Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2022 | Aug. 08, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2022 | |
Document Fiscal Year Focus | 2022 | |
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 | 20,454,903 | |
Entity Shell Company | false | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | FMBH | |
Security Exchange Name | NASDAQ | |
Entity File Number | 001-36434 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 37-1103704 | |
Entity Address, Address Line One | 1421 Charleston Avenue | |
Entity Address, City or Town | Mattoon | |
Entity Address, State or Province | IL | |
Entity Address, Postal Zip Code | 61938 | |
City Area Code | 217 | |
Local Phone Number | 234-7454 | |
Document Quarterly Report | true | |
Document Transition Report | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Cash and due from banks: | ||
Non-interest bearing | $ 116,335,000 | $ 90,907,000 |
Interest bearing | 14,354,000 | 76,335,000 |
Federal funds sold | 6,855,000 | 1,360,000 |
Cash and cash equivalents | 137,544,000 | 168,602,000 |
Certificates of deposit | 1,715,000 | 2,450,000 |
Investment securities: | ||
Available-for-sale, at fair value | 1,349,948,000 | 1,421,422,000 |
Held-to-maturity, at amortized cost (estimated fair value of $2,972 and $7,035 at June 30, 2022 and December 31, 2021, respectively) | 2,972,000 | 7,030,000 |
Equity securities, at fair value | 308,000 | 397,000 |
Loans held for sale | 1,286,000 | 2,748,000 |
Loans | 4,647,377,000 | 3,992,775,000 |
Less allowance for credit losses | (59,075,000) | (54,655,000) |
Net loans | 4,588,302,000 | 3,938,120,000 |
Interest receivable | 23,323,000 | 19,868,000 |
Other real estate owned | 4,209,000 | 4,984,000 |
Premises and equipment, net | 90,766,000 | 81,484,000 |
Goodwill | 140,465,000 | 111,853,000 |
Intangible assets, net | 32,406,000 | 29,523,000 |
Bank owned life insurance | 149,917,000 | 132,375,000 |
Right of use lease assets | 15,649,000 | 15,116,000 |
Other assets | 122,112,000 | 50,610,000 |
Total assets | 6,660,922,000 | 5,986,582,000 |
Deposits: | ||
Non-interest bearing | 1,369,756,000 | 1,246,673,000 |
Interest bearing | 3,949,222,000 | 3,709,813,000 |
Total deposits | 5,318,978,000 | 4,956,486,000 |
Securities sold under agreements to repurchase | 174,934,000 | 146,268,000 |
Interest payable | 1,662,000 | 1,346,000 |
FHLB borrowings | 376,286,000 | 86,446,000 |
Other borrowings | 10,000,000 | |
Junior subordinated debentures, net | 19,279,000 | 19,195,000 |
Subordinated debt, net | 94,476,000 | 94,400,000 |
Lease liabilities | 15,884,000 | 15,322,000 |
Other liabilities | 23,155,000 | 33,225,000 |
Total liabilities | 6,034,654,000 | 5,352,688,000 |
Stockholders’ equity: | ||
Common stock ($4 par value; authorized 30,000,000 shares; issued 21,077,504 and 18,708,746 shares in 2022 and 2021, respectively; outstanding 20,448,799 and 18,080,303 shares in 2022 and 2021, respectively) | 86,310,000 | 76,835,000 |
Additional paid-in capital | 426,562,000 | 340,419,000 |
Retained earnings | 260,080,000 | 234,162,000 |
Deferred compensation | 974,000 | 2,517,000 |
Accumulated other comprehensive loss | (128,240,000) | (831,000) |
Less treasury stock, at cost (628,705 shares in 2022 and 628,443 shares in 2021) | (19,418,000) | (19,208,000) |
Total stockholders’ equity | 626,268,000 | 633,894,000 |
Total liabilities and stockholders’ equity | $ 6,660,922,000 | $ 5,986,582,000 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Investment securities: | ||
Held-to-maturity, at fair value | $ 2,972 | $ 7,035 |
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) | 21,077,504 | 18,708,746 |
Common stock, outstanding (in shares) | 20,448,799 | 18,080,303 |
Treasury stock (in shares) | 628,705 | 628,443 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Interest income: | ||||
Interest and fees on loans | $ 43,555 | $ 40,795 | $ 83,463 | $ 76,681 |
Interest on investment securities | 7,623 | 5,739 | 14,793 | 10,581 |
Interest on certificates of deposit investments | 9 | 14 | 21 | 28 |
Interest on federal funds sold | 7 | 7 | ||
Interest on deposits with other financial institutions | 89 | 87 | 144 | 161 |
Total interest income | 51,283 | 46,635 | 98,428 | 87,451 |
Interest expense: | ||||
Interest on deposits | 2,523 | 2,262 | 4,671 | 4,746 |
Interest on securities sold under agreements to repurchase | 137 | 57 | 204 | 127 |
Interest on FHLB borrowings | 640 | 445 | 916 | 819 |
Interest on other borrowings | 5 | 5 | ||
Interest on junior subordinated debentures | 166 | 139 | 312 | 279 |
Interest on subordinated debentures | 986 | 985 | 1,972 | 1,969 |
Total interest expense | 4,457 | 3,888 | 8,080 | 7,940 |
Net interest income | 46,826 | 42,747 | 90,348 | 79,511 |
Provision for credit losses | 907 | (560) | 3,859 | 11,576 |
Net interest income after provision for credit losses | 45,919 | 43,307 | 86,489 | 67,935 |
Other income: | ||||
Wealth management revenues | 5,473 | 5,016 | 11,448 | 9,942 |
Insurance commissions | 5,641 | 4,988 | 12,745 | 10,845 |
Service charges | 2,236 | 1,539 | 4,292 | 2,903 |
Securities gains, net | 2 | 73 | 2 | 77 |
Mortgage banking revenue, net | 289 | 1,691 | 770 | 3,100 |
ATM / debit card revenue | 3,214 | 3,141 | 6,112 | 5,840 |
Bank owned life insurance | 877 | 761 | 1,721 | 1,398 |
Other | 827 | 1,075 | 2,594 | 1,928 |
Total other income | 18,559 | 18,284 | 39,684 | 36,033 |
Other expense: | ||||
Salaries and employee benefits | 25,768 | 24,908 | 50,107 | 48,395 |
Net occupancy and equipment expense | 6,073 | 5,482 | 12,228 | 10,452 |
Net other real estate owned expense | 218 | 1,966 | 185 | 2,044 |
FDIC insurance | 436 | 478 | 862 | 930 |
Amortization of intangible assets | 1,633 | 1,295 | 3,155 | 2,515 |
Stationery and supplies | 325 | 235 | 636 | 551 |
Legal and professional | 1,885 | 1,639 | 3,619 | 3,041 |
ATM / debit card | 670 | 1,074 | 1,748 | 1,912 |
Marketing and donations | 706 | 507 | 1,579 | 1,009 |
Other | 3,801 | 8,429 | 7,821 | 12,764 |
Total other expense | 41,515 | 46,013 | 81,940 | 83,613 |
Income before income taxes | 22,963 | 15,578 | 44,233 | 20,355 |
Income taxes | 5,205 | 3,357 | 9,859 | 4,025 |
Net income | $ 17,758 | $ 12,221 | $ 34,374 | $ 16,330 |
Per share data: | ||||
Basic net income per common share | $ 0.87 | $ 0.68 | $ 1.73 | $ 0.92 |
Diluted net income per common share | 0.86 | 0.68 | 1.72 | 0.92 |
Cash dividends declared per common share | $ 0.220 | $ 0.205 | $ 0.440 | $ 0.410 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income | $ 17,758 | $ 12,221 | $ 34,374 | $ 16,330 |
Other comprehensive income/(loss) | ||||
Unrealized gains (losses) on available-for-sale securities, net of taxes of $22,142 and $(1,529) for three months ended June 30, 2022 and 2021, respectively and $52,040 and $3,374 for six months ended June 30, 2022 and 2021, respectively | (54,211) | 3,746 | (127,408) | (8,259) |
Less: reclassification adjustment for realized gains (losses) included in net income, net of taxes of $1 and $21 for three months ended June 30, 2022 and 2021, respectively and $1 and $22 for six months ended June 30, 2022 and 2021, respectively | (1) | (52) | (1) | (55) |
Other comprehensive income/(loss), net of taxes | (54,212) | 3,694 | (127,409) | (8,314) |
Comprehensive income/(loss) | $ (36,454) | $ 15,915 | $ (93,035) | $ 8,016 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Other comprehensive income/(loss) | ||||
Unrealized gains (losses) on available-for-sale securities,taxes | $ 22,142 | $ (1,529) | $ 52,040 | $ 3,374 |
Reclassification adjustment for realized gains (losses) included in net income, taxes | $ 1 | $ 21 | $ 1 | $ 22 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | LINCO Bancshares, Inc. | BBM & Associates, Inc. | Delta Bancshares Company | Common Stock | Common Stock LINCO Bancshares, Inc. | Common Stock BBM & Associates, Inc. | Common Stock Delta Bancshares Company | Additional Paid-in Capital | Additional Paid-in Capital LINCO Bancshares, Inc. | Additional Paid-in Capital BBM & Associates, Inc. | Additional Paid-in Capital Delta Bancshares Company | Retained Earnings | Deferred Compensation | Accumulated Other Comprehensive Income (Loss) | Treasury Stock |
Beginning balance at Dec. 31, 2020 | $ 568,228 | $ 71,449 | $ 297,806 | $ 197,726 | $ 2,980 | $ 17,095 | $ (18,828) | |||||||||
Net income | 16,330 | 16,330 | ||||||||||||||
Other comprehensive Income (loss) net tax | (8,314) | (8,314) | ||||||||||||||
Cash dividends on common stock | (7,122) | (7,122) | ||||||||||||||
Issuance of common shares pursuant to the dividend reinvestment plan | 332 | 32 | 300 | |||||||||||||
Issuance of common shares pursuant to the deferred compensation plan | 189 | 23 | 166 | |||||||||||||
Issuance of restricted shares pursuant to the stock incentive plan | 943 | 111 | 832 | |||||||||||||
Issuance of common shares pursuant to 2017 stock incentive plan | 85 | 10 | 75 | |||||||||||||
Issuance of shares pursuant to the acquisition | $ 44,191 | $ 1,109 | $ 5,049 | $ 100 | $ 39,142 | $ 1,009 | ||||||||||
Issuance of common shares pursuant to the employee stock purchase plan | 158 | 23 | 135 | |||||||||||||
Deferred compensation | (1,574) | (1,762) | 188 | |||||||||||||
Tax benefit related to deferred compensation distributions | 355 | 355 | ||||||||||||||
Grant of restricted units pursuant to 2017 stock incentive plan | 1,216 | 1,216 | ||||||||||||||
Release of restricted units pursuant to 2017 stock incentive plan | (584) | (584) | ||||||||||||||
Vested restricted shares/units compensation expense | 524 | 524 | ||||||||||||||
Ending balance at Jun. 30, 2021 | 616,066 | 76,797 | 340,452 | 206,934 | 1,742 | 8,781 | (18,640) | |||||||||
Beginning balance at Mar. 31, 2021 | 601,884 | 76,652 | 338,897 | 198,408 | 1,597 | 5,087 | (18,757) | |||||||||
Net income | 12,221 | 12,221 | ||||||||||||||
Other comprehensive Income (loss) net tax | 3,694 | 3,694 | ||||||||||||||
Cash dividends on common stock | (3,695) | (3,695) | ||||||||||||||
Issuance of common shares pursuant to the dividend reinvestment plan | 161 | 15 | 146 | |||||||||||||
Issuance of common shares pursuant to the deferred compensation plan | 171 | 20 | 151 | |||||||||||||
Issuance of shares pursuant to the acquisition | 1,109 | 100 | 1,009 | |||||||||||||
Issuance of common shares pursuant to the employee stock purchase plan | 83 | 10 | 73 | |||||||||||||
Deferred compensation | (117) | 117 | ||||||||||||||
Tax benefit related to deferred compensation distributions | 176 | 176 | ||||||||||||||
Vested restricted shares/units compensation expense | 262 | 262 | ||||||||||||||
Ending balance at Jun. 30, 2021 | 616,066 | 76,797 | 340,452 | 206,934 | 1,742 | 8,781 | (18,640) | |||||||||
Beginning balance at Dec. 31, 2021 | 633,894 | 76,835 | 340,419 | 234,162 | 2,517 | (831) | (19,208) | |||||||||
Net income | 34,374 | 34,374 | ||||||||||||||
Other comprehensive Income (loss) net tax | (127,409) | (127,409) | ||||||||||||||
Cash dividends on common stock | (8,456) | (8,456) | ||||||||||||||
Issuance of common shares pursuant to the deferred compensation plan | 331 | 34 | 297 | |||||||||||||
Issuance of restricted shares pursuant to the stock incentive plan | 2,259 | 219 | 2,040 | |||||||||||||
Issuance of common shares pursuant to 2017 stock incentive plan | 199 | 20 | 179 | |||||||||||||
Issuance of shares pursuant to the acquisition | $ 92,172 | $ 9,169 | $ 83,003 | |||||||||||||
Issuance of common shares pursuant to the employee stock purchase plan | 293 | 33 | 260 | |||||||||||||
Issuance costs pursuant to acquisition of Delta Bancshares Company | 29 | 29 | ||||||||||||||
Purchase of shares of treasury stock | (11) | (11) | ||||||||||||||
Deferred compensation | (2,571) | (2,372) | (199) | |||||||||||||
Grant of restricted units pursuant to 2017 stock incentive plan | 1,529 | 1,529 | ||||||||||||||
Release of restricted units pursuant to 2017 stock incentive plan | (1,216) | (1,216) | ||||||||||||||
Vested restricted shares/units compensation expense | 909 | 80 | 829 | |||||||||||||
Ending balance at Jun. 30, 2022 | 626,268 | 86,310 | 426,562 | 260,080 | 974 | (128,240) | (19,418) | |||||||||
Issuance costs pursuant to acquisition of Delta Bancshares Company | (29) | (29) | ||||||||||||||
Beginning balance at Mar. 31, 2022 | 666,385 | 86,264 | 426,148 | 246,805 | 468 | (74,028) | (19,272) | |||||||||
Net income | 17,758 | 17,758 | ||||||||||||||
Other comprehensive Income (loss) net tax | (54,212) | (54,212) | ||||||||||||||
Cash dividends on common stock | (4,483) | (4,483) | ||||||||||||||
Issuance of common shares pursuant to the deferred compensation plan | 250 | 26 | 224 | |||||||||||||
Issuance of common shares pursuant to the employee stock purchase plan | 169 | 20 | 149 | |||||||||||||
Deferred compensation | 146 | (146) | ||||||||||||||
Vested restricted shares/units compensation expense | 401 | 41 | 360 | |||||||||||||
Ending balance at Jun. 30, 2022 | $ 626,268 | $ 86,310 | $ 426,562 | $ 260,080 | $ 974 | $ (128,240) | $ (19,418) |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Cash dividends declared per common share | $ 0.220 | $ 0.205 | $ 0.440 | $ 0.410 |
Stock issued during period, shares, deferred compensation | 6,439 | 4,902 | 8,378 | 5,541 |
Stock issued during period, shares, employee stock purchase plans | 5,177 | 2,597 | 8,326 | 8,439 |
Issuance of common shares pursuant to the Dividend Reinvestment Plan (in shares) | 3,719 | 8,615 | ||
Restricted stock issued during period, shares, pursuant to the 2017 stock incentive plan | 54,834 | 27,750 | ||
Restricted stock issued during period, shares, pursuant to the 2017 stock incentive plan | 4,950 | 2,375 | ||
Purchase of treasury shares (in shares) | 262 | |||
BBM & Associates, Inc. | ||||
Stock Issued During Period, Shares, Acquisitions | 25,000 | 25,000 | ||
Delta Bancshares Company | ||||
Stock Issued During Period, Shares, Acquisitions | 2,292,270 | |||
LINCO Bancshares, Inc. | ||||
Stock Issued During Period, Shares, Acquisitions | 1,262,246 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash flows from operating activities: | ||
Net income | $ 34,374 | $ 16,330 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for credit losses | 3,859 | 11,576 |
Depreciation, amortization and accretion, net | 7,653 | 6,549 |
Change in cash surrender value of bank owned life insurance | (1,720) | (1,398) |
Stock-based compensation expense | 909 | 524 |
Operating lease payments | (1,517) | (1,467) |
Gain on investment securities, net | (2) | (77) |
Loss on sales and write downs of other real estate owned, net | 69 | 3,043 |
Loss on sale of loans | 76 | 0 |
Loss (gain) on sale of other assets | 85 | (151) |
Gain on sale of loans held for sale, net | (712) | (2,355) |
(Increase) decrease in accrued interest receivable | (1,683) | 3,128 |
Decrease in accrued interest payable | (127) | (1,186) |
Origination of loans held for sale | (34,438) | (75,532) |
Proceeds from sale of loans held for sale | 36,612 | 73,830 |
Increase in other investment | (460) | (414) |
Increase in other assets | (13,402) | (43,138) |
(Decrease) increase in other liabilities | (9,465) | 12,102 |
Net cash provided by operating activities | 20,111 | 1,364 |
Cash flows from investing activities: | ||
Proceeds from maturities of certificates of deposit investments | 735 | 245 |
Proceeds from sales of securities available-for-sale | 0 | 611 |
Proceeds from maturities of securities available-for-sale | 82,525 | 131,720 |
Proceeds from maturities of securities held-to-maturity | 5,000 | 0 |
Purchases of securities available-for-sale | (10,768) | (370,962) |
Net (increase) decrease in loans | (236,593) | 173,989 |
Purchases of premises and equipment | (2,760) | (1,562) |
Proceeds from sales of other real property owned | 782 | 8,418 |
Investment in banked owned life insurance | 0 | (30,000) |
Net cash provided by acquisition | 67,323 | 24,409 |
Net cash used in investing activities | (93,756) | (63,132) |
Cash flows from financing activities: | ||
Net (decrease) increase in deposits | (197,885) | 56,128 |
Increase in federal funds purchased | 10,000 | 0 |
Decrease in repurchase agreements | (6,857) | (55,543) |
Proceeds from FHLB advances | 325,000 | 5,000 |
Repayment of FHLB advances | (80,000) | (14,000) |
Proceeds from issuance of common stock | 823 | 432 |
Direct expenses related to capital transactions | (29) | 0 |
Purchase of treasury stock | (11) | 0 |
Dividends paid on common stock | (8,454) | (6,789) |
Net cash provided by (used in) financing activities | 42,587 | (14,772) |
Decrease in cash and cash equivalents | (31,058) | (76,540) |
Cash and cash equivalents at beginning of period | 168,602 | 417,281 |
Cash and cash equivalents at end of period | 137,544 | 340,741 |
Cash paid during the period for: | ||
Interest | 7,764 | 8,454 |
Income taxes | 18,880 | 9,996 |
Supplemental disclosures of noncash investing and financing activities | ||
Loans transferred to other real estate | 198 | 197 |
Fixed assets transferred to real estate owned | 0 | 3,971 |
Initial recognition of right-of-use assets | 715 | 0 |
Initial recognition of lease liabilities | 715 | 0 |
Dividends reinvested in common stock | 0 | 332 |
Net tax benefit related to option and deferred compensation plans | 0 | 355 |
LINCO Bancshares, Inc. | ||
Supplemental disclosures of noncash investing and financing activities | ||
Fair value of assets acquired | 750,063 | 1,170,699 |
Cash paid | 15,150 | 103,500 |
Common stock issued | 92,172 | 44,191 |
Total consideration paid | 107,322 | 147,691 |
Fair value of liabilities assumed | $ 642,741 | $ 1,023,008 |
Basis of Accounting and Consoli
Basis of Accounting and Consolidation | 6 Months Ended |
Jun. 30, 2022 | |
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”) 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 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 2021 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, the Company describes 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. Delta Bancshares Company On July 28, 2021, the Company and Brock Sub LLC, a newly formed Delaware limited liability company and wholly-owned subsidiary of the Company (“Delta Merger Sub”), entered into an Agreement and Plan of Merger (the “Delta Merger Agreement”) with Delta Bancshares Company, a Missouri corporation (“Delta”), pursuant to which, among other things, the Company agreed to acquire 100% of the issued and outstanding shares of Delta pursuant to a business combination whereby Delta merged with and into Merger Sub, whereupon the separate corporate existence of Delta ceased and Merger Sub continued as the surviving company and a wholly-owned subsidiary of First Mid (the “Delta Merger”). The Delta Merger was completed on February 14, 2022. Subject to the terms and conditions of the Merger Agreement, at the effective time of the Delta Merger, each share of common stock, par value $10.00 per share, of Delta issued and outstanding immediately prior to the effective time of the Delta Merger (other than shares held in treasury by Delta) converted into and became the right to receive cash and shares of common stock, par value $4.00 per share, of the Company and cash in lieu of fractional shares, less any applicable taxes required to be withheld, and subject to certain potential adjustments. On an aggregate basis, the total consideration paid by the Company at the closing of the Delta Merger to Delta’s shareholders and option holders was approximately $15.15 million in cash and 2,292,270 shares of Company common stock. Delta’s outstanding stock options vested upon consummation of the Delta Merger, and all outstanding Delta options that were unexercised prior to the effective time of the Delta Merger were cashed out. Delta’s wholly owned bank subsidiary, Jefferson Bank, was merged with and into First Mid Bank during the second quarter of 2022. At the time of the bank merger, Jefferson Bank’s banking offices became branches of First Mid Bank. LINCO Bancshares, Inc. On September 25, 2020, the Company and Eval Sub Inc., a wholly owned subsidiary of the Company ("Merger Sub"), entered into an Agreement and Plan of Merger (the "Merger Agreement") with LINCO Bancshares, Inc., the former parent of Providence Bank ("LINCO"), and the sellers as defined therein, pursuant to which, among other things, the Company agreed to acquire 100% of the issued and outstanding shares of LINCO pursuant to a business combination whereby Merger Sub merged with and into LINCO, whereupon the separate corporate existence of Merger Sub ceased and LINCO continued as the surviving company and a wholly owned subsidiary of the Company (the "LINCO Merger"). 10 Subject to the terms and conditions of the Merger Agreement, at the effective time of the LINCO Merger, each share of common stock, par value $1.00 per share, of LINCO issued and outstanding immediately prior to the effective time of the LINCO Merger (other than shares held in treasury by LINCO) was converted into and become the right to receive, cash or shares of common stock, par value $4.00 per share, of the Company and cash in lieu of fractional shares, less any applicable taxes required to be withheld, and subject to certain potential adjustments. On an aggregate basis, the total consideration payable by the Company at the closing of the Merger was $103.5 million in cash and 1,262,246 shares of the Company’s common stock, provided that the shareholders of LINCO collectively elected pursuant to the Merger Agreement to receive varying amounts of cash or shares of common stock of the Company as consideration in the Merger. In addition, immediately prior to the closing of the proposed merger, LINCO paid a special dividend to its shareholders in the aggregate amount of $13 million. The LINCO Merger closed on February 22, 2021, and Providence Bank merged into First Mid Bank on May 15, 2021. 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. 2021 Loan Purchase On September 10, 2021, First Mid Bank completed an acquisition of loans in the St. Louis Metro market totaling $208 million. There were no loans purchased with deteriorated credit. First Mid Bank also assumed $215 million of related customer deposits and recorded a core deposit intangible asset of approximately $4.9 million that is being amortized on an accelerated basis over ten years. Stock Plans At ten-year Following the stockholders’ approval at the 2021 annual meeting of the Company, a maximum of 399,983 shares of common stock may be issued under the SI Plan. There have been no stock options awarded under 61,400 27,750 2022 2021 2021 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. of June 30, 2022 , 40,010 shares have been issued pursuant to the ESPP. During the six months ended June 30, 2022 2021 8,326 ESPP. 11 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 farm management services is recorded when the service is complete, for example when crops are sold. Brokerage commissions. Revenue is recorded at the beginning of each quarter through billing to customers based on the account asset size on the last day of the previous quarter. If a withdrawal of funds takes place, a prorated refund may occur; this is reflected within the same quarter as the original billing occurred. All performance obligations are met within the same quarter that the revenue is recorded. Insurance commissions. The Company’s insurance agency subsidiary, First Mid Insurance, receives commissions on premiums of new and renewed business policies. First Mid Insurance records commission revenue on direct bill policies as the cash is received. For agency bill policies, First Mid Insurance retains its commission portion of the customer premium payment and remits the balance to the carrier. In both cases, the entire performance obligation is held by the carriers. Service charges on deposits. The Company generates revenue from fees charged for deposit account maintenance, overdrafts, wire transfers, and check fees. The revenue related to deposit fees is recognized at the time the performance obligation is satisfied. ATM/debit card revenue. The Company generates revenue through service charges on the use of its ATM machines and interchange income from the use of Company issued credit and debit cards. The revenue is recognized at the time the service is used and the performance obligation is satisfied. Other income. Treasury management fees and lock box fees are received and recorded after the service performance obligation is completed. Merchant bank card fees are received from various vendors; however, the performance obligation is with the vendors. The Company records gains on the sale of loans and the sale of OREO properties after the transactions are complete and transfer of ownership has occurred. As each of the Company’s facilities is in markets with similar economies, no disaggregation of revenue is necessary. 12 Accumulated Other Comprehensive Loss The components of accumulated other comprehensive loss included in stockholders’ equity as of June 30, 2022 and December 31, 2021 are as follows (in Unrealized Losses on Securities June 30, 2022 Net unrealized losses on securities available-for-sale $ (180,619 ) Tax benefit 52,379 Balance at June 30, 2022 $ (128,240 ) December 31, 2021 Net unrealized losses on securities available-for-sale $ (1,170 ) Tax benefit 339 Balance at December 31, 2021 $ (831 ) Amounts reclassified from accumulated other comprehensive loss and the affected line items in the statements of income during the three and six months ended June 30, 2022 and 2021, were as follows (in thousands): Amounts Reclassified from Other Comprehensive Income Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 Affected Line Item in the Statements of Income Realized gains on available-for-sale securities $ 2 $ 73 $ 2 $ 77 Securities (loss) gains, net Tax effect (1 ) (21 ) (1 ) (22 ) Income taxes Total reclassifications out of accumulated other comprehensive income $ 1 $ 52 $ 1 $ 55 Net reclassified amount See “Note 3 – Investment Securities” for more detailed information regarding unrealized losses on available-for-sale securities. Adoption of New Accounting Guidance Accounting Standards Update 2022-02, Financial Instruments-Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures (“ASU 2022-02”). In March 2022, FASB issued ASU 2022-02. The amendments in this update eliminate the accounting guidance and related disclosures for TDRs by creditors in Subtopic 310-40, Receivables—Troubled Debt Restructurings by Creditors , while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty and requiring an entity to disclose current-period gross writeoffs by year of origination for financing receivables and net investments in leases within the scope of Subtopic 326-20, Financial Instruments—Credit Losses—Measured at Amortized Cost . The amendments in this update are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years and are applied prospectively, except with respect to the recognition and measurement of TDRs, where an entity has the option to apply a modified retrospective transition method. Early adoption of the amendments in this update is permitted. An entity may elect to early adopt the amendments regarding TDRs and related disclosure enhancements separately from the amendments related to vintage disclosures. The adoption of this accounting guidance is not expected to have a material impact on the Company's consolidated financial statements. 13 |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2022 | |
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, 2022 and 2021 were as follows: Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 Basic net income per common share Available to common stockholders: Net income $ 17,758,000 $ 12,221,000 $ 34,374,000 $ 16,330,000 Weighted average common shares outstanding 20,448,799 18,067,190 19,875,516 17,685,679 Basic earnings per common share $ 0.87 $ 0.68 $ 1.73 $ 0.92 Diluted net income per common share Available to common stockholders: Net income applicable to diluted earnings per share $ 17,758,000 $ 12,221,000 $ 34,374,000 $ 16,330,000 Weighted average common shares outstanding 20,448,799 18,067,190 19,875,516 17,685,679 Dilutive potential common shares: restricted stock awarded 80,724 53,020 71,711 53,020 Diluted weighted average common shares outstanding 20,529,523 18,120,210 19,947,227 17,738,699 Diluted earnings per common share $ 0.86 $ 0.68 $ 1.72 $ 0.92 There were no shares excluded when computing diluted earnings per share for the three and six months ended June 30, 2022 and 2021 because they were anti-dilutive. |
Investment Securities
Investment Securities | 6 Months Ended |
Jun. 30, 2022 | |
Investments Debt And Equity Securities [Abstract] | |
