Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2022 | Aug. 02, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2022 | |
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 | 29,484,319 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0000714395 | |
Current Fiscal Year End Date | --12-31 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
ASSETS | ||
Cash and Due from Banks | $ 111,904 | $ 47,173 |
Federal Funds Sold and Other Short-term Investments | 414,141 | 349,717 |
Cash and Cash Equivalents | 526,045 | 396,890 |
Interest-bearing Time Deposits with Banks | 995 | 745 |
Securities Available-for-Sale, at Fair Value (Amortized Cost $2,088,464 for June 30, 2022; Amortized Cost $1,869,198 for December 31, 2021; No Allowance for Credit Losses) | 1,821,735 | 1,889,617 |
Other Investments | 353 | 353 |
Loans Held-for-Sale, at Fair Value | 9,171 | 10,585 |
Loans | 3,652,743 | 3,007,926 |
Less: Unearned Income | (3,374) | (3,662) |
Allowance for Credit Losses | (45,031) | (37,017) |
Loans, Net | 3,604,338 | 2,967,247 |
Stock in FHLB of Indianapolis and Other Restricted Stock, at Cost | 15,259 | 13,048 |
Premises, Furniture and Equipment, Net | 111,341 | 88,863 |
Other Real Estate | 0 | 0 |
Goodwill | 180,308 | 121,761 |
Intangible Assets | 11,303 | 5,845 |
Company Owned Life Insurance | 83,086 | 70,070 |
Accrued Interest Receivable and Other Assets | 107,769 | 43,515 |
TOTAL ASSETS | 6,471,703 | 5,608,539 |
LIABILITIES | ||
Non-interest-bearing Demand Deposits | 1,745,067 | 1,529,223 |
Interest-bearing Demand, Savings, and Money Market Accounts | 3,503,789 | 2,867,994 |
Time Deposits | 464,752 | 347,099 |
Total Deposits | 5,713,608 | 4,744,316 |
FHLB Advances and Other Borrowings | 144,885 | 152,183 |
Accrued Interest Payable and Other Liabilities | 38,781 | 43,581 |
TOTAL LIABILITIES | 5,897,274 | 4,940,080 |
SHAREHOLDERS’ EQUITY | ||
Common Stock, no par value, $1 stated value; 45,000,000 shares authorized | 29,483 | 26,554 |
Additional Paid-in Capital | 386,368 | 276,057 |
Retained Earnings | 369,673 | 350,364 |
Accumulated Other Comprehensive Income (Loss) | (211,095) | 15,484 |
TOTAL SHAREHOLDERS’ EQUITY | 574,429 | 668,459 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ 6,471,703 | $ 5,608,539 |
End of period shares issued (in shares) | 29,483,045 | 26,553,508 |
End of period shares outstanding (in shares) | 29,483,045 | 26,553,508 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Securities, Available-for-Sale, at Fair Value, Amortized Cost | $ 2,088,464,000 | $ 1,869,198,000 |
Securities, Available-for-Sale, at Fair Value, Allowance for Credit Losses | $ 0 | $ 0 |
Common stock, stated value (in dollars 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 | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
INTEREST INCOME | ||||
Interest and Fees on Loans | $ 39,987 | $ 34,504 | $ 78,922 | $ 69,608 |
Interest on Federal Funds Sold and Other Short-term Investments | 1,232 | 103 | 1,512 | 188 |
Interest and Dividends on Securities: | ||||
Taxable | 5,113 | 3,523 | 9,633 | 6,130 |
Non-taxable | 5,934 | 4,164 | 11,474 | 7,893 |
TOTAL INTEREST INCOME | 52,266 | 42,294 | 101,541 | 83,819 |
INTEREST EXPENSE | ||||
Interest on Deposits | 1,549 | 1,269 | 2,878 | 2,711 |
Interest on FHLB Advances and Other Borrowings | 1,120 | 1,145 | 2,158 | 2,296 |
TOTAL INTEREST EXPENSE | 2,669 | 2,414 | 5,036 | 5,007 |
NET INTEREST INCOME | 49,597 | 39,880 | 96,505 | 78,812 |
Provision (Benefit) for Credit Losses | 300 | (5,000) | 5,500 | (6,500) |
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES | 49,297 | 44,880 | 91,005 | 85,312 |
NON-INTEREST INCOME | ||||
Company Owned Life Insurance | 894 | 385 | 1,352 | 737 |
Other Operating Income | 1,225 | 1,342 | 2,493 | 2,692 |
Net Gains on Sales of Loans | 1,049 | 2,018 | 2,470 | 4,220 |
Net Gains on Securities | 78 | 300 | 450 | 1,275 |
TOTAL NON-INTEREST INCOME | 15,180 | 13,902 | 31,368 | 28,939 |
NON-INTEREST EXPENSE | ||||
Salaries and Employee Benefits | 20,384 | 16,375 | 43,472 | 34,180 |
Occupancy Expense | 2,803 | 2,833 | 5,682 | 6,205 |
Furniture and Equipment Expense | 969 | 997 | 1,899 | 1,973 |
FDIC Premiums | 465 | 329 | 941 | 663 |
Data Processing Fees | 2,460 | 1,779 | 10,184 | 3,522 |
Professional Fees | 1,573 | 1,513 | 3,936 | 2,673 |
Advertising and Promotion | 1,027 | 705 | 2,165 | 1,487 |
Intangible Amortization | 957 | 711 | 1,974 | 1,471 |
Other Operating Expenses | 5,063 | 3,795 | 13,608 | 8,122 |
TOTAL NON-INTEREST EXPENSE | 35,701 | 29,037 | 83,861 | 60,296 |
Income before Income Taxes | 28,776 | 29,745 | 38,512 | 53,955 |
Income Tax Expense | 5,029 | 5,923 | 5,698 | 10,576 |
NET INCOME | $ 23,747 | $ 23,822 | $ 32,814 | $ 43,379 |
Basic Earnings Per Share (in dollars per share) | $ 0.81 | $ 0.90 | $ 1.11 | $ 1.64 |
Diluted Earnings Per Share (in dollars per share) | $ 0.81 | $ 0.90 | $ 1.11 | $ 1.64 |
Wealth Management Fees | ||||
NON-INTEREST INCOME | ||||
Non-interest income | $ 2,642 | $ 2,620 | $ 5,280 | $ 4,978 |
Service Charges on Deposit Accounts | ||||
NON-INTEREST INCOME | ||||
Non-interest income | 2,871 | 1,735 | 5,554 | 3,413 |
Insurance Revenues | ||||
NON-INTEREST INCOME | ||||
Non-interest income | 2,254 | 2,020 | 5,975 | 5,312 |
Interchange Fee Income | ||||
NON-INTEREST INCOME | ||||
Non-interest income | $ 4,167 | $ 3,482 | $ 7,794 | $ 6,312 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
NET INCOME | $ 23,747 | $ 23,822 | $ 32,814 | $ 43,379 |
Unrealized Gains (Losses) on Securities: | ||||
Unrealized Holding Gain (Loss) Arising During the Period | (117,357) | 16,587 | (286,698) | (10,098) |
Reclassification Adjustment for Gains Included in Net Income | (78) | (300) | (450) | (1,275) |
Tax Effect | 24,741 | (3,409) | 60,569 | 2,423 |
Net of Tax | (92,694) | 12,878 | (226,579) | (8,950) |
Total Other Comprehensive Income (Loss) | (92,694) | 12,878 | (226,579) | (8,950) |
COMPREHENSIVE INCOME (LOSS) | $ (68,947) | $ 36,700 | $ (193,765) | $ 34,429 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) |
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 (Loss) | (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 |
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 | 43,379 | ||||
Other Comprehensive Income (Loss) | (8,950) | ||||
