Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2021 | May 05, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2021 | |
Entity File Number | 001-15877 | |
Entity Registrant Name | German American Bancorp, Inc. | |
Entity Incorporation, State or Country Code | IN | |
Entity Tax Identification Number | 35-1547518 | |
Entity Address, Address Line One | 711 Main Street | |
Entity Address, City or Town | Jasper | |
Entity Address, State or Province | IN | |
Entity Address, Postal Zip Code | 47546 | |
City Area Code | 812 | |
Local Phone Number | 482-1314 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Title of 12(b) Security | Common Stock, no par value | |
Trading Symbol | GABC | |
Security Exchange Name | NASDAQ | |
Entity Common Stock. Shares Outstanding | 26,545,704 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Entity Central Index Key | 0000714395 | |
Current Fiscal Year End Date | --12-31 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
ASSETS | ||
Cash and Due from Banks | $ 102,758 | $ 57,972 |
Federal Funds Sold and Other Short-term Investments | 290,486 | 287,776 |
Cash and Cash Equivalents | 393,244 | 345,748 |
Interest-bearing Time Deposits with Banks | 1,241 | 1,241 |
Securities Available-for-Sale, at Fair Value (Amortized Cost $1,367,856 for March 31, 2021; Amortized Cost $1,172,175 for December 31 2020; No Allowance for Credit Losses) | 1,385,873 | 1,217,852 |
Other Investments | 353 | 353 |
Loans Held-for-Sale, at Fair Value | 18,493 | 16,904 |
Loans | 3,120,981 | 3,091,998 |
Less: Unearned Income | (3,778) | (3,926) |
Allowance for Credit Losses | (45,099) | (46,859) |
Loans, Net | 3,072,104 | 3,041,213 |
Stock in FHLB of Indianapolis and Other Restricted Stock, at Cost | 13,048 | 13,168 |
Premises, Furniture and Equipment, Net | 92,044 | 96,593 |
Other Real Estate | 325 | 325 |
Goodwill | 121,956 | 121,956 |
Intangible Assets | 8,130 | 8,984 |
Company Owned Life Insurance | 69,606 | 69,250 |
Accrued Interest Receivable and Other Assets | 43,417 | 43,990 |
TOTAL ASSETS | 5,219,834 | 4,977,577 |
LIABILITIES | ||
Non-interest-bearing Demand Deposits | 1,383,888 | 1,183,442 |
Interest-bearing Demand, Savings, and Money Market Accounts | 2,548,015 | 2,428,636 |
Time Deposits | 446,770 | 494,452 |
Total Deposits | 4,378,673 | 4,106,530 |
FHLB Advances and Other Borrowings | 173,547 | 194,529 |
Accrued Interest Payable and Other Liabilities | 50,401 | 51,809 |
TOTAL LIABILITIES | 4,602,621 | 4,352,868 |
SHAREHOLDERS’ EQUITY | ||
Common Stock, no par value, $1 stated value; 45,000,000 shares authorized | 26,546 | 26,502 |
Additional Paid-in Capital | 274,670 | 274,385 |
Retained Earnings | 302,450 | 288,447 |
Accumulated Other Comprehensive Income | 13,547 | 35,375 |
TOTAL SHAREHOLDERS’ EQUITY | 617,213 | 624,709 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ 5,219,834 | $ 4,977,577 |
End of period shares issued (in shares) | 26,546,280 | 26,502,157 |
End of period shares outstanding (in shares) | 26,546,280 | 26,502,157 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Securities Available-for-Sale, Amortized Cost | $ 1,367,856,000 | $ 1,172,175,000 |
Securities Available-for-Sale, Allowance for Credit Losses | $ 0 | $ 0 |
Common stock, stated value (USD per share) | $ 1 | $ 1 |
Common stock, shares authorized (in shares) | 45,000,000 | 45,000,000 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
INTEREST INCOME | ||
Interest and Fees on Loans | $ 35,104 | $ 37,858 |
Interest on Federal Funds Sold and Other Short-term Investments | 85 | 158 |
Interest and Dividends on Securities: | ||
Taxable | 2,607 | 3,110 |
Non-taxable | 3,729 | 2,445 |
TOTAL INTEREST INCOME | 41,525 | 43,571 |
INTEREST EXPENSE | ||
Interest on Deposits | 1,442 | 5,657 |
Interest on FHLB Advances and Other Borrowings | 1,151 | 1,658 |
TOTAL INTEREST EXPENSE | 2,593 | 7,315 |
NET INTEREST INCOME | 38,932 | 36,256 |
Provision for Credit Losses | (1,500) | 5,150 |
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES | 40,432 | 31,106 |
NON-INTEREST INCOME | ||
Non-interest Income (in-scope of Topic 606) | 10,821 | 10,499 |
Company Owned Life Insurance | 352 | 1,222 |
Other Operating Income | 1,350 | 427 |
Net Gains on Sales of Loans | 2,202 | 1,863 |
Net Gains on Securities | 975 | 590 |
TOTAL NON-INTEREST INCOME | 15,037 | 14,081 |
NON-INTEREST EXPENSE | ||
Salaries and Employee Benefits | 17,805 | 17,400 |
Occupancy Expense | 3,372 | 2,570 |
Furniture and Equipment Expense | 976 | 1,011 |
FDIC Premiums | 334 | 0 |
Data Processing Fees | 1,743 | 1,686 |
Professional Fees | 1,160 | 1,084 |
Advertising and Promotion | 782 | 1,071 |
Intangible Amortization | 760 | 960 |
Other Operating Expenses | 4,327 | 4,546 |
TOTAL NON-INTEREST EXPENSE | 31,259 | 30,328 |
Income before Income Taxes | 24,210 | 14,859 |
Income Tax Expense | 4,653 | 2,387 |
NET INCOME | $ 19,557 | $ 12,472 |
Basic Earnings Per Share (USD per share) | $ 0.74 | $ 0.47 |
Diluted Earnings Per Share (USD per share) | $ 0.74 | $ 0.47 |
Trust and Investment Product Fees | ||
NON-INTEREST INCOME | ||
Non-interest Income (in-scope of Topic 606) | $ 2,358 | $ 2,031 |
Service Charges on Deposit Accounts | ||
NON-INTEREST INCOME | ||
Non-interest Income (in-scope of Topic 606) | 1,678 | 2,237 |
Insurance Revenues | ||
NON-INTEREST INCOME | ||
Non-interest Income (in-scope of Topic 606) | 3,292 | 3,229 |
Interchange Fee Income | ||
NON-INTEREST INCOME | ||
Non-interest Income (in-scope of Topic 606) | $ 2,830 | $ 2,482 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | ||
NET INCOME | $ 19,557 | $ 12,472 |
Unrealized Gains (Losses) on Securities: | ||
Unrealized Holding Gain (Loss) Arising During the Period | (26,685) | 17,479 |
Reclassification Adjustment for Gains Included in Net Income | (975) | (590) |
Tax Effect | 5,832 | (3,634) |
Net of Tax | (21,828) | 13,255 |
Total Other Comprehensive Income (Loss) | (21,828) | 13,255 |
COMPREHENSIVE INCOME (LOSS) | $ (2,271) | $ 25,727 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Cumulative Effect of Change in Accounting Principles (See Note 2 - Recent Accounting Pronouncements) | Balance, January 1, 2020 | Common Stock | Common StockBalance, January 1, 2020 | Additional Paid-in Capital | Additional Paid-in CapitalBalance, January 1, 2020 | Retained Earnings | Retained EarningsCumulative Effect of Change in Accounting Principles (See Note 2 - Recent Accounting Pronouncements) | Retained EarningsBalance, January 1, 2020 | Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss)Balance, January 1, 2020 |
Beginning Balances (in shares) at Dec. 31, 2019 | 26,671,368 | 26,671,368 | ||||||||||
Beginning Balances at Dec. 31, 2019 | $ 573,820 | $ (6,717) | $ 567,103 | $ 26,671 | $ 26,671 | $ 278,954 | $ 278,954 | $ 253,090 | $ (6,717) | $ 246,373 | $ 15,105 | $ 15,105 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
NET INCOME | 12,472 | 12,472 | ||||||||||
Other Comprehensive Income | 13,255 | 13,255 | ||||||||||
Cash Dividends | (5,065) | (5,065) | ||||||||||
Issuance of Common Stock for: | ||||||||||||
Restricted Share Grants (in shares) | 41,752 | |||||||||||
Restricted Share Grants | 270 | $ 42 | 228 | |||||||||
Stock Repurchase (in shares) | (173,089) | |||||||||||
Stock Repurchase | (4,495) | $ (173) | (4,322) | |||||||||
Ending Balances (in shares) at Mar. 31, 2020 | 26,540,031 | |||||||||||
Ending Balances at Mar. 31, 2020 | 583,540 | $ 26,540 | 274,860 | 253,780 | 28,360 | |||||||
Beginning Balances (in shares) at Dec. 31, 2020 | 26,502,157 | |||||||||||
Beginning Balances at Dec. 31, 2020 | 624,709 | $ 26,502 | 274,385 | 288,447 | 35,375 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
NET INCOME | 19,557 | 19,557 | ||||||||||
Other Comprehensive Income | (21,828) | (21,828) | ||||||||||
Cash Dividends | (5,554) | (5,554) | ||||||||||
Issuance of Common Stock for: | ||||||||||||
Restricted Share Grants (in shares) | 44,123 | |||||||||||
Restricted Share Grants | 329 | $ 44 | 285 | |||||||||
Ending Balances (in shares) at Mar. 31, 2021 | 26,546,280 | |||||||||||
Ending Balances at Mar. 31, 2021 | $ 617,213 | $ 26,546 | $ 274,670 | $ 302,450 | $ 13,547 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Stockholders' Equity [Abstract] | ||
Common Dividends (USD per share) | $ 0.21 | $ 0.19 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
NET INCOME | $ 19,557 | $ 12,472 |
Adjustments to Reconcile Net Income to Net Cash from Operating Activities: | ||
Net Amortization on Securities | 1,553 | 1,121 |
Depreciation and Amortization | 2,327 | 2,341 |
Loans Originated for Sale | (70,550) | (54,906) |
Proceeds from Sales of Loans Held-for-Sale | 71,465 | 58,459 |
Provision for Credit Losses | (1,500) | 5,150 |
Gain on Sale of Loans, net | (2,202) | (1,863) |
Gain on Securities, net | (975) | (590) |
Loss on Disposition and Donation of Premises and Equipment | 479 | 27 |
Increase in Cash Surrender Value of Company Owned Life Insurance | (356) | (373) |
Equity Based Compensation | 329 | 270 |
Change in Assets and Liabilities: | ||
Interest Receivable and Other Assets | 711 | (6,438) |
Interest Payable and Other Liabilities | 5,852 | 8,271 |
Net Cash from Operating Activities | 26,690 | 23,941 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Proceeds from Maturities of Securities Available-for-Sale | 57,093 | 31,698 |
Proceeds from Sales of Securities Available-for-Sale | 51,370 | 10,989 |
Purchase of Securities Available-for-Sale | (304,722) | (47,292) |
Proceeds from Redemption of Federal Home Loan Bank Stock | 120 | 0 |
Loans Made to Customers, net of Payments Received | (29,391) | 69,603 |
Property and Equipment Expenditures | (835) | (1,166) |
Proceeds from Sale of Land and Building | 1,614 | 85 |
Proceeds from Life Insurance | 0 | 1,082 |
Net Cash from Investing Activities | (224,751) | 64,999 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Change in Deposits | 272,173 | 48,658 |
Change in Short-term Borrowings | (13,041) | (134,214) |
Repayments of Long-term Debt | (8,021) | (7,568) |
Issuance (Repurchase) of Common Stock | 0 | (4,495) |
Dividends Paid | (5,554) | (5,065) |
Net Cash from Financing Activities | 245,557 | (102,684) |
Net Change in Cash and Cash Equivalents | 47,496 | (13,744) |
Cash and Cash Equivalents at Beginning of Year | 345,748 | 103,884 |
Cash and Cash Equivalents at End of Period | 393,244 | 90,140 |
Cash Paid During the Period for | ||
Interest | 2,391 | 6,929 |
Income Taxes | (246) | (45) |
Supplemental Non Cash Disclosures | ||
Loans Transferred to Other Real Estate | 0 | 200 |
Reclassification of Land and Buildings to Other Assets | $ 366 | $ 0 |
Basis of Presentation and Marke
Basis of Presentation and Market Conditions | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Market Conditions | Basis of Presentation and Market Conditions German American Bancorp, Inc. operates primarily in the banking industry. The accounting and reporting policies of German American Bancorp, Inc. and its subsidiaries (hereinafter collectively referred to as the "Company") conform to U.S. generally accepted accounting principles. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles have been condensed or omitted. All adjustments which are, in the opinion of management, necessary for a fair presentation of the results for the periods reported have been included in the accompanying unaudited consolidated financial statements, and all such adjustments are of a normal recurring nature. It is suggested that these consolidated financial statements and notes be read in conjunction with the financial statements and notes thereto in the Company's Annual Report on Form 10-K for the year ended December 31, 2020. Certain items included in the prior period financial statements were reclassified to conform to the current presentation. There was no effect on net income or total shareholders' equity based on these reclassifications. Impact of COVID-19 The novel coronavirus disease 2019 (COVID-19) pandemic continued to impact our operations during the quarter ended March 31, 2021. While uncertainty remains as to the future effects of the pandemic, an improving business climate, supported by unprecedented fiscal stimulus, an accommodative Federal Reserve, and accelerating COVID-19 vaccination rates, has helped to mitigate the negative impacts of the pandemic on our financial condition and results of operations, despite the challenges presented by very low interest rates, muted loan growth, and excess liquidity. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Loan Modifications and Troubled Debt Restructurings due to COVID-19 On April 7, 2020, the Board of Governors of the Federal Reserve System (the "FRB"), the Office of the Comptroller of the Currency (the “OCC”), and the Federal Deposit Insurance Corporation (the “FDIC” and, together with the FRB and OCC, the “federal banking regulators”) issued a revised Interagency Statement on Loan Modifications and Reporting for Financial Institutions, which, among other things, encouraged financial institutions to work prudently with borrowers who are or may be unable to meet their contractual payment obligations because of the effects of COVID-19, and stated that institutions generally do not need to categorize COVID-19-related modifications as troubled debt restructurings and that the agencies will not direct supervised institutions to automatically categorize all COVID-19 related loan modifications as troubled debt restructurings. Similarly, under the CARES Act, provisions were included that allow for loan modifications to not be classified as TDRs if certain criteria are met. This TDR exemption, which was set to expire on December 31, 2020, was extended under the CAA to the earlier of (i) 60 days after the national emergency concerning the COVID-19 outbreak terminates, and (ii) January 1, 2022. Adopted Accounting Guidance in 2020 In June 2016, the Financial Accounting Standards Board ("FASB") issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which replaces the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss (CECL) methodology. The measurement of expected credit losses under the CECL methodology is applicable to financial assets measured at amortized cost, including loan receivables and held-to-maturity debt securities. It also applies to off-balance sheet credit exposures not accounted for as insurance (loan commitments, standby letters of credit, financial guarantees, and other similar instruments). The new CECL model requires an estimate of expected credit losses, measured over the contractual life of an instrument, which considers reasonable and supportable forecasts of future economic conditions in addition to information about past events and current conditions. The standard provides significant flexibility and requires a high degree of judgement with regards to pooling financial assets with similar risk characteristics and adjusting the relevant historical loss information in order to develop an estimate of expected lifetime losses. The Company adopted ASC 326 on January 1, 2020 using the modified restrospective approach. Results for reporting periods after January 1, 2020 are presented under ASC 326 while prior period amounts continue to be reported in accordance with previously applicable GAAP. The Company recorded a net reduction of retained earnings of $6,717 upon adoption. The Company adopted ASC 326 using the prospective transition approach for financial assets purchased with credit deterioration (PCD) that were previously classified as purchased credit impaired (PCI) and accounted for under ASC 310-30. In accordance with the standard, management did not reassess whether PCI assets met the criteria of PCD assets as of the date of adoption. On January 1, 2020, the amortized cost basis of the PCD assets were adjusted to reflect the addition of $6,886 of the allowance for credit losses. The remaining noncredit discount (based on the adjusted amortized cost basis) will be accreted into interest income at the effective interest rate as of January 1, 2020. The Company expanded the loan portfolio segments used to determine the allowance for credit losses for loans into eight loan segments as opposed to six loan segments under the incurred loss methodology. The following table illustrates the impact of the segment expansion as of January 1, 2020. (dollars in thousands) December 31, 2019 Statement Balance Segment Portfolio Reclassifications December 31, 2019 After Reclassification Loans: Commercial and Industrial Loans $ 589,758 $ (57,257) $ 532,501 Commercial Real Estate Loans 1,495,862 N/A 1,495,862 Agricultural Loans 384,526 N/A 384,526 Leases N/A 57,257 57,257 Home Equity Loans 225,755 N/A 225,755 Consumer Loans 81,217 (11,953) 69,264 Credit Cards N/A 11,953 11,953 Residential Mortgage Loans 304,855 N/A 304,855 Total Loans $ 3,081,973 $ — $ 3,081,973 The following table illustrates the impact of ASC 326: (dollars in thousands) December 31, 2019 After Reclassification Impact of ASC 326 Adoption January 1, 2020 Post-ASC 326 Adoption Assets: Loans: Commercial and Industrial Loans $ 532,501 $ 2,191 $ 534,692 Commercial Real Estate Loans 1,495,862 4,385 1,500,247 Agricultural Loans 384,526 128 384,654 Leases 57,257 — 57,257 Home Equity Loans 225,755 35 225,790 Consumer Loans 69,264 — 69,264 Credit Cards 11,953 — 11,953 Residential Mortgage Loans 304,855 147 305,002 Allowance for Credit Losses on Loans (16,278) (15,653) (31,931) Liabilities: Allowance for Credit Losses on Unfunded Loan Commitments $ — $ (173) $ (173) In December 2018, federal banking regulators approved a final rule to address changes to credit loss accounting under GAAP, including banking organizations’ implementation of CECL. The final rule provides banking organizations the option to phase in over a three-year period the day-one adverse effects on regulatory capital that may result from the adoption of the new accounting standard. On March 27, 2020, in an action related to the CARES Act, the federal banking regulators announced an interim final rule to delay the estimated impact on regulatory capital stemming from the implementation of CECL. The interim final rule, which was finalized effective September 30, 2020, maintains the three-year transition option in the previous rule and provides banks the option to delay for two years an estimate of CECL’s effect on regulatory capital, relative to the incurred loss methodology’s effect on regulatory capital, followed by a three-year transition period (five-year transition option). The Company has elected to adopt the five-year transition option. This election of the transition option is applicable only to regulatory capital computations under federal banking regulations and does not otherwise impact the financial statements prepared in accordance with GAAP. Loans Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at amortized cost. Amortized cost is the principal balance outstanding, net of purchase premiums and discounts, deferred loan fees and costs. Accrued interest receivable totaled $13,141 at March 31, 2021 and was reported in Accrued Interest Receivable and Other Assets on the Consolidated Balance Sheets. Interest income is accrued on the unpaid principal balance. Loan origination fees and costs are deferred and recognized in interest income using the level-yield method without anticipating prepayments. Purchase Credit Deteriorated (PCD) Loans The Company has purchased loans, some of which have experienced more than insignificant credit deterioration since origination. PCD loans are recorded at the amount paid. An allowance for credit losses on loans is determined using the same methodology as other loans held for investment. The initial allowance for credit losses on loans determined on a collective basis is allocated to individual loans. The sum of the loan’s purchase price and allowance for credit losses on loans becomes its initial amortized cost basis. The difference between the initial amortized cost basis and the par value of the loan is a noncredit discount or premium, which is amortized into interest income over the life of the loan. Subsequent changes to the allowance for credit losses on loans are recorded through provision expense. Allowance for Credit Losses - Loans The allowance for credit losses is a valuation account that is deducted from the loans' amortized cost basis to present the net amount expected to be collected on the loans. Loans are charged off against the allowance when management believes the uncollectibility of a loan balance is confirmed. Expected recoveries do not exceed the aggregate of amounts previously charged-off and expected to be charged-off. The Company estimates the allowance balance using relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Historical loss experience provides the basis for the estimation of expected credit losses. Adjustments to historical loss information are made for changes in underwriting standards, portfolio mix, delinquency level, changes in environmental conditions, unemployment rates, risk classifications and collateral values. The allowance for credit losses is measured on a collective (pooled) basis when similar risk characteristics exist. The Company has identified the following portfolio segments and measures the allowance for credit losses using the following methods: Commercial and Industrial Loans - The principal risk of commercial and industrial loans is that these loans are primarily based on the identified cash flow of the borrower and secondarily on the collateral underlying the loans. Most commercial loans are secured by accounts receivable, inventory and equipment. If cash flow from business operations is reduced, the borrower's ability to repay the loan may diminish, and over time, it may also be difficult to substantiate current value of inventory and equipment. Repayment of these loans are more sensitive than other types of loans to adverse conditions in the general economy. Commercial Real Estate Loans - Commercial real estate lending is generally dependent on the successful operation of the property securing the loan or the business conducted on the property securing the loan. Commercial real estate loans may be adversely affected by conditions in the real estate markets or in the general economy. Commercial real estate loans are collateralized by the borrower's underlying real estate. Therefore, diminished cash flows not only affects the ability to repay the loan, it may also reduce the underlying collateral value. Agricultural Loans - This portfolio is diversified between real estate financing, equipment financing and lines of credit in various segments including grain production, poultry production and livestock production. Mitigating any concentration of risk that may exist in the Company's agricultural loan portfolio is the use of federal government guarantee programs. Leases - Leases are primarily for equipment leased to varying types of businesses. If the cash flows from the business operations is reduced, the business's ability to repay the lease is diminished as well. Home Equity Loans - Home equity loans are generally secured by 1-4 family residences that are owner-occupied. Repayment of these loans is primarily dependent on the personal income of the borrowers, which can be impacted by unemployment levels in the market area due to economic conditions. Consumer Loans - Consumer loan repayment is typically dependent on the borrower remaining employed through the life of the loan as well as the borrower maintaining the underlying collateral adequately. Credit Cards - Credit card loan are unsecured and repayment is primarily dependent on the personal income of the borrower. Residential Mortgage Loans - Residential mortgage loans are typically secured by 1-4 family residences that are owner-occupied. Repayment of these loans is primarily dependent on the personal income of the borrowers, which can be impacted by unemployment levels in the market area due to economic conditions. Repayment may also be impacted by changes in residential property values. Loans that do not share risk characteristics are evaluated on an individual basis. Loans evaluated individually are also not included in the collective evaluation. When the borrower is experiencing financial difficulty at the reporting date and repayment is expected to be provided substantially through the operation or sale of the collateral, expected credit losses are based on the fair value of the collateral at the reporting date adjusted for selling costs. Troubled Debt Restructurings (“TDR”) A loan for which the terms have been modified resulting in a concession, and for which the borrower is experiencing financial difficulties, is considered to be a TDR. The allowances for credit losses on loans on a TDR is measured using the same method as all other loans held for investment, except that the original interest rate is used to discount the expected cash flows, not the rate specified within the restructuring. See “Loan Modifications and Troubled Debt Restructurings due to COVID-19” at the beginning of this Note 2 for additional information. Allowance for Credit Losses on Available-For-Sale Securities For available-for-sale debt securities in an unrealized loss position, the Company first assesses whether it intends to sell, or it is more likely than not that it will be required to sell, the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income. For debt securities available for sale that do not meet the aforementioned criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recorded in other comprehensive income. Changes in the allowance for credit losses are recorded as provision for, or reversal of, credit loss expense. Losses are charged against the allowance when management believes the uncollectibility of an available-for-sale security is confirmed or when either of the criteria regarding intent or requirement to sell is met. Allowance for Credit Losses on Off-Balance Sheet Credit Exposures The Company estimates expected credit losses over the contractual period in which the Company is exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Company. The allowance for credit losses on off-balance sheet credit exposures is adjusted as a provision for credit loss expense included in other expense on the consolidated income statement. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life. Expected utilization rates are compared to the current funded portion of the total commitment amount as a practical expedient for funded exposure at default. |
Per Share Data
Per Share Data | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Per Share Data | Per Share Data The computation of Basic Earnings per Share and Diluted Earnings per Share are as follows: Three Months Ended 2021 2020 Basic Earnings per Share: Net Income $ 19,557 $ 12,472 Weighted Average Shares Outstanding 26,510,001 26,663,604 Basic Earnings per Share $ 0.74 $ 0.47 Diluted Earnings per Share: Net Income $ 19,557 $ 12,472 Weighted Average Shares Outstanding 26,510,001 26,663,604 Potentially Dilutive Shares, Net — — Diluted Weighted Average Shares Outstanding 26,510,001 26,663,604 Diluted Earnings per Share $ 0.74 $ 0.47 For the three months ended March 31, 2021 and 2020, there were no anti-dilutive shares. |
Securities
Securities | 3 Months Ended |