Investment Securities | 14 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, 2022 and December 31, 2021 were as follows (in thousands): Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value June 30, 2022 Available-for-sale: U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 261,387 $ 8 $ (24,548 ) $ 236,847 Obligations of states and political subdivisions 385,688 678 (58,544 ) 327,822 Mortgage-backed securities: GSE residential 793,979 37 (95,673 ) 698,343 Other securities 89,512 29 (2,605 ) 86,936 Total available-for-sale $ 1,530,566 $ 752 $ (181,370 ) $ 1,349,948 Held-to-maturity: Other investments $ 2,972 $ — $ — $ 2,972 Total held-to-maturity $ 2,972 $ — $ — $ 2,972 December 31, 2021 Available-for-sale: U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 208,598 $ 80 $ (4,863 ) $ 203,815 Obligations of states and political subdivisions 383,991 12,123 (657 ) 395,457 Mortgage-backed securities: GSE residential 799,456 4,292 (12,710 ) 791,038 Other securities 30,546 671 (105 ) 31,112 Total available-for-sale $ 1,422,591 $ 17,166 $ (18,335 ) $ 1,421,422 Held-to-maturity: U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 5,001 $ 5 $ — $ 5,006 Other investments 2,029 — — 2,029 U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 7,030 $ 5 $ — $ 7,035 The Company also had $308,000 and $397,000 of equity securities, at fair value, as of June 30, 2022 and December 31, 2021, respectively. The Company's held-to-maturity securities are annuities for which the risk of loss is minimal. As such, as of June 30, 2022, 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, 2022 and 2021 (in thousands): Three months June 30, Six months June 30, 2022 2021 2022 2021 Gross gains $ 2 $ 73 $ 2 $ 77 Gross losses — — — — 15 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, 2022 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 $ 170,756 $ 56,145 $ 9,946 $ — $ 236,847 Obligations of state and political subdivisions 22,218 95,449 209,021 1,134 327,822 Mortgage-backed securities: GSE residential 6,114 113,107 570,106 9,016 698,343 Other securities 19,291 66,746 899 — 86,936 Total available-for-sale investments $ 218,379 $ 331,447 $ 789,972 $ 10,150 $ 1,349,948 Weighted average yield 1.54 % 2.46 % 1.77 % 1.69 % 1.89 % Full tax-equivalent yield 1.65 % 2.75 % 1.95 % 1.82 % 2.09 % Held to maturity: Other investments $ — $ — $ — $ 2,972 $ 2,972 Total held-to-maturity $ — $ — $ — $ 2,972 $ 2,972 Weighted average yield — % — % — % — % — % Full tax-equivalent yield — % — % — % — % — % The weighted average yields are calculated based on the amortized cost and effective yields weighted for the scheduled maturity of each security. Tax-equivalent yields have been calculated using a 21% tax rate. With the exception of obligations of the U.S. Treasury and other U.S. government agencies and corporations, there were no investment securities of any single issuer, the book value of which exceeded 10% of stockholders' equity at June 30, 2022. Investment securities carried at approximately $724 million and $590 million at June 30, 2022 and December 31, 2021, 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, 2022 and December 31, 2021 (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, 2022 Available-for-sale: U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 121,758 $ (8,930 ) $ 111,991 $ (15,618 ) $ 233,749 $ (24,548 ) Obligations of states and political subdivisions 253,771 (55,918 ) 7,466 (2,626 ) 261,237 (58,544 ) Mortgage-backed securities: GSE residential 505,673 (62,477 ) 188,576 (33,196 ) 694,249 (95,673 ) Other securities 66,927 (2,529 ) 2,489 (76 ) 69,416 (2,605 ) Total $ 948,129 $ (129,854 ) $ 310,522 $ (51,516 ) $ 1,258,651 $ (181,370 ) December 31, 2021 Available-for-sale: U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 48,316 $ (1,927 ) $ 139,846 $ (2,936 ) $ 188,162 $ (4,863 ) Obligations of states and political subdivisions 61,535 (657 ) — — 61,535 (657 ) Mortgage-backed securities: GSE residential 562,699 (11,019 ) 46,504 (1,691 ) 609,203 (12,710 ) Other securities 7,976 (105 ) — — 7,976 (105 ) Total $ 680,526 $ (13,708 ) $ 186,350 $ (4,627 ) $ 866,876 $ (18,335 ) 16 U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies. At June 30, 2022 there were fourteen available-for-sale securities with a fair value of $111,991,000 and unrealized losses of $15,618,000 in a continuous unrealized loss position for twelve months or more. At December 31, 2021, there were six available-for-sale securities with a fair value of $139,846,000 and unrealized losses of $2,936,000 in a continuous unrealized loss position for twelve months or more. There were no held-to-maturity U.S. Treasury securities and obligations of U.S. government corporations and agencies in a continuous unrealized loss position for twelve months or more. Obligations of states and political subdivisions. At June 30, 2022, there were five obligations of states and political subdivisions with a fair value of $7,466,000 and unrealized losses of $2,626,000 in a continuous unrealized loss position for twelve months or more. At December 31, 2021, there were no obligations of states and political subdivisions in a continuous unrealized loss position for twelve months or more. Mortgage-backed Securities: GSE Residential. At June 30, 2022, there were forty-two mortgage-backed securities with a fair value of $188,576,000 and unrealized losses of $33,196,000 in a continuous unrealized loss position for twelve months or more. At December 31, 2021, there were fifteen mortgage-backed securities with a fair value of $46,504,000 and unrealized losses of $1,691,000 in a continuous unrealized loss position for twelve months or more. Other securities. At June 30, 2022, there were three other securities with a fair value of $2,489,000 and unrealized losses of $76,000 in a continuous unrealized loss position for twelve months or more. At December 31, 2021, there were no other securities in a continuous unrealized loss position for twelve months or more. The Company does not believe any unrealized losses as of June 30, 2022 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 Credit
Loans and Allowance for Credit Losses | 6 Months Ended |
Jun. 30, 2022 | |
Receivables [Abstract] | |
Loans and Allowance for Credit Losses | Note 4 – Loans and Allowance for Credit Losses Loans are stated at amortized cost net of an allowance for credit losses. Amortized cost is the unpaid principal net of unearned premiums and discounts, and net deferred origination fees and costs. Deferred loan origination fees are reduced by loan origination costs and are amortized to interest income over the life of the related loan using methods that approximated the effective interest rate method. Interest on substantially all loans is credited to income based on the principal amount outstanding. A summary of loans at June 30, 2022 and December 31, 2021 follows (in thousands): June 30, 2022 December 31, 2021 Construction and land development $ 141,218 $ 145,156 Agricultural real estate 350,485 279,001 1-4 family residential properties 424,217 399,932 Multifamily residential properties 331,386 298,974 Commercial real estate 1,983,017 1,666,764 Loans secured by real estate 3,230,323 2,789,827 Agricultural loans 142,237 151,344 Commercial and industrial loans 1,039,363 834,061 Consumer loans 94,780 78,538 All other loans 151,715 143,738 Total gross loans 4,658,418 3,997,508 Less: loans held for sale 1,286 2,748 4,657,132 3,994,760 Less: Net deferred loan fees, premiums and discounts 9,755 1,985 Allowance for credit losses 59,075 54,655 Net loans $ 4,588,302 $ 3,938,120 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. 17 Accrued interest on loans, which is excluded from the amortized cost of the balances above, totaled $16.9 million and $14.7 million at June 30, 2022 and December 31, 2021, respectively. Most of the Company’s business activities are with customers located near the Company's branch locations in Illinois, Missouri, and Texas. At June 30, 2022, the Company’s loan portfolio included $492.6 million of loans to borrowers whose businesses are directly related to agriculture. Of this amount, $366.6 million was concentrated in corn and other grain farming. Total loans to borrowers whose businesses are directly related to agriculture increased $61.8 million from $430.8 million at December 31, 2021 due to seasonal timing of cash flow requirements. Loans concentrated in corn and other grain farming increased $69.2 million from $297.4 million at December 31, 2021. The Company's underwriting practices include collateralization of loans. Any extended period of low commodity prices, drought conditions, significantly reduced yields on crops and/or reduced levels of government assistance to the agricultural industry could result in an increase in the level of problem agriculture loans and potentially result in loan losses within the agricultural portfolio. In addition, the Company has $203.0 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 $902.0 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 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 or twenty five years, depending on the loan-to-value. The Company’s commercial real estate portfolio is below the thresholds that would designate a concentration in commercial real estate lending, as established by the federal banking regulators. Commercial and Industrial Loans. Commercial and industrial loans are primarily comprised of working capital loans used to purchase inventory and fund accounts receivable that are secured by business assets other than real estate. These loans are generally written for one year or less. Also, equipment financing is provided to businesses with these loans generally limited to 80% of the value of the collateral and amortization periods limited to seven years. Commercial loans are often accompanied by a personal guaranty of the principal owners of a business. Like commercial real estate loans, the underlying cash flow of the business is the primary consideration in the underwriting process. The financial condition of commercial borrowers is monitored at least annually with the type of financial information required determined by the size of the relationship. Measures employed by the Company for businesses with higher risk profiles include the use of government- assisted lending programs through the Small Business Administration and U.S. Department of Agriculture. Agricultural and Agricultural Real Estate Loans. Agricultural loans are generally comprised of seasonal operating lines to cash grain farmers to plant and harvest corn and soybeans and term loans to fund the purchase of equipment. Agricultural real estate loans are primarily comprised of loans for the purchase of farmland. Specific underwriting standards have been established for agricultural-related loans including the establishment of projections for each operating year based on industry developed estimates of farm input costs and expected commodity yields and prices. Operating lines are typically written for one year and secured by the crop. Loan-to-value ratios on loans secured by farmland generally do not exceed 65% and have amortization periods limited to twenty-five years. Federal government-assistance lending programs through the Farm Service Agency are used to mitigate the level of credit risk when deemed appropriate. 18 Residential Real Estate Loans. Residential real estate loans generally include loans for the purchase or refinance of residential real estate properties consisting of one-to-four units and home equity loans and lines of credit. The Company sells most of its long-term fixed rate residential real estate loans to secondary market investors. The Company also releases the servicing of these loans upon sale. Residential real estate loans are typically underwritten to conform to industry standards including criteria for maximum debt-to-income and loan-to-value ratios as well as minimum credit scores. Loans secured by first liens on residential real estate held in the portfolio typically do not exceed 80% of the value of the collateral and have amortization periods of twenty-five years or less. The Company does not originate subprime mortgage loans. Consumer Loans. Consumer loans are primarily comprised of loans to individuals for personal and household purposes such as the purchase of an automobile or other living expenses. Minimum underwriting criteria have been established that consider credit score, debt-to-income ratio, employment history, and collateral coverage. Typically, consumer loans are set up on monthly payments with amortization periods based on the type and age of the collateral. Other Loans. Other loans consist primarily of loans to municipalities to support community projects such as infrastructure improvements or equipment purchases. Underwriting guidelines for these loans are consistent with those established for commercial loans with the additional repayment source of the taxing authority of the municipality. Allowance for Credit Losses The allowance for credit losses represents the Company’s best estimate of the reserve necessary to adequately account for probable losses expected over the remaining contractual life of the assets. The provision for credit losses is the charge against current earnings that is determined by the Company as the amount needed to maintain an adequate allowance for credit losses. In determining the adequacy of the allowance for credit losses, and therefore the provision to be charged to current earnings, the Company relies predominantly on a disciplined credit review and approval process that extends to the full range of the Company’s credit exposure. The review process is directed by the overall lending policy and is intended to identify, at the earliest possible stage, borrowers who might be facing financial difficulty. Factors considered by the Company in evaluating the overall adequacy of the allowance include historical net loan losses, the level and composition of nonaccrual, past due and 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 individually evaluated loans separately from non-individually evaluated loans. Individually Evaluated Loans The Company individually evaluates certain loans for impairment. In general, these loans have been internally identified via the Company’s loan grading system as credits requiring management’s attention due to underlying problems in the borrower’s business or collateral concerns. This evaluation considers expected future cash flows, the value of collateral and other factors that may impact the borrower’s ability to make payments when due. For loans greater than $250,000, impairment is individually measured each quarter using one of three alternatives: (1) the present value of expected future cash flows discounted at the loan’s Non-Individually Evaluated Loans Non-individually evaluated loans comprise the vast majority of the Company’s total loan portfolio and include loans in accrual status and those credits not identified as troubled debt restructurings. A small portion of these loans are considered “criticized” due to the risk rating assigned reflecting elevated credit risk due to characteristics, such as a strained cash flow position, associated with the individual borrowers. Criticized loans are those assigned risk ratings of Special Mention, Substandard, or Doubtful. To determine the allowance, the loan portfolio is segmented based on similar risk characteristics. The allowance for credit losses is estimated using a discounted cash flow (DCF) methodology. The DCF projects future cash flows over the life of the loan portfolio. Probability of default (PD) and loss given default (LGD) are key components in calculating expected losses in this model. The PD is forecasted using a regression model that determines the likelihood of default with a forward-looking forecast of unemployment rates. The LGD is the percentage of defaulted loans that is ultimately charged off. The allowance is calculated as the net present value of the expected cash flows less the amortized cost basis of the loans. Prior to 2022, the allowance for credit losses was measured on a collective (pool) basis for non-individually evaluated loans with similar risk characteristics. Historical credit loss experience provided the basis for the estimate of expected credit losses. Adjustments to expected losses are made using qualitative factors for relevant to each loan segment including merger & acquisition activity, economic conditions, changes in policies, procedures & underwriting, and concentrations. In addition, a forecast, using reasonable and supportable future conditions, is prepared that is used to estimate expected changes to existing and historical conditions in the current period. 19 The Company also considers specific current economic events occurring globally, in the U.S. and in its local markets. In March 2020, in response to the COVID-19 outbreak, its significant disruptions in the U.S. economy and impacts on local markets, First Mid Bank offered a 90-day commercial deferral program, primarily to hotel and restaurant borrowers. In accordance with interagency guidance issued in March 2020, these short-term deferrals are not considered troubled debt restructurings. These deferrals were, however, considered in the factors used to estimate the required allowance for credit losses for non-individually evaluated loans. Other COVID-19 related impacts considered included revenue losses of businesses required to restrict or cease services, income loss to workers laid off as a result of COVID-19 restrictions, various federal and state government stimulus programs and additional deferral programs offered by First Mid Bank beginning in April 2020. Other events considered include the status of trade agreements with China, scheduled increases in minimum wage and changes to the minimum salary threshold for overtime provisions, current and projected unemployment rates, current and projected grain and oil prices and economies of local markets where customers work and operate. Within each pool, risk elements are evaluated that have specific impacts to the borrowers within the pool. These, along with the general risks and events, and the specific lending policies and procedures by loan type described above, are analyzed to estimate the qualitative factors used to adjust the historical loss rates. During the current period, the following assumptions and factors were considered when determining the historical loss rate and any potential adjustments by loan pool. Construction and Land Development Loans. Historical losses in this segment remained very low. Current activity in this industry was deemed essential and has continued during COVID-19. While staffing shortages and supply chain disruptions cause risk in this segment, most projects are associated with financially strong borrowers. Due to actual and expected changes in economic and business conditions, the qualitative factor for this segment was increased by 5 basis points. Agricultural Real Estate Loans. Historical losses in the segment remain very low. Farmland values have increased over an extended period of time and there are no indications that this will change in the next year. There was a slight decrease to the qualitative factor for this segment. 1- 4 Family Residential Properties Loans. 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 was offset by governmental actions such as stimulus payments and extended unemployment benefits. First Mid Bank also offered short-term loan payment deferral to borrowers in this segment. There was no change to the qualitative factors for this segment. Commercial Real Estate Loans. 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. The qualitative factors on both non-owner occupied and owner-occupied loans for this segment were increased by 5 basis points due to actual and expected changes in economic and business conditions. Agricultural Loans. Losses in this segment are very low. Commodity prices have been elevated and yields have been strong. The qualitative factor of this segment was decreased slightly. Commercial 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 was offset by government relief programs as well as, First Mid Bank's payment deferral program. The qualitative factor for this segment was not changed. Consumer Loans. The financial status of many borrowers was impacted by COVID-19 events including layoffs and reduced hours. Some of this impact was 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. The qualitative factor for this segment was increased by 5 basis points due to actual and expected changes in economic and business conditions. 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. 20 Subsequent to January 1, 2020, loans acquired in a business combination that have experienced more-than-insignificant deterioration in credit quality since origination are considered purchased credit deteriorated (“PCD”) loans. At the acquisition date, an estimate of expected credit losses is made for groups of PCD loans with similar risk characteristics and individual PCD loans without similar risk characteristics. This initial allowance for credit losses is allocated to individual PCD loans and added to the purchase price or acquisition date fair values to establish the initial amortized cost basis of the PCD loans. As the initial allowance for credit losses is added to the purchase price, there is no credit loss expense recognized upon acquisition of a PCD loan. Any difference between the unpaid principal balance of PCD loans and the amortized cost basis is considered to relate to noncredit factors and results in a discount or premium. Discounts and premiums are recognized through interest income on a level-yield method over the life of the loans. For acquired loans not deemed purchased credit deteriorated at acquisition, the differences between the initial fair value and the unpaid principal balance are recognized as interest income on a level-yield basis over the lives of the related loans. At the acquisition date, an initial allowance for expected credit losses is estimated and recorded as credit loss expense. The subsequent measurement of expected credit losses for all acquired loans is the same as the subsequent measurement of expected credit losses for originated loans. The following table presents the activity in the allowance for credit losses based on portfolio segment for the three and six months ended June 30, 2022 (in thousands): Construction and Land Development Agricultural Real Estate 1-4 Family Residential Properties Commercial Real Estate Agricultural Loans Commercial and Industrial Consumer Loans Total Three months ended June 30, 2022 Beginning balance $ 1,988 $ 1,971 $ 3,728 $ 30,345 $ 1,051 $ 17,348 $ 2,043 $ 58,474 Provision for credit loss expense 54 141 (178 ) (1,433 ) (72 ) 2,117 278 907 Loans charged off — — 69 68 93 32 309 571 Recoveries collected — — 42 12 — 63 148 265 Ending balance $ 2,042 $ 2,112 $ 3,523 $ 28,856 $ 886 $ 19,496 $ 2,160 $ 59,075 Six months ended June 30, 2022 Beginning balance $ 1,743 $ 1,257 $ 2,330 $ 26,246 $ 983 $ 19,241 $ 2,855 $ 54,655 Initial allowance on loans purchased with credit deterioration 272 — 3 478 — 94 16 863 Provision for credit loss expense 29 855 1,086 2,180 (4 ) 72 (359 ) 3,859 Loans charged off 2 — 141 407 93 35 667 1,345 Recoveries collected — — 245 359 — 124 315 1,043 Ending balance $ 2,042 $ 2,112 $ 3,523 $ 28,856 $ 886 $ 19,496 $ 2,160 $ 59,075 21 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, 2021 and for the year ended December 31, 2021 (in thousands): Construction and Land Development Agricultural Real Estate 1-4 Family Residential Properties Commercial Real Estate Agricultural Loans Commercial and Industrial Consumer Loans Total Three months ended June 30, 2021 Beginning balance (prior to adoption of ASC 326) $ 2,286 $ 1,628 $ 3,093 $ 25,737 $ 881 $ 18,954 $ 2,839 $ 55,418 Provision for credit loss expense (468 ) 37 (527 ) (86 ) 24 934 (474 ) (560 ) Loans charged off 23 — 14 — — 68 344 449 Recoveries collected — — 18 13 1 22 134 188 Ending balance $ 1,795 $ 1,665 $ 2,570 $ 25,664 $ 906 $ 19,842 $ 2,155 $ 54,597 Six months ended June 30, 2021 Beginning balance (prior to adoption of ASC 326) $ 1,666 $ 1,084 $ 2,322 $ 19,660 $ 1,526 $ 13,485 $ 2,167 $ 41,910 Initial allowance on loans purchased with credit deterioration 261 44 328 646 — 795 — 2,074 Provision for credit loss expense (109 ) 535 90 5,816 (621 ) 5,608 257 11,576 Loans charged off 23 — 196 480 — 86 632 1,417 Recoveries collected — 2 26 22 1 40 363 454 Ending balance $ 1,795 $ 1,665 $ 2,570 $ 25,664 $ 906 $ 19,842 $ 2,155 $ 54,597 Twelve months ended December 31, 2021 Beginning balance (prior to adoption of ASC 326) $ 1,666 $ 1,084 $ 2,322 $ 19,660 $ 1,526 $ 13,485 $ 2,167 $ 41,910 Impact of adopting ASC 326 261 44 328 646 — 795 — 2,074 Provision for credit loss expense 21 129 (160 ) 6,415 (544 ) 7,940 1,350 15,151 Loans charged off 205 — 371 535 — 3,118 1,405 5,634 Recoveries collected — — 211 60 1 139 743 1,154 Ending balance $ 1,743 $ 1,257 $ 2,330 $ 26,246 $ 983 $ 19,241 $ 2,855 $ 54,655 Consistent with regulatory guidance, charge-offs on all loan segments are taken when specific loans, or portions thereof, are considered uncollectible. The Company’s policy is to promptly charge these loans off in the period the uncollectible loss is reasonably determined. For all loan portfolio segments except 1-4 family residential properties and consumer, the Company promptly charges-off loans, or portions thereof, when available information confirms that specific loans are uncollectible based on information that includes, but is not limited to, (1) the deteriorating financial condition of the borrower, (2) declining collateral values, and/or (3) legal action, including bankruptcy, that impairs the borrower’s ability to adequately meet its obligations. For individually evaluated loans that are considered solely collateral dependent, a partial charge-off is recorded when a loss has been confirmed by an updated appraisal or other appropriate valuation of the collateral. The Company charges-off 1-4 family residential and consumer loans, or portions thereof, when the Company reasonably determines the amount of the loss. The Company adheres to 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. 22 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, 2022 (in thousands): Collateral Allowance Real Estate Business Assets Other Total for Credit Losses Construction and land development $ 466 $ — $ — $ 466 $ 205 Agricultural real estate — — 74 74 — 1-4 family residential properties 1,040 148 — 1,188 90 Multifamily residential properties 1,287 — — 1,287 — Commercial real estate 8,811 663 — 9,474 503 Loans secured by real estate 11,604 811 74 12,489 798 Commercial and industrial loans 220 626 — 846 300 Consumer loans — — 3 3 — Total loans $ 11,824 $ 1,437 $ 77 $ 13,338 $ 1,098 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. 23 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, 2022 (in thousands): Term Loans by Origination Year Revolving Risk rating 2022 2021 2020 2019 2018 Prior Loans Total June 30, 2022 Construction and land development loans Pass $ 24,090 $ 50,335 $ 24,406 $ 27,088 $ 2,276 $ 12,294 $ — $ 140,489 Special mention — 105 — — — — — 105 Substandard — — — — — 478 — 478 Total $ 24,090 $ 50,440 $ 24,406 $ 27,088 $ 2,276 $ 12,772 $ — $ 141,072 Agricultural real estate loans Pass $ 96,798 $ 73,365 $ 59,171 $ 23,222 $ 28,105 $ 58,227 $ — $ 338,888 Special mention 825 — 490 3,499 273 3,248 — 8,335 Substandard — — — — 1,460 1,476 — 2,936 Total $ 97,623 $ 73,365 $ 59,661 $ 26,721 $ 29,838 $ 62,951 $ — $ 350,159 1-4 family residential property loans Pass $ 45,334 $ 93,175 $ 85,280 $ 30,080 $ 33,992 $ 74,577 $ 47,094 $ 409,532 Special mention — 151 139 40 182 1,149 129 1,790 Substandard 255 340 441 366 2,924 8,278 304 12,908 Total $ 45,589 $ 93,666 $ 85,860 $ 30,486 $ 37,098 $ 84,004 $ 47,527 $ 424,230 Commercial real estate loans Pass $ 359,324 $ 538,921 $ 341,037 $ 287,273 $ 223,273 $ 513,758 $ — $ 2,263,586 Special mention 2,061 1,457 1,153 1,799 993 15,212 — 22,675 Substandard 3,865 490 829 1,003 5,655 9,151 — 20,993 Total $ 365,250 $ 540,868 $ 343,019 $ 290,075 $ 229,921 $ 538,121 $ — $ 2,307,254 Agricultural loans Pass $ 83,601 $ 37,086 $ 10,637 $ 4,013 $ 1,765 $ 1,288 $ — $ 138,390 Special mention 1,201 1,317 — 262 81 — — 2,861 Substandard 940 — — 43 4 168 — 1,155 Total $ 85,742 $ 38,403 $ 10,637 $ 4,318 $ 1,850 $ 1,456 $ — $ 142,406 Commercial and industrial loans Pass $ 227,589 $ 319,582 $ 184,910 $ 77,852 $ 77,171 $ 296,278 $ — $ 1,183,382 Special mention 229 478 322 1,353 265 382 — 3,029 Substandard 307 455 367 40 109 725 — 2,003 Doubtful — 300 — — — — — 300 Total $ 228,125 $ 320,815 $ 185,599 $ 79,245 $ 77,545 $ 297,385 $ — $ 1,188,714 Consumer loans Pass $ 28,818 $ 25,791 $ 20,595 $ 11,516 $ 3,428 $ 4,328 $ — $ 94,476 Special mention — 60 30 32 7 — — 129 Substandard 12 119 2 14 46 30 — 223 Total $ 28,830 $ 25,970 $ 20,627 $ 11,562 $ 3,481 $ 4,358 $ — $ 94,828 Total loans Pass $ 865,554 $ 1,138,255 $ 726,036 $ 461,044 $ 370,010 $ 960,750 $ 47,094 $ 4,568,743 Special mention 4,316 3,568 2,134 6,985 1,801 19,991 129 38,924 Substandard 5,379 1,404 1,639 1,466 10,198 20,306 304 40,696 Doubtful — 300 — — — — — 300 Total $ 875,249 $ 1,143,527 $ 729,809 $ 469,495 $ 382,009 $ 1,001,047 $ 47,527 $ 4,648,663 24 The following tables present the credit risk profile of the Company’s loan portfolio based on risk rating category as of December 31, 2021 (in thousands): Term Loans by Origination Year Revolving Risk rating 2021 2020 2019 2018 2017 Prior Loans Total December 31, 2021 Construction and land development loans Pass $ 38,656 $ 34,774 $ 23,505 $ 34,358 $ 3,760 $ 9,433 $ — $ 144,486 Special mention 110 — — — — — — 110 Substandard — — — 483 — 39 — 522 Total $ 38,766 $ 34,774 $ 23,505 $ 34,841 $ 3,760 $ 9,472 $ — $ 145,118 Agricultural real estate loans Pass $ 78,793 $ 64,159 $ 25,713 $ 30,203 $ 12,142 $ 54,808 $ — $ 265,818 Special mention 872 259 4,028 384 69 6,087 — 11,699 Substandard — — 392 187 57 1,119 — 1,755 Total $ 79,665 $ 64,418 $ 30,133 $ 30,774 $ 12,268 $ 62,014 $ — $ 279,272 1-4 family residential property loans Pass $ 78,889 $ 94,404 $ 35,554 $ 44,248 $ 30,735 $ 52,131 $ 42,800 $ 378,761 Special mention 234 — 1,934 499 2,601 1,196 41 6,505 Substandard 355 496 1,534 1,302 3,458 7,250 652 15,047 Total $ 79,478 $ 94,900 $ 39,022 $ 46,049 $ 36,794 $ 60,577 $ 43,493 $ 400,313 Commercial real estate loans Pass $ 568,200 $ 417,334 $ 299,973 $ 174,448 $ 150,811 $ 304,585 $ — $ 1,915,351 Special mention 3,185 1,206 1,836 1,295 10,609 8,632 — 26,763 Substandard 2,007 714 6,242 1,179 4,646 8,238 — 23,026 Total $ 573,392 $ 419,254 $ 308,051 $ 176,922 $ 166,066 $ 321,455 $ — $ 1,965,140 Agricultural loans Pass $ 105,378 $ 17,903 $ 5,612 $ 2,822 $ 924 $ 1,316 $ — $ 133,955 Special mention 13,725 436 2,648 150 13 64 — 17,036 Substandard 350 18 — — — 125 — 493 Total $ 119,453 $ 18,357 $ 8,260 $ 2,972 $ 937 $ 1,505 $ — $ 151,484 Commercial and industrial loans Pass $ 279,814 $ 167,662 $ 119,702 $ 76,022 $ 22,888 $ 302,962 $ — $ 969,050 Special mention 613 399 1,463 182 477 819 — 3,953 Substandard 506 34 133 621 24 1,433 — 2,751 Total $ 280,933 $ 168,095 $ 121,298 $ 76,825 $ 23,389 $ 305,214 $ — $ 975,754 Consumer loans Pass $ 27,948 $ 19,033 $ 16,978 $ 5,505 $ 4,297 $ 1,244 $ — $ 75,005 Special mention 68 54 38 9 — — — 169 Substandard 585 58 308 678 43 1,596 — 3,268 Total $ 28,601 $ 19,145 $ 17,324 $ 6,192 $ 4,340 $ 2,840 $ — $ 78,442 Total loans Pass $ 1,177,678 $ 815,269 $ 527,037 $ 367,606 $ 225,557 $ 726,479 $ 42,800 $ 3,882,426 Special mention 18,807 2,354 11,947 2,519 13,769 16,798 41 66,235 Substandard 3,803 1,320 8,609 4,450 8,228 19,800 652 46,862 Total $ 1,200,288 $ 818,943 $ 547,593 $ 374,575 $ 247,554 $ 763,077 $ 43,493 $ 3,995,523 25 The following table presents the Company’s loan portfolio aging analysis at June 30, 2022 and December 31, 2021 (in thousands): 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Total Past Due Current Total Loans Rece |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 6 Months Ended |
Jun. 30, 2022 | |