Ending Balances (in shares) at Jun. 30, 2021 | 26,545,704 | ||||
Ending Balances at Jun. 30, 2021 | 648,997 | $ 26,546 | 275,309 | 320,717 | 26,425 |
Beginning Balances (in shares) at Mar. 31, 2021 | 26,546,280 | ||||
Beginning Balances at Mar. 31, 2021 | 617,213 | $ 26,546 | 274,670 | 302,450 | 13,547 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net Income | 23,822 | 23,822 | |||
Other Comprehensive Income (Loss) | 12,878 | 12,878 | |||
Cash Dividends | (5,555) | (5,555) | |||
Issuance of Common Stock for: | |||||
Restricted Share Grants (in shares) | (576) | ||||
Restricted Share Grants | 639 | $ 0 | 639 | ||
Ending Balances (in shares) at Jun. 30, 2021 | 26,545,704 | ||||
Ending Balances at Jun. 30, 2021 | 648,997 | $ 26,546 | 275,309 | 320,717 | 26,425 |
Beginning Balances (in shares) at Dec. 31, 2021 | 26,553,508 | ||||
Beginning Balances at Dec. 31, 2021 | 668,459 | $ 26,554 | 276,057 | 350,364 | 15,484 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net Income | 9,067 | 9,067 | |||
Other Comprehensive Income (Loss) | (133,885) | (133,885) | |||
Cash Dividends | (6,752) | (6,752) | |||
Issuance of Common Stock for: | |||||
Acquisition of Citizens Union Bancorp of Shelbyville, Inc. (in shares) | 2,870,975 | ||||
Acquisition of Citizens Union Bancorp of Shelbyville, Inc., net | 111,723 | $ 2,871 | 108,852 | ||
Restricted Share Grants (in shares) | 61,200 | ||||
Restricted Share Grants | 424 | $ 61 | 363 | ||
Ending Balances (in shares) at Mar. 31, 2022 | 29,485,683 | ||||
Ending Balances at Mar. 31, 2022 | 649,036 | $ 29,486 | 385,272 | 352,679 | (118,401) |
Beginning Balances (in shares) at Dec. 31, 2021 | 26,553,508 | ||||
Beginning Balances at Dec. 31, 2021 | 668,459 | $ 26,554 | 276,057 | 350,364 | 15,484 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net Income | 32,814 | ||||
Other Comprehensive Income (Loss) | (226,579) | ||||
Ending Balances (in shares) at Jun. 30, 2022 | 29,483,045 | ||||
Ending Balances at Jun. 30, 2022 | 574,429 | $ 29,483 | 386,368 | 369,673 | (211,095) |
Beginning Balances (in shares) at Mar. 31, 2022 | 29,485,683 | ||||
Beginning Balances at Mar. 31, 2022 | 649,036 | $ 29,486 | 385,272 | 352,679 | (118,401) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net Income | 23,747 | 23,747 | |||
Other Comprehensive Income (Loss) | (92,694) | (92,694) | |||
Cash Dividends | (6,753) | (6,753) | |||
Issuance of Common Stock for: | |||||
Restricted Share Grants (in shares) | (2,638) | ||||
Restricted Share Grants | 1,093 | $ (3) | 1,096 | ||
Ending Balances (in shares) at Jun. 30, 2022 | 29,483,045 | ||||
Ending Balances at Jun. 30, 2022 | $ 574,429 | $ 29,483 | $ 386,368 | $ 369,673 | $ (211,095) |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares | 3 Months Ended | |||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||||
Cash dividends (in dollars per share) | $ 0.23 | $ 0.23 | $ 0.21 | $ 0.21 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net Income | $ 32,814 | $ 43,379 |
Adjustments to Reconcile Net Income to Net Cash from Operating Activities: | ||
Net Amortization on Securities | 3,341 | 3,177 |
Depreciation and Amortization | 5,250 | 4,581 |
Loans Originated for Sale | (98,293) | (131,409) |
Proceeds from Sales of Loans Held-for-Sale | 104,858 | 135,402 |
Provision (Benefit) for Credit Losses | 5,500 | (6,500) |
Gain on Sale of Loans, net | (2,470) | (4,220) |
Gain on Securities, net | (450) | (1,275) |
Gain on Sales of Other Real Estate and Repossessed Assets | (19) | (105) |
(Gain) Loss on Disposition and Donation of Premises and Equipment | (28) | 485 |
Increase in Cash Surrender Value of Company Owned Life Insurance | (908) | (601) |
Equity Based Compensation | 1,517 | 968 |
Change in Assets and Liabilities: | ||
Interest Receivable and Other Assets | 6,508 | 4,917 |
Interest Payable and Other Liabilities | (7,299) | (3,375) |
Net Cash from Operating Activities | 50,321 | 45,424 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Proceeds from Maturity of Other Short-term Investments | 0 | 248 |
Proceeds from Maturities of Securities Available-for-Sale | 73,320 | 112,808 |
Proceeds from Sales of Securities Available-for-Sale | 97,500 | 66,748 |
Purchase of Securities Available-for-Sale | (290,743) | (560,327) |
Proceeds from Redemption of Federal Home Loan Bank Stock | 7,867 | 120 |
Purchase of Loans | (1,063) | 0 |
Proceeds from Sale of Loans Held for Investment | 609 | 0 |
Loans Made to Customers, net of Payments Received | 33,504 | 16,093 |
Proceeds from Sales of Other Real Estate | 89 | 430 |
Property and Equipment Expenditures | (5,211) | (1,795) |
Proceeds from Sales of Land and Buildings | 0 | 1,614 |
Proceeds from Life Insurance | 773 | 0 |
Acquisition of Citizens Union Bancorp of Shelbyville, Inc. | 207,764 | 0 |
Net Cash from Investing Activities | 124,409 | (364,061) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Change in Deposits | 38,496 | 343,265 |
Change in Short-term Borrowings | (28,934) | 18,859 |
Repayments of Long-term Debt | (41,632) | (8,043) |
Dividends Paid | (13,505) | (11,109) |
Net Cash from Financing Activities | (45,575) | 342,972 |
Net Change in Cash and Cash Equivalents | 129,155 | 24,335 |
Cash and Cash Equivalents at Beginning of Year | 396,890 | 345,748 |
Cash and Cash Equivalents at End of Period | 526,045 | 370,083 |
Cash Paid During the Period for | ||
Interest | 4,831 | 5,348 |
Income Taxes | 8,312 | 9,484 |
Supplemental Non Cash Disclosures | ||
Reclassification of Land and Buildings to Other Assets | 0 | 1,499 |
Supplemental Schedule for Investing Activities | ||
Assets acquired, net of purchase consideration | 945,043 | 0 |
Liabilities assumed | 1,003,591 | 0 |
Goodwill | $ 58,548 | $ 0 |
Basis of Presentation and Marke
Basis of Presentation and Market Conditions | 6 Months Ended |
Jun. 30, 2022 | |
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, 2021. 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. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Accounting Guidance Issued But Not Yet Adopted In March 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting". These amendments provide temporary optional guidance to ease the potential burden in accounting for reference rate reform. The ASU provides optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. It is intended to help stakeholders during the global market-wide reference rate transition period. In January 2021, the FASB issued ASU 2021-01 which clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The guidance is effective for all entities as of March 12, 2020 through December 31, 2022. The Company has discontinued originating LIBOR based loans and has a plan in place to transition LIBOR indexed loans primarily to term SOFR or other indices. |