Mar. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Securities The amortized cost, unrealized gross gains and losses recognized in accumulated other comprehensive income (loss), and fair value of Securities Available-for-Sale were as follows: Securities Available-for-Sale: Amortized Gross Gross Allowance for Credit Losses Fair March 31, 2021 Obligations of State and Political Subdivisions $ 601,546 $ 24,849 $ (2,547) $ — $ 623,848 MBS/CMO $ 654,447 $ 7,873 $ (8,871) $ — $ 653,449 US Gov't Sponsored Entities & Agencies 111,863 — (3,287) — 108,576 Total $ 1,367,856 $ 32,722 $ (14,705) $ — $ 1,385,873 December 31, 2020 Obligations of State and Political Subdivisions $ 548,273 $ 33,077 $ (103) $ — $ 581,247 MBS/CMO 535,526 12,806 (25) — $ 548,307 US Gov't Sponsored Entities & Agencies 88,376 120 (198) — $ 88,298 Total $ 1,172,175 $ 46,003 $ (326) $ — $ 1,217,852 All mortgage-backed securities in the above table (identified above and throughout this Note 4 as "MBS/CMO") are residential and multi-family mortgage-backed securities and guaranteed by government sponsored entities. The US Gov't Sponsored Entities & Agencies in the above table have underlying collateral of equipment, machinery and commercial real estate. The amortized cost and fair value of Securities at March 31, 2021 by contractual maturity are shown below. Expected maturities may differ from contractual maturities because some issuers have the right to call or prepay certain obligations with or without call or prepayment penalties. Mortgage-backed Securities are not due at a single maturity date and are shown separately. Securities Available-for-Sale: Amortized Fair Due in one year or less $ 5,739 $ 5,770 Due after one year through five years 17,354 18,027 Due after five years through ten years 66,272 70,572 Due after ten years 512,181 529,479 MBS/CMO 654,447 653,449 US Gov't Sponsored Entities & Agencies 111,863 108,576 Total $ 1,367,856 $ 1,385,873 Proceeds from the Sales of Securities are summarized below: Three Months Ended Three Months Ended March 31, 2021 March 31, 2020 Proceeds from Sales $ 51,370 $ 10,989 Gross Gains on Sales 975 590 Income Taxes on Gross Gains 205 127 The carrying value of securities pledged to secure repurchase agreements, public and trust deposits, and for other purposes as required by law was $186,885 and $237,506 as of March 31, 2021 and December 31, 2020, respectively. Below is a summary of securities with unrealized losses as of March 31, 2021 and December 31, 2020, presented by length of time the securities have been in a continuous unrealized loss position: Less than 12 Months 12 Months or More Total March 31, 2021 Fair Unrealized Fair Unrealized Fair Unrealized Obligations of State and Political Subdivisions $ 155,320 $ (2,547) $ — $ — $ 155,320 $ (2,547) MBS/CMO 405,387 (8,871) — — 405,387 (8,871) US Gov't Sponsored Entities & Agencies 108,576 (3,287) — — 108,576 (3,287) Total $ 669,283 $ (14,705) $ — $ — $ 669,283 $ (14,705) Less than 12 Months 12 Months or More Total December 31, 2020 Fair Unrealized Fair Unrealized Fair Unrealized Obligations of State and Political Subdivisions $ 10,652 $ (103) $ — $ — $ 10,652 $ (103) MBS/CMO 19,631 (25) — — 19,631 (25) US Gov't Sponsored Entities & Agencies 59,054 (198) — — 59,054 (198) Total $ 89,337 $ (326) $ — $ — $ 89,337 $ (326) Available-for-sale debt securities in unrealized loss positions are evaluated for impairment related to credit losses at least quarterly. For available-for-sale debt securities in an unrealized loss position, the Company assesses whether we intend to sell, or it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income. For available-for sale debt securities that do not meet the criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security and the issuer, among other factors. If this assessment indicates that a credit loss exists, we compare the present value of cash flows expected to be collected from the security with the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis for the security, a credit loss exists and an allowance for credit losses is recorded, limited to the amount that the fair value of the security is less than its amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income, net of applicable taxes. No allowance for credit losses for available-for-sale debt securities was needed at March 31, 2021. Accrued interest receivable on available-for-sale debt securities totaled $6,937 at March 31, 2021 and is excluded from the estimate of credit losses. The Company's equity securities are listed as Other Investments on the Consolidated Balance Sheets and consist of one non-controlling investment in a single banking organization at March 31, 2021 and December 31, 2020. The original investment totaled $1,350 and other-than-temporary impairment was previously recorded totaling $997. The Company's equity securities are considered not to have readily determinable fair value and are carried at cost and evaluated for impairment. At March 31, 2021, there was no additional impairment recognized through earnings. |
Derivatives
Derivatives | 3 Months Ended |
Mar. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | DerivativesThe Company executes interest rate swaps with commercial banking customers to facilitate their respective risk management strategies. The notional amounts of these interest rate swaps and the offsetting counterparty derivative instruments were $120,721 at March 31, 2021 and $117,621 at December 31, 2020. These interest rate swaps are simultaneously hedged by offsetting interest rate swaps that the Company executes with a third party, such that the Company minimizes its net risk exposure resulting from such transactions with approved, reputable, independent counterparties with substantially matching terms. The agreements are considered stand-alone derivatives and changes in the fair value of derivatives are reported in earnings as non-interest income. Credit risk arises from the possible inability of counterparties to meet the terms of their contracts. The Company’s exposure is limited to the replacement value of the contracts rather than the notional, principal or contract amounts. There are provisions in the agreements with the counterparties that allow for certain unsecured credit exposure up to an agreed threshold. Exposures in excess of the agreed thresholds are collateralized. In addition, the Company minimizes credit risk through credit approvals, limits, and monitoring procedures. The following table reflects the fair value hedges included in the Consolidated Balance Sheets as of: March 31, 2021 December 31, 2020 Notional Fair Value Notional Fair Value Included in Other Assets: Interest Rate Swaps $ 120,721 $ 5,772 $ 117,621 $ 8,806 Included in Other Liabilities: Interest Rate Swaps $ 120,721 $ 5,970 $ 117,621 $ 9,353 The following table presents the effect of derivative instruments on the Consolidated Statements of Income for the periods presented: Three Months Ended 2021 2020 Interest Rate Swaps: Included in Other Operating Income $ 485 $ (280) |
Loans
Loans | 3 Months Ended |
Mar. 31, 2021 | |
Receivables [Abstract] | |
Loans | Loans Loans were comprised of the following classifications: March 31, December 31, Commercial: Commercial and Industrial Loans $ 672,300 $ 638,773 Commercial Real Estate Loans 1,492,617 1,467,397 Agricultural Loans 347,231 376,186 Leases 55,714 55,664 Retail: Home Equity Loans 212,306 219,348 Consumer Loans 60,570 66,717 Credit Cards 12,609 11,637 Residential Mortgage Loans 267,634 256,276 Subtotal 3,120,981 3,091,998 Less: Unearned Income (3,778) (3,926) Allowance for Credit Losses (45,099) (46,859) Loans, net $ 3,072,104 $ 3,041,213 As previously disclosed, the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”) was signed into law in March 2020, providing an approximately $2 trillion stimulus package that included direct payments to individual taxpayers, economic stimulus to significantly impacted industry sectors, emergency funding for hospitals and providers, small business loans, increased unemployment benefits, and a variety of tax incentives. For small businesses, eligible nonprofits and certain others, the CARES Act established a Paycheck Protection Program (“PPP”), a lending program administered by the Small Business Administration (“SBA”) that is intended to incentivize participants to retain their employees by providing them with loans that are fully guaranteed by the U.S. government and subject to forgiveness if program guidelines are met. The PPP was later extended and modified by the Paycheck Protection Program and Health Care Enhancement Act in April 2020 and the Paycheck Protection Program Flexibility Act in June 2020, with PPP funding under this initial round expiring on August 8, 2020. In December 2020, the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act was signed into law as part of the Consolidated Appropriations Act, 2021 (the “CAA”). In addition to direct stimulus payments and other aid, this Act provided for a second round of PPP loans through March 31, 2021, and included the establishment of PPP second draw loans. Certain borrowers that had obtained a PPP loan in 2020 (a “first draw PPP loan”) became eligible in January 2021 to apply for a “second draw PPP loan” on generally the same terms and conditions as their first draw loans. The eligibility requirements for a second draw PPP loan, however, are much narrower than the eligibility requirements for a first draw PPP loan. More recently, the American Rescue Plan Act of 2021 was signed into law on March 11, 2021, providing additional funds for the PPP and expanding certain PPP eligibility requirements. Further, on March 30, 2021, the PPP Extension Act of 2021 (was signed into law, providing applicants two additional months (through May 31, 2021) to apply for a first draw or second draw PPP loan and giving the SBA until June 30, 2021 to process loan applications. Having previously participated in the first round of the PPP during 2020, the Company is also participating in the second round that commenced in January 2021. Under the PPP, the Company has lent and is lending funds primarily to its existing loan and/or deposit customers, based on a pre-determined SBA-developed formula. These loans carry a customer interest rate of 1.00% plus a processing fee that varies depending on the balance of the loan at origination. The vast majority of the Company's first round PPP loans have two-year maturities. The second round PPP loans have five-year maturities. As of March 31, 2021, the Company had $97,331 in PPP loans outstanding with approximately $1,232 of net fees remaining under the first round of this program and had $145,364 in PPP loans outstanding with approximately $7,234 of net fees remaining under the second round of this program, all of which are included in the above table in the Commercial and Industrial Loan category. As of December 31, 2020, the Company had $186,038 in PPP loans outstanding with approximately $4,054 of net fees remaining. Fees recognized during the first quarter of 2021 totaled $3,008 while no fees were recognized during the first quarter of 2020. The Company anticipates that the majority of the PPP loans will ultimately be forgiven by the SBA in accordance with the terms of the program. Allowance for Credit Losses for Loans The following tables present the activity in the allowance for credit losses by portfolio segment for the three months ended March 31, 2021 and 2020: March 31, 2021 Commercial and Industrial Commercial Real Estate Loans Agricultural Leases Consumer Loans Home Equity Loans Credit Cards Residential Mortgage Loans Unallocated Total Allowance for Credit Losses: Beginning balance $ 6,445 $ 29,878 $ 6,756 $ 200 $ 490 $ 996 $ 150 $ 1,944 $ — $ 46,859 Provision for credit loss expense (22) (1,334) (294) 1 (18) (31) 59 139 — (1,500) Loans charged-off (190) (9) — — (125) — (47) (1) — (372) Recoveries collected 15 5 — — 92 — — — — 112 Total ending allowance balance $ 6,248 $ 28,540 $ 6,462 $ 201 $ 439 $ 965 $ 162 $ 2,082 $ — $ 45,099 March 31, 2020 Commercial and Industrial Commercial Real Estate Loans Agricultural Leases Consumer Loans Home Equity Loans Credit Cards Residential Mortgage Loans Unallocated Total Allowance for Credit Losses: Beginning balance prior to adoption of ASC 326 $ 4,799 $ 4,692 $ 5,315 $ — $ 434 $ 200 $ — $ 333 $ 505 $ 16,278 Impact of adopting ASC 326 2,245 3,063 1,438 105 (59) 762 124 1,594 (505) 8,767 Impact of adopting ASC 326 - PCD Loans 2,191 4,385 128 — — 35 — 147 — 6,886 Provision for credit loss expense (137) 5,167 (396) 67 205 (20) 35 229 — 5,150 Initial allowance on loans purchased with credit deterioration — — — — — — — — — — Loans charged-off (296) — — — (237) — (36) — — (569) Recoveries collected 12 3 — — 112 — 1 1 — 129 Total ending allowance balance $ 8,814 $ 17,310 $ 6,485 $ 172 $ 455 $ 977 $ 124 $ 2,304 $ — $ 36,641 The Company utilizes the Static Pool methodology in determining expected future credit losses. Static pool analysis means segmenting and tracking loans over a period of time based on similar risk characteristics such as loan structure, collateral type, industry of borrower and concentrations, contractual terms and credit risk indicators. Static pool calculates a loss rate on a closed pool of loans that existed on a specified start date based upon the remaining life of each segment. The Company's expected loss estimate is anchored in historical credit loss experience, with an emphasis on all available portfolio data. The Company's historical look-back period includes January 2014 through the current period, on a monthly basis. Qualitative reserves reflect management’s overall estimate of the extent to which current expected credit losses on collectively evaluated loans will differ from historical loss experience. The analysis takes into consideration industry and collateral concentrations, acquired loan portfolio characteristics and other credit-related analytics as deemed appropriate. Management attempts to quantify qualitative reserves whenever possible. The Company estimates the allowance balance using relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Historical loss experience provides the basis for the estimation of expected credit losses. Adjustments to historical loss information are made for changes in underwriting standards, portfolio mix, delinquency level, changes in environmental conditions, unemployment rates, risk classifications and collateral values. The allowance for credit losses is measured on a collective (pooled) basis when similar risk characteristics exist. Based on the potential increased losses related to the economic impact of the COVID-19 pandemic, the bank has considered this loss experience may align with loss experience from the recessionary period from 2008-2011 and qualitative adjustments have been made accordingly. Loans that do not share risk characteristics are evaluated on an individual basis. Loans evaluated individually are not included in the collective evaluation. When the borrower is experiencing financial difficulty at the reporting date and repayment is expected to be provided substantially through the operation or sale of the collateral, expected credit losses are based on the fair value of the collateral at the reporting date adjusted for selling costs. For the three months ended March 31, 2021, the allowance for credit losses decreased primarily due to a decline in the loan portfolio, excluding PPP loans, and a decline in certain adversely criticized assets. While there continues to be great uncertainty related to COVID-19 on our borrowers and communities, we have recognized improvements in employment and gross domestic product which are key indicators utilized in our forecasting for our allowance calculations. The impact of fiscal stimulus, including direct payments to individuals, ongoing increased unemployment benefits, as well as the various government-sponsored loan programs, was also considered in our qualitative adjustments. Since PPP loans are guaranteed by the Small Business Administration (SBA), they have minimal impact on the allowance for credit losses. All classes of loans, including loans acquired with deteriorated credit quality, are generally placed on non-accrual status when scheduled principal or interest payments are past due for 90 days or more or when the borrower’s ability to repay becomes doubtful. For purchased loans, the determination is made at the time of acquisition as well as over the life of the loan. Uncollected accrued interest for each class of loans is reversed against income at the time a loan is placed on non-accrual. Interest received on such loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. All classes of loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. Loans are typically charged-off at 180 days past due, or earlier if deemed uncollectible. Exceptions to the non-accrual and charge-off policies are made when the loan is well secured and in the process of collection. The following tables present the amortized cost in non-accrual loans and loans past due over 89 days still accruing by class of loans as of March 31, 2021 and December 31, 2020: March 31, 2021 Non-Accrual With No Allowance for Credit Loss (1) Non-Accrual Loans Past Due Over 89 Days Still Accruing Commercial and Industrial Loans $ 4,061 $ 7,312 $ — Commercial Real Estate Loans 3,144 10,133 — Agricultural Loans 1,220 1,841 — Leases — — — Home Equity Loans 293 293 — Consumer Loans 109 112 — Credit Cards 154 154 — Residential Mortgage Loans 480 1,149 — Total $ 9,461 $ 20,994 $ — (1) Includes non-accrual loans with no allowance for credit loss and are also included in Non-Accrual loans totaling $20,994. Interest income on non-accrual loans recognized during the three months ended March 31, 2021 totaled $2. December 31, 2020 Non-Accrual With No Allowance for Credit Loss (1) Non-Accrual Loans Past Due Over 89 Days Still Accruing Commercial and Industrial Loans $ 4,571 $ 8,133 $ — Commercial Real Estate Loans 3,152 10,188 — Agricultural Loans 1,291 1,915 — Leases — — — Home Equity Loans 271 271 — Consumer Loans 77 84 — Credit Cards 86 86 — Residential Mortgage Loans 671 830 — Total $ 10,119 $ 21,507 $ — (1) Includes non-accrual loans with no allowance for credit loss and are also included in Non-Accrual loans totaling $21,507. Interest income on non-accrual loans recognized during the year ended December 31, 2020 totaled $28. The following tables present the amortized cost basis of collateral-dependent loans by class of loans as of March 31, 2021 and December 31, 2020: March 31, 2021 Real Estate Equipment Accounts Receivable Other Total Commercial and Industrial Loans $ 4,350 $ 2,846 $ 639 $ 30 $ 7,865 Commercial Real Estate Loans 11,629 — — 1,472 13,101 Agricultural Loans 2,980 — — — 2,980 Leases — — — — — Home Equity Loans 406 — — — 406 Consumer Loans 4 — — 3 7 Credit Cards — — — — — Residential Mortgage Loans 1,320 — — — 1,320 Total $ 20,689 $ 2,846 $ 639 $ 1,505 $ 25,679 December 31, 2020 Real Estate Equipment Accounts Receivable Other Total Commercial and Industrial Loans $ 4,943 $ 3,014 $ 669 $ 154 $ 8,780 Commercial Real Estate Loans 11,877 — — 1,530 13,407 Agricultural Loans 3,064 — — — 3,064 Leases — — — — — Home Equity Loans 416 — — — 416 Consumer Loans 4 4 — 3 11 Credit Cards — — — — — Residential Mortgage Loans 817 — — — 817 Total $ 21,121 $ 3,018 $ 669 $ 1,687 $ 26,495 The following tables present the aging of the amortized cost basis in past due loans by class of loans as of March 31, 2021 and December 31, 2020: March 31, 2021 30-59 Days Past Due 60-89 Days Past Due Greater Than 89 Days Past Due Total Loans Not Past Due Total Commercial and Industrial Loans $ 729 $ 384 $ 1,982 $ 3,095 $ 669,205 $ 672,300 Commercial Real Estate Loans 158 — 8,526 8,684 1,483,933 1,492,617 Agricultural Loans — — 651 651 346,580 347,231 Leases — — — — 55,714 55,714 Home Equity Loans 327 74 293 694 211,612 212,306 Consumer Loans 328 38 94 460 60,110 60,570 Credit Cards 26 5 154 185 12,424 12,609 Residential Mortgage Loans 3,014 35 918 3,967 263,667 267,634 Total $ 4,582 $ 536 $ 12,618 $ 17,736 $ 3,103,245 $ 3,120,981 December 31, 2020 30-59 Days Past Due 60-89 Days Past Due Greater Than 89 Days Past Due Total Loans Not Past Due Total Commercial and Industrial Loans $ 477 $ 909 $ 2,441 $ 3,827 $ 634,946 $ 638,773 Commercial Real Estate Loans 5 4,877 3,682 8,564 1,458,833 1,467,397 Agricultural Loans — — 651 651 375,535 376,186 Leases — — — — 55,664 55,664 Home Equity Loans 672 5 271 948 218,400 219,348 Consumer Loans 233 84 65 382 66,335 66,717 Credit Cards 95 80 86 261 11,376 11,637 Residential Mortgage Loans 3,737 1,590 529 5,856 250,420 256,276 Total $ 5,219 $ 7,545 $ 7,725 $ 20,489 $ 3,071,509 $ 3,091,998 Troubled Debt Restructurings: In certain instances, the Company may choose to restructure the contractual terms of loans. A troubled debt restructuring occurs when the Bank grants a concession to the borrower that it would not otherwise consider due to a borrower’s financial difficulty. In order to determine whether a borrower is experiencing financial difficulty, an evaluation is performed of the probability that the borrower will be in payment default on any of its debt in the foreseeable future without modification. This evaluation is performed under the Company’s internal underwriting policy. The Company uses the same methodology for loans acquired with deteriorated credit quality as for all other loans when determining whether the loan is a troubled debt restructuring. As of March 31, 2021, the Company had troubled debt restructurings totaling $109. The Company had no specific allocation of allowance for these loans at March 31, 2021. As of December 31, 2020, the Company had troubled debt restructurings totaling $111. The Company had no specific allocation of allowance for these loans at December 31, 2020. The Company had not committed to lending any additional amounts as of March 31, 2021 and December 31, 2020 to customers with outstanding loans that are classified as troubled debt restructurings. For the three months ended March 31, 2021 and 2020, the Company had no loans modified as troubled debt restructurings. Additionally, there were no loans modified as troubled debt restructurings for which there was a payment default within twelve months following the modification during the three months ended March 31, 2021 and 2020. A loan is considered to be in payment default once it is 30 days contractually past due under the modified terms. Loan Modifications and Troubled Debt Restructurings due to COVID-19 On April 7, 2020, the FRB, the Office of the Comptroller of the Currency (the “OCC”), and the Federal Deposit Insurance Corporation (the “FDIC” and, together with the FRB and OCC, the “federal banking regulators”) issued a revised Interagency Statement on Loan Modifications and Reporting for Financial Institutions, which, among other things, encouraged financial institutions to work prudently with borrowers who are or may be unable to meet their contractual payment obligations because of the effects of COVID-19, and stated that institutions generally do not need to categorize COVID-19-related modifications as troubled debt restructurings and that the agencies will not direct supervised institutions to automatically categorize all COVID-19 related loan modifications as troubled debt restructurings. Similarly, under the CARES Act, provisions were included that allow for loan modifications to not be classified as TDRs if certain criteria are met. This TDR exemption, which was set to expire on December 31, 2020, was extended under the CAA to the earlier of (i) 60 days after the national emergency concerning the COVID-19 outbreak terminates, and (ii) January 1, 2022. In response to requests from borrowers who have experienced pandemic-related business or personal cash flow interruptions, and in accordance with regulatory guidance, the Company has made short-term loan modifications involving both partial and full payment deferrals. The table below shows the payment modifications that were still in effect as of March 31, 2021, with the majority of these credit relationships making full interest payments. % of Loan Category Type of Loans Number of Loans Outstanding Balance As of 3/31/2021 As of 12/31/2020 Commercial & Industrial Loans 4 $ 4,413 0.9 % 0.8 % Commercial Real Estate Loans 15 36,137 2.4 % 3.0 % Agricultural Loans — — — % — % Consumer Loans 2 40 n/m (1) n/m (1) Residential Mortgage Loans 2 173 0.1 % 0.1 % Total 23 $ 40,763 1.4 % 1.7 % (1) n/m = not meaningful 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 classifies loans as to credit risk by individually analyzing loans. This analysis includes commercial and industrial loans, commercial real estate loans, and agricultural loans with an outstanding balance greater than $250. This analysis is typically performed on at least 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. 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. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. Doubtful. Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing 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. Based on the analysis performed at March 31, 2021 and December 31, 2020, the risk category of loans by class of loans is as follows: Term Loans Amortized Cost Basis by Origination Year As of March 31, 2021 2021 2020 2019 2018 2017 Prior Revolving Loans Amortized Cost Basis Total Commercial and Industrial: Risk Rating Pass $ 176,630 $ 165,352 $ 78,654 $ 41,565 $ 28,684 $ 64,123 $ 85,946 $ 640,954 Special Mention — 573 1,011 1,996 1,585 2,070 9,313 16,548 Substandard — 186 154 1,876 1,493 5,156 5,933 14,798 Doubtful — — — — — — — — Total Commercial & Industrial Loans $ 176,630 $ 166,111 $ 79,819 $ 45,437 $ 31,762 $ 71,349 $ 101,192 $ 672,300 Commercial Real Estate: Risk Rating Pass $ 89,120 $ 301,184 $ 210,976 $ 168,708 $ 167,909 $ 436,255 $ 29,556 $ 1,403,708 Special Mention — 1,628 1,222 15,387 23,220 20,791 — 62,248 Substandard — — 8,365 1,722 1,657 14,817 100 26,661 Doubtful — — — — — — — — Total Commercial Real Estate Loans $ 89,120 $ 302,812 $ 220,563 $ 185,817 $ 192,786 $ 471,863 $ 29,656 $ 1,492,617 Agricultural: Risk Rating Pass $ 13,084 $ 43,509 $ 24,244 $ 28,419 $ 27,630 $ 81,385 $ 55,256 $ 273,527 Special Mention 636 13,445 9,806 3,262 8,765 13,227 12,900 62,041 Substandard — 578 73 384 1,156 9,472 — 11,663 Doubtful — — — — — — — — Total Agricultural Loans $ 13,720 $ 57,532 $ 34,123 $ 32,065 $ 37,551 $ 104,084 $ 68,156 $ 347,231 Leases: Risk Rating Pass $ 4,996 $ 16,615 $ 16,616 $ 8,235 $ 4,643 $ 4,609 $ — $ 55,714 Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total Leases $ 4,996 $ 16,615 $ 16,616 $ 8,235 $ 4,643 $ 4,609 $ — $ 55,714 Term Loans Amortized Cost Basis by Origination Year As of December 31, 2020 2020 2019 2018 2017 2016 Prior Revolving Loans Amortized Cost Basis Total Commercial and Industrial: Risk Rating Pass $ 260,027 $ 88,273 $ 46,681 $ 31,612 $ 21,025 $ 48,508 $ 109,228 $ 605,354 Special Mention 618 1,102 2,756 1,739 206 1,972 9,948 18,341 Substandard 143 164 1,283 1,530 607 5,416 5,935 15,078 Doubtful — — — — — — — — Total Commercial & Industrial Loans $ 260,788 $ 89,539 $ 50,720 $ 34,881 $ 21,838 $ 55,896 $ 125,111 $ 638,773 Commercial Real Estate: Risk Rating Pass $ 296,265 $ 215,226 $ 179,129 $ 183,703 $ 171,016 $ 295,641 $ 29,634 $ 1,370,614 Special Mention 883 9,361 15,232 23,489 7,578 20,294 147 76,984 Substandard — 1,131 1,735 1,692 4,292 10,849 100 19,799 Doubtful — — — — — — — — Total Commercial Real Estate Loans $ 297,148 $ 225,718 $ 196,096 $ 208,884 $ 182,886 $ 326,784 $ 29,881 $ 1,467,397 Agricultural: Risk Rating Pass $ 49,242 $ 25,449 $ 31,285 $ 32,368 $ 22,702 $ 64,890 $ 75,871 $ 301,807 Special Mention 11,503 9,911 3,111 8,767 2,707 10,125 16,318 62,442 Substandard 578 73 394 1,228 4,466 5,198 — 11,937 Doubtful — — — — — — — — Total Agricultural Loans $ 61,323 $ 35,433 $ 34,790 $ 42,363 $ 29,875 $ 80,213 $ 92,189 $ 376,186 Leases: Risk Rating Pass $ 18,258 $ 17,517 $ 9,176 $ 5,415 $ 1,605 $ 3,693 $ — $ 55,664 Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total Leases $ 18,258 $ 17,517 $ 9,176 $ 5,415 $ 1,605 $ 3,693 $ — $ 55,664 The Company considers the performance of the loan portfolio and its impact on the allowance for credit losses. For residential and consumer loan classes, the Company also evaluates credit quality based on the aging status of the loan, which was previously presented, and by payment activity. The following tables present the amortized cost in residential, home equity and consumer loans based on payment activity. Term Loans Amortized Cost Basis by Origination Year As of March 31, 2021 2021 2020 2019 2018 2017 Prior Revolving Loans Amortized Cost Basis Total Consumer: Payment performance Performing $ 8,563 $ 28,248 $ 9,349 $ 7,567 $ 1,669 $ 2,757 $ 2,305 $ 60,458 Nonperforming — — 32 10 2 33 35 112 Total Consumer Loans $ 8,563 $ 28,248 $ 9,381 $ 7,577 $ 1,671 $ 2,790 $ 2,340 $ 60,570 Home Equity: Payment performance Performing $ — $ — $ — $ 55 $ 46 $ 540 $ 211,372 $ 212,013 Nonperforming — — — — — — 293 293 Total Home Equity Loans $ — $ — $ — $ 55 $ 46 $ 540 $ 211,665 $ 212,306 Residential Mortgage: Payment performance Performing $ 33,640 $ 45,639 $ 22,574 $ 23,597 $ 27,040 $ 113,996 $ — $ 266,486 Nonperforming — — — — — 1,148 — 1,148 Total Residential Mortgage Loans $ 33,640 $ 45,639 $ 22,574 $ 23,597 $ 27,040 $ 115,144 $ — $ 267,634 Term Loans Amortized Cost Basis by Origination Year As of December 31, 2020 2020 2019 2018 2017 2016 Prior Revolving Loans Amortized Cost Basis Total Consumer: Payment performance Performing $ 33,857 $ 16,486 $ 8,456 $ 2,115 $ 910 $ 2,245 $ 2,563 $ 66,632 Nonperforming — — 11 2 14 23 35 85 Total Consumer Loans $ 33,857 $ 16,486 $ 8,467 $ 2,117 $ 924 $ 2,268 $ 2,598 $ 66,717 Home Equity: Payment performance Performing $ — $ — $ 34 $ 46 $ 67 $ 490 $ 218,440 $ 219,077 Nonperforming — — — — — — 271 271 Total Home Equity Loans $ — $ — $ 34 $ 46 $ 67 $ 490 $ 218,711 $ 219,348 Residential Mortgage: Payment performance Performing $ 45,945 $ 26,536 $ 28,050 $ 28,764 $ 25,155 $ 100,998 $ — $ 255,448 Nonperforming — — — — — 828 — 828 Total Residential Mortgage Loans $ 45,945 $ 26,536 $ 28,050 $ 28,764 $ 25,155 $ 101,826 $ — $ 256,276 The Company considers the performance of the loan portfolio and its impact on the allowance for credit loan losses. For certain retail loan classes, the Company also evaluates credit quality based on the aging status of the loan, which was previously presented, and by payment activity. The following table presents the recorded investment in credit cards based on payment activity: Credit Cards March 31, 2021 December 31, 2020 Performing $ 12,455 $ 11,551 Nonperforming 154 86 Total $ 12,609 $ 11,637 The following tables present loans purchased and/or sold during the year by portfolio segment: March 31, 2021 Commercial and Industrial Loans Commercial Real Estate Loans Agricultural Loans Leases Consumer Loans Home Equity Loans Credit Cards Residential Mortgage Loans Total Purchases $ — $ — $ — $ — $ — $ — $ — $ — $ — Sales — — — — — — — — — December 31, 2020 Commercial and Industrial Loans Commercial Real Estate Loans Agricultural Loans Leases Consumer Loans Home Equity Loans Credit Cards Residential Mortgage Loans Total Purchases $ — $ — $ — $ — $ — $ — $ — $ — $ — Sales — 3,128 — — — — — — 3,128 |
Repurchase Agreements Accounted
Repurchase Agreements Accounted for as Secured Borrowings | 3 Months Ended |
Mar. 31, 2021 | |
Transfers and Servicing [Abstract] | |