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, 2022 and December 31, 2021 (in thousands): June 30, 2022 December 31, 2021 Gross Carrying Value Accumulated Amortization Gross Carrying Value Accumulated Amortization Goodwill not subject to amortization (effective 1/1/02) $ 144,225 $ 3,760 $ 115,613 $ 3,760 Intangibles from branch acquisition 3,015 3,015 3,015 3,015 Core deposit intangibles 45,355 26,227 39,435 24,085 Other intangibles 20,561 7,672 20,561 6,808 $ 213,156 $ 40,674 $ 178,624 $ 37,668 During the first quarter of 2022, goodwill of $28.6 million was provisionally recorded for the acquisition and merger of Delta Bancshares Company. All this goodwill was assigned to the banking unit of the Company. During the second quarter of 2021, goodwill of $1.4 million was recorded for the acquisition of certain assets used by BBM & Associates Inc., in connection with its trucking insurance business. All this goodwill was assigned to First Mid Insurance. Goodwill of $8.9 million was provisionally recorded for the acquisition and merger of LINCO Bancshares, Inc. (“LINCO”) during the first quarter of 2021. All this goodwill was assigned to the banking units of the Company. This goodwill was subsequently adjusted to $5.4 million to reflect adjustments made to finalize the purchase accounting. The following table provides a reconciliation of the purchase price paid for the acquisition of Delta and the amount of goodwill recorded (in thousands): Unallocated purchase price $ 29,791 Less purchase accounting adjustments: Fair value of securities $ (2,836 ) Fair value of loans, net (3,399 ) Fair value of premises and equipment 3,508 Fair value of time deposits (1,759 ) Fair value of FHLB advances (75 ) Core deposit intangible 5,920 Other assets (623 ) Other liabilities 444 1,180 $ 28,611 29 The following table provides a reconciliation of the purchase price paid for the acquisition of LINCO and the amount of goodwill recorded (in thousands): Unallocated purchase price $ 12,248 Less purchase accounting adjustments: Fair value of securities $ 264 Fair value of loans, net (2,818 ) Fair value of other real estate owned 915 Fair value of premises and equipment 6,360 Fair value of time deposits (2,081 ) Fair value of FHLB advances (975 ) Core deposit intangible 2,025 Other assets 3,293 Other liabilities (184 ) 6,799 $ 5,449 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, 2022, June 30, 2021 and December 31, 2021 (in thousands): June 30, 2022 June 30, 2021 December 31, 2021 Beginning balance $ 420 $ 516 $ 516 Fair market value adjustment 107 318 544 Mortgage servicing rights amortized (149 ) (355 ) (629 ) Interest only strip 11 (6 ) (11 ) Ending balance $ 389 $ 473 $ 420 30 Total amortization expense for six months ended June 30, 2022 and 2021 was as follows (in thousands): Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 Core deposit intangibles $ 1,153 $ 728 $ 2,142 $ 1,438 Customer list intangibles 432 389 864 722 Mortgage servicing rights 48 178 149 355 $ 1,633 $ 1,295 $ 3,155 $ 2,515 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 01/01/22 - 06/30/22 $ 3,155 Estimated amortization expense: For period 07/01/22 - 12/31/22 3,165 For year ended 12/31/23 5,799 For year ended 12/31/24 5,291 For year ended 12/31/25 4,741 For year ended 12/31/26 3,852 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, 2022 | |
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 $174.9 million at June 30, 2022, increase of $28.6 million from $146.3 million at December 31, 2021. The increase during the first six months of 2022 was primarily due to changes in business cash flow needs. All the transactions have overnight maturities with a weighted average rate of 0.53%. 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, 2022 December 31, 2021 US Treasury securities and obligations of U.S. government corporations and agencies $ 49,277 $ 53,782 Mortgage-backed securities: GSE: residential 125,657 92,486 Total $ 174,934 $ 146,268 FHLB borrowings, before net premiums of $428,000, were $375.9 million and $86 million at June 30, 2022 and December 31, 2021, respectively. At June 30, 2022 the advances were as follows: Advance Term (in years) Interest Rate Maturity Date 175,000,000 Overnight 1.63% 5,000,000 3.0 1.73% July 12, 2022 25,000,000 1 Month 1.63% July 29, 2022 25,000,000 3 Months 2.10% September 23, 2022 25,000,000 3 Months 2.07% September 30, 2022 25,000,000 6 Months 2.65% December 23, 2022 25,000,000 6 Months 2.74% December 30, 2022 5,000,000 8.0 2.40% January 9, 2023 5,000,000 4.0 2.44% May 30, 2023 5,000,000 1.0 2.00% May 31, 2023 5,000,000 3.5 1.51% July 31, 2023 5,000,000 3.5 0.77% September 11, 2023 5,000,000 5.0 1.54% July 12, 2024 10,000,000 5.0 1.45% December 31, 2024 5,000,000 5.0 0.91% March 10, 2025 5,857,785 10.0 2.64% December 23, 2025 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 32 |
Fair Value of Assets and Liabil
Fair Value of Assets and Liabilities | 6 Months Ended |
Jun. 30, 2022 | |
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. 33 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, 2022 and December 31, 2021 (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, 2022 Available-for-sale securities: U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 236,847 $ — $ 236,847 $ — Obligations of states and political subdivisions 327,822 — 327,822 — Mortgage-backed securities 698,343 — 698,343 — Other securities 86,936 — 86,936 — Total available-for-sale securities 1,349,948 — 1,349,948 — Equity securities 308 308 — — Derivative assets: interest rate swaps 3,163 — 3,163 — Total assets $ 1,353,419 $ 308 $ 1,353,111 $ — Derivative liabilities: interest rate swaps $ 2,553 $ — $ 2,553 $ — December 31, 2021 Available-for-sale securities: U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 203,815 $ — $ 203,815 $ — Obligations of states and political subdivisions 395,457 — 395,358 99 Mortgage-backed securities 791,038 — 791,038 — Other securities 31,112 — 31,112 — Total available-for-sale securities 1,421,422 — 1,421,323 99 Equity securities 397 397 — — Derivative assets: interest rate swaps 809 — 809 — Total assets $ 1,422,628 $ 397 $ 1,422,132 $ 99 Derivative liabilities: interest rate swaps $ 1,476 $ — $ 1,476 $ — 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, 2022 and 2021 is summarized as follows (in thousands): Obligation of State and Political Subdivisions Three months ended Six months ended June 30, 2022 June 30, 2021 June 30, 2022 June 30, 2021 Beginning balance $ — $ 614 $ 99 $ 794 Transfers into Level 3 — — — — Transfers out of Level 3 — — — — Total gains or losses: Included in net income — 1 — 2 Included in other comprehensive income (loss) — — — — Purchases, issuances, sales and settlements: Purchases — — — — Issuances — — — — Sales — — — — Settlements — — (99 ) (181 ) Ending balance $ — $ 615 $ — $ 615 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 $ — $ — $ — $ — 34 Following is a description of the valuation methodologies used for assets measured at fair value on a nonrecurring basis and recognized in the accompanying balance sheets, as well as the general classification of such assets pursuant to the valuation hierarchy. Collateral Dependent Loans. Loans for which it is probable that the Company will not collect all principal and interest due according to contractual terms are measured for impairment. Allowable methods for determining the amount of impairment and estimating fair value include using the fair value of the collateral for collateral dependent loans. If the impaired loan is identified as collateral dependent, then the fair value method of measuring the amount of impairment is utilized. This method requires obtaining a current independent appraisal of the collateral and applying a discount factor to the value. Individually evaluated loans that are collateral dependent are classified within Level 3 of the fair value hierarchy when impairment is determined using the fair value method. Management establishes a specific allowance for individually evaluated loans that have an estimated fair value that is below the carrying value. The total carrying amount of loans for which a change in specific allowance has occurred as of June 30, 2022 was $4,504,000 and a fair value of $3,406,000 resulting in specific loss exposures of $1,098,000. When there is little prospect of collecting principal or interest, loans, or portions of loans, may be charged-off to the allowance for credit losses. Losses are recognized in the period an obligation becomes uncollectible. The recognition of a loss does not mean that the loan has absolutely no recovery or salvage value, but rather that it is not practical or desirable to defer writing off the loan even though partial recovery may be affected in the future. Foreclosed Assets Held For Sale. Other real estate owned acquired through loan foreclosure are initially recorded at fair value less costs to sell when acquired, establishing a new cost basis. The adjustment at the time of foreclosure is recorded through the allowance for credit losses. Due to the subjective nature of establishing the fair value when the asset is acquired, the actual fair value of the other real estate owned, or foreclosed asset could differ from the original estimate. If it is determined that fair value declines subsequent to foreclosure, a valuation allowance is recorded through noninterest expense. Operating costs associated with the assets after acquisition are also recorded as noninterest expense. Gains and losses on the disposition of other real estate owned and foreclosed assets are netted and posted to other noninterest expense. The total carrying amount of other real estate owned as of June 30, 2022 was $4,209,000. Other real estate owned included in the total carrying amount and measured at fair value on a nonrecurring basis during the period amounted to $1,680,000 Mortgage Servicing Rights. As of June 30, 2022, mortgage servicing rights had a carrying value of $319,000 and a fair value of $389,000 resulting in a valuation reserve of $0. The fair value used to determine the valuation reserve for mortgage servicing rights was estimated using the discounted cash flow models. 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, 2022 and December 31, 2021 (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, 2022 Collateral dependent loans $ 3,406 $ — $ — $ 3,406 Foreclosed assets held for sale 1,680 — — 1,680 Mortgage servicing rights 389 — — 389 December 31, 2021 Collateral dependent loans $ 6,750 $ — $ — $ 6,750 Foreclosed assets held for sale 2,068 — — 2,068 Mortgage servicing rights 420 — — 420 35 Sensitivity of Significant Unobservable Inputs The following table presents quantitative information about unobservable inputs used in Level 3 fair value measurements other than goodwill at June 30, 2022 and December 31, 2021. June 30, 2022 Fair Value Valuation Technique Unobservable Inputs Range Weighted Average Collateral dependent loans $ 3,406 Third party valuations Discount to reflect realizable value 0% - 40% 20% Foreclosed assets held for sale 1,680 Third party valuations Discount to reflect realizable value less estimated selling costs 0% - 40% 35% Mortgage servicing rights 389 Third party valuations PSA standard prepayment model rate 126 - 437 135 December 31, 2021 Fair Value Valuation Technique Unobservable Inputs Range Weighted Average Collateral dependent loans $ 6,750 Third party valuations Discount to reflect realizable value 0% - 40% 20% Foreclosed assets held for sale 2,068 Third party valuations Discount to reflect realizable value less estimated selling costs 0% - 40% 35% Mortgage servicing rights 420 Third party valuations PSA standard prepayment model rate 205 - 513 273 36 The following tables present estimated fair values of the Company’s financial instruments at June 30, 2022 and December 31, 2021 in accordance with ASC 825 (in thousands): Carrying Amount Fair Value Level 1 Level 2 Level 3 June 30, 2022 Financial assets Cash and due from banks $ 130,689 $ 130,689 $ 130,689 $ — $ — Federal funds sold 6,855 6,855 6,855 — — Certificates of deposit investments 1,715 1,715 — 1,715 — Available-for-sale securities 1,349,948 1,349,948 — 1,349,948 — Held-to-maturity securities 2,972 2,972 2,972 — — Equity securities 308 308 308 — — Loans held for sale 1,286 1,286 — 1,286 — Loans net of allowance for credit losses 4,588,302 4,441,169 — — 4,441,169 Interest receivable 23,323 23,323 — 23,323 — Federal Reserve Bank stock 17,050 17,050 — 17,050 — Federal Home Loan Bank stock 8,684 8,684 — 8,684 — Financial liabilities Deposits $ 5,318,978 $ 5,321,281 $ — $ 4,666,356 $ 654,925 Other borrowings 10,000 10,000 10,000 — — Securities sold under agreements to repurchase 174,934 174,859 — 174,859 — Interest payable 1,662 1,662 — 1,662 — Federal Home Loan Bank borrowings 376,286 372,350 — 372,350 — Subordinated debt, net 94,476 91,832 — 91,832 Junior subordinated debentures, net 19,279 18,440 — 18,440 — December 31, 2021 Financial assets Cash and due from banks $ 167,242 $ 167,242 $ 167,242 $ — $ — Federal funds sold 1,360 1,360 1,360 — — Certificates of deposit investments 2,450 2,450 — 2,450 — Available-for-sale securities 1,421,422 1,421,422 — 1,421,323 99 Held-to-maturity securities 7,030 7,034 2,029 5,005 — Equity securities 397 397 397 — — Loans held for sale 2,748 2,748 — 2,748 — Loans net of allowance for credit losses 3,938,120 3,889,870 — — 3,889,870 Interest receivable 19,868 19,868 — 19,868 — Federal Reserve Bank stock 13,845 13,845 — 13,845 — Federal Home Loan Bank stock 6,484 6,484 — 6,484 — Financial liabilities Deposits $ 4,956,486 $ 4,956,738 $ — $ 4,394,434 $ 562,304 Securities sold under agreements to repurchase 146,268 146,274 — 146,274 — Interest payable 1,346 1,346 — 1,346 — Federal Home Loan Bank borrowings 86,446 86,248 — 86,248 — Subordinated debt, net 94,400 94,400 — 94,400 — Junior subordinated debentures, net 19,195 15,012 — 15,012 — |
Business Combinations
Business Combinations | 6 Months Ended |
Jun. 30, 2022 | |
Business Combinations [Abstract] | |
Business Combinations | 37 Note 8 – Business Combinations On July 28, 2021, the Company and Brock Sub LLC, a newly formed Delaware limited liability company and wholly-owned subsidiary of the Company (“Delta Merger Sub”), entered into an Agreement and Plan of Merger (the “Delta Merger Agreement”) with Delta Bancshares Company, a Missouri corporation (“Delta”), pursuant to which, among other things, the Company agreed to acquire 100% of the issued and outstanding shares of Delta pursuant to a business combination whereby Delta merged with and into Delta Merger Sub, whereupon the separate corporate existence of Delta ceased and Delta Merger Sub continued as the surviving company and a wholly-owned subsidiary of First Mid (the “Delta Merger”). The Delta Merger was completed on February 14, 2022. Subject to the terms and conditions of the Delta Merger Agreement, at the effective time of the Delta Merger, each share of common stock, par value $10.00 per share, of Delta issued and outstanding immediately prior to the effective time of the Delta Merger (other than shares held in treasury by Delta) converted into and became the right to receive cash and shares of common stock, par value $4.00 per share, of the Company and cash in lieu of fractional shares, less any applicable taxes required to be withheld, and subject to certain potential adjustments. On an aggregate basis, the total consideration paid by the Company at the closing of the Delta Merger to Delta’s shareholders and option holders was approximately $15.15 million in cash and 2,292,270 shares of Company common stock. Delta’s outstanding stock options vested upon consummation of the Delta Merger, and all outstanding Delta options that were unexercised prior to the effective time of the Delta Merger were cashed out. The acquisition was accounted for under the acquisition method of accounting in accordance with ASC 805, “Business Combinations ("ASC 805"),” Acquired Fair Value As Recorded by (In thousands) Book Value Adjustments Jefferson Bank Assets Cash and due from banks $ 82,473 $ — $ 82,473 Investment securities 184,959 (2,836 ) 182,123 Loans 426,433 (7,924 ) 418,509 Allowance for credit losses (5,388 ) 4,525 (863 ) Premises and equipment 5,522 3,508 9,030 Goodwill 14 28,597 28,611 Core deposit intangible — 5,920 5,920 Bank owned life insurance 15,822 15,822 Right of use asset — 717 717 Other assets 9,061 (1,340 ) 7,721 Total assets acquired $ 718,896 $ 31,167 $ 750,063 Liabilities Deposits $ 558,619 $ 1,759 $ 560,378 Securities sold under agreements to repurchase 35,523 — 35,523 FHLB advances 45,000 75 45,075 Lease liability — 717 717 Other liabilities 2,209 (1,161 ) 1,048 Total liabilities assumed 641,351 1,390 642,741 Net assets acquired $ 77,545 $ 29,777 $ 107,322 Consideration paid Cash $ 15,150 Common stock 92,172 $ 107,322 38 The Company has recognized approximately $1.75 million, pre-tax, of acquisition costs for the Delta Merger. Of this amount, $1.5 million was recognized during 2022. These costs are included in salaries and benefits, legal and professional and other expense. Of the $7.9 million adjustment to loans, $8.2 million is being accreted to interest income over the remaining term of the loans. The remaining $300,000 was the elimination of deferred fees and unearned discounts previously recorded by Jefferson Bank. The Company also recorded approximately $863,000 directly to the allowance for credit losses for loans identified as PCD. Of the $426 million of loans acquired, approximately $18.8 million was identified as PCD. The differences between fair value and acquired value of the assumed time deposits of $1.8 million and the assumed FHLB advances of $75,000, are being amortized to interest expense over the remaining life of the liabilities. The core deposit intangible asset, with a fair value of $5.9 million, is being amortized on an accelerated basis over its estimated life of 10 years. The following unaudited pro forma condensed combined financial information presents the results of operations of the Company, including the effects of the purchase accounting adjustments and acquisition expenses, had the Delta Merger taken place at the beginning of the period (dollars in thousands, except per share data): Three months ended June 30, 2022 Three months ended June 30, 2021 Six months ended June 30, 2022 Six months ended June 30, 2021 Net interest income $ - $ 49,600 $ 93,267 $ 90,812 Provision for loan losses - 3,140 3,859 15,726 Non-interest income - 18,519 39,801 36,545 Non-interest expense - 48,846 84,141 89,845 Income before taxes - 16,133 45,068 21,786 Income tax expense (benefit) - 3,560 10,062 4,371 Net income (loss) $ - $ 12,573 $ 35,006 $ 17,415 Earnings per share Basic $ 0.00 $ 0.62 $ 1.76 $ 0.87 Diluted 0.00 0.62 1.75 0.87 Basic weighted average shares o/s - 20,359,460 19,875,516 19,977,949 Diluted weighted average shares o/s - 20,412,480 19,947,227 20,030,969 On September 25, 2020, the Company and Eval Sub Inc., a newly formed Illinois corporation and wholly-owned subsidiary of the Company ("Eval Merger Sub"), entered into an Agreement and Plan of Merger (the "LINCO Merger Agreement") with LINCO Bancshares, Inc., a Missouri corporation ("LINCO"), and the sellers as defined therein, pursuant to which, among other things, the Company agreed to acquire 100% of the issued and outstanding shares of LINCO pursuant to a business combination whereby Eval Merger Sub merged with and into LINCO, whereupon the separate corporate existence of Merger Sub ceased and LINCO continued as the surviving company and a wholly-owned subsidiary of the Company (the "LINCO Merger"). The LINCO Merger closed on February 22, 2021. Subject to the terms and conditions of the LINCO Merger Agreement, at the effective time of the LINCO Merger, each share of common stock, par value $1.00 per share, of LINCO issued and outstanding immediately prior to the effective time of the LINCO Merger (other than shares held in treasury by LINCO) was converted into and become the right to receive, cash or shares of common stock, par value $4.00 per share, of the Company and cash in lieu of fractional shares, less any applicable taxes required to be withheld, and subject to certain potential adjustments. On an aggregate basis, the total consideration paid by the Company at the closing of the LINCO Merger was $103.5 million in cash and 1,262,246 shares of the Company’s common stock. In addition, immediately prior to the closing of the proposed merger, LINCO paid a special dividend to its shareholders in the aggregate amount of $13 million. The acquisition was accounted for under the acquisition method of accounting in accordance with ASC 805, “Business Combinations ("ASC 805"),” 39 Acquired Fair Value As Recorded by (In thousands) Book Value Adjustments Providence Bank Assets Cash and due from banks $ 130,561 $ — $ 130,561 Investment securities 119,234 264 119,498 Loans 838,377 (9,401 ) 828,976 Allowance for credit losses (8,656 ) 6,583 (2,073 ) Other real estate owned 8,435 915 9,350 Premises and equipment 23,440 6,360 29,800 Goodwill 20,503 (15,054 ) 5,449 Core deposit intangible 123 2,025 2,148 Right of use asset — 794 794 Other assets 43,697 2,499 46,196 Total assets acquired $ 1,175,714 $ (5,015 ) $ 1,170,699 Liabilities Deposits $ 988,329 $ 2,081 $ 990,410 Securities sold under agreements to repurchase — — — FHLB advances 26,941 975 27,916 Other borrowings — — — Lease liability — 794 794 Other liabilities 4,498 (610 ) 3,888 Total liabilities assumed 1,019,768 3,240 1,023,008 Net assets acquired $ 155,946 $ (8,255 ) $ 147,691 Consideration paid Cash $ 103,500 Common stock 44,191 $ 147,691 The Company has recognized approximately $9 million, pre-tax, of acquisition costs for the LINCO acquisition. Of this amount, $8.5 million was recognized during the first six months of 2021. These costs are included in salaries and benefits, legal and professional and other expense. Of the $9.4 million adjustment to loans, $11.1 million is being accreted to interest income over the remaining term of the loans. The remaining $1.7 million was the elimination of deferred fees and unearned discounts previously recorded by Providence Bank. The Company also recorded approximately $2 million directly to the allowance for credit losses for loans identified as PCD. Of the $838 million of loans acquired, approximately $64.6 million was identified as PCD. The differences between fair value and acquired value of the assumed time deposits of $2.1 million and the assumed FHLB advances of $975,000, are being amortized to interest expense over the remaining life of the liabilities. The core deposit intangible asset, with a fair value of $2.1 million, is being amortized on an accelerated basis over its estimated life of 10 years. 40 The following unaudited pro forma condensed combined financial information presents the results of operations of the Company, including the effects of the purchase accounting adjustments and acquisition expenses, had the LINCO acquisition taken place at the beginning of the period (dollars in thousands, except per share data): Six months ended June 30, 2021 Net interest income $ 86,217 Provision for loan losses 11,776 Non-interest income 37,145 Non-interest expense 87,812 Income before taxes 23,774 Income tax expense (benefit) 4,947 Net income (loss) $ 18,827 Earnings per share Basic $ 1.06 Diluted 1.06 Basic weighted average shares o/s 17,685,679 Diluted weighted average shares o/s 17,738,699 |
Leases
Leases | 6 Months Ended |
Jun. 30, 2022 | |
Leases [Abstract] | |
Leases | Note 9 -- Leases Effective January 1, 2019, the Company adopted ASU 2016-02, Leases (Topic 842). As of June 30, 2022, substantially all the Company's leases are operating leases for real estate property for bank branches, ATM locations, and office space. These leases are generally for periods of 1 to 25 years with various renewal options. The Company elected the optional transition method permitted by Topic 842. Under this method, the Company recognizes and measures leases that exist at the application date and prior comparative periods are not adjusted. In addition, the Company elected the package of practical expedients: 1. An entity need not reassess whether any expired or existing contracts contain leases. 2. An entity need not reassess the lease classification for any expired or existing leases. 3. An entity need not reassess initial direct costs for any existing leases. The Company has also elected the practical expedient, which may be elected separately or in conjunction with the package noted above, to use hindsight in determining the lease term and in assessing the right-of-use assets. This expedient must be applied consistently to all leases. Lastly, the Company has elected to use the practical expedient to include both lease and non-lease components as a single component and account for it as a lease. In addition, the Company has elected to not include short-term leases (i.e. leases with terms of twelve months or less) or equipment leases (primarily copiers) deemed immaterial, on the consolidated balance sheets. For leases in effect at January 1, 2019 and for leases commencing thereafter, the Company recognizes a lease liability and a right-of-use asset, based on the present value of lease payments over the lease term. The discount rate used in determining present value was the Company's incremental borrowing rate which is the FHLB fixed advance rate based on the remaining lease term as of January 1, 2019, or the commencement date for leases subsequently entered into. The following table contains supplemental balance sheet information related to leases (dollars in thousands): June 30, 2022 June 30, 2021 December 31, 2021 Operating lease right-of-use assets $ 15,649 $ 16,753 $ 15,116 Operating lease liabilities 15,884 16,919 15,322 Weighted-average remaining lease term (in years) 6.9 6.2 6.6 Weighted-average discount rate 2.66 % 2.63 % 2.70 % 41 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, 2022 $ 1,597 2023 2,635 2024 2,285 2025 1,877 2026 1,805 Thereafter 7,706 Total lease payments 17,905 Less imputed interest (2,021 ) Total lease liability $ 15,884 The components of lease expense for the three and six months ended June 30, 2022 and 2021 were as follows (in thousands): Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 Operating lease cost $ 639 $ 745 $ 1,268 $ 1,448 Short-term lease cost 15 100 42 133 Variable lease cost 300 105 566 249 Total lease cost 954 950 1,876 1,830 Income from subleases (90 ) (167 ) (190 ) (320 ) Net lease cost $ 864 $ 783 $ 1,686 $ 1,510 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, 2022 June 30, 2021 Operating cash flows from operating leases $ 1,517 $ 1,467 |
Derivatives
Derivatives | 6 Months Ended |
Jun. 30, 2022 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivatives | Note 10 – Derivatives The Company utilizes an interest rate swap, designated as a fair value hedge, to mitigate the risk of changing interest rates on the fair value of a fixed rate commercial real estate loan. For derivative instruments that are designed and qualify as a fair value hedge, the gain or loss on the derivative instrument, as well as the offsetting loss or gain in the hedged asset attributable to the hedged risk, is recognized in current earnings. Derivatives Designated as Hedging Instruments The following table provides the outstanding notional balances and fair values of outstanding derivatives designated as hedging instruments as of June 30, 2022 and December 31, 2021 (in thousands): Balance Sheet Location Weighted Average Remaining Maturity (Years) Notional Amount Estimated Value June 30, 2022 Fair value hedges: Interest rate swap agreements Other liabilities 6.8 $ 13,671 $ (2,553 ) December 31, 2021 Fair value hedges: Interest rate swap agreements Other liabilities 7.3 $ 13,900 $ (1,476 ) The effects of the fair value hedges on the Company's income statement during the three and six months ended June 30, 2022 and 2021 were as follows (in thousands): Three months ended June 30, Six months ended June 30, Derivative Location of Gain (Loss) on Derivatives 2022 2021 2022 2021 Interest rate swap agreements Interest income on loans $ 492 $ 151 $ 1,277 $ (591 ) Three months ended June 30, Six months ended June 30, Derivative Location of Gain (Loss) on Hedged Items 2022 2021 2022 2021 Interest rate swap agreements Interest income on loans $ (492 ) $ (151 ) $ (1,277 ) $ 591 As of June 30, 2022, 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 $ 13,061 $ (610 ) 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 six months ended June 30, 2022 (dollars in thousands): June 30, 2022 Balance Sheet Location Weighted Average Remaining Maturity (Years) Notional Amount Estimated Value Interest rate swap agreements Other assets 5.5 $ 39,975 $ 3,163 Interest rate swap agreements Other liabilities 5.5 39,975 (3,163 ) |
Basis of Accounting and Conso_2
Basis of Accounting and Consolidation (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Accounting and Consolidation | The unaudited condensed consolidated financial statements include the accounts of First Mid Bancshares, Inc. (“Company”) and its wholly owned subsidiaries: First Mid Bank & Trust, N.A. (“First 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 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 2021 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, the Company describes 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. |