Per Share Data
Per Share Data | 6 Months Ended |
Jun. 30, 2022 | |
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 2022 2021 Basic Earnings per Share: Net Income $ 23,747 $ 23,822 Weighted Average Shares Outstanding 29,483,848 26,545,869 Basic Earnings per Share $ 0.81 $ 0.90 Diluted Earnings per Share: Net Income $ 23,747 $ 23,822 Weighted Average Shares Outstanding 29,483,848 26,545,869 Potentially Dilutive Shares, Net — — Diluted Weighted Average Shares Outstanding 29,483,848 26,545,869 Diluted Earnings per Share $ 0.81 $ 0.90 For the three months ended June 30, 2022 and 2021, there were no anti-dilutive shares. Six Months Ended 2022 2021 Basic Earnings per Share: Net Income $ 32,814 $ 43,379 Weighted Average Shares Outstanding 29,443,673 26,528,034 Basic Earnings per Share $ 1.11 $ 1.64 Diluted Earnings per Share: Net Income $ 32,814 $ 43,379 Weighted Average Shares Outstanding 29,443,673 26,528,034 Potentially Dilutive Shares, Net — — Diluted Weighted Average Shares Outstanding 29,443,673 26,528,034 Diluted Earnings per Share $ 1.11 $ 1.64 For the six months ended June 30, 2022 and 2021, there were no anti-dilutive shares. |
Securities
Securities | 6 Months Ended |
Jun. 30, 2022 | |
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 June 30, 2022 U.S. Treasury $ 1,494 $ — $ (1) $ — $ 1,493 Obligations of State and Political Subdivisions 975,510 1,771 (147,072) — 830,209 MBS/CMO 876,135 67 (96,177) — 780,025 US Gov’t Sponsored Entities & Agencies 235,325 61 (25,378) — 210,008 Total $ 2,088,464 $ 1,899 $ (268,628) $ — $ 1,821,735 December 31, 2021 Obligations of State and Political Subdivisions $ 896,048 $ 31,138 $ (1,480) $ — $ 925,706 MBS/CMO 797,693 4,738 (10,481) — 791,950 US Gov’t Sponsored Entities & Agencies 175,457 192 (3,688) — 171,961 Total $ 1,869,198 $ 36,068 $ (15,649) $ — $ 1,889,617 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 include securities that have underlying collateral of equipment, machinery and commercial real estate. The amortized cost and fair value of Securities at June 30, 2022 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 $ 3,849 $ 3,856 Due after one year through five years 19,898 20,212 Due after five years through ten years 77,761 76,616 Due after ten years 875,496 731,018 MBS/CMO 876,135 780,025 US Gov’t Sponsored Entities & Agencies 235,325 210,008 Total $ 2,088,464 $ 1,821,735 Proceeds from the Sales of Securities are summarized below: Three Months Ended Three Months Ended June 30, 2022 June 30, 2021 Proceeds from Sales $ 5,554 $ 15,378 Gross Gains on Sales 78 300 Income Taxes on Gross Gains 16 63 Six Months Ended Six Months Ended June 30, 2022 June 30, 2021 Proceeds from Sales $ 97,500 $ 66,748 Gross Gains on Sales 450 1,275 Income Taxes on Gross Gains 94 268 The carrying value of securities pledged to secure repurchase agreements, public and trust deposits, and for other purposes as required by law was $284,699 and $222,896 as of June 30, 2022 and December 31, 2021, respectively. Below is a summary of securities with unrealized losses as of June 30, 2022 and December 31, 2021, presented by length of time the securities have been in a continuous unrealized loss position: Less than 12 Months 12 Months or More Total June 30, 2022 Fair Unrealized Fair Unrealized Fair Unrealized U.S. Treasury and Agency Securities $ 1,493 $ (1) $ — $ — $ 1,493 $ (1) Obligations of State and Political Subdivisions 695,986 (142,294) 14,716 (4,778) 710,702 (147,072) MBS/CMO 499,905 (48,520) 269,902 (47,657) 769,807 (96,177) US Gov’t Sponsored Entities & Agencies 198,294 (24,535) 6,653 (843) 204,947 (25,378) Total $ 1,395,678 $ (215,350) $ 291,271 $ (53,278) $ 1,686,949 $ (268,628) Less than 12 Months 12 Months or More Total December 31, 2021 Fair Unrealized Fair Unrealized Fair Unrealized Obligations of State and Political Subdivisions $ 165,210 $ (1,386) $ 1,500 $ (94) $ 166,710 $ (1,480) MBS/CMO 467,888 (9,100) 36,827 (1,381) 504,715 (10,481) US Gov’t Sponsored Entities & Agencies 126,103 (3,480) 7,288 (208) 133,391 (3,688) Total $ 759,201 $ (13,966) $ 45,615 $ (1,683) $ 804,816 $ (15,649) 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 reduced to fair value with an allowance. 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 June 30, 2022 or December 31, 2021. Accrued interest receivable on available-for-sale debt securities totaled $10,555 at June 30, 2022 and $8,990 at December 31, 2021. Accrued interest receivable 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 June 30, 2022 and December 31, 2021. 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 June 30, 2022, there was no additional impairment recognized through earnings. |
Derivatives
Derivatives | 6 Months Ended |
Jun. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | Derivatives The 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 $141,222 at June 30, 2022 and $143,593 at December 31, 2021. 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: June 30, 2022 December 31, 2021 Notional Fair Value Notional Fair Value Included in Other Assets: Interest Rate Swaps $ 141,222 $ 5,919 $ 143,593 $ 4,519 Included in Other Liabilities: Interest Rate Swaps $ 141,222 $ 5,817 $ 143,593 $ 4,762 The following table presents the effect of derivative instruments on the Consolidated Statements of Income for the periods presented: Three Months Ended Six Months Ended 2022 2021 2022 2021 Interest Rate Swaps: Included in Other Operating Income $ 130 $ 190 $ 344 $ 675 |
Loans
Loans | 6 Months Ended |
Jun. 30, 2022 | |
Receivables [Abstract] | |
