Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | Apr. 30, 2024 | |
Cover [Abstract] | ||
Entity Registrant Name | FARMERS NATIONAL BANC CORP. | |
Entity Central Index Key | 0000709337 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2024 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 37,549,948 | |
Entity Shell Company | false | |
Title of 12(b) Security | Common Stock, No Par Value | |
Trading Symbol | FMNB | |
Security Exchange Name | NASDAQ | |
Entity File Number | 001-35296 | |
Entity Incorporation, State or Country Code | OH | |
Entity Tax Identification Number | 34-1371693 | |
Entity Address, Address Line One | 20 South Broad Street | |
Entity Address, City or Town | Canfield | |
Entity Address, State or Province | OH | |
Entity Address, Postal Zip Code | 44406 | |
City Area Code | 330 | |
Local Phone Number | 533-3341 | |
Document Quarterly Report | true | |
Document Transition Report | false |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
ASSETS | ||
Cash and due from banks | $ 22,965 | $ 28,896 |
Federal funds sold and other | 125,665 | 74,762 |
TOTAL CASH AND CASH EQUIVALENTS | 148,630 | 103,658 |
Securities available for sale (Amortized cost $1,504,331 in 2024 and $1,516,841 in 2023) | 1,270,149 | 1,299,701 |
Other investments | 34,619 | 35,311 |
Loans held for sale, at fair value | 1,854 | 3,711 |
Loans | 3,181,318 | 3,198,127 |
Less allowance for credit losses | 33,159 | 34,440 |
NET LOANS | 3,148,159 | 3,163,687 |
Premises and equipment, net | 45,109 | 44,364 |
Goodwill | 167,446 | 167,446 |
Other intangibles, net | 22,153 | 22,842 |
Bank owned life insurance | 100,189 | 99,482 |
Affordable housing investments | 17,486 | 17,893 |
Other assets | 124,216 | 120,255 |
TOTAL ASSETS | 5,080,010 | 5,078,350 |
Deposits: | ||
Noninterest-bearing | 977,475 | 1,026,630 |
Interest-bearing | 3,220,650 | 3,150,756 |
Brokered time deposits | 0 | 0 |
TOTAL DEPOSITS | 4,198,125 | 4,177,386 |
Short-term borrowings | 345,000 | 355,000 |
Long-term borrowings | 88,777 | 88,663 |
Other liabilities | 51,082 | 52,886 |
TOTAL LIABILITIES | 4,682,984 | 4,673,935 |
Commitments and contingent liabilities | ||
Stockholders' Equity: | ||
Common Stock, no par value; 50,000,000 shares authorized; 39,321,709 shares issued in 2024 and 2023; 37,545,864 and 37,502,773 shares outstanding, respectively | 364,843 | 365,305 |
Retained earnings | 241,628 | 236,757 |
Accumulated other comprehensive (loss) | (184,954) | (172,554) |
Treasury stock, at cost; 1,775,845 and 1,818,936 shares in 2024 and 2023, respectively | (24,491) | (25,093) |
TOTAL STOCKHOLDERS' EQUITY | 397,026 | 404,415 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 5,080,010 | $ 5,078,350 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Securities available for sale, amortized cost | $ 1,504,331 | $ 1,516,841 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 39,321,709 | 39,321,709 |
Common Stock, Shares, Outstanding | 37,545,864 | 37,502,773 |
Treasury stock, shares | 1,775,845 | 1,818,936 |
Consolidated Condensed Statemen
Consolidated Condensed Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
INTEREST AND DIVIDEND INCOME | ||
Loans, including fees | $ 45,016 | $ 40,856 |
Taxable securities | 6,415 | 6,550 |
Tax exempt securities | 2,635 | 2,841 |
Dividends | 362 | 376 |
Federal funds sold and other interest income | 626 | 610 |
TOTAL INTEREST AND DIVIDEND INCOME | 55,054 | 51,233 |
INTEREST EXPENSE | ||
Deposits | 18,390 | 12,707 |
Short-term borrowings | 3,939 | 921 |
Long-term borrowings | 1,038 | 995 |
TOTAL INTEREST EXPENSE | 23,367 | 14,623 |
NET INTEREST INCOME | 31,687 | 36,610 |
(Credit) provision for credit losses | (270) | 8,305 |
(Credit) provision for unfunded loans | (179) | 294 |
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES | 32,136 | 28,011 |
NONINTEREST INCOME | ||
Bank owned life insurance income | 707 | 547 |
Security (losses) gains, including fair value changes for equity securities | (2,120) | 121 |
Net gains on sale of loans | 297 | 310 |
Other mortgage banking income, net | 125 | 153 |
Other operating income | 1,111 | 1,330 |
TOTAL NONINTEREST INCOME | 8,357 | 10,425 |
NONINTEREST EXPENSES | ||
Salaries and employee benefits | 15,069 | 14,645 |
Occupancy and equipment | 3,730 | 3,869 |
FDIC insurance and state and local taxes | 1,345 | 1,222 |
Professional fees | 1,254 | 1,114 |
Merger related costs | 0 | 4,313 |
Advertising | 431 | 409 |
Intangible amortization | 688 | 909 |
Core processing charges | 1,135 | 1,164 |
Other operating expenses | 3,387 | 3,077 |
TOTAL NONINTEREST EXPENSES | 27,039 | 30,722 |
Income before taxes | 13,454 | 7,714 |
INCOME TAXES | 2,214 | 639 |
Net income | $ 11,240 | $ 7,075 |
EARNINGS PER SHARE - basic | $ 0.3 | $ 0.19 |
EARNINGS PER SHARE - diluted | $ 0.3 | $ 0.19 |
Service Charges on Deposit Accounts | ||
NONINTEREST INCOME | ||
Noninterest income | $ 1,583 | $ 1,432 |
Trust Fees | ||
NONINTEREST INCOME | ||
Noninterest income | 2,793 | 2,587 |
Insurance Agency Commissions | ||
NONINTEREST INCOME | ||
Noninterest income | 1,528 | 1,456 |
Retirement Plan Consulting Fees | ||
NONINTEREST INCOME | ||
Noninterest income | 334 | 307 |
Investment Commissions | ||
NONINTEREST INCOME | ||
Noninterest income | 432 | 393 |
Debit Card and EFT Fees | ||
NONINTEREST INCOME | ||
Noninterest income | $ 1,567 | $ 1,789 |
Consolidated Condensed Statem_2
Consolidated Condensed Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 11,240 | $ 7,075 |
Other comprehensive (loss) income: | ||
Net unrealized holding (losses) gains on available for sale securities | (19,176) | 42,900 |
Reclassification adjustment for losses (gains) realized in income on sales | 2,134 | (120) |
Reclassification adjustment for losses realized in income on fair value hedge | 1,346 | 0 |
Net unrealized holding (losses) gains | (15,696) | 42,780 |
Income tax effect | 3,296 | (8,984) |
Unrealized holding (losses) gains, net of reclassification and tax | (12,400) | 33,796 |
Change in funded status of post-retirement plan, net of tax | 0 | 0 |
Other comprehensive (loss) income, net of tax | (12,400) | 33,796 |
TOTAL COMPREHENSIVE (LOSS) INCOME | $ (1,160) | $ 40,871 |
Consolidated Condensed Statem_3
Consolidated Condensed Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock |
Balance at Dec. 31, 2022 | $ 292,295 | $ 305,340 | $ 212,375 | $ (210,490) | $ (14,930) |
Net income | 7,075 | 7,075 | |||
Other comprehensive income | 33,796 | 33,796 | |||
Share issuance as part of a business combination | 59,202 | 59,202 | |||
Restricted share issuance | 5 | (432) | 437 | ||
Restricted share forfeitures | 0 | 21 | (21) | ||
Stock based compensation expense | 615 | 615 | |||
Vesting of Long Term Incentive Plan | 3 | (428) | 431 | ||
Share forfeitures for taxes | (252) | (252) | |||
Treasury share purchases | (11,660) | (11,660) | |||
Dividends paid | (6,437) | (6,437) | |||
Balance at Mar. 31, 2023 | 374,642 | 364,318 | 213,013 | (176,694) | (25,995) |
Balance at Dec. 31, 2023 | 404,415 | 365,305 | 236,757 | (172,554) | (25,093) |
Net income | 11,240 | 11,240 | |||
Other comprehensive income | (12,400) | (12,400) | |||
Restricted share issuance | 4 | (363) | 367 | ||
Restricted share forfeitures | (2) | 153 | (155) | ||
Stock based compensation expense | 662 | 662 | |||
Vesting of Long Term Incentive Plan | 5 | (914) | 919 | ||
Share forfeitures for taxes | (529) | (529) | |||
Dividends paid | (6,369) | (6,369) | |||
Balance at Mar. 31, 2024 | $ 397,026 | $ 364,843 | $ 241,628 | $ (184,954) | $ (24,491) |
Consolidated Condensed Statem_4
Consolidated Condensed Statements of Stockholders' Equity (Parenthetical) Unaudited - $ / shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Retained Earnings | ||
Cash dividend declared per share of common stock | $ 0.17 | $ 0.17 |
Consolidated Condensed Statem_5
Consolidated Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 11,240 | $ 7,075 |
Adjustments to reconcile net income to net cash from operating activities: | ||
(Credit) provision for credit losses | (270) | 8,305 |
(Credit) provision for unfunded loans | (179) | 294 |
Depreciation and amortization | 1,611 | 1,899 |
Net amortization of securities | 240 | 267 |
Available for sale security losses (gains) | 2,134 | (120) |
Realized gains on equity securities | (14) | (1) |
Stock compensation expense | 662 | 615 |
Earnings on bank owned life insurance | (624) | (547) |
Income recognized from death benefit on bank owned life insurance | (83) | 0 |
Origination of loans held for sale | (15,649) | (12,947) |
Proceeds from loans held for sale | 16,209 | 14,016 |
Net gains on sale of loans | (297) | (310) |
Net change in other assets and liabilities | (1,817) | (4,679) |
NET CASH FROM OPERATING ACTIVITIES | 13,163 | 13,867 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Proceeds from maturities and repayments of securities available for sale | 11,727 | 12,756 |
Proceeds from sales of securities available for sale | 44,292 | 69,918 |
Purchases of securities available for sale | (45,883) | (450) |
Proceeds from sales of equity securities | 23 | 10 |
Purchase of equity securities | (21) | (13) |
Proceeds from maturities and repayments of SBIC funds | 146 | 166 |
Purchases of SBIC funds | (521) | (671) |
Proceeds from redemption of regulatory stock | 2,799 | 12,721 |
Purchase of regulatory stock | (1,720) | (10,644) |
Loan originations and payments, net | 15,977 | (6,496) |
Proceeds from loans held for sale previously classified as portfolio loans | 1,594 | 0 |
Proceeds from BOLI death benefit | 551 | 0 |
Additions to premises and equipment | (1,553) | (171) |
Net cash paid in business combinations | 0 | (13,175) |
NET CASH FROM INVESTING ACTIVITIES | 27,411 | 63,951 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net change in deposits | 20,739 | (41,421) |
Net change in short-term borrowings | (10,000) | 34,000 |
Cash dividends paid | (6,341) | (6,403) |
Repurchase of common shares | 0 | (11,544) |
NET CASH FROM FINANCING ACTIVITIES | 4,398 | (25,368) |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 44,972 | 52,450 |
Beginning cash and cash equivalents | 103,658 | 75,551 |
Ending cash and cash equivalents | 148,630 | 128,001 |
Supplemental cash flow information: | ||
Interest paid | 27,195 | 16,356 |
Supplemental noncash disclosures: | ||
Issuance of stock awards | 1,560 | 431 |
Issuance of stock for business combinations | 0 | 59,202 |
Lease liabilities arising from obtaining right-of-use assets | $ 0 | $ 1,289 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net Income (Loss) | $ 11,240 | $ 7,075 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTES TO UNAUDITED CONSOL IDATED CONDENSED FINANCIAL STATEMENTS Principles of Consolidation: Farmers National Banc Corp. (“Company” or "Farmers") is a Financial Holding Company registered under the Bank Holding Company Act of 1956, as amended. The Company provides full banking services through its nationally chartered subsidiary, The Farmers National Bank of Canfield (“Bank”). The consolidated financial statements also include the accounts of the Bank’s subsidiaries; Farmers National Insurance, LLC (“Insurance”) and Farmers of Canfield Investment Co. (“Investments”). The Company provides trust and retirement consulting services through its subsidiary, Farmers Trust Company (“Trust”), and insurance services through the Bank’s subsidiary, Insurance. Farmers National Captive, Inc. (“Captive”) was a wholly-owned insurance subsidiary of the Company that provided property and casualty insurance coverage to the Company and its subsidiaries until November 2023 when the Company dissolved the entity. The Captive pooled resources with eleven similar insurance company subsidiaries of financial institutions to spread a limited amount of risk among themselves and to provide insurance where not available or economically feasible. The consolidated financial statements include the accounts of the Company, the Bank and its subsidiaries, along with the Trust and Captive. All significant intercompany balances and transactions have been eliminated in the consolidation. Basis of Presentation: The unaudited consolidated condensed financial statements have been prepared in conformity with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles (“U.S. GAAP”) for complete financial statements. The financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s 2023 Annual Report to Shareholders included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 (“2023 Form 10-K”). The interim consolidated financial statements include all adjustments (consisting of only normal recurring items) that, in the opinion of management, are necessary for a fair presentation of the financial position and results of operations for the periods presented. The results of operations for the interim periods disclosed herein are not necessarily indicative of the results that may be expected for a full year. Certain items included in the prior period financial statements were reclassified to conform to the current period presentation. There was no effect on net income or total stockholders’ equity. Estimates: The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Segments: The Company provides a broad range of financial services to individuals and companies in northeastern Ohio and western Pennsylvania. Operations are managed and financial performance is primarily aggregated and reported in two lines of business, the Bank segment and the Trust segment. Equity: There are 50,000,000 shares authorized and available for issuance as of March 31, 2024. Outstanding shares at March 31, 2024 were 37,545,864 . Comprehensive Income: Comprehensive income consists of net income and other comprehensive income (loss). Other comprehensive income (loss) consists of unrealized gains and losses on securities available for sale and changes in the funded status of the post-retirement plan, which are recognized as components of stockholders’ equity, net of tax effect. Updates to Significant Accounting Policies: New Accounting Standard: In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) Improvements to Income Tax Disclosures . The amendments in this update related to the rate reconciliation and income taxes paid disclosures improve the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the rate reconciliation and income taxes paid disaggregated by jurisdiction. The amendments of this update are effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The adoption of this standard is not expected to have a material effect on the Company’s operating results or financial condition. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures . The amendments in this update improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The main new provision requires significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss. The amendments of this update are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The adoption of this standard is not expected to have a material effect on the Company’s operating results or financial condition. On March 12, 2020, the FASB issued ASU 2020-04 and amended by ASU 2021-01, Facilitation of the Effects of Reference Rate Reform on Financial Reporting , to ease the burden of accounting for contract modifications related to reference rate reform. The amendments in ASU 2020-04 create a new Topic in the Codification, ASC 848, Reference Rate Reform , which contains guidance that is designed to simplify how entities account for contracts that are modified to replace LIBOR or other benchmark interest rates with new rates. The amendments in ASU 2020-04 give entities the option to apply expedients and exceptions to contract modifications that are made until December 31, 2022, if certain criteria are met. If adopted, these amendments and exceptions should be applied to all eligible modifications to contracts that are accounted for under an ASC Topic or industry Subtopic. The guidance in ASC 848 does not apply to any contract modifications that were made after December 31, 2022. In December 2022, the FASB issued ASU 2022-06 that defers the sunset date from December 31, 2022 to December 31, 2024. The adoption of this standard is not expected to have a material effect on the Company’s operating results or financial condition. |
Business Combinations
Business Combinations | 3 Months Ended |
Mar. 31, 2024 | |
Business Combinations [Abstract] | |
Business Combinations | Business Combinations: On January 1, 2023 , the Company completed its previously announced merger with Emclaire Financial Corp., a Pennsylvania corporation and registered financial holding company (“Emclaire”), pursuant to the Agreement and Plan of Merger dated as of March 23, 2022. The Farmers National Bank of Emlenton, the banking subsidiary of Emclaire, merged with and into The Farmers National Bank of Canfield, the national banking subsidiary of the Company, with Farmers Bank as the surviving bank. Pursuant to the terms of the Merger Agreement, at the effective time of the Merger (the “Effective Time”) Emclaire merged with and into Merger Sub (the “Merger”), with Merger Sub as the surviving entity in the Merger. Promptly following the consummation of the Merger, Merger Sub was dissolved and liquidated and The Farmers National Bank of Emlenton, the banking subsidiary of Emclaire, merged with and into The Farmers National Bank of Canfield, the national banking subsidiary of the Company, with Farmers Bank as the surviving bank. Pursuant to the terms of the Merger Agreement, at the effective time of the merger, each common share, without par value, of Emclaire common shares issued and outstanding was converted into the right to receive, without interest, $ 40.00 in cash or 2.15 common shares, without par value, of the Company's common shares, subject to an overall limitation of 70 % of the Emclaire common shares being exchanged and the remaining 30 % of Emclaire common shares being exchanged for the cash. The transaction created expansion for the Company in Pennsylvania and into the Pittsburgh market. The Company issued 4.2 million shares of its common stock along with cash of $ 33.4 million, which represented a transaction value of approximately $ 92.6 million based on its closing stock price of $ 14.12 on December 31, 2022. In accordance with ASC 805, the Company expensed $ 0 and $ 4.3 million of merger related costs, for the Emclaire acquisition, during the three month periods ended March 31, 2024 and 2023, respectively. The Company recorded goodwill of $ 72.9 million as a result of the combination. Goodwill represents the future economic benefits arising from net assets acquired that are not individually identified and separately recognized and is attributable to synergies, including the reduction of personnel and overlapping contracts, expected to be derived from the Company’s strategy to enhance and expand its presence in Pennsylvania. The merger offers the Company the opportunity to increase profitability by introducing existing products and services to the acquired customer base as well as add new customers in the expanded market area. The goodwill was determined not to be deductible for income tax purposes. The following table summarizes the consideration paid for Emclaire and the amounts of the assets acquired and liabilities assumed on the closing date of the acquisition. (In Thousands of Dollars) Consideration Cash $ 33,440 Stock 59,202 Fair value of total consideration transferred $ 92,642 Fair value of assets acquired Cash and cash equivalents $ 20,265 Securities available for sale 126,970 Other investments 7,795 Loans, net 740,659 Premises and equipment 14,808 Bank owned life insurance 22,485 Core deposit intangible 19,249 Current and deferred taxes 17,708 Other assets 7,682 Total assets acquired 977,621 Fair value of liabilities assumed Deposits 875,813 Short-term borrowings 75,000 Accrued interest payable and other liabilities 7,104 Total liabilities 957,917 Net assets acquired $ 19,704 Goodwill created 72,938 Total net assets acquired $ 92,642 The fair value of net assets acquired includes fair value adjustments to certain receivables that were considered performing as of the acquisition date. The fair value adjustments were determined using the income method, discounted cash flow approach. However, the Company believes that all contractual cash flows related to these financial instruments will be collected. As such, these receivables were not considered purchase credit deteriorated ("PCD") at the acquisition date and were not subject to the guidance relating to PCD loans. Receivables acquired that were not subject to these requirements had a fair value and gross contractual amounts receivable of $ 714.4 million and $ 764.8 million on the date of acquisition. The fair value of purchased financial assets that were classified as PCD loans are discussed in the loan footnote. |
Securities
Securities | 3 Months Ended |
Mar. 31, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Securities: The following table summarizes the amortized cost and fair value of the available-for-sale securities portfolio at March 31, 2024 and December 31, 2023, and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income (loss). No allowance for credit losses have been recognized for the securities portfolio at March 31, 2024 or December 31, 2023. Gross Gross Amortized Unrealized Unrealized (In Thousands of Dollars) Cost Gains Losses Fair Value March 31, 2024 U.S. Treasury and U.S. government sponsored entities $ 137,720 $ 12 $ ( 18,585 ) $ 119,147 State and political subdivisions 612,030 3,555 ( 98,144 ) 517,441 Corporate bonds 18,670 146 ( 457 ) 18,359 Mortgage-backed securities 627,338 15 ( 113,628 ) 513,725 Collateralized mortgage obligations 105,510 100 ( 6,880 ) 98,730 Small Business Administration 3,063 0 ( 316 ) 2,747 Totals $ 1,504,331 $ 3,828 $ ( 238,010 ) $ 1,270,149 Gross Gross Amortized Unrealized Unrealized (In Thousands of Dollars) Cost Gains Losses Fair Value December 31, 2023 U.S. Treasury and U.S. government sponsored entities $ 145,439 $ 113 $ ( 17,597 ) $ 127,955 State and political subdivisions 644,880 4,792 ( 93,503 ) 556,169 Corporate bonds 18,554 187 ( 466 ) 18,275 Mortgage-backed securities 624,529 1 ( 104,144 ) 520,386 Collateralized mortgage obligations 80,227 331 ( 6,559 ) 73,999 Small Business Administration 3,212 0 ( 295 ) 2,917 Totals $ 1,516,841 $ 5,424 $ ( 222,564 ) $ 1,299,701 The proceeds from sales of available-for-sale securities and the associated gains and losses are as follows: March 31, 2024 March 31, 2023 Proceeds $ 44,292 $ 69,918 Gross gains 17 441 Gross losses ( 2,151 ) ( 321 ) The amortized cost and fair value of the debt securities portfolio are shown in the table below by expected maturity. Expected maturities may differ from contractual maturities if issuers have the right to call or prepay obligations with or without call, or prepayment penalties. Securities not due at a single maturity date are shown separately. March 31, 2024 (In Thousands of Dollars) Amortized Cost Fair Value Maturity Within one year $ 600 $ 596 One to five years 26,877 24,734 Five to ten years 195,318 175,931 Beyond ten years 545,625 453,686 Mortgage-backed, collateralized mortgage obligations and Small Business Administration securities 735,911 615,202 Total $ 1,504,331 $ 1,270,149 The following table summarizes the investment securities with unrealized losses for which an allowance for credit losses has not been recorded at March 31, 2024 and December 31, 2023, aggregated by major security type and length of time in a continuous unrealized loss position. Less than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized (In Thousands of Dollars) Value Loss Value Loss Value Loss March 31, 2024 U.S. Treasury and U.S. government sponsored entities $ 449 $ ( 1 ) $ 116,810 $ ( 18,584 ) $ 117,259 $ ( 18,585 ) State and political subdivisions 28,380 ( 1,414 ) 412,504 ( 96,730 ) 440,884 ( 98,144 ) Corporate bonds 8,059 ( 275 ) 4,869 ( 182 ) 12,928 ( 457 ) Mortgage-backed securities 4,272 ( 90 ) 495,129 ( 113,538 ) 499,401 ( 113,628 ) Collateralized mortgage obligations 37,452 ( 1,141 ) 39,674 ( 5,739 ) 77,126 ( 6,880 ) Small Business Administration 0 0 2,747 ( 316 ) 2,747 ( 316 ) Total $ 78,612 $ ( 2,921 ) $ 1,071,733 $ ( 235,089 ) $ 1,150,345 $ ( 238,010 ) Less than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized (In Thousands of Dollars) Value Loss Value Loss Value Loss December 31, 2023 U.S. Treasury and U.S. government sponsored entities $ 399 $ ( 1 ) $ 122,361 $ ( 17,596 ) $ 122,760 $ ( 17,597 ) State and political subdivisions 15,852 ( 1,684 ) 428,416 ( 91,819 ) 444,268 ( 93,503 ) Corporate bonds 8,463 ( 284 ) 3,881 ( 182 ) 12,344 ( 466 ) Mortgage-backed securities 5,113 ( 76 ) 515,259 ( 104,068 ) 520,372 ( 104,144 ) Collateralized mortgage obligations 20,019 ( 980 ) 43,808 ( 5,579 ) 63,827 ( 6,559 ) Small Business Administration 0 0 2,917 ( 295 ) 2,917 ( 295 ) Total $ 49,846 $ ( 3,025 ) $ 1,116,642 $ ( 219,539 ) $ 1,166,488 $ ( 222,564 ) As of March 31, 2024, the Company’s security portfolio consisted of 947 securities, 767 of which were in an unrealized loss position. The treasury, agency, mortgage-backed securities, collateralized mortgage obligations and small business administration securities that the Company owns are all issued by government sponsored entities and therefore contain no potential for credit loss. The Company does not consider any of its available-for-sale securities with unrealized losses to be attributable to credit-related factors, as the unrealized losses have occurred as a result of changes in noncredit related factors such as changes in interest rates, market spreads and market conditions subsequent to purchase, not credit deterioration. The vast majority of the Company's state and political subdivisions holdings are of high credit quality, and are rated AA or higher. In addition, management has both the ability and intent to hold the securities for a period of time sufficient to allow for the recovery in fair value. As of March 31, 2024, the Company has no t recorded an allowance for credit losses on available for sale ("AFS") securities. Equity Securities The Company also holds equity securities which include $ 15.3 million in Small Business Investment Company (“SBIC”) partnership investments as well as $ 238 thousand in local and regional bank holdings and other miscellaneous equity funds at March 31, 2024. At December 31, 2023, the Company held $ 14.9 million in SBIC investments and $ 226 thousand in local and regional bank holdings and other miscellaneous equity funds. Gains on these equity funds were recognized as income in 2024 and 2023 in compliance with ASU 2016-01, which requires all equity securities to be measured at their fair value with changes in fair value being recognized through the statements of income. |
Loans
Loans | 3 Months Ended |
Mar. 31, 2024 | |
Receivables [Abstract] | |
Loans | Loans: Loan balances were as follows: (In Thousands of Dollars) March 31, 2024 December 31, 2023 Commercial real estate Owner occupied $ 390,058 $ 399,273 Non-owner occupied 705,168 712,315 Farmland 201,788 202,950 Other 244,146 224,218 Commercial Commercial and industrial 335,747 346,354 Agricultural 58,637 58,338 Residential real estate 1-4 family residential 836,252 843,697 Home equity lines of credit 143,696 142,441 Consumer Indirect 224,931 226,815 Direct 22,624 23,805 Other 9,291 9,164 Total loans $ 3,172,338 $ 3,189,370 Net deferred loan costs 8,980 8,757 Allowance for credit losses ( 33,159 ) ( 34,440 ) Net loans $ 3,148,159 $ 3,163,687 Allowance for credit loss activity The following tables present the activity in the allowance for credit losses by portfolio segment for the three month periods ended March 31, 2024 and 2023: Three Months Ended March 31, 2024 (In Thousands of Dollars) Commercial Commercial Residential Consumer Total Allowance for credit losses Beginning balance $ 18,150 $ 5,087 $ 6,916 $ 4,287 $ 34,440 (Credit) Provision for credit losses ( 541 ) 62 ( 69 ) 278 ( 270 ) Loans charged off ( 146 ) ( 643 ) ( 30 ) ( 463 ) ( 1,282 ) Recoveries 18 37 23 193 271 Total ending allowance balance $ 17,481 $ 4,543 $ 6,840 $ 4,295 $ 33,159 Three Months Ended March 31, 2023 (In Thousands of Dollars) Commercial Commercial Residential Consumer Total Allowance for credit losses Beginning balance $ 14,840 $ 4,186 $ 4,374 $ 3,578 $ 26,978 PCD ACL on loans acquired 850 138 11 0 999 Provision for credit losses 4,128 1,044 2,398 735 8,305 Loans charged off 0 ( 143 ) ( 83 ) ( 243 ) ( 469 ) Recoveries 1 5 32 160 198 Total ending allowance balance $ 19,819 $ 5,230 $ 6,732 $ 4,230 $ 36,011 The cumulative loss rate used as the basis for the estimate of credit losses is comprised of the Company's historical loss experience from December 31, 2011 to March 31, 2024. As of March 31, 2024, the Company expects that the markets in which it operates will experience minimal changes to economic conditions, stable trend in unemployment rate, and a level trend of delinquencies. Management adjusted historical loss experience for these expectations. No reversion adjustments were necessary, as the starting point for the Company's estimate was a cumulative loss rate covering the expected contractual term of the portfolio. While there are many factors that go into the calculation of the allowance for credit losses, the change in the balances from March 31, 2023 to March 31, 2024 is largely attributed to improvements in the Company's loss rates that anchor the qualitative factors and impact the quantitative reserve, reclassification of construction loan balances that were placed into their permanent loan pool, adjustments made to the Commercial Staffing qualitative factor and release of reserves related to loans transferred to held for sale. The following tables present the amortized cost basis of loans on nonaccrual status and loans past due over 89 days still accruing as of March 31, 2024 and December 31, 2023: (In Thousands of Dollars) Nonaccrual with no allowance for credit loss Nonaccrual with an allowance for credit loss Loans past due over 89 days still accruing March 31, 2024 Commercial real estate Owner occupied $ 1,749 $ 813 $ 0 Non-owner occupied 92 163 0 Farmland 1,870 7 0 Other 0 72 0 Commercial Commercial and industrial 348 1,005 0 Agricultural 192 287 0 Residential real estate 1-4 family residential 364 2,804 1,245 Home equity lines of credit 206 197 42 Consumer Indirect 42 225 86 Direct 65 49 24 Other 0 4 0 Total loans $ 4,928 $ 5,626 $ 1,397 (In Thousands of Dollars) Nonaccrual with no allowance for credit loss Nonaccrual with an allowance for credit loss Loans past due over 89 days still accruing December 31, 2023 Commercial real estate Owner occupied $ 1,804 $ 830 $ 0 Non-owner occupied 19 1,491 0 Farmland 1,957 9 0 Other 0 80 0 Commercial Commercial and industrial 394 1,408 0 Agricultural 203 317 0 Residential real estate 1-4 family residential 348 3,009 460 Home equity lines of credit 240 210 69 Consumer Indirect 22 300 125 Direct 65 69 1 Other 0 5 0 Total loans $ 5,052 $ 7,728 $ 655 The above table for the period ending December 31, 2023 does not include a $ 1.63 million non-owner occupied commercial real estate loan that was held-for-sale and in nonaccrual status. There were no nonaccrual or past due loans related to loans held-for-sale at March 31, 2024. The following tables present the amortized cost basis of collateral-dependent loans by class of loans as of March 31, 2024 and December 31, 2023: (In Thousands of Dollars) Real Estate Business Assets Vehicles Cash March 31, 2024 Commercial real estate Owner occupied $ 1,749 $ 0 $ 0 $ 0 Non-owner occupied 92 0 0 0 Farmland 1,870 0 0 0 Other 0 0 0 0 Commercial Commercial and industrial 92 467 0 0 Agricultural 0 192 0 0 Residential real estate 1-4 family residential 3,388 0 0 0 Home equity lines of credit 252 0 0 0 Consumer Indirect 0 0 68 0 Direct 0 0 17 66 Other 0 0 0 0 Total loans $ 7,443 $ 659 $ 85 $ 66 (In Thousands of Dollars) Real Estate Business Assets Vehicles Cash December 31, 2023 Commercial real estate Owner occupied $ 1,804 $ 0 $ 0 $ 0 Non-owner occupied 1,335 0 0 0 Farmland 1,957 0 0 0 Other 0 0 0 0 Commercial Commercial and industrial 94 867 0 0 Agricultural 0 203 0 0 Residential real estate 1-4 family residential 3,352 0 0 0 Home equity lines of credit 294 0 0 0 Consumer Indirect 0 0 53 0 Direct 0 0 19 66 Other 0 0 0 0 Total loans $ 8,836 $ 1,070 $ 72 $ 66 The following tables present the aging of the recorded investment in past due loans as of March 31, 2024 and December 31, 2023 by class of loans. (In Thousands of Dollars) 30-59 60-89 90 Days or Total Past Loans Not Total March 31, 2024 Commercial real estate Owner occupied $ 237 $ 0 $ 2,562 $ 2,799 $ 387,028 $ 389,827 Non-owner occupied 0 0 255 255 704,447 704,702 Farmland 2 360 1,877 2,239 199,335 201,574 Other 50 0 72 122 243,616 243,738 Commercial Commercial and industrial 642 281 1,353 2,276 334,939 337,215 Agricultural 321 2 479 802 58,603 59,405 Residential real estate 1-4 family residential 7,404 2,189 4,413 14,006 822,199 836,205 Home equity lines of credit 288 268 445 1,001 142,741 143,742 Consumer Indirect 1,410 458 353 2,221 230,746 232,967 Direct 116 35 138 289 22,362 22,651 Other 6 0 4 10 9,282 9,292 Total loans $ 10,476 $ 3,593 $ 11,951 $ 26,020 $ 3,155,298 $ 3,181,318 (In Thousands of Dollars) 30-59 60-89 90 Days or Total Past Loans Not Total December 31, 2023 Commercial real estate Owner occupied $ 302 $ 293 $ 2,634 $ 3,229 $ 395,799 $ 399,028 Non-owner occupied 90 0 1,510 1,600 710,195 711,795 Farmland 365 0 1,966 2,331 200,395 202,726 Other 0 0 80 80 223,697 223,777 Commercial Commercial and industrial 540 199 1,802 2,541 345,278 347,819 Agricultural 292 40 520 852 58,223 59,075 Residential real estate 1-4 family residential 6,819 4,488 3,817 15,124 828,437 843,561 Home equity lines of credit 729 34 519 1,282 141,189 142,471 Consumer Indirect 2,045 289 447 2,781 232,105 234,886 Direct 153 23 135 311 23,514 23,825 Other 4 0 5 9 9,155 9,164 Total loans $ 11,339 $ 5,366 $ 13,435 $ 30,140 $ 3,167,987 $ 3,198,127 |
Loan Restructurings