Repurchase Agreements Accounted for as Secured Borrowings | Repurchase Agreements Accounted for as Secured BorrowingsRepurchase agreements are short-term borrowings included in FHLB Advances and Other Borrowings and mature overnight and continuously. Repurchase agreements, which were secured by mortgage-backed securities, totaled $39,863 and $52,904 as of March 31, 2021 and December 31, 2020, respectively. Risk could arise when the collateral pledged to a repurchase agreement declines in fair value. The Company minimizes risk by consistently monitoring the value of the collateral pledged. At the point in time where the collateral has declined in fair value, the Company is required to provide additional collateral based on the value of the underlying securities. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The Company’s operations include three primary segments: core banking, wealth management services, and insurance operations. The core banking segment involves attracting deposits from the general public and using such funds to originate consumer, commercial and agricultural, commercial and agricultural real estate, and residential mortgage loans, primarily in the Company’s local markets. The core banking segment also involves the sale of residential mortgage loans in the secondary market. The wealth management segment involves providing trust, investment advisory, brokerage and retirement planning services to customers. The insurance segment offers a full range of personal and corporate property and casualty insurance products, primarily in the Company’s banking subsidiary’s local markets. The core banking segment is comprised by the Company’s banking subsidiary, German American Bank, which operated through 73 banking offices at March 31, 2021. Net interest income from loans and investments funded by deposits and borrowings is the primary revenue for the core-banking segment. The wealth management segment’s revenues are comprised primarily of fees generated by the trust operations of the Company's banking subsidiary and by German American Investment Services, Inc. These fees are derived by providing trust, investment advisory, brokerage and retirement planning services to its customers. The insurance segment primarily consists of German American Insurance, Inc., which provides a full line of personal and corporate insurance products. Commissions derived from the sale of insurance products are the primary source of revenue for the insurance segment. The following segment financial information has been derived from the internal financial statements of the Company which are used by management to monitor and manage financial performance. The accounting policies of the three segments are the same as those of the Company. The evaluation process for segments does not include holding company income and expense. Holding company amounts are the primary differences between segment amounts and consolidated totals, and are reflected in the column labeled “Other” below, along with amounts to eliminate transactions between segments. Core Wealth Management Services Insurance Other Consolidated Totals Three Months Ended March 31, 2021 Net Interest Income $ 39,582 $ 8 $ 2 $ (660) $ 38,932 Net Gains on Sales of Loans 2,202 — — — 2,202 Net Gains on Securities 975 — — — 975 Trust and Investment Product Fees 1 2,357 — — 2,358 Insurance Revenues 2 2 3,288 — 3,292 Noncash Items: Provision for Credit Losses (1,500) — — — (1,500) Depreciation and Amortization 2,217 13 17 80 2,327 Income Tax Expense (Benefit) 4,424 151 395 (317) 4,653 Segment Profit (Loss) 18,628 470 1,248 (789) 19,557 Segment Assets at March 31, 2021 5,210,711 5,000 12,068 (7,945) 5,219,834 Core Wealth Management Services Insurance Other Consolidated Totals Three Months Ended March 31, 2020 Net Interest Income $ 36,952 $ 4 $ 4 $ (704) $ 36,256 Net Gains on Sales of Loans 1,863 — — — 1,863 Net Gains on Securities 590 — — — 590 Trust and Investment Product Fees 1 2,030 — — 2,031 Insurance Revenues 3 1 3,225 — 3,229 Noncash Items: Provision for Credit Losses 5,150 — — — 5,150 Depreciation and Amortization 2,243 1 17 80 2,341 Income Tax Expense (Benefit) 2,241 117 360 (331) 2,387 Segment Profit (Loss) 11,847 334 1,094 (803) 12,472 Segment Assets at December 31, 2020 4,963,655 4,480 10,263 (821) 4,977,577 |
Stock Repurchase Plan
Stock Repurchase Plan | 3 Months Ended |
Mar. 31, 2021 | |
Stockholders' Equity Note [Abstract] | |
Stock Repurchase Plan | Stock Repurchase Plan On January 25, 2021, the Company’s Board of Directors approved a plan to repurchase up to one million shares of the Company’s outstanding common stock. On a share basis, the amount of common stock subject to the repurchase plan represents approximately 4% of the Company’s outstanding shares. The Company is not obligated to purchase shares under the plan, and the plan may be discontinued at any time. The actual timing, number and share price of shares purchased under the repurchase plan will be determined by the Company at its discretion and will depend upon such factors as the market price of the stock, general market and economic conditions and applicable legal requirements. At the time it approved the new plan, the Board also terminated a similar plan that had been adopted in January 2020. At the time of its termination, the Company had been authorized to purchase up to 778,088 shares of common stock under the 2020 repurchase plan. The Company has not repurchased any shares of common stock under the 2021 repurchase plan. |
Equity Plans and Equity Based C
Equity Plans and Equity Based Compensation | 3 Months Ended |
Mar. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Equity Plans and Equity Based Compensation | Equity Plans and Equity Based Compensation During the periods presented, the Company maintained two equity incentive plans under which stock options, restricted stock, and other equity incentive awards have been or could be granted. Those plans include (i) the Company’s 2009 Long-Term Equity Incentive Plan, under which no new grants may be made, and (ii) the Company’s 2019 Long-Term Equity Incentive Plan (the “2019 LTI Plan”). The 2019 LTI Plan, which authorizes a maximum aggregate issuance of 1,000,000 shares of common stock (subject to certain permitted adjustments), became effective on May 16, 2019, following approval of the Company’s shareholders. It will remain in effect until May 16, 2029, or until all shares of common stock subject to the 2019 LTI Plan are distributed, all awards have expired or terminated, or the plan is terminated pursuant to its terms, whichever occurs first. For the three months ended March 31, 2021 and 2020, the Company granted no options. The Company recorded no stock compensation expense applicable to options during the three months ended March 31, 2021 and 2020. In addition, there was no unrecognized option expense. During the periods presented, awards of long-term incentives were granted in the form of restricted stock. In 2019 and prior, awards that were granted to management and selected other employees under the Company's management incentive plan were granted in tandem with cash credit entitlements in the form of 60% restricted stock grants and 40% cash credit entitlements. In 2020, awards granted under the management incentive plan were granted in tandem with cash credit entitlements in the form of 66.67% restricted stock grants and 33.33% cash credit entitlements. In 2019 and prior, the restricted stock grants and tandem cash credit entitlements, generally, vested in three annual installments of 33.33% each. In 2020, 100% of the cash portion of an award vests towards the end of the year in which the grant was made, followed by the restricted stock grants vesting 50% in each of the 2nd and 3rd years. Beginning in 2021 for named executive officers, awards are granted in the form of 100% restricted stock grants which will vest in one-third installments on the first, second and third anniversaries of the award date. Awards that are granted to directors as additional retainers for their services do not include any cash credit entitlement. These director restricted stock grants are subject to forfeiture in the event that the recipient of the grant does not continue in service as a director of the Company through December 31 of the year after grant or does not satisfy certain meeting attendance requirements, at which time they generally vest 100 percent. For measuring compensation costs, restricted stock awards are valued based upon the market value of the common shares on the date of grant. During the three months ended March 31, 2021, the Company awarded grants of 44,123 shares of restricted stock. During the three months ended March 31, 2020, the Company granted awards of 41,752 shares of restricted stock. Total unvested restricted stock awards at March 31, 2021 and December 31, 2020 were 108,524 and 64,401, respectively. The following table presents expense recorded for restricted stock and cash entitlements as well as the related tax information for the periods presented: Three Months Ended March 31, 2021 2020 Restricted Stock Expense $ 329 $ 270 Cash Entitlement Expense 83 244 Tax Effect (107) (128) Net of Tax $ 305 $ 386 Unrecognized expense associated with the restricted stock grants and cash entitlements totaled $4,083 and $1,665 as of March 31, 2021 and 2020, respectively. Through August 16, 2019, the company maintained the 2009 Employee Stock Purchase Plan (the "2009 ESPP") whereby eligible employees had the option to purchase the Company’s common stock at a discount. The purchase price of the shares under this plan was set at 95% of the fair market value of the Company’s common stock as of the last day of the plan year. The plan had provided for the purchase of up to 750,000 shares of common stock, which the Company may obtain by purchases on the open market or from private sources, or by issuing authorized but unissued common shares. The Company’s shareholders approved the Company’s new 2019 Employee Stock Purchase Plan on May 16, 2019, as well as an Amended and Restated 2019 Employee Stock Purchase Plan on May 21, 2020, which was amended and restated to reflect certain clarifying changes (the "2019 ESPP"). The 2019 ESPP replaces the 2009 ESPP, which expired by its own terms on August 16, 2019. The 2019 ESPP, which became effective as of October 1, 2019, provides for a series of 3-month offering periods, commencing on the first day and ending on the last trading day of each calendar quarter, for the purchase of the Company’s common stock by participating employees. The purchase price of the shares has been set at 95% of the fair market value of the Company’s common stock on the last trading day of the offering period. A total of 750,000 common shares has been reserved for issuance under the 2019 ESPP. The 2019 ESPP will continue until September 30, 2029, or, if earlier, until all of the shares of common stock allocated to the 2019 ESPP have been purchased. Funding for the purchase of common stock is from employee and Company contributions. For the three months ended March 31, 2021, the Company recorded $10 of expense, $7 net of tax, for the employee stock purchase plan. For the three months ended March 31, 2020, the Company recorded $16 of expense, $12 net of tax, for the employee stock purchase plan. There was no unrecognized compensation expense as of March 31, 2021 and 2020 for the employee stock purchase plan. |
Fair Value
Fair Value | 3 Months Ended |
Mar. 31, 2021 | |
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 fair values for investment securities are determined by quoted market prices, if available (Level 1). For investment securities where quoted prices are not available, fair values are calculated based on market prices of similar investment securities (Level 2). For investment securities where quoted prices or market prices of similar investment securities are not available, fair values are calculated using discounted cash flows or other market indicators (Level 3). Level 3 pricing is obtained from a third-party based upon similar trades that are not traded frequently without adjustment by the Company. At March 31, 2021, the Company held no Level 3 securities. Absent the credit rating, significant assumptions must be made such that the credit risk input becomes an unobservable input and thus these investment securities are reported by the Company in a Level 3 classification. Derivatives: The fair values of derivatives are based on valuation models using observable market data as of the measurement date (Level 2). Individually Analyzed Loans: Fair values for collateral dependent loans are generally based on appraisals obtained from licensed real estate appraisers and in certain circumstances includes consideration of offers obtained to purchase properties prior to foreclosure. Appraisals for commercial real estate generally use three methods to derive value: cost, sales or market comparison and income approach. The cost method bases value in the cost to replace the current property. Value of market comparison approach evaluates the sales price of similar properties in the same market area. The income approach considers net operating income generated by the property and an investor's required return. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available. Comparable sales adjustments are based on known sales prices of similar type and similar use properties and duration of time that the property has been on the market to sell. Such adjustments made in the appraisal process are typically significant and result in a Level 3 classification of the inputs for determining fair value. Appraisals for both collateral-dependent impaired loans and other real estate owned are performed by certified general appraisers (for commercial 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 Company’s Risk Management Area reviews the assumptions and approaches utilized in the appraisal. In determining the value of impaired collateral dependent loans and other real estate owned, significant unobservable inputs may be used which include: physical condition of comparable properties sold, net operating income generated by the property and investor rates of return. Other Real Estate: Nonrecurring adjustments to certain commercial and residential real estate properties classified as other real estate (ORE) are measured at the lower of carrying amount or fair value, less costs to sell. Fair values are generally based on third party appraisals of the property utilizing similar techniques as discussed above for Impaired Loans, resulting in a Level 3 classification. In cases where the carrying amount exceeds the fair value, less costs to sell, impairment loss is recognized. Loans Held-for-Sale: The fair values of loans held for sale are determined by using quoted prices for similar assets, adjusted for specific attributes of that loan resulting in a Level 2 classification. Assets and Liabilities Measured on a Recurring Basis Assets and liabilities measured at fair value on a recurring basis, including financial assets and liabilities for which the Company has elected the fair value option, are summarized below: Fair Value Measurements at March 31, 2021 Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Total Assets: Obligations of State and Political Subdivisions $ — $ 623,848 $ — $ 623,848 MBS/CMO — 653,449 — 653,449 US Gov't Sponsored Entities & Agencies — 108,576 — 108,576 Total Securities $ — $ 1,385,873 $ — $ 1,385,873 Loans Held-for-Sale $ — $ 18,493 $ — $ 18,493 Derivative Assets $ — $ 5,772 $ — $ 5,772 Derivative Liabilities $ — $ 5,970 $ — $ 5,970 Fair Value Measurements at December 31, 2020 Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Total Assets: Obligations of State and Political Subdivisions $ — $ 580,750 $ 497 $ 581,247 MBS/CMO — 548,307 — 548,307 US Gov't Sponsored Entities & Agencies — 88,298 — 88,298 Total Securities $ — $ 1,217,355 $ 497 $ 1,217,852 Loans Held-for-Sale $ — $ 16,904 $ — $ 16,904 Derivative Assets $ — $ 8,806 $ — $ 8,806 Derivative Liabilities $ — $ 9,353 $ — $ 9,353 As of March 31, 2021 and December 31, 2020, the aggregate fair value, contractual balance (including accrued interest), and gain or loss on Loans Held-for-Sale was as follows: March 31, 2021 December 31, 2020 Aggregate Fair Value $ 18,493 $ 16,904 Contractual Balance 18,014 16,378 Gain (Loss) 479 526 The total amount of gains and losses from changes in fair value included in earnings for the three months ended March 31, 2021 and 2020 were $(47) and $5, respectively. The table below presents a reconciliation of all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three months ended March 31, 2021 and 2020: Obligations of State and Political Subdivisions 2021 2020 Balance of Recurring Level 3 Assets at January 1 $ 497 $ 4,021 Total Losses Included in Other Comprehensive Income (2) (16) Maturities / Calls (495) (523) Purchases — — Balance of Recurring Level 3 Assets at March 31 $ — $ 3,482 Of the total gain/loss included in earnings for the three months ended March 31, 2021 and 2020, $(2) and $(16) was attributable to other changes in fair value, respectively. Assets and Liabilities Measured on a Non-Recurring Basis Assets and liabilities measured at fair value on a non-recurring basis are summarized below: Fair Value Measurements at March 31, 2021 Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Total Assets: Individually Analyzed Loans Commercial and Industrial Loans $ — $ — $ 4,662 $ 4,662 Commercial Real Estate Loans $ — $ — $ 7,548 $ 7,548 Agricultural Loans $ — $ — $ 548 $ 548 Consumer Loans $ — $ — $ — $ — Home Equity Loans $ — $ — $ 369 $ 369 Residential Mortgage Loans $ — $ — $ 507 $ 507 Fair Value Measurements at December 31, 2020 Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Total Assets: Individually Analyzed Loans Commercial and Industrial Loans $ — $ — $ 4,985 $ 4,985 Commercial Real Estate Loans $ — $ — $ 8,893 $ 8,893 Agricultural Loans $ — $ — $ 551 $ 551 Consumer Loans $ — $ — $ — $ — Home Equity Loans $ — $ — $ 369 $ 369 Residential Mortgage Loans $ — $ — $ 75 $ 75 The following tables present quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at March 31, 2021 and December 31, 2020: March 31, 2021 Fair Value Valuation Technique(s) Unobservable Input(s) Range (Weighted Average) Individual Analyzed Loans - $ 4,662 Sales comparison approach Adjustment for physical condition of comparable properties sold 26%-100% (60%) Individual Analyzed Loans - $ 7,548 Sales comparison approach Adjustment for physical condition of comparable properties sold 22%-100% (40%) Individual Analyzed Loans - $ 548 Sales comparison approach Adjustment for physical condition of comparable properties sold 30%-96% (64%) Individual Analyzed Loans - $ — Sales comparison approach Adjustment for physical condition of comparable properties sold 100% (100%) Individual Analyzed Loans - $ 369 Sales comparison approach Adjustment for physical condition of comparable properties sold 23%-23% (23%) Individual Analyzed Loans - $ 507 Sales comparison approach Adjustment for physical condition of comparable properties sold 7%-51% (31%) December 31, 2020 Fair Value Valuation Technique(s) Unobservable Input(s) Range (Weighted Average) Individual Analyzed Loans - $ 4,985 Sales comparison approach Adjustment for physical condition of comparable properties sold 26%-100% (61%) Individual Analyzed Loans - $ 8,893 Sales comparison approach Adjustment for physical condition of comparable properties sold 30%-100% (56%) Individual Analyzed Loans - $ 551 Sales comparison approach Adjustment for physical condition of comparable properties sold 30%-96% (65%) Individual Analyzed Loans - $ — Sales comparison approach Adjustment for physical condition of comparable properties sold 100% (100%) Individual Analyzed Loans - $ 369 Sales comparison approach Adjustment for physical condition of comparable properties sold 9%-9% (9%) Individual Analyzed Loans - $ 75 Sales comparison approach Adjustment for physical condition of comparable properties sold 43%-97% (67%) The carrying amounts and estimated fair values of the Company’s financial instruments not previously presented are provided in the tables below for the periods ending March 31, 2021 and December 31, 2020. Not all of the Company’s assets and liabilities are considered financial instruments, and therefore are not included in the tables. Because no active market exists for a significant portion of the Company’s financial instruments, fair value estimates were based on subjective judgments, and therefore cannot be determined with precision. Fair Value Measurements at Carrying Value Level 1 Level 2 Level 3 Total Financial Assets: Cash and Short-term Investments $ 393,244 $ 102,758 $ 290,486 $ — $ 393,244 Interest Bearing Time Deposits with Banks 1,241 — 1,241 — 1,241 Loans, Net 3,058,470 — — 3,067,070 3,067,070 Accrued Interest Receivable 20,285 — 7,144 13,141 20,285 Financial Liabilities: Demand, Savings, and Money Market Deposits (3,931,903) (3,931,903) — — (3,931,903) Time Deposits (446,770) — (446,842) — (446,842) Short-term Borrowings (39,863) — (39,863) — (39,863) Long-term Debt (133,684) — (79,865) (51,180) (131,045) Accrued Interest Payable (1,286) — (1,253) (33) (1,286) Fair Value Measurements at Carrying Value Level 1 Level 2 Level 3 Total Financial Assets: Cash and Short-term Investments $ 345,748 $ 57,972 $ 287,776 $ — $ 345,748 Interest Bearing Time Deposits with Banks 1,241 — 1,241 — 1,241 Loans, Net 3,026,340 — — 3,032,690 3,032,690 Accrued Interest Receivable 20,278 — 6,137 14,141 20,278 Financial Liabilities: Demand, Savings, and Money Market Deposits (3,612,078) (3,612,078) — — (3,612,078) Time Deposits (494,452) — (495,171) — (495,171) Short-term Borrowings (52,905) — (52,905) — (52,905) Long-term Debt (141,624) — (88,342) (54,960) (143,302) Accrued Interest Payable (1,084) — (1,049) (35) (1,084) |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Other Comprehensive Income (Loss) | Other Comprehensive Income (Loss) The tables below summarize the changes in accumulated other comprehensive income (loss) by component for the three months ended March 31, 2021 and 2020, net of tax: March 31, 2021 Unrealized Gains and Losses on Available-for-Sale Securities Postretirement Benefit Items Total Beginning Balance at January 1, 2021 $ 35,943 $ (568) $ 35,375 Other Comprehensive Income (Loss) Before Reclassification (21,058) — (21,058) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (770) — (770) Net Current Period Other Comprehensive Income (Loss) (21,828) — (21,828) Ending Balance at March 31, 2021 $ 14,115 $ (568) $ 13,547 March 31, 2020 Unrealized Gains and Losses on Available-for-Sale Securities Postretirement Benefit Items Total Beginning Balance at January 1, 2020 $ 15,673 $ (568) $ 15,105 Other Comprehensive Income (Loss) Before Reclassification 13,718 — 13,718 Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (463) — (463) Net Current Period Other Comprehensive Income (Loss) 13,255 — 13,255 Ending Balance at March 31, 2020 $ 28,928 $ (568) $ 28,360 The tables below summarize the classifications out of accumulated other comprehensive income (loss) by component for the three months ended March 31, 2021 and 2020: Details about Accumulated Other Comprehensive Income (Loss) Components Amount Reclassified From Accumulated Other Comprehensive Income (Loss) Affected Line Item in the Statement Where Net Income is Presented Unrealized Gains and Losses on $ 975 Net Gains on Securities (205) Income Tax Expense 770 Net of Tax Total Reclassifications for the Three $ 770 Details about Accumulated Other Comprehensive Income (Loss) Components Amount Reclassified From Accumulated Other Comprehensive Income (Loss) Affected Line Item in the Statement Where Net Income is Presented Unrealized Gains and Losses on $ 590 Net Gains on Securities (127) Income Tax Expense 463 Net of Tax Total Reclassifications for the Three $ 463 |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition The following table presents non-interest income, segregated by revenue streams in-scope and out-of-scope of FASB ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), for the three months ended March 31, 2021 and 2020. Trust and investment product fees are included in the wealth management services segment while insurance revenues are included in the insurance segment. All other revenue streams are primarily included in the banking segment. Three Months Ended March 31, Non-interest Income 2021 2020 In-Scope of Topic 606: Trust and Investment Product Fees $ 2,358 $ 2,031 Service Charges on Deposit Accounts 1,678 2,237 Insurance Revenues 3,292 3,229 Interchange Fee Income 2,830 2,482 Other Operating Income 663 520 Non-interest Income (in-scope of Topic 606) 10,821 10,499 Non-interest Income (out-of-scope of Topic 606) 4,216 3,582 Total Non-interest Income $ 15,037 $ 14,081 A description of the Company's revenue streams accounted for under Topic 606 follows: Service Charges on Deposit Accounts : The Company earns fees from its deposit customers for transaction-based, account maintenance, and overdraft services. Transaction-based fees, which include services such as stop payment charges and statement rendering, are recognized at the time the transaction is executed (the point in time the Company fills the customer's request). Account maintenance fees, which relate primarily to monthly maintenance, are earned over the course of a month, representing the period over which the Company satisfies the performance obligation. Overdraft fees are recognized at the point in time that the overdraft occurs. Interchange Fee Income: The Company earns interchange fees from debit/credit cardholder transactions conducted through various payment networks. Interchange fees from cardholder transactions represent a percentage of the underlying transaction value and are recognized daily, concurrently with the transaction processing services provided to the cardholder. Trust and Investment Product Fees: The Company earns trust and investment brokerage fees from its contracts with trust and brokerage customers to manage assets for investment and/or to transact their accounts. These fees are primarily earned over time as the Company provides the contracted monthly or quarterly services and are generally assessed based on the market value of assets under management at month-end. Fees that are transaction based, including trade execution services, are recognized at the point in time that the transaction is executed (trade date). Insurance Revenues : The Company earns insurance revenue from commissions derived from the sale of personal and corporate property and casualty insurance products. These commissions are primarily earned over time as the Company provides the contracted insurance product to customers. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Leases | Leases At the inception of a contract, an entity should determine whether the contract contains a lease. Topic 842 defines a lease as a contract, or part of a contract, that conveys the right to control the use of identified property, plant, or equipment (an identified asset) for a period of time in exchange for consideration. Control over the use of an identified asset means that the customer has both (1) the right to obtain substantially all of the economic benefits from the use of the asset and (2) the right to direct the use of the asset. German American has finance leases for branch offices as well as operating leases for branch offices, ATM locations and certain office equipment. The right-of-use asset is included in the 'Premises, Furniture and Equipment, Net' line of the Consolidated Balance Sheet. The lease liability is included in the 'Accrued Interest Payable and Other Liabilities' line of the Consolidated Balance Sheet. The Company used the implicit lease rate when determining the present value of lease payments for finance leases. The present value of lease payments for operating leases was determined using the incremental borrowing rate as of the date the Company adopted this standard. The components of lease expense were as follows: Three Months Ended Three Months Ended March 31, 2021 March 31, 2020 Finance Lease Cost: Amortization of Right-of -Use Assets $ 52 $ 52 Interest on Lease Liabilities 88 92 Operating Lease Cost 419 453 Short-term Lease Cost — 25 Total Lease Cost $ 559 $ 622 The weighted average lease term and discount rates were as follows: March 31, 2021 March 31, 2020 Weighted Average Remaining Lease Term: Finance Leases 11 years 12 years Operating Leases 8 years 8 years Weighted Average Discount Rate: Finance Leases 11.47 % 11.48 % Operating Leases 3.14 % 3.18 % Supplemental balance sheet information related to leases were as follows: March 31, 2021 March 31, 2020 Finance Leases Premises, Furniture and Equipment, Net $ 2,225 $ 2,435 Other Borrowings 3,183 3,343 Operating Leases Operating Lease Right-of-Use Assets $ 6,531 $ 9,215 Operating Lease Liabilities 6,619 9,289 Supplemental cash flow information related to leases were as follows: Three Months Ended Three Months Ended March 31, 2021 March 31, 2020 Cash paid for amounts in the measurement of lease liabilities: Operating Cash Flows from Finance Leases $ 88 $ 92 Operating Cash Flows from Operating Leases 1,281 412 Financing Cash Flows from Finance Leases 34 30 The following table presents a maturity analysis of Finance and Operating Lease Liabilities: March 31, 2021 Finance Leases Operating Leases Year 1 $ 519 $ 1,230 Year 2 519 1,100 Year 3 519 1,008 Year 4 519 863 Year 5 519 728 Thereafter 2,823 2,619 Total Lease Payments 5,418 7,548 Less Imputed Interest (2,235) (929) Total $ 3,183 $ 6,619 |