Loans | Loans Loans were comprised of the following classifications: June 30, December 31, Commercial: Commercial and Industrial Loans $ 587,460 $ 493,005 Commercial Real Estate Loans 1,904,235 1,530,677 Agricultural Loans 397,524 358,150 Leases 54,036 55,345 Retail: Home Equity Loans 261,019 222,525 Consumer Loans 89,230 70,302 Credit Cards 16,073 14,357 Residential Mortgage Loans 343,166 263,565 Subtotal 3,652,743 3,007,926 Less: Unearned Income (3,374) (3,662) Allowance for Credit Losses (45,031) (37,017) Loans, net $ 3,604,338 $ 2,967,247 The table above includes $34,929 and $9,861 of purchase credit deteriorated loans as of June 30, 2022 and December 31, 2021, respectively. As further described in Note 15, during 2022 the Company acquired loans at fair value as part of a business combination. The table below summarizes the loans acquired on January 1, 2022. Acquired Loan Balance Fair Value Discounts Fair Value Bank Acquisition $683,526 $(5,359) $678,167 The table below summarizes the remaining carrying amount of acquired loans included in the June 30, 2022 table above. Commercial and Industrial Loans Commercial Real Estate Loans Agricultural Loans Leases Consumer Loans Home Equity Loans Credit Cards Residential Mortgage Loans Total Loan Balance $ 60,090 $ 368,657 $ 55,110 $ — $ 16,056 $ 25,720 $ — $ 76,599 $ 602,232 Fair Value Discount (1,084) (2,932) 196 — (77) (240) — 533 (3,604) The company has purchased loans, for which there was, at acquisition, evidence of more than insignificant deterioration of credit quality since origination. The carrying amount of these loans is as follow: 2022 Purchase Price of Loans at Acquisition $ 32,997 Allowance for Credit Losses at Acquisition 3,117 Non-Credit Discount/(Premium) at Acquisition 1,456 Total $ 37,570 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 was 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. In addition to direct stimulus payments and other aid, this Act provided for a second round of PPP loans through March 31, 2021. Under the American Rescue Plan Act of 2021 and the PPP Extension Act of 2021, which were both enacted during March 2021, additional funds were provided for the program and the deadline for applying for PPP loans was extended through May 31, 2021 (with the SBA given until June 30, 2021 to process loan applications). The Company actively participated in both rounds of the PPP, lending funds primarily to its existing loan and/or deposit customers. The PPP loans carry an interest rate of 1.00% and included a processing fee that varied depending on the balance of the loan at origination (which fee is recognized over the life of the loan). The vast majority of the Company’s PPP loans made during 2020 had two-year maturities, while PPP loans made during 2021 have five-year maturities. Under the first round of the PPP (i.e., the 2020 round), the Company originated loans totaling approximately $351,260 in principal amount, with approximately $12,024 of related net processing fees on 3,070 PPP loan relationships. As of June 30, 2022, $351,260 of those first round PPP loans had been forgiven by the SBA and repaid to the Company pursuant to the terms of the program, with $12,024 in net processing fees having been recognized by the Company. Under the second round of the PPP (i.e., the 2021 round), the Company originated loans totaling approximately $157,042 in principal amount, with approximately $9,022 of related net processing fees, on 2,601 PPP loan relationships. As of June 30, 2022, $156,398 of second round PPP loans had been forgiven by the SBA and repaid to the Company, with $8,976 in net processing fees having been recognized by the Company. As a result of the forgiveness of the first and second round PPP loans, $644 of total PPP loans remain outstanding as of June 30, 2022, with approximately $46 of net fees remaining deferred on that date. 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 June 30, 2022 and 2021: June 30, 2022 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 $ 12,720 $ 23,217 $ 4,759 $ 196 $ 616 $ 1,207 $ 212 $ 2,151 $ — $ 45,078 Provision (Benefit) for credit loss expense 874 (873) (131) (5) 293 41 73 28 — 300 Loans charged-off (56) — — — (322) (15) (51) (3) — (447) Recoveries collected 7 5 — — 81 — 5 2 — 100 Total ending allowance balance $ 13,545 $ 22,349 $ 4,628 $ 191 $ 668 $ 1,233 $ 239 $ 2,178 $ — $ 45,031 June 30, 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 $ 6,248 $ 28,540 $ 6,462 $ 201 $ 439 $ 965 $ 162 $ 2,082 $ — $ 45,099 Provision (Benefit) for credit loss expense (196) (4,335) (615) 3 85 (63) 108 13 — (5,000) Loans charged-off — (1) — — (144) — (95) (1) — (241) Recoveries collected 28 16 — — 80 6 6 1 — 137 Total ending allowance balance $ 6,080 $ 24,220 $ 5,847 $ 204 $ 460 $ 908 $ 181 $ 2,095 $ — $ 39,995 The following tables present the activity in the allowance for credit losses by portfolio segment for the six months ended June 30, 2022 and 2021: June 30, 2022 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 $ 9,554 $ 19,245 $ 4,505 $ 200 $ 507 $ 1,061 $ 240 $ 1,705 $ — $ 37,017 Acquisition of Citizens Union Bank of Shelbyville, KY 376 1,945 689 — 2 — — 105 — 3,117 Provision (Benefit) for credit loss expense 3,662 1,223 (566) (9) 518 224 79 369 — 5,500 Loans charged-off (61) (78) — — (532) (52) (90) (3) — (816) Recoveries collected 14 14 — — 173 — 10 2 — 213 Total ending allowance balance $ 13,545 $ 22,349 $ 4,628 $ 191 $ 668 $ 1,233 $ 239 $ 2,178 $ — $ 45,031 June 30, 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 (Benefit) for credit loss expense (218) (5,669) (909) 4 67 (94) 167 152 — (6,500) Loans charged-off (190) (10) — — (269) — (142) (2) — (613) Recoveries collected 43 21 — — 172 6 6 1 — 249 Total ending allowance balance $ 6,080 $ 24,220 $ 5,847 $ 204 $ 460 $ 908 $ 181 $ 2,095 $ — $ 39,995 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 six months ended June 30, 2022, the allowance for credit losses increased primarily due to the acquisition of CUB which is slightly offset by a decline in individually analyzed loans as well as a decline in the reserve attributable to pandemic-related stressed sectors. Key indicators utilized in forecasting for the allowance calculations include unemployment rates and gross domestic product. There have been some improvement in these factors over previous periods; however, supply chain issues, inflation and the ongoing impact of the COVID-19 pandemic were considered in the qualitative factors to determine the allowance for credit losses. 