Acquisitions | Delta Bancshares Company On July 28, 2021, the Company and Brock Sub LLC, a newly formed Delaware limited liability company and wholly-owned subsidiary of the Company (“Delta Merger Sub”), entered into an Agreement and Plan of Merger (the “Delta Merger Agreement”) with Delta Bancshares Company, a Missouri corporation (“Delta”), pursuant to which, among other things, the Company agreed to acquire 100% of the issued and outstanding shares of Delta pursuant to a business combination whereby Delta merged with and into Merger Sub, whereupon the separate corporate existence of Delta ceased and Merger Sub continued as the surviving company and a wholly-owned subsidiary of First Mid (the “Delta Merger”). The Delta Merger was completed on February 14, 2022. Subject to the terms and conditions of the Merger Agreement, at the effective time of the Delta Merger, each share of common stock, par value $10.00 per share, of Delta issued and outstanding immediately prior to the effective time of the Delta Merger (other than shares held in treasury by Delta) converted into and became the right to receive cash and shares of common stock, par value $4.00 per share, of the Company and cash in lieu of fractional shares, less any applicable taxes required to be withheld, and subject to certain potential adjustments. On an aggregate basis, the total consideration paid by the Company at the closing of the Delta Merger to Delta’s shareholders and option holders was approximately $15.15 million in cash and 2,292,270 shares of Company common stock. Delta’s outstanding stock options vested upon consummation of the Delta Merger, and all outstanding Delta options that were unexercised prior to the effective time of the Delta Merger were cashed out. Delta’s wholly owned bank subsidiary, Jefferson Bank, was merged with and into First Mid Bank during the second quarter of 2022. At the time of the bank merger, Jefferson Bank’s banking offices became branches of First Mid Bank. LINCO Bancshares, Inc. On September 25, 2020, the Company and Eval Sub Inc., a wholly owned subsidiary of the Company ("Merger Sub"), entered into an Agreement and Plan of Merger (the "Merger Agreement") with LINCO Bancshares, Inc., the former parent of Providence Bank ("LINCO"), and the sellers as defined therein, pursuant to which, among other things, the Company agreed to acquire 100% of the issued and outstanding shares of LINCO pursuant to a business combination whereby Merger Sub merged with and into LINCO, whereupon the separate corporate existence of Merger Sub ceased and LINCO continued as the surviving company and a wholly owned subsidiary of the Company (the "LINCO Merger"). 10 Subject to the terms and conditions of the Merger Agreement, at the effective time of the LINCO Merger, each share of common stock, par value $1.00 per share, of LINCO issued and outstanding immediately prior to the effective time of the LINCO Merger (other than shares held in treasury by LINCO) was converted into and become the right to receive, cash or shares of common stock, par value $4.00 per share, of the Company and cash in lieu of fractional shares, less any applicable taxes required to be withheld, and subject to certain potential adjustments. On an aggregate basis, the total consideration payable by the Company at the closing of the Merger was $103.5 million in cash and 1,262,246 shares of the Company’s common stock, provided that the shareholders of LINCO collectively elected pursuant to the Merger Agreement to receive varying amounts of cash or shares of common stock of the Company as consideration in the Merger. In addition, immediately prior to the closing of the proposed merger, LINCO paid a special dividend to its shareholders in the aggregate amount of $13 million. The LINCO Merger closed on February 22, 2021, and Providence Bank merged into First Mid Bank on May 15, 2021. |
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 | 2021 Loan Purchase On September 10, 2021, First Mid Bank completed an acquisition of loans in the St. Louis Metro market totaling $208 million. There were no loans purchased with deteriorated credit. First Mid Bank also assumed $215 million of related customer deposits and recorded a core deposit intangible asset of approximately $4.9 million that is being amortized on an accelerated basis over ten years. |
Stock Plans | Stock Plans At ten-year Following the stockholders’ approval at the 2021 annual meeting of the Company, a maximum of 399,983 shares of common stock may be issued under the SI Plan. There have been no stock options awarded under 61,400 27,750 2022 2021 2021 |
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. of June 30, 2022 , 40,010 shares have been issued pursuant to the ESPP. During the six months ended June 30, 2022 2021 8,326 ESPP. |
Captive Insurance Company | 11 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 farm management services is recorded when the service is complete, for example when crops are sold. Brokerage commissions. Revenue is recorded at the beginning of each quarter through billing to customers based on the account asset size on the last day of the previous quarter. If a withdrawal of funds takes place, a prorated refund may occur; this is reflected within the same quarter as the original billing occurred. All performance obligations are met within the same quarter that the revenue is recorded. Insurance commissions. The Company’s insurance agency subsidiary, First Mid Insurance, receives commissions on premiums of new and renewed business policies. First Mid Insurance records commission revenue on direct bill policies as the cash is received. For agency bill policies, First Mid Insurance retains its commission portion of the customer premium payment and remits the balance to the carrier. In both cases, the entire performance obligation is held by the carriers. Service charges on deposits. The Company generates revenue from fees charged for deposit account maintenance, overdrafts, wire transfers, and check fees. The revenue related to deposit fees is recognized at the time the performance obligation is satisfied. ATM/debit card revenue. The Company generates revenue through service charges on the use of its ATM machines and interchange income from the use of Company issued credit and debit cards. The revenue is recognized at the time the service is used and the performance obligation is satisfied. Other income. Treasury management fees and lock box fees are received and recorded after the service performance obligation is completed. Merchant bank card fees are received from various vendors; however, the performance obligation is with the vendors. The Company records gains on the sale of loans and the sale of OREO properties after the transactions are complete and transfer of ownership has occurred. As each of the Company’s facilities is in markets with similar economies, no disaggregation of revenue is necessary. |
Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Loss The components of accumulated other comprehensive loss included in stockholders’ equity as of June 30, 2022 and December 31, 2021 are as follows (in Unrealized Losses on Securities June 30, 2022 Net unrealized losses on securities available-for-sale $ (180,619 ) Tax benefit 52,379 Balance at June 30, 2022 $ (128,240 ) December 31, 2021 Net unrealized losses on securities available-for-sale $ (1,170 ) Tax benefit 339 Balance at December 31, 2021 $ (831 ) Amounts reclassified from accumulated other comprehensive loss and the affected line items in the statements of income during the three and six months ended June 30, 2022 and 2021, were as follows (in thousands): Amounts Reclassified from Other Comprehensive Income Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 Affected Line Item in the Statements of Income Realized gains on available-for-sale securities $ 2 $ 73 $ 2 $ 77 Securities (loss) gains, net Tax effect (1 ) (21 ) (1 ) (22 ) Income taxes Total reclassifications out of accumulated other comprehensive income $ 1 $ 52 $ 1 $ 55 Net reclassified amount See “Note 3 – Investment Securities” for more detailed information regarding unrealized losses on available-for-sale securities. |
Adoption of New Accounting Guidance | Adoption of New Accounting Guidance Accounting Standards Update 2022-02, Financial Instruments-Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures (“ASU 2022-02”). In March 2022, FASB issued ASU 2022-02. The amendments in this update eliminate the accounting guidance and related disclosures for TDRs by creditors in Subtopic 310-40, Receivables—Troubled Debt Restructurings by Creditors , while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty and requiring an entity to disclose current-period gross writeoffs by year of origination for financing receivables and net investments in leases within the scope of Subtopic 326-20, Financial Instruments—Credit Losses—Measured at Amortized Cost . The amendments in this update are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years and are applied prospectively, except with respect to the recognition and measurement of TDRs, where an entity has the option to apply a modified retrospective transition method. Early adoption of the amendments in this update is permitted. An entity may elect to early adopt the amendments regarding TDRs and related disclosure enhancements separately from the amendments related to vintage disclosures. The adoption of this accounting guidance is not expected to have a material impact on the Company's consolidated financial statements. |
Basis of Accounting and Conso_3
Basis of Accounting and Consolidation (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Schedule of Components of Accumulated Other Comprehensive loss | The components of accumulated other comprehensive loss included in stockholders’ equity as of June 30, 2022 and December 31, 2021 are as follows (in Unrealized Losses on Securities June 30, 2022 Net unrealized losses on securities available-for-sale $ (180,619 ) Tax benefit 52,379 Balance at June 30, 2022 $ (128,240 ) December 31, 2021 Net unrealized losses on securities available-for-sale $ (1,170 ) Tax benefit 339 Balance at December 31, 2021 $ (831 ) |
Schedule of Amounts Reclassified from Accumulated Other Comprehensive Income | Amounts reclassified from accumulated other comprehensive loss and the affected line items in the statements of income during the three and six months ended June 30, 2022 and 2021, were as follows (in thousands): Amounts Reclassified from Other Comprehensive Income Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 Affected Line Item in the Statements of Income Realized gains on available-for-sale securities $ 2 $ 73 $ 2 $ 77 Securities (loss) gains, net Tax effect (1 ) (21 ) (1 ) (22 ) Income taxes Total reclassifications out of accumulated other comprehensive income $ 1 $ 52 $ 1 $ 55 Net reclassified amount |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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, 2022 and 2021 were as follows: Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 Basic net income per common share Available to common stockholders: Net income $ 17,758,000 $ 12,221,000 $ 34,374,000 $ 16,330,000 Weighted average common shares outstanding 20,448,799 18,067,190 19,875,516 17,685,679 Basic earnings per common share $ 0.87 $ 0.68 $ 1.73 $ 0.92 Diluted net income per common share Available to common stockholders: Net income applicable to diluted earnings per share $ 17,758,000 $ 12,221,000 $ 34,374,000 $ 16,330,000 Weighted average common shares outstanding 20,448,799 18,067,190 19,875,516 17,685,679 Dilutive potential common shares: restricted stock awarded 80,724 53,020 71,711 53,020 Diluted weighted average common shares outstanding 20,529,523 18,120,210 19,947,227 17,738,699 Diluted earnings per common share $ 0.86 $ 0.68 $ 1.72 $ 0.92 |
Investment Securities (Tables)
Investment Securities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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, 2022 and December 31, 2021 were as follows (in thousands): Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value June 30, 2022 Available-for-sale: U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 261,387 $ 8 $ (24,548 ) $ 236,847 Obligations of states and political subdivisions 385,688 678 (58,544 ) 327,822 Mortgage-backed securities: GSE residential 793,979 37 (95,673 ) 698,343 Other securities 89,512 29 (2,605 ) 86,936 Total available-for-sale $ 1,530,566 $ 752 $ (181,370 ) $ 1,349,948 Held-to-maturity: Other investments $ 2,972 $ — $ — $ 2,972 Total held-to-maturity $ 2,972 $ — $ — $ 2,972 December 31, 2021 Available-for-sale: U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 208,598 $ 80 $ (4,863 ) $ 203,815 Obligations of states and political subdivisions 383,991 12,123 (657 ) 395,457 Mortgage-backed securities: GSE residential 799,456 4,292 (12,710 ) 791,038 Other securities 30,546 671 (105 ) 31,112 Total available-for-sale $ 1,422,591 $ 17,166 $ (18,335 ) $ 1,421,422 Held-to-maturity: U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 5,001 $ 5 $ — $ 5,006 Other investments 2,029 — — 2,029 U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 7,030 $ 5 $ — $ 7,035 |
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, 2022 and 2021 (in thousands): Three months June 30, Six months June 30, 2022 2021 2022 2021 Gross gains $ 2 $ 73 $ 2 $ 77 Gross losses — — — — |
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, 2022 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 $ 170,756 $ 56,145 $ 9,946 $ — $ 236,847 Obligations of state and political subdivisions 22,218 95,449 209,021 1,134 327,822 Mortgage-backed securities: GSE residential 6,114 113,107 570,106 9,016 698,343 Other securities 19,291 66,746 899 — 86,936 Total available-for-sale investments $ 218,379 $ 331,447 $ 789,972 $ 10,150 $ 1,349,948 Weighted average yield 1.54 % 2.46 % 1.77 % 1.69 % 1.89 % Full tax-equivalent yield 1.65 % 2.75 % 1.95 % 1.82 % 2.09 % Held to maturity: Other investments $ — $ — $ — $ 2,972 $ 2,972 Total held-to-maturity $ — $ — $ — $ 2,972 $ 2,972 Weighted average yield — % — % — % — % — % Full tax-equivalent yield — % — % — % — % — % |
Fair Value of Investments with Sustained Gross Unrealized Losses | The following table presents the aging of gross unrealized losses and fair value by investment category as of June 30, 2022 and December 31, 2021 (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, 2022 Available-for-sale: U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 121,758 $ (8,930 ) $ 111,991 $ (15,618 ) $ 233,749 $ (24,548 ) Obligations of states and political subdivisions 253,771 (55,918 ) 7,466 (2,626 ) 261,237 (58,544 ) Mortgage-backed securities: GSE residential 505,673 (62,477 ) 188,576 (33,196 ) 694,249 (95,673 ) Other securities 66,927 (2,529 ) 2,489 (76 ) 69,416 (2,605 ) Total $ 948,129 $ (129,854 ) $ 310,522 $ (51,516 ) $ 1,258,651 $ (181,370 ) December 31, 2021 Available-for-sale: U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 48,316 $ (1,927 ) $ 139,846 $ (2,936 ) $ 188,162 $ (4,863 ) Obligations of states and political subdivisions 61,535 (657 ) — — 61,535 (657 ) Mortgage-backed securities: GSE residential 562,699 (11,019 ) 46,504 (1,691 ) 609,203 (12,710 ) Other securities 7,976 (105 ) — — 7,976 (105 ) Total $ 680,526 $ (13,708 ) $ 186,350 $ (4,627 ) $ 866,876 $ (18,335 ) |
Loans and Allowance for Credi_2
Loans and Allowance for Credit Losses (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Receivables [Abstract] | |
Summary of Loans | A summary of loans at June 30, 2022 and December 31, 2021 follows (in thousands): June 30, 2022 December 31, 2021 Construction and land development $ 141,218 $ 145,156 Agricultural real estate 350,485 279,001 1-4 family residential properties 424,217 399,932 Multifamily residential properties 331,386 298,974 Commercial real estate 1,983,017 1,666,764 Loans secured by real estate 3,230,323 2,789,827 Agricultural loans 142,237 151,344 Commercial and industrial loans 1,039,363 834,061 Consumer loans 94,780 78,538 All other loans 151,715 143,738 Total gross loans 4,658,418 3,997,508 Less: loans held for sale 1,286 2,748 4,657,132 3,994,760 Less: Net deferred loan fees, premiums and discounts 9,755 1,985 Allowance for credit losses 59,075 54,655 Net loans $ 4,588,302 $ 3,938,120 |
Allowance for Credit Losses Based on Portfolio Segment | The following table presents the activity in the allowance for credit losses based on portfolio segment for the three and six months ended June 30, 2022 (in thousands): Construction and Land Development Agricultural Real Estate 1-4 Family Residential Properties Commercial Real Estate Agricultural Loans Commercial and Industrial Consumer Loans Total Three months ended June 30, 2022 Beginning balance $ 1,988 $ 1,971 $ 3,728 $ 30,345 $ 1,051 $ 17,348 $ 2,043 $ 58,474 Provision for credit loss expense 54 141 (178 ) (1,433 ) (72 ) 2,117 278 907 Loans charged off — — 69 68 93 32 309 571 Recoveries collected — — 42 12 — 63 148 265 Ending balance $ 2,042 $ 2,112 $ 3,523 $ 28,856 $ 886 $ 19,496 $ 2,160 $ 59,075 Six months ended June 30, 2022 Beginning balance $ 1,743 $ 1,257 $ 2,330 $ 26,246 $ 983 $ 19,241 $ 2,855 $ 54,655 Initial allowance on loans purchased with credit deterioration 272 — 3 478 — 94 16 863 Provision for credit loss expense 29 855 1,086 2,180 (4 ) 72 (359 ) 3,859 Loans charged off 2 — 141 407 93 35 667 1,345 Recoveries collected — — 245 359 — 124 315 1,043 Ending balance $ 2,042 $ 2,112 $ 3,523 $ 28,856 $ 886 $ 19,496 $ 2,160 $ 59,075 21 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, 2021 and for the year ended December 31, 2021 (in thousands): Construction and Land Development Agricultural Real Estate 1-4 Family Residential Properties Commercial Real Estate Agricultural Loans Commercial and Industrial Consumer Loans Total Three months ended June 30, 2021 Beginning balance (prior to adoption of ASC 326) $ 2,286 $ 1,628 $ 3,093 $ 25,737 $ 881 $ 18,954 $ 2,839 $ 55,418 Provision for credit loss expense (468 ) 37 (527 ) (86 ) 24 934 (474 ) (560 ) Loans charged off 23 — 14 — — 68 344 449 Recoveries collected — — 18 13 1 22 134 188 Ending balance $ 1,795 $ 1,665 $ 2,570 $ 25,664 $ 906 $ 19,842 $ 2,155 $ 54,597 Six months ended June 30, 2021 Beginning balance (prior to adoption of ASC 326) $ 1,666 $ 1,084 $ 2,322 $ 19,660 $ 1,526 $ 13,485 $ 2,167 $ 41,910 Initial allowance on loans purchased with credit deterioration 261 44 328 646 — 795 — 2,074 Provision for credit loss expense (109 ) 535 90 5,816 (621 ) 5,608 257 11,576 Loans charged off 23 — 196 480 — 86 632 1,417 Recoveries collected — 2 26 22 1 40 363 454 Ending balance $ 1,795 $ 1,665 $ 2,570 $ 25,664 $ 906 $ 19,842 $ 2,155 $ 54,597 Twelve months ended December 31, 2021 Beginning balance (prior to adoption of ASC 326) $ 1,666 $ 1,084 $ 2,322 $ 19,660 $ 1,526 $ 13,485 $ 2,167 $ 41,910 Impact of adopting ASC 326 261 44 328 646 — 795 — 2,074 Provision for credit loss expense 21 129 (160 ) 6,415 (544 ) 7,940 1,350 15,151 Loans charged off 205 — 371 535 — 3,118 1,405 5,634 Recoveries collected — — 211 60 1 139 743 1,154 Ending balance $ 1,743 $ 1,257 $ 2,330 $ 26,246 $ 983 $ 19,241 $ 2,855 $ 54,655 |
Amortized Cost Basis of Collateral-Dependent Loans by Class of Loans Individually Evaluated | The following table presents the amortized cost basis of collateral-dependent loans by class of loans that were individually evaluated to determine expected credit losses, and the related allowance for credit losses, as of June 30, 2022 (in thousands): Collateral Allowance Real Estate Business Assets Other Total for Credit Losses Construction and land development $ 466 $ — $ — $ 466 $ 205 Agricultural real estate — — 74 74 — 1-4 family residential properties 1,040 148 — 1,188 90 Multifamily residential properties 1,287 — — 1,287 — Commercial real estate 8,811 663 — 9,474 503 Loans secured by real estate 11,604 811 74 12,489 798 Commercial and industrial loans 220 626 — 846 300 Consumer loans — — 3 3 — Total loans $ 11,824 $ 1,437 $ 77 $ 13,338 $ 1,098 |
Credit Risk Profile of Loan Portfolio on Amortized Cost Basis Based on Risk Rating Category | 23 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, 2022 (in thousands): Term Loans by Origination Year Revolving Risk rating 2022 2021 2020 2019 2018 Prior Loans Total June 30, 2022 Construction and land development loans Pass $ 24,090 $ 50,335 $ 24,406 $ 27,088 $ 2,276 $ 12,294 $ — $ 140,489 Special mention — 105 — — — — — 105 Substandard — — — — — 478 — 478 Total $ 24,090 $ 50,440 $ 24,406 $ 27,088 $ 2,276 $ 12,772 $ — $ 141,072 Agricultural real estate loans Pass $ 96,798 $ 73,365 $ 59,171 $ 23,222 $ 28,105 $ 58,227 $ — $ 338,888 Special mention 825 — 490 3,499 273 3,248 — 8,335 Substandard — — — — 1,460 1,476 — 2,936 Total $ 97,623 $ 73,365 $ 59,661 $ 26,721 $ 29,838 $ 62,951 $ — $ 350,159 1-4 family residential property loans Pass $ 45,334 $ 93,175 $ 85,280 $ 30,080 $ 33,992 $ 74,577 $ 47,094 $ 409,532 Special mention — 151 139 40 182 1,149 129 1,790 Substandard 255 340 441 366 2,924 8,278 304 12,908 Total $ 45,589 $ 93,666 $ 85,860 $ 30,486 $ 37,098 $ 84,004 $ 47,527 $ 424,230 Commercial real estate loans Pass $ 359,324 $ 538,921 $ 341,037 $ 287,273 $ 223,273 $ 513,758 $ — $ 2,263,586 Special mention 2,061 1,457 1,153 1,799 993 15,212 — 22,675 Substandard 3,865 490 829 1,003 5,655 9,151 — 20,993 Total $ 365,250 $ 540,868 $ 343,019 $ 290,075 $ 229,921 $ 538,121 $ — $ 2,307,254 Agricultural loans Pass $ 83,601 $ 37,086 $ 10,637 $ 4,013 $ 1,765 $ 1,288 $ — $ 138,390 Special mention 1,201 1,317 — 262 81 — — 2,861 Substandard 940 — — 43 4 168 — 1,155 Total $ 85,742 $ 38,403 $ 10,637 $ 4,318 $ 1,850 $ 1,456 $ — $ 142,406 Commercial and industrial loans Pass $ 227,589 $ 319,582 $ 184,910 $ 77,852 $ 77,171 $ 296,278 $ — $ 1,183,382 Special mention 229 478 322 1,353 265 382 — 3,029 Substandard 307 455 367 40 109 725 — 2,003 Doubtful — 300 — — — — — 300 Total $ 228,125 $ 320,815 $ 185,599 $ 79,245 $ 77,545 $ 297,385 $ — $ 1,188,714 Consumer loans Pass $ 28,818 $ 25,791 $ 20,595 $ 11,516 $ 3,428 $ 4,328 $ — $ 94,476 Special mention — 60 30 32 7 — — 129 Substandard 12 119 2 14 46 30 — 223 Total $ 28,830 $ 25,970 $ 20,627 $ 11,562 $ 3,481 $ 4,358 $ — $ 94,828 Total loans Pass $ 865,554 $ 1,138,255 $ 726,036 $ 461,044 $ 370,010 $ 960,750 $ 47,094 $ 4,568,743 Special mention 4,316 3,568 2,134 6,985 1,801 19,991 129 38,924 Substandard 5,379 1,404 1,639 1,466 10,198 20,306 304 40,696 Doubtful — 300 — — — — — 300 Total $ 875,249 $ 1,143,527 $ 729,809 $ 469,495 $ 382,009 $ 1,001,047 $ 47,527 $ 4,648,663 24 The following tables present the credit risk profile of the Company’s loan portfolio based on risk rating category as of December 31, 2021 (in thousands): Term Loans by Origination Year Revolving Risk rating 2021 2020 2019 2018 2017 Prior Loans Total December 31, 2021 Construction and land development loans Pass $ 38,656 $ 34,774 $ 23,505 $ 34,358 $ 3,760 $ 9,433 $ — $ 144,486 Special mention 110 — — — — — — 110 Substandard — — — 483 — 39 — 522 Total $ 38,766 $ 34,774 $ 23,505 $ 34,841 $ 3,760 $ 9,472 $ — $ 145,118 Agricultural real estate loans Pass $ 78,793 $ 64,159 $ 25,713 $ 30,203 $ 12,142 $ 54,808 $ — $ 265,818 Special mention 872 259 4,028 384 69 6,087 — 11,699 Substandard — — 392 187 57 1,119 — 1,755 Total $ 79,665 $ 64,418 $ 30,133 $ 30,774 $ 12,268 $ 62,014 $ — $ 279,272 1-4 family residential property loans Pass $ 78,889 $ 94,404 $ 35,554 $ 44,248 $ 30,735 $ 52,131 $ 42,800 $ 378,761 Special mention 234 — 1,934 499 2,601 1,196 41 6,505 Substandard 355 496 1,534 1,302 3,458 7,250 652 15,047 Total $ 79,478 $ 94,900 $ 39,022 $ 46,049 $ 36,794 $ 60,577 $ 43,493 $ 400,313 Commercial real estate loans Pass $ 568,200 $ 417,334 $ 299,973 $ 174,448 $ 150,811 $ 304,585 $ — $ 1,915,351 Special mention 3,185 1,206 1,836 1,295 10,609 8,632 — 26,763 Substandard 2,007 714 6,242 1,179 4,646 8,238 — 23,026 Total $ 573,392 $ 419,254 $ 308,051 $ 176,922 $ 166,066 $ 321,455 $ — $ 1,965,140 Agricultural loans Pass $ 105,378 $ 17,903 $ 5,612 $ 2,822 $ 924 $ 1,316 $ — $ 133,955 Special mention 13,725 436 2,648 150 13 64 — 17,036 Substandard 350 18 — — — 125 — 493 Total $ 119,453 $ 18,357 $ 8,260 $ 2,972 $ 937 $ 1,505 $ — $ 151,484 Commercial and industrial loans Pass $ 279,814 $ 167,662 $ 119,702 $ 76,022 $ 22,888 $ 302,962 $ — $ 969,050 Special mention 613 399 1,463 182 477 819 — 3,953 Substandard 506 34 133 621 24 1,433 — 2,751 Total $ 280,933 $ 168,095 $ 121,298 $ 76,825 $ 23,389 $ 305,214 $ — $ 975,754 Consumer loans Pass $ 27,948 $ 19,033 $ 16,978 $ 5,505 $ 4,297 $ 1,244 $ — $ 75,005 Special mention 68 54 38 9 — — — 169 Substandard 585 58 308 678 43 1,596 — 3,268 Total $ 28,601 $ 19,145 $ 17,324 $ 6,192 $ 4,340 $ 2,840 $ — $ 78,442 Total loans Pass $ 1,177,678 $ 815,269 $ 527,037 $ 367,606 $ 225,557 $ 726,479 $ 42,800 $ 3,882,426 Special mention 18,807 2,354 11,947 2,519 13,769 16,798 41 66,235 Substandard 3,803 1,320 8,609 4,450 8,228 19,800 652 46,862 Total $ 1,200,288 $ 818,943 $ 547,593 $ 374,575 $ 247,554 $ 763,077 $ 43,493 $ 3,995,523 25 |
Loan Portfolio Aging Analysis | The following table presents the Company’s loan portfolio aging analysis at June 30, 2022 and December 31, 2021 (in 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 and Accruing June 30, 2022 Construction and land development $ — $ — $ 449 $ 449 $ 140,623 $ 141,072 $ — Agricultural real estate — 241 192 433 349,726 350,159 — 1-4 family residential properties 3,294 496 918 4,708 419,522 424,230 — Multifamily residential properties 4 — 544 548 330,052 330,600 — Commercial real estate 1,706 160 9,349 11,215 1,965,439 1,976,654 — Loans secured by real estate 5,004 897 11,452 17,353 3,205,362 3,222,715 — Agricultural loans 226 940 — 1,166 141,240 142,406 — Commercial and industrial loans 1,357 65 1,332 2,754 1,034,233 1,036,987 — Consumer loans 598 69 95 762 94,066 94,828 — All other loans — — — — 151,727 151,727 — Total loans $ 7,185 $ 1,971 $ 12,879 $ 22,035 $ 4,626,628 $ 4,648,663 $ — December 31, 2021 Construction and land development $ 159 $ 199 $ 203 $ 561 $ 144,557 $ 145,118 $ — Agricultural real estate — 222 1 223 279,049 279,272 — 1-4 family residential properties 2,532 914 2,012 5,458 394,855 400,313 — Multifamily residential properties — — 1,676 1,676 297,266 298,942 — Commercial real estate 8,930 640 2,484 12,054 1,654,144 1,666,198 — Loans secured by real estate 11,621 1,975 6,376 19,972 2,769,871 2,789,843 — Agricultural loans — 10 588 598 150,886 151,484 — Commercial and industrial loans 381 302 1,156 1,839 830,169 832,008 — Consumer loans 388 47 118 553 77,889 78,442 — All other loans 1,854 — — 1,854 141,892 143,746 — Total loans $ 14,244 $ 2,334 $ 8,238 $ 24,816 $ 3,970,707 $ 3,995,523 $ — |
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, 2022 and December 31, 2021 (in thousands). There were no loans past due over eighty-nine days that were still accruing. June 30, 2022 December 31, 2021 Nonaccrual with no Allowance for Total Nonaccrual with no Allowance for Total Credit Loss Nonaccrual Credit Loss Nonaccrual Construction and land development $ — $ — $ 25 $ 25 Agricultural real estate 1,268 1,268 237 336 1-4 family residential properties 4,045 4,680 5,252 5,252 Multifamily residential properties 1,311 1,311 1,982 1,982 Commercial real estate 7,634 7,975 7,554 7,920 Loans secured by real estate 14,258 15,234 15,050 15,515 Agricultural loans 174 174 560 560 Commercial and industrial loans 1,229 1,529 936 1,851 Consumer loans 98 98 179 179 All other loans — — — — Total loans $ 15,759 $ 17,035 $ 16,725 $ 18,105 |
Recorded Balance of Troubled Debt Restructurings | The following table presents the Company’s recorded balance of troubled debt restructurings at June 30, 2022 and December 31, 2021 (in thousands). Troubled debt restructurings: June 30, 2022 December 31, 2021 Agricultural real estate $ 233 $ 245 1-4 family residential properties 1,082 1,353 Commercial real estate 3,174 3,355 Loans secured by real estate 4,489 4,953 Agricultural loans 168 228 Commercial and industrial loans 313 479 Consumer loans 42 109 All other loans — 23 Total $ 5,012 $ 5,792 Performing troubled debt restructurings: Agricultural real estate $ 233 $ 245 1-4 family residential properties 659 882 Commercial real estate 1,978 2,552 Loans secured by real estate 2,870 3,679 Commercial and industrial loans 37 179 Consumer loans 39 50 All other loans — 23 Total $ 2,946 $ 3,931 |
Loans Modified as Troubled Debt Restructurings | The following table presents loans modified as TDRs during the six months ended June 30, 2022, 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, 2022 June 30, 2021 Number of Recorded Type of Number of Recorded Type of Modifications Investment Modifications Modifications Investment Modifications 1-4 family residential properties 2 $ 79 (b)(c) 1 395 (c) Commercial real estate 2 199 (b) 1 679 (b) Loans secured by real estate 4 278 2 1,074 Consumer loans — — 3 24 (b) Total 4 $ 278 5 $ 1,098 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 |
Summary of Purchased Credit Deteriorated (PCD) Loans | The Company has acquired loans, for which there was, at acquisition, evidence of more than insignificant deterioration of credit quality since origination. The carrying amount of those loans at acquisition date is as follows (in thousands): 2022 2021 Delta Acquisition LINCO Acquisition Purchase price of purchase credit deteriorated loans at acquisition $ 18,796 $ 64,647 Allowance for credit losses at acquisition (863 ) (2,074 ) Non-credit discount/(premium) at acquisition (523 ) (187 ) Fair value of purchased credit deteriorated loans at acquisition $ 17,410 $ 62,386 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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, 2022 and December 31, 2021 (in thousands): June 30, 2022 December 31, 2021 Gross Carrying Value Accumulated Amortization Gross Carrying Value Accumulated Amortization Goodwill not subject to amortization (effective 1/1/02) $ 144,225 $ 3,760 $ 115,613 $ 3,760 Intangibles from branch acquisition 3,015 3,015 3,015 3,015 Core deposit intangibles 45,355 26,227 39,435 24,085 Other intangibles 20,561 7,672 20,561 6,808 $ 213,156 $ 40,674 $ 178,624 $ 37,668 |
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, 2022, June 30, 2021 and December 31, 2021 (in thousands): June 30, 2022 June 30, 2021 December 31, 2021 Beginning balance $ 420 $ 516 $ 516 Fair market value adjustment 107 318 544 Mortgage servicing rights amortized (149 ) (355 ) (629 ) Interest only strip 11 (6 ) (11 ) Ending balance $ 389 $ 473 $ 420 |
Schedule of Intangible Assets Amortization Expense | Total amortization expense for six months ended June 30, 2022 and 2021 was as follows (in thousands): Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 Core deposit intangibles $ 1,153 $ 728 $ 2,142 $ 1,438 Customer list intangibles 432 389 864 722 Mortgage servicing rights 48 178 149 355 $ 1,633 $ 1,295 $ 3,155 $ 2,515 |
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 01/01/22 - 06/30/22 $ 3,155 Estimated amortization expense: For period 07/01/22 - 12/31/22 3,165 For year ended 12/31/23 5,799 For year ended 12/31/24 5,291 For year ended 12/31/25 4,741 For year ended 12/31/26 3,852 |
Delta Bancshares Company | |