Leases | Leases At the inception of a contract, an entity should determine whether the contract contains a lease. Topic 842 defines a lease as a contract, or part of a contract, that conveys the right to control the use of identified property, plant, or equipment (an identified asset) for a period of time in exchange for consideration. Control over the use of an identified asset means that the customer has both (1) the right to obtain substantially all of the economic benefits from the use of the asset and (2) the right to direct the use of the asset. German American has finance leases for branch offices as well as operating leases for branch offices, ATM locations and certain office equipment. The right-of-use asset is included in the 'Premises, Furniture and Equipment, Net' line of the Consolidated Balance Sheet. The lease liability is included in the 'Accrued Interest Payable and Other Liabilities' line of the Consolidated Balance Sheet. The Company used the implicit lease rate when determining the present value of lease payments for finance leases. The present value of lease payments for operating leases was determined using the incremental borrowing rate as of the date the Company adopted this standard. The components of lease expense were as follows: Three Months Ended Three Months Ended March 31, 2021 March 31, 2020 Finance Lease Cost: Amortization of Right-of -Use Assets $ 52 $ 52 Interest on Lease Liabilities 88 92 Operating Lease Cost 419 453 Short-term Lease Cost — 25 Total Lease Cost $ 559 $ 622 The weighted average lease term and discount rates were as follows: March 31, 2021 March 31, 2020 Weighted Average Remaining Lease Term: Finance Leases 11 years 12 years Operating Leases 8 years 8 years Weighted Average Discount Rate: Finance Leases 11.47 % 11.48 % Operating Leases 3.14 % 3.18 % Supplemental balance sheet information related to leases were as follows: March 31, 2021 March 31, 2020 Finance Leases Premises, Furniture and Equipment, Net $ 2,225 $ 2,435 Other Borrowings 3,183 3,343 Operating Leases Operating Lease Right-of-Use Assets $ 6,531 $ 9,215 Operating Lease Liabilities 6,619 9,289 Supplemental cash flow information related to leases were as follows: Three Months Ended Three Months Ended March 31, 2021 March 31, 2020 Cash paid for amounts in the measurement of lease liabilities: Operating Cash Flows from Finance Leases $ 88 $ 92 Operating Cash Flows from Operating Leases 1,281 412 Financing Cash Flows from Finance Leases 34 30 The following table presents a maturity analysis of Finance and Operating Lease Liabilities: March 31, 2021 Finance Leases Operating Leases Year 1 $ 519 $ 1,230 Year 2 519 1,100 Year 3 519 1,008 Year 4 519 863 Year 5 519 728 Thereafter 2,823 2,619 Total Lease Payments 5,418 7,548 Less Imputed Interest (2,235) (929) Total $ 3,183 $ 6,619 |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | The accounting and reporting policies of German American Bancorp, Inc. and its subsidiaries (hereinafter collectively referred to as the "Company") conform to U.S. generally accepted accounting principles. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles have been condensed or omitted. All adjustments which are, in the opinion of management, necessary for a fair presentation of the results for the periods reported have been included in the accompanying unaudited consolidated financial statements, and all such adjustments are of a normal recurring nature. |
Loan Modifications and Troubled Debt Restructurings | Loan Modifications and Troubled Debt Restructurings due to COVID-19 On April 7, 2020, the Board of Governors of the Federal Reserve System (the "FRB"), the Office of the Comptroller of the Currency (the “OCC”), and the Federal Deposit Insurance Corporation (the “FDIC” and, together with the FRB and OCC, the “federal banking regulators”) issued a revised Interagency Statement on Loan Modifications and Reporting for Financial Institutions, which, among other things, encouraged financial institutions to work prudently with borrowers who are or may be unable to meet their contractual payment obligations because of the effects of COVID-19, and stated that institutions generally do not need to categorize COVID-19-related modifications as troubled debt restructurings and that the agencies will not direct supervised institutions to automatically categorize all COVID-19 related loan modifications as troubled debt restructurings. Similarly, under the CARES Act, provisions were included that allow for loan modifications to not be classified as TDRs if certain criteria are met. This TDR exemption, which was set to expire on December 31, 2020, was extended under the CAA to the earlier of (i) 60 days after the national emergency concerning the COVID-19 outbreak terminates, and (ii) January 1, 2022. Troubled Debt Restructurings: In certain instances, the Company may choose to restructure the contractual terms of loans. A troubled debt restructuring occurs when the Bank grants a concession to the borrower that it would not otherwise consider due to a borrower’s financial difficulty. In order to determine whether a borrower is experiencing financial difficulty, an evaluation is performed of the probability that the borrower will be in payment default on any of its debt in the foreseeable future without modification. This evaluation is performed under the Company’s internal underwriting policy. The Company uses the same methodology for loans acquired with deteriorated credit quality as for all other loans when determining whether the loan is a troubled debt restructuring. |
Adopted Accounting Guidance in 2020 and Accounting Guidance Issued But Not Yet Adopted | Adopted Accounting Guidance in 2020 In June 2016, the Financial Accounting Standards Board ("FASB") issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which replaces the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss (CECL) methodology. The measurement of expected credit losses under the CECL methodology is applicable to financial assets measured at amortized cost, including loan receivables and held-to-maturity debt securities. It also applies to off-balance sheet credit exposures not accounted for as insurance (loan commitments, standby letters of credit, financial guarantees, and other similar instruments). The new CECL model requires an estimate of expected credit losses, measured over the contractual life of an instrument, which considers reasonable and supportable forecasts of future economic conditions in addition to information about past events and current conditions. The standard provides significant flexibility and requires a high degree of judgement with regards to pooling financial assets with similar risk characteristics and adjusting the relevant historical loss information in order to develop an estimate of expected lifetime losses. The Company adopted ASC 326 on January 1, 2020 using the modified restrospective approach. Results for reporting periods after January 1, 2020 are presented under ASC 326 while prior period amounts continue to be reported in accordance with previously applicable GAAP. The Company recorded a net reduction of retained earnings of $6,717 upon adoption. The Company adopted ASC 326 using the prospective transition approach for financial assets purchased with credit deterioration (PCD) that were previously classified as purchased credit impaired (PCI) and accounted for under ASC 310-30. In accordance with the standard, management did not reassess whether PCI assets met the criteria of PCD assets as of the date regulatory capital computations under federal banking regulations and does not otherwise impact the financial statements prepared in accordance with GAAP. Loans Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at amortized cost. Amortized cost is the principal balance outstanding, net of purchase premiums and discounts, deferred loan fees and costs. Accrued interest receivable totaled $13,141 at March 31, 2021 and was reported in Accrued Interest Receivable and Other Assets on the Consolidated Balance Sheets. Interest income is accrued on the unpaid principal balance. Loan origination fees and costs are deferred and recognized in interest income using the level-yield method without anticipating prepayments. Purchase Credit Deteriorated (PCD) Loans The Company has purchased loans, some of which have experienced more than insignificant credit deterioration since origination. PCD loans are recorded at the amount paid. An allowance for credit losses on loans is determined using the same methodology as other loans held for investment. The initial allowance for credit losses on loans determined on a collective basis is allocated to individual loans. The sum of the loan’s purchase price and allowance for credit losses on loans becomes its initial amortized cost basis. The difference between the initial amortized cost basis and the par value of the loan is a noncredit discount or premium, which is amortized into interest income over the life of the loan. Subsequent changes to the allowance for credit losses on loans are recorded through provision expense. Allowance for Credit Losses - Loans The allowance for credit losses is a valuation account that is deducted from the loans' amortized cost basis to present the net amount expected to be collected on the loans. Loans are charged off against the allowance when management believes the uncollectibility of a loan balance is confirmed. Expected recoveries do not exceed the aggregate of amounts previously charged-off and expected to be charged-off. The Company estimates the allowance balance using relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Historical loss experience provides the basis for the estimation of expected credit losses. Adjustments to historical loss information are made for changes in underwriting standards, portfolio mix, delinquency level, changes in environmental conditions, unemployment rates, risk classifications and collateral values. The allowance for credit losses is measured on a collective (pooled) basis when similar risk characteristics exist. The Company has identified the following portfolio segments and measures the allowance for credit losses using the following methods: Commercial and Industrial Loans - The principal risk of commercial and industrial loans is that these loans are primarily based on the identified cash flow of the borrower and secondarily on the collateral underlying the loans. Most commercial loans are secured by accounts receivable, inventory and equipment. If cash flow from business operations is reduced, the borrower's ability to repay the loan may diminish, and over time, it may also be difficult to substantiate current value of inventory and equipment. Repayment of these loans are more sensitive than other types of loans to adverse conditions in the general economy. Commercial Real Estate Loans - Commercial real estate lending is generally dependent on the successful operation of the property securing the loan or the business conducted on the property securing the loan. Commercial real estate loans may be adversely affected by conditions in the real estate markets or in the general economy. Commercial real estate loans are collateralized by the borrower's underlying real estate. Therefore, diminished cash flows not only affects the ability to repay the loan, it may also reduce the underlying collateral value. Agricultural Loans - This portfolio is diversified between real estate financing, equipment financing and lines of credit in various segments including grain production, poultry production and livestock production. Mitigating any concentration of risk that may exist in the Company's agricultural loan portfolio is the use of federal government guarantee programs. Leases - Leases are primarily for equipment leased to varying types of businesses. If the cash flows from the business operations is reduced, the business's ability to repay the lease is diminished as well. Home Equity Loans - Home equity loans are generally secured by 1-4 family residences that are owner-occupied. Repayment of these loans is primarily dependent on the personal income of the borrowers, which can be impacted by unemployment levels in the market area due to economic conditions. Consumer Loans - Consumer loan repayment is typically dependent on the borrower remaining employed through the life of the loan as well as the borrower maintaining the underlying collateral adequately. Credit Cards - Credit card loan are unsecured and repayment is primarily dependent on the personal income of the borrower. Residential Mortgage Loans - Residential mortgage loans are typically secured by 1-4 family residences that are owner-occupied. Repayment of these loans is primarily dependent on the personal income of the borrowers, which can be impacted by unemployment levels in the market area due to economic conditions. Repayment may also be impacted by changes in residential property values. Loans that do not share risk characteristics are evaluated on an individual basis. Loans evaluated individually are also not included in the collective evaluation. When the borrower is experiencing financial difficulty at the reporting date and repayment is expected to be provided substantially through the operation or sale of the collateral, expected credit losses are based on the fair value of the collateral at the reporting date adjusted for selling costs. Troubled Debt Restructurings (“TDR”) A loan for which the terms have been modified resulting in a concession, and for which the borrower is experiencing financial difficulties, is considered to be a TDR. The allowances for credit losses on loans on a TDR is measured using the same method as all other loans held for investment, except that the original interest rate is used to discount the expected cash flows, not the rate specified within the restructuring. See “Loan Modifications and Troubled Debt Restructurings due to COVID-19” at the beginning of this Note 2 for additional information. Allowance for Credit Losses on Available-For-Sale Securities For available-for-sale debt securities in an unrealized loss position, the Company first assesses whether it intends to sell, or it is more likely than not that it will be required to sell, the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income. For debt securities available for sale that do not meet the aforementioned criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recorded in other comprehensive income. Changes in the allowance for credit losses are recorded as provision for, or reversal of, credit loss expense. Losses are charged against the allowance when management believes the uncollectibility of an available-for-sale security is confirmed or when either of the criteria regarding intent or requirement to sell is met. Allowance for Credit Losses on Off-Balance Sheet Credit Exposures The Company estimates expected credit losses over the contractual period in which the Company is exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Company. The allowance for credit losses on off-balance sheet credit exposures is adjusted as a provision for credit loss expense included in other expense on the consolidated income statement. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life. Expected utilization rates are compared to the current funded portion of the total commitment amount as a practical expedient for funded exposure at default. |
Allowance for Credit Losses for Loans | The Company utilizes the Static Pool methodology in determining expected future credit losses. Static pool analysis means segmenting and tracking loans over a period of time based on similar risk characteristics such as loan structure, collateral type, industry of borrower and concentrations, contractual terms and credit risk indicators. Static pool calculates a loss rate on a closed pool of loans that existed on a specified start date based upon the remaining life of each segment. The Company's expected loss estimate is anchored in historical credit loss experience, with an emphasis on all available portfolio data. The Company's historical look-back period includes January 2014 through the current period, on a monthly basis. Qualitative reserves reflect management’s overall estimate of the extent to which current expected credit losses on collectively evaluated loans will differ from historical loss experience. The analysis takes into consideration industry and collateral concentrations, acquired loan portfolio characteristics and other credit-related analytics as deemed appropriate. Management attempts to quantify qualitative reserves whenever possible. The Company estimates the allowance balance using relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Historical loss experience provides the basis for the estimation of expected credit losses. Adjustments to historical loss information are made for changes in underwriting standards, portfolio mix, delinquency level, changes in environmental conditions, unemployment rates, risk classifications and collateral values. The allowance for credit losses is measured on a collective (pooled) basis when similar risk characteristics exist. Based on the potential increased losses related to the economic impact of the COVID-19 pandemic, the bank has considered this loss experience may align with loss experience from the recessionary period from 2008-2011 and qualitative adjustments have been made accordingly. Loans that do not share risk characteristics are evaluated on an individual basis. Loans evaluated individually are not included in the collective evaluation. When the borrower is experiencing financial difficulty at the reporting date and repayment is expected to be provided substantially through the operation or sale of the collateral, expected credit losses are based on the fair value of the collateral at the reporting date adjusted for selling costs. For the three months ended March 31, 2021, the allowance for credit losses decreased primarily due to a decline in the loan portfolio, excluding PPP loans, and a decline in certain adversely criticized assets. While there continues to be great uncertainty related to COVID-19 on our borrowers and communities, we have recognized improvements in employment and gross domestic product which are key indicators utilized in our forecasting for our allowance calculations. The impact of fiscal stimulus, including direct payments to individuals, ongoing increased unemployment benefits, as well as the various government-sponsored loan programs, was also considered in our qualitative adjustments. Since PPP loans are guaranteed by the Small Business Administration (SBA), they have minimal impact on the allowance for credit losses. All classes of loans, including loans acquired with deteriorated credit quality, are generally placed on non-accrual status when scheduled principal or interest payments are past due for 90 days or more or when the borrower’s ability to repay becomes doubtful. For purchased loans, the determination is made at the time of acquisition as well as over the life of the loan. Uncollected accrued interest for each class of loans is reversed against income at the time a loan is placed on non-accrual. Interest received on such loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. All classes of loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. Loans are typically charged-off at 180 days past due, or earlier if deemed uncollectible. Exceptions to the non-accrual and charge-off policies are made when the loan is well secured and in the process of collection. |
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 classifies loans as to credit risk by individually analyzing loans. This analysis includes commercial and industrial loans, commercial real estate loans, and agricultural loans with an outstanding balance greater than $250. This analysis is typically performed on at least 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. 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. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. Doubtful. Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. |
Segment Information | Segment Information The Company’s operations include three primary segments: core banking, wealth management services, and insurance operations. The core banking segment involves attracting deposits from the general public and using such funds to originate consumer, commercial and agricultural, commercial and agricultural real estate, and residential mortgage loans, primarily in the Company’s local markets. The core banking segment also involves the sale of residential mortgage loans in the secondary market. The wealth management segment involves providing trust, investment advisory, brokerage and retirement planning services to customers. The insurance segment offers a full range of personal and corporate property and casualty insurance products, primarily in the Company’s banking subsidiary’s local markets. The core banking segment is comprised by the Company’s banking subsidiary, German American Bank, which operated through 73 banking offices at March 31, 2021. Net interest income from loans and investments funded by deposits and borrowings is the primary revenue for the core-banking segment. The wealth management segment’s revenues are comprised primarily of fees generated by the trust operations of the Company's banking subsidiary and by German American Investment Services, Inc. These fees are derived by providing trust, investment advisory, brokerage and retirement planning services to its customers. The insurance segment primarily consists of German American Insurance, Inc., which provides a full line of personal and corporate insurance products. Commissions derived from the sale of insurance products are the primary source of revenue for the insurance segment. The following segment financial information has been derived from the internal financial statements of the Company which are used by management to monitor and manage financial performance. The accounting policies of the three segments are the same as those of the Company. The evaluation process for segments does not include holding company income and expense. Holding company amounts are the primary differences between segment amounts and consolidated totals, and are reflected in the column labeled “Other” below, along with amounts to eliminate transactions between segments. |
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 fair values for investment securities are determined by quoted market prices, if available (Level 1). For investment securities where quoted prices are not available, fair values are calculated based on market prices of similar investment securities (Level 2). For investment securities where quoted prices or market prices of similar investment securities are not available, fair values are calculated using discounted cash flows or other market indicators (Level 3). Level 3 pricing is obtained from a third-party based upon similar trades that are not traded frequently without adjustment by the Company. At March 31, 2021, the Company held no Level 3 securities. Absent the credit rating, significant assumptions must be made such that the credit risk input becomes an unobservable input and thus these investment securities are reported by the Company in a Level 3 classification. Derivatives: The fair values of derivatives are based on valuation models using observable market data as of the measurement date (Level 2). Individually Analyzed Loans: Fair values for collateral dependent loans are generally based on appraisals obtained from licensed real estate appraisers and in certain circumstances includes consideration of offers obtained to purchase properties prior to foreclosure. Appraisals for commercial real estate generally use three methods to derive value: cost, sales or market comparison and income approach. The cost method bases value in the cost to replace the current property. Value of market comparison approach evaluates the sales price of similar properties in the same market area. The income approach considers net operating income generated by the property and an investor's required return. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available. Comparable sales adjustments are based on known sales prices of similar type and similar use properties and duration of time that the property has been on the market to sell. Such adjustments made in the appraisal process are typically significant and result in a Level 3 classification of the inputs for determining fair value. Appraisals for both collateral-dependent impaired loans and other real estate owned are performed by certified general appraisers (for commercial 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 Company’s Risk Management Area reviews the assumptions and approaches utilized in the appraisal. In determining the value of impaired collateral dependent loans and other real estate owned, significant unobservable inputs may be used which include: physical condition of comparable properties sold, net operating income generated by the property and investor rates of return. Other Real Estate: Nonrecurring adjustments to certain commercial and residential real estate properties classified as other real estate (ORE) are measured at the lower of carrying amount or fair value, less costs to sell. Fair values are generally based on third party appraisals of the property utilizing similar techniques as discussed above for Impaired Loans, resulting in a Level 3 classification. In cases where the carrying amount exceeds the fair value, less costs to sell, impairment loss is recognized. Loans Held-for-Sale: The fair values of loans held for sale are determined by using quoted prices for similar assets, adjusted for specific attributes of that loan resulting in a Level 2 classification. |
Revenue Recognition | A description of the Company's revenue streams accounted for under Topic 606 follows: Service Charges on Deposit Accounts : The Company earns fees from its deposit customers for transaction-based, account maintenance, and overdraft services. Transaction-based fees, which include services such as stop payment charges and statement rendering, are recognized at the time the transaction is executed (the point in time the Company fills the customer's request). Account maintenance fees, which relate primarily to monthly maintenance, are earned over the course of a month, representing the period over which the Company satisfies the performance obligation. Overdraft fees are recognized at the point in time that the overdraft occurs. Interchange Fee Income: The Company earns interchange fees from debit/credit cardholder transactions conducted through various payment networks. Interchange fees from cardholder transactions represent a percentage of the underlying transaction value and are recognized daily, concurrently with the transaction processing services provided to the cardholder. Trust and Investment Product Fees: The Company earns trust and investment brokerage fees from its contracts with trust and brokerage customers to manage assets for investment and/or to transact their accounts. These fees are primarily earned over time as the Company provides the contracted monthly or quarterly services and are generally assessed based on the market value of assets under management at month-end. Fees that are transaction based, including trade execution services, are recognized at the point in time that the transaction is executed (trade date). Insurance Revenues : The Company earns insurance revenue from commissions derived from the sale of personal and corporate property and casualty insurance products. These commissions are primarily earned over time as the Company provides the contracted insurance product to customers. |
Leases | Leases At the inception of a contract, an entity should determine whether the contract contains a lease. Topic 842 defines a lease as a contract, or part of a contract, that conveys the right to control the use of identified property, plant, or equipment (an identified asset) for a period of time in exchange for consideration. Control over the use of an identified asset means that the customer has both (1) the right to obtain substantially all of the economic benefits from the use of the asset and (2) the right to direct the use of the asset. German American has finance leases for branch offices as well as operating leases for branch offices, ATM locations and certain office equipment. The right-of-use asset is included in the 'Premises, Furniture and Equipment, Net' line of the Consolidated Balance Sheet. The lease liability is included in the 'Accrued Interest Payable and Other Liabilities' line of the Consolidated Balance Sheet. The Company used the implicit lease rate when determining the present value of lease payments for finance leases. The present value of lease payments for operating leases was determined using the incremental borrowing rate as of the date the Company adopted this standard. |
Recent Accounting Pronounceme_3