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 June 30, 2022 and December 31, 2021: June 30, 2022 Non-Accrual With No Allowance for Credit Loss (1) Total Non-Accrual Loans Past Due Over 89 Days Still Accruing Commercial and Industrial Loans $ 716 $ 9,015 $ — Commercial Real Estate Loans 57 2,105 — Agricultural Loans 1,018 1,018 1,161 Leases — — — Home Equity Loans 204 233 — Consumer Loans 34 79 — Credit Cards 59 59 — Residential Mortgage Loans 782 1,412 — Total $ 2,870 $ 13,921 $ 1,161 (1) Non-accrual loans with no allowance for credit loss and are also included in Total Non-Accrual loans of $13,921. Interest income on non-accrual loans recognized during the three and six months ended June 30, 2022 totaled $7 and $27, respectively. December 31, 2021 Non-Accrual With No Allowance for Credit Loss (1) Total Non-Accrual Loans Past Due Over 89 Days Still Accruing Commercial and Industrial Loans $ 1,989 $ 10,530 $ — Commercial Real Estate Loans 145 2,243 156 Agricultural Loans 1,041 1,136 — Leases — — — Home Equity Loans 1 24 — Consumer Loans 16 18 — Credit Cards 64 64 — Residential Mortgage Loans 587 587 — Total $ 3,843 $ 14,602 $ 156 (1) Includes non-accrual loans with no allowance for credit loss and are also included in Total Non-Accrual loans of $14,602. Interest income on non-accrual loans recognized during the year ended December 31, 2021 totaled $80. The following tables present the amortized cost basis of collateral-dependent loans by class of loans as of June 30, 2022 and December 31, 2021: June 30, 2022 Real Estate Equipment Accounts Receivable Other Total Commercial and Industrial Loans $ 3,220 $ 1,967 $ 332 $ 6,000 $ 11,519 Commercial Real Estate Loans 24,089 37 — — 24,126 Agricultural Loans 4,444 264 — — 4,708 Leases — — — — — Home Equity Loans 447 — — — 447 Consumer Loans 7 26 — 20 53 Credit Cards — — — — — Residential Mortgage Loans 1,237 — — — 1,237 Total $ 33,444 $ 2,294 $ 332 $ 6,020 $ 42,090 December 31, 2021 Real Estate Equipment Accounts Receivable Other Total Commercial and Industrial Loans $ 1,716 $ 2,444 $ 549 $ 5,822 $ 10,531 Commercial Real Estate Loans 4,610 — — — 4,610 Agricultural Loans 1,522 — — — 1,522 Leases — — — — — Home Equity Loans 441 — — — 441 Consumer Loans 6 — — 2 8 Credit Cards — — — — — Residential Mortgage Loans 652 — — — 652 Total $ 8,947 $ 2,444 $ 549 $ 5,824 $ 17,764 The following tables present the aging of the amortized cost basis in past due loans by class of loans as of June 30, 2022 and December 31, 2021: June 30, 2022 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 $ 40 $ 46 $ 7,862 $ 7,948 $ 579,512 $ 587,460 Commercial Real Estate Loans 1,151 — 629 1,780 1,902,455 1,904,235 Agricultural Loans 38 71 1,162 1,271 396,253 397,524 Leases — — — — 54,036 54,036 Home Equity Loans 636 342 233 1,211 259,808 261,019 Consumer Loans 1,079 18 66 1,163 88,067 89,230 Credit Cards 224 52 59 335 15,738 16,073 Residential Mortgage Loans 4,799 982 1,064 6,845 336,321 343,166 Total $ 7,967 $ 1,511 $ 11,075 $ 20,553 $ 3,632,190 $ 3,652,743 December 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 $ 12 $ — $ 6,147 $ 6,159 $ 486,846 $ 493,005 Commercial Real Estate Loans — 5 891 896 1,529,781 1,530,677 Agricultural Loans — — — — 358,150 358,150 Leases — — — — 55,345 55,345 Home Equity Loans 225 229 25 479 222,046 222,525 Consumer Loans 158 58 4 220 70,082 70,302 Credit Cards 61 9 64 134 14,223 14,357 Residential Mortgage Loans 2,726 507 369 3,602 259,963 263,565 Total $ 3,182 $ 808 $ 7,500 $ 11,490 $ 2,996,436 $ 3,007,926 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 June 30, 2022, the Company had no troubled debt restructurings. The Company had no specific allocation of allowance for these loans at June 30, 2022. As of December 31, 2021, the Company had troubled debt restructurings totaling $104. The Company had no specific allocation of allowance for these loans at December 31, 2021. The Company had not committed to lending any additional amounts as of June 30, 2022 and December 31, 2021 to customers with outstanding loans that are classified as troubled debt restructurings. For the three and six months ended June 30, 2022 and 2021, 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 and six months ended June 30, 2022 and 2021. A loan is considered to be in payment default once it is 30 days contractually past due under the modified terms. 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 June 30, 2022 and December 31, 2021, the risk category of loans by class of loans is as follows: Term Loans Amortized Cost Basis by Origination Year As of June 30, 2022 2022 2021 2020 2019 2018 Prior Revolving Loans Amortized Cost Basis Total Commercial and Industrial: Risk Rating Pass $ 94,221 $ 128,056 $ 48,970 $ 57,023 $ 25,320 $ 66,158 $ 140,139 $ 559,887 Special Mention — 104 630 123 584 643 2,010 4,094 Substandard 326 168 1,658 779 1,141 4,319 15,088 23,479 Doubtful — — — — — — — — Total Commercial & Industrial Loans $ 94,547 $ 128,328 $ 51,258 $ 57,925 $ 27,045 $ 71,120 $ 157,237 $ 587,460 Commercial Real Estate: Risk Rating Pass $ 152,123 $ 524,183 $ 289,249 $ 179,881 $ 147,216 $ 500,418 $ 38,772 $ 1,831,842 Special Mention 3,128 1,512 4,926 137 15,795 34,773 — 60,271 Substandard 851 186 — 1,266 2,215 7,604 — 12,122 Doubtful — — — — — — — — Total Commercial Real Estate Loans $ 156,102 $ 525,881 $ 294,175 $ 181,284 $ 165,226 $ 542,795 $ 38,772 $ 1,904,235 Agricultural: Risk Rating Pass $ 36,391 $ 52,074 $ 51,020 $ 27,243 $ 23,178 $ 99,354 $ 65,789 $ 355,049 Special Mention 400 1,797 6,730 5,457 3,074 12,979 6,287 36,724 Substandard — 211 — 54 427 4,763 296 5,751 Doubtful — — — — — — — — Total Agricultural Loans $ 36,791 $ 54,082 $ 57,750 $ 32,754 $ 26,679 $ 117,096 $ 72,372 $ 397,524 Leases: Risk Rating Pass $ 8,242 $ 16,720 $ 11,127 $ 11,125 $ 3,865 $ 2,957 $ — $ 54,036 Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total Leases $ 8,242 $ 16,720 $ 11,127 $ 11,125 $ 3,865 $ 2,957 $ — $ 54,036 Term Loans Amortized Cost Basis by Origination Year As of December 31, 2021 2021 2020 2019 2018 2017 Prior Revolving Loans Amortized Cost Basis Total Commercial and Industrial: Risk Rating Pass $ 141,133 $ 57,477 $ 60,883 $ 29,005 $ 15,936 $ 48,559 $ 122,377 $ 475,370 Special Mention 115 128 227 649 7 918 1,510 3,554 Substandard 