Loan Restructurings | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Loan Restructurings | Loan Restructurings The Company adopted the accounting guidance in ASU No. 2022-02, effective as of January 1, 2023 , which eliminates the recognition and measurement of troubled debt restructurings ("TDRs"). Due to the removal of the TDR designation, the Company evaluates all loan restructurings according to the accounting guidance for loan modifications to determine if the restructuring results in a new loan or a continuation of the existing loan. Loan modifications to borrowers experiencing financial difficulty that result in a direct change in the timing or amount of contractual cash flows include situations where there is principal forgiveness, interest rate reductions, other-than-insignificant payment delays, term extensions, and combinations of the listed modifications. Therefore, the disclosures related to loan restructurings are only for modifications that directly affect cash flows. Any restructuring of a loan in which the borrower has experienced financial difficulty and the terms of the loan are more favorable than would generally be considered for borrowers with the same credit characteristics would be individually evaluated. Otherwise, the restructured loan remains in the appropriate segment in the ACL model. The following table presents the amortized cost basis of loans that were both experiencing financial difficulty and modified during the three months ended March 31, 2024 and March 31, 2023, by class and type of modification. The percentage of the amortized cost basis of loans that were modified to borrowers in financial distress as compared to the amortized cost basis of each class of financing receivable is also presented below: Three Months Ended March 31, 2024 Amortized Cost (In Thousands of Dollars) Payment Deferral Principal Forgiveness Interest Rate Reduction Combination Term Extension and Interest Rate Reduction Total % of Total Class of Financing Receivable Commercial real estate Non-owner occupied $ 0 $ 74 $ 0 $ 0 $ 74 0.01 % Residential real estate Home equity lines of credit 0 0 29 0 29 0.02 % Total modifications to borrowers experiencing financial difficulty $ 0 $ 74 $ 29 $ 0 $ 103 0.00 % Three Months Ended March 31, 2023 Amortized Cost (In Thousands of Dollars) Payment Deferral Principal Forgiveness Interest Rate Reduction Combination Term Extension and Interest Rate Reduction Total % of Total Class of Financing Receivable Commercial Commercial and industrial $ 50 $ 0 $ 0 $ 0 $ 50 0.01 % Total modifications to borrowers experiencing financial difficulty $ 50 $ 0 $ 0 $ 0 $ 50 0.00 % The following table presents the financial effect of the loan modifications presented above to borrowers experiencing financial difficulty during the three months ended March 31, 2024 and March 31, 2023: Payment Deferral Principal Forgiveness Interest Rate Reduction Weighted-Average Years Added to the Life Reduction of Amortized Cost Basis of the Loans Weighted-Average Contractual Interest Rate Three Months Ended March 31, 2024 From To Commercial real estate Non-owner occupied $ 152 Residential real estate Home equity lines of credit 10.25 % 5.00 % Payment Deferral Principal Forgiveness Interest Rate Reduction Weighted-Average Years Added to the Life Reduction of Amortized Cost Basis of the Loans Weighted-Average Contractual Interest Rate Three Months Ended March 31, 2023 From To Commercial Commercial and industrial 0.50 The Company closely monitors the performance of the loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table presents the performance of such loans that have been modified in the three months ended March 31, 2024 and March 31, 2023: Three Months Ended March 31, 2024 Payment status (Amortized cost Basis) (In Thousands of Dollars) Current 30-89 Days past due 90+ Days past due Accrual restructured loans Total accruing restructured loans $ 0 $ 0 $ 0 Nonaccrual restructured loans Commercial real estate Non-owner occupied $ 74 $ 0 $ 0 Residential real estate Home equity lines of credit 29 0 0 Total nonaccrual restructured loans $ 103 $ 0 $ 0 Total restructured loans $ 103 $ 0 $ 0 Three Months Ended March 31, 2023 Payment status (Amortized cost Basis) (In Thousands of Dollars) Current 30-89 Days past due 90+ Days past due Commercial Commercial and industrial $ 50 $ 0 $ 0 Total accruing restructured loans $ 50 $ 0 $ 0 Nonaccrual restructured loans Total nonaccrual restructured loans $ 0 $ 0 $ 0 Total restructured loans $ 50 $ 0 $ 0 As of March 31, 2024, the Company had no commitments to lend any additional funds on restructured loans. The following table presents the amortized cost basis of loans that had a payment default during the three months ended March 31, 2024 and were modified in the twelve months prior to that default to borrowers experiencing financial difficulty. For purposes of this disclosure a default occurs when within 12 months of the original modification, a loan is 30 days contractually past due under the modified terms: March 31, 2024 Amortized Cost (In Thousands of Dollars) Payment Deferral Principal Forgiveness Interest Rate Reduction Combination Term Extension and Interest Rate Reduction Residential real estate 1-4 family residential $ 0 $ 0 $ 30 $ 0 Total modifications to borrowers experiencing financial difficulty $ 0 $ 0 $ 30 $ 0 As of March 31, 2023, the Company had no loans that defaulted during the period and had been modified preceding the payment default when the borrower was experiencing financial difficulty at the time of the modification. Upon the Company's determination that a modified loan (or portion of a loan) has subsequently been deemed uncollectible, the loan (or portion of the loan) is written off. Therefore, the amortized cost basis of the loan is reduced by the uncollectible amount and the allowance of the credit losses is adjusted by the same amount. |
Credit Quality Indicators
Credit Quality Indicators | 3 Months Ended |
Mar. 31, 2024 | |
Risks and Uncertainties [Abstract] | |
Credit Quality Indicators | Credit Quality Indicators 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, credit documentation, public information, and current economic trends, among other factors. The Company establishes a risk rating at origination for all commercial loan and commercial real estate relationships. For relationships over $ 1 million, management monitors the loans on an ongoing basis for any changes in the borrower’s ability to service their debt. Management also affirms the risk ratings for the loans in their respective portfolios on an annual basis. The Company uses the following definitions for risk ratings: 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. Special mention assets are not adversely classified and do not expose an institution to sufficient risk to warrant adverse classification. Substandard. Loans classified as substandard are inadequately protected by the current net worth 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. Substandard loans are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. Doubtful. Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, 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 to be pass rated loans. As of March 31, 2024 and December 31, 2023, and based on the most recent analysis performed, the risk category of loans by class of loans is as follows: (In Thousands of Dollars) Pass Special Sub Total March 31, 2024 Commercial real estate Owner occupied $ 378,483 $ 8,237 $ 3,107 $ 389,827 Non-owner occupied 643,226 28,110 33,366 704,702 Farmland 199,187 0 2,387 201,574 Other 235,405 0 8,333 243,738 Commercial Commercial and industrial 323,823 1,955 11,437 337,215 Agricultural 58,893 0 512 59,405 Total loans $ 1,839,017 $ 38,302 $ 59,142 $ 1,936,461 (In Thousands of Dollars) Pass Special Sub Total December 31, 2023 Commercial real estate Owner occupied $ 386,015 $ 9,628 $ 3,385 $ 399,028 Non-owner occupied 648,063 27,938 35,794 711,795 Farmland 200,240 0 2,486 202,726 Other 215,459 0 8,318 223,777 Commercial Commercial and industrial 334,764 646 12,409 347,819 Agricultural 58,506 17 552 59,075 Total loans $ 1,843,047 $ 38,229 $ 62,944 $ 1,944,220 The Company considers the performance of the loan portfolio and its impact on the allowance for credit losses. For residential, consumer indirect and direct loan classes, the Company evaluates credit quality based on the aging status of the loan, which was previously presented, and by payment activity. The above table for the period ending December 31, 2023 does not include a $ 1.63 million non-owner occupied commercial real estate loan that was held-for-sale and risk rated substandard. There were no special mention or substandard loans related to loans held-for-sale at March 31, 2024. In the 1-4 family residential real estate portfolio at March 31, 2024, other real estate owned and foreclosure properties were $ 58 thousand and $ 271 thousand, respectively. At December 31, 2023, other real estate owned and foreclosure properties were $ 92 thousand and $ 207 thousand, respectively. The following tables present the recorded investment in residential, consumer indirect and direct auto loans based on payment activity as of March 31, 2024 and December 31, 2023. Nonperforming loans are loans past due 90 days or more and still accruing interest and nonaccrual loans. Residential Real Estate Consumer (In Thousands of Dollars) 1-4 Family Home Indirect Direct Other March 31, 2024 Performing $ 831,792 $ 143,297 $ 232,614 $ 22,513 $ 9,288 Nonperforming 4,413 445 353 138 4 Total loans $ 836,205 $ 143,742 $ 232,967 $ 22,651 $ 9,292 Residential Real Estate Consumer (In Thousands of Dollars) 1-4 Family Home Indirect Direct Other December 31, 2023 Performing $ 839,744 $ 141,952 $ 234,439 $ 23,690 $ 9,159 Nonperforming 3,817 519 447 135 5 Total loans $ 843,561 $ 142,471 $ 234,886 $ 23,825 $ 9,164 The following table presents total loans by risk categories and year of origination: Term Loans Amortized Cost Basis by Origination Year As of March 31, 2024 2024 2023 2022 2021 2020 Prior Revolving Loans Total Commercial real estate - Owner occupied: Risk Rating Pass $ 1,479 $ 59,963 $ 57,271 $ 65,103 $ 42,060 $ 150,109 $ 2,498 $ 378,483 Special mention 0 0 0 0 7,691 546 0 8,237 Substandard 0 0 292 0 8 2,616 191 3,107 Total commercial real estate - Owner occupied loans $ 1,479 $ 59,963 $ 57,563 $ 65,103 $ 49,759 $ 153,271 $ 2,689 $ 389,827 Commercial real estate - Owner Occupied: Current period gross write-offs $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Commercial real estate - Non-owner occupied: Risk Rating Pass $ 5,408 $ 49,933 $ 132,435 $ 87,279 $ 75,428 $ 283,327 $ 9,416 $ 643,226 Special mention 0 0 0 12,356 0 15,754 0 28,110 Substandard 0 0 0 3,969 8,784 20,193 420 33,366 Total commercial real estate - Non-owner occupied loans $ 5,408 $ 49,933 $ 132,435 $ 103,604 $ 84,212 $ 319,274 $ 9,836 $ 704,702 Commercial real estate - Non-owner occupied: Current period gross write-offs $ 0 $ 0 $ 0 $ 0 $ 146 $ 0 $ 0 $ 146 Commercial real estate - Farmland: Risk Rating Pass $ 6,190 $ 20,108 $ 39,777 $ 20,697 $ 33,232 $ 76,455 $ 2,728 $ 199,187 Special mention 0 0 0 0 0 0 0 0 Substandard 0 0 0 326 0 2,061 0 2,387 Total commercial real estate - Farmland loans $ 6,190 $ 20,108 $ 39,777 $ 21,023 $ 33,232 $ 78,516 $ 2,728 $ 201,574 Commercial real estate - Farmland: Current period gross write-offs $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Commercial real estate - Other: Risk Rating Pass $ 2,938 $ 82,299 $ 66,062 $ 47,106 $ 8,961 $ 26,730 $ 1,309 $ 235,405 Special mention 0 0 0 0 0 0 0 0 Substandard 0 0 0 0 8,214 119 0 8,333 Total commercial real estate - Other loans $ 2,938 $ 82,299 $ 66,062 $ 47,106 $ 17,175 $ 26,849 $ 1,309 $ 243,738 Commercial real estate - Other: Current period gross write-offs $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Term Loans Amortized Cost Basis by Origination Year (Continued) As of March 31, 2024 2024 2023 2022 2021 2020 Prior Revolving Loans Total Commercial - Commercial and industrial: Risk Rating Pass $ 10,519 $ 87,678 $ 77,841 $ 35,474 $ 18,454 $ 28,830 $ 65,027 $ 323,823 Special mention 0 0 124 271 0 0 1,560 1,955 Substandard 0 63 3,529 1,014 215 1,426 5,190 11,437 Total commercial - Commercial and industrial loans $ 10,519 $ 87,741 $ 81,494 $ 36,759 $ 18,669 $ 30,256 $ 71,777 $ 337,215 Commercial - Commercial and industrial: Current period gross write-offs $ 0 $ 88 $ 31 $ 18 $ 17 $ 126 $ 313 $ 593 Commercial - Agricultural: Risk Rating Pass $ 2,424 $ 13,792 $ 16,247 $ 7,888 $ 3,233 $ 1,953 $ 13,356 $ 58,893 Special mention 0 0 0 0 0 0 0 0 Substandard 0 2 32 120 216 142 0 512 Total commercial - Agricultural loans $ 2,424 $ 13,794 $ 16,279 $ 8,008 $ 3,449 $ 2,095 $ 13,356 $ 59,405 Commercial - Agricultural: Current period gross write-offs $ 0 $ 0 $ 36 $ 13 $ 0 $ 1 $ 0 $ 50 Residential real estate - 1-4 family residential: Payment Performance Performing $ 8,844 $ 68,468 $ 166,790 $ 162,223 $ 129,972 $ 291,498 $ 3,997 $ 831,792 Nonperforming 0 0 252 451 1,795 1,915 0 4,413 Total residential real estate - 1-4 family residential loans $ 8,844 $ 68,468 $ 167,042 $ 162,674 $ 131,767 $ 293,413 $ 3,997 $ 836,205 Residential real estate - 1-4 family residential: Current period gross write-offs $ 0 $ 0 $ 0 $ 21 $ 0 $ 9 $ 0 $ 30 Residential real estate - Home equity lines of credit: Payment Performance Performing $ 0 $ 101 $ 19 $ 131 $ 110 $ 3,359 $ 139,577 $ 143,297 Nonperforming 0 0 29 0 0 416 0 445 Total residential real estate - Home equity lines of credit loans $ 0 $ 101 $ 48 $ 131 $ 110 $ 3,775 $ 139,577 $ 143,742 Residential real estate - Home equity lines of credit: Current period gross write-offs $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Term Loans Amortized Cost Basis by Origination Year (Continued) As of March 31, 2024 2024 2023 2022 2021 2020 Prior Revolving Loans Total Consumer - Indirect: Payment Performance Performing $ 16,160 $ 70,594 $ 66,018 $ 30,083 $ 19,262 $ 30,497 $ 0 $ 232,614 Nonperforming 0 21 118 107 44 63 0 353 Total consumer - Indirect loans $ 16,160 $ 70,615 $ 66,136 $ 30,190 $ 19,306 $ 30,560 $ 0 $ 232,967 Consumer - Indirect: Current period gross write-offs $ 10 $ 11 $ 41 $ 106 $ 77 $ 119 $ 0 $ 364 Consumer - Direct: Payment Performance Performing $ 877 $ 3,244 $ 3,366 $ 1,912 $ 1,187 $ 11,576 $ 351 $ 22,513 Nonperforming 0 5 7 18 66 42 0 138 Total consumer - Direct loans $ 877 $ 3,249 $ 3,373 $ 1,930 $ 1,253 $ 11,618 $ 351 $ 22,651 Consumer - Direct: Current period gross write-offs $ 0 $ 0 $ 12 $ 0 $ 2 $ 40 $ 0 $ 54 Consumer - Other: Payment Performance Performing $ 0 $ 0 $ 1 $ 60 $ 101 $ 324 $ 8,802 $ 9,288 Nonperforming 0 0 0 0 0 4 0 4 Total consumer - Other loans $ 0 $ 0 $ 1 $ 60 $ 101 $ 328 $ 8,802 $ 9,292 Consumer - Other: Current period gross write-offs $ 0 $ 0 $ 0 $ 0 $ 0 $ 45 $ 0 $ 45 Term Loans Amortized Cost Basis by Origination Year As of December 31, 2023 2023 2022 2021 2020 2019 Prior Revolving Loans Total Commercial real estate - Owner occupied: Risk Rating Pass $ 57,983 $ 58,178 $ 66,205 $ 42,023 $ 48,849 $ 109,831 $ 2,946 $ 386,015 Special mention 0 293 0 8,779 0 556 0 9,628 Substandard 0 0 0 10 490 2,701 184 3,385 Total commercial real estate - Owner occupied loans $ 57,983 $ 58,471 $ 66,205 $ 50,812 $ 49,339 $ 113,088 $ 3,130 $ 399,028 Commercial real estate - Owner Occupied: Current period gross write-offs $ 0 $ 0 $ 0 $ 0 $ 1 $ 0 $ 0 $ 1 Commercial real estate - Non-owner occupied: Risk Rating Pass $ 49,177 $ 135,433 $ 88,188 $ 77,713 $ 81,079 $ 205,729 $ 10,744 $ 648,063 Special mention 0 0 12,156 0 6,565 9,217 0 27,938 Substandard 0 0 3,972 10,037 3,492 17,794 499 35,794 Total commercial real estate - Non-owner occupied loans $ 49,177 $ 135,433 $ 104,316 $ 87,750 $ 91,136 $ 232,740 $ 11,243 $ 711,795 Commercial real estate - Non-owner occupied: Current period gross write-offs $ 0 $ 0 $ 0 $ 0 $ 144 $ 201 $ 0 $ 345 Commercial real estate - Farmland: Risk Rating Pass $ 22,576 $ 40,101 $ 20,890 $ 34,036 $ 18,634 $ 59,900 $ 4,103 $ 200,240 Special mention 0 0 0 0 0 0 0 0 Substandard 0 0 330 0 26 2,130 0 2,486 Total commercial real estate - Farmland loans $ 22,576 $ 40,101 $ 21,220 $ 34,036 $ 18,660 $ 62,030 $ 4,103 $ 202,726 Commercial real estate - Farmland: Current period gross write-offs $ 0 $ 0 $ 0 $ 0 $ 0 $ 3 $ 0 $ 3 Commercial real estate - Other: Risk Rating Pass $ 68,911 $ 56,753 $ 47,895 $ 9,063 $ 8,516 $ 23,269 $ 1,052 $ 215,459 Special mention 0 0 0 0 0 0 0 0 Substandard 0 0 0 8,186 0 132 0 8,318 Total commercial real estate - Other loans $ 68,911 $ 56,753 $ 47,895 $ 17,249 $ 8,516 $ 23,401 $ 1,052 $ 223,777 Commercial real estate - Other: Current period gross write-offs $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Term Loans Amortized Cost Basis by Origination Year (Continued) As of December 31, 2023 2023 2022 2021 2020 2019 Prior Revolving Loans Total Commercial - Commercial and industrial: Risk Rating Pass $ 90,807 $ 85,255 $ 40,444 $ 21,794 $ 9,736 $ 23,030 $ 63,698 $ 334,764 Special mention 0 141 355 21 0 0 129 646 Substandard 195 3,551 980 404 1,077 699 5,503 12,409 Total commercial - Commercial and industrial loans $ 91,002 $ 88,947 $ 41,779 $ 22,219 $ 10,813 $ 23,729 $ 69,330 $ 347,819 Commercial - Commercial and industrial: Current period gross write-offs $ 0 $ 178 $ 579 $ 11 $ 16 $ 394 $ 0 $ 1,178 Commercial - Agricultural: Risk Rating Pass $ 13,738 $ 17,368 $ 8,917 $ 3,584 $ 1,386 $ 1,133 $ 12,380 $ 58,506 Special mention 0 0 0 0 0 0 17 17 Substandard 0 33 118 225 24 152 0 552 Total commercial - Agricultural loans $ 13,738 $ 17,401 $ 9,035 $ 3,809 $ 1,410 $ 1,285 $ 12,397 $ 59,075 Commercial - Agricultural: Current period gross write-offs $ 0 $ 15 $ 70 $ 3 $ 0 $ 6 $ 0 $ 94 Residential real estate - 1-4 family residential: Payment Performance Performing $ 63,365 $ 171,862 $ 164,469 $ 132,989 $ 49,380 $ 254,027 $ 3,652 $ 839,744 Nonperforming 37 58 312 1,645 115 1,650 0 3,817 Total residential real estate - 1-4 family residential loans $ 63,402 $ 171,920 $ 164,781 $ 134,634 $ 49,495 $ 255,677 $ 3,652 $ 843,561 Residential real estate - 1-4 family residential: Current period gross write-offs $ 52 $ 0 $ 49 $ 130 $ 0 $ 129 $ 0 $ 360 Residential real estate - Home equity lines of credit: Payment Performance Performing $ 0 $ 19 $ 14 $ 111 $ 51 $ 3,302 $ 138,455 $ 141,952 Nonperforming 0 26 13 15 0 465 0 519 Total residential real estate - Home equity lines of credit loans $ 0 $ 45 $ 27 $ 126 $ 51 $ 3,767 $ 138,455 $ 142,471 Residential real estate - Home equity lines of credit: Current period gross write-offs $ 0 $ 0 $ 0 $ 8 $ 0 $ 16 $ 0 $ 24 Term Loans Amortized Cost Basis by Origination Year (Continued) As of December 31, 2023 2023 2022 2021 2020 2019 Prior Revolving Loans Total Consumer - Indirect: Payment Performance Performing $ 74,425 $ 71,705 $ 32,528 $ 21,163 $ 11,395 $ 23,223 $ 0 $ 234,439 Nonperforming 54 108 138 85 26 36 0 447 Total consumer - Indirect loans $ 74,479 $ 71,813 $ 32,666 $ 21,248 $ 11,421 $ 23,259 $ 0 $ 234,886 Consumer - Indirect: Current period gross write-offs $ 33 $ 138 $ 71 $ 35 $ 23 $ 232 $ 0 $ 532 Consumer - Direct: Payment Performance Performing $ 3,552 $ 3,812 $ 2,203 $ 1,352 $ 974 $ 11,431 $ 366 $ 23,690 Nonperforming 0 17 - 65 - 53 0 135 Total consumer - Direct loans $ 3,552 $ 3,829 $ 2,203 $ 1,417 $ 974 $ 11,484 $ 366 $ 23,825 Consumer - Direct: Current period gross write-offs $ 11 $ 38 $ 22 $ 51 $ 9 $ 100 $ 0 $ 231 Consumer - Other: Payment Performance Performing $ 0 $ 0 $ 60 $ 103 $ 82 $ 278 $ 8,636 $ 9,159 Nonperforming 0 0 0 0 0 5 0 5 Total consumer - Other loans $ 0 $ 0 $ 60 $ 103 $ 82 $ 283 $ 8,636 $ 9,164 Consumer - Other: Current period gross write-offs $ 0 $ 0 $ 0 $ 0 $ 0 $ 20 $ 149 $ 169 The Company follows ASU 2016-13 to calculate the allowance for credit losses which requires projecting credit losses over the lifetime of the credits. The ACL is adjusted through the provision for credit losses and reduced by net charge offs of loans. Although the Company has a diversified loan portfolio, the credit risk in the loan portfolio is largely influenced by general economic conditions and trends of the counties and markets in which the debtors operate, and the resulting impact on the operations of borrowers or on the value of any underlying collateral. The credit loss estimation process involves procedures that consider the unique characteristics of the Company’s loan portfolio segments. These segments are disaggregated into the loan pools for monitoring. A model of risk characteristics, such as loss history and delinquency experience, trends in past due and non-performing loans, as well as existing economic conditions and supportable forecasts are used to determine credit loss assumptions. The Company uses two methodologies to analyze loan pools. The cohort method and the probability of default/loss given default ("PD/LGD"). Cohort relies on the creation of cohorts to capture loans that qualify for a particular segment, as of a point in time. Those loans are then tracked over their remaining lives to determine their loss experience. The Company aggregates financial assets on the basis of similar risk characteristics when evaluating loans on a collective basis. Those characteristics include, but are not limited to, internal or external credit score, risk ratings, financial asset, loan type, collateral type, size, effective interest rate, term, or geographical location. The Company uses cohort primarily for consumer loan portfolios. The probability of default portion of PD/LGD is defined by the Company as 90 days past due, placed on non-accrual, loan restructuring for borrowers experiencing financial difficulty or is partially, or wholly, charged-off. Typically, a one-year time period is used to assess probability of default ("PD"). PD can be measured and applied using various risk criteria. Risk rating is one common way to apply PDs. Loss given default LGD is to determine the percentage of loss by facility or collateral type. LGD estimates can sometimes be driven, or influenced, by product type, industry or geography. The Company uses PD/LGD primarily for commercial loan portfolios. The following table presents the loan pools and the associated methodology used during the calculation of the allowance for credit losses in 2024. Portfolio Segments Loan Pool Methodology Loss Drivers Residential real estate 1-4 Family Residential Real Estate - 1st Liens Cohort Credit Loss History 1-4 Family Residential Real Estate - 2nd Liens Cohort Credit Loss History Home Equity Lines of Credit Home Equity Lines of Credit Cohort Credit Loss History Consumer Finance Cash Reserves Cohort Credit Loss History Direct Cohort Credit Loss History Indirect Cohort Credit Loss History Commercial Commercial and Industrial PD/LGD Credit Loss History Agricultural PD/LGD Credit Loss History Municipal PD/LGD Credit Loss History Commercial real estate Owner Occupied PD/LGD Credit Loss History Non-Owner Occupied PD/LGD Credit Loss History Multifamily PD/LGD Credit Loss History Farmland PD/LGD Credit Loss History Construction PD/LGD Credit Loss History According to the accounting standard, an entity may make an accounting policy election not to measure an allowance for credit losses for accrued interest receivable if the entity writes off the applicable accrued interest receivable balance in a timely manner. The Company has made the accounting policy election not to measure an allowance for credit losses for accrued interest receivables for all loan segments. Current policy dictates that a loan will be placed on nonaccrual status, with the current accrued interest receivable balance being written off, upon the loan being 90 days delinquent or when the loan is deemed to be collateral dependent and the collateral analysis shows insufficient collateral coverage based on a current assessment of the value of the collateral. In addition, ASC Topic 326 requires the Company to establish a liability for anticipated credit losses for unfunded commitments. To accomplish this, the Company must first establish a loss expectation for extended (funded) commitments. This loss expectation, expressed as a ratio to the amortized cost basis, is then applied to the portion of unfunded commitments not considered unilaterally cancelable, and considered by the company’s management as likely to fund over the life of the instrument. At March 31, 2024, the Company had $ 717 million in unfunded commitments and set aside $ 1.66 million in anticipated credit losses. At December 31, 2023, the Company had $ 753 million in unfunded commitments and set aside $ 1.84 million in anticipated credit losses. The $ 36 million decrease in unfunded commitments and $ 180 thousand decrease in the reserve for anticipated credit losses is due to existing construction loan projects that are moving forward and advances are being made to the loan. This reserve is recorded in other liabilities as opposed to the ACL. The determination of the ACL is complex and the Company makes decisions on the effects of factors that are inherently uncertain. Evaluations of the loan portfolio and individual credits require certain estimates, assumptions and judgments as to the facts and circumstances related to particular situations or credits. The ACL was $ 33.2 million at March 31, 2024 and $ 34.4 million at December 31, 2023. The decrease of $ 1.3 million was due to a reduction of specific reserve and improved historical loss rates. These factors were partially offset by an increased Portfolio Composition and Growth qualitative factor for commercial real estate construction loans due to increasing loan balances. Purchased Loans Under ASU Topic 326 , when loans are purchased with evidence of more than significant deterioration of credit, they are accounted for as purchase credit deteriorated (“PCD”). PCD loans acquired in a transaction are marked to fair value and a mark on yield is recorded. In addition, an adjustment is made to the ACL for the expected loss on the acquisition date. These loans are assessed on a regular basis and subsequent adjustments to the ACL are recorded on the income statement. During 2024, the Company has not acquired any additional PCD loans. The outstanding balance at March 31, 2024 and related allowance on PCD loans is as follows: Loan Balance ACL Balance Commercial real estate Owner Occupied $ 386 $ 17 Non-owner Occupied 30,441 618 Farmland 7 0 Commercial Commercial and industrial 1,960 132 Agricultural 117 7 Residential real estate 1-4 family residential 1,182 6 Home equity lines of credit 3 0 Total $ 34,096 $ 780 |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 3 Months Ended |
Mar. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | Revenue from Contracts with Customers: All material revenue from contracts with customers in the scope of ASC 606 is recognized within noninterest income. ASC 606 rules govern the disclosure of revenue tied to contracts. The following table presents the Company’s noninterest income by revenue stream and reportable segment, net of eliminations, for the three months ended March 31, 2024 and 2023. (In Thousands of Dollars) Trust Bank Totals For Three Months Ended March 31, 2024 Service charges on deposit accounts $ 0 $ 1,583 $ 1,583 Debit card and EFT fees 0 1,567 1,567 Trust fees 2,793 0 2,793 Insurance agency commissions 0 1,528 1,528 Retirement plan consulting fees 334 0 334 Investment commissions 0 432 432 Other (outside the scope of ASC 606) 0 120 120 Total noninterest income $ 3,127 $ 5,230 $ 8,357 (In Thousands of Dollars) Trust Bank Totals For Three Months Ended March 31, 2023 Service charges on deposit accounts $ 0 $ 1,432 $ 1,432 Debit card and EFT fees 0 1,789 1,789 Trust fees 2,587 0 2,587 Insurance agency commissions 0 1,456 1,456 Retirement plan consulting fees 307 0 307 Investment commissions 0 393 393 Other (outside the scope of ASC 606) 0 2,461 2,461 Total noninterest income $ 2,894 $ 7,531 $ 10,425 A description of the Company’s revenue streams under ASC 606 follows: Service charges on deposit accounts – The Company earns fees from its deposit customers for transaction-based, account maintenance, and overdraft services. Management reviewed the deposit account agreements, and determined that the agreements can be terminated at any time by either the Bank or the account holder. Transaction fees, such as balance transfers, wires and overdraft charges are settled the day the performance obligation is satisfied. The Bank’s monthly service charges and maintenance fees are for services provided to the customer on a monthly basis and are considered a series of services that have the same pattern of transfer each month. The review of service charges assessed on deposit accounts included the amount of variable consideration that is a part of the monthly charges. It was found that the waiver of service charges due to insufficient funds and dormant account fees is immaterial and would not require a change in the accounting treatment for these fees under the revenue standards. Debit Card Interchange Fees – Customers and the Bank have an account agreement and maintain deposit balances with the Bank. Customers use a bank issued debit card to purchase goods and services, and the Bank earns interchange fees on those transactions, typically a percentage of the sale amount of the transaction. The Bank records the amount due when it receives the settlement from the payment network. Payments from the payment network are received and recorded into income on a daily basis. There are no contingent debit card interchange fees recorded by the Company that could be subject to a clawback in future periods. Trust fees – Services provided to Trust customers are a series of distinct services that have the same pattern of transfer each month. Fees for trust accounts are billed and drafted from trust accounts monthly. The Company records these fees on the income statement on a monthly basis. Fees are assessed based on the total investable assets of the customer’s trust account. A signed contract between the Company and the customer is maintained for all customer trust accounts with payment terms identified. It is probable that the fees will be collectible as funds being managed are accessible by the asset manager. Past history of trust fee income recorded by the Company indicates that it is highly unlikely that a significant reversal could occur. There are no contingent incentive fees recorded by the Company that could be subject to a clawback in future periods. Insurance Agency Commissions – Insurance agency commissions are received from insurance carriers for the agency’s share of commissions from customer premium payments. These commissions are recorded into income when checks are received from the insurance carriers, and there is no contingent portion associated with these commission checks. There may be a short time-lag in recording revenue when cash is received instead of recording the revenue when the policy is signed by the customer, but the time lag is insignificant and does not impact the revenue recognition process. Insurance also receives incentive checks from the insurance carriers for achieving specified levels of production with particular carriers. These amounts are recorded into income when a check is received, and there are no contingent amounts associated with these payments that may be clawed back by the carrier in the future. Similar to the monthly commissions explained in the preceding paragraph, there may be a short time-lag in recording incentive revenue on a cash basis as opposed to estimating the amount of incentive revenue expected to be earned, this does not materially impact the recognition of Insurance revenue. If there were any amounts that would need to be refunded for one specific Insurance customer, management believes the reversal would not be significant. Other potential situations surrounding the recognition of Insurance revenue include estimating potential refunds due to the likely cancellation of a percentage of customers canceling their policies and recording revenue at the time of policy renewals. Retirement Plan Consulting Fees – Revenue is recognized based on the level of work performed for the client. Any payments that are received for work to be performed in the future are recorded in a deferred revenue account, and recorded into income when the fees are earned. Investment Commissions – Investment commissions are earned through the sales of non-deposit investment products to customers of the Company. The sales are conducted through a third-party broker-dealer. When the commissions are received and recorded into income on the Bank’s income statement, there is no contingent portion that may need to be refunded back to the broker dealer. Other – Income items included in “Other” are Bank owned life insurance income, security gains, net gains on the sale of loans and other operating income. Any amounts within the scope of ASC 606 are deemed immaterial. |
Fair Value