Recent Accounting Pronouncements (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Impact of ASC 326 as of January 1, 2020 | The following table illustrates the impact of the segment expansion as of January 1, 2020. (dollars in thousands) December 31, 2019 Statement Balance Segment Portfolio Reclassifications December 31, 2019 After Reclassification Loans: Commercial and Industrial Loans $ 589,758 $ (57,257) $ 532,501 Commercial Real Estate Loans 1,495,862 N/A 1,495,862 Agricultural Loans 384,526 N/A 384,526 Leases N/A 57,257 57,257 Home Equity Loans 225,755 N/A 225,755 Consumer Loans 81,217 (11,953) 69,264 Credit Cards N/A 11,953 11,953 Residential Mortgage Loans 304,855 N/A 304,855 Total Loans $ 3,081,973 $ — $ 3,081,973 The following table illustrates the impact of ASC 326: (dollars in thousands) December 31, 2019 After Reclassification Impact of ASC 326 Adoption January 1, 2020 Post-ASC 326 Adoption Assets: Loans: Commercial and Industrial Loans $ 532,501 $ 2,191 $ 534,692 Commercial Real Estate Loans 1,495,862 4,385 1,500,247 Agricultural Loans 384,526 128 384,654 Leases 57,257 — 57,257 Home Equity Loans 225,755 35 225,790 Consumer Loans 69,264 — 69,264 Credit Cards 11,953 — 11,953 Residential Mortgage Loans 304,855 147 305,002 Allowance for Credit Losses on Loans (16,278) (15,653) (31,931) Liabilities: Allowance for Credit Losses on Unfunded Loan Commitments $ — $ (173) $ (173) |
Per Share Data (Tables)
Per Share Data (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Computations of Basic Earnings Per Share and Diluted Earnings Per Share | The computation of Basic Earnings per Share and Diluted Earnings per Share are as follows: Three Months Ended 2021 2020 Basic Earnings per Share: Net Income $ 19,557 $ 12,472 Weighted Average Shares Outstanding 26,510,001 26,663,604 Basic Earnings per Share $ 0.74 $ 0.47 Diluted Earnings per Share: Net Income $ 19,557 $ 12,472 Weighted Average Shares Outstanding 26,510,001 26,663,604 Potentially Dilutive Shares, Net — — Diluted Weighted Average Shares Outstanding 26,510,001 26,663,604 Diluted Earnings per Share $ 0.74 $ 0.47 |
Securities (Tables)
Securities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Securities Available-for-Sale | The amortized cost, unrealized gross gains and losses recognized in accumulated other comprehensive income (loss), and fair value of Securities Available-for-Sale were as follows: Securities Available-for-Sale: Amortized Gross Gross Allowance for Credit Losses Fair March 31, 2021 Obligations of State and Political Subdivisions $ 601,546 $ 24,849 $ (2,547) $ — $ 623,848 MBS/CMO $ 654,447 $ 7,873 $ (8,871) $ — $ 653,449 US Gov't Sponsored Entities & Agencies 111,863 — (3,287) — 108,576 Total $ 1,367,856 $ 32,722 $ (14,705) $ — $ 1,385,873 December 31, 2020 Obligations of State and Political Subdivisions $ 548,273 $ 33,077 $ (103) $ — $ 581,247 MBS/CMO 535,526 12,806 (25) — $ 548,307 US Gov't Sponsored Entities & Agencies 88,376 120 (198) — $ 88,298 Total $ 1,172,175 $ 46,003 $ (326) $ — $ 1,217,852 |
Schedule of Securities by Contractual Maturity | The amortized cost and fair value of Securities at March 31, 2021 by contractual maturity are shown below. Expected maturities may differ from contractual maturities because some issuers have the right to call or prepay certain obligations with or without call or prepayment penalties. Mortgage-backed Securities are not due at a single maturity date and are shown separately. Securities Available-for-Sale: Amortized Fair Due in one year or less $ 5,739 $ 5,770 Due after one year through five years 17,354 18,027 Due after five years through ten years 66,272 70,572 Due after ten years 512,181 529,479 MBS/CMO 654,447 653,449 US Gov't Sponsored Entities & Agencies 111,863 108,576 Total $ 1,367,856 $ 1,385,873 |
Schedule of Proceeds from the Sales of Securities | Proceeds from the Sales of Securities are summarized below: Three Months Ended Three Months Ended March 31, 2021 March 31, 2020 Proceeds from Sales $ 51,370 $ 10,989 Gross Gains on Sales 975 590 Income Taxes on Gross Gains 205 127 |
Schedule of Securities with Unrealized Losses | Below is a summary of securities with unrealized losses as of March 31, 2021 and December 31, 2020, presented by length of time the securities have been in a continuous unrealized loss position: Less than 12 Months 12 Months or More Total March 31, 2021 Fair Unrealized Fair Unrealized Fair Unrealized Obligations of State and Political Subdivisions $ 155,320 $ (2,547) $ — $ — $ 155,320 $ (2,547) MBS/CMO 405,387 (8,871) — — 405,387 (8,871) US Gov't Sponsored Entities & Agencies 108,576 (3,287) — — 108,576 (3,287) Total $ 669,283 $ (14,705) $ — $ — $ 669,283 $ (14,705) Less than 12 Months 12 Months or More Total December 31, 2020 Fair Unrealized Fair Unrealized Fair Unrealized Obligations of State and Political Subdivisions $ 10,652 $ (103) $ — $ — $ 10,652 $ (103) MBS/CMO 19,631 (25) — — 19,631 (25) US Gov't Sponsored Entities & Agencies 59,054 (198) — — 59,054 (198) Total $ 89,337 $ (326) $ — $ — $ 89,337 $ (326) |
Derivatives (Tables)
Derivatives (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Fair Value of Interest Rate Swaps Included in Consolidated Balance Sheets | The following table reflects the fair value hedges included in the Consolidated Balance Sheets as of: March 31, 2021 December 31, 2020 Notional Fair Value Notional Fair Value Included in Other Assets: Interest Rate Swaps $ 120,721 $ 5,772 $ 117,621 $ 8,806 Included in Other Liabilities: Interest Rate Swaps $ 120,721 $ 5,970 $ 117,621 $ 9,353 |
Schedule of Effect of Derivative Instruments Consolidated Statements of Income | The following table presents the effect of derivative instruments on the Consolidated Statements of Income for the periods presented: Three Months Ended 2021 2020 Interest Rate Swaps: Included in Other Operating Income $ 485 $ (280) |
Loans (Tables)
Loans (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Receivables [Abstract] | |
Schedule of Loans Classifications | Loans were comprised of the following classifications: March 31, December 31, Commercial: Commercial and Industrial Loans $ 672,300 $ 638,773 Commercial Real Estate Loans 1,492,617 1,467,397 Agricultural Loans 347,231 376,186 Leases 55,714 55,664 Retail: Home Equity Loans 212,306 219,348 Consumer Loans 60,570 66,717 Credit Cards 12,609 11,637 Residential Mortgage Loans 267,634 256,276 Subtotal 3,120,981 3,091,998 Less: Unearned Income (3,778) (3,926) Allowance for Credit Losses (45,099) (46,859) Loans, net $ 3,072,104 $ 3,041,213 |
Schedule of Allowance for Credit Losses for Loans | The following tables present the activity in the allowance for credit losses by portfolio segment for the three months ended March 31, 2021 and 2020: March 31, 2021 Commercial and Industrial Commercial Real Estate Loans Agricultural Leases Consumer Loans Home Equity Loans Credit Cards Residential Mortgage Loans Unallocated Total Allowance for Credit Losses: Beginning balance $ 6,445 $ 29,878 $ 6,756 $ 200 $ 490 $ 996 $ 150 $ 1,944 $ — $ 46,859 Provision for credit loss expense (22) (1,334) (294) 1 (18) (31) 59 139 — (1,500) Loans charged-off (190) (9) — — (125) — (47) (1) — (372) Recoveries collected 15 5 — — 92 — — — — 112 Total ending allowance balance $ 6,248 $ 28,540 $ 6,462 $ 201 $ 439 $ 965 $ 162 $ 2,082 $ — $ 45,099 March 31, 2020 Commercial and Industrial Commercial Real Estate Loans Agricultural Leases Consumer Loans Home Equity Loans Credit Cards Residential Mortgage Loans Unallocated Total Allowance for Credit Losses: Beginning balance prior to adoption of ASC 326 $ 4,799 $ 4,692 $ 5,315 $ — $ 434 $ 200 $ — $ 333 $ 505 $ 16,278 Impact of adopting ASC 326 2,245 3,063 1,438 105 (59) 762 124 1,594 (505) 8,767 Impact of adopting ASC 326 - PCD Loans 2,191 4,385 128 — — 35 — 147 — 6,886 Provision for credit loss expense (137) 5,167 (396) 67 205 (20) 35 229 — 5,150 Initial allowance on loans purchased with credit deterioration — — — — — — — — — — Loans charged-off (296) — — — (237) — (36) — — (569) Recoveries collected 12 3 — — 112 — 1 1 — 129 Total ending allowance balance $ 8,814 $ 17,310 $ 6,485 $ 172 $ 455 $ 977 $ 124 $ 2,304 $ — $ 36,641 |
Schedule of Non-accrual and Past Due Loans | The following tables present the amortized cost in non-accrual loans and loans past due over 89 days still accruing by class of loans as of March 31, 2021 and December 31, 2020: March 31, 2021 Non-Accrual With No Allowance for Credit Loss (1) Non-Accrual Loans Past Due Over 89 Days Still Accruing Commercial and Industrial Loans $ 4,061 $ 7,312 $ — Commercial Real Estate Loans 3,144 10,133 — Agricultural Loans 1,220 1,841 — Leases — — — Home Equity Loans 293 293 — Consumer Loans 109 112 — Credit Cards 154 154 — Residential Mortgage Loans 480 1,149 — Total $ 9,461 $ 20,994 $ — (1) Includes non-accrual loans with no allowance for credit loss and are also included in Non-Accrual loans totaling $20,994. December 31, 2020 Non-Accrual With No Allowance for Credit Loss (1) Non-Accrual Loans Past Due Over 89 Days Still Accruing Commercial and Industrial Loans $ 4,571 $ 8,133 $ — Commercial Real Estate Loans 3,152 10,188 — Agricultural Loans 1,291 1,915 — Leases — — — Home Equity Loans 271 271 — Consumer Loans 77 84 — Credit Cards 86 86 — Residential Mortgage Loans 671 830 — Total $ 10,119 $ 21,507 $ — (1) Includes non-accrual loans with no allowance for credit loss and are also included in Non-Accrual loans totaling $21,507. |
Schedule or Collateral-dependent Loans by Class | The following tables present the amortized cost basis of collateral-dependent loans by class of loans as of March 31, 2021 and December 31, 2020: March 31, 2021 Real Estate Equipment Accounts Receivable Other Total Commercial and Industrial Loans $ 4,350 $ 2,846 $ 639 $ 30 $ 7,865 Commercial Real Estate Loans 11,629 — — 1,472 13,101 Agricultural Loans 2,980 — — — 2,980 Leases — — — — — Home Equity Loans 406 — — — 406 Consumer Loans 4 — — 3 7 Credit Cards — — — — — Residential Mortgage Loans 1,320 — — — 1,320 Total $ 20,689 $ 2,846 $ 639 $ 1,505 $ 25,679 December 31, 2020 Real Estate Equipment Accounts Receivable Other Total Commercial and Industrial Loans $ 4,943 $ 3,014 $ 669 $ 154 $ 8,780 Commercial Real Estate Loans 11,877 — — 1,530 13,407 Agricultural Loans 3,064 — — — 3,064 Leases — — — — — Home Equity Loans 416 — — — 416 Consumer Loans 4 4 — 3 11 Credit Cards — — — — — Residential Mortgage Loans 817 — — — 817 Total $ 21,121 $ 3,018 $ 669 $ 1,687 $ 26,495 |
Schedule of Aging of Past Due Loans | The following tables present the aging of the amortized cost basis in past due loans by class of loans as of March 31, 2021 and December 31, 2020: March 31, 2021 30-59 Days Past Due 60-89 Days Past Due Greater Than 89 Days Past Due Total Loans Not Past Due Total Commercial and Industrial Loans $ 729 $ 384 $ 1,982 $ 3,095 $ 669,205 $ 672,300 Commercial Real Estate Loans 158 — 8,526 8,684 1,483,933 1,492,617 Agricultural Loans — — 651 651 346,580 347,231 Leases — — — — 55,714 55,714 Home Equity Loans 327 74 293 694 211,612 212,306 Consumer Loans 328 38 94 460 60,110 60,570 Credit Cards 26 5 154 185 12,424 12,609 Residential Mortgage Loans 3,014 35 918 3,967 263,667 267,634 Total $ 4,582 $ 536 $ 12,618 $ 17,736 $ 3,103,245 $ 3,120,981 December 31, 2020 30-59 Days Past Due 60-89 Days Past Due Greater Than 89 Days Past Due Total Loans Not Past Due Total Commercial and Industrial Loans $ 477 $ 909 $ 2,441 $ 3,827 $ 634,946 $ 638,773 Commercial Real Estate Loans 5 4,877 3,682 8,564 1,458,833 1,467,397 Agricultural Loans — — 651 651 375,535 376,186 Leases — — — — 55,664 55,664 Home Equity Loans 672 5 271 948 218,400 219,348 Consumer Loans 233 84 65 382 66,335 66,717 Credit Cards 95 80 86 261 11,376 11,637 Residential Mortgage Loans 3,737 1,590 529 5,856 250,420 256,276 Total $ 5,219 $ 7,545 $ 7,725 $ 20,489 $ 3,071,509 $ 3,091,998 |
Schedule of Payment Modifications | % of Loan Category Type of Loans Number of Loans Outstanding Balance As of 3/31/2021 As of 12/31/2020 Commercial & Industrial Loans 4 $ 4,413 0.9 % 0.8 % Commercial Real Estate Loans 15 36,137 2.4 % 3.0 % Agricultural Loans — — — % — % Consumer Loans 2 40 n/m (1) n/m (1) Residential Mortgage Loans 2 173 0.1 % 0.1 % Total 23 $ 40,763 1.4 % 1.7 % (1) n/m = not meaningful |
Schedule of Risk Category of Loans | Based on the analysis performed at March 31, 2021 and December 31, 2020, the risk category of loans by class of loans is as follows: Term Loans Amortized Cost Basis by Origination Year As of March 31, 2021 2021 2020 2019 2018 2017 Prior Revolving Loans Amortized Cost Basis Total Commercial and Industrial: Risk Rating Pass $ 176,630 $ 165,352 $ 78,654 $ 41,565 $ 28,684 $ 64,123 $ 85,946 $ 640,954 Special Mention — 573 1,011 1,996 1,585 2,070 9,313 16,548 Substandard — 186 154 1,876 1,493 5,156 5,933 14,798 Doubtful — — — — — — — — Total Commercial & Industrial Loans $ 176,630 $ 166,111 $ 79,819 $ 45,437 $ 31,762 $ 71,349 $ 101,192 $ 672,300 Commercial Real Estate: Risk Rating Pass $ 89,120 $ 301,184 $ 210,976 $ 168,708 $ 167,909 $ 436,255 $ 29,556 $ 1,403,708 Special Mention — 1,628 1,222 15,387 23,220 20,791 — 62,248 Substandard — — 8,365 1,722 1,657 14,817 100 26,661 Doubtful — — — — — — — — Total Commercial Real Estate Loans $ 89,120 $ 302,812 $ 220,563 $ 185,817 $ 192,786 $ 471,863 $ 29,656 $ 1,492,617 Agricultural: Risk Rating Pass $ 13,084 $ 43,509 $ 24,244 $ 28,419 $ 27,630 $ 81,385 $ 55,256 $ 273,527 Special Mention 636 13,445 9,806 3,262 8,765 13,227 12,900 62,041 Substandard — 578 73 384 1,156 9,472 — 11,663 Doubtful — — — — — — — — Total Agricultural Loans $ 13,720 $ 57,532 $ 34,123 $ 32,065 $ 37,551 $ 104,084 $ 68,156 $ 347,231 Leases: Risk Rating Pass $ 4,996 $ 16,615 $ 16,616 $ 8,235 $ 4,643 $ 4,609 $ — $ 55,714 Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total Leases $ 4,996 $ 16,615 $ 16,616 $ 8,235 $ 4,643 $ 4,609 $ — $ 55,714 Term Loans Amortized Cost Basis by Origination Year As of December 31, 2020 2020 2019 2018 2017 2016 Prior Revolving Loans Amortized Cost Basis Total Commercial and Industrial: Risk Rating Pass $ 260,027 $ 88,273 $ 46,681 $ 31,612 $ 21,025 $ 48,508 $ 109,228 $ 605,354 Special Mention 618 1,102 2,756 1,739 206 1,972 9,948 18,341 Substandard 143 164 1,283 1,530 607 5,416 5,935 15,078 Doubtful — — — — — — — — Total Commercial & Industrial Loans $ 260,788 $ 89,539 $ 50,720 $ 34,881 $ 21,838 $ 55,896 $ 125,111 $ 638,773 Commercial Real Estate: Risk Rating Pass $ 296,265 $ 215,226 $ 179,129 $ 183,703 $ 171,016 $ 295,641 $ 29,634 $ 1,370,614 Special Mention 883 9,361 15,232 23,489 7,578 20,294 147 76,984 Substandard — 1,131 1,735 1,692 4,292 10,849 100 19,799 Doubtful — — — — — — — — Total Commercial Real Estate Loans $ 297,148 $ 225,718 $ 196,096 $ 208,884 $ 182,886 $ 326,784 $ 29,881 $ 1,467,397 Agricultural: Risk Rating Pass $ 49,242 $ 25,449 $ 31,285 $ 32,368 $ 22,702 $ 64,890 $ 75,871 $ 301,807 Special Mention 11,503 9,911 3,111 8,767 2,707 10,125 16,318 62,442 Substandard 578 73 394 1,228 4,466 5,198 — 11,937 Doubtful — — — — — — — — Total Agricultural Loans $ 61,323 $ 35,433 $ 34,790 $ 42,363 $ 29,875 $ 80,213 $ 92,189 $ 376,186 Leases: Risk Rating Pass $ 18,258 $ 17,517 $ 9,176 $ 5,415 $ 1,605 $ 3,693 $ — $ 55,664 Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total Leases $ 18,258 $ 17,517 $ 9,176 $ 5,415 $ 1,605 $ 3,693 $ — $ 55,664 |
Schedule of Residential, Home Equity and Consumer Loans Based on Payment Activity | The following tables present the amortized cost in residential, home equity and consumer loans based on payment activity. Term Loans Amortized Cost Basis by Origination Year As of March 31, 2021 2021 2020 2019 2018 2017 Prior Revolving Loans Amortized Cost Basis Total Consumer: Payment performance Performing $ 8,563 $ 28,248 $ 9,349 $ 7,567 $ 1,669 $ 2,757 $ 2,305 $ 60,458 Nonperforming — — 32 10 2 33 35 112 Total Consumer Loans $ 8,563 $ 28,248 $ 9,381 $ 7,577 $ 1,671 $ 2,790 $ 2,340 $ 60,570 Home Equity: Payment performance Performing $ — $ — $ — $ 55 $ 46 $ 540 $ 211,372 $ 212,013 Nonperforming — — — — — — 293 293 Total Home Equity Loans $ — $ — $ — $ 55 $ 46 $ 540 $ 211,665 $ 212,306 Residential Mortgage: Payment performance Performing $ 33,640 $ 45,639 $ 22,574 $ 23,597 $ 27,040 $ 113,996 $ — $ 266,486 Nonperforming — — — — — 1,148 — 1,148 Total Residential Mortgage Loans $ 33,640 $ 45,639 $ 22,574 $ 23,597 $ 27,040 $ 115,144 $ — $ 267,634 Term Loans Amortized Cost Basis by Origination Year As of December 31, 2020 2020 2019 2018 2017 2016 Prior Revolving Loans Amortized Cost Basis Total Consumer: Payment performance Performing $ 33,857 $ 16,486 $ 8,456 $ 2,115 $ 910 $ 2,245 $ 2,563 $ 66,632 Nonperforming — — 11 2 14 23 35 85 Total Consumer Loans $ 33,857 $ 16,486 $ 8,467 $ 2,117 $ 924 $ 2,268 $ 2,598 $ 66,717 Home Equity: Payment performance Performing $ — $ — $ 34 $ 46 $ 67 $ 490 $ 218,440 $ 219,077 Nonperforming — — — — — — 271 271 Total Home Equity Loans $ — $ — $ 34 $ 46 $ 67 $ 490 $ 218,711 $ 219,348 Residential Mortgage: Payment performance Performing $ 45,945 $ 26,536 $ 28,050 $ 28,764 $ 25,155 $ 100,998 $ — $ 255,448 Nonperforming — — — — — 828 — 828 Total Residential Mortgage Loans $ 45,945 $ 26,536 $ 28,050 $ 28,764 $ 25,155 $ 101,826 $ — $ 256,276 |
Schedule of Recorded Investment in Credit Cards Based on Payment Activity | The following table presents the recorded investment in credit cards based on payment activity: Credit Cards March 31, 2021 December 31, 2020 Performing $ 12,455 $ 11,551 Nonperforming 154 86 Total $ 12,609 $ 11,637 |
Schedule of Loans Purchased and/or Sold During the Year | The following tables present loans purchased and/or sold during the year by portfolio segment: March 31, 2021 Commercial and Industrial Loans Commercial Real Estate Loans Agricultural Loans Leases Consumer Loans Home Equity Loans Credit Cards Residential Mortgage Loans Total Purchases $ — $ — $ — $ — $ — $ — $ — $ — $ — Sales — — — — — — — — — December 31, 2020 Commercial and Industrial Loans Commercial Real Estate Loans Agricultural Loans Leases Consumer Loans Home Equity Loans Credit Cards Residential Mortgage Loans Total Purchases $ — $ — $ — $ — $ — $ — $ — $ — $ — Sales — 3,128 — — — — — — 3,128 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Segment Financial Information | The following segment financial information has been derived from the internal financial statements of the Company which are used by management to monitor and manage financial performance. The accounting policies of the three segments are the same as those of the Company. The evaluation process for segments does not include holding company income and expense. Holding company amounts are the primary differences between segment amounts and consolidated totals, and are reflected in the column labeled “Other” below, along with amounts to eliminate transactions between segments. Core Wealth Management Services Insurance Other Consolidated Totals Three Months Ended March 31, 2021 Net Interest Income $ 39,582 $ 8 $ 2 $ (660) $ 38,932 Net Gains on Sales of Loans 2,202 — — — 2,202 Net Gains on Securities 975 — — — 975 Trust and Investment Product Fees 1 2,357 — — 2,358 Insurance Revenues 2 2 3,288 — 3,292 Noncash Items: Provision for Credit Losses (1,500) — — — (1,500) Depreciation and Amortization 2,217 13 17 80 2,327 Income Tax Expense (Benefit) 4,424 151 395 (317) 4,653 Segment Profit (Loss) 18,628 470 1,248 (789) 19,557 Segment Assets at March 31, 2021 5,210,711 5,000 12,068 (7,945) 5,219,834 Core Wealth Management Services Insurance Other Consolidated Totals Three Months Ended March 31, 2020 Net Interest Income $ 36,952 $ 4 $ 4 $ (704) $ 36,256 Net Gains on Sales of Loans 1,863 — — — 1,863 Net Gains on Securities 590 — — — 590 Trust and Investment Product Fees 1 2,030 — — 2,031 Insurance Revenues 3 1 3,225 — 3,229 Noncash Items: Provision for Credit Losses 5,150 — — — 5,150 Depreciation and Amortization 2,243 1 17 80 2,341 Income Tax Expense (Benefit) 2,241 117 360 (331) 2,387 Segment Profit (Loss) 11,847 334 1,094 (803) 12,472 Segment Assets at December 31, 2020 4,963,655 4,480 10,263 (821) 4,977,577 |
Equity Plans and Equity Based_2
Equity Plans and Equity Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Expense Recorded for Restricted Stock and Cash Entitlements | The following table presents expense recorded for restricted stock and cash entitlements as well as the related tax information for the periods presented: Three Months Ended March 31, 2021 2020 Restricted Stock Expense $ 329 $ 270 Cash Entitlement Expense 83 244 Tax Effect (107) (128) Net of Tax $ 305 $ 386 |
Fair Value (Tables)
Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis | Assets and liabilities measured at fair value on a recurring basis, including financial assets and liabilities for which the Company has elected the fair value option, are summarized below: Fair Value Measurements at March 31, 2021 Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Total Assets: Obligations of State and Political Subdivisions $ — $ 623,848 $ — $ 623,848 MBS/CMO — 653,449 — 653,449 US Gov't Sponsored Entities & Agencies — 108,576 — 108,576 Total Securities $ — $ 1,385,873 $ — $ 1,385,873 Loans Held-for-Sale $ — $ 18,493 $ — $ 18,493 Derivative Assets $ — $ 5,772 $ — $ 5,772 Derivative Liabilities $ — $ 5,970 $ — $ 5,970 Fair Value Measurements at December 31, 2020 Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Total Assets: Obligations of State and Political Subdivisions $ — $ 580,750 $ 497 $ 581,247 MBS/CMO — 548,307 — 548,307 US Gov't Sponsored Entities & Agencies — 88,298 — 88,298 Total Securities $ — $ 1,217,355 $ 497 $ 1,217,852 Loans Held-for-Sale $ — $ 16,904 $ — $ 16,904 Derivative Assets $ — $ 8,806 $ — $ 8,806 Derivative Liabilities $ — $ 9,353 $ — $ 9,353 |
Schedule of Aggregate Fair Value, Contractual Balance and Gain (Loss) of Loans Held-for-Sale | As of March 31, 2021 and December 31, 2020, the aggregate fair value, contractual balance (including accrued interest), and gain or loss on Loans Held-for-Sale was as follows: March 31, 2021 December 31, 2020 Aggregate Fair Value $ 18,493 $ 16,904 Contractual Balance 18,014 16,378 Gain (Loss) 479 526 |
Schedule of Reconciliation of all Assets Measured at Fair Value on Recurring Basis, Using Significant Unobservable Inputs (Level 3) | The table below presents a reconciliation of all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three months ended March 31, 2021 and 2020: Obligations of State and Political Subdivisions 2021 2020 Balance of Recurring Level 3 Assets at January 1 $ 497 $ 4,021 Total Losses Included in Other Comprehensive Income (2) (16) Maturities / Calls (495) (523) Purchases — — Balance of Recurring Level 3 Assets at March 31 $ — $ 3,482 |
Schedule of Assets and Liabilities Measured at Fair Value on Non-Recurring Basis | Assets and liabilities measured at fair value on a non-recurring basis are summarized below: Fair Value Measurements at March 31, 2021 Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Total Assets: Individually Analyzed Loans Commercial and Industrial Loans $ — $ — $ 4,662 $ 4,662 Commercial Real Estate Loans $ — $ — $ 7,548 $ 7,548 Agricultural Loans $ — $ — $ 548 $ 548 Consumer Loans $ — $ — $ — $ — Home Equity Loans $ — $ — $ 369 $ 369 Residential Mortgage Loans $ — $ — $ 507 $ 507 Fair Value Measurements at December 31, 2020 Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Total Assets: Individually Analyzed Loans Commercial and Industrial Loans $ — $ — $ 4,985 $ 4,985 Commercial Real Estate Loans $ — $ — $ 8,893 $ 8,893 Agricultural Loans $ — $ — $ 551 $ 551 Consumer Loans $ — $ — $ — $ — Home Equity Loans $ — $ — $ 369 $ 369 Residential Mortgage Loans $ — $ — $ 75 $ 75 |
Schedule of Fair Value Assets and Liabilities Measured on Nonrecurring Basis Valuation Techniques | The following tables present quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at March 31, 2021 and December 31, 2020: March 31, 2021 Fair Value Valuation Technique(s) Unobservable Input(s) Range (Weighted Average) Individual Analyzed Loans - $ 4,662 Sales comparison approach Adjustment for physical condition of comparable properties sold 26%-100% (60%) Individual Analyzed Loans - $ 7,548 Sales comparison approach Adjustment for physical condition of comparable properties sold 22%-100% (40%) Individual Analyzed Loans - $ 548 Sales comparison approach Adjustment for physical condition of comparable properties sold 30%-96% (64%) Individual Analyzed Loans - $ — Sales comparison approach Adjustment for physical condition of comparable properties sold 100% (100%) Individual Analyzed Loans - $ 369 Sales comparison approach Adjustment for physical condition of comparable properties sold 23%-23% (23%) Individual Analyzed Loans - $ 507 Sales comparison approach Adjustment for physical condition of comparable properties sold 7%-51% (31%) December 31, 2020 Fair Value Valuation Technique(s) Unobservable Input(s) Range (Weighted Average) Individual Analyzed Loans - $ 4,985 Sales comparison approach Adjustment for physical condition of comparable properties sold 26%-100% (61%) Individual Analyzed Loans - $ 8,893 Sales comparison approach Adjustment for physical condition of comparable properties sold 30%-100% (56%) Individual Analyzed Loans - $ 551 Sales comparison approach Adjustment for physical condition of comparable properties sold 30%-96% (65%) Individual Analyzed Loans - $ — Sales comparison approach Adjustment for physical condition of comparable properties sold 100% (100%) Individual Analyzed Loans - $ 369 Sales comparison approach Adjustment for physical condition of comparable properties sold 9%-9% (9%) Individual Analyzed Loans - $ 75 Sales comparison approach Adjustment for physical condition of comparable properties sold 43%-97% (67%) |
Schedule of Carrying Amounts and Estimated Fair Values of Company's Financial Instruments | The carrying amounts and estimated fair values of the Company’s financial instruments not previously presented are provided in the tables below for the periods ending March 31, 2021 and December 31, 2020. Not all of the Company’s assets and liabilities are considered financial instruments, and therefore are not included in the tables. Because no active market exists for a significant portion of the Company’s financial instruments, fair value estimates were based on subjective judgments, and therefore cannot be determined with precision. Fair Value Measurements at Carrying Value Level 1 Level 2 Level 3 Total Financial Assets: Cash and Short-term Investments $ 393,244 $ 102,758 $ 290,486 $ — $ 393,244 Interest Bearing Time Deposits with Banks 1,241 — 1,241 — 1,241 Loans, Net 3,058,470 — — 3,067,070 3,067,070 Accrued Interest Receivable 20,285 — 7,144 13,141 20,285 Financial Liabilities: Demand, Savings, and Money Market Deposits (3,931,903) (3,931,903) — — (3,931,903) Time Deposits (446,770) — (446,842) — (446,842) Short-term Borrowings (39,863) — (39,863) — (39,863) Long-term Debt (133,684) — (79,865) (51,180) (131,045) Accrued Interest Payable (1,286) — (1,253) (33) (1,286) Fair Value Measurements at Carrying Value Level 1 Level 2 Level 3 Total Financial Assets: Cash and Short-term Investments $ 345,748 $ 57,972 $ 287,776 $ — $ 345,748 Interest Bearing Time Deposits with Banks 1,241 — 1,241 — 1,241 Loans, Net 3,026,340 — — 3,032,690 3,032,690 Accrued Interest Receivable 20,278 — 6,137 14,141 20,278 Financial Liabilities: Demand, Savings, and Money Market Deposits (3,612,078) (3,612,078) — — (3,612,078) Time Deposits (494,452) — (495,171) — (495,171) Short-term Borrowings (52,905) — (52,905) — (52,905) Long-term Debt (141,624) — (88,342) (54,960) (143,302) Accrued Interest Payable (1,084) — (1,049) (35) (1,084) |
Other Comprehensive Income (L_2
Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Schedule of Changes in Accumulated Other Comprehensive Income (Loss) | The tables below summarize the changes in accumulated other comprehensive income (loss) by component for the three months ended March 31, 2021 and 2020, net of tax: March 31, 2021 Unrealized Gains and Losses on Available-for-Sale Securities Postretirement Benefit Items Total Beginning Balance at January 1, 2021 $ 35,943 $ (568) $ 35,375 Other Comprehensive Income (Loss) Before Reclassification (21,058) — (21,058) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (770) — (770) Net Current Period Other Comprehensive Income (Loss) (21,828) — (21,828) Ending Balance at March 31, 2021 $ 14,115 $ (568) $ 13,547 March 31, 2020 Unrealized Gains and Losses on Available-for-Sale Securities Postretirement Benefit Items Total Beginning Balance at January 1, 2020 $ 15,673 $ (568) $ 15,105 Other Comprehensive Income (Loss) Before Reclassification 13,718 — 13,718 Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (463) — (463) Net Current Period Other Comprehensive Income (Loss) 13,255 — 13,255 Ending Balance at March 31, 2020 $ 28,928 $ (568) $ 28,360 |