100 1,221 — 1,062 1,378 2,457 7,863 14,081 Doubtful — — — — — — — — Total Commercial & Industrial Loans $ 141,348 $ 58,826 $ 61,110 $ 30,716 $ 17,321 $ 51,934 $ 131,750 $ 493,005 Commercial Real Estate: Risk Rating Pass $ 404,175 $ 264,011 $ 164,204 $ 131,746 $ 139,788 $ 336,066 $ 26,697 $ 1,466,687 Special Mention 2,279 — 710 14,426 17,356 13,916 — 48,687 Substandard 74 — 7,687 1,528 — 6,014 — 15,303 Doubtful — — — — — — — — Total Commercial Real Estate Loans $ 406,528 $ 264,011 $ 172,601 $ 147,700 $ 157,144 $ 355,996 $ 26,697 $ 1,530,677 Agricultural: Risk Rating Pass $ 44,510 $ 45,101 $ 22,482 $ 24,187 $ 24,325 $ 71,268 $ 81,011 $ 312,884 Special Mention 1,714 5,346 5,503 3,025 6,438 6,624 8,271 36,921 Substandard — — 63 385 1,048 6,849 — 8,345 Doubtful — — — — — — — — Total Agricultural Loans $ 46,224 $ 50,447 $ 28,048 $ 27,597 $ 31,811 $ 84,741 $ 89,282 $ 358,150 Leases: Risk Rating Pass $ 19,689 $ 12,706 $ 12,990 $ 5,599 $ 2,473 $ 1,888 $ — $ 55,345 Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total Leases $ 19,689 $ 12,706 $ 12,990 $ 5,599 $ 2,473 $ 1,888 $ — $ 55,345 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 June 30, 2022 2022 2021 2020 2019 2018 Prior Revolving Loans Amortized Cost Basis Total Consumer: Payment performance Performing $ 25,024 $ 40,135 $ 11,037 $ 3,638 $ 3,869 $ 2,159 $ 3,289 $ 89,151 Nonperforming 21 13 25 2 3 11 4 79 Total Consumer Loans $ 25,045 $ 40,148 $ 11,062 $ 3,640 $ 3,872 $ 2,170 $ 3,293 $ 89,230 Home Equity: Payment performance Performing $ 34 $ — $ — $ — $ 20 $ 589 $ 260,143 $ 260,786 Nonperforming — — — — — 1 232 233 Total Home Equity Loans $ 34 $ — $ — $ — $ 20 $ 590 $ 260,375 $ 261,019 Residential Mortgage: Payment performance Performing $ 38,471 $ 101,614 $ 51,356 $ 21,215 $ 19,003 $ 110,075 $ 20 $ 341,754 Nonperforming — 173 170 114 18 937 — 1,412 Total Residential Mortgage Loans $ 38,471 $ 101,787 $ 51,526 $ 21,329 $ 19,021 $ 111,012 $ 20 $ 343,166 Term Loans Amortized Cost Basis by Origination Year As of December 31, 2021 2021 2020 2019 2018 2017 Prior Revolving Loans Amortized Cost Basis Total Consumer: Payment performance Performing $ 39,923 $ 15,900 $ 4,325 $ 4,531 $ 600 $ 1,655 $ 3,350 $ 70,284 Nonperforming 3 — — — — 15 — 18 Total Consumer Loans $ 39,926 $ 15,900 $ 4,325 $ 4,531 $ 600 $ 1,670 $ 3,350 $ 70,302 Home Equity: Payment performance Performing $ — $ — $ — $ 21 $ — $ 835 $ 221,644 $ 222,500 Nonperforming — — — — — 1 24 25 Total Home Equity Loans $ — $ — $ — $ 21 $ — $ 836 $ 221,668 $ 222,525 Residential Mortgage: Payment performance Performing $ 84,809 $ 38,717 $ 15,244 $ 17,369 $ 19,688 $ 87,164 $ — $ 262,991 Nonperforming — — — — — 574 — 574 Total Residential Mortgage Loans $ 84,809 $ 38,717 $ 15,244 $ 17,369 $ 19,688 $ 87,738 $ — $ 263,565 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 June 30, 2022 December 31, 2021 Performing $ 16,014 $ 14,293 Nonperforming 59 64 Total $ 16,073 $ 14,357 The following tables present loans purchased and/or sold during the year by portfolio segment and excludes the business combination activity: June 30, 2022 Commercial and Industrial Loans Commercial Real Estate Loans Agricultural Loans Leases Consumer Loans Home Equity Loans Credit Cards Residential Mortgage Loans Total Purchases $ — $ 1,063 $ — $ — $ — $ — $ — $ — $ 1,063 Sales — 609 — — — — — — 609 December 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 $ — $ 2,271 $ — $ — $ — $ — $ — $ — $ 2,271 Sales 2,273 15,415 111 — — — — — 17,799 |
Repurchase Agreements Accounted
Repurchase Agreements Accounted for as Secured Borrowings | 6 Months Ended |
Jun. 30, 2022 | |
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 $42,410 and $68,328 as of June 30, 2022 and December 31, 2021, 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 | 6 Months Ended |
Jun. 30, 2022 | |
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 77 banking offices at June 30, 2022. 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 June 30, 2022 Net Interest Income $ 50,474 $ 9 $ 3 $ (889) $ 49,597 Net Gains on Sales of Loans 1,049 — — — 1,049 Net Gains on Securities 78 — — — 78 Wealth Management Fees 1 2,641 — — 2,642 Insurance Revenues 2 1 2,251 — 2,254 Noncash Items: Provision (Benefit) for Credit Losses 300 — — — 300 Depreciation and Amortization 2,459 11 12 114 2,596 Income Tax Expense (Benefit) 5,129 198 133 (431) 5,029 Segment Profit (Loss) 23,519 617 420 (809) 23,747 Segment Assets at June 30, 2022 6,459,481 7,672 14,524 (9,974) 6,471,703 Core Wealth Management Services Insurance Other Consolidated Totals Three Months Ended June 30, 2021 Net Interest Income $ 40,521 $ 13 $ 3 $ (657) $ 39,880 Net Gains on Sales of Loans 2,018 — — — 2,018 Net Gains on Securities 300 — — — 300 Wealth Management Fees 2 2,618 — — 2,620 Insurance Revenues 5 1 2,014 — 2,020 Noncash Items: Provision (Benefit) for Credit Losses (5,000) — — — (5,000) Depreciation and Amortization 2,148 11 14 81 2,254 Income Tax Expense (Benefit) 6,056 199 101 (433) 5,923 Segment Profit (Loss) 23,309 619 314 (420) 23,822 Segment Assets at December 31, 2021 5,595,721 6,115 12,245 (5,542) 5,608,539 Core Wealth Management Services Insurance Other Consolidated Totals Six Months Ended June 30, 2022 Net Interest Income $ 98,139 $ 14 $ 6 $ (1,654) $ 96,505 Net Gains on Sales of Loans 2,470 — — — 2,470 Net Gains on Securities 450 — — — 450 Wealth Management Fees 2 5,278 — — 5,280 Insurance Revenues 29 2 5,944 — 5,975 Noncash Items: Provision (Benefit) for Credit Losses 5,500 — — — 5,500 Depreciation and Amortization 4,977 21 24 228 5,250 Income Tax Expense (Benefit) 5,745 402 583 (1,032) 5,698 Segment Profit (Loss) 31,948 1,257 1,849 (2,240) 32,814 Segment Assets at June 30, 2022 6,459,481 7,672 14,524 (9,974) 6,471,703 Core Wealth Management Services Insurance Other Consolidated Totals Six Months Ended June 30, 2021 Net Interest Income $ 80,103 $ 21 $ 5 $ (1,317) $ 78,812 Net Gains on Sales of Loans 4,220 — — — 4,220 Net Gains on Securities 1,275 — — — 1,275 Wealth Management Fees 3 4,975 — — 4,978 Insurance Revenues 7 3 5,302 — 5,312 Noncash Items: Provision (Benefit) for Credit Losses (6,500) — — — (6,500) Depreciation and Amortization 4,365 24 31 161 4,581 Income Tax Expense (Benefit) 10,480 350 496 (750) 10,576 Segment Profit (Loss) 41,937 1,089 1,562 (1,209) 43,379 Segment Assets at December 31, 2021 5,595,721 6,115 12,245 (5,542) 5,608,539 |