Schedule of Reconciliation of Purchase Price Paid for Acquisition and Goodwill Recorded | The following table provides a reconciliation of the purchase price paid for the acquisition of Delta and the amount of goodwill recorded (in thousands): Unallocated purchase price $ 29,791 Less purchase accounting adjustments: Fair value of securities $ (2,836 ) Fair value of loans, net (3,399 ) Fair value of premises and equipment 3,508 Fair value of time deposits (1,759 ) Fair value of FHLB advances (75 ) Core deposit intangible 5,920 Other assets (623 ) Other liabilities 444 1,180 $ 28,611 |
LINCO Bancshares, Inc. | |
Schedule of Reconciliation of Purchase Price Paid for Acquisition and Goodwill Recorded | The following table provides a reconciliation of the purchase price paid for the acquisition of LINCO and the amount of goodwill recorded (in thousands): Unallocated purchase price $ 12,248 Less purchase accounting adjustments: Fair value of securities $ 264 Fair value of loans, net (2,818 ) Fair value of other real estate owned 915 Fair value of premises and equipment 6,360 Fair value of time deposits (2,081 ) Fair value of FHLB advances (975 ) Core deposit intangible 2,025 Other assets 3,293 Other liabilities (184 ) 6,799 $ 5,449 |
Repurchase Agreements and Oth_2
Repurchase Agreements and Other Borrowings (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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, 2022 December 31, 2021 US Treasury securities and obligations of U.S. government corporations and agencies $ 49,277 $ 53,782 Mortgage-backed securities: GSE: residential 125,657 92,486 Total $ 174,934 $ 146,268 |
Federal Home Loan Bank, Advances | FHLB borrowings, before net premiums of $428,000, were $375.9 million and $86 million at June 30, 2022 and December 31, 2021, respectively. At June 30, 2022 the advances were as follows: Advance Term (in years) Interest Rate Maturity Date 175,000,000 Overnight 1.63% 5,000,000 3.0 1.73% July 12, 2022 25,000,000 1 Month 1.63% July 29, 2022 25,000,000 3 Months 2.10% September 23, 2022 25,000,000 3 Months 2.07% September 30, 2022 25,000,000 6 Months 2.65% December 23, 2022 25,000,000 6 Months 2.74% December 30, 2022 5,000,000 8.0 2.40% January 9, 2023 5,000,000 4.0 2.44% May 30, 2023 5,000,000 1.0 2.00% May 31, 2023 5,000,000 3.5 1.51% July 31, 2023 5,000,000 3.5 0.77% September 11, 2023 5,000,000 5.0 1.54% July 12, 2024 10,000,000 5.0 1.45% December 31, 2024 5,000,000 5.0 0.91% March 10, 2025 5,857,785 10.0 2.64% December 23, 2025 5,000,000 10.0 1.15% October 3, 2029 5,000,000 10.0 1.12% October 3, 2029 10,000,000 10.0 1.39% December 31, 2029 |
Fair Value of Assets and Liab_2
Fair Value of Assets and Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on Recurring Basis | 33 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, 2022 and December 31, 2021 (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, 2022 Available-for-sale securities: U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 236,847 $ — $ 236,847 $ — Obligations of states and political subdivisions 327,822 — 327,822 — Mortgage-backed securities 698,343 — 698,343 — Other securities 86,936 — 86,936 — Total available-for-sale securities 1,349,948 — 1,349,948 — Equity securities 308 308 — — Derivative assets: interest rate swaps 3,163 — 3,163 — Total assets $ 1,353,419 $ 308 $ 1,353,111 $ — Derivative liabilities: interest rate swaps $ 2,553 $ — $ 2,553 $ — December 31, 2021 Available-for-sale securities: U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 203,815 $ — $ 203,815 $ — Obligations of states and political subdivisions 395,457 — 395,358 99 Mortgage-backed securities 791,038 — 791,038 — Other securities 31,112 — 31,112 — Total available-for-sale securities 1,421,422 — 1,421,323 99 Equity securities 397 397 — — Derivative assets: interest rate swaps 809 — 809 — Total assets $ 1,422,628 $ 397 $ 1,422,132 $ 99 Derivative liabilities: interest rate swaps $ 1,476 $ — $ 1,476 $ — |
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, 2022 and 2021 is summarized as follows (in thousands): Obligation of State and Political Subdivisions Three months ended Six months ended June 30, 2022 June 30, 2021 June 30, 2022 June 30, 2021 Beginning balance $ — $ 614 $ 99 $ 794 Transfers into Level 3 — — — — Transfers out of Level 3 — — — — Total gains or losses: Included in net income — 1 — 2 Included in other comprehensive income (loss) — — — — Purchases, issuances, sales and settlements: Purchases — — — — Issuances — — — — Sales — — — — Settlements — — (99 ) (181 ) Ending balance $ — $ 615 $ — $ 615 Total gains or losses for the period included in net income attributable to the change in unrealized gains or losses related to assets and liabilities still held at the reporting date $ — $ — $ — $ — |
Assets Measured at Fair Value on a Nonrecurring Basis | The following table presents the fair value measurement of assets measured at fair value on a nonrecurring basis and the level within the fair value hierarchy in which the fair value measurements fall at June 30, 2022 and December 31, 2021 (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, 2022 Collateral dependent loans $ 3,406 $ — $ — $ 3,406 Foreclosed assets held for sale 1,680 — — 1,680 Mortgage servicing rights 389 — — 389 December 31, 2021 Collateral dependent loans $ 6,750 $ — $ — $ 6,750 Foreclosed assets held for sale 2,068 — — 2,068 Mortgage servicing rights 420 — — 420 |
Significant Unobservable Inputs Used in Valuation of Level 3 Fair Value Measurements | The following table presents quantitative information about unobservable inputs used in Level 3 fair value measurements other than goodwill at June 30, 2022 and December 31, 2021. June 30, 2022 Fair Value Valuation Technique Unobservable Inputs Range Weighted Average Collateral dependent loans $ 3,406 Third party valuations Discount to reflect realizable value 0% - 40% 20% Foreclosed assets held for sale 1,680 Third party valuations Discount to reflect realizable value less estimated selling costs 0% - 40% 35% Mortgage servicing rights 389 Third party valuations PSA standard prepayment model rate 126 - 437 135 December 31, 2021 Fair Value Valuation Technique Unobservable Inputs Range Weighted Average Collateral dependent loans $ 6,750 Third party valuations Discount to reflect realizable value 0% - 40% 20% Foreclosed assets held for sale 2,068 Third party valuations Discount to reflect realizable value less estimated selling costs 0% - 40% 35% Mortgage servicing rights 420 Third party valuations PSA standard prepayment model rate 205 - 513 273 |
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, 2022 and December 31, 2021 in accordance with ASC 825 (in thousands): Carrying Amount Fair Value Level 1 Level 2 Level 3 June 30, 2022 Financial assets Cash and due from banks $ 130,689 $ 130,689 $ 130,689 $ — $ — Federal funds sold 6,855 6,855 6,855 — — Certificates of deposit investments 1,715 1,715 — 1,715 — Available-for-sale securities 1,349,948 1,349,948 — 1,349,948 — Held-to-maturity securities 2,972 2,972 2,972 — — Equity securities 308 308 308 — — Loans held for sale 1,286 1,286 — 1,286 — Loans net of allowance for credit losses 4,588,302 4,441,169 — — 4,441,169 Interest receivable 23,323 23,323 — 23,323 — Federal Reserve Bank stock 17,050 17,050 — 17,050 — Federal Home Loan Bank stock 8,684 8,684 — 8,684 — Financial liabilities Deposits $ 5,318,978 $ 5,321,281 $ — $ 4,666,356 $ 654,925 Other borrowings 10,000 10,000 10,000 — — Securities sold under agreements to repurchase 174,934 174,859 — 174,859 — Interest payable 1,662 1,662 — 1,662 — Federal Home Loan Bank borrowings 376,286 372,350 — 372,350 — Subordinated debt, net 94,476 91,832 — 91,832 Junior subordinated debentures, net 19,279 18,440 — 18,440 — December 31, 2021 Financial assets Cash and due from banks $ 167,242 $ 167,242 $ 167,242 $ — $ — Federal funds sold 1,360 1,360 1,360 — — Certificates of deposit investments 2,450 2,450 — 2,450 — Available-for-sale securities 1,421,422 1,421,422 — 1,421,323 99 Held-to-maturity securities 7,030 7,034 2,029 5,005 — Equity securities 397 397 397 — — Loans held for sale 2,748 2,748 — 2,748 — Loans net of allowance for credit losses 3,938,120 3,889,870 — — 3,889,870 Interest receivable 19,868 19,868 — 19,868 — Federal Reserve Bank stock 13,845 13,845 — 13,845 — Federal Home Loan Bank stock 6,484 6,484 — 6,484 — Financial liabilities Deposits $ 4,956,486 $ 4,956,738 $ — $ 4,394,434 $ 562,304 Securities sold under agreements to repurchase 146,268 146,274 — 146,274 — Interest payable 1,346 1,346 — 1,346 — Federal Home Loan Bank borrowings 86,446 86,248 — 86,248 — Subordinated debt, net 94,400 94,400 — 94,400 — Junior subordinated debentures, net 19,195 15,012 — 15,012 — |
Business Combinations (Tables)
Business Combinations (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Delta Bancshare Company | |
Business Acquisition [Line Items] | |
Estimated Fair Values of Assets Acquired and Liabilities Assumed | Acquired Fair Value As Recorded by (In thousands) Book Value Adjustments Jefferson Bank Assets Cash and due from banks $ 82,473 $ — $ 82,473 Investment securities 184,959 (2,836 ) 182,123 Loans 426,433 (7,924 ) 418,509 Allowance for credit losses (5,388 ) 4,525 (863 ) Premises and equipment 5,522 3,508 9,030 Goodwill 14 28,597 28,611 Core deposit intangible — 5,920 5,920 Bank owned life insurance 15,822 15,822 Right of use asset — 717 717 Other assets 9,061 (1,340 ) 7,721 Total assets acquired $ 718,896 $ 31,167 $ 750,063 Liabilities Deposits $ 558,619 $ 1,759 $ 560,378 Securities sold under agreements to repurchase 35,523 — 35,523 FHLB advances 45,000 75 45,075 Lease liability — 717 717 Other liabilities 2,209 (1,161 ) 1,048 Total liabilities assumed 641,351 1,390 642,741 Net assets acquired $ 77,545 $ 29,777 $ 107,322 Consideration paid Cash $ 15,150 Common stock 92,172 $ 107,322 |
Unaudited Pro Forma Condensed Combined Financial Information | The following unaudited pro forma condensed combined financial information presents the results of operations of the Company, including the effects of the purchase accounting adjustments and acquisition expenses, had the Delta Merger taken place at the beginning of the period (dollars in thousands, except per share data): Three months ended June 30, 2022 Three months ended June 30, 2021 Six months ended June 30, 2022 Six months ended June 30, 2021 Net interest income $ - $ 49,600 $ 93,267 $ 90,812 Provision for loan losses - 3,140 3,859 15,726 Non-interest income - 18,519 39,801 36,545 Non-interest expense - 48,846 84,141 89,845 Income before taxes - 16,133 45,068 21,786 Income tax expense (benefit) - 3,560 10,062 4,371 Net income (loss) $ - $ 12,573 $ 35,006 $ 17,415 Earnings per share Basic $ 0.00 $ 0.62 $ 1.76 $ 0.87 Diluted 0.00 0.62 1.75 0.87 Basic weighted average shares o/s - 20,359,460 19,875,516 19,977,949 Diluted weighted average shares o/s - 20,412,480 19,947,227 20,030,969 |
LINCO Bancshares, Inc. | |
Business Acquisition [Line Items] | |
Estimated Fair Values of Assets Acquired and Liabilities Assumed | Acquired Fair Value As Recorded by (In thousands) Book Value Adjustments Providence Bank Assets Cash and due from banks $ 130,561 $ — $ 130,561 Investment securities 119,234 264 119,498 Loans 838,377 (9,401 ) 828,976 Allowance for credit losses (8,656 ) 6,583 (2,073 ) Other real estate owned 8,435 915 9,350 Premises and equipment 23,440 6,360 29,800 Goodwill 20,503 (15,054 ) 5,449 Core deposit intangible 123 2,025 2,148 Right of use asset — 794 794 Other assets 43,697 2,499 46,196 Total assets acquired $ 1,175,714 $ (5,015 ) $ 1,170,699 Liabilities Deposits $ 988,329 $ 2,081 $ 990,410 Securities sold under agreements to repurchase — — — FHLB advances 26,941 975 27,916 Other borrowings — — — Lease liability — 794 794 Other liabilities 4,498 (610 ) 3,888 Total liabilities assumed 1,019,768 3,240 1,023,008 Net assets acquired $ 155,946 $ (8,255 ) $ 147,691 Consideration paid Cash $ 103,500 Common stock 44,191 $ 147,691 |
Unaudited Pro Forma Condensed Combined Financial Information | 40 The following unaudited pro forma condensed combined financial information presents the results of operations of the Company, including the effects of the purchase accounting adjustments and acquisition expenses, had the LINCO acquisition taken place at the beginning of the period (dollars in thousands, except per share data): Six months ended June 30, 2021 Net interest income $ 86,217 Provision for loan losses 11,776 Non-interest income 37,145 Non-interest expense 87,812 Income before taxes 23,774 Income tax expense (benefit) 4,947 Net income (loss) $ 18,827 Earnings per share Basic $ 1.06 Diluted 1.06 Basic weighted average shares o/s 17,685,679 Diluted weighted average shares o/s 17,738,699 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Leases [Abstract] | |
Summary of Supplemental Balance Sheet Information | The following table contains supplemental balance sheet information related to leases (dollars in thousands): June 30, 2022 June 30, 2021 December 31, 2021 Operating lease right-of-use assets $ 15,649 $ 16,753 $ 15,116 Operating lease liabilities 15,884 16,919 15,322 Weighted-average remaining lease term (in years) 6.9 6.2 6.6 Weighted-average discount rate 2.66 % 2.63 % 2.70 % 41 |
Summary of Maturities of Lease Liabilities | Maturities of lease liabilities were as follows (in thousands): Year ending December 31, 2022 $ 1,597 2023 2,635 2024 2,285 2025 1,877 2026 1,805 Thereafter 7,706 Total lease payments 17,905 Less imputed interest (2,021 ) Total lease liability $ 15,884 |
Summary of Components of Lease Expense | The components of lease expense for the three and six months ended June 30, 2022 and 2021 were as follows (in thousands): Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 Operating lease cost $ 639 $ 745 $ 1,268 $ 1,448 Short-term lease cost 15 100 42 133 Variable lease cost 300 105 566 249 Total lease cost 954 950 1,876 1,830 Income from subleases (90 ) (167 ) (190 ) (320 ) Net lease cost $ 864 $ 783 $ 1,686 $ 1,510 |
Summary of Operating Lease Cash Flows | Cash paid for amounts included in the measurement of lease liabilities was (in thousands): June 30, 2022 June 30, 2021 Operating cash flows from operating leases $ 1,517 $ 1,467 |
Derivatives (Tables)
Derivatives (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Derivative [Line Items] | |
Summary of Derivative Instruments, Gain (Loss) | The effects of the fair value hedges on the Company's income statement during the three and six months ended June 30, 2022 and 2021 were as follows (in thousands): Three months ended June 30, Six months ended June 30, Derivative Location of Gain (Loss) on Derivatives 2022 2021 2022 2021 Interest rate swap agreements Interest income on loans $ 492 $ 151 $ 1,277 $ (591 ) Three months ended June 30, Six months ended June 30, Derivative Location of Gain (Loss) on Hedged Items 2022 2021 2022 2021 Interest rate swap agreements Interest income on loans $ (492 ) $ (151 ) $ (1,277 ) $ 591 |
Summary of Cumulative Basis Adjustment of Fair Value Hedges | As of June 30, 2022, 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 $ 13,061 $ (610 ) |
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 six months ended June 30, 2022 (dollars in thousands): June 30, 2022 Balance Sheet Location Weighted Average Remaining Maturity (Years) Notional Amount Estimated Value Interest rate swap agreements Other assets 5.5 $ 39,975 $ 3,163 Interest rate swap agreements Other liabilities 5.5 39,975 (3,163 ) |
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, 2022 and December 31, 2021 (in thousands): Balance Sheet Location Weighted Average Remaining Maturity (Years) Notional Amount Estimated Value June 30, 2022 Fair value hedges: Interest rate swap agreements Other liabilities 6.8 $ 13,671 $ (2,553 ) December 31, 2021 Fair value hedges: Interest rate swap agreements Other liabilities 7.3 $ 13,900 $ (1,476 ) |
Basis of Accounting and Conso_4
Basis of Accounting and Consolidation - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | 50 Months Ended | |||||||
Feb. 14, 2022 | Sep. 10, 2021 | Feb. 22, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | Jun. 30, 2022 | Jul. 28, 2021 | Sep. 25, 2020 | |
Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Common stock, par value (in dollars per share) | $ 4 | $ 4 | $ 4 | $ 4 | |||||||
Loans acquired | $ 208,000,000 | ||||||||||
Deposits | 215,000,000 | $ 5,318,978,000 | $ 5,318,978,000 | $ 4,956,486,000 | $ 5,318,978,000 | ||||||
Core deposit intangible asset | $ 4,900,000 | ||||||||||
Amortization period | 10 years | ||||||||||
Stock plans, term | 10 years | ||||||||||
Maximum number of shares to be issued in stock incentive plan (in shares) | 399,983 | 399,983 | 399,983 | ||||||||
Employee discount for employee stock purchase plan | 15% | ||||||||||
Employee stock purchase plan, number of shares authorized | 600,000 | 600,000 | 600,000 | ||||||||
Stock issued during period, shares, employee stock purchase plans | 5,177 | 2,597 | 8,326 | 8,439 | 40,010 | ||||||
Captive maximum gross premiums | $ 2,300,000 | ||||||||||
Stock Options | |||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Common stock awarded in SI plan (in shares) | 0 | ||||||||||
Restricted Stock | |||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Common stock awarded in SI plan (in shares) | 61,400 | 27,750 | |||||||||
Restricted Stock Units (RSUs) | |||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Common stock awarded in SI plan (in shares) | 37,150 | 35,400 | |||||||||
Delta Bancshares Company | |||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Percentage of issued and outstanding shares acquired | 100% | ||||||||||
Common stock, par value (in dollars per share) | $ 10 | ||||||||||
Share Price | $ 4 | ||||||||||
Consideration payable in cash | $ 15,150,000 | ||||||||||
Consideration payable in shares | 2,292,270 | ||||||||||
LINCO Bancshares, Inc. | |||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Percentage of issued and outstanding shares acquired | 100% | ||||||||||
Common stock, par value (in dollars per share) | $ 1 | ||||||||||
Share Price | $ 4 | ||||||||||
Consideration payable in cash | $ 103,500,000 | ||||||||||
Consideration payable in shares | 1,262,246 | ||||||||||
Dividends | $ 13,000,000 |
Basis of Accounting and Conso_5
Basis of Accounting and Consolidation - Schedule of Components of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2022 | Dec. 31, 2021 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | |
Balance | $ 626,268 | $ 633,894 | $ 666,385 | $ 616,066 | $ 601,884 | $ 568,228 |
Accumulated Other Comprehensive Income (Loss) | ||||||
Net unrealized losses on securities available-for-sale | (180,619) | (1,170) | ||||
Tax benefit | 52,379 | 339 | ||||
Balance | $ (128,240) | $ (831) | $ (74,028) | $ 8,781 | $ 5,087 | $ 17,095 |
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, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Realized gains on available-for-sale securities | $ 2 | $ 73 | $ 2 | $ 77 |
Tax effect | (5,205) | (3,357) | (9,859) | (4,025) |
Total reclassifications out of accumulated other comprehensive income | 1 | 52 | 1 | 55 |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent | ||||
Realized gains on available-for-sale securities | 2 | 73 | 2 | 77 |
Tax effect | $ (1) | $ (21) | $ (1) | $ (22) |
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, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Basic Net Income per Common Share Available to Common Stockholders: | ||||
Net income | $ 17,758,000 | $ 12,221,000 | $ 34,374,000 | $ 16,330,000 |
Weighted average common shares outstanding | 20,448,799 | 18,067,190 | 19,875,516 | 17,685,679 |
Basic earnings per common share | $ 0.87 | $ 0.68 | $ 1.73 | $ 0.92 |
Diluted Net Income per Common Share Available to Common Stockholders: | ||||
Net income applicable to diluted earnings per share | $ 17,758,000 | $ 12,221,000 | $ 34,374,000 | $ 16,330,000 |
Weighted average common shares outstanding | 20,448,799 | 18,067,190 | 19,875,516 | 17,685,679 |
Dilutive potential common shares: restricted stock awarded | 80,724 | 53,020 | 71,711 | 53,020 |
Diluted weighted average common shares outstanding | 20,529,523 | 18,120,210 | 19,947,227 | 17,738,699 |
Diluted earnings per common share | $ 0.86 | $ 0.68 | $ 1.72 | $ 0.92 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Earnings Per Share [Abstract] | ||||
Number of anti-dilutive shares excluded when computing diluted earnings per share | 0 | 0 | 0 | 0 |
Investment Securities - Availab
Investment Securities - Available for Sale and Held for Maturity Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Available-for-sale: [Abstract] | ||
Amortized Cost | $ 1,530,566 | $ 1,422,591 |
Gross Unrealized Gains | 752 | 17,166 |
Gross Unrealized (Losses) | (181,370) | (18,335) |
Fair Value | 1,349,948 | 1,421,422 |
Held-to-maturity: [Abstract] | ||
Held-to-maturity | 2,972 | 7,030 |
Gross Unrealized Gains | 0 | 5 |
Unrealized (Losses) | 0 | 0 |
Fair Value | 2,972 | 7,035 |
U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies | ||
Available-for-sale: [Abstract] | ||
Amortized Cost | 261,387 | 208,598 |
Gross Unrealized Gains | 8 | 80 |
Gross Unrealized (Losses) | (24,548) | (4,863) |
Fair Value | 236,847 | 203,815 |
Held-to-maturity: [Abstract] | ||
Held-to-maturity | 5,001 | |
Gross Unrealized Gains | 5 | |
Unrealized (Losses) | 0 | |
Fair Value | 5,006 | |
Obligations of States and Political Subdivisions | ||
Available-for-sale: [Abstract] | ||
Amortized Cost | 385,688 | 383,991 |
Gross Unrealized Gains | 678 | 12,123 |
Gross Unrealized (Losses) | (58,544) | (657) |
Fair Value | 327,822 | 395,457 |
Mortgage-backed Securities: GSE Residential | ||
Available-for-sale: [Abstract] | ||
Amortized Cost | 793,979 | 799,456 |
Gross Unrealized Gains | 37 | 4,292 |
Gross Unrealized (Losses) | (95,673) | (12,710) |
Fair Value | 698,343 | 791,038 |
Other Securities | ||
Available-for-sale: [Abstract] | ||
Amortized Cost | 89,512 | 30,546 |
Gross Unrealized Gains | 29 | 671 |
Gross Unrealized (Losses) | (2,605) | (105) |
Fair Value | 86,936 | 31,112 |
Other Investments | ||
Held-to-maturity: [Abstract] | ||
Held-to-maturity | 2,972 | 2,029 |
Gross Unrealized Gains | 0 | 0 |
Unrealized (Losses) | 0 | 0 |
Fair Value | $ 2,972 | $ 2,029 |
Investment Securities - Additio
Investment Securities - Additional Information (Details) | 6 Months Ended | |
Jun. 30, 2022 USD ($) Security | Dec. 31, 2021 USD ($) Security | |
Schedule Of Available For Sale Securities [Line Items] | ||
Equity securities, at fair value | $ 308,000 | $ 397,000 |
Tax rate used to calculate tax-equivalent yields (in hundredths) | 21% | |
Percentage investment book value exceeds stockholders' equity (in hundredths) | 10% | |
Debt securities, available-for-sale, restricted | $ 724,000,000 | 590,000,000 |
Available-for-sale, 12 months or longer, Fair Value | 310,522,000 | 186,350,000 |
12 months or longer, unrealized losses | $ 51,516,000 | $ 4,627,000 |
U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Number of securities in unrealized loss positions | Security | 14 | 6 |
Available-for-sale, 12 months or longer, Fair Value | $ 111,991,000 | $ 139,846,000 |
12 months or longer, unrealized losses | $ 15,618,000 | $ 2,936,000 |
Held-to-maturity, securities in unrealized loss positions, qualitative disclosure, number of positions | Security | 0 | |
Obligations of States and Political Subdivisions | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Number of securities in unrealized loss positions | Security | 5 | 0 |
Available-for-sale, 12 months or longer, Fair Value | $ 7,466,000 | $ 0 |
12 months or longer, unrealized losses | $ 2,626,000 | $ 0 |
Mortgage-backed Securities: GSE Residential | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Number of securities in unrealized loss positions | Security | 42 | 15 |
Available-for-sale, 12 months or longer, Fair Value | $ 188,576,000 | $ 46,504,000 |
12 months or longer, unrealized losses | $ 33,196,000 | $ 1,691,000 |
Other Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Number of securities in unrealized loss positions | Security | 3 | 0 |
Available-for-sale, 12 months or longer, Fair Value | $ 2,489,000 | $ 0 |
12 months or longer, unrealized losses | $ 76,000 | $ 0 |
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, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Realized Investment Gains (Losses) [Abstract] | ||||
Gross gains | $ 2 | $ 73 | $ 2 | $ 77 |
Gross losses | $ 0 | $ 0 | $ 0 | $ 0 |
Investment Securities - Investm
Investment Securities - Investments Classified by Contractual Maturity Date (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | |
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract] | ||
Available-for-sale investments, One year or less | $ 218,379 | |
Available-for-sale investments, After 1 through 5 years | 331,447 | |
Available-for-sale investments, After 5 through 10 years | 789,972 | |
Available-for-sale investments, After ten years | 10,150 | |
Available-for-sale investments, Fair Value | $ 1,349,948 | $ 1,421,422 |
Available-for-sale, Weighted average yield, One year or less (in hundredths) | 1.54% | |
Available-for-sale , Weighted average yield,After 1 through 5 years (in hundredths) | 2.46% | |
Available-for-sale, Weighted average yield,After 5 through 10 years (in hundredths) | 1.77% | |
Available-for-sale , Weighted average yield,After ten years (in hundredths) | 1.69% | |
Available-for-sale , Weighted average yield,Total (in hundredths) | 1.89% | |
Available-for-sale, Full Tax-equivalent yield, One year or less (in hundredths) | 1.65% | |
Available-for-sale, Full Tax-equivalent yield,After 1 through 5 years (in hundredths) | 2.75% | |
Available-for-sale, Full Tax-equivalent yield, After 5 through 10 years (in hundredths) | 1.95% | |
Available-for-sale, Full Tax-equivalent yield,After ten years (in hundredths) | 1.82% | |
Available-for-sale, Full Tax-equivalent yield,Total (in hundredths) | 2.09% | |
Held-to-maturity, Maturity [Abstract] | ||
Held-to-maturity, One Year or less | $ 0 | |
Held-to-maturity, After1 through 5 years | 0 | |
Held-to-maturity, After 5 through 10 years | 0 | |
Held-to-maturity, After ten years | 2,972 | |
Held-to-maturity | $ 2,972 | 7,030 |
Held To Maturity Weighted average yield, One year or less | 0% | |
Held To Maturity Weighted average yield, After 1 through 5 years | 0% | |
Held To Maturity Weighted average yield After 5 through 10 years | 0% | |
Held To Maturity Weighted average yield After ten years | 0% | |
Held To Maturity Weighted average yield ,Total | 0% | |
Held To Maturity, Full tax-equivalent yield , One year or less | 0% | |
Held To Maturity, Full tax-equivalent yield , After 1 through 5 years | 0% | |
Held To Maturity, Full tax-equivalent yield , After 5 through 10 years | 0% | |
Held To Maturity, Full tax-equivalent yield , After ten years | 0% | |
Held To Maturity, Full tax-equivalent yield , Total | 0% | |
U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies | ||
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract] | ||
Available-for-sale investments, One year or less | $ 170,756 | |
Available-for-sale investments, After 1 through 5 years | 56,145 | |
Available-for-sale investments, After 5 through 10 years | 9,946 | |
Available-for-sale investments, After ten years | 0 | |
Available-for-sale investments, Fair Value | 236,847 | 203,815 |
Held-to-maturity, Maturity [Abstract] | ||
Held-to-maturity | 5,001 | |
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 | 22,218 | |
Available-for-sale investments, After 1 through 5 years | 95,449 | |
Available-for-sale investments, After 5 through 10 years | 209,021 | |
Available-for-sale investments, After ten years | 1,134 | |
Available-for-sale investments, Fair Value | 327,822 | 395,457 |
Mortgage-backed Securities: GSE Residential | ||
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract] | ||
Available-for-sale investments, One year or less | 6,114 | |
Available-for-sale investments, After 1 through 5 years | 113,107 | |
Available-for-sale investments, After 5 through 10 years | 570,106 | |
Available-for-sale investments, After ten years | 9,016 | |
Available-for-sale investments, Fair Value | 698,343 | 791,038 |
Other Securities | ||
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract] | ||
Available-for-sale investments, One year or less | 19,291 | |
Available-for-sale investments, After 1 through 5 years | 66,746 | |
Available-for-sale investments, After 5 through 10 years | 899 | |
Available-for-sale investments, After ten years | 0 | |
Available-for-sale investments, Fair Value | 86,936 | 31,112 |
Other Investments | ||
Held-to-maturity, Maturity [Abstract] | ||
Held-to-maturity, One Year or less | 0 | |
Held-to-maturity, After1 through 5 years | 0 | |
Held-to-maturity, After 5 through 10 years | 0 | |
Held-to-maturity, After ten years | 2,972 | |
Held-to-maturity | $ 2,972 | $ 2,029 |
Investment Securities - Fair Va
Investment Securities - Fair Value of Investments with Sustained Gross Unrealized Losses (Details) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Qualitative Disclosure [Abstract] | ||
Available-for-sale, Less than 12 months, Fair Value | $ 948,129,000 | $ 680,526,000 |
Available-for-sale, Less than 12 months, Unrealized Losses | (129,854,000) | (13,708,000) |
Available-for-sale, 12 months or longer, Fair Value | 310,522,000 | 186,350,000 |
Available-for-sale, 12 months or longer, Unrealized losses | (51,516,000) | (4,627,000) |
Available-for-sale, Total Fair Value | 1,258,651,000 | 866,876,000 |
Available-for-sale, Total Unrealized Losses | (181,370,000) | (18,335,000) |
U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Qualitative Disclosure [Abstract] | ||
Available-for-sale, Less than 12 months, Fair Value | 121,758,000 | 48,316,000 |
Available-for-sale, Less than 12 months, Unrealized Losses | (8,930,000) | (1,927,000) |
Available-for-sale, 12 months or longer, Fair Value | 111,991,000 | 139,846,000 |
Available-for-sale, 12 months or longer, Unrealized losses | (15,618,000) | (2,936,000) |
Available-for-sale, Total Fair Value | 233,749,000 | 188,162,000 |
Available-for-sale, Total Unrealized Losses | (24,548,000) | (4,863,000) |
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 | 253,771,000 | 61,535,000 |
Available-for-sale, Less than 12 months, Unrealized Losses | (55,918,000) | (657,000) |
Available-for-sale, 12 months or longer, Fair Value | 7,466,000 | 0 |
Available-for-sale, 12 months or longer, Unrealized losses | (2,626,000) | 0 |
Available-for-sale, Total Fair Value | 261,237,000 | 61,535,000 |
Available-for-sale, Total Unrealized Losses | (58,544,000) | (657,000) |