Schedule of Classifications Out of Accumulated Other Comprehensive Income (Loss) | The tables below summarize the classifications out of accumulated other comprehensive income (loss) by component for the three months ended March 31, 2021 and 2020: Details about Accumulated Other Comprehensive Income (Loss) Components Amount Reclassified From Accumulated Other Comprehensive Income (Loss) Affected Line Item in the Statement Where Net Income is Presented Unrealized Gains and Losses on $ 975 Net Gains on Securities (205) Income Tax Expense 770 Net of Tax Total Reclassifications for the Three $ 770 Details about Accumulated Other Comprehensive Income (Loss) Components Amount Reclassified From Accumulated Other Comprehensive Income (Loss) Affected Line Item in the Statement Where Net Income is Presented Unrealized Gains and Losses on $ 590 Net Gains on Securities (127) Income Tax Expense 463 Net of Tax Total Reclassifications for the Three $ 463 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Non-interest Income, Segregated by Revenue Stream | The following table presents non-interest income, segregated by revenue streams in-scope and out-of-scope of FASB ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), for the three months ended March 31, 2021 and 2020. Trust and investment product fees are included in the wealth management services segment while insurance revenues are included in the insurance segment. All other revenue streams are primarily included in the banking segment. Three Months Ended March 31, Non-interest Income 2021 2020 In-Scope of Topic 606: Trust and Investment Product Fees $ 2,358 $ 2,031 Service Charges on Deposit Accounts 1,678 2,237 Insurance Revenues 3,292 3,229 Interchange Fee Income 2,830 2,482 Other Operating Income 663 520 Non-interest Income (in-scope of Topic 606) 10,821 10,499 Non-interest Income (out-of-scope of Topic 606) 4,216 3,582 Total Non-interest Income $ 15,037 $ 14,081 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Schedule of Components of Lease Expense, Weighted Average Remaining Lease Term, Discount Rates and Supplemental Cash Flow Information | The components of lease expense were as follows: Three Months Ended Three Months Ended March 31, 2021 March 31, 2020 Finance Lease Cost: Amortization of Right-of -Use Assets $ 52 $ 52 Interest on Lease Liabilities 88 92 Operating Lease Cost 419 453 Short-term Lease Cost — 25 Total Lease Cost $ 559 $ 622 The weighted average lease term and discount rates were as follows: March 31, 2021 March 31, 2020 Weighted Average Remaining Lease Term: Finance Leases 11 years 12 years Operating Leases 8 years 8 years Weighted Average Discount Rate: Finance Leases 11.47 % 11.48 % Operating Leases 3.14 % 3.18 % Supplemental cash flow information related to leases were as follows: Three Months Ended Three Months Ended March 31, 2021 March 31, 2020 Cash paid for amounts in the measurement of lease liabilities: Operating Cash Flows from Finance Leases $ 88 $ 92 Operating Cash Flows from Operating Leases 1,281 412 Financing Cash Flows from Finance Leases 34 30 |
Schedule of Supplemental Balance Sheet Information | Supplemental balance sheet information related to leases were as follows: March 31, 2021 March 31, 2020 Finance Leases Premises, Furniture and Equipment, Net $ 2,225 $ 2,435 Other Borrowings 3,183 3,343 Operating Leases Operating Lease Right-of-Use Assets $ 6,531 $ 9,215 Operating Lease Liabilities 6,619 9,289 |
Schedule of Maturity of Finance Lease Liabilities | The following table presents a maturity analysis of Finance and Operating Lease Liabilities: March 31, 2021 Finance Leases Operating Leases Year 1 $ 519 $ 1,230 Year 2 519 1,100 Year 3 519 1,008 Year 4 519 863 Year 5 519 728 Thereafter 2,823 2,619 Total Lease Payments 5,418 7,548 Less Imputed Interest (2,235) (929) Total $ 3,183 $ 6,619 |
Schedule of Maturity of Operating Lease Liabilities | The following table presents a maturity analysis of Finance and Operating Lease Liabilities: March 31, 2021 Finance Leases Operating Leases Year 1 $ 519 $ 1,230 Year 2 519 1,100 Year 3 519 1,008 Year 4 519 863 Year 5 519 728 Thereafter 2,823 2,619 Total Lease Payments 5,418 7,548 Less Imputed Interest (2,235) (929) Total $ 3,183 $ 6,619 |
Recent Accounting Pronounceme_4
Recent Accounting Pronouncements (Narrative) (Details) $ in Thousands | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Mar. 31, 2020USD ($) | Jan. 01, 2020USD ($)segment | Dec. 31, 2019USD ($)segment |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Net reduction of retained earnings upon adoption of ASC 326 | $ (617,213) | $ (624,709) | $ (583,540) | $ (573,820) | |
Allowance for credit losses | 45,099 | 46,859 | 36,641 | $ 31,931 | $ 16,278 |
Number of loan segments | segment | 8 | 6 | |||
Accrued interest receivable | 13,141 | ||||
Retained Earnings | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Net reduction of retained earnings upon adoption of ASC 326 | $ (302,450) | $ (288,447) | $ (253,780) | $ (253,090) | |
Impact of ASC 326 Adoption | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Net reduction of retained earnings upon adoption of ASC 326 | 6,717 | ||||
Allowance for credit losses | $ 15,653 | ||||
Impact of ASC 326 Adoption | PCD Loans | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Allowance for credit losses | 6,886 | 6,886 | |||
Impact of ASC 326 Adoption | Retained Earnings | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Net reduction of retained earnings upon adoption of ASC 326 | $ 6,717 | $ 6,717 |
Recent Accounting Pronounceme_5
Recent Accounting Pronouncements (Impact of ASC 326 in Loan Portfolio Segments as January 1, 2020) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Loans | $ 3,120,981 | $ 3,091,998 | $ 3,081,973 | |
Impact of ASC 326 Adoption | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Loans | 0 | |||
December 31, 2019 After Reclassification | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Loans | 3,081,973 | |||
Commercial and Industrial Loans | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Loans | 672,300 | 638,773 | $ 534,692 | 589,758 |
Commercial and Industrial Loans | Impact of ASC 326 Adoption | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Loans | 2,191 | (57,257) | ||
Commercial and Industrial Loans | December 31, 2019 After Reclassification | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Loans | 532,501 | |||
Commercial Real Estate Loans | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Loans | 1,492,617 | 1,467,397 | 1,500,247 | 1,495,862 |
Commercial Real Estate Loans | Impact of ASC 326 Adoption | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Loans | 4,385 | |||
Commercial Real Estate Loans | December 31, 2019 After Reclassification | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Loans | 1,495,862 | |||
Agricultural Loans | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Loans | 347,231 | 376,186 | 384,654 | 384,526 |
Agricultural Loans | Impact of ASC 326 Adoption | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Loans | 128 | |||
Agricultural Loans | December 31, 2019 After Reclassification | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Loans | 384,526 | |||
Leases | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Loans | 55,714 | 55,664 | 57,257 | |
Leases | Impact of ASC 326 Adoption | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Loans | 0 | 57,257 | ||
Leases | December 31, 2019 After Reclassification | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Loans | 57,257 | |||
Home Equity Loans | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Loans | 212,306 | 219,348 | 225,790 | 225,755 |
Home Equity Loans | Impact of ASC 326 Adoption | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Loans | 35 | |||
Home Equity Loans | December 31, 2019 After Reclassification | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Loans | 225,755 | |||
Consumer Loans | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Loans | 60,570 | 66,717 | 69,264 | 81,217 |
Consumer Loans | Impact of ASC 326 Adoption | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Loans | 0 | (11,953) | ||
Consumer Loans | December 31, 2019 After Reclassification | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Loans | 69,264 | |||
Credit Cards | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Loans | 12,609 | 11,637 | 11,953 | |
Credit Cards | Impact of ASC 326 Adoption | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Loans | 0 | 11,953 | ||
Credit Cards | December 31, 2019 After Reclassification | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Loans | 11,953 | |||
Residential Mortgage Loans | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Loans | $ 267,634 | $ 256,276 | 305,002 | 304,855 |
Residential Mortgage Loans | Impact of ASC 326 Adoption | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Loans | $ 147 | |||
Residential Mortgage Loans | December 31, 2019 After Reclassification | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Loans | $ 304,855 |
Recent Accounting Pronounceme_6
Recent Accounting Pronouncements (Impact of ASC 326 in Balance Sheet as January 1, 2020) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Loans | $ 3,120,981 | $ 3,091,998 | $ 3,081,973 | ||
Allowance for Credit Losses | (45,099) | (46,859) | $ (36,641) | $ (31,931) | (16,278) |
Allowance for Credit Losses on Unfunded Loan Commitments | (173) | ||||
December 31, 2019 After Reclassification | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Loans | 3,081,973 | ||||
Allowance for Credit Losses | (16,278) | ||||
Allowance for Credit Losses on Unfunded Loan Commitments | 0 | ||||
Impact of ASC 326 Adoption | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Loans | 0 | ||||
Allowance for Credit Losses | (15,653) | ||||
Allowance for Credit Losses on Unfunded Loan Commitments | (173) | ||||
Commercial and Industrial Loans | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Loans | 672,300 | 638,773 | 534,692 | 589,758 | |
Allowance for Credit Losses | (6,248) | (6,445) | (8,814) | (4,799) | |
Commercial and Industrial Loans | December 31, 2019 After Reclassification | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Loans | 532,501 | ||||
Commercial and Industrial Loans | Impact of ASC 326 Adoption | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Loans | 2,191 | (57,257) | |||
Commercial Real Estate Loans | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Loans | 1,492,617 | 1,467,397 | 1,500,247 | 1,495,862 | |
Allowance for Credit Losses | (28,540) | (29,878) | (17,310) | (4,692) | |
Commercial Real Estate Loans | December 31, 2019 After Reclassification | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Loans | 1,495,862 | ||||
Commercial Real Estate Loans | Impact of ASC 326 Adoption | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Loans | 4,385 | ||||
Agricultural Loans | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Loans | 347,231 | 376,186 | 384,654 | 384,526 | |
Allowance for Credit Losses | (6,462) | (6,756) | (6,485) | (5,315) | |
Agricultural Loans | December 31, 2019 After Reclassification | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Loans | 384,526 | ||||
Agricultural Loans | Impact of ASC 326 Adoption | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Loans | 128 | ||||
Leases | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Loans | 55,714 | 55,664 | 57,257 | ||
Allowance for Credit Losses | (201) | (200) | (172) | 0 | |
Leases | December 31, 2019 After Reclassification | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Loans | 57,257 | ||||
Leases | Impact of ASC 326 Adoption | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Loans | 0 | 57,257 | |||
Home Equity Loans | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Loans | 212,306 | 219,348 | 225,790 | 225,755 | |
Allowance for Credit Losses | (965) | (996) | (977) | (200) | |
Home Equity Loans | December 31, 2019 After Reclassification | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Loans | 225,755 | ||||
Home Equity Loans | Impact of ASC 326 Adoption | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Loans | 35 | ||||
Consumer Loans | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Loans | 60,570 | 66,717 | 69,264 | 81,217 | |
Allowance for Credit Losses | (439) | (490) | (455) | (434) | |
Consumer Loans | December 31, 2019 After Reclassification | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Loans | 69,264 | ||||
Consumer Loans | Impact of ASC 326 Adoption | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Loans | 0 | (11,953) | |||
Credit Cards | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Loans | 12,609 | 11,637 | 11,953 | ||
Allowance for Credit Losses | (162) | (150) | (124) | 0 | |
Credit Cards | December 31, 2019 After Reclassification | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Loans | 11,953 | ||||
Credit Cards | Impact of ASC 326 Adoption | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Loans | 0 | 11,953 | |||
Residential Mortgage Loans | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Loans | 267,634 | 256,276 | 305,002 | 304,855 | |
Allowance for Credit Losses | $ (2,082) | $ (1,944) | $ (2,304) | (333) | |
Residential Mortgage Loans | December 31, 2019 After Reclassification | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Loans | $ 304,855 | ||||
Residential Mortgage Loans | Impact of ASC 326 Adoption | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Loans | $ 147 |
Per Share Data (Details)
Per Share Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Basic Earnings per Share: | ||
NET INCOME | $ 19,557 | $ 12,472 |
Weighted Average Shares Outstanding (in shares) | 26,510,001 | 26,663,604 |
Basic Earnings per Share (USD per share) | $ 0.74 | $ 0.47 |
Diluted Earnings per Share: | ||
NET INCOME | $ 19,557 | $ 12,472 |
Weighted Average Shares Outstanding (in shares) | 26,510,001 | 26,663,604 |
Potentially Dilutive Shares, Net (in shares) | 0 | 0 |
Diluted Weighted Average Shares Outstanding (in shares) | 26,510,001 | 26,663,604 |
Diluted Earnings per Share (USD per share) | $ 0.74 | $ 0.47 |
Anti-dilutive securities excluded from computation of earnings per share (in shares) | 0 | 0 |
Securities (Schedule of Securit
Securities (Schedule of Securities Available-for-Sale) (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Securities Available-for-Sale, Amortized Cost | $ 1,367,856,000 | $ 1,172,175,000 |
Gross Unrealized Gains | 32,722,000 | 46,003,000 |
Gross Unrealized Losses | (14,705,000) | (326,000) |
Allowance for Credit Losses | 0 | 0 |
Fair Value | 1,385,873,000 | 1,217,852,000 |
Obligations of State and Political Subdivisions | ||
Debt Securities, Available-for-sale [Line Items] | ||
Securities Available-for-Sale, Amortized Cost | 601,546,000 | 548,273,000 |
Gross Unrealized Gains | 24,849,000 | 33,077,000 |
Gross Unrealized Losses | (2,547,000) | (103,000) |
Allowance for Credit Losses | 0 | 0 |
Fair Value | 623,848,000 | 581,247,000 |
MBS/CMO | ||
Debt Securities, Available-for-sale [Line Items] | ||
Securities Available-for-Sale, Amortized Cost | 654,447,000 | 535,526,000 |
Gross Unrealized Gains | 7,873,000 | 12,806,000 |
Gross Unrealized Losses | (8,871,000) | (25,000) |
Allowance for Credit Losses | 0 | 0 |
Fair Value | 653,449,000 | 548,307,000 |
US Gov't Sponsored Entities & Agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Securities Available-for-Sale, Amortized Cost | 111,863,000 | 88,376,000 |
Gross Unrealized Gains | 0 | 120,000 |
Gross Unrealized Losses | (3,287,000) | (198,000) |
Allowance for Credit Losses | 0 | 0 |
Fair Value | $ 108,576,000 | $ 88,298,000 |
Securities (Schedule of Secur_2
Securities (Schedule of Securities by Contractual Maturity) (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Amortized Cost | ||
Due in one year or less | $ 5,739,000 | |
Due after one year through five years | 17,354,000 | |
Due after five years through ten years | 66,272,000 | |
Due after ten years | 512,181,000 | |
Amortized Cost | 1,367,856,000 | $ 1,172,175,000 |
Fair Value | ||
Due in one year or less | 5,770,000 | |
Due after one year through five years | 18,027,000 | |
Due after five years through ten years | 70,572,000 | |
Due after ten years | 529,479,000 | |
Fair Value | 1,385,873,000 | 1,217,852,000 |
MBS/CMO | ||
Amortized Cost | ||
Securities without single maturity | 654,447,000 | |
Amortized Cost | 654,447,000 | 535,526,000 |
Fair Value | ||
Securities without single maturity | 653,449,000 | |
Fair Value | 653,449,000 | 548,307,000 |
US Gov't Sponsored Entities & Agencies | ||
Amortized Cost | ||
Securities without single maturity | 111,863,000 | |
Amortized Cost | 111,863,000 | 88,376,000 |
Fair Value | ||
Securities without single maturity | 108,576,000 | |
Fair Value | $ 108,576,000 | $ 88,298,000 |
Securities (Schedule of Proceed
Securities (Schedule of Proceeds from Sales of Securities) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Schedule of Investments [Line Items] | ||
Proceeds from Sales | $ 51,370 | $ 10,989 |
Sale of Securities | ||
Schedule of Investments [Line Items] | ||
Proceeds from Sales | 51,370 | 10,989 |
Gross Gains on Sales | 975 | 590 |
Income Taxes on Gross Gains | $ 205 | $ 127 |
Securities (Narrative) (Details
Securities (Narrative) (Details) | Mar. 31, 2021USD ($)investment | Dec. 31, 2020USD ($)investment | Dec. 31, 2009USD ($) |
Debt Securities, Available-for-sale [Line Items] | |||
Carrying value of securities pledged to secure repurchase agreements, public and trust deposits and other by law | $ 186,885,000 | $ 237,506,000 | |
Allowance for Credit Losses | 0 | 0 | |
Accrued interest receivable on debt securities available-for-sale | 6,937,000 | ||
Original amount in non-controlling investment security in a single banking organization | 353,000 | $ 353,000 | $ 1,350,000 |
Additional impairment on equity securities recognized through earnings | $ 0 | $ 997,000 | |
Equity Securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Number of non-controlling investments in a single banking organization | investment | 1 | 1 |
Securities (Schedule of Secur_3
Securities (Schedule of Securities with Unrealized Losses) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Months Fair Value | $ 669,283 | $ 89,337 |
Less than 12 Months Unrealized Loss | (14,705) | (326) |
12 Months or More Fair Value | 0 | 0 |
12 Months or More Unrealized Loss | 0 | 0 |
Total Fair Value | 669,283 | 89,337 |
Total Unrealized Loss | (14,705) | (326) |
Obligations of State and Political Subdivisions | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Months Fair Value | 155,320 | 10,652 |
Less than 12 Months Unrealized Loss | (2,547) | (103) |
12 Months or More Fair Value | 0 | 0 |
12 Months or More Unrealized Loss | 0 | 0 |
Total Fair Value | 155,320 | 10,652 |
Total Unrealized Loss | (2,547) | (103) |
MBS/CMO | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Months Fair Value | 405,387 | 19,631 |
Less than 12 Months Unrealized Loss | (8,871) | (25) |
12 Months or More Fair Value | 0 | 0 |
12 Months or More Unrealized Loss | 0 | 0 |
Total Fair Value | 405,387 | 19,631 |
Total Unrealized Loss | (8,871) | (25) |
US Gov't Sponsored Entities & Agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Months Fair Value | 108,576 | 59,054 |
Less than 12 Months Unrealized Loss | (3,287) | (198) |
12 Months or More Fair Value | 0 | 0 |
12 Months or More Unrealized Loss | 0 | 0 |
Total Fair Value | 108,576 | 59,054 |
Total Unrealized Loss | $ (3,287) | $ (198) |
Derivatives (Narrative) (Detail
Derivatives (Narrative) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Interest Rate Swap | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount of derivatives | $ 120,721 | $ 117,621 |
Derivatives (Fair Value Hedges
Derivatives (Fair Value Hedges included in Consolidated Balance Sheets) (Details) - Interest Rate Swap - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Other Assets | ||
Included in Other Assets: | ||
Interest Rate Swaps, Notional Amount | $ 120,721 | $ 117,621 |
Interest Rate Swaps, Fair Value | 5,772 | 8,806 |
Other Liabilities | ||
Included in Other Liabilities: | ||
Interest Rate Swaps, Notional Amount | 120,721 | 117,621 |
Interest Rate Swaps, Fair Value | $ 5,970 | $ 9,353 |
Derivatives (Effects of Derivat
Derivatives (Effects of Derivatives on Consolidated Statements of Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Interest Rate Swap | Other Operating Income | ||
Derivative [Line Items] | ||
Included in Other Operating Income | $ 485 | $ (280) |
Loans (Components of Loans) (De
Loans (Components of Loans) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total | $ 3,120,981 | $ 3,091,998 | $ 3,081,973 | ||
Less: Unearned Income | (3,778) | (3,926) | |||
Allowance for Credit Losses | (45,099) | (46,859) | $ (36,641) | $ (31,931) | (16,278) |
Loans, Net | 3,072,104 | 3,041,213 | |||
Commercial and Industrial Loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total | 672,300 | 638,773 | 534,692 | 589,758 | |
Allowance for Credit Losses | (6,248) | (6,445) | (8,814) | (4,799) | |
Commercial Real Estate Loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total | 1,492,617 | 1,467,397 | 1,500,247 | 1,495,862 | |
Allowance for Credit Losses | (28,540) | (29,878) | (17,310) | (4,692) | |
Agricultural Loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total | 347,231 | 376,186 | 384,654 | 384,526 | |
Allowance for Credit Losses | (6,462) | (6,756) | (6,485) | (5,315) | |
Leases | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total | 55,714 | 55,664 | 57,257 | ||
Allowance for Credit Losses | (201) | (200) | (172) | 0 | |
Home Equity Loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total | 212,306 | 219,348 | 225,790 | 225,755 | |
Allowance for Credit Losses | (965) | (996) | (977) | (200) | |
Consumer Loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total | 60,570 | 66,717 | 69,264 | 81,217 | |
Allowance for Credit Losses | (439) | (490) | (455) | (434) | |
Credit Cards | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total | 12,609 | 11,637 | 11,953 | ||
Allowance for Credit Losses | (162) | (150) | (124) | 0 | |
Residential Mortgage Loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total | 267,634 | 256,276 | $ 305,002 | 304,855 | |
Allowance for Credit Losses | (2,082) | (1,944) | $ (2,304) | $ (333) | |
Commercial | Commercial and Industrial Loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total | 672,300 | 638,773 | |||
Commercial | Commercial Real Estate Loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total | 1,492,617 | 1,467,397 | |||
Commercial | Agricultural Loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total | 347,231 | 376,186 | |||
Commercial | Leases | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total | 55,714 | 55,664 | |||
Retail | Home Equity Loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total | 212,306 | 219,348 | |||
Retail | Consumer Loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total | 60,570 | 66,717 | |||
Retail | Credit Cards | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total | 12,609 | 11,637 | |||
Retail | Residential Mortgage Loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total | $ 267,634 | $ 256,276 |
Loans (Narrative) (Details)
Loans (Narrative) (Details) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021USD ($)loan | Mar. 31, 2020USD ($)loan | Dec. 31, 2020USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Interest income on non-accrual loans | $ 2,000 | $ 28,000 | |
Troubled debt restructurings | 109,000 | 111,000 | |
Additional lending amount to customers whose loan terms has been modified in troubled debt restructuring | $ 0 | 0 | |
Number of loans modified as troubled debt restructurings | loan | 0 | 0 | |
Number of loans modified as troubled debt restructuring subsequently defaulted | loan | 0 | 0 | |
Threshold amount to individually classify loans by credit risk | $ 250,000 | ||
PPP | Commercial and Industrial Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loan interest rate | 1.00% | ||
Maturities of loans originated under first round | 2 years | ||
Maturities of loans originated under second round | 5 years | ||
Loans outstanding originated under first round | $ 97,331,000 | ||
Remaining fees on loans originated under first round | 1,232,000 | ||
Loans outstanding originated under second round | 145,364,000 | ||
Fees remining on loans originated under second round | 7,234,000 | ||
Loans outstanding | 186,038,000 | ||
Remaining fees on loans outstanding | $ 4,054,000 | ||
Fees recognized | $ 3,008,000 | $ 0 |
Loans (Allowance for Credit Los
Loans (Allowance for Credit Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Allowance for Credit Losses [Roll Forward] | ||
Beginning balance | $ 46,859 | $ 16,278 |
Provision for credit loss expense | (1,500) | 5,150 |
Initial allowance on loans purchased with credit deterioration | 0 | |
Loans charged-off | (372) | (569) |
Recoveries collected | 112 | 129 |
Total ending allowance balance | 45,099 | 36,641 |
Impact of ASC 326 Adoption | Non-PCD Loans | ||
Allowance for Credit Losses [Roll Forward] | ||
Beginning balance | 8,767 | |
Impact of ASC 326 Adoption | PCD Loans | ||
Allowance for Credit Losses [Roll Forward] | ||
Beginning balance | 6,886 | |
Commercial and Industrial Loans | ||
Allowance for Credit Losses [Roll Forward] | ||
Beginning balance | 6,445 | 4,799 |
Provision for credit loss expense | (22) | (137) |
Initial allowance on loans purchased with credit deterioration | 0 | |
Loans charged-off | (190) | (296) |
Recoveries collected | 15 | 12 |
Total ending allowance balance | 6,248 | 8,814 |
Commercial and Industrial Loans | Impact of ASC 326 Adoption | Non-PCD Loans | ||
Allowance for Credit Losses [Roll Forward] | ||
Beginning balance | 2,245 | |
Commercial and Industrial Loans | Impact of ASC 326 Adoption | PCD Loans | ||
Allowance for Credit Losses [Roll Forward] | ||
Beginning balance | 2,191 | |
Commercial Real Estate Loans | ||
Allowance for Credit Losses [Roll Forward] | ||
Beginning balance | 29,878 | 4,692 |
Provision for credit loss expense | (1,334) | 5,167 |
Initial allowance on loans purchased with credit deterioration | 0 | |
Loans charged-off | (9) | 0 |
Recoveries collected | 5 | 3 |
Total ending allowance balance | 28,540 | 17,310 |
Commercial Real Estate Loans | Impact of ASC 326 Adoption | Non-PCD Loans | ||
Allowance for Credit Losses [Roll Forward] | ||
Beginning balance | 3,063 | |
Commercial Real Estate Loans | Impact of ASC 326 Adoption | PCD Loans | ||
Allowance for Credit Losses [Roll Forward] | ||
Beginning balance | 4,385 | |
Agricultural Loans | ||
Allowance for Credit Losses [Roll Forward] | ||
Beginning balance | 6,756 | 5,315 |
Provision for credit loss expense | (294) | (396) |
Initial allowance on loans purchased with credit deterioration | 0 | |
Loans charged-off | 0 | 0 |
Recoveries collected | 0 | 0 |
Total ending allowance balance | 6,462 | 6,485 |
Agricultural Loans | Impact of ASC 326 Adoption | Non-PCD Loans | ||
Allowance for Credit Losses [Roll Forward] | ||
Beginning balance | 1,438 | |
Agricultural Loans | Impact of ASC 326 Adoption | PCD Loans | ||
Allowance for Credit Losses [Roll Forward] | ||
Beginning balance | 128 | |
Leases | ||
Allowance for Credit Losses [Roll Forward] | ||
Beginning balance | 200 | 0 |
Provision for credit loss expense | 1 | 67 |
Initial allowance on loans purchased with credit deterioration | 0 | |
Loans charged-off | 0 | 0 |
Recoveries collected | 0 | 0 |
Total ending allowance balance | 201 | 172 |
Leases | Impact of ASC 326 Adoption | Non-PCD Loans | ||
Allowance for Credit Losses [Roll Forward] | ||
Beginning balance | 105 | |
Leases | Impact of ASC 326 Adoption | PCD Loans | ||
Allowance for Credit Losses [Roll Forward] | ||
Beginning balance | 0 | |
Consumer Loans | ||
Allowance for Credit Losses [Roll Forward] | ||
Beginning balance | 490 | 434 |
Provision for credit loss expense | (18) | 205 |
Initial allowance on loans purchased with credit deterioration | 0 | |
Loans charged-off | (125) | (237) |
Recoveries collected | 92 | 112 |
Total ending allowance balance | 439 | 455 |
Consumer Loans | Impact of ASC 326 Adoption | Non-PCD Loans | ||
Allowance for Credit Losses [Roll Forward] | ||
Beginning balance | (59) | |
Consumer Loans | Impact of ASC 326 Adoption | PCD Loans | ||
Allowance for Credit Losses [Roll Forward] | ||
Beginning balance | 0 | |
Home Equity Loans | ||
Allowance for Credit Losses [Roll Forward] | ||
Beginning balance | 996 | 200 |
Provision for credit loss expense | (31) | (20) |
Initial allowance on loans purchased with credit deterioration | 0 | |
Loans charged-off | 0 | 0 |
Recoveries collected | 0 | 0 |
Total ending allowance balance | 965 | 977 |
Home Equity Loans | Impact of ASC 326 Adoption | Non-PCD Loans | ||
Allowance for Credit Losses [Roll Forward] | ||
Beginning balance | 762 | |
Home Equity Loans | Impact of ASC 326 Adoption | PCD Loans | ||
Allowance for Credit Losses [Roll Forward] | ||
Beginning balance | 35 | |
Credit Cards | ||
Allowance for Credit Losses [Roll Forward] | ||
Beginning balance | 150 | 0 |
Provision for credit loss expense | 59 | 35 |
Initial allowance on loans purchased with credit deterioration | 0 | |
Loans charged-off | (47) | (36) |
Recoveries collected | 0 | 1 |
Total ending allowance balance | 162 | 124 |
Credit Cards | Impact of ASC 326 Adoption | Non-PCD Loans | ||
Allowance for Credit Losses [Roll Forward] | ||
Beginning balance | 124 | |
Credit Cards | Impact of ASC 326 Adoption | PCD Loans | ||
Allowance for Credit Losses [Roll Forward] | ||
Beginning balance | 0 | |
Residential Mortgage Loans | ||
Allowance for Credit Losses [Roll Forward] | ||
Beginning balance | 1,944 | 333 |
Provision for credit loss expense | 139 | 229 |
Initial allowance on loans purchased with credit deterioration | 0 | |
Loans charged-off | (1) | 0 |
Recoveries collected | 0 | 1 |
Total ending allowance balance | 2,082 | 2,304 |
Residential Mortgage Loans | Impact of ASC 326 Adoption | Non-PCD Loans | ||
