $ 12,752 |
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Asset | $ 1,787 |
Derivatives - Summary of Non He
Derivatives - Summary of Non Hedge Instruments (Details) - Not Designated as Hedging Instrument - Interest Rate Swap Agreements $ in Thousands | 6 Months Ended |
Jun. 30, 2020USD ($) | |
Other Assets | |
Derivative [Line Items] | |
Derivative, Weighted Average Remaining Maturity (Years) | 9 years 2 months 12 days |
Derivative Assets, Notional Amount | $ 43,517 |
Derivative Assets, Estimated Value | $ 42 |
Other Liabilities | |
Derivative [Line Items] | |
Derivative, Weighted Average Remaining Maturity (Years) | 9 years 2 months 12 days |
Derivative Liability, Notional Amount | $ 43,517 |
Derivative Liability, Estimated Value | $ (42) |