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 | 505,673,000 | 562,699,000 |
Available-for-sale, Less than 12 months, Unrealized Losses | (62,477,000) | (11,019,000) |
Available-for-sale, 12 months or longer, Fair Value | 188,576,000 | 46,504,000 |
Available-for-sale, 12 months or longer, Unrealized losses | (33,196,000) | (1,691,000) |
Available-for-sale, Total Fair Value | 694,249,000 | 609,203,000 |
Available-for-sale, Total Unrealized Losses | (95,673,000) | (12,710,000) |
Other Securities | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Qualitative Disclosure [Abstract] | ||
Available-for-sale, Less than 12 months, Fair Value | 66,927,000 | 7,976,000 |
Available-for-sale, Less than 12 months, Unrealized Losses | (2,529,000) | (105,000) |
Available-for-sale, 12 months or longer, Fair Value | 2,489,000 | 0 |
Available-for-sale, 12 months or longer, Unrealized losses | (76,000) | 0 |
Available-for-sale, Total Fair Value | 69,416,000 | 7,976,000 |
Available-for-sale, Total Unrealized Losses | $ (2,605,000) | $ (105,000) |
Loans and Allowance for Credi_3
Loans and Allowance for Credit Losses - Summary of Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross loans | $ 4,658,418 | $ 3,997,508 | ||||
Loans held for sale | 1,286 | 2,748 | ||||
Loans and leases receivable gross excluding loans held for sale | 4,657,132 | 3,994,760 | ||||
Net deferred loan fees, premiums and discounts | 9,755 | 1,985 | ||||
Allowance for credit losses | 59,075 | $ 58,474 | 54,655 | $ 54,597 | $ 55,418 | $ 41,910 |
Net loans | 4,588,302 | 3,938,120 | ||||
Real Estate Loan | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross loans | 3,230,323 | 2,789,827 | ||||
Construction and Land Development | Real Estate Loan | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross loans | 141,218 | 145,156 | ||||
Allowance for credit losses | 2,042 | 1,988 | 1,743 | 1,795 | 2,286 | 1,666 |
Agricultural | Real Estate Loan | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross loans | 350,485 | 279,001 | ||||
Allowance for credit losses | 2,112 | 1,971 | 1,257 | 1,665 | 1,628 | 1,084 |
Commercial | Real Estate Loan | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross loans | 1,983,017 | 1,666,764 | ||||
Allowance for credit losses | 28,856 | 30,345 | 26,246 | 25,664 | 25,737 | 19,660 |
Agricultural Loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross loans | 142,237 | 151,344 | ||||
Allowance for credit losses | 886 | 1,051 | 983 | 906 | 881 | 1,526 |
Commercial and Industrial Loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross loans | 1,039,363 | 834,061 | ||||
Allowance for credit losses | 19,496 | 17,348 | 19,241 | 19,842 | 18,954 | 13,485 |
Consumer Loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross loans | 94,780 | 78,538 | ||||
Allowance for credit losses | 2,160 | 2,043 | 2,855 | 2,155 | 2,839 | 2,167 |
All Other Loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross loans | 151,715 | 143,738 | ||||
1-4 Family | Residential Properties | Real Estate Loan | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross loans | 424,217 | 399,932 | ||||
Allowance for credit losses | 3,523 | $ 3,728 | 2,330 | $ 2,570 | $ 3,093 | $ 2,322 |
Multifamily | Residential Properties | Real Estate Loan | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross loans | $ 331,386 | $ 298,974 |
Loans and Allowance for Credi_4
Loans and Allowance for Credit Losses - Additional Information (Details) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2022 USD ($) alternative Loan_modified | Jun. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) Loan_modified | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accrued interest on loans | $ 16,900,000 | $ 14,700,000 | |
Minimum value of loans individually measured for impairment | $ 250,000 | ||
Number of alternatives for measuring impaired loans receivable | alternative | 3 | ||
Interest lost on nonaccrual loans | $ 94,000 | $ 319,000 | |
Troubled debt restructurings balance | 5,012,000 | 5,792,000 | |
Loans receivable, modifications, allowance | $ 497,000 | $ 765,000 | |
Troubled debt restructurings balance | Loan_modified | 2 | 1 | |
Real estate acquired through foreclosure | $ 4,209,000 | $ 4,984,000 | |
Mortgage loans secured by real estate In foreclosure | $ 417,000 | 411,000 | |
Maximum | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Amortization period of loans | 25 years | ||
Commercial Real Estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Debt coverage ratio | 1.20x | ||
Commercial Real Estate | Minimum | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Maximum loan-to-value ratio (in hundredths) | 65% | ||
Amortization period of loans | 20 years | ||
Commercial Real Estate | Maximum | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Maximum loan-to-value ratio (in hundredths) | 80% | ||
1-4 Family Residential Properties | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Period when loans charged-down | 180 days | ||
Motels and Hotels Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | $ 203,000,000 | ||
Non-residential Buildings | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 902,000,000 | ||
Residential Buildings and Dwellings | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 494,500,000 | ||
Real Estate Loan | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Troubled debt restructurings balance | $ 4,489,000 | 4,953,000 | |
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 | $ 492,600,000 | 430,800,000 | |
Increase (decrease) in accounts and notes receivable | $ 61,800,000 | ||
Maximum loan-to-value ratio (in hundredths) | 65% | ||
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 | $ 366,600,000 | 297,400,000 | |
Increase (decrease) in accounts and notes receivable | $ 69,200,000 | ||
Commercial and Industrial Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Maximum loan-to-value ratio (in hundredths) | 80% | ||
Amortization period of loans | 7 years | ||
Loans receivable, time period | 1 year | ||
Troubled debt restructurings balance | $ 313,000 | $ 479,000 | |
Residential Properties | Real Estate Loan | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Maximum loan-to-value ratio (in hundredths) | 80% | ||
Amortization period of loans | 25 years |
Loans and Allowance for Credi_5
Loans and Allowance for Credit Losses - Allowance for Credit Losses Based on Portfolio Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Allowance for loan losses [Abstract] | |||||
Allowance for credit losses, Beginning Balance | $ 58,474 | $ 55,418 | $ 54,655 | $ 41,910 | $ 41,910 |
Initial allowance on loans purchased with credit deterioration | 863 | 2,074 | |||
Provision for credit loss expense | 907 | (560) | 3,859 | 11,576 | 15,151 |
Loans charged off | 571 | 449 | 1,345 | 1,417 | 5,634 |
Recoveries collected | 265 | 188 | 1,043 | 454 | 1,154 |
Allowance for credit losses, Ending Balance | 59,075 | 54,597 | 59,075 | 54,597 | 54,655 |
Cumulative Change in Accounting Principal, Adjustment | ASU 2016-13 | |||||
Allowance for loan losses [Abstract] | |||||
Allowance for credit losses, Beginning Balance | 2,074 | 2,074 | |||
Construction and Land Development | Real Estate Loan | |||||
Allowance for loan losses [Abstract] | |||||
Allowance for credit losses, Beginning Balance | 1,988 | 2,286 | 1,743 | 1,666 | 1,666 |
Initial allowance on loans purchased with credit deterioration | 272 | 261 | |||
Provision for credit loss expense | 54 | (468) | 29 | (109) | 21 |
Loans charged off | 0 | 23 | 2 | 23 | 205 |
Recoveries collected | 0 | 0 | 0 | 0 | 0 |
Allowance for credit losses, Ending Balance | 2,042 | 1,795 | 2,042 | 1,795 | 1,743 |
Construction and Land Development | Real Estate Loan | Cumulative Change in Accounting Principal, Adjustment | ASU 2016-13 | |||||
Allowance for loan losses [Abstract] | |||||
Allowance for credit losses, Beginning Balance | 261 | 261 | |||
Agricultural | Real Estate Loan | |||||
Allowance for loan losses [Abstract] | |||||
Allowance for credit losses, Beginning Balance | 1,971 | 1,628 | 1,257 | 1,084 | 1,084 |
Initial allowance on loans purchased with credit deterioration | 0 | 44 | |||
Provision for credit loss expense | 141 | 37 | 855 | 535 | 129 |
Loans charged off | 0 | 0 | 0 | 0 | 0 |
Recoveries collected | 0 | 0 | 0 | 2 | 0 |
Allowance for credit losses, Ending Balance | 2,112 | 1,665 | 2,112 | 1,665 | 1,257 |
Agricultural | Real Estate Loan | Cumulative Change in Accounting Principal, Adjustment | ASU 2016-13 | |||||
Allowance for loan losses [Abstract] | |||||
Allowance for credit losses, Beginning Balance | 44 | 44 | |||
Residential Properties | Real Estate Loan | 1-4 Family | |||||
Allowance for loan losses [Abstract] | |||||
Allowance for credit losses, Beginning Balance | 3,728 | 3,093 | 2,330 | 2,322 | 2,322 |
Initial allowance on loans purchased with credit deterioration | 3 | 328 | |||
Provision for credit loss expense | (178) | (527) | 1,086 | 90 | (160) |
Loans charged off | 69 | 14 | 141 | 196 | 371 |
Recoveries collected | 42 | 18 | 245 | 26 | 211 |
Allowance for credit losses, Ending Balance | 3,523 | 2,570 | 3,523 | 2,570 | 2,330 |
Residential Properties | Real Estate Loan | 1-4 Family | Cumulative Change in Accounting Principal, Adjustment | ASU 2016-13 | |||||
Allowance for loan losses [Abstract] | |||||
Allowance for credit losses, Beginning Balance | 328 | 328 | |||
Commercial | Real Estate Loan | |||||
Allowance for loan losses [Abstract] | |||||
Allowance for credit losses, Beginning Balance | 30,345 | 25,737 | 26,246 | 19,660 | 19,660 |
Initial allowance on loans purchased with credit deterioration | 478 | 646 | |||
Provision for credit loss expense | (1,433) | (86) | 2,180 | 5,816 | 6,415 |
Loans charged off | 68 | 0 | 407 | 480 | 535 |
Recoveries collected | 12 | 13 | 359 | 22 | 60 |
Allowance for credit losses, Ending Balance | 28,856 | 25,664 | 28,856 | 25,664 | 26,246 |
Commercial | Real Estate Loan | Cumulative Change in Accounting Principal, Adjustment | ASU 2016-13 | |||||
Allowance for loan losses [Abstract] | |||||
Allowance for credit losses, Beginning Balance | 646 | 646 | |||
Agricultural Loans | |||||
Allowance for loan losses [Abstract] | |||||
Allowance for credit losses, Beginning Balance | 1,051 | 881 | 983 | 1,526 | 1,526 |
Initial allowance on loans purchased with credit deterioration | 0 | 0 | |||
Provision for credit loss expense | (72) | 24 | (4) | (621) | (544) |
Loans charged off | 93 | 0 | 93 | 0 | 0 |
Recoveries collected | 0 | 1 | 0 | 1 | 1 |
Allowance for credit losses, Ending Balance | 886 | 906 | 886 | 906 | 983 |
Agricultural Loans | Cumulative Change in Accounting Principal, Adjustment | ASU 2016-13 | |||||
Allowance for loan losses [Abstract] | |||||
Allowance for credit losses, Beginning Balance | 0 | 0 | |||
Commercial and Industrial Loans | |||||
Allowance for loan losses [Abstract] | |||||
Allowance for credit losses, Beginning Balance | 17,348 | 18,954 | 19,241 | 13,485 | 13,485 |
Initial allowance on loans purchased with credit deterioration | 94 | 795 | |||
Provision for credit loss expense | 2,117 | 934 | 72 | 5,608 | 7,940 |
Loans charged off | 32 | 68 | 35 | 86 | 3,118 |
Recoveries collected | 63 | 22 | 124 | 40 | 139 |
Allowance for credit losses, Ending Balance | 19,496 | 19,842 | 19,496 | 19,842 | 19,241 |
Commercial and Industrial Loans | Cumulative Change in Accounting Principal, Adjustment | ASU 2016-13 | |||||
Allowance for loan losses [Abstract] | |||||
Allowance for credit losses, Beginning Balance | 795 | 795 | |||
Consumer Loans | |||||
Allowance for loan losses [Abstract] | |||||
Allowance for credit losses, Beginning Balance | 2,043 | 2,839 | 2,855 | 2,167 | 2,167 |
Initial allowance on loans purchased with credit deterioration | 16 | 0 | |||
Provision for credit loss expense | 278 | (474) | (359) | 257 | 1,350 |
Loans charged off | 309 | 344 | 667 | 632 | 1,405 |
Recoveries collected | 148 | 134 | 315 | 363 | 743 |
Allowance for credit losses, Ending Balance | $ 2,160 | $ 2,155 | $ 2,160 | 2,155 | 2,855 |
Consumer Loans | Cumulative Change in Accounting Principal, Adjustment | ASU 2016-13 | |||||
Allowance for loan losses [Abstract] | |||||
Allowance for credit losses, Beginning Balance | $ 0 | $ 0 |
Loans and Allowance for Credi_6
Loans and Allowance for Credit Losses - Amortized Cost Basis of Collateral-Dependent Loans by Class of Loans Individually Evaluated (Details) $ in Thousands | Jun. 30, 2022 USD ($) |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivable, Individually Evaluated for Impairment | $ 13,338 |
Allowance for Credit Losses | 1,098 |
Commercial and Industrial Loans | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivable, Individually Evaluated for Impairment | 846 |
Allowance for Credit Losses | 300 |
Consumer Loans | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivable, Individually Evaluated for Impairment | 3 |
Allowance for Credit Losses | 0 |
Real Estate | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivable, Individually Evaluated for Impairment | 11,824 |
Real Estate | Commercial and Industrial Loans | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivable, Individually Evaluated for Impairment | 220 |
Real Estate | Consumer Loans | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivable, Individually Evaluated for Impairment | 0 |
Business Assets | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivable, Individually Evaluated for Impairment | 1,437 |
Business Assets | Commercial and Industrial Loans | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivable, Individually Evaluated for Impairment | 626 |
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 | 77 |
Other Property | Commercial and Industrial Loans | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivable, Individually Evaluated for Impairment | 0 |
Other Property | Consumer Loans | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivable, Individually Evaluated for Impairment | 3 |
Real Estate Loan | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivable, Individually Evaluated for Impairment | 12,489 |
Allowance for Credit Losses | 798 |
Real Estate Loan | Construction and Land Development | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivable, Individually Evaluated for Impairment | 466 |
Allowance for Credit Losses | 205 |
Real Estate Loan | Agricultural | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivable, Individually Evaluated for Impairment | 74 |
Allowance for Credit Losses | 0 |
Real Estate Loan | Commercial | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivable, Individually Evaluated for Impairment | 9,474 |
Allowance for Credit Losses | 503 |
Real Estate Loan | Real Estate | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivable, Individually Evaluated for Impairment | 11,604 |
Real Estate Loan | Real Estate | Construction and Land Development | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivable, Individually Evaluated for Impairment | 466 |
Real Estate Loan | Real Estate | Agricultural | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivable, Individually Evaluated for Impairment | 0 |
Real Estate Loan | Real Estate | Commercial | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivable, Individually Evaluated for Impairment | 8,811 |
Real Estate Loan | Business Assets | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivable, Individually Evaluated for Impairment | 811 |
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 | 663 |
Real Estate Loan | Other Property | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivable, Individually Evaluated for Impairment | 74 |
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 | 74 |
Real Estate Loan | Other Property | Commercial | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivable, Individually Evaluated for Impairment | 0 |
1-4 Family | Real Estate Loan | Residential Properties | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivable, Individually Evaluated for Impairment | 1,188 |
Allowance for Credit Losses | 90 |
1-4 Family | Real Estate Loan | Real Estate | Residential Properties | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivable, Individually Evaluated for Impairment | 1,040 |
1-4 Family | Real Estate Loan | Business Assets | Residential Properties | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivable, Individually Evaluated for Impairment | 148 |
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 | 1,287 |
Allowance for Credit Losses | 0 |
Multifamily | Real Estate Loan | Real Estate | Residential Properties | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivable, Individually Evaluated for Impairment | 1,287 |
Multifamily | Real Estate Loan | Business Assets | Residential Properties | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivable, Individually Evaluated for Impairment | 0 |
Multifamily | Real Estate Loan | Other Property | Residential Properties | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivable, Individually Evaluated for Impairment | $ 0 |
Loans and Allowance for Credi_7
Loans and Allowance for Credit Losses - Credit Risk Profile of Loan Portfolio on Amortized Cost Basis Based on Risk Rating Category (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Credit Quality Information [Abstract] | ||
Current fiscal year | $ 875,249 | $ 1,200,288 |
Fiscal year before current fiscal year | 1,143,527 | 818,943 |
Two years before current fiscal year | 729,809 | 547,593 |
Three years before current fiscal year | 469,495 | 374,575 |
Four years before current fiscal year | 382,009 | 247,554 |
Prior | 1,001,047 | 763,077 |
Revolving Loans | 47,527 | 43,493 |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 4,648,663 | 3,995,523 |
Pass | ||
Credit Quality Information [Abstract] | ||
Current fiscal year | 865,554 | 1,177,678 |
Fiscal year before current fiscal year | 1,138,255 | 815,269 |
Two years before current fiscal year | 726,036 | 527,037 |
Three years before current fiscal year | 461,044 | 367,606 |
Four years before current fiscal year | 370,010 | 225,557 |
Prior | 960,750 | 726,479 |
Revolving Loans | 47,094 | 42,800 |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 4,568,743 | 3,882,426 |
Special Mention | ||
Credit Quality Information [Abstract] | ||
Current fiscal year | 4,316 | 18,807 |
Fiscal year before current fiscal year | 3,568 | 2,354 |
Two years before current fiscal year | 2,134 | 11,947 |
Three years before current fiscal year | 6,985 | 2,519 |
Four years before current fiscal year | 1,801 | 13,769 |
Prior | 19,991 | 16,798 |
Revolving Loans | 129 | 41 |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 38,924 | 66,235 |
Substandard | ||
Credit Quality Information [Abstract] | ||
Current fiscal year | 5,379 | 3,803 |
Fiscal year before current fiscal year | 1,404 | 1,320 |
Two years before current fiscal year | 1,639 | 8,609 |
Three years before current fiscal year | 1,466 | 4,450 |
Four years before current fiscal year | 10,198 | 8,228 |
Prior | 20,306 | 19,800 |
Revolving Loans | 304 | 652 |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 40,696 | 46,862 |
Doubtful | ||
Credit Quality Information [Abstract] | ||
Current fiscal year | 0 | |
Fiscal year before current fiscal year | 300 | |
Two years before current fiscal year | 0 | |
Three years before current fiscal year | 0 | |
Four years before current fiscal year | 0 | |
Prior | 0 | |
Revolving Loans | 0 | |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 300 | |
Agricultural Loans | ||
Credit Quality Information [Abstract] | ||
Current fiscal year | 85,742 | 119,453 |
Fiscal year before current fiscal year | 38,403 | 18,357 |
Two years before current fiscal year | 10,637 | 8,260 |
Three years before current fiscal year | 4,318 | 2,972 |
Four years before current fiscal year | 1,850 | 937 |
Prior | 1,456 | 1,505 |
Revolving Loans | 0 | 0 |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 142,406 | 151,484 |
Agricultural Loans | Pass | ||
Credit Quality Information [Abstract] | ||
Current fiscal year | 83,601 | 105,378 |
Fiscal year before current fiscal year | 37,086 | 17,903 |
Two years before current fiscal year | 10,637 | 5,612 |
Three years before current fiscal year | 4,013 | 2,822 |
Four years before current fiscal year | 1,765 | 924 |
Prior | 1,288 | 1,316 |
Revolving Loans | 0 | 0 |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 138,390 | 133,955 |
Agricultural Loans | Special Mention | ||
Credit Quality Information [Abstract] | ||
Current fiscal year | 1,201 | 13,725 |
Fiscal year before current fiscal year | 1,317 | 436 |
Two years before current fiscal year | 0 | 2,648 |
Three years before current fiscal year | 262 | 150 |
Four years before current fiscal year | 81 | 13 |
Prior | 0 | 64 |
Revolving Loans | 0 | 0 |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 2,861 | 17,036 |
Agricultural Loans | Substandard | ||
Credit Quality Information [Abstract] | ||
Current fiscal year | 940 | 350 |
Fiscal year before current fiscal year | 0 | 18 |
Two years before current fiscal year | 0 | 0 |
Three years before current fiscal year | 43 | 0 |
Four years before current fiscal year | 4 | 0 |
Prior | 168 | 125 |
Revolving Loans | 0 | 0 |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 1,155 | 493 |
Commercial Industrial And Other Portfolio Segment | ||
Credit Quality Information [Abstract] | ||
Current fiscal year | 228,125 | 280,933 |
Fiscal year before current fiscal year | 320,815 | 168,095 |
Two years before current fiscal year | 185,599 | 121,298 |
Three years before current fiscal year | 79,245 | 76,825 |
Four years before current fiscal year | 77,545 | 23,389 |
Prior | 297,385 | 305,214 |
Revolving Loans | 0 | 0 |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 1,188,714 | 975,754 |
Commercial Industrial And Other Portfolio Segment | Pass | ||
Credit Quality Information [Abstract] | ||
Current fiscal year | 227,589 | 279,814 |
Fiscal year before current fiscal year | 319,582 | 167,662 |
Two years before current fiscal year | 184,910 | 119,702 |
Three years before current fiscal year | 77,852 | 76,022 |
Four years before current fiscal year | 77,171 | 22,888 |
Prior | 296,278 | 302,962 |
Revolving Loans | 0 | 0 |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 1,183,382 | 969,050 |
Commercial Industrial And Other Portfolio Segment | Special Mention | ||
Credit Quality Information [Abstract] | ||
Current fiscal year | 229 | 613 |
Fiscal year before current fiscal year | 478 | 399 |
Two years before current fiscal year | 322 | 1,463 |
Three years before current fiscal year | 1,353 | 182 |
Four years before current fiscal year | 265 | 477 |
Prior | 382 | 819 |
Revolving Loans | 0 | 0 |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 3,029 | 3,953 |
Commercial Industrial And Other Portfolio Segment | Substandard | ||
Credit Quality Information [Abstract] | ||
Current fiscal year | 307 | 506 |
Fiscal year before current fiscal year | 455 | 34 |
Two years before current fiscal year | 367 | 133 |
Three years before current fiscal year | 40 | 621 |
Four years before current fiscal year | 109 | 24 |
Prior | 725 | 1,433 |
Revolving Loans | 0 | 0 |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 2,003 | 2,751 |
Commercial Industrial And Other Portfolio Segment | Doubtful | ||
Credit Quality Information [Abstract] | ||
Current fiscal year | 0 | |
Fiscal year before current fiscal year | 300 | |
Two years before current fiscal year | 0 | |
Three years before current fiscal year | 0 | |
Four years before current fiscal year | 0 | |
Prior | 0 | |
Revolving Loans | 0 | |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 300 | |
Consumer Loans | ||
Credit Quality Information [Abstract] | ||
Current fiscal year | 28,830 | 28,601 |
Fiscal year before current fiscal year | 25,970 | 19,145 |
Two years before current fiscal year | 20,627 | 17,324 |
Three years before current fiscal year | 11,562 | 6,192 |
Four years before current fiscal year | 3,481 | 4,340 |
Prior | 4,358 | 2,840 |
Revolving Loans | 0 | 0 |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 94,828 | 78,442 |
Consumer Loans | Pass | ||
Credit Quality Information [Abstract] | ||
Current fiscal year | 28,818 | 27,948 |
Fiscal year before current fiscal year | 25,791 | 19,033 |
Two years before current fiscal year | 20,595 | 16,978 |
Three years before current fiscal year | 11,516 | 5,505 |
Four years before current fiscal year | 3,428 | 4,297 |
Prior | 4,328 | 1,244 |
Revolving Loans | 0 | 0 |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 94,476 | 75,005 |
Consumer Loans | Special Mention | ||
Credit Quality Information [Abstract] | ||
Current fiscal year | 0 | 68 |
Fiscal year before current fiscal year | 60 | 54 |
Two years before current fiscal year | 30 | 38 |
Three years before current fiscal year | 32 | 9 |
Four years before current fiscal year | 7 | 0 |
Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 129 | 169 |
Consumer Loans | Substandard | ||
Credit Quality Information [Abstract] | ||
Current fiscal year | 12 | 585 |
Fiscal year before current fiscal year | 119 | 58 |
Two years before current fiscal year | 2 | 308 |
Three years before current fiscal year | 14 | 678 |
Four years before current fiscal year | 46 | 43 |
Prior | 30 | 1,596 |
Revolving Loans | 0 | 0 |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 223 | 3,268 |
Real Estate Loan | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 3,222,715 | 2,789,843 |
Real Estate Loan | Construction and Land Development | ||
Credit Quality Information [Abstract] | ||
Current fiscal year | 24,090 | 38,766 |
Fiscal year before current fiscal year | 50,440 | 34,774 |
Two years before current fiscal year | 24,406 | 23,505 |
Three years before current fiscal year | 27,088 | 34,841 |
Four years before current fiscal year | 2,276 | 3,760 |
Prior | 12,772 | 9,472 |
Revolving Loans | 0 | 0 |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 141,072 | 145,118 |
Real Estate Loan | Construction and Land Development | Pass | ||
Credit Quality Information [Abstract] | ||
Current fiscal year | 24,090 | 38,656 |
Fiscal year before current fiscal year | 50,335 | 34,774 |
Two years before current fiscal year | 24,406 | 23,505 |
Three years before current fiscal year | 27,088 | 34,358 |
Four years before current fiscal year | 2,276 | 3,760 |
Prior | 12,294 | 9,433 |
Revolving Loans | 0 | 0 |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 140,489 | 144,486 |
Real Estate Loan | Construction and Land Development | Special Mention | ||
Credit Quality Information [Abstract] | ||
Current fiscal year | 0 | 110 |
Fiscal year before current fiscal year | 105 | 0 |
Two years before current fiscal year | 0 | 0 |
Three years before current fiscal year | 0 | 0 |
Four years before current fiscal year | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 105 | 110 |
Real Estate Loan | Construction and Land Development | Substandard | ||
Credit Quality Information [Abstract] | ||
Current fiscal year | 0 | 0 |
Fiscal year before current fiscal year | 0 | 0 |
Two years before current fiscal year | 0 | 0 |
Three years before current fiscal year | 0 | 483 |
Four years before current fiscal year | 0 | 0 |
Prior | 478 | 39 |
Revolving Loans | 0 | 0 |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 478 | 522 |
Real Estate Loan | Agricultural | ||
Credit Quality Information [Abstract] | ||
Current fiscal year | 97,623 | 79,665 |
Fiscal year before current fiscal year | 73,365 | 64,418 |
Two years before current fiscal year | 59,661 | 30,133 |
Three years before current fiscal year | 26,721 | 30,774 |
Four years before current fiscal year | 29,838 | 12,268 |
Prior | 62,951 | 62,014 |
Revolving Loans | 0 | 0 |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 350,159 | 279,272 |
Real Estate Loan | Agricultural | Pass | ||
Credit Quality Information [Abstract] | ||
Current fiscal year | 96,798 | 78,793 |
Fiscal year before current fiscal year | 73,365 | 64,159 |
Two years before current fiscal year | 59,171 | 25,713 |
Three years before current fiscal year | 23,222 | 30,203 |
Four years before current fiscal year | 28,105 | 12,142 |
Prior | 58,227 | 54,808 |
Revolving Loans | 0 | 0 |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 338,888 | 265,818 |
Real Estate Loan | Agricultural | Special Mention | ||
Credit Quality Information [Abstract] | ||
Current fiscal year | 825 | 872 |
Fiscal year before current fiscal year | 0 | 259 |
Two years before current fiscal year | 490 | 4,028 |
Three years before current fiscal year | 3,499 | 384 |
Four years before current fiscal year | 273 | 69 |
Prior | 3,248 | 6,087 |
Revolving Loans | 0 | 0 |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 8,335 | 11,699 |
Real Estate Loan | Agricultural | Substandard | ||
Credit Quality Information [Abstract] | ||
Current fiscal year | 0 | 0 |
Fiscal year before current fiscal year | 0 | 0 |
Two years before current fiscal year | 0 | 392 |
Three years before current fiscal year | 0 | 187 |
Four years before current fiscal year | 1,460 | 57 |
Prior | 1,476 | 1,119 |
Revolving Loans | 0 | 0 |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 2,936 | 1,755 |
Real Estate Loan | Commercial And Multifamily Portfolio Segment | ||
Credit Quality Information [Abstract] | ||
Current fiscal year | 365,250 | 573,392 |
Fiscal year before current fiscal year | 540,868 | 419,254 |
Two years before current fiscal year | 343,019 | 308,051 |
Three years before current fiscal year | 290,075 | 176,922 |
Four years before current fiscal year | 229,921 | 166,066 |
Prior | 538,121 | 321,455 |
Revolving Loans | 0 | 0 |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 2,307,254 | 1,965,140 |
Real Estate Loan | Commercial And Multifamily Portfolio Segment | Pass | ||
Credit Quality Information [Abstract] | ||
Current fiscal year | 359,324 | 568,200 |
Fiscal year before current fiscal year | 538,921 | 417,334 |
Two years before current fiscal year | 341,037 | 299,973 |
Three years before current fiscal year | 287,273 | 174,448 |
Four years before current fiscal year | 223,273 | 150,811 |
Prior | 513,758 | 304,585 |
Revolving Loans | 0 | 0 |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 2,263,586 | 1,915,351 |
Real Estate Loan | Commercial And Multifamily Portfolio Segment | Special Mention | ||
Credit Quality Information [Abstract] | ||
Current fiscal year | 2,061 | 3,185 |
Fiscal year before current fiscal year | 1,457 | 1,206 |
Two years before current fiscal year | 1,153 | 1,836 |