Fair Value | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Fair Value: Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values: Level 1 – Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. Level 2 – Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities;quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3 – Significant unobservable inputs that reflect a reporting entity’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. The Company used the following methods and significant assumptions to estimate the fair value of each type of financial instrument: Investment Securities The Company uses a third party service to estimate fair value on available for sale securities on a monthly basis. The Company’s service provider uses a leading evaluation pricing service for U.S. domestic fixed income securities and values securities using exit pricing requirements. The Company independently corroborates the fair value received through this pricing service by obtaining the pricing through a second source. The fair values for investment securities, which consist of equity securities that are recorded at fair value to comply with exit pricing, are determined by quoted market prices in active markets, if available (Level 1). The equity securities change in fair value is recorded in the income statement. For securities where quoted prices are not available, fair values are calculated based on quoted prices for similar assets in active markets, quoted prices for similar assets in markets that are not active or inputs other than quoted prices, which provide a reasonable basis for fair value determination. Such inputs may include interest rates and yield curves, prepayment speeds, credit risks and default rates. The inputs used are principally derived from observable market data (Level 2). For securities where quoted prices or market prices of similar securities are not available, fair values are calculated using discounted cash flows or other market indicators (Level 3). The fair values of Level 3 investment securities are determined by using unobservable inputs to measure fair value of assets for which there is little, if any, market activity at the measurement date, using reasonable inputs and assumptions based on the best information at the time, to the extent that inputs are available without undue cost and effort. At March 31, 2024, the Company determined that no securities had a fair value less than amortized cost that was as a result of credit deterioration as outlined in ASU 2016-13. Loans Held For Sale, at Fair Value The fair value of loans held for sale is estimated based upon binding contracts and quotes from third party investors (Level 2). Mortgage Banking Derivatives The fair value of mortgage banking derivatives are calculated using derivative valuation models that utilize quoted prices for similar assets adjusted for the specific attributes of the commitments and other observable market data at the valuation date (Level 2). Loan Servicing Rights Loan servicing rights are evaluated for impairment based upon the fair value of the rights as compared to the carrying amount at the end of each quarter. If the carrying amount of an individual tranche exceeds the fair value then an impairment is recorded on that tranche so that the servicing asset is carried at fair value. The calculation of the fair value is performed by an independent third party and the model uses factors such as the interest rate, prepayment speeds and other default rate assumptions that market participants would use in estimating the future net servicing income that can be validated against available market data (Level 2). Interest Rate Swaps The Company periodically enters into interest rate swap agreements with its commercial customers who desire a fixed rate loan term that is longer than the Company is willing to extend. The Company enters into a reciprocal swap agreement with a third party that offsets the interest rate risk from the interest rate extended to the customer. The fair value of these interest rate swap derivative instruments is calculated by an independent third party and are based upon valuation models that use observable market data as of the measurement date (Level 2). The Company also entered into a fair value hedge to mitigate the risk of further interest rate increases and the subsequent impact on the valuation of the company’s state and political subdivision municipal bond portfolio. The Company uses an independent third party to perform a market valuation analysis for this derivative (Level 2). Collateral Dependent Loans Fair value estimates of collateral dependent loans that are individually reviewed are based on the fair value of the collateral, less estimated costs to sell. Loans carried at fair value generally receive individual allocations of the allowance for credit losses in 2023 and 2024. For collateral dependent loans, fair value is commonly based on recent real estate appraisals or in quoted sales price in certain instances. Appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the appraisers to adjust for differences between the comparable sales and income data available. Adjustments to a quoted price are routinely made to factor in data that affect the marketability of the collateral. Such adjustments, in both instances, are usually significant and typically result in a Level 3 classification of the inputs for determining fair value. Non-real estate collateral may be valued using an appraisal, net book value per the borrower’s financial statements, or aging reports, adjusted or discounted based on management’s historical knowledge, changes in market conditions from the time of the valuation and management’s expertise and knowledge of the client and client’s business, resulting in a Level 3 fair value classification. These loans are evaluated on a quarterly basis and adjusted accordingly. Other Real Estate Owned Assets acquired through or instead of loan foreclosure are initially recorded at fair value less costs to sell when acquired, establishing a new cost basis. These assets are subsequently accounted for at lower of cost or fair value less estimated costs to sell. Fair values are commonly based on recent real estate appraisals. These appraisals may use a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available. Such adjustments are usually significant and typically result in a Level 3 classification of the inputs for determining fair value. Appraisals for both collateral-dependent loans and other real estate owned are performed by certified general appraisers (for commercial and commercial real estate properties) or certified residential appraisers (for residential properties) whose qualifications and licenses have been reviewed and verified by the Company. Once received, a member of the Appraisal Department reviews the assumptions and approaches utilized in the appraisal as well as the overall resulting fair value in comparison with independent data sources such as recent market data or industry-wide statistics. On an annual basis, the Company compares the actual selling price of collateral that has been sold to the most recent appraised value to determine what adjustments should be made to appraisals to arrive at fair value. Assets measured at fair value on a recurring basis are summarized below: Fair Value Measurements at March 31, 2024 Using: (In Thousands of Dollars) Carrying Quoted Prices Significant Significant Financial Assets Investment securities available-for sale U.S. Treasury and U.S. government sponsored entities $ 119,147 $ 0 $ 119,147 $ 0 State and political subdivisions 517,441 0 517,441 0 Corporate bonds 18,359 0 17,019 1,340 Mortgage-backed securities-residential 513,725 0 513,725 0 Collateralized mortgage obligations 98,730 0 98,730 0 Small Business Administration 2,747 0 2,747 0 Total investment securities $ 1,270,149 $ 0 $ 1,268,809 $ 1,340 Equity securities $ 238 $ 238 $ 0 $ 0 Loans held for sale 1,854 0 1,854 0 Interest rate swaps 4,872 0 4,872 0 Interest rate lock commitments 61 0 61 0 Fair value hedge derivative 234 0 234 0 Financial Liabilities Interest rate swaps $ 4,872 $ 0 $ 4,872 $ 0 Mortgage banking derivative 12 0 12 0 Fair Value Measurements at December 31, 2023 Using: (In Thousands of Dollars) Carrying Quoted Prices Significant Significant Financial Assets Investment securities available-for sale U.S. Treasury and U.S. government sponsored entities $ 127,955 $ 0 127,955 $ 0 State and political subdivisions 556,169 0 556,169 0 Corporate bonds 18,275 0 16,935 1,340 Mortgage-backed securities-residential 520,386 0 520,386 0 Collateralized mortgage obligations 73,999 0 73,999 0 Small Business Administration 2,917 0 2,917 0 Total investment securities $ 1,299,701 $ 0 $ 1,298,361 $ 1,340 Equity securities $ 226 $ 226 $ 0 $ 0 Loans held for sale 3,711 0 3,711 0 Interest rate swaps 4,191 0 4,191 0 Interest rate lock commitments 109 0 109 0 Financial Liabilities Interest rate swaps $ 4,191 $ 0 $ 4,191 $ 0 Fair value hedge derivative 836 0 836 0 Mortgage banking derivative 14 0 14 0 There were no significant transfers between Level 1 and Level 2 during the periods presented above. The table below presents a reconciliation of all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3): Three Months ended (In Thousands of Dollars) 2024 2023 Beginning Balance $ 1,340 $ 1 Transfers between levels 0 0 Acquired and/or purchased 0 1,615 Discount accretion (premium amortization) 13 0 Repayments, calls and maturities 0 0 Changes in unrealized gains (losses) ( 13 ) 0 Ending Balance $ 1,340 $ 1,616 Assets measured at fair value on a non-recurring basis are summarized below: Fair Value Measurements at March 31, 2024 Using: (In Thousands of Dollars) Carrying Quoted Prices Significant Significant Financial Assets Individually evaluated loans Commercial and industrial $ 267 $ 0 $ 0 $ 267 1–4 family residential 1,547 0 0 1,547 Fair Value Measurements at December 31, 2023 Using: (In Thousands of Dollars) Carrying Quoted Prices Significant Significant Financial Assets Individually evaluated loans Commercial real estate Non-owner occupied $ 838 $ 0 $ 0 $ 838 Commercial and industrial 267 0 0 267 1–4 family residential 1,547 0 0 1,547 Mortgage servicing rights 210 0 0 210 The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at the periods ended March 31, 2024 and December 31, 2023: March 31, 2024 Fair value Valuation Unobservable Range Individually evaluated loans Commercial $ 267 Quoted price for collateral Offer Price 23.77 % Residential 1,547 Sales comparison Adjustment for differences between comparable sales ( 5.39 %) - 2.11 % 2.67 %) December 31, 2023 Fair value Valuation Unobservable Input(s) Range Individually evaluated loans Commercial real estate $ 838 Income approach Adjustment for difference between cap rates of comparable sales ( 49.65 %) - 46.77 % 16.63 %) Commercial 267 Quoted price for collateral Offer Price 64.38 % Residential 1,547 Sales comparison Adjustment for differences between comparable sales ( 5.39 %) - ( 2.11 %) 2.67 %) The carrying amounts and estimated fair values of financial instruments not previously disclosed at March 31, 2024 and December 31, 2023 are as follows: Fair Value Measurements at March 31, 2024 Using: (In Thousands of Dollars) Carrying Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 148,630 $ 22,965 $ 125,665 $ 0 $ 148,630 Regulatory stock 19,118 n/a n/a n/a n/a Loans, net 3,148,159 0 0 2,989,532 2,989,532 Financial liabilities Deposits 4,198,125 3,458,114 735,032 0 4,193,146 Short-term borrowings 345,000 0 345,000 0 345,000 Long-term borrowings 88,777 0 72,475 0 72,475 Fair Value Measurements at December 31, 2023 Using: (In Thousands of Dollars) Carrying Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 103,658 $ 28,896 $ 74,762 $ 0 $ 103,658 Regulatory stock 20,197 n/a n/a n/a n/a Loans, net 3,163,687 0 0 3,015,732 3,015,732 Financial liabilities Deposits 4,177,386 3,452,104 719,497 0 4,171,601 Short-term borrowings 355,000 0 355,000 0 355,000 Long-term borrowings 88,663 0 70,893 0 70,893 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 3 Months Ended |
Mar. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets: Goodwill associated with the Company’s purchases of Emlenton in January 2023 and other past acquisitions totaled $ 167.4 million at March 31, 2024 and December 31, 2023. Impairment exists when a reporting unit’s carrying value of goodwill exceeds its fair value, which is determined through an impairment test. Management performs goodwill impairment testing on an annual basis as of September 30. The fair value of the reporting units is determined using a combination of a discounted cash flow method and a market approach method. Results of the assessment as of September 30, 2023, indicated no goodwill impairment. The Company will continue to monitor its goodwill for possible impairment. Acquired Intangible Assets Acquired intangible assets were as follows: March 31, 2024 December 31, 2023 (In Thousands of Dollars) Gross Carrying Accumulated Gross Carrying Accumulated Amortized intangible assets: Customer relationship intangibles $ 7,210 $ ( 6,987 ) $ 7,210 $ ( 6,953 ) Non-compete contracts 457 ( 416 ) 457 ( 413 ) Trade name 1,126 ( 447 ) 1,126 ( 440 ) Core deposit intangible 32,115 ( 10,905 ) 32,115 ( 10,260 ) Total $ 40,908 $ ( 18,755 ) $ 40,908 $ ( 18,066 ) Aggregate amortization expense was $ 688 thousand and $ 909 thousand for the three month periods ended March 31, 2024 and 2023, respectively. Estimated amortization expense for each of the next five periods and thereafter: 2024 (9 months) $ 1,888 2025 2,451 2026 2,355 2027 2,242 2028 2,231 Thereafter 10,986 Total $ 22,153 |
Leases
Leases | 3 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
Leases | Leases: The Company has operating leases for branch office locations, vehicles, land and certain office equipment such as printers and copiers. The leases have remaining lease terms of up to 17.3 years, some of which include options to extend the lease for up to 15 years and some of which include options to terminate the lease in June of 2024 . The right of use asset and lease liability were $ 9.0 million and $ 9.3 million as of March 31, 2024, respectively, and $ 8.8 million and $ 9.0 million at December 31, 2023, respectively. The right of use asset is included in other assets and the lease liability is included in other liabilities on the balance sheet. Lease expense for the three month periods ended March 31, 2024 and 2023, was $ 331 thousand and $ 355 thousand, respectively. The weighted-average remaining lease term for all leases was 10.52 years as of March 31, 2024. The weighted-average discount rate was 3.04 % for all leases as of March 31, 2024. On January 1, 2023, the Company performed a valuation of Emlenton's leases to determine an initial right of use asset ("ROU asset") and lease liability in connection with the Merger. The Company recorded an initial ROU asset and lease liability of $ 1.3 million for these leases. Maturities of lease liabilities are as follows as of March 31, 2024: 2024 (9 months) $ 963 2025 1,210 2026 1,092 2027 1,016 2028 1,035 Thereafter 5,688 Total Payments 11,004 Less: lease liability expense ( 1,728 ) Total $ 9,276 |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments: Interest Rate Swaps The Company maintains an interest rate protection program for commercial loan customers. Under this program, the Company provides a variable rate loan while creating a fixed rate loan for the customer by the customer entering into an interest rate swap with terms that match the loan. The Company offsets its risk exposure by entering into an offsetting interest rate swap with an unaffiliated institution. The Company had interest rate swaps associated with commercial loans with a notional value of $ 62.9 million and fair value of $ 4.9 million in other assets and $ 4.9 million in other liabilities at March 31, 2024. At December 31, 2023, the Company had interest rate swaps associated with commercial loans with a notional value of $ 63.9 million and fair value of $ 4.2 million in other assets and $ 4.2 million in other liabilities. The interest rate swaps with both the customers and third parties are not designated as hedges under FASB ASC 815. As the interest rate swaps are structured to offset each other, changes to the underlying benchmark interest rates considered in the valuation of these instruments do not result in an impact to earnings; however, there may be fair value adjustments related to credit quality variations between counterparties, which may impact earnings as required by FASB ASC 820. There were no net gains or losses for interest rate swaps for the quarters ended March 31, 2024 and 2023. Interest Rate Swap Designated as a Fair Value Hedge The Company has one interest rate swap with a notional amount of $ 100.0 million that was in place at both March 31, 2024 and December 31, 2023. This swap is designated as a fair value hedge to mitigate the risk of further interest rate increases and the subsequent impact on the valuation of the company’s state and political subdivision municipal bond portfolio. The gross aggregate fair value of the swap at March 31, 2024 was $ 234 thousand and was recorded as a $ 75 thousand mark to market adjustment in other assets and $ 159 thousand was recorded to other assets for the accrued interest receivable. At December 31, 2023, the gross aggregate fair value of the swap was $( 836 ) thousand and was recorded as a $ 1.3 million mark to market adjustment in other liabilities, and $ 425 thousand was recorded to other assets for the accrued interest receivable. The Company expects the hedge to remain in effect for the remaining term of the swap, which matures August 2026. A summary of the interest rate swap designated as a fair value hedge is presented below: March 31, 2024 December 31, 2023 Notional amount fair value hedge $ 100,000 $ 100,000 Fixed pay rates 4.35 % 4.35 % Variable SOFR receive rates 5.34 % 5.38 % Remaining maturity (in years) 2.3 2.6 Fair value $ 234 $ ( 836 ) Mortgage Banking Derivatives Commitments to fund certain mortgage loans (interest rate locks) to be sold into the secondary market and forward commitments for the future delivery of mortgage loans to third-party investors are considered derivatives. Effective May 2022, the Company began the practice of entering into forward commitments for the future delivery of residential mortgage loans when the interest rate lock commitments are entered into in order to economically hedge the effect of changes in interest rates resulting from its commitments to fund the loans. These mortgage banking derivatives are not designated in hedge relationships. The net gains (losses) relating to non-designated derivative instruments used for risk management are included in Net Gains on Sale of Loans on the Consolidated Statements of Income and are summarized below for the quarters ended March 31, 2024 and March 31, 2023: March 31, 2024 March 31, 2023 Forward sales contracts $ 2 $ ( 87 ) Interest rate lock commitments ( 47 ) 109 The following table reflects the amount and fair value of mortgage banking derivatives included in the Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 Notional Fair Notional Fair Amount Value Amount Value Included in other assets: Forward sales contracts $ 215 $ 4 $ 0 $ 0 Interest rate lock commitments 5,962 61 7,400 109 Total included in other assets $ 6,177 $ 65 $ 7,400 $ 109 Included in other liabilities: Forward sales contracts $ 5,250 $ ( 12 ) $ 3,300 $ ( 14 ) |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share: The computation of basic and diluted earnings per share is shown in the following table: Three Months Ended 2024 2023 Basic EPS Net income (In thousands of dollars) $ 11,240 $ 7,075 Weighted average shares outstanding 37,278,214 37,823,628 Basic earnings per share $ 0.30 $ 0.19 Diluted EPS Net income (In thousands of dollars) $ 11,240 $ 7,075 Weighted average shares outstanding for basic earnings per share 37,278,214 37,823,628 Dilutive effect of restricted stock awards 201,038 109,571 Weighted average shares for diluted earnings per share 37,479,252 37,933,199 Diluted earnings per share $ 0.30 $ 0.19 There were 125,918 and 152,402 restricted stock awards that were considered anti-dilutive for the three month periods ended March 31, 2024 and 2023, respectively. |
Stock Based Compensation
Stock Based Compensation | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Stock Based Compensation | Stock Based Compensation: In April of 2022, the Company, with the approval of shareholders, created the 2022 Equity Incentive Plan (the “2022 Plan”). The 2022 Plan permits the award of up to one million shares to the Company’s directors and employees to attract and retain exceptional personnel, motivate performance and, most importantly, to help align the interests of the Company’s executives with those of the Company’s shareholders. The 2022 Plan replaced the 2017 Plan. There were 26,317 service time based share awards and 99,253 performance based share awards granted under the 2022 Plan during the three month period ended March 31, 2024, as shown in the table below. The actual number of performance based shares issued will depend on the relative performance of the Company’s average return on equity compared to a group of peer companies over a three year vesting period, ending December 31, 2026. As of March 31, 2024, 609,289 shares are still available to be awarded from the 2022 Plan. The 2017 Plan has been sunset. The restricted stock awards were granted with a fair value price equal to the market price of the Company’s common stock at the date of the grant. Expense recognized was $ 662 thousand and $ 615 thousand for the three month periods ended March 31, 2024 and 2023, respectively. As of March 31, 2024, there was $ 3.8 million of total unrecognized compensation expense related to the nonvested shares granted under the Plan. The remaining cost is expected to be recognized over 2.9 years. The following is the activity under the Plans during the three month period ended March 31, 2024. Maximum Weighted Date Maximum Weighted Date Beginning balance - non-vested shares 253,776 $ 14.97 209,484 $ 15.01 Granted 26,317 13.81 99,253 13.81 Vested ( 25,803 ) 13.82 ( 66,192 ) 13.79 Forfeited ( 11,167 ) 17.24 ( 19,625 ) 15.05 Ending balance - non-vested shares 243,123 $ 14.59 222,920 $ 14.57 The following is the activity under the Plans during the three month period ended March 31, 2023. Maximum Weighted Date Maximum Weighted Date Beginning balance - non-vested shares 193,015 $ 16.69 137,369 $ 15.85 Granted 30,688 14.21 102,750 14.16 Vested ( 12,740 ) 14.03 ( 30,635 ) 14.35 Forfeited ( 1,541 ) 17.64 0 0.00 Ending balance - non-vested shares 209,422 $ 16.34 209,484 $ 15.01 The 91,995 shares that vested during the three month period ended March 31, 2024 had a weighted average fair value of $ 13.80 per share. |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2024 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |
Other Comprehensive Income (Loss) | Other Comprehensive Income (Loss): The following tables represent the changes in accumulated other comprehensive income (loss) by component, net of tax, for the three month periods ended March 31, 2024 and 2023. (In Thousands of Dollars) Net unrealized holding (losses) gains on available for sale securities Reclassification adjustment for (gains) losses realized in income on fair value hedge Change in funded status of post-retirement plan Total Balance December 31, 2023 $ ( 171,539 ) $ ( 1,013 ) $ ( 2 ) ( 172,554 ) Other comprehensive (loss) before reclassification ( 15,149 ) 0 0 ( 15,149 ) Amounts reclassified from accumulated other comprehensive income 1,686 1,063 0 2,749 Net current period other comprehensive (loss) income ( 13,463 ) 1,063 0 ( 12,400 ) Balance March 31, 2024 $ ( 185,002 ) $ 50 $ ( 2 ) $ ( 184,954 ) Balance December 31, 2022 $ ( 210,489 ) $ 0 $ ( 1 ) $ ( 210,490 ) Other comprehensive income before reclassification 33,891 0 0 33,891 Amounts reclassified from accumulated other comprehensive (loss) ( 95 ) 0 0 ( 95 ) Net current period other comprehensive income 33,796 0 0 33,796 Balance March 31, 2023 $ ( 176,693 ) $ 0 $ ( 1 ) $ ( 176,694 ) Amounts reclassified out of each component of accumulated other comprehensive income (loss) were not material for the three month periods ended March 31, 2024 and 2023. |
Regulatory Capital Matters
Regulatory Capital Matters | 3 Months Ended |
Mar. 31, 2024 | |
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract] | |
Regulatory Capital Matters | Regulatory Capital Matters: Banks and bank holding companies are subject to various regulatory capital requirements administered by the federal banking agencies. Capital adequacy guidelines and, additionally for banks, prompt corrective action regulations, involve quantitative measures of assets, liabilities, and certain off-balance sheet items calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgments by regulators. Failure to meet capital requirements can initiate regulatory action by regulators that, if undertaken, could have a direct material effect on the financial statements. Management believes that as of March 31, 2024, the Company and the Bank meet all capital adequacy requirements to which they are subject. The FDIC and other federal banking regulators revised the risk-based capital requirements applicable to financial holding companies and insured depository institutions, including the Company and the Bank, to make them consistent with agreements that were reached by the Basel Committee on Banking Supervision (“Basel III”). The common equity tier 1 capital, tier 1 capital and total capital ratios are calculated by dividing the respective capital amounts by risk-weighted assets. The leverage ratio is calculated by dividing tier 1 capital by adjusted average total assets. Basel III limits capital distributions and certain discretionary bonus payments if the banking organization does not hold a “capital conservation buffer” consisting of 2.5 % of common equity tier 1 capital, tier 1 capital and total capital to risk-weighted assets in addition to the amount necessary to meet minimum risk-based capital requirements. Excluding the additional buffer, Basel III requires the Company and the Bank to maintain (i) a minimum ratio of common equity tier 1 capital to risk-weighted assets of at least 4.5 %, (ii) a minimum ratio of tier 1 capital to risk-weighted assets of at least 6.0 %, (iii) a minimum ratio of total capital to risk-weighted assets of at least 8.0 % and (iv) a minimum leverage ratio of at least 4.0 %. Prompt corrective action regulations provide five classifications: well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized, and critically undercapitalized, although these terms are not used to represent overall financial condition. If only adequately capitalized, regulatory approval is required to accept brokered deposits. If undercapitalized, capital distributions are limited, as is asset growth and expansion, and capital restoration plans are required. At March 31, 2024 and December 31, 2023, the most recent regulatory notifications categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. There are no conditions or events since that notification that management believes have changed the institution’s category. Actual and required capital amounts and ratios, which do not include the capital conservation buffer, are presented below at March 31, 2024 and December 31, 2023: Actual Requirement For Capital To be Well Capitalized Amount Ratio Amount Ratio Amount Ratio March 31, 2024 Common equity tier 1 capital ratio Consolidated $ 397,812 10.88 % $ 164,501 4.5 % N/A N/A Bank 424,780 11.65 % 164,134 4.5 % 237,082 6.5 % Total risk based capital ratio Consolidated 525,633 14.38 % 292,447 8.0 % N/A N/A Bank 459,601 12.60 % 291,794 8.0 % 364,742 10.0 % Tier 1 risk based capital ratio Consolidated 415,812 11.37 % 219,335 6.0 % N/A N/A Bank 424,780 11.65 % 218,845 6.0 % 291,794 8.0 % Tier 1 leverage ratio Consolidated 415,812 8.19 % 203,024 4.0 % N/A N/A Bank 424,780 8.39 % 202,457 4.0 % 253,071 5.0 % December 31, 2023 Common equity tier 1 capital ratio Consolidated $ 392,244 10.61 % $ 166,303 4.5 % N/A N/A Bank 411,304 11.15 % 165,996 4.5 % $ 239,772 6.5 % Total risk based capital ratio Consolidated 519,684 14.06 % 295,650 8.0 % N/A N/A Bank 447,584 12.13 % 295,104 8.0 % 368,881 10.0 % Tier 1 risk based capital ratio Consolidated 410,244 11.10 % 221,737 6.0 % N/A N/A Bank 411,304 11.15 % 221,328 6.0 % 295,104 8.0 % Tier 1 leverage ratio Consolidated 410,244 8.02 % 204,598 4.0 % N/A N/A Bank 411,304 8.07 % 203,989 4.0 % 254,986 5.0 % |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information: The reportable segments are determined by the products and services offered, primarily distinguished between banking and trust. These segments are also distinguished by the level of information provided to the chief operating decision makers in the Company, who use such information to review performance of various components of the business, which are then aggregated. Loans, investments, and deposits provide the revenues in the banking operation. All operations are domestic. Significant segment totals are reconciled to the financial statements as follows: (In Thousands of Dollars) Trust Bank Eliminations Consolidated March 31, 2024 Goodwill and other intangibles $ 5,668 $ 188,194 $ ( 4,263 ) $ 189,599 Total assets $ 16,464 $ 5,066,027 $ ( 2,481 ) $ 5,080,010 (In Thousands of Dollars) Trust Bank Eliminations Consolidated December 31, 2023 Goodwill and other intangibles $ 5,680 $ 188,871 $ ( 4,263 ) $ 190,288 Total assets $ 15,845 $ 5,065,150 $ ( 2,645 ) $ 5,078,350 (In Thousands of Dollars) Trust Bank Eliminations Consolidated For Three Months Ended March 31, 2024 Net interest income $ 52 $ 32,674 $ ( 1,039 ) $ 31,687 Provision for credit losses and unfunded loans 0 ( 449 ) 0 ( 449 ) Service fees, security gains and other noninterest income 3,101 5,434 ( 178 ) 8,357 Noninterest expense 1,904 22,919 605 25,428 Amortization and depreciation expense 19 1,478 114 1,611 Income before taxes 1,230 14,160 ( 1,936 ) 13,454 Income taxes 259 2,361 ( 406 ) 2,214 Net income $ 971 $ 11,799 $ ( 1,530 ) $ 11,240 (In Thousands of Dollars) Trust Bank Eliminations Consolidated For Three Months Ended March 31, 2023 Net interest income $ 57 $ 37,508 $ ( 955 ) $ 36,610 Provision for credit losses and unfunded loans 0 8,599 0 8,599 Service fees, security gains and other noninterest income 2,900 7,756 ( 231 ) 10,425 Noninterest expense 1,643 26,535 645 28,823 Amortization and depreciation expense 23 1,762 114 1,899 Income before taxes 1,291 8,368 ( 1,945 ) 7,714 Income taxes 271 847 ( 479 ) 639 Net income $ 1,020 $ 7,521 $ ( 1,466 ) $ 7,075 The Bank segment includes Farmers National Insurance and Farmers of Canfield Investment Co. |
Short-term Borrowings
Short-term Borrowings | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Short-term Borrowings | Short-term borrowings: The Bank had short-term advances from the Federal Home Loan Bank ("FHLB") of $ 60.0 million at March 31, 2024 and $ 70.0 million at December 31, 2023. The interest rate on these borrowings was 5.42 % at March 31, 2024 and 5.41 % at December 31, 2023. Both of these short-term borrowings were borrowed using the FHLB's overnight repurchase advance program, as this product allows the most flexibility to meet the Bank's varying liquidity needs. These FHLB advances are secured by pledged assets which are described in the following Long-Term Borrowings footnote. In addition, the Bank had $ 285.0 million in short-term borrowings at both March 31, 2024 and December 31, 2023. The current borrowing matures in January 2025 and has a fixed interest rate of 4.76 %. The borrowings are secured by securities with a par value of $ 287.0 million. The Bank has access to a line of credit for $ 25.0 million at a major domestic bank that is below prime rate. The line and terms are periodically reviewed by the lending bank and is generally subject to withdrawal at their discretion. There were no outstanding borrowings under this line at March 31, 2024, or December 31, 2023. Farmers has one unsecured revolving line of credit for $ 5.0 million. This line can be renewed annually and has an interest rate of prime with a floor of 3.5 %. There was no outstanding balance on this line at either March 31, 2024, or December 31, 2023. |
Long-Term Borrowings
Long-Term Borrowings | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Long-term Borrowings | Long-term borrowings: There were no long-term advances from the FHLB at March 31, 2024, or at December 31, 2023. Long-term and short-term FHLB advances are secured by a blanket pledge of residential mortgage, commercial real estate, and multi-family loans totaling $ 1.7 billion at March 31, 2024 and $ 1.6 billion at December 31, 2023. Based on this collateral, the Bank is eligible to borrow an additional $ 739.9 million at March 31, 2024. In November 2021, the Company completed the issuance of $ 75.0 million aggregate principal amount, fixed-to-floating rate subordinated notes due December 15, 2031 , in a private offering exempt from the registration requirements under the Securities Act of 1933, as amended. The notes carry a fixed rate of 3.125 % for five years at which time they will convert to a floating rate based on the three-month term secured overnight funding rate, plus a spread of 220 basis points. The Company may, at its option, beginning December 15, 2026, redeem the notes, in whole or in part, from time to time, subject to certain conditions. The net proceeds from the sale were approximately $ 73.8 million, after deducting the offering expenses. The Company’s intent was to use the proceeds from the sale for general corporate purposes, which may include, without limitation, providing capital to support its growth organically or through acquisitions, in financing investments, capital expenditures, repurchasing its common shares and for investments in the Bank as regulatory capital. The subordinated debentures are included in Total Capital under current regulatory guidelines and interpretations. On November 1, 2021 , the Company completed its acquisition of Cortland, which included the assumption of Floating Rate Junior Subordinated Debt Securities due in September 15, 2037 (the "junior subordinated debt securities") at an acquisition-date fair value of $ 4.3 million, held in a wholly-owned statutory trust whose common securities were wholly-owned by Cortland. The sole assets of the statutory trust are the junior subordinated debt securities and related payments. The junior subordinated debt securities and the back-up obligations, in the aggregate, constitute a full and unconditional guarantee of the obligations of the statutory trust under the capital securities held by third-party investors. The securities bear interest at a rate of 1.45 % over the 3-month LIBOR rate. The rate at March 31, 2024 was 7.04 % and at December 31, 2023 the rate was 7.10 %. On January 7, 2020 , the Company completed its acquisition of Maple Leaf, which included the assumption of Floating Rate Junior Subordinated Debt Securities due December 15, 2036 (the "junior subordinated debt securities") held in a wholly-owned statutory trust whose common securities were wholly-owned by Maple Leaf. The sole assets of the statutory trust are the junior subordinated debt securities and related payments. The junior subordinated debt securities and the back-up obligations, in the aggregate, constitute a full and unconditional guarantee of the obligations of the statutory trust under the capital securities held by third-party investors. The securities bear interest at a rate of 1.70 % over the 3-month LIBOR rate. The rate at March 31, 2024 was 7.39 % and at December 31, 2023 the rate was 7.45 %. In 2015, the Company completed its acquisition of National Bancshares Corporation, which included the assumption of Floating Rate Junior Subordinated Debt Securities due June 15, 2035 (the "junior subordinated debt securities") held in a wholly-owned statutory trust, TSEO Statutory Trust I. The sole assets of the statutory trust are the junior subordinated debt securities and related payments. The junior subordinated debt securities and the back-up obligations, in the aggregate, constitute a full and unconditional guarantee of the obligations of the statutory trust under the capital securities held by third-party investors. The securities bear interest at a rate of 1.80 % over the 3-month LIBOR rate. The rate at March 31, 2024 was 7.29 % and at December 31, 2023 the rate was 7.35 %. In all three instances, the Company may redeem the junior subordinated debentures at any quarter-end, in whole, or in part, at par. This type of subordinated debenture qualifies as Tier 1 capital for regulatory purposes in determining and evaluating the Company’s capital adequacy. A summary of all junior subordinated debentures issued by the Company to affiliates and subordinated debentures follows. For the junior subordinated debentures, these amounts represent the par value of the obligations owed to these affiliates, including the Company’s equity interest in the trusts along with any unamortized fair value marks. For the subordinated debentures, these amounts represent the par value of $ 75 million less the remaining deferred offering expense associated with the issuance of the debentures. Balances were as follows at March 31, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 Amount Amount TSEO Statutory Trust I $ 2,533 $ 2,521 Maple Leaf Financial Statutory Trust II 7,796 7,740 Cortland Statutory Trust I 4,396 4,382 Total junior subordinated debentures owed to unconsolidated subsidiary trusts $ 14,725 $ 14,643 Subordinated Debentures $ 74,052 $ 74,020 Total long-term borrowings $ 88,777 $ 88,663 |
Qualified affordable housing pr
Qualified affordable housing project investments | 3 Months Ended |
Mar. 31, 2024 | |
Investments in Affordable Housing Projects [Abstract] | |