Stock Repurchase Plan
Stock Repurchase Plan | 6 Months Ended |
Jun. 30, 2022 | |
Stockholders' Equity Note [Abstract] | |
Stock Repurchase Plan | Stock Repurchase Plan On January 31, 2022, the Company’s Board of Directors approved a plan to repurchase up to 1,000,000 shares of the Company’s outstanding common stock. On a share basis, the amount of common stock subject to the repurchase plan represented approximately 3% of the Company’s outstanding shares at the time it was approved. 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 2021. At the time of its termination, the Company had been authorized to purchase up to 1,000,000 shares of common stock under the 2021 repurchase plan. The Company did not repurchase any shares of common stock under the 2021 repurchase plan and has not repurchased any shares under the 2022 repurchase plan. |
Equity Plans and Equity Based C
Equity Plans and Equity Based Compensation | 6 Months Ended |
Jun. 30, 2022 | |
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 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 and six months ended June 30, 2022 and 2021, the Company granted no options. The Company recorded no stock compensation expense applicable to options during the three and six months ended June 30, 2022 and 2021. 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 vested 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 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 June 30, 2022, the Company granted no awards of restricted stock. During the six months ended June 30, 2022, the Company granted awards of 63,258 shares of restricted stock. During the three months ended June 30, 2021, the Company granted no awards of restricted stock. During the six months ended June 30, 2021, the Company granted 44,123 shares of restricted stock. Total unvested restricted stock awards at June 30, 2022 and December 31, 2021 were 105,530 and 67,160, 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 June 30, 2022 2021 Restricted Stock Expense $ 1,094 $ 638 Cash Entitlement Expense 169 284 Tax Effect (328) (239) Net of Tax $ 935 $ 683 Six Months Ended June 30, 2022 2021 Restricted Stock Expense $ 1,517 $ 967 Cash Entitlement Expense 334 367 Tax Effect (480) (346) Net of Tax $ 1,371 $ 988 Unrecognized expense associated with the restricted stock grants and cash entitlements totaled $3,503 and $3,380 as of June 30, 2022 and 2021, respectively. The Company’s shareholders approved the Company’s 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 replaced the Company's 2009 Employee Stock Purchase Plan, 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 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 June 30, 2022, the Company recorded $14 of expense related to the employee stock purchase plan resulting in $10 net of tax. For the six months ended June 30, 2022, the Company recorded $28 of expense related to the employee stock purchase plan resulting in $21 net of tax. For the three months ended June 30, 2021, the Company recorded an immaterial amount of expense related to the employee stock purchase plan resulting in an immaterial amount net of tax. For the six months ended June 30, 2021, the company recorded $10 of expense, $7 net of tax, for the employee stock purchase plan. There was no unrecognized compensation expense as of June 30, 2022 and 2021 for the employee stock purchase plan. No stock options were outstanding as of June 30, 2022 and December 31, 2021. |
Fair Value
Fair Value | 6 Months Ended |
Jun. 30, 2022 | |
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 June 30, 2022, the Company held Level 3 securities with a fair value of $94. 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 June 30, 2022 Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Total Assets: U.S. Treasury $ 1,493 $ — $ — $ 1,493 Obligations of State and Political Subdivisions — 830,115 94 830,209 MBS/CMO — 780,025 — 780,025 US Gov’t Sponsored Entities & Agencies — 210,008 — 210,008 Total Securities $ 1,493 $ 1,820,148 $ 94 $ 1,821,735 Loans Held-for-Sale $ — $ 9,171 $ — $ 9,171 Derivative Assets $ — $ 5,919 $ — $ 5,919 Derivative Liabilities $ — $ 5,817 $ — $ 5,817 Fair Value Measurements at December 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 $ — $ 925,706 $ — $ 925,706 MBS/CMO — 791,950 — 791,950 US Gov’t Sponsored Entities & Agencies — 171,961 — 171,961 Total Securities $ — $ 1,889,617 $ — $ 1,889,617 Loans Held-for-Sale $ — $ 10,585 $ — $ 10,585 Derivative Assets $ — $ 4,519 $ — $ 4,519 Derivative Liabilities $ — $ 4,762 $ — $ 4,762 As of June 30, 2022 and December 31, 2021, the aggregate fair value, contractual balance (including accrued interest), and gain or loss on Loans Held-for-Sale was as follows: June 30, 2022 December 31, 2021 Aggregate Fair Value $ 9,171 $ 10,585 Contractual Balance 9,017 10,296 Gain (Loss) 154 289 The total amount of gains and losses from changes in fair value included in earnings for the three and six months ended June 30, 2022 were $(94) and $(135), respectively. The total amount of gains and losses from changes in fair value included in earnings for the three and six months ended June 30, 2021 for loans held for sale were $(33) and $(80), 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 June 30, 2022 and 2021: Obligations of State and Political Subdivisions 2022 2021 Balance of Recurring Level 3 Assets at April 1 $ 94 $ — Total Losses Included in Other Comprehensive Income — — Maturities / Calls — — Acquired through Bank Acquisition — — Balance of Recurring Level 3 Assets at June 30 $ 94 $ — Obligations of State and Political Subdivisions 2022 2021 Balance of Recurring Level 3 Assets at January 1 $ — $ 497 Total Losses Included in Other Comprehensive Income — (2) Maturities / Calls — (495) Acquired through Bank Acquisition 94 — Balance of Recurring Level 3 Assets at June 30 $ 94 $ — Of the total gain/loss included in earnings for the three months ended June 30, 2022 and 2021, $0 and $0 was attributable to other changes in fair value, respectively. Of the total gain/loss included in earnings for the six months ended June 30, 2022 and 2021, $0 and $(2) 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 