Allowance for Credit Losses [Roll Forward] | ||
Beginning balance | 1,594 | |
Residential Mortgage Loans | Impact of ASC 326 Adoption | PCD Loans | ||
Allowance for Credit Losses [Roll Forward] | ||
Beginning balance | 147 | |
Unallocated | ||
Allowance for Credit Losses [Roll Forward] | ||
Beginning balance | 0 | 505 |
Provision for credit loss expense | 0 | 0 |
Initial allowance on loans purchased with credit deterioration | 0 | |
Loans charged-off | 0 | 0 |
Recoveries collected | 0 | 0 |
Total ending allowance balance | $ 0 | 0 |
Unallocated | Impact of ASC 326 Adoption | Non-PCD Loans | ||
Allowance for Credit Losses [Roll Forward] | ||
Beginning balance | (505) | |
Unallocated | Impact of ASC 326 Adoption | PCD Loans | ||
Allowance for Credit Losses [Roll Forward] | ||
Beginning balance | $ 0 |
Loans (Non-accrual and Past Due
Loans (Non-accrual and Past Due Loans) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | ||
Financing Receivable, Past Due [Line Items] | ||||
Non-accrual With No Allowance For Credit Loss | $ 9,461 | [1] | $ 10,119 | [2] |
Non-Accrual | 20,994 | 21,507 | ||
Loans Past Due Over 89 Days Still Accruing | 0 | 0 | ||
Commercial and Industrial Loans | ||||
Financing Receivable, Past Due [Line Items] | ||||
Non-accrual With No Allowance For Credit Loss | 4,061 | [1] | 4,571 | [2] |
Non-Accrual | 7,312 | 8,133 | ||
Loans Past Due Over 89 Days Still Accruing | 0 | 0 | ||
Commercial Real Estate Loans | ||||
Financing Receivable, Past Due [Line Items] | ||||
Non-accrual With No Allowance For Credit Loss | 3,144 | [1] | 3,152 | [2] |
Non-Accrual | 10,133 | 10,188 | ||
Loans Past Due Over 89 Days Still Accruing | 0 | 0 | ||
Agricultural Loans | ||||
Financing Receivable, Past Due [Line Items] | ||||
Non-accrual With No Allowance For Credit Loss | 1,220 | [1] | 1,291 | [2] |
Non-Accrual | 1,841 | 1,915 | ||
Loans Past Due Over 89 Days Still Accruing | 0 | 0 | ||
Leases | ||||
Financing Receivable, Past Due [Line Items] | ||||
Non-accrual With No Allowance For Credit Loss | 0 | [1] | 0 | [2] |
Non-Accrual | 0 | 0 | ||
Loans Past Due Over 89 Days Still Accruing | 0 | 0 | ||
Home Equity Loans | ||||
Financing Receivable, Past Due [Line Items] | ||||
Non-accrual With No Allowance For Credit Loss | 293 | [1] | 271 | [2] |
Non-Accrual | 293 | 271 | ||
Loans Past Due Over 89 Days Still Accruing | 0 | 0 | ||
Consumer Loans | ||||
Financing Receivable, Past Due [Line Items] | ||||
Non-accrual With No Allowance For Credit Loss | 109 | [1] | 77 | [2] |
Non-Accrual | 112 | 84 | ||
Loans Past Due Over 89 Days Still Accruing | 0 | 0 | ||
Credit Cards | ||||
Financing Receivable, Past Due [Line Items] | ||||
Non-accrual With No Allowance For Credit Loss | 154 | [1] | 86 | [2] |
Non-Accrual | 154 | 86 | ||
Loans Past Due Over 89 Days Still Accruing | 0 | 0 | ||
Residential Mortgage Loans | ||||
Financing Receivable, Past Due [Line Items] | ||||
Non-accrual With No Allowance For Credit Loss | 480 | [1] | 671 | [2] |
Non-Accrual | 1,149 | 830 | ||
Loans Past Due Over 89 Days Still Accruing | $ 0 | $ 0 | ||
[1] | Includes non-accrual loans with no allowance for credit loss and are also included in Non-Accrual loans totaling $20,994. | |||
[2] | Includes non-accrual loans with no allowance for credit loss and are also included in Non-Accrual loans totaling $21,507. |
Loans (Collateral-dependent Loa
Loans (Collateral-dependent Loans by Class) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total | $ 3,120,981 | $ 3,091,998 | $ 3,081,973 | |
Real Estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total | 20,689 | 21,121 | ||
Equipment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total | 2,846 | 3,018 | ||
Accounts Receivable | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total | 639 | 669 | ||
Other | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total | 1,505 | 1,687 | ||
Total | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total | 25,679 | 26,495 | ||
Commercial and Industrial Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total | 672,300 | 638,773 | $ 534,692 | 589,758 |
Commercial and Industrial Loans | Real Estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total | 4,350 | 4,943 | ||
Commercial and Industrial Loans | Equipment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total | 2,846 | 3,014 | ||
Commercial and Industrial Loans | Accounts Receivable | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total | 639 | 669 | ||
Commercial and Industrial Loans | Other | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total | 30 | 154 | ||
Commercial and Industrial Loans | Total | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total | 7,865 | 8,780 | ||
Commercial Real Estate Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total | 1,492,617 | 1,467,397 | 1,500,247 | 1,495,862 |
Commercial Real Estate Loans | Real Estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total | 11,629 | 11,877 | ||
Commercial Real Estate Loans | Equipment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total | 0 | 0 | ||
Commercial Real Estate Loans | Accounts Receivable | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total | 0 | 0 | ||
Commercial Real Estate Loans | Other | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total | 1,472 | 1,530 | ||
Commercial Real Estate Loans | Total | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total | 13,101 | 13,407 | ||
Agricultural Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total | 347,231 | 376,186 | 384,654 | 384,526 |
Agricultural Loans | Real Estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total | 2,980 | 3,064 | ||
Agricultural Loans | Equipment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total | 0 | 0 | ||
Agricultural Loans | Accounts Receivable | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total | 0 | 0 | ||
Agricultural Loans | Other | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total | 0 | 0 | ||
Agricultural Loans | Total | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total | 2,980 | 3,064 | ||
Leases | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total | 55,714 | 55,664 | 57,257 | |
Leases | Real Estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total | 0 | 0 | ||
Leases | Equipment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total | 0 | 0 | ||
Leases | Accounts Receivable | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total | 0 | 0 | ||
Leases | Other | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total | 0 | 0 | ||
Leases | Total | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total | 0 | 0 | ||
Home Equity Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total | 212,306 | 219,348 | 225,790 | 225,755 |
Home Equity Loans | Real Estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total | 406 | 416 | ||
Home Equity Loans | Equipment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total | 0 | 0 | ||
Home Equity Loans | Accounts Receivable | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total | 0 | 0 | ||
Home Equity Loans | Other | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total | 0 | 0 | ||
Home Equity Loans | Total | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total | 406 | 416 | ||
Consumer Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total | 60,570 | 66,717 | 69,264 | 81,217 |
Consumer Loans | Real Estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total | 4 | 4 | ||
Consumer Loans | Equipment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total | 0 | 4 | ||
Consumer Loans | Accounts Receivable | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total | 0 | 0 | ||
Consumer Loans | Other | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total | 3 | 3 | ||
Consumer Loans | Total | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total | 7 | 11 | ||
Credit Cards | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total | 12,609 | 11,637 | 11,953 | |
Credit Cards | Real Estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total | 0 | 0 | ||
Credit Cards | Equipment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total | 0 | 0 | ||
Credit Cards | Accounts Receivable | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total | 0 | 0 | ||
Credit Cards | Other | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total | 0 | 0 | ||
Credit Cards | Total | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total | 0 | 0 | ||
Residential Mortgage Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total | 267,634 | 256,276 | $ 305,002 | $ 304,855 |
Residential Mortgage Loans | Real Estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total | 1,320 | 817 | ||
Residential Mortgage Loans | Equipment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total | 0 | 0 | ||
Residential Mortgage Loans | Accounts Receivable | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total | 0 | 0 | ||
Residential Mortgage Loans | Other | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total | 0 | 0 | ||
Residential Mortgage Loans | Total | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total | $ 1,320 | $ 817 |
Loans (Aging of Past Due Loans)
Loans (Aging of Past Due Loans) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 |
Financing Receivable, Past Due [Line Items] | ||||
Total Past Due | $ 17,736 | $ 20,489 | ||
Loans Not Past Due | 3,103,245 | 3,071,509 | ||
Total | 3,120,981 | 3,091,998 | $ 3,081,973 | |
30-59 Days Past Due | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Past Due | 4,582 | 5,219 | ||
60-89 Days Past Due | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Past Due | 536 | 7,545 | ||
Greater Than 89 Days Past Due | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Past Due | 12,618 | 7,725 | ||
Commercial and Industrial Loans | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Past Due | 3,095 | 3,827 | ||
Loans Not Past Due | 669,205 | 634,946 | ||
Total | 672,300 | 638,773 | $ 534,692 | 589,758 |
Commercial and Industrial Loans | 30-59 Days Past Due | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Past Due | 729 | 477 | ||
Commercial and Industrial Loans | 60-89 Days Past Due | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Past Due | 384 | 909 | ||
Commercial and Industrial Loans | Greater Than 89 Days Past Due | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Past Due | 1,982 | 2,441 | ||
Commercial Real Estate Loans | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Past Due | 8,684 | 8,564 | ||
Loans Not Past Due | 1,483,933 | 1,458,833 | ||
Total | 1,492,617 | 1,467,397 | 1,500,247 | 1,495,862 |
Commercial Real Estate Loans | 30-59 Days Past Due | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Past Due | 158 | 5 | ||
Commercial Real Estate Loans | 60-89 Days Past Due | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Past Due | 0 | 4,877 | ||
Commercial Real Estate Loans | Greater Than 89 Days Past Due | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Past Due | 8,526 | 3,682 | ||
Agricultural Loans | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Past Due | 651 | 651 | ||
Loans Not Past Due | 346,580 | 375,535 | ||
Total | 347,231 | 376,186 | 384,654 | 384,526 |
Agricultural Loans | 30-59 Days Past Due | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Past Due | 0 | 0 | ||
Agricultural Loans | 60-89 Days Past Due | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Past Due | 0 | 0 | ||
Agricultural Loans | Greater Than 89 Days Past Due | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Past Due | 651 | 651 | ||
Leases | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Past Due | 0 | 0 | ||
Loans Not Past Due | 55,714 | 55,664 | ||
Total | 55,714 | 55,664 | 57,257 | |
Leases | 30-59 Days Past Due | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Past Due | 0 | 0 | ||
Leases | 60-89 Days Past Due | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Past Due | 0 | 0 | ||
Leases | Greater Than 89 Days Past Due | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Past Due | 0 | 0 | ||
Home Equity Loans | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Past Due | 694 | 948 | ||
Loans Not Past Due | 211,612 | 218,400 | ||
Total | 212,306 | 219,348 | 225,790 | 225,755 |
Home Equity Loans | 30-59 Days Past Due | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Past Due | 327 | 672 | ||
Home Equity Loans | 60-89 Days Past Due | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Past Due | 74 | 5 | ||
Home Equity Loans | Greater Than 89 Days Past Due | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Past Due | 293 | 271 | ||
Consumer Loans | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Past Due | 460 | 382 | ||
Loans Not Past Due | 60,110 | 66,335 | ||
Total | 60,570 | 66,717 | 69,264 | 81,217 |
Consumer Loans | 30-59 Days Past Due | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Past Due | 328 | 233 | ||
Consumer Loans | 60-89 Days Past Due | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Past Due | 38 | 84 | ||
Consumer Loans | Greater Than 89 Days Past Due | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Past Due | 94 | 65 | ||
Credit Cards | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Past Due | 185 | 261 | ||
Loans Not Past Due | 12,424 | 11,376 | ||
Total | 12,609 | 11,637 | 11,953 | |
Credit Cards | 30-59 Days Past Due | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Past Due | 26 | 95 | ||
Credit Cards | 60-89 Days Past Due | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Past Due | 5 | 80 | ||
Credit Cards | Greater Than 89 Days Past Due | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Past Due | 154 | 86 | ||
Residential Mortgage Loans | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Past Due | 3,967 | 5,856 | ||
Loans Not Past Due | 263,667 | 250,420 | ||
Total | 267,634 | 256,276 | $ 305,002 | $ 304,855 |
Residential Mortgage Loans | 30-59 Days Past Due | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Past Due | 3,014 | 3,737 | ||
Residential Mortgage Loans | 60-89 Days Past Due | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Past Due | 35 | 1,590 | ||
Residential Mortgage Loans | Greater Than 89 Days Past Due | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Past Due | $ 918 | $ 529 |
Loans (Payment Modifications) (
Loans (Payment Modifications) (Details) - CARES Act $ in Thousands | Mar. 31, 2021USD ($)loan | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | loan | 23 | |
Outstanding Balance | $ | $ 40,763 | |
% of Loan Category (Excludes PPP Loans) | 1.40% | 1.70% |
Commercial and Industrial Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | loan | 4 | |
Outstanding Balance | $ | $ 4,413 | |
% of Loan Category (Excludes PPP Loans) | 0.90% | 0.80% |
Commercial Real Estate Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | loan | 15 | |
Outstanding Balance | $ | $ 36,137 | |
% of Loan Category (Excludes PPP Loans) | 2.40% | 3.00% |
Agricultural Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | loan | 0 | |
Outstanding Balance | $ | $ 0 | |
% of Loan Category (Excludes PPP Loans) | 0.00% | 0.00% |
Consumer Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | loan | 2 | |
Outstanding Balance | $ | $ 40 | |
Residential Mortgage Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | loan | 2 | |
Outstanding Balance | $ | $ 173 | |
% of Loan Category (Excludes PPP Loans) | 0.10% | 0.10% |
Loans (Risk Category of Loans b
Loans (Risk Category of Loans by Class) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | $ 3,120,981 | $ 3,091,998 | $ 3,081,973 | |
Commercial and Industrial Loans | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Current Fiscal Year | 176,630 | 260,788 | ||
Fiscal Year Before Current Fiscal Year | 166,111 | 89,539 | ||
Two Years Before Current Fiscal Year | 79,819 | 50,720 | ||
Three Years Before Current Fiscal Year | 45,437 | 34,881 | ||
Four Years Before Current Fiscal Year | 31,762 | 21,838 | ||
Prior | 71,349 | 55,896 | ||
Revolving Loans Amortized Cost Basis | 101,192 | 125,111 | ||
Total | 672,300 | 638,773 | $ 534,692 | 589,758 |
Commercial Real Estate Loans | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Current Fiscal Year | 89,120 | 297,148 | ||
Fiscal Year Before Current Fiscal Year | 302,812 | 225,718 | ||
Two Years Before Current Fiscal Year | 220,563 | 196,096 | ||
Three Years Before Current Fiscal Year | 185,817 | 208,884 | ||
Four Years Before Current Fiscal Year | 192,786 | 182,886 | ||
Prior | 471,863 | 326,784 | ||
Revolving Loans Amortized Cost Basis | 29,656 | 29,881 | ||
Total | 1,492,617 | 1,467,397 | 1,500,247 | 1,495,862 |
Agricultural Loans | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Current Fiscal Year | 13,720 | 61,323 | ||
Fiscal Year Before Current Fiscal Year | 57,532 | 35,433 | ||
Two Years Before Current Fiscal Year | 34,123 | 34,790 | ||
Three Years Before Current Fiscal Year | 32,065 | 42,363 | ||
Four Years Before Current Fiscal Year | 37,551 | 29,875 | ||
Prior | 104,084 | 80,213 | ||
Revolving Loans Amortized Cost Basis | 68,156 | 92,189 | ||
Total | 347,231 | 376,186 | 384,654 | $ 384,526 |
Leases | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Current Fiscal Year | 4,996 | 18,258 | ||
Fiscal Year Before Current Fiscal Year | 16,615 | 17,517 | ||
Two Years Before Current Fiscal Year | 16,616 | 9,176 | ||
Three Years Before Current Fiscal Year | 8,235 | 5,415 | ||
Four Years Before Current Fiscal Year | 4,643 | 1,605 | ||
Prior | 4,609 | 3,693 | ||
Revolving Loans Amortized Cost Basis | 0 | 0 | ||
Total | 55,714 | 55,664 | $ 57,257 | |
Pass | Commercial and Industrial Loans | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Current Fiscal Year | 176,630 | 260,027 | ||
Fiscal Year Before Current Fiscal Year | 165,352 | 88,273 | ||
Two Years Before Current Fiscal Year | 78,654 | 46,681 | ||
Three Years Before Current Fiscal Year | 41,565 | 31,612 | ||
Four Years Before Current Fiscal Year | 28,684 | 21,025 | ||
Prior | 64,123 | 48,508 | ||
Revolving Loans Amortized Cost Basis | 85,946 | 109,228 | ||
Total | 640,954 | 605,354 | ||
Pass | Commercial Real Estate Loans | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Current Fiscal Year | 89,120 | 296,265 | ||
Fiscal Year Before Current Fiscal Year | 301,184 | 215,226 | ||
Two Years Before Current Fiscal Year | 210,976 | 179,129 | ||
Three Years Before Current Fiscal Year | 168,708 | 183,703 | ||
Four Years Before Current Fiscal Year | 167,909 | 171,016 | ||
Prior | 436,255 | 295,641 | ||
Revolving Loans Amortized Cost Basis | 29,556 | 29,634 | ||
Total | 1,403,708 | 1,370,614 | ||
Pass | Agricultural Loans | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Current Fiscal Year | 13,084 | 49,242 | ||
Fiscal Year Before Current Fiscal Year | 43,509 | 25,449 | ||
Two Years Before Current Fiscal Year | 24,244 | 31,285 | ||
Three Years Before Current Fiscal Year | 28,419 | 32,368 | ||
Four Years Before Current Fiscal Year | 27,630 | 22,702 | ||
Prior | 81,385 | 64,890 | ||
Revolving Loans Amortized Cost Basis | 55,256 | 75,871 | ||
Total | 273,527 | 301,807 | ||
Pass | Leases | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Current Fiscal Year | 4,996 | 18,258 | ||
Fiscal Year Before Current Fiscal Year | 16,615 | 17,517 | ||
Two Years Before Current Fiscal Year | 16,616 | 9,176 | ||
Three Years Before Current Fiscal Year | 8,235 | 5,415 | ||
Four Years Before Current Fiscal Year | 4,643 | 1,605 | ||
Prior | 4,609 | 3,693 | ||
Revolving Loans Amortized Cost Basis | 0 | 0 | ||
Total | 55,714 | 55,664 | ||
Special Mention | Commercial and Industrial Loans | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Current Fiscal Year | 0 | 618 | ||
Fiscal Year Before Current Fiscal Year | 573 | 1,102 | ||
Two Years Before Current Fiscal Year | 1,011 | 2,756 | ||
Three Years Before Current Fiscal Year | 1,996 | 1,739 | ||
Four Years Before Current Fiscal Year | 1,585 | 206 | ||
Prior | 2,070 | 1,972 | ||
Revolving Loans Amortized Cost Basis | 9,313 | 9,948 | ||
Total | 16,548 | 18,341 | ||
Special Mention | Commercial Real Estate Loans | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Current Fiscal Year | 0 | 883 | ||
Fiscal Year Before Current Fiscal Year | 1,628 | 9,361 | ||
Two Years Before Current Fiscal Year | 1,222 | 15,232 | ||
Three Years Before Current Fiscal Year | 15,387 | 23,489 | ||
Four Years Before Current Fiscal Year | 23,220 | 7,578 | ||
Prior | 20,791 | 20,294 | ||
Revolving Loans Amortized Cost Basis | 0 | 147 | ||
Total | 62,248 | 76,984 | ||
Special Mention | Agricultural Loans | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Current Fiscal Year | 636 | 11,503 | ||
Fiscal Year Before Current Fiscal Year | 13,445 | 9,911 | ||
Two Years Before Current Fiscal Year | 9,806 | 3,111 | ||
Three Years Before Current Fiscal Year | 3,262 | 8,767 | ||
Four Years Before Current Fiscal Year | 8,765 | 2,707 | ||
Prior | 13,227 | 10,125 | ||
Revolving Loans Amortized Cost Basis | 12,900 | 16,318 | ||
Total | 62,041 | 62,442 | ||
Special Mention | Leases | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Current Fiscal Year | 0 | 0 | ||
Fiscal Year Before Current Fiscal Year | 0 | 0 | ||
Two Years Before Current Fiscal Year | 0 | 0 | ||
Three Years Before Current Fiscal Year | 0 | 0 | ||
Four Years Before Current Fiscal Year | 0 | 0 | ||
Prior | 0 | 0 | ||
Revolving Loans Amortized Cost Basis | 0 | 0 | ||
Total | 0 | 0 | ||
Substandard | Commercial and Industrial Loans | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Current Fiscal Year | 0 | 143 | ||
Fiscal Year Before Current Fiscal Year | 186 | 164 | ||
Two Years Before Current Fiscal Year | 154 | 1,283 | ||
Three Years Before Current Fiscal Year | 1,876 | 1,530 | ||
Four Years Before Current Fiscal Year | 1,493 | 607 | ||
Prior | 5,156 | 5,416 | ||
Revolving Loans Amortized Cost Basis | 5,933 | 5,935 | ||
Total | 14,798 | 15,078 | ||
Substandard | Commercial Real Estate Loans | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Current Fiscal Year | 0 | 0 | ||
Fiscal Year Before Current Fiscal Year | 0 | 1,131 | ||
Two Years Before Current Fiscal Year | 8,365 | 1,735 | ||
Three Years Before Current Fiscal Year | 1,722 | 1,692 | ||
Four Years Before Current Fiscal Year | 1,657 | 4,292 | ||
Prior | 14,817 | 10,849 | ||
Revolving Loans Amortized Cost Basis | 100 | 100 | ||
Total | 26,661 | 19,799 | ||
Substandard | Agricultural Loans | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Current Fiscal Year | 0 | 578 | ||
Fiscal Year Before Current Fiscal Year | 578 | 73 | ||
Two Years Before Current Fiscal Year | 73 | 394 | ||
Three Years Before Current Fiscal Year | 384 | 1,228 | ||
Four Years Before Current Fiscal Year | 1,156 | 4,466 | ||
Prior | 9,472 | 5,198 | ||
Revolving Loans Amortized Cost Basis | 0 | 0 | ||
Total | 11,663 | 11,937 | ||
Substandard | Leases | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Current Fiscal Year | 0 | 0 | ||
Fiscal Year Before Current Fiscal Year | 0 | 0 | ||
Two Years Before Current Fiscal Year | 0 | 0 | ||
Three Years Before Current Fiscal Year | 0 | 0 | ||
Four Years Before Current Fiscal Year | 0 | 0 | ||
Prior | 0 | 0 | ||
Revolving Loans Amortized Cost Basis | 0 | 0 | ||
Total | 0 | 0 | ||
Doubtful | Commercial and Industrial Loans | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Current Fiscal Year | 0 | 0 | ||
Fiscal Year Before Current Fiscal Year | 0 | 0 | ||
Two Years Before Current Fiscal Year | 0 | 0 | ||
Three Years Before Current Fiscal Year | 0 | 0 | ||
Four Years Before Current Fiscal Year | 0 | 0 | ||
Prior | 0 | 0 | ||
Revolving Loans Amortized Cost Basis | 0 | 0 | ||
Total | 0 | 0 | ||
Doubtful | Commercial Real Estate Loans | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Current Fiscal Year | 0 | 0 | ||
Fiscal Year Before Current Fiscal Year | 0 | 0 | ||
Two Years Before Current Fiscal Year | 0 | 0 | ||
Three Years Before Current Fiscal Year | 0 | 0 | ||
Four Years Before Current Fiscal Year | 0 | 0 | ||
Prior | 0 | 0 | ||
Revolving Loans Amortized Cost Basis | 0 | 0 | ||
Total | 0 | 0 | ||
Doubtful | Agricultural Loans | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Current Fiscal Year | 0 | 0 | ||
Fiscal Year Before Current Fiscal Year | 0 | 0 | ||
Two Years Before Current Fiscal Year | 0 | 0 | ||
Three Years Before Current Fiscal Year | 0 | 0 | ||
Four Years Before Current Fiscal Year | 0 | 0 | ||
Prior | 0 | 0 | ||
Revolving Loans Amortized Cost Basis | 0 | 0 | ||
Total | 0 | 0 | ||
Doubtful | Leases | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Current Fiscal Year | 0 | 0 | ||
Fiscal Year Before Current Fiscal Year | 0 | 0 | ||
Two Years Before Current Fiscal Year | 0 | 0 | ||
Three Years Before Current Fiscal Year | 0 | 0 | ||
Four Years Before Current Fiscal Year | 0 | 0 | ||
Prior | 0 | 0 | ||
Revolving Loans Amortized Cost Basis | 0 | 0 | ||
Total | $ 0 | $ 0 |
Loans (Residential, Home Equity
Loans (Residential, Home Equity and Consumer Loans Based on Payment Activity) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | $ 3,120,981 | $ 3,091,998 | $ 3,081,973 | |
Consumer Loans | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Current Fiscal Year | 8,563 | 33,857 | ||
Fiscal Year Before Current Fiscal Year | 28,248 | 16,486 | ||
Two Years Before Current Fiscal Year | 9,381 | 8,467 | ||
Three Years Before Current Fiscal Year | 7,577 | 2,117 | ||
Four Years Before Current Fiscal Year | 1,671 | 924 | ||
Prior | 2,790 | 2,268 | ||
Revolving Loans Amortized Cost Basis | 2,340 | 2,598 | ||
Total | 60,570 | 66,717 | $ 69,264 | 81,217 |
Consumer Loans | Performing | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Current Fiscal Year | 8,563 | 33,857 | ||
Fiscal Year Before Current Fiscal Year | 28,248 | 16,486 | ||
Two Years Before Current Fiscal Year | 9,349 | 8,456 | ||
Three Years Before Current Fiscal Year | 7,567 | 2,115 | ||
Four Years Before Current Fiscal Year | 1,669 | 910 | ||
Prior | 2,757 | 2,245 | ||
Revolving Loans Amortized Cost Basis | 2,305 | 2,563 | ||
Total | 60,458 | 66,632 | ||
Consumer Loans | Nonperforming | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Current Fiscal Year | 0 | 0 | ||
Fiscal Year Before Current Fiscal Year | 0 | 0 | ||
Two Years Before Current Fiscal Year | 32 | 11 | ||
Three Years Before Current Fiscal Year | 10 | 2 | ||
Four Years Before Current Fiscal Year | 2 | 14 | ||
Prior | 33 | 23 | ||
Revolving Loans Amortized Cost Basis | 35 | 35 | ||
Total | 112 | 85 | ||
Home Equity Loans | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Current Fiscal Year | 0 | 0 | ||
Fiscal Year Before Current Fiscal Year | 0 | 0 | ||
Two Years Before Current Fiscal Year | 0 | 34 | ||
Three Years Before Current Fiscal Year | 55 | 46 | ||
Four Years Before Current Fiscal Year | 46 | 67 | ||
Prior | 540 | 490 | ||
Revolving Loans Amortized Cost Basis | 211,665 | 218,711 | ||
Total | 212,306 | 219,348 | 225,790 | 225,755 |
Home Equity Loans | Performing | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Current Fiscal Year | 0 | 0 | ||
Fiscal Year Before Current Fiscal Year | 0 | 0 | ||
Two Years Before Current Fiscal Year | 0 | 34 | ||
Three Years Before Current Fiscal Year | 55 | 46 | ||
Four Years Before Current Fiscal Year | 46 | 67 | ||
Prior | 540 | 490 | ||
Revolving Loans Amortized Cost Basis | 211,372 | 218,440 | ||
Total | 212,013 | 219,077 | ||
Home Equity Loans | Nonperforming | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Current Fiscal Year | 0 | 0 | ||
Fiscal Year Before Current Fiscal Year | 0 | 0 | ||
Two Years Before Current Fiscal Year | 0 | 0 | ||
Three Years Before Current Fiscal Year | 0 | 0 | ||
Four Years Before Current Fiscal Year | 0 | 0 | ||
Prior | 0 | 0 | ||
Revolving Loans Amortized Cost Basis | 293 | 271 | ||
Total | 293 | 271 | ||
Residential Mortgage Loans | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Current Fiscal Year | 33,640 | 45,945 | ||
Fiscal Year Before Current Fiscal Year | 45,639 | 26,536 | ||
Two Years Before Current Fiscal Year | 22,574 | 28,050 | ||
Three Years Before Current Fiscal Year | 23,597 | 28,764 | ||
Four Years Before Current Fiscal Year | 27,040 | 25,155 | ||
Prior | 115,144 | 101,826 | ||
Revolving Loans Amortized Cost Basis | 0 | 0 | ||
Total | 267,634 | 256,276 | $ 305,002 | $ 304,855 |
Residential Mortgage Loans | Performing | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Current Fiscal Year | 33,640 | 45,945 | ||
Fiscal Year Before Current Fiscal Year | 45,639 | 26,536 | ||
Two Years Before Current Fiscal Year | 22,574 | 28,050 | ||
Three Years Before Current Fiscal Year | 23,597 | 28,764 | ||
Four Years Before Current Fiscal Year | 27,040 | 25,155 | ||
Prior | 113,996 | 100,998 | ||
Revolving Loans Amortized Cost Basis | 0 | 0 | ||
Total | 266,486 | 255,448 | ||
Residential Mortgage Loans | Nonperforming | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Current Fiscal Year | 0 | 0 | ||
Fiscal Year Before Current Fiscal Year | 0 | 0 | ||
Two Years Before Current Fiscal Year | 0 | 0 | ||
Three Years Before Current Fiscal Year | 0 | 0 | ||
Four Years Before Current Fiscal Year | 0 | 0 | ||
Prior | 1,148 | 828 | ||
Revolving Loans Amortized Cost Basis | 0 | 0 | ||
Total | $ 1,148 | $ 828 |
Loans (Recorded Investment in C
Loans (Recorded Investment in Credit Cards Based on Payment Activity) (Details) - Credit Cards - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of deferred income | $ 12,609 | $ 11,637 |
Performing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of deferred income | 12,455 | 11,551 |