Qualified Affordable Housing Project Investments | Qualified affordable housing project investments: The Company invests in qualified affordable housing projects. At March 31, 2024 and December 31, 2023, the balance of the investment for qualified affordable housing projects was $ 17.5 million and $ 17.9 million, respectively. Total unfunded commitments related to the investments in qualified affordable housing projects totaled $ 11.2 million and $ 12.3 million at March 31, 2024 and December 31, 2023. The Company expects to fulfill these commitments during the year ending 2037. In the first quarter ended March 31, 2024 and March 31, 2023, the Company recognized amortization expense of $ 406 thousand and $ 417 thousand, respectively, which was included within income tax expense on the consolidated statements of income. Additionally, during the first quarters ended March 31, 2024 and March 31, 2023, the Company recognized tax credits and other benefits from its investment in affordable housing tax credits of $ 501 thousand and $ 542 thousand, respectively. During the quarters ended March 31, 2024 and March 31, 2023, the Company did no t incur impairment losses related to its investment in affordable housing tax credits |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation: Farmers National Banc Corp. (“Company” or "Farmers") is a Financial Holding Company registered under the Bank Holding Company Act of 1956, as amended. The Company provides full banking services through its nationally chartered subsidiary, The Farmers National Bank of Canfield (“Bank”). The consolidated financial statements also include the accounts of the Bank’s subsidiaries; Farmers National Insurance, LLC (“Insurance”) and Farmers of Canfield Investment Co. (“Investments”). The Company provides trust and retirement consulting services through its subsidiary, Farmers Trust Company (“Trust”), and insurance services through the Bank’s subsidiary, Insurance. Farmers National Captive, Inc. (“Captive”) was a wholly-owned insurance subsidiary of the Company that provided property and casualty insurance coverage to the Company and its subsidiaries until November 2023 when the Company dissolved the entity. The Captive pooled resources with eleven similar insurance company subsidiaries of financial institutions to spread a limited amount of risk among themselves and to provide insurance where not available or economically feasible. The consolidated financial statements include the accounts of the Company, the Bank and its subsidiaries, along with the Trust and Captive. All significant intercompany balances and transactions have been eliminated in the consolidation. |
Basis of Presentation | Basis of Presentation: The unaudited consolidated condensed financial statements have been prepared in conformity with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles (“U.S. GAAP”) for complete financial statements. The financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s 2023 Annual Report to Shareholders included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 (“2023 Form 10-K”). The interim consolidated financial statements include all adjustments (consisting of only normal recurring items) that, in the opinion of management, are necessary for a fair presentation of the financial position and results of operations for the periods presented. The results of operations for the interim periods disclosed herein are not necessarily indicative of the results that may be expected for a full year. Certain items included in the prior period financial statements were reclassified to conform to the current period presentation. There was no effect on net income or total stockholders’ equity. |
Estimates | Estimates: The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Segments | Segments: The Company provides a broad range of financial services to individuals and companies in northeastern Ohio and western Pennsylvania. Operations are managed and financial performance is primarily aggregated and reported in two lines of business, the Bank segment and the Trust segment. |
Equity | Equity: There are 50,000,000 shares authorized and available for issuance as of March 31, 2024. Outstanding shares at March 31, 2024 were 37,545,864 . |
Comprehensive Income | Comprehensive Income: Comprehensive income consists of net income and other comprehensive income (loss). Other comprehensive income (loss) consists of unrealized gains and losses on securities available for sale and changes in the funded status of the post-retirement plan, which are recognized as components of stockholders’ equity, net of tax effect. |
New Accounting Standard | New Accounting Standard: In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) Improvements to Income Tax Disclosures . The amendments in this update related to the rate reconciliation and income taxes paid disclosures improve the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the rate reconciliation and income taxes paid disaggregated by jurisdiction. The amendments of this update are effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The adoption of this standard is not expected to have a material effect on the Company’s operating results or financial condition. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures . The amendments in this update improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The main new provision requires significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss. The amendments of this update are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The adoption of this standard is not expected to have a material effect on the Company’s operating results or financial condition. On March 12, 2020, the FASB issued ASU 2020-04 and amended by ASU 2021-01, Facilitation of the Effects of Reference Rate Reform on Financial Reporting , to ease the burden of accounting for contract modifications related to reference rate reform. The amendments in ASU 2020-04 create a new Topic in the Codification, ASC 848, Reference Rate Reform , which contains guidance that is designed to simplify how entities account for contracts that are modified to replace LIBOR or other benchmark interest rates with new rates. The amendments in ASU 2020-04 give entities the option to apply expedients and exceptions to contract modifications that are made until December 31, 2022, if certain criteria are met. If adopted, these amendments and exceptions should be applied to all eligible modifications to contracts that are accounted for under an ASC Topic or industry Subtopic. The guidance in ASC 848 does not apply to any contract modifications that were made after December 31, 2022. In December 2022, the FASB issued ASU 2022-06 that defers the sunset date from December 31, 2022 to December 31, 2024. The adoption of this standard is not expected to have a material effect on the Company’s operating results or financial condition. |
Business Combinations (Tables)
Business Combinations (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Emclaire Financial Corp | |
Summary of Consideration Paid and Amounts of Assets Acquired and Liabilities Assumed | The following table summarizes the consideration paid for Emclaire and the amounts of the assets acquired and liabilities assumed on the closing date of the acquisition. (In Thousands of Dollars) Consideration Cash $ 33,440 Stock 59,202 Fair value of total consideration transferred $ 92,642 Fair value of assets acquired Cash and cash equivalents $ 20,265 Securities available for sale 126,970 Other investments 7,795 Loans, net 740,659 Premises and equipment 14,808 Bank owned life insurance 22,485 Core deposit intangible 19,249 Current and deferred taxes 17,708 Other assets 7,682 Total assets acquired 977,621 Fair value of liabilities assumed Deposits 875,813 Short-term borrowings 75,000 Accrued interest payable and other liabilities 7,104 Total liabilities 957,917 Net assets acquired $ 19,704 Goodwill created 72,938 Total net assets acquired $ 92,642 The fair value of net assets acquired includes fair value adjustments to certain receivables that were considered performing as of the acquisition date. The fair value adjustments were determined using the income method, discounted cash flow approach. However, the Company believes that all contractual cash flows related to these financial instruments will be collected. As such, these receivables were not considered purchase credit deteriorated ("PCD") at the acquisition date and were not subject to the guidance relating to PCD loans. Receivables acquired that were not subject to these requirements had a fair value and gross contractual amounts receivable of $ 714.4 million and $ 764.8 million on the date of acquisition. The fair value of purchased financial assets that were classified as PCD loans are discussed in the loan footnote. |
Securities (Tables)
Securities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of the Amortized Cost and Fair Value of Available-for-Sale Investment Securities Corresponding Amounts of Unrealized Gains and Losses | The following table summarizes the amortized cost and fair value of the available-for-sale securities portfolio at March 31, 2024 and December 31, 2023, and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income (loss). No allowance for credit losses have been recognized for the securities portfolio at March 31, 2024 or December 31, 2023. Gross Gross Amortized Unrealized Unrealized (In Thousands of Dollars) Cost Gains Losses Fair Value March 31, 2024 U.S. Treasury and U.S. government sponsored entities $ 137,720 $ 12 $ ( 18,585 ) $ 119,147 State and political subdivisions 612,030 3,555 ( 98,144 ) 517,441 Corporate bonds 18,670 146 ( 457 ) 18,359 Mortgage-backed securities 627,338 15 ( 113,628 ) 513,725 Collateralized mortgage obligations 105,510 100 ( 6,880 ) 98,730 Small Business Administration 3,063 0 ( 316 ) 2,747 Totals $ 1,504,331 $ 3,828 $ ( 238,010 ) $ 1,270,149 Gross Gross Amortized Unrealized Unrealized (In Thousands of Dollars) Cost Gains Losses Fair Value December 31, 2023 U.S. Treasury and U.S. government sponsored entities $ 145,439 $ 113 $ ( 17,597 ) $ 127,955 State and political subdivisions 644,880 4,792 ( 93,503 ) 556,169 Corporate bonds 18,554 187 ( 466 ) 18,275 Mortgage-backed securities 624,529 1 ( 104,144 ) 520,386 Collateralized mortgage obligations 80,227 331 ( 6,559 ) 73,999 Small Business Administration 3,212 0 ( 295 ) 2,917 Totals $ 1,516,841 $ 5,424 $ ( 222,564 ) $ 1,299,701 |
Proceeds from Sales of Available-for-Sale Securities and the Associated Gains and Losses | The proceeds from sales of available-for-sale securities and the associated gains and losses are as follows: March 31, 2024 March 31, 2023 Proceeds $ 44,292 $ 69,918 Gross gains 17 441 Gross losses ( 2,151 ) ( 321 ) |
Amortized Cost and Fair Value of the Debt Securities Maturity | The amortized cost and fair value of the debt securities portfolio are shown in the table below by expected maturity. Expected maturities may differ from contractual maturities if issuers have the right to call or prepay obligations with or without call, or prepayment penalties. Securities not due at a single maturity date are shown separately. March 31, 2024 (In Thousands of Dollars) Amortized Cost Fair Value Maturity Within one year $ 600 $ 596 One to five years 26,877 24,734 Five to ten years 195,318 175,931 Beyond ten years 545,625 453,686 Mortgage-backed, collateralized mortgage obligations and Small Business Administration securities 735,911 615,202 Total $ 1,504,331 $ 1,270,149 |
Available for Sale Investment Securities with Unrealized Losses | The following table summarizes the investment securities with unrealized losses for which an allowance for credit losses has not been recorded at March 31, 2024 and December 31, 2023, aggregated by major security type and length of time in a continuous unrealized loss position. Less than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized (In Thousands of Dollars) Value Loss Value Loss Value Loss March 31, 2024 U.S. Treasury and U.S. government sponsored entities $ 449 $ ( 1 ) $ 116,810 $ ( 18,584 ) $ 117,259 $ ( 18,585 ) State and political subdivisions 28,380 ( 1,414 ) 412,504 ( 96,730 ) 440,884 ( 98,144 ) Corporate bonds 8,059 ( 275 ) 4,869 ( 182 ) 12,928 ( 457 ) Mortgage-backed securities 4,272 ( 90 ) 495,129 ( 113,538 ) 499,401 ( 113,628 ) Collateralized mortgage obligations 37,452 ( 1,141 ) 39,674 ( 5,739 ) 77,126 ( 6,880 ) Small Business Administration 0 0 2,747 ( 316 ) 2,747 ( 316 ) Total $ 78,612 $ ( 2,921 ) $ 1,071,733 $ ( 235,089 ) $ 1,150,345 $ ( 238,010 ) Less than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized (In Thousands of Dollars) Value Loss Value Loss Value Loss December 31, 2023 U.S. Treasury and U.S. government sponsored entities $ 399 $ ( 1 ) $ 122,361 $ ( 17,596 ) $ 122,760 $ ( 17,597 ) State and political subdivisions 15,852 ( 1,684 ) 428,416 ( 91,819 ) 444,268 ( 93,503 ) Corporate bonds 8,463 ( 284 ) 3,881 ( 182 ) 12,344 ( 466 ) Mortgage-backed securities 5,113 ( 76 ) 515,259 ( 104,068 ) 520,372 ( 104,144 ) Collateralized mortgage obligations 20,019 ( 980 ) 43,808 ( 5,579 ) 63,827 ( 6,559 ) Small Business Administration 0 0 2,917 ( 295 ) 2,917 ( 295 ) Total $ 49,846 $ ( 3,025 ) $ 1,116,642 $ ( 219,539 ) $ 1,166,488 $ ( 222,564 ) |
Loans (Tables)
Loans (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Receivables [Abstract] | |
Schedule of Loan Balances | Loan balances were as follows: (In Thousands of Dollars) March 31, 2024 December 31, 2023 Commercial real estate Owner occupied $ 390,058 $ 399,273 Non-owner occupied 705,168 712,315 Farmland 201,788 202,950 Other 244,146 224,218 Commercial Commercial and industrial 335,747 346,354 Agricultural 58,637 58,338 Residential real estate 1-4 family residential 836,252 843,697 Home equity lines of credit 143,696 142,441 Consumer Indirect 224,931 226,815 Direct 22,624 23,805 Other 9,291 9,164 Total loans $ 3,172,338 $ 3,189,370 Net deferred loan costs 8,980 8,757 Allowance for credit losses ( 33,159 ) ( 34,440 ) Net loans $ 3,148,159 $ 3,163,687 |
Activity in the Allowance for Loan Losses by Portfolio Segment | The following tables present the activity in the allowance for credit losses by portfolio segment for the three month periods ended March 31, 2024 and 2023: Three Months Ended March 31, 2024 (In Thousands of Dollars) Commercial Commercial Residential Consumer Total Allowance for credit losses Beginning balance $ 18,150 $ 5,087 $ 6,916 $ 4,287 $ 34,440 (Credit) Provision for credit losses ( 541 ) 62 ( 69 ) 278 ( 270 ) Loans charged off ( 146 ) ( 643 ) ( 30 ) ( 463 ) ( 1,282 ) Recoveries 18 37 23 193 271 Total ending allowance balance $ 17,481 $ 4,543 $ 6,840 $ 4,295 $ 33,159 Three Months Ended March 31, 2023 (In Thousands of Dollars) Commercial Commercial Residential Consumer Total Allowance for credit losses Beginning balance $ 14,840 $ 4,186 $ 4,374 $ 3,578 $ 26,978 PCD ACL on loans acquired 850 138 11 0 999 Provision for credit losses 4,128 1,044 2,398 735 8,305 Loans charged off 0 ( 143 ) ( 83 ) ( 243 ) ( 469 ) Recoveries 1 5 32 160 198 Total ending allowance balance $ 19,819 $ 5,230 $ 6,732 $ 4,230 $ 36,011 |
Schedule of Amortized Cost Basis in Nonaccrual and Loans Past Due 90 Days or More Still on Accrual by Class of Loans | The following tables present the amortized cost basis of loans on nonaccrual status and loans past due over 89 days still accruing as of March 31, 2024 and December 31, 2023: (In Thousands of Dollars) Nonaccrual with no allowance for credit loss Nonaccrual with an allowance for credit loss Loans past due over 89 days still accruing March 31, 2024 Commercial real estate Owner occupied $ 1,749 $ 813 $ 0 Non-owner occupied 92 163 0 Farmland 1,870 7 0 Other 0 72 0 Commercial Commercial and industrial 348 1,005 0 Agricultural 192 287 0 Residential real estate 1-4 family residential 364 2,804 1,245 Home equity lines of credit 206 197 42 Consumer Indirect 42 225 86 Direct 65 49 24 Other 0 4 0 Total loans $ 4,928 $ 5,626 $ 1,397 (In Thousands of Dollars) Nonaccrual with no allowance for credit loss Nonaccrual with an allowance for credit loss Loans past due over 89 days still accruing December 31, 2023 Commercial real estate Owner occupied $ 1,804 $ 830 $ 0 Non-owner occupied 19 1,491 0 Farmland 1,957 9 0 Other 0 80 0 Commercial Commercial and industrial 394 1,408 0 Agricultural 203 317 0 Residential real estate 1-4 family residential 348 3,009 460 Home equity lines of credit 240 210 69 Consumer Indirect 22 300 125 Direct 65 69 1 Other 0 5 0 Total loans $ 5,052 $ 7,728 $ 655 |
Schedule of Amortized Cost Basis in Past Due Loans | The following tables present the amortized cost basis of collateral-dependent loans by class of loans as of March 31, 2024 and December 31, 2023: (In Thousands of Dollars) Real Estate Business Assets Vehicles Cash March 31, 2024 Commercial real estate Owner occupied $ 1,749 $ 0 $ 0 $ 0 Non-owner occupied 92 0 0 0 Farmland 1,870 0 0 0 Other 0 0 0 0 Commercial Commercial and industrial 92 467 0 0 Agricultural 0 192 0 0 Residential real estate 1-4 family residential 3,388 0 0 0 Home equity lines of credit 252 0 0 0 Consumer Indirect 0 0 68 0 Direct 0 0 17 66 Other 0 0 0 0 Total loans $ 7,443 $ 659 $ 85 $ 66 (In Thousands of Dollars) Real Estate Business Assets Vehicles Cash December 31, 2023 Commercial real estate Owner occupied $ 1,804 $ 0 $ 0 $ 0 Non-owner occupied 1,335 0 0 0 Farmland 1,957 0 0 0 Other 0 0 0 0 Commercial Commercial and industrial 94 867 0 0 Agricultural 0 203 0 0 Residential real estate 1-4 family residential 3,352 0 0 0 Home equity lines of credit 294 0 0 0 Consumer Indirect 0 0 53 0 Direct 0 0 19 66 Other 0 0 0 0 Total loans $ 8,836 $ 1,070 $ 72 $ 66 The following tables present the aging of the recorded investment in past due loans as of March 31, 2024 and December 31, 2023 by class of loans. (In Thousands of Dollars) 30-59 60-89 90 Days or Total Past Loans Not Total March 31, 2024 Commercial real estate Owner occupied $ 237 $ 0 $ 2,562 $ 2,799 $ 387,028 $ 389,827 Non-owner occupied 0 0 255 255 704,447 704,702 Farmland 2 360 1,877 2,239 199,335 201,574 Other 50 0 72 122 243,616 243,738 Commercial Commercial and industrial 642 281 1,353 2,276 334,939 337,215 Agricultural 321 2 479 802 58,603 59,405 Residential real estate 1-4 family residential 7,404 2,189 4,413 14,006 822,199 836,205 Home equity lines of credit 288 268 445 1,001 142,741 143,742 Consumer Indirect 1,410 458 353 2,221 230,746 232,967 Direct 116 35 138 289 22,362 22,651 Other 6 0 4 10 9,282 9,292 Total loans $ 10,476 $ 3,593 $ 11,951 $ 26,020 $ 3,155,298 $ 3,181,318 (In Thousands of Dollars) 30-59 60-89 90 Days or Total Past Loans Not Total December 31, 2023 Commercial real estate Owner occupied $ 302 $ 293 $ 2,634 $ 3,229 $ 395,799 $ 399,028 Non-owner occupied 90 0 1,510 1,600 710,195 711,795 Farmland 365 0 1,966 2,331 200,395 202,726 Other 0 0 80 80 223,697 223,777 Commercial Commercial and industrial 540 199 1,802 2,541 345,278 347,819 Agricultural 292 40 520 852 58,223 59,075 Residential real estate 1-4 family residential 6,819 4,488 3,817 15,124 828,437 843,561 Home equity lines of credit 729 34 519 1,282 141,189 142,471 Consumer Indirect 2,045 289 447 2,781 232,105 234,886 Direct 153 23 135 311 23,514 23,825 Other 4 0 5 9 9,155 9,164 Total loans $ 11,339 $ 5,366 $ 13,435 $ 30,140 $ 3,167,987 $ 3,198,127 |
Loan Restructurings (Tables)
Loan Restructurings (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Schedule of Amortized Cost Basis for Loans Restructured | Three Months Ended March 31, 2024 Amortized Cost (In Thousands of Dollars) Payment Deferral Principal Forgiveness Interest Rate Reduction Combination Term Extension and Interest Rate Reduction Total % of Total Class of Financing Receivable Commercial real estate Non-owner occupied $ 0 $ 74 $ 0 $ 0 $ 74 0.01 % Residential real estate Home equity lines of credit 0 0 29 0 29 0.02 % Total modifications to borrowers experiencing financial difficulty $ 0 $ 74 $ 29 $ 0 $ 103 0.00 % Three Months Ended March 31, 2023 Amortized Cost (In Thousands of Dollars) Payment Deferral Principal Forgiveness Interest Rate Reduction Combination Term Extension and Interest Rate Reduction Total % of Total Class of Financing Receivable Commercial Commercial and industrial $ 50 $ 0 $ 0 $ 0 $ 50 0.01 % Total modifications to borrowers experiencing financial difficulty $ 50 $ 0 $ 0 $ 0 $ 50 0.00 % The following table presents the financial effect of the loan modifications presented above to borrowers experiencing financial difficulty during the three months ended March 31, 2024 and March 31, 2023: Payment Deferral Principal Forgiveness Interest Rate Reduction Weighted-Average Years Added to the Life Reduction of Amortized Cost Basis of the Loans Weighted-Average Contractual Interest Rate Three Months Ended March 31, 2024 From To Commercial real estate Non-owner occupied $ 152 Residential real estate Home equity lines of credit 10.25 % 5.00 % Payment Deferral Principal Forgiveness Interest Rate Reduction Weighted-Average Years Added to the Life Reduction of Amortized Cost Basis of the Loans Weighted-Average Contractual Interest Rate Three Months Ended March 31, 2023 From To Commercial Commercial and industrial 0.50 March 31, 2024 Amortized Cost (In Thousands of Dollars) Payment Deferral Principal Forgiveness Interest Rate Reduction Combination Term Extension and Interest Rate Reduction Residential real estate 1-4 family residential $ 0 $ 0 $ 30 $ 0 Total modifications to borrowers experiencing financial difficulty $ 0 $ 0 $ 30 $ 0 |
Schedule of Performance of Loans that Modified | The following table presents the performance of such loans that have been modified in the three months ended March 31, 2024 and March 31, 2023: Three Months Ended March 31, 2024 Payment status (Amortized cost Basis) (In Thousands of Dollars) Current 30-89 Days past due 90+ Days past due Accrual restructured loans Total accruing restructured loans $ 0 $ 0 $ 0 Nonaccrual restructured loans Commercial real estate Non-owner occupied $ 74 $ 0 $ 0 Residential real estate Home equity lines of credit 29 0 0 Total nonaccrual restructured loans $ 103 $ 0 $ 0 Total restructured loans $ 103 $ 0 $ 0 Three Months Ended March 31, 2023 Payment status (Amortized cost Basis) (In Thousands of Dollars) Current 30-89 Days past due 90+ Days past due Commercial Commercial and industrial $ 50 $ 0 $ 0 Total accruing restructured loans $ 50 $ 0 $ 0 Nonaccrual restructured loans Total nonaccrual restructured loans $ 0 $ 0 $ 0 Total restructured loans $ 50 $ 0 $ 0 |
Credit Quality Indicators (Tabl
Credit Quality Indicators (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Risks and Uncertainties [Abstract] | |
Risk Category of Loans by Class of Loans | As of March 31, 2024 and December 31, 2023, and based on the most recent analysis performed, the risk category of loans by class of loans is as follows: (In Thousands of Dollars) Pass Special Sub Total March 31, 2024 Commercial real estate Owner occupied $ 378,483 $ 8,237 $ 3,107 $ 389,827 Non-owner occupied 643,226 28,110 33,366 704,702 Farmland 199,187 0 2,387 201,574 Other 235,405 0 8,333 243,738 Commercial Commercial and industrial 323,823 1,955 11,437 337,215 Agricultural 58,893 0 512 59,405 Total loans $ 1,839,017 $ 38,302 $ 59,142 $ 1,936,461 (In Thousands of Dollars) Pass Special Sub Total December 31, 2023 Commercial real estate Owner occupied $ 386,015 $ 9,628 $ 3,385 $ 399,028 Non-owner occupied 648,063 27,938 35,794 711,795 Farmland 200,240 0 2,486 202,726 Other 215,459 0 8,318 223,777 Commercial Commercial and industrial 334,764 646 12,409 347,819 Agricultural 58,506 17 552 59,075 Total loans $ 1,843,047 $ 38,229 $ 62,944 $ 1,944,220 |
Investment in Residential, Consumer and Indirect Auto Loans Based on Payment Activity | The following tables present the recorded investment in residential, consumer indirect and direct auto loans based on payment activity as of March 31, 2024 and December 31, 2023. Nonperforming loans are loans past due 90 days or more and still accruing interest and nonaccrual loans. Residential Real Estate Consumer (In Thousands of Dollars) 1-4 Family Home Indirect Direct Other March 31, 2024 Performing $ 831,792 $ 143,297 $ 232,614 $ 22,513 $ 9,288 Nonperforming 4,413 445 353 138 4 Total loans $ 836,205 $ 143,742 $ 232,967 $ 22,651 $ 9,292 Residential Real Estate Consumer (In Thousands of Dollars) 1-4 Family Home Indirect Direct Other December 31, 2023 Performing $ 839,744 $ 141,952 $ 234,439 $ 23,690 $ 9,159 Nonperforming 3,817 519 447 135 5 Total loans $ 843,561 $ 142,471 $ 234,886 $ 23,825 $ 9,164 The following table presents total loans by risk categories and year of origination: Term Loans Amortized Cost Basis by Origination Year As of March 31, 2024 2024 2023 2022 2021 2020 Prior Revolving Loans Total Commercial real estate - Owner occupied: Risk Rating Pass $ 1,479 $ 59,963 $ 57,271 $ 65,103 $ 42,060 $ 150,109 $ 2,498 $ 378,483 Special mention 0 0 0 0 7,691 546 0 8,237 Substandard 0 0 292 0 8 2,616 191 3,107 Total commercial real estate - Owner occupied loans $ 1,479 $ 59,963 $ 57,563 $ 65,103 $ 49,759 $ 153,271 $ 2,689 $ 389,827 Commercial real estate - Owner Occupied: Current period gross write-offs $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Commercial real estate - Non-owner occupied: Risk Rating Pass $ 5,408 $ 49,933 $ 132,435 $ 87,279 $ 75,428 $ 283,327 $ 9,416 $ 643,226 Special mention 0 0 0 12,356 0 15,754 0 28,110 Substandard 0 0 0 3,969 8,784 20,193 420 33,366 Total commercial real estate - Non-owner occupied loans $ 5,408 $ 49,933 $ 132,435 $ 103,604 $ 84,212 $ 319,274 $ 9,836 $ 704,702 Commercial real estate - Non-owner occupied: Current period gross write-offs $ 0 $ 0 $ 0 $ 0 $ 146 $ 0 $ 0 $ 146 Commercial real estate - Farmland: Risk Rating Pass $ 6,190 $ 20,108 $ 39,777 $ 20,697 $ 33,232 $ 76,455 $ 2,728 $ 199,187 Special mention 0 0 0 0 0 0 0 0 Substandard 0 0 0 326 0 2,061 0 2,387 Total commercial real estate - Farmland loans $ 6,190 $ 20,108 $ 39,777 $ 21,023 $ 33,232 $ 78,516 $ 2,728 $ 201,574 Commercial real estate - Farmland: Current period gross write-offs $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Commercial real estate - Other: Risk Rating Pass $ 2,938 $ 82,299 $ 66,062 $ 47,106 $ 8,961 $ 26,730 $ 1,309 $ 235,405 Special mention 0 0 0 0 0 0 0 0 Substandard 0 0 0 0 8,214 119 0 8,333 Total commercial real estate - Other loans $ 2,938 $ 82,299 $ 66,062 $ 47,106 $ 17,175 $ 26,849 $ 1,309 $ 243,738 Commercial real estate - Other: Current period gross write-offs $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Term Loans Amortized Cost Basis by Origination Year (Continued) As of March 31, 2024 2024 2023 2022 2021 2020 Prior Revolving Loans Total Commercial - Commercial and industrial: Risk Rating Pass $ 10,519 $ 87,678 $ 77,841 $ 35,474 $ 18,454 $ 28,830 $ 65,027 $ 323,823 Special mention 0 0 124 271 0 0 1,560 1,955 Substandard 0 63 3,529 1,014 215 1,426 5,190 11,437 Total commercial - Commercial and industrial loans $ 10,519 $ 87,741 $ 81,494 $ 36,759 $ 18,669 $ 30,256 $ 71,777 $ 337,215 Commercial - Commercial and industrial: Current period gross write-offs $ 0 $ 88 $ 31 $ 18 $ 17 $ 126 $ 313 $ 593 Commercial - Agricultural: Risk Rating Pass $ 2,424 $ 13,792 $ 16,247 $ 7,888 $ 3,233 $ 1,953 $ 13,356 $ 58,893 Special mention 0 0 0 0 0 0 0 0 Substandard 0 2 32 120 216 142 0 512 Total commercial - Agricultural loans $ 2,424 $ 13,794 $ 16,279 $ 8,008 $ 3,449 $ 2,095 $ 13,356 $ 59,405 Commercial - Agricultural: Current period gross write-offs $ 0 $ 0 $ 36 $ 13 $ 0 $ 1 $ 0 $ 50 Residential real estate - 1-4 family residential: Payment Performance Performing $ 8,844 $ 68,468 $ 166,790 $ 162,223 $ 129,972 $ 291,498 $ 3,997 $ 831,792 Nonperforming 0 0 252 451 1,795 1,915 0 4,413 Total residential real estate - 1-4 family residential loans $ 8,844 $ 68,468 $ 167,042 $ 162,674 $ 131,767 $ 293,413 $ 3,997 $ 836,205 Residential real estate - 1-4 family residential: Current period gross write-offs $ 0 $ 0 $ 0 $ 21 $ 0 $ 9 $ 0 $ 30 Residential real estate - Home equity lines of credit: Payment Performance Performing $ 0 $ 101 $ 19 $ 131 $ 110 $ 3,359 $ 139,577 $ 143,297 Nonperforming 0 0 29 0 0 416 0 445 Total residential real estate - Home equity lines of credit loans $ 0 $ 101 $ 48 $ 131 $ 110 $ 3,775 $ 139,577 $ 143,742 Residential real estate - Home equity lines of credit: Current period gross write-offs $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Term Loans Amortized Cost Basis by Origination Year (Continued) As of March 31, 2024 2024 2023 2022 2021 2020 Prior Revolving Loans Total Consumer - Indirect: Payment Performance Performing $ 16,160 $ 70,594 $ 66,018 $ 30,083 $ 19,262 $ 30,497 $ 0 $ 232,614 Nonperforming 0 21 118 107 44 63 0 353 Total consumer - Indirect loans $ 16,160 $ 70,615 $ 66,136 $ 30,190 $ 19,306 $ 30,560 $ 0 $ 232,967 Consumer - Indirect: Current period gross write-offs $ 10 $ 11 $ 41 $ 106 $ 77 $ 119 $ 0 $ 364 Consumer - Direct: Payment Performance Performing $ 877 $ 3,244 $ 3,366 $ 1,912 $ 1,187 $ 11,576 $ 351 $ 22,513 Nonperforming 0 5 7 18 66 42 0 138 Total consumer - Direct loans $ 877 $ 3,249 $ 3,373 $ 1,930 $ 1,253 $ 11,618 $ 351 $ 22,651 Consumer - Direct: Current period gross write-offs $ 0 $ 0 $ 12 $ 0 $ 2 $ 40 $ 0 $ 54 Consumer - Other: Payment Performance Performing $ 0 $ 0 $ 1 $ 60 $ 101 $ 324 $ 8,802 $ 9,288 Nonperforming 0 0 0 0 0 4 0 4 Total consumer - Other loans $ 0 $ 0 $ 1 $ 60 $ 101 $ 328 $ 8,802 $ 9,292 Consumer - Other: Current period gross write-offs $ 0 $ 0 $ 0 $ 0 $ 0 $ 45 $ 0 $ 45 Term Loans Amortized Cost Basis by Origination Year As of December 31, 2023 2023 2022 2021 2020 2019 Prior Revolving Loans Total Commercial real estate - Owner occupied: Risk Rating Pass $ 57,983 $ 58,178 $ 66,205 $ 42,023 $ 48,849 $ 109,831 $ 2,946 $ 386,015 Special mention 0 293 0 8,779 0 556 0 9,628 Substandard 0 0 0 10 490 2,701 184 3,385 Total commercial real estate - Owner occupied loans $ 57,983 $ 58,471 $ 66,205 $ 50,812 $ 49,339 $ 113,088 $ 3,130 $ 399,028 Commercial real estate - Owner Occupied: Current period gross write-offs $ 0 $ 0 $ 0 $ 0 $ 1 $ 0 $ 0 $ 1 Commercial real estate - Non-owner occupied: Risk Rating Pass $ 49,177 $ 135,433 $ 88,188 $ 77,713 $ 81,079 $ 205,729 $ 10,744 $ 648,063 Special mention 0 0 12,156 0 6,565 9,217 0 27,938 Substandard 0 0 3,972 10,037 3,492 17,794 499 35,794 Total commercial real estate - Non-owner occupied loans $ 49,177 $ 135,433 $ 104,316 $ 87,750 $ 91,136 $ 232,740 $ 11,243 $ 711,795 Commercial real estate - Non-owner occupied: Current period gross write-offs $ 0 $ 0 $ 0 $ 0 $ 144 $ 201 $ 0 $ 345 Commercial real estate - Farmland: Risk Rating Pass $ 22,576 $ 40,101 $ 20,890 $ 34,036 $ 18,634 $ 59,900 $ 4,103 $ 200,240 Special mention 0 0 0 0 0 0 0 0 Substandard 0 0 330 0 26 2,130 0 2,486 Total commercial real estate - Farmland loans $ 22,576 $ 40,101 $ 21,220 $ 34,036 $ 18,660 $ 62,030 $ 4,103 $ 202,726 Commercial real estate - Farmland: Current period gross write-offs $ 0 $ 0 $ 0 $ 0 $ 0 $ 3 $ 0 $ 3 Commercial real estate - Other: Risk Rating Pass $ 68,911 $ 56,753 $ 47,895 $ 9,063 $ 8,516 $ 23,269 $ 1,052 $ 215,459 Special mention 0 0 0 0 0 0 0 0 Substandard 0 0 0 8,186 0 132 0 8,318 Total commercial real estate - Other loans $ 68,911 $ 56,753 $ 47,895 $ 17,249 $ 8,516 $ 23,401 $ 1,052 $ 223,777 Commercial real estate - Other: Current period gross write-offs $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Term Loans Amortized Cost Basis by Origination Year (Continued) As of December 31, 2023 2023 2022 2021 2020 2019 Prior Revolving Loans Total Commercial - Commercial and industrial: Risk Rating Pass $ 90,807 $ 85,255 $ 40,444 $ 21,794 $ 9,736 $ 23,030 $ 63,698 $ 334,764 Special mention 0 141 355 21 0 0 129 646 Substandard 195 3,551 980 404 1,077 699 5,503 12,409 Total commercial - Commercial and industrial loans $ 91,002 $ 88,947 $ 41,779 $ 22,219 $ 10,813 $ 23,729 $ 69,330 $ 347,819 Commercial - Commercial and industrial: Current period gross write-offs $ 0 $ 178 $ 579 $ 11 $ 16 $ 394 $ 0 $ 1,178 Commercial - Agricultural: Risk Rating Pass $ 13,738 $ 17,368 $ 8,917 $ 3,584 $ 1,386 $ 1,133 $ 12,380 $ 58,506 Special mention 0 0 0 0 0 0 17 17 Substandard 0 33 118 225 24 152 0 552 Total commercial - Agricultural loans $ 13,738 $ 17,401 $ 9,035 $ 3,809 $ 1,410 $ 1,285 $ 12,397 $ 59,075 Commercial - Agricultural: Current period gross write-offs $ 0 $ 15 $ 70 $ 3 $ 0 $ 6 $ 0 $ 94 Residential real estate - 1-4 family residential: Payment Performance Performing $ 63,365 $ 171,862 $ 164,469 $ 132,989 $ 49,380 $ 254,027 $ 3,652 $ 839,744 Nonperforming 37 58 312 1,645 115 1,650 0 3,817 Total residential real estate - 1-4 family residential loans $ 63,402 $ 171,920 $ 164,781 $ 134,634 $ 49,495 $ 255,677 $ 3,652 $ 843,561 Residential real estate - 1-4 family residential: Current period gross write-offs $ 52 $ 0 $ 49 $ 130 $ 0 $ 129 $ 0 $ 360 Residential real estate - Home equity lines of credit: Payment Performance Performing $ 0 $ 19 $ 14 $ 111 $ 51 $ 3,302 $ 138,455 $ 141,952 Nonperforming 0 26 13 15 0 465 0 519 Total residential real estate - Home equity lines of credit loans $ 0 $ 45 $ 27 $ 126 $ 51 $ 3,767 $ 138,455 $ 142,471 Residential real estate - Home equity lines of credit: Current period gross write-offs $ 0 $ 0 $ 0 $ 8 $ 0 $ 16 $ 0 $ 24 Term Loans Amortized Cost Basis by Origination Year (Continued) As of December 31, 2023 2023 2022 2021 2020 2019 Prior Revolving Loans Total Consumer - Indirect: Payment Performance Performing $ 74,425 $ 71,705 $ 32,528 $ 21,163 $ 11,395 $ 23,223 $ 0 $ 234,439 Nonperforming 54 108 138 85 26 36 0 447 Total consumer - Indirect loans $ 74,479 $ 71,813 $ 32,666 $ 21,248 $ 11,421 $ 23,259 $ 0 $ 234,886 Consumer - Indirect: Current period gross write-offs $ 33 $ 138 $ 71 $ 35 $ 23 $ 232 $ 0 $ 532 Consumer - Direct: Payment Performance Performing $ 3,552 $ 3,812 $ 2,203 $ 1,352 $ 974 $ 11,431 $ 366 $ 23,690 Nonperforming 0 17 - 65 - 53 0 135 Total consumer - Direct loans $ 3,552 $ 3,829 $ 2,203 $ 1,417 $ 974 $ 11,484 $ 366 $ 23,825 Consumer - Direct: Current period gross write-offs $ 11 $ 38 $ 22 $ 51 $ 9 $ 100 $ 0 $ 231 Consumer - Other: Payment Performance Performing $ 0 $ 0 $ 60 $ 103 $ 82 $ 278 $ 8,636 $ 9,159 Nonperforming 0 0 0 0 0 5 0 5 Total consumer - Other loans $ 0 $ 0 $ 60 $ 103 $ 82 $ 283 $ 8,636 $ 9,164 Consumer - Other: Current period gross write-offs $ 0 $ 0 $ 0 $ 0 $ 0 $ 20 $ 149 $ 169 |
Summary of Loan Pools and Methodology Used in Calculation of Allowance for Credit Losses | The following table presents the loan pools and the associated methodology used during the calculation of the allowance for credit losses in 2024. Portfolio Segments Loan Pool Methodology Loss Drivers Residential real estate 1-4 Family Residential Real Estate - 1st Liens Cohort Credit Loss History 1-4 Family Residential Real Estate - 2nd Liens Cohort Credit Loss History Home Equity Lines of Credit Home Equity Lines of Credit Cohort Credit Loss History Consumer Finance Cash Reserves Cohort Credit Loss History Direct Cohort Credit Loss History Indirect Cohort Credit Loss History Commercial Commercial and Industrial PD/LGD Credit Loss History Agricultural PD/LGD Credit Loss History Municipal PD/LGD Credit Loss History Commercial real estate Owner Occupied PD/LGD Credit Loss History Non-Owner Occupied PD/LGD Credit Loss History Multifamily PD/LGD Credit Loss History Farmland PD/LGD Credit Loss History Construction PD/LGD Credit Loss History |