Three years before current fiscal year | 1,799 | 1,295 |
Four years before current fiscal year | 993 | 10,609 |
Prior | 15,212 | 8,632 |
Revolving Loans | 0 | 0 |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 22,675 | 26,763 |
Real Estate Loan | Commercial And Multifamily Portfolio Segment | Substandard | ||
Credit Quality Information [Abstract] | ||
Current fiscal year | 3,865 | 2,007 |
Fiscal year before current fiscal year | 490 | 714 |
Two years before current fiscal year | 829 | 6,242 |
Three years before current fiscal year | 1,003 | 1,179 |
Four years before current fiscal year | 5,655 | 4,646 |
Prior | 9,151 | 8,238 |
Revolving Loans | 0 | 0 |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 20,993 | 23,026 |
1-4 Family | Real Estate Loan | ||
Credit Quality Information [Abstract] | ||
Current fiscal year | 45,589 | 79,478 |
Fiscal year before current fiscal year | 93,666 | 94,900 |
Two years before current fiscal year | 85,860 | 39,022 |
Three years before current fiscal year | 30,486 | 46,049 |
Four years before current fiscal year | 37,098 | 36,794 |
Prior | 84,004 | 60,577 |
Revolving Loans | 47,527 | 43,493 |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 424,230 | 400,313 |
1-4 Family | Real Estate Loan | Pass | ||
Credit Quality Information [Abstract] | ||
Current fiscal year | 45,334 | 78,889 |
Fiscal year before current fiscal year | 93,175 | 94,404 |
Two years before current fiscal year | 85,280 | 35,554 |
Three years before current fiscal year | 30,080 | 44,248 |
Four years before current fiscal year | 33,992 | 30,735 |
Prior | 74,577 | 52,131 |
Revolving Loans | 47,094 | 42,800 |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 409,532 | 378,761 |
1-4 Family | Real Estate Loan | Special Mention | ||
Credit Quality Information [Abstract] | ||
Current fiscal year | 0 | 234 |
Fiscal year before current fiscal year | 151 | 0 |
Two years before current fiscal year | 139 | 1,934 |
Three years before current fiscal year | 40 | 499 |
Four years before current fiscal year | 182 | 2,601 |
Prior | 1,149 | 1,196 |
Revolving Loans | 129 | 41 |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 1,790 | 6,505 |
1-4 Family | Real Estate Loan | Substandard | ||
Credit Quality Information [Abstract] | ||
Current fiscal year | 255 | 355 |
Fiscal year before current fiscal year | 340 | 496 |
Two years before current fiscal year | 441 | 1,534 |
Three years before current fiscal year | 366 | 1,302 |
Four years before current fiscal year | 2,924 | 3,458 |
Prior | 8,278 | 7,250 |
Revolving Loans | 304 | 652 |
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | $ 12,908 | $ 15,047 |
Loans and Allowance for Credi_8
Loans and Allowance for Credit Losses - Loan Portfolio Aging Analysis (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | $ 4,647,377 | $ 3,992,775 |
Total Loans Receivable | 4,648,663 | 3,995,523 |
Total Loans> 90 Days and Accruing | 0 | 0 |
Real Estate Loan | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 3,222,715 | 2,789,843 |
Total Loans> 90 Days and Accruing | 0 | 0 |
Real Estate Loan | 1-4 Family | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 424,230 | 400,313 |
Construction and Land Development | Real Estate Loan | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 141,072 | 145,118 |
Total Loans> 90 Days and Accruing | 0 | 0 |
Agricultural | Real Estate Loan | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 350,159 | 279,272 |
Total Loans> 90 Days and Accruing | 0 | 0 |
Residential Properties | Real Estate Loan | 1-4 Family | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 424,230 | 400,313 |
Total Loans> 90 Days and Accruing | 0 | 0 |
Residential Properties | Real Estate Loan | Multifamily | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 330,600 | 298,942 |
Total Loans> 90 Days and Accruing | 0 | 0 |
Commercial | Real Estate Loan | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 1,976,654 | 1,666,198 |
Total Loans> 90 Days and Accruing | 0 | 0 |
Agricultural Loans | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 142,406 | 151,484 |
Total Loans> 90 Days and Accruing | 0 | 0 |
Commercial and Industrial Loans | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 1,036,987 | 832,008 |
Total Loans> 90 Days and Accruing | 0 | 0 |
Consumer Loans | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 94,828 | 78,442 |
Total Loans> 90 Days and Accruing | 0 | 0 |
All Other Loans | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Loans Receivable | 151,727 | 143,746 |
Total Loans> 90 Days and Accruing | 0 | 0 |
Financial Asset, 30 to 59 Days Past Due | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 7,185 | 14,244 |
Financial Asset, 30 to 59 Days Past Due | Real Estate Loan | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 5,004 | 11,621 |
Financial Asset, 30 to 59 Days Past Due | Construction and Land Development | Real Estate Loan | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 0 | 159 |
Financial Asset, 30 to 59 Days Past Due | Agricultural | Real Estate Loan | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 0 | 0 |
Financial Asset, 30 to 59 Days Past Due | Residential Properties | Real Estate Loan | 1-4 Family | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 3,294 | 2,532 |
Financial Asset, 30 to 59 Days Past Due | Residential Properties | Real Estate Loan | Multifamily | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 4 | 0 |
Financial Asset, 30 to 59 Days Past Due | Commercial | Real Estate Loan | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 1,706 | 8,930 |
Financial Asset, 30 to 59 Days Past Due | Agricultural Loans | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 226 | 0 |
Financial Asset, 30 to 59 Days Past Due | Commercial and Industrial Loans | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 1,357 | 381 |
Financial Asset, 30 to 59 Days Past Due | Consumer Loans | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 598 | 388 |
Financial Asset, 30 to 59 Days Past Due | All Other Loans | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 0 | 1,854 |
Financial Asset, 60 to 89 Days Past Due | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 1,971 | 2,334 |
Financial Asset, 60 to 89 Days Past Due | Real Estate Loan | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 897 | 1,975 |
Financial Asset, 60 to 89 Days Past Due | Construction and Land Development | Real Estate Loan | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 0 | 199 |
Financial Asset, 60 to 89 Days Past Due | Agricultural | Real Estate Loan | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 241 | 222 |
Financial Asset, 60 to 89 Days Past Due | Residential Properties | Real Estate Loan | 1-4 Family | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 496 | 914 |
Financial Asset, 60 to 89 Days Past Due | Residential Properties | Real Estate Loan | Multifamily | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 0 | 0 |
Financial Asset, 60 to 89 Days Past Due | Commercial | Real Estate Loan | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 160 | 640 |
Financial Asset, 60 to 89 Days Past Due | Agricultural Loans | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 940 | 10 |
Financial Asset, 60 to 89 Days Past Due | Commercial and Industrial Loans | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 65 | 302 |
Financial Asset, 60 to 89 Days Past Due | Consumer Loans | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 69 | 47 |
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 | 12,879 | 8,238 |
Financial Asset, Equal to or Greater than 90 Days Past Due | Real Estate Loan | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 11,452 | 6,376 |
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 | 449 | 203 |
Financial Asset, Equal to or Greater than 90 Days Past Due | Agricultural | Real Estate Loan | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 192 | 1 |
Financial Asset, Equal to or Greater than 90 Days Past Due | Residential Properties | Real Estate Loan | 1-4 Family | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 918 | 2,012 |
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 | 544 | 1,676 |
Financial Asset, Equal to or Greater than 90 Days Past Due | Commercial | Real Estate Loan | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 9,349 | 2,484 |
Financial Asset, Equal to or Greater than 90 Days Past Due | Agricultural Loans | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 0 | 588 |
Financial Asset, Equal to or Greater than 90 Days Past Due | Commercial and Industrial Loans | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 1,332 | 1,156 |
Financial Asset, Equal to or Greater than 90 Days Past Due | Consumer Loans | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 95 | 118 |
Financial Asset, Equal to or Greater than 90 Days Past Due | All Other Loans | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 0 | 0 |
Total Past Due | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 22,035 | 24,816 |
Total Past Due | Real Estate Loan | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 17,353 | 19,972 |
Total Past Due | Construction and Land Development | Real Estate Loan | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 449 | 561 |
Total Past Due | Agricultural | Real Estate Loan | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 433 | 223 |
Total Past Due | Residential Properties | Real Estate Loan | 1-4 Family | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 4,708 | 5,458 |
Total Past Due | Residential Properties | Real Estate Loan | Multifamily | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 548 | 1,676 |
Total Past Due | Commercial | Real Estate Loan | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 11,215 | 12,054 |
Total Past Due | Agricultural Loans | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 1,166 | 598 |
Total Past Due | Commercial and Industrial Loans | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 2,754 | 1,839 |
Total Past Due | Consumer Loans | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 762 | 553 |
Total Past Due | All Other Loans | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 0 | 1,854 |
Current | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 4,626,628 | 3,970,707 |
Current | Real Estate Loan | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 3,205,362 | 2,769,871 |
Current | Construction and Land Development | Real Estate Loan | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 140,623 | 144,557 |
Current | Agricultural | Real Estate Loan | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 349,726 | 279,049 |
Current | Residential Properties | Real Estate Loan | 1-4 Family | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 419,522 | 394,855 |
Current | Residential Properties | Real Estate Loan | Multifamily | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 330,052 | 297,266 |
Current | Commercial | Real Estate Loan | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 1,965,439 | 1,654,144 |
Current | Agricultural Loans | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 141,240 | 150,886 |
Current | Commercial and Industrial Loans | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 1,034,233 | 830,169 |
Current | Consumer Loans | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | 94,066 | 77,889 |
Current | All Other Loans | ||
Loans Receivable Aging Analysis [Abstract] | ||
Total Past Due | $ 151,727 | $ 141,892 |
Loans and Allowance for Credi_9
Loans and Allowance for Credit Losses - Amortized Cost Basis of Loans on Nonaccrual Status and Nonaccrual Loans Individually Evaluated (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Nonaccrual, No Allowance | $ 15,759 | $ 16,725 |
Financing Receivable, Nonaccrual | 17,035 | 18,105 |
Construction and Land Development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Nonaccrual, No Allowance | 0 | 25 |
Financing Receivable, Nonaccrual | 0 | 25 |
Agricultural Real Estate Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Nonaccrual, No Allowance | 1,268 | 237 |
Financing Receivable, Nonaccrual | 1,268 | 336 |
1-4 Family Residential Properties | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Nonaccrual, No Allowance | 4,045 | 5,252 |
Financing Receivable, Nonaccrual | 4,680 | 5,252 |
Multifamily Residential Properties | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Nonaccrual, No Allowance | 1,311 | 1,982 |
Financing Receivable, Nonaccrual | 1,311 | 1,982 |
Commercial Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Nonaccrual, No Allowance | 7,634 | 7,554 |
Financing Receivable, Nonaccrual | 7,975 | 7,920 |
Loans Secured by Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Nonaccrual, No Allowance | 14,258 | 15,050 |
Financing Receivable, Nonaccrual | 15,234 | 15,515 |
Agricultural Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Nonaccrual, No Allowance | 174 | 560 |
Financing Receivable, Nonaccrual | 174 | 560 |
Commercial and Industrial Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Nonaccrual, No Allowance | 1,229 | 936 |
Financing Receivable, Nonaccrual | 1,529 | 1,851 |
Consumer Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Nonaccrual, No Allowance | 98 | 179 |
Financing Receivable, Nonaccrual | 98 | 179 |
All Other Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Nonaccrual, No Allowance | 0 | 0 |
Financing Receivable, Nonaccrual | $ 0 | $ 0 |
Loans and Allowance for Cred_10
Loans and Allowance for Credit Losses - Recorded Balance of Troubled Debt Restructurings (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Troubled Debt Restructurings Balance | $ 5,012 | $ 5,792 |
Financing Receivable Modifications Performing Recorded Investment | 2,946 | 3,931 |
Real Estate Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Troubled Debt Restructurings Balance | 4,489 | 4,953 |
Financing Receivable Modifications Performing Recorded Investment | 2,870 | 3,679 |
Residential Properties | Real Estate Loan | 1-4 Family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Troubled Debt Restructurings Balance | 1,082 | 1,353 |
Financing Receivable Modifications Performing Recorded Investment | 659 | 882 |
Agricultural Real Estate Loans | Real Estate Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Troubled Debt Restructurings Balance | 233 | 245 |
Financing Receivable Modifications Performing Recorded Investment | 233 | 245 |
Commercial | Real Estate Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Troubled Debt Restructurings Balance | 3,174 | 3,355 |
Financing Receivable Modifications Performing Recorded Investment | 1,978 | 2,552 |
Agricultural Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Troubled Debt Restructurings Balance | 168 | 228 |
Commercial and Industrial Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Troubled Debt Restructurings Balance | 313 | 479 |
Financing Receivable Modifications Performing Recorded Investment | 37 | 179 |
Consumer Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Troubled Debt Restructurings Balance | 42 | 109 |
Financing Receivable Modifications Performing Recorded Investment | $ 39 | 50 |
All Other Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Troubled Debt Restructurings Balance | 23 | |
Financing Receivable Modifications Performing Recorded Investment | $ 23 |
Loans and Allowance for Cred_11
Loans and Allowance for Credit Losses - Loans Modified as Troubled Debt Restructurings (Details) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 USD ($) Modification | Jun. 30, 2021 USD ($) Modification | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivables, Modifications during Period, Number | Modification | 4 | 5 |
Financing Receivables, Modifications during Period, Balance | $ | $ 278 | $ 1,098 |
Real Estate Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivables, Modifications during Period, Number | Modification | 4 | 2 |
Financing Receivables, Modifications during Period, Balance | $ | $ 278 | $ 1,074 |
Real Estate Loan | 1-4 Family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivables, Modifications during Period, Number | Modification | 2 | 1 |
Financing Receivables, Modifications during Period, Balance | $ | $ 79 | $ 395 |
Commercial Real Estate | Real Estate Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivables, Modifications during Period, Number | Modification | 2 | 1 |
Financing Receivables, Modifications during Period, Balance | $ | $ 199 | $ 679 |
Consumer Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivables, Modifications during Period, Number | Modification | 0 | 3 |
Financing Receivables, Modifications during Period, Balance | $ | $ 0 | $ 24 |
Loans and Allowance for Cred_12
Loans and Allowance for Credit Losses - Summary of Purchased Credit Deteriorated (PCD) Loans (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Feb. 22, 2021 | Jun. 30, 2022 | Dec. 31, 2021 | |
Delta Bancshares Company | |||
Summary Of Purchased Credit Deteriorated Loans [Line Items] | |||
Purchase price of purchase credit deteriorated loans at acquisition | $ 18,796 | ||
Allowance for credit losses at acquisition | (863) | ||
Non-credit discount/(premium) at acquisition | (523) | ||
Fair value of purchased credit deteriorated loans at acquisition | $ 17,410 | ||
LINCO Bancshares, Inc. | |||
Summary Of Purchased Credit Deteriorated Loans [Line Items] | |||
Purchase price of purchase credit deteriorated loans at acquisition | $ 64,647 | ||
Allowance for credit losses at acquisition | $ (2,000) | (2,074) | |
Non-credit discount/(premium) at acquisition | (187) | ||
Fair value of purchased credit deteriorated loans at acquisition | $ 62,386 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Schedule of Intangible Assets and Goodwill (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Finite Lived Intangible Assets [Line Items] | ||
Goodwill, Gross Carrying Value | $ 144,225 | $ 115,613 |
Goodwill, Accumulated Amortization | 3,760 | 3,760 |
Goodwill and Intangible Assets, Gross Carrying Value | 213,156 | 178,624 |
Goodwill and Intangible Assets, Accumulated Amortization | 40,674 | 37,668 |
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 | 45,355 | 39,435 |
Intangible Assets, Accumulated Amortization | 26,227 | 24,085 |
Other Intangibles | ||
Finite Lived Intangible Assets [Line Items] | ||
Intangible Assets, Gross Carrying Value | 20,561 | 20,561 |
Intangible Assets, Accumulated Amortization | $ 7,672 | $ 6,808 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Feb. 22, 2021 |
Finite Lived Intangible Assets [Line Items] | ||||||
Goodwill | $ 140,465 | $ 111,853 | ||||
Delta Bancshares Company | ||||||
Finite Lived Intangible Assets [Line Items] | ||||||
Goodwill | 28,611 | $ 28,600 | ||||
BBM & Associates, Inc. | ||||||
Finite Lived Intangible Assets [Line Items] | ||||||
Goodwill | $ 1,400 | |||||
LINCO Bancshares, Inc. | ||||||
Finite Lived Intangible Assets [Line Items] | ||||||
Goodwill | $ 5,449 | $ 8,900 | $ 5,449 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Schedule of Reconciliation of Purchase Price Paid for Acquisition and Goodwill Recorded (Details) - USD ($) $ in Thousands | 6 Months Ended | ||||
Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Feb. 22, 2021 | |
Less purchase accounting adjustments: | |||||
Goodwill | $ 140,465 | $ 111,853 | |||
Delta Bancshares Company | |||||
Goodwill [Line Items] | |||||
Unallocated purchase price | 29,791 | ||||
Less purchase accounting adjustments: | |||||
Fair value of securities | (2,836) | ||||
Fair value of loans, net | (3,399) | ||||
Fair value of premises and equipment | 3,508 | ||||
Fair value of time deposits | (1,759) | ||||
Fair value of FHLB advances | (75) | ||||
Core deposit intangible | 5,920 | ||||
Other assets | (623) | ||||
Other liabilities | 444 | ||||
Goodwill, purchase accounting adjustments | 1,180 | ||||
Goodwill | 28,611 | $ 28,600 | |||
LINCO Bancshares, Inc. | |||||
Goodwill [Line Items] | |||||
Unallocated purchase price | 12,248 | ||||
Less purchase accounting adjustments: | |||||
Fair value of securities | 264 | ||||
Fair value of loans, net | (2,818) | ||||
Fair value of other real estate owned | 915 | ||||
Fair value of premises and equipment | 6,360 | ||||
Fair value of time deposits | (2,081) | ||||
Fair value of FHLB advances | (975) | ||||
Core deposit intangible | 2,025 | ||||
Other assets | 3,293 | ||||
Other liabilities | (184) | ||||
Goodwill, purchase accounting adjustments | 6,799 | ||||
Goodwill | $ 5,449 | $ 8,900 | $ 5,449 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets - Intangible Assets Mortgage Servicing Rights (Details) - USD ($) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Finite Lived Intangible Assets [Line Items] | |||
Fair market value adjustment | $ 0 | ||
Mortgage Servicing Rights | |||
Finite Lived Intangible Assets [Line Items] | |||
Beginning balance | 420,000 | $ 516,000 | $ 516,000 |
Fair market value adjustment | 107,000 | 318,000 | 544,000 |
Mortgage servicing rights amortized | (149,000) | (355,000) | (629,000) |
Interest only strip | 11,000 | (6,000) | (11,000) |
Ending balance | $ 389,000 | $ 473,000 | $ 420,000 |
Goodwill and Intangible Asset_6
Goodwill and Intangible Assets - Schedule of Intangible Assets Amortization Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Finite Lived Intangible Assets [Line Items] | ||||
Amortization of intangible assets | $ 1,633 | $ 1,295 | $ 3,155 | $ 2,515 |
Core Deposit Intangibles | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Amortization of intangible assets | 1,153 | 728 | 2,142 | 1,438 |
Customer List Intangibles | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Amortization of intangible assets | 432 | 389 | 864 | 722 |
Mortgage Servicing Rights | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Amortization of intangible assets | $ 48 | $ 178 | $ 149 | $ 355 |
Goodwill and Intangible Asset_7
Goodwill and Intangible Assets - Schedule of Expected Amortization Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Aggregate amortization expense: | ||||
For period 01/01/22 - 06/30/22 | $ 1,633 | $ 1,295 | $ 3,155 | $ 2,515 |
Estimated amortization expense: | ||||
For period 07/01/22 - 12/31/22 | 3,165 | 3,165 | ||
For year ended 12/31/23 | 5,799 | 5,799 | ||
For year ended 12/31/24 | 5,291 | 5,291 | ||
For year ended 12/31/25 | 4,741 | 4,741 | ||
For year ended 12/31/26 | $ 3,852 | $ 3,852 |
Repurchase Agreements and Oth_3
Repurchase Agreements and Other Borrowings - Additional Information (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | |
Repurchase Agreements And Other Borrowings [Abstract] | ||
Securities sold under agreements to repurchase | $ 174,934,000 | $ 146,268,000 |
Securities sold under agreements to repurchase increase (decrease) | $ 28,600,000 | |
Securities sold under agreements to repurchase weighted average rate | 0.53% | |
FHLB borrowings | $ 375,900,000 | $ 86,000,000 |
FHLB premium on borrowing | $ 428,000 |
Repurchase Agreements and Oth_4
Repurchase Agreements and Other Borrowings - Schedule of Securities Financing Transactions (Details) - Asset Pledged as Collateral without Right - Securities Sold under Agreements to Repurchase - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Assets Sold Under Agreements To Repurchase [Line Items] | ||
Securities pledged to Repurchase Agreements | $ 174,934 | $ 146,268 |
U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies | ||
Assets Sold Under Agreements To Repurchase [Line Items] | ||
Securities pledged to Repurchase Agreements | 49,277 | 53,782 |
Mortgage-backed Securities: GSE Residential | ||
Assets Sold Under Agreements To Repurchase [Line Items] | ||
Securities pledged to Repurchase Agreements | $ 125,657 | $ 92,486 |
Repurchase Agreements and Oth_5
Repurchase Agreements and Other Borrowings - Federal Home Loan Bank, Advances (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | |
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | ||
Federal Home Loan Bank Advances | $ 375,900,000 | $ 86,000,000 |
Interest Rate 1.63% | ||
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | ||
Federal Home Loan Bank Advances | $ 175,000,000 | |
Federal Home Loan Bank, Advances, Interest Rate | 1.63% | |
Federal Home Loan Bank Advances, Term (in years) | Overnight | |
Interest Rate 1.73% - Maturity Date July 12, 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) | 3 years | |
Federal Home Loan Bank, Advances, Interest Rate | 1.73% | |
Federal Home Loan Bank, Advances, Maturity Date | Jul. 12, 2022 | |
Interest Rate 1.63% - Maturity Date July 29 ,2022 | ||
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | ||
Federal Home Loan Bank Advances | $ 25,000,000 | |
Federal Home Loan Bank Advances, Term (in years) | 1 month | |
Federal Home Loan Bank, Advances, Interest Rate | 1.63% | |
Federal Home Loan Bank, Advances, Maturity Date | Jul. 29, 2022 | |
Interest Rate 2.10% - Maturity Date September 23, 2022 | ||
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | ||
Federal Home Loan Bank Advances | $ 25,000,000 | |
Federal Home Loan Bank Advances, Term (in years) | 3 months | |
Federal Home Loan Bank, Advances, Interest Rate | 2.10% | |
Federal Home Loan Bank, Advances, Maturity Date | Sep. 23, 2022 | |
Interest Rate 2.07% - Maturity Date September 30, 2022 | ||
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | ||
Federal Home Loan Bank Advances | $ 25,000,000 | |
Federal Home Loan Bank Advances, Term (in years) | 3 months | |
Federal Home Loan Bank, Advances, Interest Rate | 2.07% | |
Federal Home Loan Bank, Advances, Maturity Date | Sep. 30, 2022 | |
Interest Rate 2.65% - Maturity Date December 23, 2022 | ||
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | ||
Federal Home Loan Bank Advances | $ 25,000,000 | |
Federal Home Loan Bank Advances, Term (in years) | 6 months | |
Federal Home Loan Bank, Advances, Interest Rate | 2.65% | |
Federal Home Loan Bank, Advances, Maturity Date | Dec. 23, 2022 | |
Interest Rate 2.74% - Maturity Date December 30, 2022 | ||
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | ||
Federal Home Loan Bank Advances | $ 25,000,000 | |
Federal Home Loan Bank Advances, Term (in years) | 6 months | |
Federal Home Loan Bank, Advances, Interest Rate | 2.74% | |
Federal Home Loan Bank, Advances, Maturity Date | Dec. 30, 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. 09, 2023 | |
Interest Rate 2.44% - Maturity Date May 30, 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) | 4 years | |
Federal Home Loan Bank, Advances, Interest Rate | 2.44% | |
Federal Home Loan Bank, Advances, Maturity Date | May 30, 2023 | |
Interest Rate 2.00% - Maturity Date May 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) | 1 year | |
Federal Home Loan Bank, Advances, Interest Rate | 2% | |
Federal Home Loan Bank, Advances, Maturity Date | May 31, 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 1.54% - Maturity Date July 12, 2024 | ||
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 | 1.54% | |
Federal Home Loan Bank, Advances, Maturity Date | Jul. 12, 2024 | |
Interest Rate 1.45% - Maturity Date December 31, 2024 | ||
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | ||
Federal Home Loan Bank Advances | $ 10,000,000 | |
Federal Home Loan Bank Advances, Term (in years) | 5 years | |
Federal Home Loan Bank, Advances, Interest Rate | 1.45% | |
Federal Home Loan Bank, Advances, Maturity Date | Dec. 31, 2024 | |
Interest Rate 0.91% - Maturity Date March 10, 2025 | ||
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | ||
Federal Home Loan Bank Advances | $ 5,000,000 | |
Federal Home Loan Bank Advances, Term (in years) | 5 years | |
Federal Home Loan Bank, Advances, Interest Rate | 0.91% | |
Federal Home Loan Bank, Advances, Maturity Date | Mar. 10, 2025 | |
Interest Rate 2.64% - Maturity Date December 23, 2025 | ||
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | ||
Federal Home Loan Bank Advances | $ 5,857,785 | |
Federal Home Loan Bank Advances, Term (in years) | 10 years | |
Federal Home Loan Bank, Advances, Interest Rate | 2.64% | |
Federal Home Loan Bank, Advances, Maturity Date | Dec. 23, 2025 | |
Interest Rate 1.15% - Maturity Date October 3, 2029 | ||
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | ||
Federal Home Loan Bank Advances | $ 5,000,000 | |
Federal Home Loan Bank Advances, Term (in years) | 10 years | |
Federal Home Loan Bank, Advances, Interest Rate | 1.15% | |
Federal Home Loan Bank, Advances, Maturity Date | Oct. 03, 2029 | |
Interest Rate 1.12% - Maturity Date October 3, 2029 | ||
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | ||
Federal Home Loan Bank Advances | $ 5,000,000 | |
Federal Home Loan Bank Advances, Term (in years) | 10 years | |
Federal Home Loan Bank, Advances, Interest Rate | 1.12% | |
Federal Home Loan Bank, Advances, Maturity Date | Oct. 03, 2029 | |
Interest Rate 1.39% - Maturity Date December 31, 2029 | ||
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | ||
Federal Home Loan Bank Advances | $ 10,000,000 | |
Federal Home Loan Bank Advances, Term (in years) | 10 years | |
Federal Home Loan Bank, Advances, Interest Rate | 1.39% | |
Federal Home Loan Bank, Advances, Maturity Date | Dec. 31, 2029 |
Fair Value of Assets and Liab_3
Fair Value of Assets and Liabilities - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Available-for-sale securities: | ||
Total available-for-sale securities | $ 1,349,948,000 | $ 1,421,422,000 |
Equity securities, at fair value | 308,000 | 397,000 |
U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies | ||
Available-for-sale securities: | ||
Total available-for-sale securities | 236,847,000 | 203,815,000 |
Obligations of States and Political Subdivisions | ||
Available-for-sale securities: | ||
Total available-for-sale securities | 327,822,000 | 395,457,000 |
Mortgage-backed Securities | ||
Available-for-sale securities: | ||
Total available-for-sale securities | 698,343,000 | 791,038,000 |
Other Securities | ||
Available-for-sale securities: | ||
Total available-for-sale securities | 86,936,000 | 31,112,000 |
Fair Value, Recurring | ||
Available-for-sale securities: | ||
Total available-for-sale securities | 1,349,948,000 | 1,421,422,000 |
Equity securities, at fair value | 308,000 | 397,000 |
Derivative assets, Interest rate swaps | 3,163,000 | 809,000 |
Total assets | 1,353,419,000 | 1,422,628,000 |
Derivative liabilities, Interest rate swaps | 2,553,000 | 1,476,000 |
Fair Value, Recurring | U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies | ||