Nonperforming | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of deferred income | $ 154 | $ 86 |
Loans (Loans Purchased and_or S
Loans (Loans Purchased and/or Sold During the Year by Portfolio Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Purchases | $ 0 | $ 0 |
Sales | 0 | 3,128 |
Commercial and Industrial Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Purchases | 0 | 0 |
Sales | 0 | 0 |
Commercial Real Estate Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Purchases | 0 | 0 |
Sales | 0 | 3,128 |
Agricultural Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Purchases | 0 | 0 |
Sales | 0 | 0 |
Leases | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Purchases | 0 | 0 |
Sales | 0 | 0 |
Consumer Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Purchases | 0 | 0 |
Sales | 0 | 0 |
Home Equity Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Purchases | 0 | 0 |
Sales | 0 | 0 |
Credit Cards | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Purchases | 0 | 0 |
Sales | 0 | 0 |
Residential Mortgage Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Purchases | 0 | 0 |
Sales | $ 0 | $ 0 |
Repurchase Agreements Account_2
Repurchase Agreements Accounted for as Secured Borrowings (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Collateralized Mortgage Backed Securities | Maturity Overnight | FHLB Advances and Other Borrowings | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchased agreements | $ 39,863 | $ 52,904 |
Segment Information (Narrative)
Segment Information (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2021segmentbanking_office | |
Segment Reporting [Abstract] | |
Number of operating segments | segment | 3 |
Number of banking offices | banking_office | 73 |
Segment Information (Segment Fi
Segment Information (Segment Financial Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||
Net Interest Income | $ 38,932 | $ 36,256 | |
Net Gains on Sales of Loans | 2,202 | 1,863 | |
Net Gains on Securities | 975 | 590 | |
Trust and Investment Product Fees | 2,358 | 2,031 | |
Insurance Revenues | 3,292 | 3,229 | |
Noncash Items: | |||
Provision for Credit Losses | (1,500) | 5,150 | |
Depreciation and Amortization | 2,327 | 2,341 | |
Income Tax Expense (Benefit) | 4,653 | 2,387 | |
Segment Profit (Loss) | 19,557 | 12,472 | |
Segment Assets | 5,219,834 | $ 4,977,577 | |
Operating Segments | Core Banking | |||
Segment Reporting Information [Line Items] | |||
Net Interest Income | 39,582 | 36,952 | |
Net Gains on Sales of Loans | 2,202 | 1,863 | |
Net Gains on Securities | 975 | 590 | |
Trust and Investment Product Fees | 1 | 1 | |
Insurance Revenues | 2 | 3 | |
Noncash Items: | |||
Provision for Credit Losses | (1,500) | 5,150 | |
Depreciation and Amortization | 2,217 | 2,243 | |
Income Tax Expense (Benefit) | 4,424 | 2,241 | |
Segment Profit (Loss) | 18,628 | 11,847 | |
Segment Assets | 5,210,711 | 4,963,655 | |
Operating Segments | Wealth Management Services | |||
Segment Reporting Information [Line Items] | |||
Net Interest Income | 8 | 4 | |
Net Gains on Sales of Loans | 0 | 0 | |
Net Gains on Securities | 0 | 0 | |
Trust and Investment Product Fees | 2,357 | 2,030 | |
Insurance Revenues | 2 | 1 | |
Noncash Items: | |||
Provision for Credit Losses | 0 | 0 | |
Depreciation and Amortization | 13 | 1 | |
Income Tax Expense (Benefit) | 151 | 117 | |
Segment Profit (Loss) | 470 | 334 | |
Segment Assets | 5,000 | 4,480 | |
Operating Segments | Insurance | |||
Segment Reporting Information [Line Items] | |||
Net Interest Income | 2 | 4 | |
Net Gains on Sales of Loans | 0 | 0 | |
Net Gains on Securities | 0 | 0 | |
Trust and Investment Product Fees | 0 | 0 | |
Insurance Revenues | 3,288 | 3,225 | |
Noncash Items: | |||
Provision for Credit Losses | 0 | 0 | |
Depreciation and Amortization | 17 | 17 | |
Income Tax Expense (Benefit) | 395 | 360 | |
Segment Profit (Loss) | 1,248 | 1,094 | |
Segment Assets | 12,068 | 10,263 | |
Other | |||
Segment Reporting Information [Line Items] | |||
Net Interest Income | (660) | (704) | |
Net Gains on Sales of Loans | 0 | 0 | |
Net Gains on Securities | 0 | 0 | |
Trust and Investment Product Fees | 0 | 0 | |
Insurance Revenues | 0 | 0 | |
Noncash Items: | |||
Provision for Credit Losses | 0 | 0 | |
Depreciation and Amortization | 80 | 80 | |
Income Tax Expense (Benefit) | (317) | (331) | |
Segment Profit (Loss) | (789) | $ (803) | |
Segment Assets | $ (7,945) | $ (821) |
Stock Repurchase Plan (Details)
Stock Repurchase Plan (Details) - Common Stock - shares | Jan. 25, 2021 | Mar. 31, 2021 |
2021 Repurchase Plan | ||
Equity, Class of Treasury Stock [Line Items] | ||
Common stock, authorized shares repurchase (up to) (in shares) | 1,000,000 | |
Common stock, percentage of Company's outstanding shares authorized for repurchase | 4.00% | |
Common stock, shares purchased (in shares) | 0 | |
2020 Repurchase Plan | ||
Equity, Class of Treasury Stock [Line Items] | ||
Common stock, authorized shares repurchase (up to) (in shares) | 778,088 |
Equity Plans and Equity Based_3
Equity Plans and Equity Based Compensation (Narrative) (Details) | Oct. 01, 2019shares | Aug. 16, 2019shares | Mar. 31, 2021USD ($)planshares | Mar. 31, 2020USD ($)shares | Dec. 31, 2020shares | Dec. 31, 2019installment |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of equity incentive plans | plan | 2 | |||||
Number of options granted (in shares) | shares | 0 | 0 | ||||
Stock compensation expense | $ 83,000 | $ 244,000 | ||||
Stock compensation expense, net of tax | 305,000 | 386,000 | ||||
Stock Options | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock compensation expense | 0 | 0 | ||||
Unrecognized compensation expense | 0 | 0 | ||||
Restricted Stock | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Unrecognized compensation expense | $ 4,083,000 | $ 1,665,000 | ||||
Awards granted during period percentage | 66.67% | 60.00% | ||||
Awards granted cash credit entitlement percentage | 33.33% | 40.00% | ||||
Number of annual vesting installments | installment | 3 | |||||
Restricted stock granted during period (in shares) | shares | 44,123 | 41,752 | ||||
Unvested restricted stock awards (in shares) | shares | 108,524 | 64,401 | ||||
Restricted Stock | Executive Officers | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Awards granted during period percentage | 100.00% | |||||
Restricted Stock | Director | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting percentage | 100.00% | |||||
Restricted Stock | Vesting Period One | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting percentage | 100.00% | 33.33% | ||||
Restricted Stock | Vesting Period One | Executive Officers | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting percentage | 33.33% | |||||
Restricted Stock | Vesting Period Two | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting percentage | 50.00% | |||||
Restricted Stock | Vesting Period Two | Executive Officers | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting percentage | 33.33% | |||||
Restricted Stock | Vesting Period Three | Executive Officers | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting percentage | 33.33% | |||||
2009 Long-Term Equity Incentive Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares reserved for new grants (in shares) | shares | 0 | |||||
2009 Long-Term Equity Incentive Plan | Restricted Stock | Vesting Period Two | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting percentage | 33.33% | |||||
2009 Long-Term Equity Incentive Plan | Restricted Stock | Vesting Period Three | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting percentage | 50.00% | 33.33% | ||||
2019 LTI Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares authorized for issuance (in shares) | shares | 1,000,000 | |||||
2009 ESPP | Employee Stock | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares authorized for issuance (in shares) | shares | 750,000 | |||||
Stock compensation expense | $ 10,000 | $ 16,000 | ||||
Unrecognized compensation expense | 0 | 0 | ||||
Purchase price percentage | 95.00% | |||||
Stock compensation expense, net of tax | $ 7,000 | $ 12,000 | ||||
2019 ESPP | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares reserved for new grants (in shares) | shares | 750,000 | |||||
Purchase price percentage | 95.00% | |||||
Offering periods | 3 months |
Equity Plans and Equity Based_4
Equity Plans and Equity Based Compensation (Expense Recorded for Restricted Stock and Cash Entitlements) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | ||
Restricted Stock Expense | $ 329 | $ 270 |
Cash Entitlement Expense | 83 | 244 |
Tax Effect | (107) | (128) |
Net of Tax | $ 305 | $ 386 |
Fair Value (Narrative) (Details
Fair Value (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Loans Held-for-sale | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
(Losses)/gains from changes in fair value included in earnings | $ (47) | $ 5 | |
Fair Value, Measurements, Recurring | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair value of securities held | 1,385,873 | $ 1,217,852 | |
Fair Value, Measurements, Recurring | Obligations of State and Political Subdivisions | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair value of securities held | 623,848 | 581,247 | |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair value of securities held | 0 | 497 | |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | Obligations of State and Political Subdivisions | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair value of securities held | 0 | $ 497 | |
(Losses) from changes in fair value included in other comprehensive income | $ (2) | $ (16) |
Fair Value (Assets and Liabilit
Fair Value (Assets and Liabilities Measured at Fair Value on Recurring Basis) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Loans Held-for-Sale | $ 18,493 | $ 16,904 |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities | 1,385,873 | 1,217,852 |
Loans Held-for-Sale | 18,493 | 16,904 |
Derivative Assets | 5,772 | 8,806 |
Derivative Liabilities | 5,970 | 9,353 |
Fair Value, Measurements, Recurring | Obligations of State and Political Subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities | 623,848 | 581,247 |
Fair Value, Measurements, Recurring | MBS/CMO | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities | 653,449 | 548,307 |
Fair Value, Measurements, Recurring | US Gov't Sponsored Entities & Agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities | 108,576 | 88,298 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities | 0 | 0 |
Loans Held-for-Sale | 0 | 0 |
Derivative Assets | 0 | 0 |
Derivative Liabilities | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Obligations of State and Political Subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | MBS/CMO | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | US Gov't Sponsored Entities & Agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities | 1,385,873 | 1,217,355 |
Loans Held-for-Sale | 18,493 | 16,904 |
Derivative Assets | 5,772 | 8,806 |
Derivative Liabilities | 5,970 | 9,353 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Obligations of State and Political Subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities | 623,848 | 580,750 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | MBS/CMO | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities | 653,449 | 548,307 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | US Gov't Sponsored Entities & Agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities | 108,576 | 88,298 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities | 0 | 497 |
Loans Held-for-Sale | 0 | 0 |
Derivative Assets | 0 | 0 |
Derivative Liabilities | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Obligations of State and Political Subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities | 0 | 497 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | MBS/CMO | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | US Gov't Sponsored Entities & Agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities | $ 0 | $ 0 |
Fair Value (Aggregate Fair Valu
Fair Value (Aggregate Fair Value, Contractual Balance and Gain or Loss of Loans Held-for-Sale) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Fair Value Disclosures [Abstract] | ||
Loans Held-for-Sale, at Fair Value | $ 18,493 | $ 16,904 |
Contractual Balance | 18,014 | 16,378 |
Gain (Loss) | $ 479 | $ 526 |
Fair Value (Reconciliation of a
Fair Value (Reconciliation of all Assets Measured at Fair Value on Recurring Basis, Using Significant Unobservable Inputs (Level 3) (Details) - Fair Value, Measurements, Recurring - Significant Unobservable Inputs (Level 3) - Obligations of State and Political Subdivisions - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance of Recurring Level 3 Assets at January 1 | $ 497 | $ 4,021 |
Total Losses Included in Other Comprehensive Income | (2) | (16) |
Maturities / Calls | (495) | (523) |
Purchases | 0 | 0 |
Balance of Recurring Level 3 Assets at March 31 | $ 0 | $ 3,482 |
Fair Value (Assets and Liabil_2
Fair Value (Assets and Liabilities Measured at Fair Value on Non-Recurring Basis) (Details) - Fair Value, Measurements, Nonrecurring - Individually Analyzed Loans - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Commercial and Industrial Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Assets | $ 4,662 | $ 4,985 |
Commercial Real Estate Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Assets | 7,548 | 8,893 |
Agricultural Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Assets | 548 | 551 |
Consumer Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Assets | 0 | 0 |
Home Equity Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Assets | 369 | 369 |
Residential Mortgage Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Assets | 507 | 75 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Commercial and Industrial Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Assets | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Commercial Real Estate Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Assets | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Agricultural Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Assets | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Consumer Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Assets | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Home Equity Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Assets | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Residential Mortgage Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Assets | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Commercial and Industrial Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Assets | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Commercial Real Estate Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Assets | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Agricultural Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Assets | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Consumer Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Assets | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Home Equity Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Assets | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Residential Mortgage Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Assets | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Commercial and Industrial Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Assets | 4,662 | 4,985 |
Significant Unobservable Inputs (Level 3) | Commercial Real Estate Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Assets | 7,548 | 8,893 |
Significant Unobservable Inputs (Level 3) | Agricultural Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Assets | 548 | 551 |
Significant Unobservable Inputs (Level 3) | Consumer Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Assets | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Home Equity Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Assets | 369 | 369 |
Significant Unobservable Inputs (Level 3) | Residential Mortgage Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Assets | $ 507 | $ 75 |
Fair Value (Quantitative Inform
Fair Value (Quantitative Information of Fair Value Measurements) (Details) - Significant Unobservable Inputs (Level 3) - Individually Analyzed Loans $ in Thousands | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Commercial and Industrial Loans | Adjustment for physical condition of comparable properties sold | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range (Weighted Average) | 0.26 | 0.26 |
Commercial and Industrial Loans | Adjustment for physical condition of comparable properties sold | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range (Weighted Average) | 1 | 1 |
Commercial and Industrial Loans | Adjustment for physical condition of comparable properties sold | Weighted Average | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range (Weighted Average) | 0.60 | 0.61 |
Commercial Real Estate Loans | Adjustment for physical condition of comparable properties sold | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range (Weighted Average) | 0.22 | 0.30 |
Commercial Real Estate Loans | Adjustment for physical condition of comparable properties sold | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range (Weighted Average) | 1 | 1 |
Commercial Real Estate Loans | Adjustment for physical condition of comparable properties sold | Weighted Average | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range (Weighted Average) | 0.40 | 0.56 |
Agricultural Loans | Adjustment for physical condition of comparable properties sold | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range (Weighted Average) | 0.30 | 0.30 |
Agricultural Loans | Adjustment for physical condition of comparable properties sold | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range (Weighted Average) | 0.96 | 0.96 |
Agricultural Loans | Adjustment for physical condition of comparable properties sold | Weighted Average | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range (Weighted Average) | 0.64 | 0.65 |
Consumer Loans | Adjustment for physical condition of comparable properties sold | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range (Weighted Average) | 1 | 1 |
Consumer Loans | Adjustment for physical condition of comparable properties sold | Weighted Average | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range (Weighted Average) | 1 | 1 |
Home Equity Loans | Adjustment for physical condition of comparable properties sold | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range (Weighted Average) | 0.23 | 0.09 |
Home Equity Loans | Adjustment for physical condition of comparable properties sold | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range (Weighted Average) | 0.23 | 0.09 |
Home Equity Loans | Adjustment for physical condition of comparable properties sold | Weighted Average | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range (Weighted Average) | 0.23 | 0.09 |
Residential Mortgage Loans | Adjustment for physical condition of comparable properties sold | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range (Weighted Average) | 0.07 | 0.43 |
Residential Mortgage Loans | Adjustment for physical condition of comparable properties sold | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range (Weighted Average) | 0.51 | 0.97 |
Residential Mortgage Loans | Adjustment for physical condition of comparable properties sold | Weighted Average | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range (Weighted Average) | 0.31 | 0.67 |
Fair Value, Measurements, Nonrecurring | Commercial and Industrial Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 4,662 | $ 4,985 |
Fair Value, Measurements, Nonrecurring | Commercial Real Estate Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 7,548 | 8,893 |
Fair Value, Measurements, Nonrecurring | Agricultural Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 548 | 551 |
Fair Value, Measurements, Nonrecurring | Consumer Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Home Equity Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 369 | 369 |
Fair Value, Measurements, Nonrecurring | Residential Mortgage Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 507 | $ 75 |
Fair Value (Carrying Amounts an
Fair Value (Carrying Amounts and Estimated Fair Values of Company's Financial Instruments) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Financial Assets: | ||
Interest-bearing Time Deposits with Banks | $ 1,241 | $ 1,241 |
Loans, Net | 3,072,104 | 3,041,213 |
Financial Liabilities: | ||
Time Deposits | (446,770) | (494,452) |
Level 1 | ||
Financial Assets: | ||
Cash and Short-term Investments | 102,758 | 57,972 |
Interest-bearing Time Deposits with Banks | 0 | 0 |
Loans, Net | 0 | 0 |
Accrued Interest Receivable | 0 | 0 |
Financial Liabilities: | ||
Demand, Savings, and Money Market Deposits | (3,931,903) | (3,612,078) |
Time Deposits | 0 | 0 |
Short-term Borrowings | 0 | 0 |
Long-term Debt | 0 | 0 |
Accrued Interest Payable | 0 | 0 |
Level 2 | ||
Financial Assets: | ||
Cash and Short-term Investments | 290,486 | 287,776 |
Interest-bearing Time Deposits with Banks | 1,241 | 1,241 |
Loans, Net | 0 | 0 |
Accrued Interest Receivable | 7,144 | 6,137 |
Financial Liabilities: | ||
Demand, Savings, and Money Market Deposits | 0 | 0 |
Time Deposits | (446,842) | (495,171) |
Short-term Borrowings | (39,863) | (52,905) |
Long-term Debt | (79,865) | (88,342) |
Accrued Interest Payable | (1,253) | (1,049) |
Level 3 | ||
Financial Assets: | ||
Cash and Short-term Investments | 0 | 0 |
Interest-bearing Time Deposits with Banks | 0 | 0 |
Loans, Net | 3,067,070 | 3,032,690 |
Accrued Interest Receivable | 13,141 | 14,141 |
Financial Liabilities: | ||
Demand, Savings, and Money Market Deposits | 0 | 0 |
Time Deposits | 0 | 0 |
Short-term Borrowings | 0 | 0 |
Long-term Debt | (51,180) | (54,960) |
Accrued Interest Payable | (33) | (35) |
Carrying Value | ||
Financial Assets: | ||
Cash and Short-term Investments | 393,244 | 345,748 |
Interest-bearing Time Deposits with Banks | 1,241 | 1,241 |
Loans, Net | 3,058,470 | 3,026,340 |
Accrued Interest Receivable | 20,285 | 20,278 |
Financial Liabilities: | ||
Demand, Savings, and Money Market Deposits | (3,931,903) | (3,612,078) |
Time Deposits | (446,770) | (494,452) |
Short-term Borrowings | (39,863) | (52,905) |
Long-term Debt | (133,684) | (141,624) |
Accrued Interest Payable | (1,286) | (1,084) |
Total | ||
Financial Assets: | ||
Cash and Short-term Investments | 393,244 | 345,748 |
Interest-bearing Time Deposits with Banks | 1,241 | 1,241 |
Loans, Net | 3,067,070 | 3,032,690 |
Accrued Interest Receivable | 20,285 | 20,278 |
Financial Liabilities: | ||
Demand, Savings, and Money Market Deposits | (3,931,903) | (3,612,078) |
Time Deposits | (446,842) | (495,171) |
Short-term Borrowings | (39,863) | (52,905) |
Long-term Debt | (131,045) | (143,302) |
Accrued Interest Payable | $ (1,286) | $ (1,084) |
Other Comprehensive Income (L_3
Other Comprehensive Income (Loss) (Changes in AOCI) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning Balances | $ 624,709 | $ 573,820 |
Other Comprehensive Income (Loss) Before Reclassification | (21,058) | 13,718 |
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | (770) | (463) |
Total Other Comprehensive Income (Loss) | (21,828) | 13,255 |
Ending Balances | 617,213 | 583,540 |
Unrealized Gains and Losses on Available-for-Sale Securities | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning Balances | 35,943 | 15,673 |
Other Comprehensive Income (Loss) Before Reclassification | (21,058) | 13,718 |
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | (770) | (463) |
Total Other Comprehensive Income (Loss) | (21,828) | 13,255 |
Ending Balances | 14,115 | 28,928 |
Postretirement Benefit Items | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning Balances | (568) | (568) |
Other Comprehensive Income (Loss) Before Reclassification | 0 | 0 |
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 0 | 0 |
Total Other Comprehensive Income (Loss) | 0 | 0 |
Ending Balances | (568) | (568) |
Total | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning Balances | 35,375 | 15,105 |
Total Other Comprehensive Income (Loss) | (21,828) | 13,255 |
Ending Balances | $ 13,547 | $ 28,360 |
Other Comprehensive Income (L_4
Other Comprehensive Income (Loss) (Classifications out of AOCI) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Income Tax Expense | $ (4,653) | $ (2,387) |
NET INCOME | 19,557 | 12,472 |
Total Reclassifications | 770 | 463 |
Unrealized Gains and Losses on Available-for-Sale Securities | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Total Reclassifications | 770 | 463 |
Amount Reclassified From Accumulated Other Comprehensive Income (Loss) | Unrealized Gains and Losses on Available-for-Sale Securities | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Net Gains on Securities | 975 | 590 |
Income Tax Expense | (205) | (127) |
NET INCOME | 770 | 463 |
Total Reclassifications | $ 770 | $ 463 |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Disaggregation of Revenue [Line Items] | ||
Non-interest Income (in-scope of Topic 606) | $ 10,821 | $ 10,499 |
TOTAL NON-INTEREST INCOME | 15,037 | 14,081 |
Core Banking | ||
Disaggregation of Revenue [Line Items] | ||
Non-interest Income (out-of-scope of Topic 606) | 4,216 | 3,582 |
Trust and Investment Product Fees | ||
Disaggregation of Revenue [Line Items] | ||
Non-interest Income (in-scope of Topic 606) | 2,358 | 2,031 |
Trust and Investment Product Fees | Trust and Investment Advisory Services | ||
Disaggregation of Revenue [Line Items] | ||
Non-interest Income (in-scope of Topic 606) | 2,358 | 2,031 |
Service Charges on Deposit Accounts | ||
Disaggregation of Revenue [Line Items] | ||
Non-interest Income (in-scope of Topic 606) | 1,678 | 2,237 |
Service Charges on Deposit Accounts | Core Banking | Transferred at Point in Time | ||
Disaggregation of Revenue [Line Items] | ||
Non-interest Income (in-scope of Topic 606) | 1,678 | 2,237 |
Insurance Revenues | ||
Disaggregation of Revenue [Line Items] | ||
Non-interest Income (in-scope of Topic 606) | 3,292 | 3,229 |
Insurance Revenues | Insurance | Transferred over Time | ||
Disaggregation of Revenue [Line Items] | ||
Non-interest Income (in-scope of Topic 606) | 3,292 | 3,229 |
Interchange Fee Income | ||
Disaggregation of Revenue [Line Items] | ||
Non-interest Income (in-scope of Topic 606) | 2,830 | 2,482 |
Interchange Fee Income | Core Banking | Transferred at Point in Time | ||
Disaggregation of Revenue [Line Items] | ||
Non-interest Income (in-scope of Topic 606) | 2,830 | 2,482 |
Other Operating Income | Core Banking | Transferred at Point in Time | ||
Disaggregation of Revenue [Line Items] | ||
Non-interest Income (in-scope of Topic 606) | $ 663 | $ 520 |
Leases (Components of Lease Exp
Leases (Components of Lease Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Finance Lease Cost: | ||
Amortization of Right-of -Use Assets | $ 52 | $ 52 |
Interest on Lease Liabilities | 88 | 92 |
Operating Lease Cost | 419 | 453 |
Short-term Lease Cost | 0 | 25 |
Total Lease Cost | $ 559 | $ 622 |
Leases (Weighted Average Lease
Leases (Weighted Average Lease Term and Discount Rates) (Details) | Mar. 31, 2021 | Mar. 31, 2020 |
Weighted Average Remaining Lease Term: | ||
Finance Leases | 11 years | 12 years |
Operating Leases | 8 years | 8 years |
Weighted Average Discount Rate: | ||
Finance Leases | 11.47% | 11.48% |
Operating Leases | 3.14% | 3.18% |
Leases (Supplemental Balance Sh
Leases (Supplemental Balance Sheet Information) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 |
Finance Leases | ||
Premises, Furniture and Equipment, Net | $ 2,225 | $ 2,435 |
Other Borrowings | $ 3,183 | $ 3,343 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Premises, Furniture and Equipment, Net | Premises, Furniture and Equipment, Net |
Finance Lease, Liability, Statement of Financial Position [Extensible List] | us-gaap:OtherBorrowings | us-gaap:OtherBorrowings |
Operating Leases | ||
Operating Lease Right-of-Use Assets | $ 6,531 | $ 9,215 |
Operating Lease Liabilities | $ 6,619 | $ 9,289 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Operating Lease Right-of-Use Assets | Operating Lease Right-of-Use Assets |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Operating Lease Liabilities | Operating Lease Liabilities |
Leases (Supplemental Cash Flow
Leases (Supplemental Cash Flow Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash paid for amounts in the measurement of lease liabilities: | ||
Operating Cash Flows from Finance Leases | $ 88 | $ 92 |
Operating Cash Flows from Operating Leases | 1,281 | 412 |
Financing Cash Flows from Finance Leases | $ 34 | $ 30 |
Leases (Maturity of Finance and
Leases (Maturity of Finance and Operating Lease Liabilities) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 |
Finance Leases | ||
Year 1 | $ 519 | |
Year 2 | 519 | |
Year 3 | 519 | |
Year 4 | 519 | |
Year 5 | 519 | |
Thereafter | 2,823 | |
Total Lease Payments | 5,418 | |
Less Imputed Interest | (2,235) | |
Total | 3,183 | $ 3,343 |
Operating Leases | ||
Year 1 | 1,230 | |
Year 2 | 1,100 | |
Year 3 | 1,008 | |
Year 4 | 863 | |
Year 5 | 728 | |
Thereafter | 2,619 | |
Total Lease Payments | 7,548 | |
Less Imputed Interest | (929) | |
Total | $ 6,619 | $ 9,289 |