Schedule of Outstanding Balance and Related Allowance on Loans | The outstanding balance at March 31, 2024 and related allowance on PCD loans is as follows: Loan Balance ACL Balance Commercial real estate Owner Occupied $ 386 $ 17 Non-owner Occupied 30,441 618 Farmland 7 0 Commercial Commercial and industrial 1,960 132 Agricultural 117 7 Residential real estate 1-4 family residential 1,182 6 Home equity lines of credit 3 0 Total $ 34,096 $ 780 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Noninterest Income by Revenue Stream and Reportable Segment, Net of Eliminations | All material revenue from contracts with customers in the scope of ASC 606 is recognized within noninterest income. ASC 606 rules govern the disclosure of revenue tied to contracts. The following table presents the Company’s noninterest income by revenue stream and reportable segment, net of eliminations, for the three months ended March 31, 2024 and 2023. (In Thousands of Dollars) Trust Bank Totals For Three Months Ended March 31, 2024 Service charges on deposit accounts $ 0 $ 1,583 $ 1,583 Debit card and EFT fees 0 1,567 1,567 Trust fees 2,793 0 2,793 Insurance agency commissions 0 1,528 1,528 Retirement plan consulting fees 334 0 334 Investment commissions 0 432 432 Other (outside the scope of ASC 606) 0 120 120 Total noninterest income $ 3,127 $ 5,230 $ 8,357 (In Thousands of Dollars) Trust Bank Totals For Three Months Ended March 31, 2023 Service charges on deposit accounts $ 0 $ 1,432 $ 1,432 Debit card and EFT fees 0 1,789 1,789 Trust fees 2,587 0 2,587 Insurance agency commissions 0 1,456 1,456 Retirement plan consulting fees 307 0 307 Investment commissions 0 393 393 Other (outside the scope of ASC 606) 0 2,461 2,461 Total noninterest income $ 2,894 $ 7,531 $ 10,425 |
Fair Value (Tables)
Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Assets Measured at Fair Value on Recurring Basis | Assets measured at fair value on a recurring basis are summarized below: Fair Value Measurements at March 31, 2024 Using: (In Thousands of Dollars) Carrying Quoted Prices Significant Significant Financial Assets Investment securities available-for sale U.S. Treasury and U.S. government sponsored entities $ 119,147 $ 0 $ 119,147 $ 0 State and political subdivisions 517,441 0 517,441 0 Corporate bonds 18,359 0 17,019 1,340 Mortgage-backed securities-residential 513,725 0 513,725 0 Collateralized mortgage obligations 98,730 0 98,730 0 Small Business Administration 2,747 0 2,747 0 Total investment securities $ 1,270,149 $ 0 $ 1,268,809 $ 1,340 Equity securities $ 238 $ 238 $ 0 $ 0 Loans held for sale 1,854 0 1,854 0 Interest rate swaps 4,872 0 4,872 0 Interest rate lock commitments 61 0 61 0 Fair value hedge derivative 234 0 234 0 Financial Liabilities Interest rate swaps $ 4,872 $ 0 $ 4,872 $ 0 Mortgage banking derivative 12 0 12 0 Fair Value Measurements at December 31, 2023 Using: (In Thousands of Dollars) Carrying Quoted Prices Significant Significant Financial Assets Investment securities available-for sale U.S. Treasury and U.S. government sponsored entities $ 127,955 $ 0 127,955 $ 0 State and political subdivisions 556,169 0 556,169 0 Corporate bonds 18,275 0 16,935 1,340 Mortgage-backed securities-residential 520,386 0 520,386 0 Collateralized mortgage obligations 73,999 0 73,999 0 Small Business Administration 2,917 0 2,917 0 Total investment securities $ 1,299,701 $ 0 $ 1,298,361 $ 1,340 Equity securities $ 226 $ 226 $ 0 $ 0 Loans held for sale 3,711 0 3,711 0 Interest rate swaps 4,191 0 4,191 0 Interest rate lock commitments 109 0 109 0 Financial Liabilities Interest rate swaps $ 4,191 $ 0 $ 4,191 $ 0 Fair value hedge derivative 836 0 836 0 Mortgage banking derivative 14 0 14 0 |
Reconciliation of All Assets Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs | The table below presents a reconciliation of all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3): Three Months ended (In Thousands of Dollars) 2024 2023 Beginning Balance $ 1,340 $ 1 Transfers between levels 0 0 Acquired and/or purchased 0 1,615 Discount accretion (premium amortization) 13 0 Repayments, calls and maturities 0 0 Changes in unrealized gains (losses) ( 13 ) 0 Ending Balance $ 1,340 $ 1,616 |
Assets Measured at Fair Value on Non-Recurring Basis | Assets measured at fair value on a non-recurring basis are summarized below: Fair Value Measurements at March 31, 2024 Using: (In Thousands of Dollars) Carrying Quoted Prices Significant Significant Financial Assets Individually evaluated loans Commercial and industrial $ 267 $ 0 $ 0 $ 267 1–4 family residential 1,547 0 0 1,547 Fair Value Measurements at December 31, 2023 Using: (In Thousands of Dollars) Carrying Quoted Prices Significant Significant Financial Assets Individually evaluated loans Commercial real estate Non-owner occupied $ 838 $ 0 $ 0 $ 838 Commercial and industrial 267 0 0 267 1–4 family residential 1,547 0 0 1,547 Mortgage servicing rights 210 0 0 210 |
Fair Value Measurements for Financial Instruments | The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at the periods ended March 31, 2024 and December 31, 2023: March 31, 2024 Fair value Valuation Unobservable Range Individually evaluated loans Commercial $ 267 Quoted price for collateral Offer Price 23.77 % Residential 1,547 Sales comparison Adjustment for differences between comparable sales ( 5.39 %) - 2.11 % 2.67 %) December 31, 2023 Fair value Valuation Unobservable Input(s) Range Individually evaluated loans Commercial real estate $ 838 Income approach Adjustment for difference between cap rates of comparable sales ( 49.65 %) - 46.77 % 16.63 %) Commercial 267 Quoted price for collateral Offer Price 64.38 % Residential 1,547 Sales comparison Adjustment for differences between comparable sales ( 5.39 %) - ( 2.11 %) 2.67 %) |
Carrying Amounts and Estimated Fair Values of Financial Instruments | The carrying amounts and estimated fair values of financial instruments not previously disclosed at March 31, 2024 and December 31, 2023 are as follows: Fair Value Measurements at March 31, 2024 Using: (In Thousands of Dollars) Carrying Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 148,630 $ 22,965 $ 125,665 $ 0 $ 148,630 Regulatory stock 19,118 n/a n/a n/a n/a Loans, net 3,148,159 0 0 2,989,532 2,989,532 Financial liabilities Deposits 4,198,125 3,458,114 735,032 0 4,193,146 Short-term borrowings 345,000 0 345,000 0 345,000 Long-term borrowings 88,777 0 72,475 0 72,475 Fair Value Measurements at December 31, 2023 Using: (In Thousands of Dollars) Carrying Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 103,658 $ 28,896 $ 74,762 $ 0 $ 103,658 Regulatory stock 20,197 n/a n/a n/a n/a Loans, net 3,163,687 0 0 3,015,732 3,015,732 Financial liabilities Deposits 4,177,386 3,452,104 719,497 0 4,171,601 Short-term borrowings 355,000 0 355,000 0 355,000 Long-term borrowings 88,663 0 70,893 0 70,893 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Acquired Intangible Assets | Acquired Intangible Assets Acquired intangible assets were as follows: March 31, 2024 December 31, 2023 (In Thousands of Dollars) Gross Carrying Accumulated Gross Carrying Accumulated Amortized intangible assets: Customer relationship intangibles $ 7,210 $ ( 6,987 ) $ 7,210 $ ( 6,953 ) Non-compete contracts 457 ( 416 ) 457 ( 413 ) Trade name 1,126 ( 447 ) 1,126 ( 440 ) Core deposit intangible 32,115 ( 10,905 ) 32,115 ( 10,260 ) Total $ 40,908 $ ( 18,755 ) $ 40,908 $ ( 18,066 ) |
Estimated Amortization Expense | Estimated amortization expense for each of the next five periods and thereafter: 2024 (9 months) $ 1,888 2025 2,451 2026 2,355 2027 2,242 2028 2,231 Thereafter 10,986 Total $ 22,153 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
Maturities of Lease Liabilities | Maturities of lease liabilities are as follows as of March 31, 2024: 2024 (9 months) $ 963 2025 1,210 2026 1,092 2027 1,016 2028 1,035 Thereafter 5,688 Total Payments 11,004 Less: lease liability expense ( 1,728 ) Total $ 9,276 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of the Interest Rate Swap Designated as a Fair Value Hedge | A summary of the interest rate swap designated as a fair value hedge is presented below: March 31, 2024 December 31, 2023 Notional amount fair value hedge $ 100,000 $ 100,000 Fixed pay rates 4.35 % 4.35 % Variable SOFR receive rates 5.34 % 5.38 % Remaining maturity (in years) 2.3 2.6 Fair value $ 234 $ ( 836 ) |
Summary of Non-Designated Derivative Instruments used for Risk Management | The net gains (losses) relating to non-designated derivative instruments used for risk management are included in Net Gains on Sale of Loans on the Consolidated Statements of Income and are summarized below for the quarters ended March 31, 2024 and March 31, 2023: March 31, 2024 March 31, 2023 Forward sales contracts $ 2 $ ( 87 ) Interest rate lock commitments ( 47 ) 109 |
Summary of Fair Value of Derivatives in Consolidated Balance Sheets | The following table reflects the amount and fair value of mortgage banking derivatives included in the Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 Notional Fair Notional Fair Amount Value Amount Value Included in other assets: Forward sales contracts $ 215 $ 4 $ 0 $ 0 Interest rate lock commitments 5,962 61 7,400 109 Total included in other assets $ 6,177 $ 65 $ 7,400 $ 109 Included in other liabilities: Forward sales contracts $ 5,250 $ ( 12 ) $ 3,300 $ ( 14 ) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Share | The computation of basic and diluted earnings per share is shown in the following table: Three Months Ended 2024 2023 Basic EPS Net income (In thousands of dollars) $ 11,240 $ 7,075 Weighted average shares outstanding 37,278,214 37,823,628 Basic earnings per share $ 0.30 $ 0.19 Diluted EPS Net income (In thousands of dollars) $ 11,240 $ 7,075 Weighted average shares outstanding for basic earnings per share 37,278,214 37,823,628 Dilutive effect of restricted stock awards 201,038 109,571 Weighted average shares for diluted earnings per share 37,479,252 37,933,199 Diluted earnings per share $ 0.30 $ 0.19 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of Award Activity under Plans | The following is the activity under the Plans during the three month period ended March 31, 2024. Maximum Weighted Date Maximum Weighted Date Beginning balance - non-vested shares 253,776 $ 14.97 209,484 $ 15.01 Granted 26,317 13.81 99,253 13.81 Vested ( 25,803 ) 13.82 ( 66,192 ) 13.79 Forfeited ( 11,167 ) 17.24 ( 19,625 ) 15.05 Ending balance - non-vested shares 243,123 $ 14.59 222,920 $ 14.57 The following is the activity under the Plans during the three month period ended March 31, 2023. Maximum Weighted Date Maximum Weighted Date Beginning balance - non-vested shares 193,015 $ 16.69 137,369 $ 15.85 Granted 30,688 14.21 102,750 14.16 Vested ( 12,740 ) 14.03 ( 30,635 ) 14.35 Forfeited ( 1,541 ) 17.64 0 0.00 Ending balance - non-vested shares 209,422 $ 16.34 209,484 $ 15.01 |
Other Comprehensive Income (L_2
Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following tables represent the changes in accumulated other comprehensive income (loss) by component, net of tax, for the three month periods ended March 31, 2024 and 2023. (In Thousands of Dollars) Net unrealized holding (losses) gains on available for sale securities Reclassification adjustment for (gains) losses realized in income on fair value hedge Change in funded status of post-retirement plan Total Balance December 31, 2023 $ ( 171,539 ) $ ( 1,013 ) $ ( 2 ) ( 172,554 ) Other comprehensive (loss) before reclassification ( 15,149 ) 0 0 ( 15,149 ) Amounts reclassified from accumulated other comprehensive income 1,686 1,063 0 2,749 Net current period other comprehensive (loss) income ( 13,463 ) 1,063 0 ( 12,400 ) Balance March 31, 2024 $ ( 185,002 ) $ 50 $ ( 2 ) $ ( 184,954 ) Balance December 31, 2022 $ ( 210,489 ) $ 0 $ ( 1 ) $ ( 210,490 ) Other comprehensive income before reclassification 33,891 0 0 33,891 Amounts reclassified from accumulated other comprehensive (loss) ( 95 ) 0 0 ( 95 ) Net current period other comprehensive income 33,796 0 0 33,796 Balance March 31, 2023 $ ( 176,693 ) $ 0 $ ( 1 ) $ ( 176,694 ) |
Regulatory Capital Matters (Tab
Regulatory Capital Matters (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract] | |
Schedule of Actual and Required Capital Amounts and Ratios, Not Include Capital Conservation Buffer | Actual and required capital amounts and ratios, which do not include the capital conservation buffer, are presented below at March 31, 2024 and December 31, 2023: Actual Requirement For Capital To be Well Capitalized Amount Ratio Amount Ratio Amount Ratio March 31, 2024 Common equity tier 1 capital ratio Consolidated $ 397,812 10.88 % $ 164,501 4.5 % N/A N/A Bank 424,780 11.65 % 164,134 4.5 % 237,082 6.5 % Total risk based capital ratio Consolidated 525,633 14.38 % 292,447 8.0 % N/A N/A Bank 459,601 12.60 % 291,794 8.0 % 364,742 10.0 % Tier 1 risk based capital ratio Consolidated 415,812 11.37 % 219,335 6.0 % N/A N/A Bank 424,780 11.65 % 218,845 6.0 % 291,794 8.0 % Tier 1 leverage ratio Consolidated 415,812 8.19 % 203,024 4.0 % N/A N/A Bank 424,780 8.39 % 202,457 4.0 % 253,071 5.0 % December 31, 2023 Common equity tier 1 capital ratio Consolidated $ 392,244 10.61 % $ 166,303 4.5 % N/A N/A Bank 411,304 11.15 % 165,996 4.5 % $ 239,772 6.5 % Total risk based capital ratio Consolidated 519,684 14.06 % 295,650 8.0 % N/A N/A Bank 447,584 12.13 % 295,104 8.0 % 368,881 10.0 % Tier 1 risk based capital ratio Consolidated 410,244 11.10 % 221,737 6.0 % N/A N/A Bank 411,304 11.15 % 221,328 6.0 % 295,104 8.0 % Tier 1 leverage ratio Consolidated 410,244 8.02 % 204,598 4.0 % N/A N/A Bank 411,304 8.07 % 203,989 4.0 % 254,986 5.0 % |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information | Significant segment totals are reconciled to the financial statements as follows: (In Thousands of Dollars) Trust Bank Eliminations Consolidated March 31, 2024 Goodwill and other intangibles $ 5,668 $ 188,194 $ ( 4,263 ) $ 189,599 Total assets $ 16,464 $ 5,066,027 $ ( 2,481 ) $ 5,080,010 (In Thousands of Dollars) Trust Bank Eliminations Consolidated December 31, 2023 Goodwill and other intangibles $ 5,680 $ 188,871 $ ( 4,263 ) $ 190,288 Total assets $ 15,845 $ 5,065,150 $ ( 2,645 ) $ 5,078,350 (In Thousands of Dollars) Trust Bank Eliminations Consolidated For Three Months Ended March 31, 2024 Net interest income $ 52 $ 32,674 $ ( 1,039 ) $ 31,687 Provision for credit losses and unfunded loans 0 ( 449 ) 0 ( 449 ) Service fees, security gains and other noninterest income 3,101 5,434 ( 178 ) 8,357 Noninterest expense 1,904 22,919 605 25,428 Amortization and depreciation expense 19 1,478 114 1,611 Income before taxes 1,230 14,160 ( 1,936 ) 13,454 Income taxes 259 2,361 ( 406 ) 2,214 Net income $ 971 $ 11,799 $ ( 1,530 ) $ 11,240 (In Thousands of Dollars) Trust Bank Eliminations Consolidated For Three Months Ended March 31, 2023 Net interest income $ 57 $ 37,508 $ ( 955 ) $ 36,610 Provision for credit losses and unfunded loans 0 8,599 0 8,599 Service fees, security gains and other noninterest income 2,900 7,756 ( 231 ) 10,425 Noninterest expense 1,643 26,535 645 28,823 Amortization and depreciation expense 23 1,762 114 1,899 Income before taxes 1,291 8,368 ( 1,945 ) 7,714 Income taxes 271 847 ( 479 ) 639 Net income $ 1,020 $ 7,521 $ ( 1,466 ) $ 7,075 |
Long-Term Borrowings (Tables)
Long-Term Borrowings (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Summary of All Junior Subordinated Debentures and Subordinated Debentures | Balances were as follows at March 31, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 Amount Amount TSEO Statutory Trust I $ 2,533 $ 2,521 Maple Leaf Financial Statutory Trust II 7,796 7,740 Cortland Statutory Trust I 4,396 4,382 Total junior subordinated debentures owed to unconsolidated subsidiary trusts $ 14,725 $ 14,643 Subordinated Debentures $ 74,052 $ 74,020 Total long-term borrowings $ 88,777 $ 88,663 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details Textual) | 3 Months Ended | |
Mar. 31, 2024 Segment shares | Dec. 31, 2023 shares | |
Summary of Significant Accounting Policies (Additional Textual) [Abstract] | ||
Operating segments of business | Segment | 2 | |
Common stock, shares authorized and available for issuance | 50,000,000 | 50,000,000 |
Common stock, shares outstanding | 37,545,864 | 37,502,773 |
Business Combinations (Details
Business Combinations (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Jan. 01, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Nov. 01, 2021 | |
Business Acquisition [Line Items] | ||||||
Goodwill | $ 167,446 | $ 167,446 | ||||
Emclaire Financial Corp | ||||||
Business Acquisition [Line Items] | ||||||
Business acquisition, date of merger agreement | Jan. 01, 2023 | |||||
Cash consideration per share | $ / shares | $ 14.12 | |||||
Maximum percentage of common shares exchanged for company shares under merger agreement | 70% | |||||
Remaining percentage of common shares exchanged for company cash under merger agreement | 30% | |||||
Value of stock issued for acquisition | $ 33,440 | |||||
Fair value of total consideration transferred | 92,642 | $ 92,600 | ||||
Merger related costs | $ 0 | $ 4,300 | ||||
Goodwill | 72,938 | $ 72,900 | ||||
Business combination, assets acquired | $ 977,621 | |||||
Emclaire Financial Corp | Common Stock | ||||||
Business Acquisition [Line Items] | ||||||
Cash consideration per share | $ / shares | $ 40 | |||||
Shares of stock issued for acquisition | 2.15 | 4,200,000 | ||||
Value of stock issued for acquisition | $ 33,400 | |||||
PCD Loans | ||||||
Business Acquisition [Line Items] | ||||||
Business combination acquired receivables with fair value | $ 714,400 | |||||
Business combination acquired loans with gross contractual amounts receivable | $ 764,800 |
Business Combinations (Details)
Business Combinations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Jan. 01, 2023 | Dec. 31, 2022 | Mar. 31, 2024 | Dec. 31, 2023 | Nov. 01, 2021 | |
Fair value of liabilities assumed | |||||
Goodwill created | $ 167,446 | $ 167,446 | |||
Emclaire Financial Corp | |||||
Consideration | |||||
Cash | $ 33,440 | ||||
Stock | 59,202 | ||||
Fair value of total consideration transferred | 92,642 | $ 92,600 | |||
Fair value of assets acquired | |||||
Cash and cash equivalents | 20,265 | ||||
Securities available for sale | 126,970 | ||||
Other investments | 7,795 | ||||
Loans, net | 740,659 | ||||
Premises and equipment | 14,808 | ||||
Bank owned life insurance | 22,485 | ||||
Core deposit intangible | 19,249 | ||||
Current and deferred taxes | 17,708 | ||||
Other assets | 7,682 | ||||
Total assets acquired | 977,621 | ||||
Fair value of liabilities assumed | |||||
Deposits | 875,813 | ||||
Short-term borrowings | 75,000 | ||||
Accrued interest payable and other liabilities | 7,104 | ||||
Total liabilities | 957,917 | ||||
Net assets acquired | 19,704 | ||||
Goodwill created | 72,938 | $ 72,900 | |||
Total net assets acquired | $ 92,642 |
Securities (Details)
Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | $ 1,504,331 | $ 1,516,841 |
Gross Unrealized Gains | 3,828 | 5,424 |
Gross Unrealized Losses | (238,010) | (222,564) |
Fair Value | 1,270,149 | 1,299,701 |
U.S. Treasury and U.S. government sponsored entities | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | 137,720 | 145,439 |
Gross Unrealized Gains | 12 | 113 |
Gross Unrealized Losses | (18,585) | (17,597) |
Fair Value | 119,147 | 127,955 |
State and political subdivisions | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | 612,030 | 644,880 |
Gross Unrealized Gains | 3,555 | 4,792 |
Gross Unrealized Losses | (98,144) | (93,503) |
Fair Value | 517,441 | 556,169 |
Corporate bonds | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | 18,670 | 18,554 |
Gross Unrealized Gains | 146 | 187 |
Gross Unrealized Losses | (457) | (466) |
Fair Value | 18,359 | 18,275 |
Mortgage-backed securities - residential | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | 627,338 | 624,529 |
Gross Unrealized Gains | 15 | 1 |
Gross Unrealized Losses | (113,628) | (104,144) |
Fair Value | 513,725 | 520,386 |
Collateralized mortgage obligations | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | 105,510 | 80,227 |
Gross Unrealized Gains | 100 | 331 |
Gross Unrealized Losses | (6,880) | (6,559) |
Fair Value | 98,730 | 73,999 |
Small Business Administration | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | 3,063 | 3,212 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (316) | (295) |
Fair Value | $ 2,747 | $ 2,917 |
Securities (Details Textual)
Securities (Details Textual) | Mar. 31, 2024 USD ($) Securities | Dec. 31, 2023 USD ($) |
Debt Securities, Available-for-Sale [Line Items] | ||
Number of securities | Securities | 947 | |
Number of securities on unrealized loss position | Securities | 767 | |
Allowance for credit losses on available-for-sale securities | $ 0 | |
Small Business Investment Company Partnership Investments | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Equity securities | 15,300,000 | $ 14,900,000 |
Local and Regional Bank Holdings and Other Miscellaneous Equity Funds | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Equity securities | $ 238,000 | $ 226,000 |
Securities (Details 1)
Securities (Details 1) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Debt Securities, Available-for-Sale, Realized Gain (Loss) [Abstract] | ||
Proceeds from sales of securities available for sale | $ 44,292 | $ 69,918 |
Gross gains | 17 | 441 |
Gross losses | $ (2,151) | $ (321) |
Securities (Details 2)
Securities (Details 2) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Amortized cost and fair value of the debt securities maturity | ||
Amortized Cost, Within one year | $ 600 | |
Amortized Cost, One to five years | 26,877 | |
Amortized Cost, Five to ten years | 195,318 | |
Amortized Cost, Beyond ten years | 545,625 | |
Amortized Cost, Mortgage-backed, collateralized mortgage obligations and Small Business Administration securities | 735,911 | |
Amortized Cost | 1,504,331 | $ 1,516,841 |
Fair Value, Within one year | 596 | |
Fair Value, One to five years | 24,734 | |
Fair Value, Five to ten years | 175,931 | |
Fair Value, Beyond ten years | 453,686 | |
Fair Value, Mortgage-backed, collateralized mortgage obligations and Small Business Administration securities | 615,202 | |
Fair Value, Total | $ 1,270,149 | $ 1,299,701 |
Securities (Details 3)
Securities (Details 3) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Investment securities with unrealized losses | ||
Fair Value, Less Than 12 Months | $ 78,612 | $ 49,846 |
Unrealized Losses, Less Than 12 Months | (2,921) | (3,025) |
Fair Value, 12 Months or Longer | 1,071,733 | 1,116,642 |
Unrealized Losses, 12 Months or Longer | (235,089) | (219,539) |
Fair Value, Total | 1,150,345 | 1,166,488 |
Unrealized Losses, Total | (238,010) | (222,564) |
U.S. Treasury and U.S. government sponsored entities | ||
Investment securities with unrealized losses | ||
Fair Value, Less Than 12 Months | 449 | 399 |
Unrealized Losses, Less Than 12 Months | (1) | (1) |
Fair Value, 12 Months or Longer | 116,810 | 122,361 |
Unrealized Losses, 12 Months or Longer | (18,584) | (17,596) |
Fair Value, Total | 117,259 | 122,760 |
Unrealized Losses, Total | (18,585) | (17,597) |
State and political subdivisions | ||
Investment securities with unrealized losses | ||
Fair Value, Less Than 12 Months | 28,380 | 15,852 |
Unrealized Losses, Less Than 12 Months | (1,414) | (1,684) |
Fair Value, 12 Months or Longer | 412,504 | 428,416 |
Unrealized Losses, 12 Months or Longer | (96,730) | (91,819) |
Fair Value, Total | 440,884 | 444,268 |
Unrealized Losses, Total | (98,144) | (93,503) |
Corporate bonds | ||
Investment securities with unrealized losses | ||
Fair Value, Less Than 12 Months | 8,059 | 8,463 |
Unrealized Losses, Less Than 12 Months | (275) | (284) |
Fair Value, 12 Months or Longer | 4,869 | 3,881 |
Unrealized Losses, 12 Months or Longer | (182) | (182) |
Fair Value, Total | 12,928 | 12,344 |
Unrealized Losses, Total | (457) | (466) |
Mortgage-backed securities - residential | ||
Investment securities with unrealized losses | ||
Fair Value, Less Than 12 Months | 4,272 | 5,113 |
Unrealized Losses, Less Than 12 Months | (90) | (76) |
Fair Value, 12 Months or Longer | 495,129 | 515,259 |
Unrealized Losses, 12 Months or Longer | (113,538) | (104,068) |
Fair Value, Total | 499,401 | 520,372 |
Unrealized Losses, Total | (113,628) | (104,144) |
Collateralized mortgage obligations | ||
Investment securities with unrealized losses | ||
Fair Value, Less Than 12 Months | 37,452 | 20,019 |
Unrealized Losses, Less Than 12 Months | (1,141) | (980) |
Fair Value, 12 Months or Longer | 39,674 | 43,808 |
Unrealized Losses, 12 Months or Longer | (5,739) | (5,579) |
Fair Value, Total | 77,126 | 63,827 |
Unrealized Losses, Total | (6,880) | (6,559) |
Small Business Administration | ||
Investment securities with unrealized losses | ||
Fair Value, Less Than 12 Months | 0 | 0 |
Unrealized Losses, Less Than 12 Months | 0 | 0 |
Fair Value, 12 Months or Longer | 2,747 | 2,917 |
Unrealized Losses, 12 Months or Longer | (316) | (295) |
Fair Value, Total | 2,747 | 2,917 |
Unrealized Losses, Total | $ (316) | $ (295) |
Loans (Details)
Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Schedule of loan balances | ||||
Total loans | $ 3,148,159 | $ 3,163,687 | ||
Net deferred loan costs | 8,980 | 8,757 | ||
Allowance for credit losses | (33,159) | (34,440) | $ (36,011) | $ (26,978) |
Commercial real estate - Owner occupied | ||||
Schedule of loan balances | ||||
Allowance for credit losses | (17,481) | (18,150) | (19,819) | (14,840) |
Commercial | ||||
Schedule of loan balances | ||||
Allowance for credit losses | (4,543) | (5,087) | (5,230) | (4,186) |
Residential real estate -1-4 family | ||||
Schedule of loan balances | ||||
Allowance for credit losses | (6,840) | (6,916) | (6,732) | (4,374) |
Consumer | ||||
Schedule of loan balances | ||||
Allowance for credit losses | (4,295) | (4,287) | $ (4,230) | $ (3,578) |
Loans | ||||
Schedule of loan balances | ||||
Total loans | 3,172,338 | 3,189,370 | ||
Loans | Commercial real estate, Owner occupied | Commercial real estate - Owner occupied | ||||
Schedule of loan balances | ||||
Loan balances | 390,058 | 399,273 | ||
Loans | Commercial real estate, Non-owner occupied | Commercial real estate - Owner occupied | ||||
Schedule of loan balances | ||||
Loan balances | 705,168 | 712,315 | ||
Loans | Commercial real estate, Farmland | Commercial real estate - Owner occupied | ||||
Schedule of loan balances | ||||
Loan balances | 201,788 | 202,950 | ||
Loans | Commercial real estate, Other | Commercial real estate - Owner occupied | ||||
Schedule of loan balances | ||||
Loan balances | 244,146 | 224,218 | ||
Loans | Commercial, Commercial and industrial | Commercial | ||||
Schedule of loan balances | ||||
Loan balances | 335,747 | 346,354 | ||
Loans | Commercial, Agricultural | Commercial | ||||
Schedule of loan balances | ||||
Loan balances | 58,637 | 58,338 | ||
Loans | Residential real estate, 1-4 family residential | Residential real estate -1-4 family | ||||
Schedule of loan balances | ||||
Loan balances | 836,252 | 843,697 | ||
Loans | Residential real estate, Home equity lines of credit | Residential real estate -1-4 family | ||||
Schedule of loan balances | ||||
Loan balances | 143,696 | 142,441 | ||
Loans | Consumer, Indirect | Consumer | ||||
Schedule of loan balances | ||||
Loan balances | 224,931 | 226,815 | ||
Loans | Consumer, Direct | Consumer | ||||
Schedule of loan balances | ||||
Loan balances | 22,624 | 23,805 | ||
Loans | Consumer, Other | Consumer | ||||
Schedule of loan balances | ||||
Loan balances | $ 9,291 | $ 9,164 |
Loans (Details 1)
Loans (Details 1) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Beginning balance | $ 34,440 | $ 26,978 |
PCD ACL on loans acquired | 999 | |
(Credit) Provision for credit losses | (270) | 8,305 |
Loans charged off | (1,282) | (469) |
Recoveries | 271 | 198 |
Ending balance | 33,159 | 36,011 |
Commercial real estate - Owner occupied | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Beginning balance | 18,150 | 14,840 |
PCD ACL on loans acquired | 850 | |
(Credit) Provision for credit losses | (541) | 4,128 |
Loans charged off | (146) | 0 |
Recoveries | 18 | 1 |
Ending balance | 17,481 | 19,819 |
Commercial | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Beginning balance | 5,087 | 4,186 |
PCD ACL on loans acquired | 138 | |
(Credit) Provision for credit losses | 62 | 1,044 |
Loans charged off | (643) | (143) |
Recoveries | 37 | 5 |
Ending balance | 4,543 | 5,230 |
Residential real estate -1-4 family | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Beginning balance | 6,916 | 4,374 |
PCD ACL on loans acquired | 11 | |
(Credit) Provision for credit losses | (69) | 2,398 |
Loans charged off | (30) | (83) |
Recoveries | 23 | 32 |
Ending balance | 6,840 | 6,732 |
Consumer | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Beginning balance | 4,287 | 3,578 |
PCD ACL on loans acquired | 0 | |
(Credit) Provision for credit losses | 278 | 735 |
Loans charged off | (463) | (243) |
Recoveries | 193 | 160 |
Ending balance | $ 4,295 | $ 4,230 |
Loans (Details 2)
Loans (Details 2) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Nonaccrual with no allowance for credit loss | $ 4,928 | $ 5,052 |
Nonaccrual with an allowance for credit loss | 5,626 | 7,728 |
Loans Past Due 90 Days or More Still Accruing | 1,397 | 655 |
Commercial real estate, Non-owner occupied | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Nonaccrual with no allowance for credit loss | 1,630 | |
Commercial real estate, Non-owner occupied | Commercial real estate - Owner occupied | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Nonaccrual with no allowance for credit loss | 0 | 1,630 |
Originated Loans | Commercial real estate, Owner occupied | Commercial real estate - Owner occupied | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Nonaccrual with no allowance for credit loss | 1,749 | 1,804 |
Nonaccrual with an allowance for credit loss | 813 | 830 |
Loans Past Due 90 Days or More Still Accruing | 0 | 0 |
Originated Loans | Commercial real estate, Non-owner occupied | Commercial real estate - Owner occupied | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Nonaccrual with no allowance for credit loss | 92 | 19 |
Nonaccrual with an allowance for credit loss | 163 | 1,491 |
Loans Past Due 90 Days or More Still Accruing | 0 | 0 |
Originated Loans | Commercial real estate, Other | Commercial real estate - Owner occupied | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Nonaccrual with no allowance for credit loss | 0 | 0 |
Nonaccrual with an allowance for credit loss | 72 | 80 |
Loans Past Due 90 Days or More Still Accruing | 0 | 0 |
Originated Loans | Commercial real estate, Farmland | Commercial real estate - Owner occupied | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Nonaccrual with no allowance for credit loss | 1,870 | 1,957 |
Nonaccrual with an allowance for credit loss | 7 | 9 |
Loans Past Due 90 Days or More Still Accruing | 0 | 0 |
Originated Loans | Commercial, Commercial and industrial | Commercial | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Nonaccrual with no allowance for credit loss | 348 | 394 |
Nonaccrual with an allowance for credit loss | 1,005 | 1,408 |
Loans Past Due 90 Days or More Still Accruing | 0 | 0 |
Originated Loans | Commercial, Agricultural | Commercial | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Nonaccrual with no allowance for credit loss | 192 | 203 |
Nonaccrual with an allowance for credit loss | 287 | 317 |
Loans Past Due 90 Days or More Still Accruing | 0 | 0 |
Originated Loans | Residential real estate, 1-4 family residential | Residential real estate -1-4 family | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Nonaccrual with no allowance for credit loss | 364 | 348 |
Nonaccrual with an allowance for credit loss | 2,804 | 3,009 |
Loans Past Due 90 Days or More Still Accruing | 1,245 | 460 |
Originated Loans | Residential real estate, Home equity lines of credit | Residential real estate -1-4 family | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Nonaccrual with no allowance for credit loss | 206 | 240 |
Nonaccrual with an allowance for credit loss | 197 | 210 |
Loans Past Due 90 Days or More Still Accruing | 42 | 69 |
Originated Loans | Consumer, Indirect | Consumer | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Nonaccrual with no allowance for credit loss | 42 | 22 |
Nonaccrual with an allowance for credit loss | 225 | 300 |
Loans Past Due 90 Days or More Still Accruing | 86 | 125 |
Originated Loans | Consumer, Direct | Consumer | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Nonaccrual with no allowance for credit loss | 65 | 65 |
Nonaccrual with an allowance for credit loss | 49 | 69 |
Loans Past Due 90 Days or More Still Accruing | 24 | 1 |
Originated Loans | Consumer, Other | Consumer | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Nonaccrual with no allowance for credit loss | 0 | 0 |
Nonaccrual with an allowance for credit loss | 4 | 5 |
Loans Past Due 90 Days or More Still Accruing | $ 0 | $ 0 |
Loans (Details 3)
Loans (Details 3) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Financing Receivable, Past Due [Line Items] | ||
Loans | $ 3,181,318 | $ 3,198,127 |
Real Estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 7,443 | 8,836 |
Business Assets | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 659 | 1,070 |
Vehicles | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 85 | 72 |
Cash | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 66 | 66 |
Commercial real estate - Owner occupied | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 389,827 | 399,028 |
Residential real estate -1-4 family | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 836,205 | 843,561 |
Commercial real estate, Owner occupied | Commercial real estate - Owner occupied | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 389,827 | 399,028 |
Commercial real estate, Owner occupied | Commercial real estate - Owner occupied | Real Estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,749 | 1,804 |
Commercial real estate, Owner occupied | Commercial real estate - Owner occupied | Business Assets | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Commercial real estate, Owner occupied | Commercial real estate - Owner occupied | Vehicles | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Commercial real estate, Owner occupied | Commercial real estate - Owner occupied | Cash | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Commercial real estate, Non-owner occupied | Commercial real estate - Owner occupied | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 704,702 | 711,795 |
Commercial real estate, Non-owner occupied | Commercial real estate - Owner occupied | Real Estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 92 | 1,335 |
Commercial real estate, Non-owner occupied | Commercial real estate - Owner occupied | Business Assets | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Commercial real estate, Non-owner occupied | Commercial real estate - Owner occupied | Vehicles | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Commercial real estate, Non-owner occupied | Commercial real estate - Owner occupied | Cash | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Commercial real estate, Farmland | Commercial real estate - Owner occupied | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 201,574 | 202,726 |
Commercial real estate, Farmland | Commercial real estate - Owner occupied | Real Estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,870 | 1,957 |