Available-for-sale securities: | ||
Total available-for-sale securities | 236,847,000 | 203,815,000 |
Fair Value, Recurring | Obligations of States and Political Subdivisions | ||
Available-for-sale securities: | ||
Total available-for-sale securities | 327,822,000 | 395,457,000 |
Fair Value, Recurring | Mortgage-backed Securities | ||
Available-for-sale securities: | ||
Total available-for-sale securities | 698,343,000 | 791,038,000 |
Fair Value, Recurring | Other Securities | ||
Available-for-sale securities: | ||
Total available-for-sale securities | 86,936,000 | 31,112,000 |
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 | 308,000 | 397,000 |
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 | 308,000 | 397,000 |
Derivative assets, Interest rate swaps | 0 | 0 |
Total assets | 308,000 | 397,000 |
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 and Agencies | ||
Available-for-sale securities: | ||
Total available-for-sale securities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Recurring | Obligations of States and Political Subdivisions | ||
Available-for-sale securities: | ||
Total available-for-sale securities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Recurring | Mortgage-backed Securities | ||
Available-for-sale securities: | ||
Total available-for-sale securities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Recurring | Other Securities | ||
Available-for-sale securities: | ||
Total available-for-sale securities | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Available-for-sale securities: | ||
Total available-for-sale securities | 1,349,948,000 | 1,421,323,000 |
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 | 1,349,948,000 | 1,421,323,000 |
Equity securities, at fair value | 0 | 0 |
Derivative assets, Interest rate swaps | 3,163,000 | 809,000 |
Total assets | 1,353,111,000 | 1,422,132,000 |
Derivative liabilities, Interest rate swaps | 2,553,000 | 1,476,000 |
Significant Other Observable Inputs (Level 2) | Fair Value, Recurring | U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies | ||
Available-for-sale securities: | ||
Total available-for-sale securities | 236,847,000 | 203,815,000 |
Significant Other Observable Inputs (Level 2) | Fair Value, Recurring | Obligations of States and Political Subdivisions | ||
Available-for-sale securities: | ||
Total available-for-sale securities | 327,822,000 | 395,358,000 |
Significant Other Observable Inputs (Level 2) | Fair Value, Recurring | Mortgage-backed Securities | ||
Available-for-sale securities: | ||
Total available-for-sale securities | 698,343,000 | 791,038,000 |
Significant Other Observable Inputs (Level 2) | Fair Value, Recurring | Other Securities | ||
Available-for-sale securities: | ||
Total available-for-sale securities | 86,936,000 | 31,112,000 |
Significant Unobservable Inputs (Level 3) | ||
Available-for-sale securities: | ||
Total available-for-sale securities | 0 | 99,000 |
Equity securities, at fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Fair Value, Recurring | ||
Available-for-sale securities: | ||
Total available-for-sale securities | 0 | 99,000 |
Equity securities, at fair value | 0 | 0 |
Derivative assets, Interest rate swaps | 0 | 0 |
Total assets | 0 | 99,000 |
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 and Agencies | ||
Available-for-sale securities: | ||
Total available-for-sale securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Fair Value, Recurring | Obligations of States and Political Subdivisions | ||
Available-for-sale securities: | ||
Total available-for-sale securities | 0 | 99,000 |
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 States and Political Subdivisions - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | $ 0 | $ 614 | $ 99 | $ 794 |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Total gains or losses: | ||||
Included in net income | 0 | 1 | 0 | 2 |
Included in other comprehensive income (loss) | 0 | 0 | 0 | 0 |
Purchases, issuances, sales and settlements: | ||||
Purchases | 0 | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | (99) | (181) |
Ending balance | 0 | 615 | 0 | 615 |
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, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Allowance for Credit Losses | $ 1,098,000 | |||
Other real estate owned | 4,209,000 | $ 4,984,000 | ||
Mortgage servicing rights (MSR) impairment (recovery) | 0 | |||
Mortgage Servicing Rights | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Finite-lived intangible assets, net | 389,000 | $ 473,000 | 420,000 | $ 516,000 |
Mortgage servicing rights (MSR) impairment (recovery) | (107,000) | $ (318,000) | $ (544,000) | |
Fair Value, Nonrecurring | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Carrying amount of loans with a specific allowance | 4,504,000 | |||
Fair value of loans with a specific allowance | 3,406,000 | |||
Allowance for Credit Losses | 1,098,000 | |||
Fair Value, Nonrecurring | Mortgage Servicing Rights | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Indefinite-lived contractual rights | 319,000 | |||
Finite-lived intangible assets, net | 389,000 | |||
Fair Value, Nonrecurring | Carrying Amount | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Other real estate owned | 4,209,000 | |||
Fair Value, Nonrecurring | Fair Value | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Other real estate owned | $ 1,680,000 |
Fair Value of Assets and Liab_6
Fair Value of Assets and Liabilities - Assets Measured at Fair Value on a Nonrecurring Basis (Details) - Fair Value, Nonrecurring - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Collateral Dependent Loans | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets, Fair Value | $ 3,406 | $ 6,750 |
Foreclosed Assets Held-for-sale | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets, Fair Value | 1,680 | 2,068 |
Mortgage Servicing Rights | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets, Fair Value | 389 | 420 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Collateral Dependent Loans | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets, Fair Value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Foreclosed Assets Held-for-sale | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets, Fair Value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Mortgage Servicing Rights | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets, Fair Value | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Collateral Dependent Loans | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets, Fair Value | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Foreclosed Assets Held-for-sale | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets, Fair Value | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Mortgage Servicing Rights | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets, Fair Value | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Collateral Dependent Loans | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets, Fair Value | 3,406 | 6,750 |
Significant Unobservable Inputs (Level 3) | Foreclosed Assets Held-for-sale | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets, Fair Value | 1,680 | 2,068 |
Significant Unobservable Inputs (Level 3) | Mortgage Servicing Rights | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets, Fair Value | $ 389 | $ 420 |
Fair Value of Assets and Liab_7
Fair Value of Assets and Liabilities - Significant Unobservable Inputs Used in Valuation of Level 3 Fair Value Measurements (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Mortgage Servicing Rights | Minimum | Level 3 | Third Party Valuations | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage servicing rights | 126% | 205% |
Mortgage Servicing Rights | Maximum | Level 3 | Third Party Valuations | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage servicing rights | 437% | 513% |
Mortgage Servicing Rights | Weighted Average | Level 3 | Third Party Valuations | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage servicing rights | 135% | 273% |
Collateral Dependent Loans | Minimum | Level 3 | Third Party Valuations | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Collateral dependent loans | 0% | 0% |
Collateral Dependent Loans | Maximum | Level 3 | Third Party Valuations | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Collateral dependent loans | 40% | 40% |
Collateral Dependent Loans | Weighted Average | Level 3 | Third Party Valuations | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Collateral dependent loans | 20% | 20% |
Foreclosed Assets Held-for-sale | Minimum | Level 3 | Third Party Valuations | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Collateral dependent loans | 0% | 0% |
Foreclosed Assets Held-for-sale | Maximum | Level 3 | Third Party Valuations | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Collateral dependent loans | 40% | 40% |
Foreclosed Assets Held-for-sale | Weighted Average | Level 3 | Third Party Valuations | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Collateral dependent loans | 35% | 35% |
Fair Value, Nonrecurring | Mortgage Servicing Rights | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets, Fair Value | $ 389 | $ 420 |
Fair Value, Nonrecurring | Collateral Dependent Loans | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets, Fair Value | 3,406 | 6,750 |
Fair Value, Nonrecurring | Collateral Dependent Loans | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets, Fair Value | 3,406 | 6,750 |
Fair Value, Nonrecurring | Foreclosed Assets Held-for-sale | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets, Fair Value | $ 1,680 | $ 2,068 |
Fair Value of Assets and Liab_8
Fair Value of Assets and Liabilities - Summary of Estimated Fair Values of Company Financial Instruments (Details) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Financial assets | ||
Total available-for-sale securities | $ 1,349,948,000 | $ 1,421,422,000 |
Held-to-maturity securities | 2,972,000 | 7,035,000 |
Equity securities | 308,000 | 397,000 |
Fair Value, Inputs, Level 1 [Member] | ||
Financial assets | ||
Cash and due from banks | 130,689,000 | 167,242,000 |
Federal funds sold | 6,855,000 | 1,360,000 |
Certificates of deposit investments | 0 | 0 |
Total available-for-sale securities | 0 | 0 |
Held-to-maturity securities | 2,972,000 | 2,029,000 |
Equity securities | 308,000 | 397,000 |
Loans held for sale | 0 | 0 |
Loans net of allowance for credit losses | 0 | 0 |
Interest receivable | 0 | 0 |
Federal Reserve Bank stock | 0 | 0 |
Federal Home Loan Bank stock | 0 | 0 |
Financial liabilities | ||
Deposits | 0 | 0 |
Other borrowings | 10,000,000 | |
Securities sold under agreements to repurchase | 0 | 0 |
Interest payable | 0 | 0 |
Federal Home Loan Bank borrowings | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Subordinated Debt | ||
Financial liabilities | ||
Subordinated debt, net | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Junior Subordinated Debentures | ||
Financial liabilities | ||
Subordinated debt, net | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Financial assets | ||
Cash and due from banks | 0 | 0 |
Federal funds sold | 0 | 0 |
Certificates of deposit investments | 1,715,000 | 2,450,000 |
Total available-for-sale securities | 1,349,948,000 | 1,421,323,000 |
Held-to-maturity securities | 0 | 5,005,000 |
Equity securities | 0 | 0 |
Loans held for sale | 1,286,000 | 2,748,000 |
Loans net of allowance for credit losses | 0 | 0 |
Interest receivable | 23,323,000 | 19,868,000 |
Federal Reserve Bank stock | 17,050,000 | 13,845,000 |
Federal Home Loan Bank stock | 8,684,000 | 6,484,000 |
Financial liabilities | ||
Deposits | 4,666,356,000 | 4,394,434,000 |
Other borrowings | 0 | |
Securities sold under agreements to repurchase | 174,859,000 | 146,274,000 |
Interest payable | 1,662,000 | 1,346,000 |
Federal Home Loan Bank borrowings | 372,350,000 | 86,248,000 |
Fair Value, Inputs, Level 2 [Member] | Subordinated Debt | ||
Financial liabilities | ||
Subordinated debt, net | 91,832,000 | 94,400,000 |
Fair Value, Inputs, Level 2 [Member] | Junior Subordinated Debentures | ||
Financial liabilities | ||
Subordinated debt, net | 18,440,000 | 15,012,000 |
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 | 0 | 99,000 |
Held-to-maturity securities | 0 | 0 |
Equity securities | 0 | 0 |
Loans held for sale | 0 | 0 |
Loans net of allowance for credit losses | 4,441,169,000 | 3,889,870,000 |
Interest receivable | 0 | 0 |
Federal Reserve Bank stock | 0 | 0 |
Federal Home Loan Bank stock | 0 | 0 |
Financial liabilities | ||
Deposits | 654,925,000 | 562,304,000 |
Other borrowings | 0 | |
Securities sold under agreements to repurchase | 0 | 0 |
Interest payable | 0 | 0 |
Federal Home Loan Bank borrowings | 0 | 0 |
Level 3 | Subordinated Debt | ||
Financial liabilities | ||
Subordinated debt, net | 0 | 0 |
Level 3 | Junior Subordinated Debentures | ||
Financial liabilities | ||
Subordinated debt, net | 0 | 0 |
Carrying Amount | ||
Financial assets | ||
Cash and due from banks | 130,689,000 | 167,242,000 |
Federal funds sold | 6,855,000 | 1,360,000 |
Certificates of deposit investments | 1,715,000 | 2,450,000 |
Total available-for-sale securities | 1,349,948,000 | 1,421,422,000 |
Held-to-maturity securities | 2,972,000 | 7,030,000 |
Equity securities | 308,000 | 397,000 |
Loans held for sale | 1,286,000 | 2,748,000 |
Loans net of allowance for credit losses | 4,588,302,000 | 3,938,120,000 |
Interest receivable | 23,323,000 | 19,868,000 |
Federal Reserve Bank stock | 17,050,000 | 13,845,000 |
Federal Home Loan Bank stock | 8,684,000 | 6,484,000 |
Financial liabilities | ||
Deposits | 5,318,978,000 | 4,956,486,000 |
Other borrowings | 10,000,000 | |
Securities sold under agreements to repurchase | 174,934,000 | 146,268,000 |
Interest payable | 1,662,000 | 1,346,000 |
Federal Home Loan Bank borrowings | 376,286,000 | 86,446,000 |
Carrying Amount | Subordinated Debt | ||
Financial liabilities | ||
Subordinated debt, net | 94,476,000 | 94,400,000 |
Carrying Amount | Junior Subordinated Debentures | ||
Financial liabilities | ||
Subordinated debt, net | 19,279,000 | 19,195,000 |
Fair Value | ||
Financial assets | ||
Cash and due from banks | 130,689,000 | 167,242,000 |
Federal funds sold | 6,855,000 | 1,360,000 |
Certificates of deposit investments | 1,715,000 | 2,450,000 |
Total available-for-sale securities | 1,349,948,000 | 1,421,422,000 |
Held-to-maturity securities | 2,972,000 | 7,034,000 |
Equity securities | 308,000 | 397,000 |
Loans held for sale | 1,286,000 | 2,748,000 |
Loans net of allowance for credit losses | 4,441,169,000 | 3,889,870,000 |
Interest receivable | 23,323,000 | 19,868,000 |
Federal Reserve Bank stock | 17,050,000 | 13,845,000 |
Federal Home Loan Bank stock | 8,684,000 | 6,484,000 |
Financial liabilities | ||
Deposits | 5,321,281,000 | 4,956,738,000 |
Other borrowings | 10,000,000 | |
Securities sold under agreements to repurchase | 174,859,000 | 146,274,000 |
Interest payable | 1,662,000 | 1,346,000 |
Federal Home Loan Bank borrowings | 372,350,000 | 86,248,000 |
Fair Value | Subordinated Debt | ||
Financial liabilities | ||
Subordinated debt, net | 91,832,000 | 94,400,000 |
Fair Value | Junior Subordinated Debentures | ||
Financial liabilities | ||
Subordinated debt, net | $ 18,440,000 | $ 15,012,000 |
Business Combinations - Additio
Business Combinations - Additional Information (Details) - USD ($) | 12 Months Ended | ||||||
Feb. 14, 2022 | Feb. 22, 2021 | Dec. 31, 2021 | Jun. 30, 2022 | Jul. 28, 2021 | Mar. 31, 2021 | Sep. 25, 2020 | |
Business Acquisition [Line Items] | |||||||
Common stock, par value (in dollars per share) | $ 4 | $ 4 | |||||
Delta Bancshare Company | |||||||
Business Acquisition [Line Items] | |||||||
Percentage of issued and outstanding shares acquired | 100% | ||||||
Common stock, par value (in dollars per share) | $ 10 | ||||||
Share Price | $ 4 | ||||||
Consideration paid in cash | $ 15,150,000 | ||||||
Consideration paid in shares | 2,292,270 | ||||||
Goodwill acquired during period | $ 28,600,000 | ||||||
Pre-tax of acquisition costs | 1,750,000 | $ 1,500,000 | |||||
Loans | 418,509,000 | ||||||
Accreted to interest income over the remaining term of loans | 8,200,000 | ||||||
Elimination of deferred fees and unearned discounts previously recorded by Jefferson Bank | 300,000 | ||||||
Allowance for credit losses for loans identified as PCD | 863,000 | ||||||
Change in acquired time deposits | 560,378,000 | ||||||
Change in FHLB advances | 45,075,000 | ||||||
Delta Bancshare Company | Core Deposit Intangibles | |||||||
Business Acquisition [Line Items] | |||||||
Intangible asset fair value | $ 5,920,000 | ||||||
Intangible asset estimated useful life | 10 years | ||||||
Delta Bancshare Company | Fair Value Adjustments | |||||||
Business Acquisition [Line Items] | |||||||
Loans | $ (7,924,000) | ||||||
Change in acquired time deposits | 1,759,000 | ||||||
Change in FHLB advances | 75,000 | ||||||
Delta Bancshare Company | Fair Value Adjustments | Core Deposit Intangibles | |||||||
Business Acquisition [Line Items] | |||||||
Intangible asset fair value | 5,920,000 | ||||||
Delta Bancshare Company | Acquired Book Value | |||||||
Business Acquisition [Line Items] | |||||||
Loans | 426,433,000 | ||||||
Purchased credit deteriorated loans | 18,800,000 | ||||||
Change in acquired time deposits | 558,619,000 | ||||||
Change in FHLB advances | 45,000,000 | ||||||
Delta Bancshare Company | Acquired Book Value | Core Deposit Intangibles | |||||||
Business Acquisition [Line Items] | |||||||
Intangible asset fair value | $ 0 | ||||||
LINCO Bancshares, Inc. | |||||||
Business Acquisition [Line Items] | |||||||
Percentage of issued and outstanding shares acquired | 100% | ||||||
Common stock, par value (in dollars per share) | $ 1 | ||||||
Share Price | $ 4 | ||||||
Consideration paid in cash | $ 103,500,000 | ||||||
Consideration paid in shares | 1,262,246 | ||||||
Dividends paid | $ 13,000,000 | ||||||
Goodwill acquired during period | 5,400,000 | ||||||
Pre-tax of acquisition costs | 9,000,000 | $ 8,500,000 | |||||
Loans | 828,976,000 | ||||||
Accreted to interest income over the remaining term of loans | 11,100,000 | ||||||
Elimination of deferred fees and unearned discounts previously recorded by Jefferson Bank | 1,700,000 | ||||||
Allowance for credit losses for loans identified as PCD | 2,000,000 | $ 2,074,000 | |||||
Purchased credit deteriorated loans | $ 64,647,000 | ||||||
Change in acquired time deposits | 990,410,000 | ||||||
Change in FHLB advances | 27,916,000 | ||||||
LINCO Bancshares, Inc. | Core Deposit Intangibles | |||||||
Business Acquisition [Line Items] | |||||||
Intangible asset fair value | $ 2,148,000 | ||||||
Intangible asset estimated useful life | 10 years | ||||||
LINCO Bancshares, Inc. | Fair Value Adjustments | |||||||
Business Acquisition [Line Items] | |||||||
Loans | $ (9,401,000) | ||||||
Change in acquired time deposits | 2,081,000 | ||||||
Change in FHLB advances | 975,000 | ||||||
LINCO Bancshares, Inc. | Fair Value Adjustments | Core Deposit Intangibles | |||||||
Business Acquisition [Line Items] | |||||||
Intangible asset fair value | 2,025,000 | ||||||
LINCO Bancshares, Inc. | Acquired Book Value | |||||||
Business Acquisition [Line Items] | |||||||
Loans | 838,377,000 | ||||||
Purchased credit deteriorated loans | 64,600,000 | ||||||
Change in acquired time deposits | 988,329,000 | ||||||
Change in FHLB advances | 26,941,000 | ||||||
LINCO Bancshares, Inc. | Acquired Book Value | Core Deposit Intangibles | |||||||
Business Acquisition [Line Items] | |||||||
Intangible asset fair value | $ 123,000 |
Business Combinations - Estimat
Business Combinations - Estimated Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) | Feb. 14, 2022 | Feb. 22, 2021 | Jun. 30, 2022 | Dec. 31, 2021 | Mar. 31, 2021 |
Assets | |||||
Goodwill | $ 140,465,000 | $ 111,853,000 | |||
Delta Bancshare Company | |||||
Assets | |||||
Cash and due from banks | $ 82,473,000 | ||||
Investment securities | 182,123,000 | ||||
Loans | 418,509,000 | ||||
Allowance for credit losses | (863,000) | ||||
Premises and equipment | 9,030,000 | ||||
Goodwill | 28,611,000 | ||||
Other assets | 7,721,000 | ||||
Total assets acquired | 750,063,000 | ||||
Liabilities | |||||
Deposits | 560,378,000 | ||||
Securities sold under agreements to repurchase | 35,523,000 | ||||
FHLB advances | 45,075,000 | ||||
Lease liability | 717,000 | ||||
Other liabilities | 1,048,000 | ||||
Total liabilities assumed | 642,741,000 | ||||
Net assets acquired | 107,322,000 | ||||
Consideration paid | |||||
Consideration payable in cash | 15,150,000 | ||||
Common stock | 92,172,000 | ||||
Total consideration paid | 107,322,000 | ||||
Delta Bancshare Company | Core Deposit Intangibles | |||||
Assets | |||||
Intangible assets | 5,920,000 | ||||
Delta Bancshare Company | Bank Owned Life Insurance | |||||
Assets | |||||
Intangible assets | 15,822,000 | ||||
Delta Bancshare Company | Right of Use Asset | |||||
Assets | |||||
Intangible assets | 717,000 | ||||
Delta Bancshare Company | Acquired Book Value | |||||
Assets | |||||
Cash and due from banks | 82,473,000 | ||||
Investment securities | 184,959,000 | ||||
Loans | 426,433,000 | ||||
Allowance for credit losses | (5,388,000) | ||||
Premises and equipment | 5,522,000 | ||||
Goodwill | 14,000 | ||||
Other assets | 9,061,000 | ||||
Total assets acquired | 718,896,000 | ||||
Liabilities | |||||
Deposits | 558,619,000 | ||||
Securities sold under agreements to repurchase | 35,523,000 | ||||
FHLB advances | 45,000,000 | ||||
Lease liability | 0 | ||||
Other liabilities | 2,209,000 | ||||
Total liabilities assumed | 641,351,000 | ||||
Net assets acquired | 77,545,000 | ||||
Delta Bancshare Company | Acquired Book Value | Core Deposit Intangibles | |||||
Assets | |||||
Intangible assets | 0 | ||||
Delta Bancshare Company | Acquired Book Value | Bank Owned Life Insurance | |||||
Assets | |||||
Intangible assets | 15,822,000 | ||||
Delta Bancshare Company | Acquired Book Value | Right of Use Asset | |||||
Assets | |||||
Intangible assets | 0 | ||||
Delta Bancshare Company | Fair Value Adjustments | |||||
Assets | |||||
Cash and due from banks | 0 | ||||
Investment securities | (2,836,000) | ||||
Loans | (7,924,000) | ||||
Allowance for credit losses | 4,525,000 | ||||
Premises and equipment | 3,508,000 | ||||
Goodwill | 28,597,000 | ||||
Other assets | (1,340,000) | ||||
Total assets acquired | 31,167,000 | ||||
Liabilities | |||||
Deposits | 1,759,000 | ||||
Securities sold under agreements to repurchase | 0 | ||||
FHLB advances | 75,000 | ||||
Lease liability | 717,000 | ||||
Other liabilities | (1,161,000) | ||||
Total liabilities assumed | 1,390,000 | ||||
Net assets acquired | 29,777,000 | ||||
Delta Bancshare Company | Fair Value Adjustments | Core Deposit Intangibles | |||||
Assets | |||||
Intangible assets | 5,920,000 | ||||
Delta Bancshare Company | Fair Value Adjustments | Right of Use Asset | |||||
Assets | |||||
Intangible assets | $ 717,000 | ||||
LINCO Bancshares, Inc. | |||||
Assets | |||||
Cash and due from banks | $ 130,561,000 | ||||
Investment securities | 119,498,000 | ||||
Loans | 828,976,000 | ||||
Allowance for credit losses | (2,073,000) | ||||
Other real estate owned | 9,350,000 | ||||
Premises and equipment | 29,800,000 | ||||
Goodwill | 5,449,000 | $ 5,449,000 | $ 8,900,000 | ||
Other assets | 46,196,000 | ||||
Total assets acquired | 1,170,699,000 | ||||
Liabilities | |||||
Deposits | 990,410,000 | ||||
Securities sold under agreements to repurchase | 0 | ||||
FHLB advances | 27,916,000 | ||||
Other borrowings | 0 | ||||
Lease liability | 794,000 | ||||
Other liabilities | 3,888,000 | ||||
Total liabilities assumed | 1,023,008,000 | ||||
Net assets acquired | 147,691,000 | ||||
Consideration paid | |||||
Consideration payable in cash | 103,500,000 | ||||
Common stock | 44,191,000 | ||||
Total consideration paid | 147,691,000 | ||||
LINCO Bancshares, Inc. | Core Deposit Intangibles | |||||
Assets | |||||
Intangible assets | 2,148,000 | ||||
LINCO Bancshares, Inc. | Right of Use Asset | |||||
Assets | |||||
Intangible assets | 794,000 | ||||
LINCO Bancshares, Inc. | Acquired Book Value | |||||
Assets | |||||
Cash and due from banks | 130,561,000 | ||||
Investment securities | 119,234,000 | ||||
Loans | 838,377,000 | ||||
Allowance for credit losses | (8,656,000) | ||||
Other real estate owned | 8,435,000 | ||||
Premises and equipment | 23,440,000 | ||||
Goodwill | 20,503,000 | ||||
Other assets | 43,697,000 | ||||
Total assets acquired | 1,175,714,000 | ||||
Liabilities | |||||
Deposits | 988,329,000 | ||||
Securities sold under agreements to repurchase | 0 | ||||
FHLB advances | 26,941,000 | ||||
Other borrowings | 0 | ||||
Lease liability | 0 | ||||
Other liabilities | 4,498,000 | ||||
Total liabilities assumed | 1,019,768,000 | ||||
Net assets acquired | 155,946,000 | ||||
LINCO Bancshares, Inc. | Acquired Book Value | Core Deposit Intangibles | |||||
Assets | |||||
Intangible assets | 123,000 | ||||
LINCO Bancshares, Inc. | Acquired Book Value | Right of Use Asset | |||||
Assets | |||||
Intangible assets | 0 | ||||
LINCO Bancshares, Inc. | Fair Value Adjustments | |||||
Assets | |||||
Cash and due from banks | 0 | ||||
Investment securities | 264,000 | ||||
Loans | (9,401,000) | ||||
Allowance for credit losses | 6,583,000 | ||||
Other real estate owned | 915,000 | ||||
Premises and equipment | 6,360,000 | ||||
Goodwill | (15,054,000) | ||||
Other assets | 2,499,000 | ||||
Total assets acquired | (5,015,000) | ||||
Liabilities | |||||
Deposits | 2,081,000 | ||||
Securities sold under agreements to repurchase | 0 | ||||
FHLB advances | 975,000 | ||||
Other borrowings | 0 | ||||
Lease liability | 794,000 | ||||
Other liabilities | (610,000) | ||||
Total liabilities assumed | 3,240,000 | ||||
Net assets acquired | (8,255,000) | ||||
LINCO Bancshares, Inc. | Fair Value Adjustments | Core Deposit Intangibles | |||||
Assets | |||||
Intangible assets | 2,025,000 | ||||
LINCO Bancshares, Inc. | Fair Value Adjustments | Right of Use Asset | |||||
Assets | |||||
Intangible assets | $ 794,000 |
Business Combinations - Unaudit
Business Combinations - Unaudited Pro Forma Condensed Combined Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Delta Bancshare Company | ||||
Business Acquisition [Line Items] | ||||
Net interest income | $ 49,600 | $ 93,267 | $ 90,812 | |
Provision for loan losses | 3,140 | 3,859 | 15,726 | |
Non-interest income | 18,519 | 39,801 | 36,545 | |
Non-interest expense | 48,846 | 84,141 | 89,845 | |
Income before taxes | 16,133 | 45,068 | 21,786 | |
Income tax expense (benefit) | 3,560 | 10,062 | 4,371 | |
Net income (loss) | $ 12,573 | $ 35,006 | $ 17,415 | |
Earnings per share | ||||
Basic | $ 0 | $ 0.62 | $ 1.76 | $ 0.87 |
Diluted | $ 0 | $ 0.62 | $ 1.75 | $ 0.87 |
Basic weighted average shares o/s | 20,359,460 | 19,875,516 | 19,977,949 | |
Diluted weighted average shares o/s | 20,412,480 | 19,947,227 | 20,030,969 | |
LINCO Bancshares, Inc. | ||||
Business Acquisition [Line Items] | ||||
Net interest income | $ 86,217 | |||
Provision for loan losses | 11,776 | |||
Non-interest income | 37,145 | |||
Non-interest expense | 87,812 | |||
Income before taxes | 23,774 | |||
Income tax expense (benefit) | 4,947 | |||
Net income (loss) | $ 18,827 | |||
Earnings per share | ||||
Basic | $ 1.06 | |||
Diluted | $ 1.06 | |||
Basic weighted average shares o/s | 17,685,679 | |||
Diluted weighted average shares o/s | 17,738,699 |
Leases - Additional Information
Leases - Additional Information (Details) | Jun. 30, 2022 |
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, 2022 | Dec. 31, 2021 | Jun. 30, 2021 |
Leases, Operating [Abstract] | |||
Operating lease right-of-use assets | $ 15,649 | $ 15,116 | $ 16,753 |
Operating lease liabilities | $ 15,884 | $ 15,322 | $ 16,919 |
Weighted-average remaining lease term (in years) | 6 years 10 months 24 days | 6 years 7 months 6 days | 6 years 2 months 12 days |
Weighted-average discount rate | 2.66% | 2.70% | 2.63% |
Leases - Summary of Maturities
Leases - Summary of Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |||
2022 | $ 1,597 | ||
2023 | 2,635 | ||
2024 | 2,285 | ||
2025 | 1,877 | ||
2026 | 1,805 | ||
Thereafter | 7,706 | ||
Total lease payments | 17,905 | ||
Less imputed interest | (2,021) | ||
Operating lease liabilities | $ 15,884 | $ 15,322 | $ 16,919 |
Leases - Summary of Components
Leases - Summary of Components of Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Lease, Cost [Abstract] | ||||
Operating lease cost | $ 639 | $ 745 | $ 1,268 | $ 1,448 |
Short-term lease cost | 15 | 100 | 42 | 133 |
Variable lease cost | 300 | 105 | 566 | 249 |
Total lease cost | 954 | 950 | 1,876 | 1,830 |
Income from subleases | (90) | (167) | (190) | (320) |
Net lease cost | $ 864 | $ 783 | $ 1,686 | $ 1,510 |
Leases - Summary of Operating L
Leases - Summary of Operating Lease Cash Flows (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Leases [Abstract] | ||
Operating cash flows from operating leases | $ 1,517 | $ 1,467 |
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, 2022 | Dec. 31, 2021 | |
Derivative [Line Items] | ||
Derivative, Weighted Average Remaining Maturity (Years) | 6 years 9 months 18 days | 7 years 3 months 18 days |
Derivative Liability, Notional Amount | $ 13,671 | $ 13,900 |
Derivative Liability, Estimated Value | $ (2,553) | $ (1,476) |
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, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Derivative [Line Items] | ||||
Gain (Loss) on Derivative | $ 492 | $ 151 | $ 1,277 | $ (591) |
Gain (Loss) on Hedged Item | $ (492) | $ (151) | $ (1,277) | $ 591 |
Derivatives - Summary of Hedged
Derivatives - Summary of Hedged Instrument (Details) $ in Thousands | Jun. 30, 2022 USD ($) |
Hedged Instruments [Abstract] | |
Carrying Amount of the Hedged Asset | $ 13,061 |
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Asset | $ (610) |
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, 2022 USD ($) | |
Other Assets | |
Derivative [Line Items] | |
Derivative, Weighted Average Remaining Maturity (Years) | 5 years 6 months |
Derivative Assets, Notional Amount | $ 39,975 |
Derivative Assets, Estimated Value | $ 3,163 |
Other Liabilities | |
Derivative [Line Items] | |
Derivative, Weighted Average Remaining Maturity (Years) | 5 years 6 months |
Derivative Liability, Notional Amount | $ 39,975 |
Derivative Liability, Estimated Value | $ (3,163) |