Commercial real estate, Farmland | Commercial real estate - Owner occupied | Business Assets | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Commercial real estate, Farmland | Commercial real estate - Owner occupied | Vehicles | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Commercial real estate, Farmland | Commercial real estate - Owner occupied | Cash | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Commercial real estate, Other | Commercial real estate - Owner occupied | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 243,738 | 223,777 |
Commercial real estate, Other | Commercial real estate - Owner occupied | Real Estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Commercial real estate, Other | Commercial real estate - Owner occupied | Business Assets | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Commercial real estate, Other | Commercial real estate - Owner occupied | Vehicles | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Commercial real estate, Other | Commercial real estate - Owner occupied | Cash | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Commercial, Commercial and industrial | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 337,215 | 347,819 |
Commercial, Commercial and industrial | Commercial | Real Estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 92 | 94 |
Commercial, Commercial and industrial | Commercial | Business Assets | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 467 | 867 |
Commercial, Commercial and industrial | Commercial | Vehicles | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Commercial, Commercial and industrial | Commercial | Cash | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Commercial, Agricultural | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 59,405 | 59,075 |
Commercial, Agricultural | Commercial | Real Estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Commercial, Agricultural | Commercial | Business Assets | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 192 | 203 |
Commercial, Agricultural | Commercial | Vehicles | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Commercial, Agricultural | Commercial | Cash | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Residential real estate, 1-4 family residential | Residential real estate -1-4 family | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 836,205 | 843,561 |
Residential real estate, 1-4 family residential | Residential real estate -1-4 family | Real Estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 3,388 | 3,352 |
Residential real estate, 1-4 family residential | Residential real estate -1-4 family | Business Assets | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Residential real estate, 1-4 family residential | Residential real estate -1-4 family | Vehicles | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Residential real estate, 1-4 family residential | Residential real estate -1-4 family | Cash | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Residential real estate, Home equity lines of credit | Residential real estate -1-4 family | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 143,742 | 142,471 |
Residential real estate, Home equity lines of credit | Residential real estate -1-4 family | Real Estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 252 | 294 |
Residential real estate, Home equity lines of credit | Residential real estate -1-4 family | Business Assets | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Residential real estate, Home equity lines of credit | Residential real estate -1-4 family | Vehicles | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Residential real estate, Home equity lines of credit | Residential real estate -1-4 family | Cash | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Consumer, Indirect | Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 232,967 | 234,886 |
Consumer, Indirect | Consumer | Real Estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Consumer, Indirect | Consumer | Business Assets | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Consumer, Indirect | Consumer | Vehicles | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 68 | 53 |
Consumer, Indirect | Consumer | Cash | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Consumer, Direct | Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 22,651 | 23,825 |
Consumer, Direct | Consumer | Real Estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Consumer, Direct | Consumer | Business Assets | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Consumer, Direct | Consumer | Vehicles | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 17 | 19 |
Consumer, Direct | Consumer | Cash | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 66 | 66 |
Consumer, Other | Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 9,292 | 9,164 |
Consumer, Other | Consumer | Real Estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Consumer, Other | Consumer | Business Assets | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Consumer, Other | Consumer | Vehicles | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Consumer, Other | Consumer | Cash | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | $ 0 | $ 0 |
Loans (Details 4)
Loans (Details 4) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | $ 3,181,318 | $ 3,198,127 |
Real Estate | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 7,443 | 8,836 |
Business Assets | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 659 | 1,070 |
Vehicles | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 85 | 72 |
Cash | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 66 | 66 |
Financing Receivables, 30 to 59 Days Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 10,476 | 11,339 |
Financing Receivables, 60 to 89 Days Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 3,593 | 5,366 |
Financing Receivables, Equal to Greater than 90 Days Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 11,951 | 13,435 |
Financing Receivables, Total Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 26,020 | 30,140 |
Loans Not Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 3,155,298 | 3,167,987 |
Commercial real estate - Owner occupied | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 389,827 | 399,028 |
Residential real estate -1-4 family | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 836,205 | 843,561 |
Commercial real estate, Owner occupied | Commercial real estate - Owner occupied | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 389,827 | 399,028 |
Commercial real estate, Owner occupied | Commercial real estate - Owner occupied | Real Estate | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 1,749 | 1,804 |
Commercial real estate, Owner occupied | Commercial real estate - Owner occupied | Business Assets | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 0 | 0 |
Commercial real estate, Owner occupied | Commercial real estate - Owner occupied | Vehicles | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 0 | 0 |
Commercial real estate, Owner occupied | Commercial real estate - Owner occupied | Cash | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 0 | 0 |
Commercial real estate, Owner occupied | Commercial real estate - Owner occupied | Financing Receivables, 30 to 59 Days Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 237 | 302 |
Commercial real estate, Owner occupied | Commercial real estate - Owner occupied | Financing Receivables, 60 to 89 Days Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 0 | 293 |
Commercial real estate, Owner occupied | Commercial real estate - Owner occupied | Financing Receivables, Equal to Greater than 90 Days Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 2,562 | 2,634 |
Commercial real estate, Owner occupied | Commercial real estate - Owner occupied | Financing Receivables, Total Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 2,799 | 3,229 |
Commercial real estate, Owner occupied | Commercial real estate - Owner occupied | Loans Not Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 387,028 | 395,799 |
Commercial real estate, Non-owner occupied | Commercial real estate - Owner occupied | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 704,702 | 711,795 |
Commercial real estate, Non-owner occupied | Commercial real estate - Owner occupied | Real Estate | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 92 | 1,335 |
Commercial real estate, Non-owner occupied | Commercial real estate - Owner occupied | Business Assets | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 0 | 0 |
Commercial real estate, Non-owner occupied | Commercial real estate - Owner occupied | Vehicles | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 0 | 0 |
Commercial real estate, Non-owner occupied | Commercial real estate - Owner occupied | Cash | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 0 | 0 |
Commercial real estate, Non-owner occupied | Commercial real estate - Owner occupied | Financing Receivables, 30 to 59 Days Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 0 | 90 |
Commercial real estate, Non-owner occupied | Commercial real estate - Owner occupied | Financing Receivables, 60 to 89 Days Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 0 | 0 |
Commercial real estate, Non-owner occupied | Commercial real estate - Owner occupied | Financing Receivables, Equal to Greater than 90 Days Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 255 | 1,510 |
Commercial real estate, Non-owner occupied | Commercial real estate - Owner occupied | Financing Receivables, Total Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 255 | 1,600 |
Commercial real estate, Non-owner occupied | Commercial real estate - Owner occupied | Loans Not Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 704,447 | 710,195 |
Commercial real estate, Farmland | Commercial real estate - Owner occupied | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 201,574 | 202,726 |
Commercial real estate, Farmland | Commercial real estate - Owner occupied | Real Estate | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 1,870 | 1,957 |
Commercial real estate, Farmland | Commercial real estate - Owner occupied | Business Assets | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 0 | 0 |
Commercial real estate, Farmland | Commercial real estate - Owner occupied | Vehicles | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 0 | 0 |
Commercial real estate, Farmland | Commercial real estate - Owner occupied | Cash | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 0 | 0 |
Commercial real estate, Farmland | Commercial real estate - Owner occupied | Financing Receivables, 30 to 59 Days Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 2 | 365 |
Commercial real estate, Farmland | Commercial real estate - Owner occupied | Financing Receivables, 60 to 89 Days Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 360 | 0 |
Commercial real estate, Farmland | Commercial real estate - Owner occupied | Financing Receivables, Equal to Greater than 90 Days Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 1,877 | 1,966 |
Commercial real estate, Farmland | Commercial real estate - Owner occupied | Financing Receivables, Total Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 2,239 | 2,331 |
Commercial real estate, Farmland | Commercial real estate - Owner occupied | Loans Not Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 199,335 | 200,395 |
Commercial real estate, Other | Commercial real estate - Owner occupied | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 243,738 | 223,777 |
Commercial real estate, Other | Commercial real estate - Owner occupied | Real Estate | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 0 | 0 |
Commercial real estate, Other | Commercial real estate - Owner occupied | Business Assets | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 0 | 0 |
Commercial real estate, Other | Commercial real estate - Owner occupied | Vehicles | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 0 | 0 |
Commercial real estate, Other | Commercial real estate - Owner occupied | Cash | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 0 | 0 |
Commercial real estate, Other | Commercial real estate - Owner occupied | Financing Receivables, 30 to 59 Days Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 50 | 0 |
Commercial real estate, Other | Commercial real estate - Owner occupied | Financing Receivables, 60 to 89 Days Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 0 | 0 |
Commercial real estate, Other | Commercial real estate - Owner occupied | Financing Receivables, Equal to Greater than 90 Days Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 72 | 80 |
Commercial real estate, Other | Commercial real estate - Owner occupied | Financing Receivables, Total Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 122 | 80 |
Commercial real estate, Other | Commercial real estate - Owner occupied | Loans Not Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 243,616 | 223,697 |
Commercial, Commercial and industrial | Commercial | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 337,215 | 347,819 |
Commercial, Commercial and industrial | Commercial | Real Estate | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 92 | 94 |
Commercial, Commercial and industrial | Commercial | Business Assets | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 467 | 867 |
Commercial, Commercial and industrial | Commercial | Vehicles | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 0 | 0 |
Commercial, Commercial and industrial | Commercial | Cash | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 0 | 0 |
Commercial, Commercial and industrial | Commercial | Financing Receivables, 30 to 59 Days Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 642 | 540 |
Commercial, Commercial and industrial | Commercial | Financing Receivables, 60 to 89 Days Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 281 | 199 |
Commercial, Commercial and industrial | Commercial | Financing Receivables, Equal to Greater than 90 Days Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 1,353 | 1,802 |
Commercial, Commercial and industrial | Commercial | Financing Receivables, Total Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 2,276 | 2,541 |
Commercial, Commercial and industrial | Commercial | Loans Not Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 334,939 | 345,278 |
Commercial, Agricultural | Commercial | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 59,405 | 59,075 |
Commercial, Agricultural | Commercial | Real Estate | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 0 | 0 |
Commercial, Agricultural | Commercial | Business Assets | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 192 | 203 |
Commercial, Agricultural | Commercial | Vehicles | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 0 | 0 |
Commercial, Agricultural | Commercial | Cash | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 0 | 0 |
Commercial, Agricultural | Commercial | Financing Receivables, 30 to 59 Days Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 321 | 292 |
Commercial, Agricultural | Commercial | Financing Receivables, 60 to 89 Days Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 2 | 40 |
Commercial, Agricultural | Commercial | Financing Receivables, Equal to Greater than 90 Days Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 479 | 520 |
Commercial, Agricultural | Commercial | Financing Receivables, Total Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 802 | 852 |
Commercial, Agricultural | Commercial | Loans Not Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 58,603 | 58,223 |
Residential real estate, 1-4 family residential | Residential real estate -1-4 family | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 836,205 | 843,561 |
Residential real estate, 1-4 family residential | Residential real estate -1-4 family | Real Estate | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 3,388 | 3,352 |
Residential real estate, 1-4 family residential | Residential real estate -1-4 family | Business Assets | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 0 | 0 |
Residential real estate, 1-4 family residential | Residential real estate -1-4 family | Vehicles | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 0 | 0 |
Residential real estate, 1-4 family residential | Residential real estate -1-4 family | Cash | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 0 | 0 |
Residential real estate, 1-4 family residential | Residential real estate -1-4 family | Financing Receivables, 30 to 59 Days Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 7,404 | 6,819 |
Residential real estate, 1-4 family residential | Residential real estate -1-4 family | Financing Receivables, 60 to 89 Days Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 2,189 | 4,488 |
Residential real estate, 1-4 family residential | Residential real estate -1-4 family | Financing Receivables, Equal to Greater than 90 Days Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 4,413 | 3,817 |
Residential real estate, 1-4 family residential | Residential real estate -1-4 family | Financing Receivables, Total Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 14,006 | 15,124 |
Residential real estate, 1-4 family residential | Residential real estate -1-4 family | Loans Not Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 822,199 | 828,437 |
Residential real estate, Home equity lines of credit | Residential real estate -1-4 family | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 143,742 | 142,471 |
Residential real estate, Home equity lines of credit | Residential real estate -1-4 family | Real Estate | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 252 | 294 |
Residential real estate, Home equity lines of credit | Residential real estate -1-4 family | Business Assets | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 0 | 0 |
Residential real estate, Home equity lines of credit | Residential real estate -1-4 family | Vehicles | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 0 | 0 |
Residential real estate, Home equity lines of credit | Residential real estate -1-4 family | Cash | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 0 | 0 |
Residential real estate, Home equity lines of credit | Residential real estate -1-4 family | Financing Receivables, 30 to 59 Days Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 288 | 729 |
Residential real estate, Home equity lines of credit | Residential real estate -1-4 family | Financing Receivables, 60 to 89 Days Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 268 | 34 |
Residential real estate, Home equity lines of credit | Residential real estate -1-4 family | Financing Receivables, Equal to Greater than 90 Days Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 445 | 519 |
Residential real estate, Home equity lines of credit | Residential real estate -1-4 family | Financing Receivables, Total Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 1,001 | 1,282 |
Residential real estate, Home equity lines of credit | Residential real estate -1-4 family | Loans Not Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 142,741 | 141,189 |
Consumer, Indirect | Consumer | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 232,967 | 234,886 |
Consumer, Indirect | Consumer | Real Estate | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 0 | 0 |
Consumer, Indirect | Consumer | Business Assets | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 0 | 0 |
Consumer, Indirect | Consumer | Vehicles | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 68 | 53 |
Consumer, Indirect | Consumer | Cash | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 0 | 0 |
Consumer, Indirect | Consumer | Financing Receivables, 30 to 59 Days Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 1,410 | 2,045 |
Consumer, Indirect | Consumer | Financing Receivables, 60 to 89 Days Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 458 | 289 |
Consumer, Indirect | Consumer | Financing Receivables, Equal to Greater than 90 Days Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 353 | 447 |
Consumer, Indirect | Consumer | Financing Receivables, Total Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 2,221 | 2,781 |
Consumer, Indirect | Consumer | Loans Not Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 230,746 | 232,105 |
Consumer, Direct | Consumer | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 22,651 | 23,825 |
Consumer, Direct | Consumer | Real Estate | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 0 | 0 |
Consumer, Direct | Consumer | Business Assets | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 0 | 0 |
Consumer, Direct | Consumer | Vehicles | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 17 | 19 |
Consumer, Direct | Consumer | Cash | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 66 | 66 |
Consumer, Direct | Consumer | Financing Receivables, 30 to 59 Days Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 116 | 153 |
Consumer, Direct | Consumer | Financing Receivables, 60 to 89 Days Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 35 | 23 |
Consumer, Direct | Consumer | Financing Receivables, Equal to Greater than 90 Days Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 138 | 135 |
Consumer, Direct | Consumer | Financing Receivables, Total Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 289 | 311 |
Consumer, Direct | Consumer | Loans Not Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 22,362 | 23,514 |
Consumer, Other | Consumer | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 9,292 | 9,164 |
Consumer, Other | Consumer | Real Estate | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 0 | 0 |
Consumer, Other | Consumer | Business Assets | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 0 | 0 |
Consumer, Other | Consumer | Vehicles | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 0 | 0 |
Consumer, Other | Consumer | Cash | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 0 | 0 |
Consumer, Other | Consumer | Financing Receivables, 30 to 59 Days Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 6 | 4 |
Consumer, Other | Consumer | Financing Receivables, 60 to 89 Days Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 0 | 0 |
Consumer, Other | Consumer | Financing Receivables, Equal to Greater than 90 Days Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 4 | 5 |
Consumer, Other | Consumer | Financing Receivables, Total Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 10 | 9 |
Consumer, Other | Consumer | Loans Not Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | $ 9,282 | $ 9,155 |
Loan Restructurings (Details)
Loan Restructurings (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Financing Receivable Modifications [Line Items] | ||
Amortized Cost Basis | $ 103 | |
% of Total class of Financing receivable | 0% | |
Payment Deferral | ||
Financing Receivable Modifications [Line Items] | ||
Amortized Cost Basis | $ 0 | |
Principal Forgiveness | ||
Financing Receivable Modifications [Line Items] | ||
Amortized Cost Basis | 74 | |
Interest Rate Reduction | ||
Financing Receivable Modifications [Line Items] | ||
Amortized Cost Basis | 29 | |
Combination Term Extension and Interest Rate Reduction | ||
Financing Receivable Modifications [Line Items] | ||
Amortized Cost Basis | 0 | |
Commercial | ||
Financing Receivable Modifications [Line Items] | ||
Amortized Cost Basis | $ 50 | |
% of Total class of Financing receivable | 0% | |
Commercial | Payment Deferral | ||
Financing Receivable Modifications [Line Items] | ||
Amortized Cost Basis | $ 50 | |
Commercial | Principal Forgiveness | ||
Financing Receivable Modifications [Line Items] | ||
Amortized Cost Basis | 0 | |
Commercial | Interest Rate Reduction | ||
Financing Receivable Modifications [Line Items] | ||
Amortized Cost Basis | 0 | |
Commercial | Combination Term Extension and Interest Rate Reduction | ||
Financing Receivable Modifications [Line Items] | ||
Amortized Cost Basis | 0 | |
Commercial | Commercial, Commercial and industrial | ||
Financing Receivable Modifications [Line Items] | ||
Amortized Cost Basis | $ 50 | |
% of Total class of Financing receivable | 0.01% | |
Commercial | Commercial, Commercial and industrial | Payment Deferral | ||
Financing Receivable Modifications [Line Items] | ||
Amortized Cost Basis | $ 50 | |
Commercial | Commercial, Commercial and industrial | Principal Forgiveness | ||
Financing Receivable Modifications [Line Items] | ||
Amortized Cost Basis | 0 | |
Commercial | Commercial, Commercial and industrial | Interest Rate Reduction | ||
Financing Receivable Modifications [Line Items] | ||
Amortized Cost Basis | 0 | |
Commercial | Commercial, Commercial and industrial | Combination Term Extension and Interest Rate Reduction | ||
Financing Receivable Modifications [Line Items] | ||
Amortized Cost Basis | $ 0 | |
Commercial | Commercial real estate, Non-owner occupied | ||
Financing Receivable Modifications [Line Items] | ||
Amortized Cost Basis | $ 74 | |
% of Total class of Financing receivable | 0.01% | |
Commercial | Commercial real estate, Non-owner occupied | Payment Deferral | ||
Financing Receivable Modifications [Line Items] | ||
Amortized Cost Basis | $ 0 | |
Commercial | Commercial real estate, Non-owner occupied | Principal Forgiveness | ||
Financing Receivable Modifications [Line Items] | ||
Amortized Cost Basis | 74 | |
Commercial | Commercial real estate, Non-owner occupied | Interest Rate Reduction | ||
Financing Receivable Modifications [Line Items] | ||
Amortized Cost Basis | 0 | |
Commercial | Commercial real estate, Non-owner occupied | Combination Term Extension and Interest Rate Reduction | ||
Financing Receivable Modifications [Line Items] | ||
Amortized Cost Basis | 0 | |
Residential Real Estate | Payment Deferral | ||
Financing Receivable Modifications [Line Items] | ||
Amortized Cost Basis | 0 | |
Residential Real Estate | Principal Forgiveness | ||
Financing Receivable Modifications [Line Items] | ||
Amortized Cost Basis | 0 | |
Residential Real Estate | Interest Rate Reduction | ||
Financing Receivable Modifications [Line Items] | ||
Amortized Cost Basis | 30 | |
Residential Real Estate | Combination Term Extension and Interest Rate Reduction | ||
Financing Receivable Modifications [Line Items] | ||
Amortized Cost Basis | 0 | |
Residential Real Estate | Residential real estate, 1-4 family residential | Payment Deferral | ||
Financing Receivable Modifications [Line Items] | ||
Amortized Cost Basis | 0 | |
Residential Real Estate | Residential real estate, 1-4 family residential | Principal Forgiveness | ||
Financing Receivable Modifications [Line Items] | ||
Amortized Cost Basis | 0 | |
Residential Real Estate | Residential real estate, 1-4 family residential | Interest Rate Reduction | ||
Financing Receivable Modifications [Line Items] | ||
Amortized Cost Basis | 30 | |
Residential Real Estate | Residential real estate, 1-4 family residential | Combination Term Extension and Interest Rate Reduction | ||
Financing Receivable Modifications [Line Items] | ||
Amortized Cost Basis | 0 | |
Residential Real Estate | Residential real estate, Home equity lines of credit | ||
Financing Receivable Modifications [Line Items] | ||
Amortized Cost Basis | $ 29 | |
% of Total class of Financing receivable | 0.02% | |
Residential Real Estate | Residential real estate, Home equity lines of credit | Payment Deferral | ||
Financing Receivable Modifications [Line Items] | ||
Amortized Cost Basis | $ 0 | |
Residential Real Estate | Residential real estate, Home equity lines of credit | Principal Forgiveness | ||
Financing Receivable Modifications [Line Items] | ||
Amortized Cost Basis | 0 | |
Residential Real Estate | Residential real estate, Home equity lines of credit | Interest Rate Reduction | ||
Financing Receivable Modifications [Line Items] | ||
Amortized Cost Basis | 29 | |
Residential Real Estate | Residential real estate, Home equity lines of credit | Combination Term Extension and Interest Rate Reduction | ||
Financing Receivable Modifications [Line Items] | ||
Amortized Cost Basis | $ 0 |
Loan Restructurings (Details 1)
Loan Restructurings (Details 1) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Commercial | Commercial, Commercial and industrial | Payment Deferral | ||
Financing Receivable, Modified [Line Items] | ||
Weighted-Average Years Added to the Life | 6 months | |
Commercial | Commercial real estate, Non-owner occupied | Principal Forgiviness [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Reduction of Amortized Cost Basis of the Loans | $ 152 | |
Residential Real Estate | Residential real estate, Home equity lines of credit | Interest Rate Reduction | Maximum | ||
Financing Receivable, Modified [Line Items] | ||
Weighted-Average Contractual Interest Rate | 10.25% | |
Residential Real Estate | Residential real estate, Home equity lines of credit | Interest Rate Reduction | Minimum | ||
Financing Receivable, Modified [Line Items] | ||
Weighted-Average Contractual Interest Rate | 5% |
Loan Restructurings (Details 2)
Loan Restructurings (Details 2) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Financing Receivable Modifications [Line Items] | ||
Payment status (Amortized cost Basis) | $ 103 | |
Current | ||
Financing Receivable Modifications [Line Items] | ||
Payment status (Amortized cost Basis) | 103 | $ 50 |
30-89 Days Past due | ||
Financing Receivable Modifications [Line Items] | ||
Payment status (Amortized cost Basis) | 0 | 0 |
90+ Days Past due | ||
Financing Receivable Modifications [Line Items] | ||
Payment status (Amortized cost Basis) | 0 | 0 |
Commercial | ||
Financing Receivable Modifications [Line Items] | ||
Payment status (Amortized cost Basis) | 50 | |
Commercial | Commercial, Commercial and industrial | ||
Financing Receivable Modifications [Line Items] | ||
Payment status (Amortized cost Basis) | 50 | |
Commercial | Commercial real estate, Non-owner occupied | ||
Financing Receivable Modifications [Line Items] | ||
Payment status (Amortized cost Basis) | 74 | |
Accruing restructured loans | Current | ||
Financing Receivable Modifications [Line Items] | ||
Payment status (Amortized cost Basis) | 0 | 50 |
Accruing restructured loans | 30-89 Days Past due | ||
Financing Receivable Modifications [Line Items] | ||
Payment status (Amortized cost Basis) | 0 | 0 |
Accruing restructured loans | 90+ Days Past due | ||
Financing Receivable Modifications [Line Items] | ||
Payment status (Amortized cost Basis) | 0 | 0 |
Accruing restructured loans | Commercial | Commercial, Commercial and industrial | Current | ||
Financing Receivable Modifications [Line Items] | ||
Payment status (Amortized cost Basis) | 50 | |
Accruing restructured loans | Commercial | Commercial, Commercial and industrial | 30-89 Days Past due | ||
Financing Receivable Modifications [Line Items] | ||
Payment status (Amortized cost Basis) | 0 | |
Accruing restructured loans | Commercial | Commercial, Commercial and industrial | 90+ Days Past due | ||
Financing Receivable Modifications [Line Items] | ||
Payment status (Amortized cost Basis) | 0 | |
Nonaccrual restructured loans | Current | ||
Financing Receivable Modifications [Line Items] | ||
Payment status (Amortized cost Basis) | 103 | 0 |
Nonaccrual restructured loans | 30-89 Days Past due | ||
Financing Receivable Modifications [Line Items] | ||
Payment status (Amortized cost Basis) | 0 | 0 |
Nonaccrual restructured loans | 90+ Days Past due | ||
Financing Receivable Modifications [Line Items] | ||
Payment status (Amortized cost Basis) | 0 | $ 0 |
Nonaccrual restructured loans | Commercial Real Estate | Commercial real estate, Non-owner occupied | Current | ||
Financing Receivable Modifications [Line Items] | ||
Payment status (Amortized cost Basis) | 74 | |
Nonaccrual restructured loans | Commercial Real Estate | Commercial real estate, Non-owner occupied | 30-89 Days Past due | ||
Financing Receivable Modifications [Line Items] | ||
Payment status (Amortized cost Basis) | 0 | |
Nonaccrual restructured loans | Commercial Real Estate | Commercial real estate, Non-owner occupied | 90+ Days Past due | ||
Financing Receivable Modifications [Line Items] | ||
Payment status (Amortized cost Basis) | 0 | |
Nonaccrual restructured loans | Residential Real Estate | Residential real estate, Home equity lines of credit | Current | ||
Financing Receivable Modifications [Line Items] | ||
Payment status (Amortized cost Basis) | 29 | |
Nonaccrual restructured loans | Residential Real Estate | Residential real estate, Home equity lines of credit | 30-89 Days Past due | ||
Financing Receivable Modifications [Line Items] | ||
Payment status (Amortized cost Basis) | 0 | |
Nonaccrual restructured loans | Residential Real Estate | Residential real estate, Home equity lines of credit | 90+ Days Past due | ||
Financing Receivable Modifications [Line Items] | ||
Payment status (Amortized cost Basis) | $ 0 |
Loan Restructurings (Details Te
Loan Restructurings (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2024 | |
Financing Receivable Modifications [Line Items] | ||
Commitments to lend any additional funds on restructured loans | $ 0 | |
Loans modified as default | $ 0 | |
ASU 2022-02 | ||
Financing Receivable Modifications [Line Items] | ||
Change in accounting principle, accounting standards update, adopted [true false] | true | |
Change in accounting principle, accounting standards update, adoption date | Jan. 01, 2023 |
Credit Quality Indicators (Deta
Credit Quality Indicators (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | |
Financing Receivable Recorded Investment [Line Items] | ||||
Maximum commercial loan and commercial real estate relationships | $ 1,000,000 | |||
Unfunded commitments | 717,000,000 | $ 753,000,000 | ||
Anticipated credit losses | 1,660,000 | 1,840,000 | ||
Increase Decrease Unfunded Commitments | 36,000,000 | |||
ACL Balance | 33,159,000 | 34,440,000 | $ 36,011,000 | $ 26,978,000 |
Less allowance for credit losses | 33,159,000 | 34,440,000 | 36,011,000 | 26,978,000 |
Provision For Anticipated Credit Losses | 180,000 | |||
Nonaccrual with no allowance for credit loss | 4,928,000 | 5,052,000 | ||
Reduction of specific reserve | 1,300,000 | |||
PCD Loans | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
ACL Balance | 780,000 | |||
Decrease of loan balance | 34,096,000 | |||
Less allowance for credit losses | $ 780,000 | |||
ASU 2016-13 | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Change in accounting principle, accounting standards update, adopted [true false] | true | |||
Commercial real estate - Owner occupied | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
ACL Balance | $ 17,481,000 | 18,150,000 | 19,819,000 | 14,840,000 |
Less allowance for credit losses | 17,481,000 | 18,150,000 | $ 19,819,000 | $ 14,840,000 |
Residential real estate, 1-4 family residential | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Other real estate owned properties | 58,000 | 92,000 | ||
Other real estate properties in foreclosure | 271,000 | 207,000 | ||
Commercial real estate, Non-owner occupied | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Nonaccrual with no allowance for credit loss | 1,630,000 | |||
Commercial real estate, Non-owner occupied | Commercial real estate - Owner occupied | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Nonaccrual with no allowance for credit loss | 0 | $ 1,630,000 | ||
Commercial real estate, Non-owner occupied | Commercial real estate - Owner occupied | PCD Loans | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
ACL Balance | 618,000 | |||
Decrease of loan balance | 30,441,000 | |||
Less allowance for credit losses | $ 618,000 |
Credit Quality Indicators (De_2
Credit Quality Indicators (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loans by class of loans | $ 1,936,461 | $ 1,944,220 |
Pass | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loans by class of loans | 1,839,017 | 1,843,047 |
Special Mention | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loans by class of loans | 38,302 | 38,229 |
Substandard | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loans by class of loans | 59,142 | 62,944 |
Commercial real estate - Owner occupied | Commercial real estate, Owner occupied | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loans by class of loans | 389,827 | 399,028 |
Commercial real estate - Owner occupied | Commercial real estate, Owner occupied | Pass | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loans by class of loans | 378,483 | 386,015 |
Commercial real estate - Owner occupied | Commercial real estate, Owner occupied | Special Mention | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loans by class of loans | 8,237 | 9,628 |
Commercial real estate - Owner occupied | Commercial real estate, Owner occupied | Substandard | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loans by class of loans | 3,107 | 3,385 |
Commercial real estate - Owner occupied | Commercial real estate, Non-owner occupied | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loans by class of loans | 704,702 | 711,795 |
Commercial real estate - Owner occupied | Commercial real estate, Non-owner occupied | Pass | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loans by class of loans | 643,226 | 648,063 |
Commercial real estate - Owner occupied | Commercial real estate, Non-owner occupied | Special Mention | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loans by class of loans | 28,110 | 27,938 |
Commercial real estate - Owner occupied | Commercial real estate, Non-owner occupied | Substandard | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loans by class of loans | 33,366 | 35,794 |
Commercial real estate - Owner occupied | Commercial farmland | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loans by class of loans | 201,574 | 202,726 |
Commercial real estate - Owner occupied | Commercial farmland | Pass | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loans by class of loans | 199,187 | 200,240 |
Commercial real estate - Owner occupied | Commercial farmland | Special Mention | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loans by class of loans | 0 | 0 |
Commercial real estate - Owner occupied | Commercial farmland | Substandard | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loans by class of loans | 2,387 | 2,486 |
Commercial real estate - Owner occupied | Commercial real estate, Other | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loans by class of loans | 243,738 | 223,777 |
Commercial real estate - Owner occupied | Commercial real estate, Other | Pass | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loans by class of loans | 235,405 | 215,459 |
Commercial real estate - Owner occupied | Commercial real estate, Other | Special Mention | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loans by class of loans | 0 | 0 |
Commercial real estate - Owner occupied | Commercial real estate, Other | Substandard | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loans by class of loans | 8,333 | 8,318 |
Commercial | Commercial and industrial | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loans by class of loans | 337,215 | 347,819 |
Commercial | Commercial and industrial | Pass | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loans by class of loans | 323,823 | 334,764 |
Commercial | Commercial and industrial | Special Mention | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loans by class of loans | 1,955 | 646 |
Commercial | Commercial and industrial | Substandard | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loans by class of loans | 11,437 | 12,409 |
Commercial | Commercial, Agricultural | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loans by class of loans | 59,405 | 59,075 |
Commercial | Commercial, Agricultural | Pass | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loans by class of loans | 58,893 | 58,506 |
Commercial | Commercial, Agricultural | Special Mention | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loans by class of loans | 0 | 17 |
Commercial | Commercial, Agricultural | Substandard | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loans by class of loans | $ 512 | $ 552 |
Credit Quality Indicators (De_3
Credit Quality Indicators (Details 1) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Financing Receivable Recorded Investment [Line Items] | ||
Loans | $ 3,181,318 | $ 3,198,127 |
Residential real estate -1-4 family | Residential real estate, 1-4 family residential | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 836,205 | 843,561 |
Residential real estate -1-4 family | Residential real estate, 1-4 family residential | Performing Financing Receivable | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 831,792 | 839,744 |
Residential real estate -1-4 family | Residential real estate, 1-4 family residential | Nonperforming Financing Receivable | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 4,413 | 3,817 |
Residential real estate -1-4 family | Residential real estate, Home equity lines of credit | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 143,742 | 142,471 |
Residential real estate -1-4 family | Residential real estate, Home equity lines of credit | Performing Financing Receivable | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 143,297 | 141,952 |
Residential real estate -1-4 family | Residential real estate, Home equity lines of credit | Nonperforming Financing Receivable | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 445 | 519 |
Consumer | Consumer, Indirect | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 232,967 | 234,886 |
Consumer | Consumer, Indirect | Performing Financing Receivable | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 232,614 | 234,439 |
Consumer | Consumer, Indirect | Nonperforming Financing Receivable | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 353 | 447 |
Consumer | Consumer, Direct | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 22,651 | 23,825 |
Consumer | Consumer, Direct | Performing Financing Receivable | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 22,513 | 23,690 |
Consumer | Consumer, Direct | Nonperforming Financing Receivable | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 138 | 135 |
Consumer | Consumer, Other | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 9,292 | 9,164 |
Consumer | Consumer, Other | Performing Financing Receivable | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 9,288 | 9,159 |
Consumer | Consumer, Other | Nonperforming Financing Receivable | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | $ 4 | $ 5 |
Credit Quality Indicators (De_4
Credit Quality Indicators (Details 2) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Financing Receivable Recorded Investment [Line Items] | ||
Total | $ 3,181,318 | $ 3,198,127 |
Commercial real estate - Owner occupied | ||
Financing Receivable Recorded Investment [Line Items] | ||
2024 | 1,479 | 57,983 |
2023 | 59,963 | 58,471 |
2022 | 57,563 | 66,205 |
2021 | 65,103 | 50,812 |
2020 | 49,759 | 49,339 |
Prior | 153,271 | 113,088 |
Revolving Loans | 2,689 | 3,130 |
Total | 389,827 | 399,028 |
Gross write-offs, 2024 | 0 | 0 |
Gross write-offs, 2023 | 0 | 0 |
Gross write-offs, 2022 | 0 | 0 |
Gross write-offs, 2021 | 0 | 0 |
Gross write-offs, 2020 | 0 | 1 |
Gross write-offs, Prior | 0 | 0 |
Gross write-offs, Revolving Loans | 0 | 0 |
Gross write-offs | 0 | 1 |
Commercial real estate - Owner occupied | Pass | ||
Financing Receivable Recorded Investment [Line Items] | ||
2024 | 1,479 | 57,983 |
2023 | 59,963 | 58,178 |
2022 | 57,271 | 66,205 |
2021 | 65,103 | 42,023 |
2020 | 42,060 | 48,849 |
Prior | 150,109 | 109,831 |
Revolving Loans | 2,498 | 2,946 |
Total | 378,483 | 386,015 |
Commercial real estate - Owner occupied | Special Mention | ||
Financing Receivable Recorded Investment [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 293 |
2022 | 0 | 0 |
2021 | 0 | 8,779 |
2020 | 7,691 | 0 |
Prior | 546 | 556 |
Revolving Loans | 0 | 0 |
Total | 8,237 | 9,628 |
Commercial real estate - Owner occupied | Substandard | ||
Financing Receivable Recorded Investment [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 292 | 0 |
2021 | 0 | 10 |
2020 | 8 | 490 |
Prior | 2,616 | 2,701 |
Revolving Loans | 191 | 184 |
Total | 3,107 | 3,385 |
Commercial real estate - Other | ||
Financing Receivable Recorded Investment [Line Items] | ||
2024 | 2,938 | 68,911 |
2023 | 82,299 | 56,753 |
2022 | 66,062 | 47,895 |
2021 | 47,106 | 17,249 |
2020 | 17,175 | 8,516 |
Prior | 26,849 | 23,401 |
Revolving Loans | 1,309 | 1,052 |
Total | 243,738 | 223,777 |
Gross write-offs, 2024 | 0 | 0 |
Gross write-offs, 2023 | 0 | 0 |
Gross write-offs, 2022 | 0 | 0 |
Gross write-offs, 2021 | 0 | 0 |
Gross write-offs, 2020 | 0 | 0 |
Gross write-offs, Prior | 0 | 0 |
Gross write-offs, Revolving Loans | 0 | 0 |
Gross write-offs | 0 | 0 |
Commercial real estate - Other | Pass | ||
Financing Receivable Recorded Investment [Line Items] | ||
2024 | 2,938 | 68,911 |
2023 | 82,299 | 56,753 |
2022 | 66,062 | 47,895 |
2021 | 47,106 | 9,063 |
2020 | 8,961 | 8,516 |
Prior | 26,730 | 23,269 |
Revolving Loans | 1,309 | 1,052 |
Total | 235,405 | 215,459 |
Commercial real estate - Other | Special Mention | ||
Financing Receivable Recorded Investment [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Total | 0 | 0 |
Commercial real estate - Other | Substandard | ||
Financing Receivable Recorded Investment [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 8,186 |
2020 | 8,214 | 0 |
Prior | 119 | 132 |
Revolving Loans | 0 | 0 |
Total | 8,333 | 8,318 |
Commercial real estate - Non-owner occupied | ||
Financing Receivable Recorded Investment [Line Items] | ||
2024 | 5,408 | 49,177 |
2023 | 49,933 | 135,433 |
2022 | 132,435 | 104,316 |
2021 | 103,604 | 87,750 |
2020 | 84,212 | 91,136 |
Prior | 319,274 | 232,740 |
Revolving Loans | 9,836 | 11,243 |
Total | 704,702 | 711,795 |
Gross write-offs, 2024 | 0 | 0 |
Gross write-offs, 2023 | 0 | 0 |
Gross write-offs, 2022 | 0 | 0 |
Gross write-offs, 2021 | 0 | 0 |
Gross write-offs, 2020 | 146 | 144 |
Gross write-offs, Prior | 0 | 201 |
Gross write-offs, Revolving Loans | 0 | 0 |
Gross write-offs | 146 | 345 |
Commercial real estate - Non-owner occupied | Pass | ||
Financing Receivable Recorded Investment [Line Items] | ||
2024 | 5,408 | 49,177 |
2023 | 49,933 | 135,433 |
2022 | 132,435 | 88,188 |
2021 | 87,279 | 77,713 |
2020 | 75,428 | 81,079 |
Prior | 283,327 | 205,729 |
Revolving Loans | 9,416 | 10,744 |
Total | 643,226 | 648,063 |
Commercial real estate - Non-owner occupied | Special Mention | ||
Financing Receivable Recorded Investment [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 12,156 |
2021 | 12,356 | 0 |
2020 | 0 | 6,565 |
Prior | 15,754 | 9,217 |
Revolving Loans | 0 | 0 |
Total | 28,110 | 27,938 |
Commercial real estate - Non-owner occupied | Substandard | ||
Financing Receivable Recorded Investment [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 3,972 |
2021 | 3,969 | 10,037 |
2020 | 8,784 | 3,492 |
Prior | 20,193 | 17,794 |
Revolving Loans | 420 | 499 |
Total | 33,366 | 35,794 |
Commercial and industrial | ||
Financing Receivable Recorded Investment [Line Items] | ||
2024 | 10,519 | 91,002 |
2023 | 87,741 | 88,947 |
2022 | 81,494 | 41,779 |
2021 | 36,759 | 22,219 |
2020 | 18,669 | 10,813 |
Prior | 30,256 | 23,729 |
Revolving Loans | 71,777 | 69,330 |
Total | 337,215 | 347,819 |
Gross write-offs, 2024 | 0 | 0 |
Gross write-offs, 2023 | 88 | 178 |
Gross write-offs, 2022 | 31 | 579 |
Gross write-offs, 2021 | 18 | 11 |
Gross write-offs, 2020 | 17 | 16 |
Gross write-offs, Prior | 126 | 394 |
Gross write-offs, Revolving Loans | 313 | 0 |
Gross write-offs | 593 | 1,178 |
Commercial and industrial | Pass | ||
Financing Receivable Recorded Investment [Line Items] | ||
2024 | 10,519 | 90,807 |
2023 | 87,678 | 85,255 |
2022 | 77,841 | 40,444 |
2021 | 35,474 | 21,794 |
2020 | 18,454 | 9,736 |
Prior | 28,830 | 23,030 |
Revolving Loans | 65,027 | 63,698 |
Total | 323,823 | 334,764 |
Commercial and industrial | Special Mention | ||
Financing Receivable Recorded Investment [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 141 |
2022 | 124 | 355 |
2021 | 271 | 21 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans | 1,560 | 129 |
Total | 1,955 | 646 |
Commercial and industrial | Substandard | ||
Financing Receivable Recorded Investment [Line Items] | ||
2024 | 0 | 195 |
2023 | 63 | 3,551 |
2022 | 3,529 | 980 |
2021 | 1,014 | 404 |
2020 | 215 | 1,077 |
Prior | 1,426 | 699 |
Revolving Loans | 5,190 | 5,503 |
Total | 11,437 | 12,409 |
Commercial real estates - Farmland | ||
Financing Receivable Recorded Investment [Line Items] | ||
2024 | 6,190 | 22,576 |
2023 | 20,108 | 40,101 |
2022 | 39,777 | 21,220 |
2021 | 21,023 | 34,036 |
2020 | 33,232 | 18,660 |
Prior | 78,516 | 62,030 |
Revolving Loans | 2,728 | 4,103 |
Total | 201,574 | 202,726 |
Gross write-offs, 2024 | 0 | 0 |
Gross write-offs, 2023 | 0 | 0 |
Gross write-offs, 2022 | 0 | 0 |
Gross write-offs, 2021 | 0 | 0 |
Gross write-offs, 2020 | 0 | 0 |
Gross write-offs, Prior | 0 | 3 |
Gross write-offs, Revolving Loans | 0 | 0 |
Gross write-offs | 0 | 3 |
Commercial real estates - Farmland | Pass | ||
Financing Receivable Recorded Investment [Line Items] | ||
2024 | 6,190 | 22,576 |
2023 | 20,108 | 40,101 |
2022 | 39,777 | 20,890 |
2021 | 20,697 | 34,036 |
2020 | 33,232 | 18,634 |
Prior | 76,455 | 59,900 |
Revolving Loans | 2,728 | 4,103 |
Total | 199,187 | 200,240 |
Commercial real estates - Farmland | Special Mention | ||
Financing Receivable Recorded Investment [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Total | 0 | 0 |
Commercial real estates - Farmland | Substandard | ||
Financing Receivable Recorded Investment [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 330 |
2021 | 326 | 0 |
2020 | 0 | 26 |
Prior | 2,061 | 2,130 |
Revolving Loans | 0 | 0 |
Total | 2,387 | 2,486 |
Commercial - Agricultural | ||
Financing Receivable Recorded Investment [Line Items] | ||
2024 | 2,424 | 13,738 |
2023 | 13,794 | 17,401 |
2022 | 16,279 | 9,035 |
2021 | 8,008 | 3,809 |
2020 | 3,449 | 1,410 |
Prior | 2,095 | 1,285 |
Revolving Loans | 13,356 | 12,397 |
Total | 59,405 | 59,075 |
Gross write-offs, 2024 | 0 | 0 |
Gross write-offs, 2023 | 0 | 15 |
Gross write-offs, 2022 | 36 | 70 |
Gross write-offs, 2021 | 13 | 3 |
Gross write-offs, 2020 | 0 | 0 |
Gross write-offs, Prior | 1 | 6 |
Gross write-offs, Revolving Loans | 0 | 0 |
Gross write-offs | 50 | 94 |
Commercial - Agricultural | Pass | ||
Financing Receivable Recorded Investment [Line Items] | ||
2024 | 2,424 | 13,738 |
2023 | 13,792 | 17,368 |
2022 | 16,247 | 8,917 |
2021 | 7,888 | 3,584 |
2020 | 3,233 | 1,386 |
Prior | 1,953 | 1,133 |
Revolving Loans | 13,356 | 12,380 |
Total | 58,893 | 58,506 |
Commercial - Agricultural | Special Mention | ||
Financing Receivable Recorded Investment [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans | 0 | 17 |
Total | 0 | 17 |
Commercial - Agricultural | Substandard | ||
Financing Receivable Recorded Investment [Line Items] | ||
2024 | 0 | 0 |
2023 | 2 | 33 |
2022 | 32 | 118 |
2021 | 120 | 225 |
2020 | 216 | 24 |
Prior | 142 | 152 |
Revolving Loans | 0 | 0 |
Total | 512 | 552 |
Residential real estate -1-4 family | ||
Financing Receivable Recorded Investment [Line Items] | ||
2024 | 8,844 | 63,402 |
2023 | 68,468 | 171,920 |
2022 | 167,042 | 164,781 |
2021 | 162,674 | 134,634 |
2020 | 131,767 | 49,495 |
Prior | 293,413 | 255,677 |
Revolving Loans | 3,997 | 3,652 |
Total | 836,205 | 843,561 |
Gross write-offs, 2024 | 0 | 52 |
Gross write-offs, 2023 | 0 | 0 |
Gross write-offs, 2022 | 0 | 49 |
Gross write-offs, 2021 | 21 | 130 |
Gross write-offs, 2020 | 0 | 0 |
Gross write-offs, Prior | 9 | 129 |
Gross write-offs, Revolving Loans | 0 | 0 |
Gross write-offs | 30 | 360 |
Residential real estate -1-4 family | Nonperforming Financial Instruments [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2024 | 0 | 37 |
2023 | 0 | 58 |
2022 | 252 | 312 |
2021 | 451 | 1,645 |
2020 | 1,795 | 115 |
Prior | 1,915 | 1,650 |
Revolving Loans | 0 | 0 |
Total | 4,413 | 3,817 |
Residential real estate -1-4 family | Performing Financial Instruments [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2024 | 8,844 | 63,365 |
2023 | 68,468 | 171,862 |
2022 | 166,790 | 164,469 |
2021 | 162,223 | 132,989 |
2020 | 129,972 | 49,380 |
Prior | 291,498 | 254,027 |
Revolving Loans | 3,997 | 3,652 |
Total | 831,792 | 839,744 |
Residential real estate - Home equity lines of credit | ||
Financing Receivable Recorded Investment [Line Items] | ||
2024 | 0 | 0 |
2023 | 101 | 45 |
2022 | 48 | 27 |
2021 | 131 | 126 |
2020 | 110 | 51 |
Prior | 3,775 | 3,767 |
Revolving Loans | 139,577 | 138,455 |
Total | 143,742 | 142,471 |
Gross write-offs, 2024 | 0 | 0 |
Gross write-offs, 2023 | 0 | 0 |
Gross write-offs, 2022 | 0 | 0 |
Gross write-offs, 2021 | 0 | 8 |
Gross write-offs, 2020 | 0 | 0 |
Gross write-offs, Prior | 0 | 16 |
Gross write-offs, Revolving Loans | 0 | 0 |
Gross write-offs | 0 | 24 |
Residential real estate - Home equity lines of credit | Nonperforming Financial Instruments [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 26 |
2022 | 29 | 13 |
2021 | 0 | 15 |
2020 | 0 | 0 |
Prior | 416 | 465 |
Revolving Loans | 0 | 0 |
Total | 445 | 519 |
Residential real estate - Home equity lines of credit | Performing Financial Instruments [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2024 | 0 | 0 |
2023 | 101 | 19 |
2022 | 19 | 14 |
2021 | 131 | 111 |
2020 | 110 | 51 |
Prior | 3,359 | 3,302 |
Revolving Loans | 139,577 | 138,455 |
Total | 143,297 | 141,952 |
Consumer - Direct | ||
Financing Receivable Recorded Investment [Line Items] | ||
2024 | 877 | 3,552 |
2023 | 3,249 | 3,829 |
2022 | 3,373 | 2,203 |
2021 | 1,930 | 1,417 |
2020 | 1,253 | 974 |
Prior | 11,618 | 11,484 |
Revolving Loans | 351 | 366 |
Total | 22,651 | 23,825 |
Gross write-offs, 2024 | 0 | 11 |
Gross write-offs, 2023 | 0 | 38 |
Gross write-offs, 2022 | 12 | 22 |
Gross write-offs, 2021 | 0 | 51 |
Gross write-offs, 2020 | 2 | 9 |
Gross write-offs, Prior | 40 | 100 |
Gross write-offs, Revolving Loans | 0 | 0 |
Gross write-offs | 54 | 231 |
Consumer - Direct | Nonperforming Financial Instruments [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2024 | 0 | 0 |
2023 | 5 | 17 |
2022 | 7 | |
2021 | 18 | 65 |
2020 | 66 | |
Prior | 42 | 53 |
Revolving Loans | 0 | 0 |
Total | 138 | 135 |
Consumer - Direct | Performing Financial Instruments [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2024 | 877 | 3,552 |
2023 | 3,244 | 3,812 |
2022 | 3,366 | 2,203 |
2021 | 1,912 | 1,352 |
2020 | 1,187 | 974 |
Prior | 11,576 | 11,431 |
Revolving Loans | 351 | 366 |
Total | 22,513 | 23,690 |
Consumer - Indirect | ||
Financing Receivable Recorded Investment [Line Items] | ||
2024 | 16,160 | 74,479 |
2023 | 70,615 | 71,813 |
2022 | 66,136 | 32,666 |
2021 | 30,190 | 21,248 |
2020 | 19,306 | 11,421 |
Prior | 30,560 | 23,259 |
Revolving Loans | 0 | 0 |
Total | 232,967 | 234,886 |
Gross write-offs, 2024 | 10 | 33 |
Gross write-offs, 2023 | 11 | 138 |
Gross write-offs, 2022 | 41 | 71 |
Gross write-offs, 2021 | 106 | 35 |
Gross write-offs, 2020 | 77 | 23 |
Gross write-offs, Prior | 119 | 232 |
Gross write-offs, Revolving Loans | 0 | 0 |
Gross write-offs | 364 | 532 |
Consumer - Indirect | Nonperforming Financial Instruments [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2024 | 0 | 54 |
2023 | 21 | 108 |
2022 | 118 | 138 |
2021 | 107 | 85 |
2020 | 44 | 26 |
Prior | 63 | 36 |
Revolving Loans | 0 | 0 |
Total | 353 | 447 |
Consumer - Indirect | Performing Financial Instruments [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2024 | 16,160 | 74,425 |
2023 | 70,594 | 71,705 |
2022 | 66,018 | 32,528 |
2021 | 30,083 | 21,163 |
2020 | 19,262 | 11,395 |
Prior | 30,497 | 23,223 |
Revolving Loans | 0 | 0 |
Total | 232,614 | 234,439 |
Consumer - Other | ||
Financing Receivable Recorded Investment [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 1 | 60 |
2021 | 60 | 103 |
2020 | 101 | 82 |
Prior | 328 | 283 |
Revolving Loans | 8,802 | 8,636 |
Total | 9,292 | 9,164 |
Gross write-offs, 2024 | 0 | 0 |
Gross write-offs, 2023 | 0 | 0 |
Gross write-offs, 2022 | 0 | 0 |
Gross write-offs, 2021 | 0 | 0 |
Gross write-offs, 2020 | 0 | 0 |
Gross write-offs, Prior | 45 | 20 |
Gross write-offs, Revolving Loans | 0 | 149 |
Gross write-offs | 45 | 169 |
Consumer - Other | Nonperforming Financial Instruments [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 4 | 5 |
Revolving Loans | 0 | 0 |
Total | 4 | 5 |
Consumer - Other | Performing Financial Instruments [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 1 | 60 |
2021 | 60 | 103 |
2020 | 101 | 82 |
Prior | 324 | 278 |
Revolving Loans | 8,802 | 8,636 |
Total | $ 9,288 | $ 9,159 |
Credit Quality Indicators (De_5
Credit Quality Indicators (Details 3) | 3 Months Ended |
Mar. 31, 2024 | |
Home equity lines of credit | |
Financing Receivable Recorded Investment [Line Items] | |
Methodology | Cohort |
Loss Drivers | Credit Loss History |
Residential real estate -1-4 family | Residential real estate, 1-4 family residential | 1st Liens | |
Financing Receivable Recorded Investment [Line Items] | |
Methodology | Cohort |
Loss Drivers | Credit Loss History |
Residential real estate -1-4 family | Residential real estate, 1-4 family residential | 2nd Liens | |
Financing Receivable Recorded Investment [Line Items] | |
Methodology | Cohort |
Loss Drivers | Credit Loss History |
Consumer | Consumer Finance Cash Reserve Loan | |
Financing Receivable Recorded Investment [Line Items] | |
Methodology | Cohort |
Loss Drivers | Credit Loss History |
Consumer | Consumer, Direct | |
Financing Receivable Recorded Investment [Line Items] | |
Methodology | Cohort |
Loss Drivers | Credit Loss History |
Consumer | Consumer, Indirect | |
Financing Receivable Recorded Investment [Line Items] | |
Methodology | Cohort |
Loss Drivers | Credit Loss History |
Commercial | Commercial, Commercial and industrial | |
Financing Receivable Recorded Investment [Line Items] | |
Methodology | PD/LGD |
Loss Drivers | Credit Loss History |
Commercial | Commercial, Agricultural | |
Financing Receivable Recorded Investment [Line Items] | |
Methodology | PD/LGD |
Loss Drivers | Credit Loss History |
Commercial | Commercial, municipal | |
Financing Receivable Recorded Investment [Line Items] | |
Methodology | PD/LGD |
Loss Drivers | Credit Loss History |
Commercial real estate - Owner occupied | Commercial real estate, multifamily | |
Financing Receivable Recorded Investment [Line Items] | |
Methodology | PD/LGD |
Loss Drivers | Credit Loss History |
Commercial real estate - Owner occupied | Commercial real estate, Owner occupied | |
Financing Receivable Recorded Investment [Line Items] | |
Methodology | PD/LGD |
Loss Drivers | Credit Loss History |
Commercial real estate - Owner occupied | Commercial real estate, Non-owner occupied | |
Financing Receivable Recorded Investment [Line Items] | |
Methodology | PD/LGD |
Loss Drivers | Credit Loss History |
Commercial real estate - Owner occupied | Commercial real estate, Farmland | |
Financing Receivable Recorded Investment [Line Items] | |
Methodology | PD/LGD |
Loss Drivers | Credit Loss History |
Commercial real estate - Owner occupied | Commercial real estate, construction | |
Financing Receivable Recorded Investment [Line Items] | |
Methodology | PD/LGD |
Loss Drivers | Credit Loss History |
Credit Quality Indicators (De_6
Credit Quality Indicators (Details 5) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Loans And Leases Receivable Disclosure [Line Items] | ||||
ACL Balance | $ 33,159 | $ 34,440 | $ 36,011 | $ 26,978 |
PCD Loans | ||||
Loans And Leases Receivable Disclosure [Line Items] | ||||
Loan balances | 34,096 | |||
ACL Balance | 780 | |||
Commercial real estate - Owner occupied | ||||
Loans And Leases Receivable Disclosure [Line Items] | ||||
ACL Balance | 17,481 | 18,150 | 19,819 | 14,840 |
Commercial real estate - Owner occupied | Commercial real estate, Owner occupied | PCD Loans | ||||
Loans And Leases Receivable Disclosure [Line Items] | ||||
Loan balances | 386 | |||
ACL Balance | 17 | |||
Commercial real estate - Owner occupied | Commercial real estate, Non-owner occupied | PCD Loans | ||||
Loans And Leases Receivable Disclosure [Line Items] | ||||
Loan balances | 30,441 | |||
ACL Balance | 618 | |||
Commercial real estate - Owner occupied | Commercial real estate, Farmland | PCD Loans | ||||
Loans And Leases Receivable Disclosure [Line Items] | ||||
Loan balances | 7 | |||
ACL Balance | 0 | |||
Commercial | ||||
Loans And Leases Receivable Disclosure [Line Items] | ||||
ACL Balance | 4,543 | 5,087 | 5,230 | 4,186 |
Commercial | Commercial, Commercial and industrial | PCD Loans | ||||
Loans And Leases Receivable Disclosure [Line Items] | ||||
Loan balances | 1,960 | |||
ACL Balance | 132 | |||
Commercial | Commercial, Agricultural | PCD Loans | ||||
Loans And Leases Receivable Disclosure [Line Items] | ||||
Loan balances | 117 | |||
ACL Balance | 7 | |||
Residential real estate -1-4 family | ||||
Loans And Leases Receivable Disclosure [Line Items] | ||||
ACL Balance | 6,840 | $ 6,916 | $ 6,732 | $ 4,374 |
Residential real estate -1-4 family | Residential real estate, 1-4 family residential | PCD Loans | ||||
Loans And Leases Receivable Disclosure [Line Items] | ||||
Loan balances | 1,182 | |||
ACL Balance | 6 | |||
Residential real estate -1-4 family | Residential real estate, Home equity lines of credit | PCD Loans | ||||
Loans And Leases Receivable Disclosure [Line Items] | ||||
Loan balances | 3 | |||
ACL Balance | $ 0 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Disaggregation Of Revenue [Line Items] | ||
TOTAL NONINTEREST INCOME | $ 8,357 | $ 10,425 |
Service Charges on Deposit Accounts | ||
Disaggregation Of Revenue [Line Items] | ||
Noninterest income | 1,583 | 1,432 |
Debit Card and EFT Fees | ||
Disaggregation Of Revenue [Line Items] | ||
Noninterest income | 1,567 | 1,789 |
Trust Fees | ||
Disaggregation Of Revenue [Line Items] | ||
Noninterest income | 2,793 | 2,587 |
Insurance Agency Commissions | ||
Disaggregation Of Revenue [Line Items] | ||
Noninterest income | 1,528 | 1,456 |
Retirement Plan Consulting Fees | ||
Disaggregation Of Revenue [Line Items] | ||
Noninterest income | 334 | 307 |
Investment Commissions | ||
Disaggregation Of Revenue [Line Items] | ||
Noninterest income | 432 | 393 |
Operating Segments | ||
Disaggregation Of Revenue [Line Items] | ||
TOTAL NONINTEREST INCOME | 8,357 | 10,425 |
Operating Segments | Service Charges on Deposit Accounts | ||
Disaggregation Of Revenue [Line Items] | ||
Noninterest income | 1,583 | 1,432 |
Operating Segments | Debit Card and EFT Fees | ||
Disaggregation Of Revenue [Line Items] | ||
Noninterest income | 1,567 | 1,789 |
Operating Segments | Trust Fees | ||
Disaggregation Of Revenue [Line Items] | ||
Noninterest income | 2,793 | 2,587 |
Operating Segments | Insurance Agency Commissions | ||
Disaggregation Of Revenue [Line Items] | ||
Noninterest income | 1,528 | 1,456 |
Operating Segments | Retirement Plan Consulting Fees | ||
Disaggregation Of Revenue [Line Items] | ||
Noninterest income | 334 | 307 |
Operating Segments | Investment Commissions | ||
Disaggregation Of Revenue [Line Items] | ||
Noninterest income | 432 | 393 |
Operating Segments | Other | ||
Disaggregation Of Revenue [Line Items] | ||
Other (outside the scope of ASC 606) | 120 | 2,461 |
Operating Segments | Trust Segment | ||
Disaggregation Of Revenue [Line Items] | ||
TOTAL NONINTEREST INCOME | 3,127 | 2,894 |
Operating Segments | Trust Segment | Service Charges on Deposit Accounts | ||
Disaggregation Of Revenue [Line Items] | ||
Noninterest income | 0 | 0 |
Operating Segments | Trust Segment | Debit Card and EFT Fees | ||
Disaggregation Of Revenue [Line Items] | ||
Noninterest income | 0 | 0 |
Operating Segments | Trust Segment | Trust Fees | ||
Disaggregation Of Revenue [Line Items] | ||
Noninterest income | 2,793 | 2,587 |
Operating Segments | Trust Segment | Insurance Agency Commissions | ||
Disaggregation Of Revenue [Line Items] | ||
Noninterest income | 0 | 0 |
Operating Segments | Trust Segment | Retirement Plan Consulting Fees | ||
Disaggregation Of Revenue [Line Items] | ||
Noninterest income | 334 | 307 |
Operating Segments | Trust Segment | Investment Commissions | ||
Disaggregation Of Revenue [Line Items] | ||
Noninterest income | 0 | 0 |
Operating Segments | Trust Segment | Other | ||
Disaggregation Of Revenue [Line Items] | ||
Other (outside the scope of ASC 606) | 0 | 0 |
Operating Segments | Bank Segment | ||
Disaggregation Of Revenue [Line Items] | ||
TOTAL NONINTEREST INCOME | 5,230 | 7,531 |
Operating Segments | Bank Segment | Service Charges on Deposit Accounts | ||
Disaggregation Of Revenue [Line Items] | ||
Noninterest income | 1,583 | 1,432 |
Operating Segments | Bank Segment | Debit Card and EFT Fees | ||
Disaggregation Of Revenue [Line Items] | ||
Noninterest income | 1,567 | 1,789 |
Operating Segments | Bank Segment | Trust Fees | ||
Disaggregation Of Revenue [Line Items] | ||
Noninterest income | 0 | 0 |
Operating Segments | Bank Segment | Insurance Agency Commissions | ||
Disaggregation Of Revenue [Line Items] | ||
Noninterest income | 1,528 | 1,456 |
Operating Segments | Bank Segment | Retirement Plan Consulting Fees | ||
Disaggregation Of Revenue [Line Items] | ||
Noninterest income | 0 | 0 |
Operating Segments | Bank Segment | Investment Commissions | ||
Disaggregation Of Revenue [Line Items] | ||
Noninterest income | 432 | 393 |
Operating Segments | Bank Segment | Other | ||
Disaggregation Of Revenue [Line Items] | ||
Other (outside the scope of ASC 606) | $ 120 | $ 2,461 |
Revenue from Contracts with C_4
Revenue from Contracts with Customers (Details Textual) - ASC 606 | Mar. 31, 2024 USD ($) |
Revenue From Contract With Customer [Line Items] | |
Contingent debit card interchange fees | $ 0 |
Contingent incentive fees | 0 |
Contingent commission | 0 |
Cetera | |
Revenue From Contract With Customer [Line Items] | |
Contingent investment commissions to be refunded | $ 0 |
Fair Value (Details)
Fair Value (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Financial Assets | ||
Securities available for sale | $ 1,270,149 | $ 1,299,701 |
Fair Value, Measurements, Recurring | ||
Financial Assets | ||
Total investment securities | 1,270,149 | 1,299,701 |
U.S. Treasury and U.S. government sponsored entities | ||
Financial Assets | ||
Securities available for sale | 119,147 | 127,955 |
U.S. Treasury and U.S. government sponsored entities | Fair Value, Measurements, Recurring | ||
Financial Assets | ||
Securities available for sale | 119,147 | 127,955 |
State and political subdivisions | ||
Financial Assets | ||
Securities available for sale | 517,441 | 556,169 |
State and political subdivisions | Fair Value, Measurements, Recurring | ||
Financial Assets | ||
Securities available for sale | 517,441 | 556,169 |
Corporate bonds | ||
Financial Assets | ||
Securities available for sale | 18,359 | 18,275 |
Corporate bonds | Fair Value, Measurements, Recurring | ||
Financial Assets | ||
Securities available for sale | 18,359 | 18,275 |
Mortgage-backed securities - residential | ||
Financial Assets | ||
Securities available for sale | 513,725 | 520,386 |
Mortgage-backed securities - residential | Fair Value, Measurements, Recurring | ||
Financial Assets | ||
Securities available for sale | 513,725 | 520,386 |
Collateralized mortgage obligations | ||
Financial Assets | ||
Securities available for sale | 98,730 | 73,999 |
Collateralized mortgage obligations | Fair Value, Measurements, Recurring | ||
Financial Assets | ||
Securities available for sale | 98,730 | 73,999 |
Small Business Administration | ||
Financial Assets | ||
Securities available for sale | 2,747 | 2,917 |
Small Business Administration | Fair Value, Measurements, Recurring | ||
Financial Assets | ||
Securities available for sale | 2,747 | 2,917 |
Equity securities at fair value | Fair Value, Measurements, Recurring | ||
Financial Assets | ||
Equity securities | 238 | 226 |
Interest Rate Lock Commitments | Fair Value, Measurements, Recurring | ||
Financial Assets | ||
Derivative Assets | 61 | 109 |
Mortgage banking derivative - asset | Fair Value, Measurements, Recurring | ||
Financial Liabilities | ||
Derivative liabilities | 12 | 14 |
Interest rate swaps | Fair Value, Measurements, Recurring | ||
Financial Assets | ||
Derivative Assets | $ 4,872 | $ 4,191 |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other assets | Other assets |
Financial Liabilities | ||
Derivative liabilities | $ 4,872 | $ 4,191 |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Other liabilities | Other liabilities |
Fair value hedge derivative | Fair Value, Measurements, Recurring | ||
Financial Assets | ||
Derivative Assets | $ 234 | |
Financial Liabilities | ||
Derivative liabilities | $ 836 | |
Loans held for sale | Fair Value, Measurements, Recurring | ||
Financial Assets | ||
Derivative Assets | 1,854 | 3,711 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring | ||
Financial Assets | ||
Total investment securities | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | U.S. Treasury and U.S. government sponsored entities | Fair Value, Measurements, Recurring | ||
Financial Assets | ||
Securities available for sale | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | State and political subdivisions | Fair Value, Measurements, Recurring | ||
Financial Assets | ||
Securities available for sale | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Corporate bonds | Fair Value, Measurements, Recurring | ||
Financial Assets | ||
Securities available for sale | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Mortgage-backed securities - residential | Fair Value, Measurements, Recurring | ||
Financial Assets | ||
Securities available for sale | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Collateralized mortgage obligations | Fair Value, Measurements, Recurring | ||
Financial Assets | ||
Securities available for sale | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Small Business Administration | Fair Value, Measurements, Recurring | ||
Financial Assets | ||
Securities available for sale | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Equity securities at fair value | Fair Value, Measurements, Recurring | ||
Financial Assets | ||
Equity securities | 238 | 226 |
Fair Value, Inputs, Level 1 [Member] | Interest Rate Lock Commitments | Fair Value, Measurements, Recurring | ||
Financial Assets | ||
Derivative Assets | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Mortgage banking derivative - asset | Fair Value, Measurements, Recurring | ||
Financial Liabilities | ||
Derivative liabilities | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Interest rate swaps | Fair Value, Measurements, Recurring | ||
Financial Assets | ||
Derivative Assets | 0 | 0 |
Financial Liabilities | ||
Derivative liabilities | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Fair value hedge derivative | Fair Value, Measurements, Recurring | ||
Financial Assets | ||
Derivative Assets | 0 | |
Financial Liabilities | ||
Derivative liabilities | 0 | |
Fair Value, Inputs, Level 1 [Member] | Loans held for sale | Fair Value, Measurements, Recurring | ||
Financial Assets | ||
Derivative Assets | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring | ||
Financial Assets | ||
Total investment securities | 1,268,809 | 1,298,361 |
Fair Value, Inputs, Level 2 [Member] | U.S. Treasury and U.S. government sponsored entities | Fair Value, Measurements, Recurring | ||
Financial Assets | ||
Securities available for sale | 119,147 | 127,955 |
Fair Value, Inputs, Level 2 [Member] | State and political subdivisions | Fair Value, Measurements, Recurring | ||
Financial Assets | ||
Securities available for sale | 517,441 | 556,169 |
Fair Value, Inputs, Level 2 [Member] | Corporate bonds | Fair Value, Measurements, Recurring | ||
Financial Assets | ||
Securities available for sale | 17,019 | 16,935 |
Fair Value, Inputs, Level 2 [Member] | Mortgage-backed securities - residential | Fair Value, Measurements, Recurring | ||
Financial Assets | ||
Securities available for sale | 513,725 | 520,386 |
Fair Value, Inputs, Level 2 [Member] | Collateralized mortgage obligations | Fair Value, Measurements, Recurring | ||
Financial Assets | ||
Securities available for sale | 98,730 | 73,999 |
Fair Value, Inputs, Level 2 [Member] | Small Business Administration | Fair Value, Measurements, Recurring | ||
Financial Assets | ||
Securities available for sale | 2,747 | 2,917 |
Fair Value, Inputs, Level 2 [Member] | Equity securities at fair value | Fair Value, Measurements, Recurring | ||
Financial Assets | ||
Equity securities | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Interest Rate Lock Commitments | Fair Value, Measurements, Recurring | ||
Financial Assets | ||
Derivative Assets | 61 | 109 |
Fair Value, Inputs, Level 2 [Member] | Mortgage banking derivative - asset | Fair Value, Measurements, Recurring | ||
Financial Liabilities | ||
Derivative liabilities | 12 | 14 |
Fair Value, Inputs, Level 2 [Member] | Interest rate swaps | Fair Value, Measurements, Recurring | ||
Financial Assets | ||
Derivative Assets | 4,872 | 4,191 |
Financial Liabilities | ||
Derivative liabilities | 4,872 | 4,191 |
Fair Value, Inputs, Level 2 [Member] | Fair value hedge derivative | Fair Value, Measurements, Recurring | ||
Financial Assets | ||
Derivative Assets | 234 | |
Financial Liabilities | ||
Derivative liabilities | 836 | |
Fair Value, Inputs, Level 2 [Member] | Loans held for sale | Fair Value, Measurements, Recurring | ||
Financial Assets | ||
Derivative Assets | 1,854 | 3,711 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring | ||
Financial Assets | ||
Total investment securities | 1,340 | 1,340 |
Fair Value, Inputs, Level 3 [Member] | U.S. Treasury and U.S. government sponsored entities | Fair Value, Measurements, Recurring | ||
Financial Assets | ||
Securities available for sale | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | State and political subdivisions | Fair Value, Measurements, Recurring | ||
Financial Assets | ||
Securities available for sale | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Corporate bonds | Fair Value, Measurements, Recurring | ||
Financial Assets | ||
Securities available for sale | 1,340 | 1,340 |
Fair Value, Inputs, Level 3 [Member] | Mortgage-backed securities - residential | Fair Value, Measurements, Recurring | ||
Financial Assets | ||
Securities available for sale | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Collateralized mortgage obligations | Fair Value, Measurements, Recurring | ||
Financial Assets | ||
Securities available for sale | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Small Business Administration | Fair Value, Measurements, Recurring | ||
Financial Assets | ||
Securities available for sale | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Equity securities at fair value | Fair Value, Measurements, Recurring | ||
Financial Assets | ||
Equity securities | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Interest Rate Lock Commitments | Fair Value, Measurements, Recurring | ||
Financial Assets | ||
Derivative Assets | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Mortgage banking derivative - asset | Fair Value, Measurements, Recurring | ||
Financial Liabilities | ||
Derivative liabilities | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Interest rate swaps | Fair Value, Measurements, Recurring | ||
Financial Assets | ||
Derivative Assets | 0 | 0 |
Financial Liabilities | ||
Derivative liabilities | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Fair value hedge derivative | Fair Value, Measurements, Recurring | ||
Financial Assets | ||
Derivative Assets | 0 | |
Financial Liabilities | ||
Derivative liabilities | 0 | |
Fair Value, Inputs, Level 3 [Member] | Loans held for sale | Fair Value, Measurements, Recurring | ||
Financial Assets | ||
Derivative Assets | $ 0 | $ 0 |
Fair Value (Details Textual)
Fair Value (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair value assets liabilities transfers amount between level 1 and level 2 | $ 0 | $ 0 |
Securities fair value less than amortized cost | $ 0 |
Fair Value (Details 1)
Fair Value (Details 1) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Reconciliation for all assets measured at fair value on a recurring basis using significant unobservable inputs | ||
Beginning Balance | $ 1,340 | $ 1 |
Transfers between levels | 0 | 0 |
Acquired and/or purchased | 0 | 1,615 |
Discount accretion (premium amortization) | 13 | 0 |
Repayments, calls and maturities | 0 | 0 |
Changes in unrealized gains (losses) | $ (13) | $ 0 |
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax |
Ending Balance | $ 1,340 | $ 1,616 |
Fair Value (Details 2)
Fair Value (Details 2) - Fair Value, Nonrecurring - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Commercial and industrial | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Recorded Investment | $ 267 | $ 267 |
Mortgage servicing rights | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Recorded Investment | 210 | |
Commercial real estate, Non-owner occupied | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Recorded Investment | 838 | |
1-4 family residential | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Recorded Investment | 1,547 | 1,547 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Commercial and industrial | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Recorded Investment | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Mortgage servicing rights | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Recorded Investment | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Commercial real estate, Non-owner occupied | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Recorded Investment | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | 1-4 family residential | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Recorded Investment | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Commercial and industrial | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Recorded Investment | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Mortgage servicing rights | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Recorded Investment | 0 | |
Significant Other Observable Inputs (Level 2) | Commercial real estate, Non-owner occupied | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Recorded Investment | 0 | |
Significant Other Observable Inputs (Level 2) | 1-4 family residential | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Recorded Investment | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Commercial and industrial | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Recorded Investment | 267 | 267 |
Significant Unobservable Inputs (Level 3) | Mortgage servicing rights | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Recorded Investment | 210 | |
Significant Unobservable Inputs (Level 3) | Commercial real estate, Non-owner occupied | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Recorded Investment | 838 | |
Significant Unobservable Inputs (Level 3) | 1-4 family residential | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Recorded Investment | $ 1,547 | $ 1,547 |
Fair Value (Details 3)
Fair Value (Details 3) - Fair Value, Nonrecurring $ in Thousands | Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) |
Sales Comparison Valuation | Residential Real Estate | ||
Fair value measurements for financial instruments | ||
Recorded Investment | $ 1,547 | $ 1,547 |
Sales Comparison Valuation | Residential Real Estate | Minimum | Measurement Input, Comparability Adjustment | ||
Fair value measurements for financial instruments | ||
Adjustment for differences between earning multiplier and comparable sales, Percent | (0.0539) | (0.0539) |
Sales Comparison Valuation | Residential Real Estate | Maximum | Measurement Input, Comparability Adjustment | ||
Fair value measurements for financial instruments | ||
Adjustment for differences between earning multiplier and comparable sales, Percent | 0.0211 | (0.0211) |
Sales Comparison Valuation | Residential Real Estate | Weighted Average | Measurement Input, Comparability Adjustment | ||
Fair value measurements for financial instruments | ||
Adjustment for differences between earning multiplier and comparable sales, Percent | (0.0267) | (0.0267) |
Sales Comparison Valuation | Commercial | ||
Fair value measurements for financial instruments | ||
Recorded Investment | $ 267 | $ 267 |
Sales Comparison Valuation | Commercial | Weighted Average | Measurement Input, Comparability Adjustment | ||
Fair value measurements for financial instruments | ||
Adjustment for differences between earning multiplier and comparable sales, Percent | 0.2377 | 0.6438 |
Income approach | Commercial real estate - Owner occupied | ||
Fair value measurements for financial instruments | ||
Recorded Investment | $ 838 | |
Income approach | Commercial real estate - Owner occupied | Minimum | Measurement Input, Comparability Adjustment | ||
Fair value measurements for financial instruments | ||
Adjustment for differences between earning multiplier and comparable sales, Percent | (0.4965) | |
Income approach | Commercial real estate - Owner occupied | Maximum | Measurement Input, Comparability Adjustment | ||
Fair value measurements for financial instruments | ||
Adjustment for differences between earning multiplier and comparable sales, Percent | 0.4677 | |
Income approach | Commercial real estate - Owner occupied | Weighted Average | Measurement Input, Comparability Adjustment | ||
Fair value measurements for financial instruments | ||
Adjustment for differences between earning multiplier and comparable sales, Percent | (0.1663) |
Fair Value (Details 4)
Fair Value (Details 4) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Financial assets | ||
Cash and cash equivalents, Carrying Amount | $ 148,630 | $ 103,658 |
Regulatory stock, Carrying Amount | 19,118 | 20,197 |
Loans, net, Carrying Amount | 3,148,159 | 3,163,687 |
Financial liabilities | ||
Deposits, Carrying Amount | 4,198,125 | 4,177,386 |
Short-term borrowings | 345,000 | 355,000 |
Long-term borrowings | 88,777 | 88,663 |
Fair Value, Measurements, Recurring | ||
Financial assets | ||
Cash and cash equivalents, Fair Value | 148,630 | 103,658 |
Loans, net, Fair Value | 2,989,532 | 3,015,732 |
Financial liabilities | ||
Deposits, Fair Value | 4,193,146 | 4,171,601 |
Short-term borrowings, Fair Value | 345,000 | 355,000 |
Long-term borrowings, Fair Value | 72,475 | 70,893 |
Fair Value, Measurements, Recurring | Level 1 | ||
Financial assets | ||
Cash and cash equivalents, Fair Value | 22,965 | 28,896 |
Loans, net, Fair Value | 0 | 0 |
Financial liabilities | ||
Deposits, Fair Value | 3,458,114 | 3,452,104 |
Short-term borrowings, Fair Value | 0 | 0 |
Long-term borrowings, Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring | Level 2 | ||
Financial assets | ||
Cash and cash equivalents, Fair Value | 125,665 | 74,762 |
Loans, net, Fair Value | 0 | 0 |
Financial liabilities | ||
Deposits, Fair Value | 735,032 | 719,497 |
Short-term borrowings, Fair Value | 345,000 | 355,000 |
Long-term borrowings, Fair Value | 72,475 | 70,893 |
Fair Value, Measurements, Recurring | Level 3 | ||
Financial assets | ||
Cash and cash equivalents, Fair Value | 0 | 0 |
Loans, net, Fair Value | 2,989,532 | 3,015,732 |
Financial liabilities | ||
Deposits, Fair Value | 0 | 0 |
Short-term borrowings, Fair Value | 0 | 0 |
Long-term borrowings, Fair Value | $ 0 | $ 0 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Sep. 30, 2023 | Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Goodwill associated with the Company's purchases and other past acquisitions | $ 167,446 | $ 167,446 | ||
Goodwill impairment | $ 0 | |||
Aggregate amortization expense | $ 688 | $ 909 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Acquired intangible assets | ||
Gross Carrying Amount | $ 40,908 | $ 40,908 |
Accumulated Amortization | (18,755) | (18,066) |
Customer Relationships | ||
Acquired intangible assets | ||
Gross Carrying Amount | 7,210 | 7,210 |
Accumulated Amortization | (6,987) | (6,953) |
Non-compete contracts | ||
Acquired intangible assets | ||
Gross Carrying Amount | 457 | 457 |
Accumulated Amortization | (416) | (413) |
Trade Name | ||
Acquired intangible assets | ||
Gross Carrying Amount | 1,126 | 1,126 |
Accumulated Amortization | (447) | (440) |
Core Deposits | ||
Acquired intangible assets | ||
Gross Carrying Amount | 32,115 | 32,115 |
Accumulated Amortization | $ (10,905) | $ (10,260) |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets (Details 1) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Finite Lived Intangible Assets Future Amortization Expense [Abstract] | ||
2024 (9 months) | $ 1,888 | |
2025 | 2,451 | |
2026 | 2,355 | |
2027 | 2,242 | |
2028 | 2,231 | |
Thereafter | 10,986 | |
Total | $ 22,153 | $ 22,842 |
Leases (Details Textual)
Leases (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Jan. 01, 2023 | |
Lessee Lease Description [Line Items] | ||||
Operating leases options to extend [true false] | true | |||
Operating leases options to terminate the lease | of 2024 | |||
Operating lease, description | The Company has operating leases for branch office locations, vehicles, land and certain office equipment such as printers and copiers. The leases have remaining lease terms of up to 17.3 years, some of which include options to extend the lease for up to 15 years and some of which include options to terminate the lease in June of 2024. | |||
Operating lease, right-of-use asset | $ 9,000 | $ 8,800 | $ 1,300 | |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets | Other Assets | Other Assets | |
Operating lease liability | $ 9,276 | $ 9,000 | $ 1,300 | |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Other liabilities | Other liabilities | Other liabilities | |
Operating lease, expense | $ 331 | $ 355 | ||
Weighted average remaining lease term | 10 years 6 months 7 days | |||
Weighted-average discount rate | 3.04% | |||
Maximum | ||||
Lessee Lease Description [Line Items] | ||||
Operating leases remaining lease terms | 17 years 3 months 18 days | |||
Operating leases options to extend | 15 years |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Jan. 01, 2023 |
Maturities of Operating Lease Liabilities | |||
2024 (9 months) | $ 963 | ||
2025 | 1,210 | ||
2026 | 1,092 | ||
2027 | 1,016 | ||
2028 | 1,035 | ||
Thereafter | 5,688 | ||
Total Payments | 11,004 | ||
Less: lease liability expense | (1,728) | ||
Total | $ 9,276 | $ 9,000 | $ 1,300 |
Derivative Financial Instrume_3
Derivative Financial Instruments (Details Textual) - Interest rate swaps - USD ($) | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Derivative [Line Items] | |||
Derivative notional amount | $ 62,900,000 | $ 63,900,000 | |
Fair value, other assets | (4,900,000) | (4,200,000) | |
Fair value, other liabilities | 4,900,000 | 4,200,000 | |
Net Gain or Loss recognized in earnings | 0 | $ 0 | |
Fair Value Hedge | |||
Derivative [Line Items] | |||
Derivative notional amount | 100,000,000 | 100,000,000 | |
Fair value, other assets | (234,000) | (836,000) | |
Fair Value Hedge | Other Liabilities | |||
Derivative [Line Items] | |||
Fair value, other assets | (75,000) | (1,300,000) | |
Fair Value Hedge | Other Assets | |||
Derivative [Line Items] | |||
Fair value, other assets | $ (159,000) | $ (425,000) |
Derivative Financial Instrume_4
Derivative Financial Instruments (Details) - Interest rate swaps - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Derivative [Line Items] | ||
Notional amount fair value hedge | $ 62,900 | $ 63,900 |
Fair Value Hedge | ||
Derivative [Line Items] | ||
Notional amount fair value hedge | $ 100,000 | $ 100,000 |
Fixed pay rates | 4.35% | 4.35% |
Variable SOFR receive rates | 5.34% | 5.38% |
Remaining maturity (in years) | 2 years 3 months 18 days | 2 years 7 months 6 days |
Fair value | $ 234 | $ (836) |
Derivative Financial Instrume_5
Derivative Financial Instruments (Detail 1) - Not Designated as Hedging Instrument - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Forward sales contracts | ||
Derivative [Line Items] | ||
Net Gain or Loss recognized in earnings | $ 2 | $ (87) |
Interest Rate Lock Commitments | ||
Derivative [Line Items] | ||
Net Gain or Loss recognized in earnings | $ (47) | $ 109 |
Derivative Financial Instrume_6
Derivative Financial Instruments (Detail 2) - Mortgage Banking - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Other Assets | ||
Derivative [Line Items] | ||
Derivative liability, notional amount | $ 6,177 | $ 7,400 |
Derivative liability, fair value | 65 | 109 |
Forward sales contracts | Other Assets | ||
Derivative [Line Items] | ||
Derivative liability, notional amount | 215 | 0 |
Derivative liability, fair value | 4 | 0 |
Forward sales contracts | Other Liabilities | ||
Derivative [Line Items] | ||
Derivative liability, notional amount | 5,250 | 3,300 |
Derivative liability, fair value | (12) | (14) |
Interest Rate Lock Commitments | Other Assets | ||
Derivative [Line Items] | ||
Derivative liability, notional amount | 5,962 | 7,400 |
Derivative liability, fair value | $ 61 | $ 109 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Basic EPS | ||
Net income | $ 11,240 | $ 7,075 |
Weighted average shares outstanding | 37,278,214 | 37,823,628 |
Basic earnings per share | $ 0.3 | $ 0.19 |
Diluted EPS | ||
Net income | $ 11,240 | $ 7,075 |
Weighted average shares outstanding | 37,278,214 | 37,823,628 |
Dilutive effect of restricted stock awards | 201,038 | 109,571 |
Weighted average shares for diluted earnings per share | 37,479,252 | 37,933,199 |
Diluted earnings per share | $ 0.3 | $ 0.19 |
Earnings Per Share (Details Tex
Earnings Per Share (Details Textual) - shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Restricted Stock Awards | ||
Earnings Per Share Basic [Line Items] | ||
Anti-dilutive securities excluded from computation of earnings per share | 125,918 | 152,402 |
Stock Based Compensation (Detai
Stock Based Compensation (Details Textual) - 2022 Incentive Plan - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Apr. 30, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of shares vested | 91,995 | ||
Number of shares vested, weighted average fair value | $ 13.8 | ||
Restricted Stock Awards | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Maximum shares available under equity incentive plan | 1,000,000 | ||
Number of shares available for grant | 609,289 | ||
Stock based compensation expense | $ 662 | $ 615 | |
Unrecognized compensation expense | $ 3,800 | ||
Compensation cost not yet recognized, period for recognition | 2 years 10 months 24 days | ||
Time Based Restricted Stock Awards | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Share awards granted under equity incentive plan | 26,317 | 30,688 | |
Number of shares vested | 25,803 | 12,740 | |
Number of shares vested, weighted average fair value | $ 13.82 | $ 14.03 | |
Performance Based Restricted Stock Awards | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Share awards granted under equity incentive plan | 99,253 | 102,750 | |
Number of shares vested | 66,192 | 30,635 | |
Number of shares vested, weighted average fair value | $ 13.79 | $ 14.35 |
Stock Based Compensation (Det_2
Stock Based Compensation (Details) - 2022 Incentive Plan - $ / shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Vested, Maximum Awarded Units | (91,995) | |
Vested, Weighted Average Grant Date Fair Value | $ 13.8 | |
Time Based Restricted Stock Awards | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Beginning balance - non-vested shares, Maximum Awarded Unit | 253,776 | 193,015 |
Granted, Maximum Awarded Units | 26,317 | 30,688 |
Vested, Maximum Awarded Units | (25,803) | (12,740) |
Forfeited, Maximum Awarded Units | (11,167) | (1,541) |
Ending balance - non-vested shares, Maximum Awarded Unit | 243,123 | 209,422 |
Beginning balance - non-vested shares, Weighted Average Grant Date Fair Value | $ 14.97 | $ 16.69 |
Granted, Weighted Average Grant Date Fair Value | 13.81 | 14.21 |
Vested, Weighted Average Grant Date Fair Value | 13.82 | 14.03 |
Forfeited, Weighted Average Grant Date Fair Value | 17.24 | 17.64 |
Ending balance - non-vested shares, Weighted Average Grant Date Fair Value | $ 14.59 | $ 16.34 |
Performance Based Restricted Stock Awards | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Beginning balance - non-vested shares, Maximum Awarded Unit | 209,484 | 137,369 |
Granted, Maximum Awarded Units | 99,253 | 102,750 |
Vested, Maximum Awarded Units | (66,192) | (30,635) |
Forfeited, Maximum Awarded Units | (19,625) | 0 |
Ending balance - non-vested shares, Maximum Awarded Unit | 222,920 | 209,484 |
Beginning balance - non-vested shares, Weighted Average Grant Date Fair Value | $ 15.01 | $ 15.85 |
Granted, Weighted Average Grant Date Fair Value | 13.81 | 14.16 |
Vested, Weighted Average Grant Date Fair Value | 13.79 | 14.35 |
Forfeited, Weighted Average Grant Date Fair Value | 15.05 | 0 |
Ending balance - non-vested shares, Weighted Average Grant Date Fair Value | $ 14.57 | $ 15.01 |
Other Comprehensive Income (L_3
Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | $ 404,415 | $ 292,295 |
Other comprehensive income (loss) before reclassification | (15,149) | 33,891 |
Amounts reclassified from accumulated other comprehensive income (loss) | 2,749 | (95) |
Other comprehensive (loss) income, net of tax | (12,400) | 33,796 |
Balance | 397,026 | 374,642 |
Net unrealized holding gains (losses) on available for sale securities | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | (171,539) | (210,489) |
Other comprehensive income (loss) before reclassification | (15,149) | 33,891 |
Amounts reclassified from accumulated other comprehensive income (loss) | 1,686 | (95) |
Other comprehensive (loss) income, net of tax | (13,463) | 33,796 |
Balance | (185,002) | (176,693) |
Reclassification adjustment for (gains) losses realized in income on fair value hedge | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | (1,013) | 0 |
Other comprehensive income (loss) before reclassification | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income (loss) | 1,063 | 0 |
Other comprehensive (loss) income, net of tax | 1,063 | 0 |
Balance | 50 | 0 |
Change in funded status of post-retirement plan | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | (2) | (1) |
Other comprehensive income (loss) before reclassification | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 |
Other comprehensive (loss) income, net of tax | 0 | 0 |
Balance | (2) | (1) |
Accumulated Other Comprehensive Income (Loss) | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | (172,554) | (210,490) |
Other comprehensive (loss) income, net of tax | (12,400) | 33,796 |
Balance | $ (184,954) | $ (176,694) |
Regulatory Capital Matters (Det
Regulatory Capital Matters (Details Textual) | Mar. 31, 2024 | Dec. 31, 2023 |
Regulatory Matters (Additional Textual) [Abstract] | ||
Common equity tier 1 capital to risk-weighted assets, capital conservation buffer ratio | 2.50% | |
Tier 1 capital to risk-weighted assets, capital conservation buffer ratio | 2.50% | |
Total capital to risk-weighted assets, capital conservation buffer ratio | 2.50% | |
Minimum ratio of common equity tier 1 capital to risk-weighted assets | 4.50% | 4.50% |
Minimum ratio of tier 1 capital to risk-weighted assets | 0.06 | 0.06 |
Minimum ratio of total capital to risk-weighted assets | 0.08 | 0.08 |
Minimum leverage ratio | 0.04 | 0.04 |
Farmers National Banc Corp | ||
Regulatory Matters (Additional Textual) [Abstract] | ||
Minimum ratio of common equity tier 1 capital to risk-weighted assets | 4.50% | 4.50% |
Minimum ratio of tier 1 capital to risk-weighted assets | 0.06 | 0.06 |
Minimum ratio of total capital to risk-weighted assets | 0.08 | 0.08 |
Minimum leverage ratio | 0.04 | 0.04 |
Regulatory Capital Matters (D_2
Regulatory Capital Matters (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Common equity tier 1 capital ratio | ||
Actual, Amount | $ 397,812 | $ 392,244 |
Actual, Ratio | 10.88% | 10.61% |
Requirement for Capital Adequacy Purposes, Amount | $ 164,501 | $ 166,303 |
Requirement for Capital Adequacy Purposes, Ratio | 4.50% | 4.50% |
Total risk based capital ratio | ||
Actual, Amount | $ 525,633 | $ 519,684 |
Actual, Ratio | 0.1438 | 0.1406 |
Requirement for Capital Adequacy Purposes, Amount | $ 292,447 | $ 295,650 |
Requirement for Capital Adequacy Purposes, Ratio | 0.08 | 0.08 |
Tier 1 risk based capital ratio | ||
Actual, Amount | $ 415,812 | $ 410,244 |
Actual, Ratio | 0.1137 | 0.111 |
Requirement for Capital Adequacy Purposes, Amount | $ 219,335 | $ 221,737 |
Requirement for Capital Adequacy Purposes, Ratio | 0.06 | 0.06 |
Tier 1 leverage ratio | ||
Actual, Amount | $ 415,812 | $ 410,244 |
Actual, Ratio | 0.0819 | 0.0802 |
Requirement for Capital Adequacy Purposes, Amount | $ 203,024 | $ 204,598 |
Requirement for Capital Adequacy Purposes, Ratio | 0.04 | 0.04 |
Farmers National Banc Corp | ||
Common equity tier 1 capital ratio | ||
Actual, Amount | $ 424,780 | $ 411,304 |
Actual, Ratio | 11.65% | 11.15% |
Requirement for Capital Adequacy Purposes, Amount | $ 164,134 | $ 165,996 |
Requirement for Capital Adequacy Purposes, Ratio | 4.50% | 4.50% |
To be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 237,082 | $ 239,772 |
To be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 6.50% | 6.50% |
Total risk based capital ratio | ||
Actual, Amount | $ 459,601 | $ 447,584 |
Actual, Ratio | 0.126 | 0.1213 |
Requirement for Capital Adequacy Purposes, Amount | $ 291,794 | $ 295,104 |
Requirement for Capital Adequacy Purposes, Ratio | 0.08 | 0.08 |
To be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 364,742 | $ 368,881 |
To be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 0.10 | 0.10 |
Tier 1 risk based capital ratio | ||
Actual, Amount | $ 424,780 | $ 411,304 |
Actual, Ratio | 0.1165 | 0.1115 |
Requirement for Capital Adequacy Purposes, Amount | $ 218,845 | $ 221,328 |
Requirement for Capital Adequacy Purposes, Ratio | 0.06 | 0.06 |
To be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 291,794 | $ 295,104 |
To be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 0.08 | 0.08 |
Tier 1 leverage ratio | ||
Actual, Amount | $ 424,780 | $ 411,304 |
Actual, Ratio | 0.0839 | 0.0807 |
Requirement for Capital Adequacy Purposes, Amount | $ 202,457 | $ 203,989 |
Requirement for Capital Adequacy Purposes, Ratio | 0.04 | 0.04 |
To be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 253,071 | $ 254,986 |
To be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 0.05 | 0.05 |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Segment Reporting Information [Line Items] | |||
Goodwill and other intangibles | $ 189,599 | $ 190,288 | |
Total assets | 5,080,010 | 5,078,350 | |
Net interest income | 31,687 | $ 36,610 | |
Provision for credit losses and unfunded loans | (449) | 8,599 | |
Service fees, security gains and other noninterest income | 8,357 | 10,425 | |
Noninterest expense | 25,428 | 28,823 | |
Amortization and depreciation expense | 1,611 | 1,899 | |
Income before taxes | 13,454 | 7,714 | |
Income taxes | 2,214 | 639 | |
Net income | 11,240 | 7,075 | |
Eliminations And Others | |||
Segment Reporting Information [Line Items] | |||
Goodwill and other intangibles | (4,263) | (4,263) | |
Total assets | (2,481) | (2,645) | |
Net interest income | (1,039) | (955) | |
Provision for credit losses and unfunded loans | 0 | 0 | |
Service fees, security gains and other noninterest income | (178) | (231) | |
Noninterest expense | 605 | 645 | |
Amortization and depreciation expense | 114 | 114 | |
Income before taxes | (1,936) | (1,945) | |
Income taxes | (406) | (479) | |
Net income | (1,530) | (1,466) | |
Trust Segment | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Goodwill and other intangibles | 5,668 | 5,680 | |
Total assets | 16,464 | 15,845 | |
Net interest income | 52 | 57 | |
Provision for credit losses and unfunded loans | 0 | 0 | |
Service fees, security gains and other noninterest income | 3,101 | 2,900 | |
Noninterest expense | 1,904 | 1,643 | |
Amortization and depreciation expense | 19 | 23 | |
Income before taxes | 1,230 | 1,291 | |
Income taxes | 259 | 271 | |
Net income | 971 | 1,020 | |
Bank Segment | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Goodwill and other intangibles | 188,194 | 188,871 | |
Total assets | 5,066,027 | $ 5,065,150 | |
Net interest income | 32,674 | 37,508 | |
Provision for credit losses and unfunded loans | (449) | 8,599 | |
Service fees, security gains and other noninterest income | 5,434 | 7,756 | |
Noninterest expense | 22,919 | 26,535 | |
Amortization and depreciation expense | 1,478 | 1,762 | |
Income before taxes | 14,160 | 8,368 | |
Income taxes | 2,361 | 847 | |
Net income | $ 11,799 | $ 7,521 |
Short-term borrowings (Details
Short-term borrowings (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Short Term Debt [Line Items] | ||
Short-term borrowings | $ 345,000,000 | $ 355,000,000 |
Short-Term Debt | ||
Short Term Debt [Line Items] | ||
Interest rate on borrowings | 4.76% | |
Short-term borrowings | $ 285,000,000 | 285,000,000 |
Securities par value | $ 287,000,000 | |
Short-term Borrowing maturity | 2025-01 | |
Domestic Line of Credit | ||
Short Term Debt [Line Items] | ||
Access to line of credit at domestic bank | $ 25,000,000 | |
Unsecured revolving line of credit, outstanding balance | 0 | 0 |
Revolving Credit Facility | Farmers National Banc Corp | Unsecured Debt | ||
Short Term Debt [Line Items] | ||
Unsecured revolving line of credit, outstanding balance | 5,000,000 | |
Letter of Credit | ||
Short Term Debt [Line Items] | ||
Unsecured revolving line of credit, outstanding balance | $ 0 | 0 |
Debt Instrument, Interest Rate, Stated Percentage | 3.50% | |
Pledged | ||
Short Term Debt [Line Items] | ||
Short-term Federal Home Loan Banks advances | $ 60,000,000 | $ 70,000,000 |
Interest rate on borrowings | 5.42% | 5.41% |
Long-term borrowings (Details T
Long-term borrowings (Details Textual) - USD ($) | 1 Months Ended | |||||
Nov. 01, 2021 | Jan. 07, 2020 | Dec. 31, 2015 | Nov. 30, 2021 | Mar. 31, 2024 | Dec. 31, 2023 | |
Debt Instrument [Line Items] | ||||||
Long-rem advances from FHLB | $ 0 | $ 0 | ||||
Residential mortgage, commercial real estate, and multi-family loans | 1,700,000,000 | $ 1,600,000,000 | ||||
Additional borrowing limit | 739,900,000 | |||||
Par value of subordinated debentures less the remaining deferred offering expense | $ 75,000,000 | |||||
Subordinated Notes | ||||||
Debt Instrument [Line Items] | ||||||
Aggregate principal amount | $ 75,000,000 | |||||
Maturity date | Dec. 15, 2031 | |||||
Fixed rate | 3.125% | |||||
Notes maturity term | 5 years | |||||
Basis spread on variable rate | 220% | |||||
Net proceeds from sale | $ 73,800,000 | |||||
Junior Subordinated Debt Securities | Cortland Bank | ||||||
Debt Instrument [Line Items] | ||||||
Maturity date | Sep. 15, 2037 | |||||
Business acquisition, date of merger agreement | Nov. 01, 2021 | |||||
Acquisition-date fair value | $ 4,300,000 | |||||
Interest rate, effective percentage | 7.04% | 7.10% | ||||
Junior Subordinated Debt Securities | Maple Leaf | ||||||
Debt Instrument [Line Items] | ||||||
Maturity date | Dec. 15, 2036 | |||||
Business acquisition, date of merger agreement | Jan. 07, 2020 | |||||
Interest rate, effective percentage | 7.39% | 7.45% | ||||
Junior Subordinated Debt Securities | National Bancshares Corporation | ||||||
Debt Instrument [Line Items] | ||||||
Maturity date | Jun. 15, 2035 | |||||
Interest rate, effective percentage | 7.29% | 7.35% | ||||
Junior Subordinated Debt Securities | LIBOR | Cortland Bank | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 1.45% | |||||
Junior Subordinated Debt Securities | LIBOR | Maple Leaf | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 1.70% | |||||
Junior Subordinated Debt Securities | LIBOR | National Bancshares Corporation | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 1.80% |
Long-term borrowings (Details 1
Long-term borrowings (Details 1) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Debt Instrument [Line Items] | ||
Total junior subordinated debentures owed to unconsolidated subsidiary trusts | $ 14,725 | $ 14,643 |
Subordinated Debentures | 74,052 | 74,020 |
Total long-term borrowings | 88,777 | 88,663 |
TSEO Statutory Trust I | ||
Debt Instrument [Line Items] | ||
Total junior subordinated debentures owed to unconsolidated subsidiary trusts | 2,533 | 2,521 |
Maple Leaf Financial Statutory Trust II | ||
Debt Instrument [Line Items] | ||
Total junior subordinated debentures owed to unconsolidated subsidiary trusts | 7,796 | 7,740 |
Cortland Statutory Trust I | ||
Debt Instrument [Line Items] | ||
Total junior subordinated debentures owed to unconsolidated subsidiary trusts | $ 4,396 | $ 4,382 |
Qualified affordable housing _2
Qualified affordable housing project investments (Details Textual) - USD ($) | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Investments in Affordable Housing Projects [Abstract] | |||
Qualified affordable housing projects | $ 17,500,000 | $ 17,900,000 | |
Total unfunded commitments | 11,200,000 | $ 12,300,000 | |
Amortization expense | 406,000 | $ 417,000 | |
Tax credits and other benefits | 501,000 | 542,000 | |
Impairment losses | $ 0 | $ 0 |