June 30, 2022 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 $ — $ — $ 3,804 $ 3,804 Commercial Real Estate Loans $ — $ — $ 20,118 $ 20,118 Agricultural Loans $ — $ — $ 3,148 $ 3,148 Consumer Loans $ — $ — $ 351 $ 351 Home Equity Loans $ — $ — $ 323 $ 323 Residential Mortgage Loans $ — $ — $ 752 $ 752 Fair Value Measurements at December 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 $ — $ — $ 4,423 $ 4,423 Commercial Real Estate Loans $ — $ — $ 1,672 $ 1,672 Agricultural Loans $ — $ — $ 79 $ 79 Consumer Loans $ — $ — $ — $ — Home Equity Loans $ — $ — $ 345 $ 345 Residential Mortgage Loans $ — $ — $ — $ — 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 June 30, 2022 and December 31, 2021: June 30, 2022 Fair Value Valuation Technique(s) Unobservable Input(s) Range (Weighted Average) Individual Analyzed Loans - $ 3,804 Sales comparison approach Adjustment for physical condition of comparable properties sold 30%-100% (41%) Individual Analyzed Loans - $ 20,118 Sales comparison approach Adjustment for physical condition of comparable properties sold 25%-68% (36%) Individual Analyzed Loans - $ 3,148 Sales comparison approach Adjustment for physical condition of comparable properties sold 30%-83% (48%) Individual Analyzed Loans - $ 351 Sales comparison approach Adjustment for physical condition of comparable properties sold 20%-100% (37%) Individual Analyzed Loans - $ 323 Sales comparison approach Adjustment for physical condition of comparable properties sold 31%-100% (46%) Individual Analyzed Loans - $ 752 Sales comparison approach Adjustment for physical condition of comparable properties sold 13%-100% (23%) December 31, 2021 Fair Value Valuation Technique(s) Unobservable Input(s) Range (Weighted Average) Individual Analyzed Loans - $ 4,423 Sales comparison approach Adjustment for physical condition of comparable properties sold 30%-100% (69%) Individual Analyzed Loans - $ 1,672 Sales comparison approach Adjustment for physical condition of comparable properties sold 30%-100% (46%) Individual Analyzed Loans - $ 79 Sales comparison approach Adjustment for physical condition of comparable properties sold 30%-96% (90%) Individual Analyzed Loans - $ — Sales comparison approach Adjustment for physical condition of comparable properties sold 100% (100%) Individual Analyzed Loans - $ 345 Sales comparison approach Adjustment for physical condition of comparable properties sold 20%-23% (22%) Individual Analyzed Loans - $ — Sales comparison approach Adjustment for physical condition of comparable properties sold —%-—% (—%) 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 June 30, 2022 and December 31, 2021. 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 $ 526,045 $ 111,904 $ 414,141 $ — $ 526,045 Interest Bearing Time Deposits with Banks 995 — 995 — 995 Loans, Net 3,572,796 — — 3,564,134 3,564,134 Accrued Interest Receivable 21,946 — 10,675 11,271 21,946 Financial Liabilities: Demand, Savings, and Money Market Deposits (5,248,856) (5,248,856) — — (5,248,856) Time Deposits (464,752) — (465,042) — (465,042) Short-term Borrowings (42,410) — (42,410) — (42,410) Long-term Debt (102,475) — (27,234) (71,169) (98,403) Accrued Interest Payable (818) — (671) (147) (818) Fair Value Measurements at Carrying Value Level 1 Level 2 Level 3 Total Financial Assets: Cash and Short-term Investments $ 396,890 $ 47,173 $ 349,717 $ — $ 396,890 Interest Bearing Time Deposits with Banks 745 — 745 — 745 Loans, Net 2,960,728 — — 2,980,555 2,980,555 Accrued Interest Receivable 20,229 — 9,213 11,016 20,229 Financial Liabilities: Demand, Savings, and Money Market Deposits (4,397,217) (4,397,217) — — (4,397,217) Time Deposits (347,099) — (347,876) — (347,876) Short-term Borrowings (68,328) — (68,328) — (68,328) Long-term Debt (83,855) — (28,320) (58,303) (86,623) Accrued Interest Payable (613) — (579) (34) (613) |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 2022 | |
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 and six months ended June 30, 2022 and 2021, net of tax: June 30, 2022 Unrealized Gains and Losses on Available-for-Sale Securities Postretirement Benefit Items Total Beginning Balance at April 1, 2022 $ (117,833) $ (568) $ (118,401) Other Comprehensive Income (Loss) Before Reclassification (92,632) — (92,632) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (62) — (62) Net Current Period Other Comprehensive Income (Loss) (92,694) — (92,694) Ending Balance at June 30, 2022 $ (210,527) $ (568) $ (211,095) June 30, 2022 Unrealized Gains and Losses on Available-for-Sale Securities Postretirement Benefit Items Total Beginning Balance at January 1, 2022 $ 16,052 $ (568) $ 15,484 Other Comprehensive Income (Loss) Before Reclassification (226,223) — (226,223) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (356) — (356) Net Current Period Other Comprehensive Income (Loss) (226,579) — (226,579) Ending Balance at June 30, 2022 $ (210,527) $ (568) $ (211,095) June 30, 2021 Unrealized Gains and Losses on Available-for-Sale Securities Postretirement Benefit Items Total Beginning Balance at April 1, 2021 $ 14,115 $ (568) $ 13,547 Other Comprehensive Income (Loss) Before Reclassification 13,115 — 13,115 Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (237) — (237) Net Current Period Other Comprehensive Income (Loss) 12,878 — 12,878 Ending Balance at June 30, 2021 $ 26,993 $ (568) $ 26,425 June 30, 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 (7,949) — (7,949) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (1,001) — (1,001) Net Current Period Other Comprehensive Income (Loss) (8,950) — (8,950) Ending Balance at June 30, 2021 $ 26,993 $ (568) $ 26,425 The tables below summarize the classifications out of accumulated other comprehensive income (loss) by component for the three and six months ended June 30, 2022 and 2021: 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 $ 78 Net Gains on Securities (16) Income Tax Expense 62 Net of Tax Total Reclassifications for the Three $ 62 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 $ 450 Net Gains on Securities (94) Income Tax Expense 356 Net of Tax Total Reclassifications for the Six $ 356 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 $ 300 Net Gains on Securities (63) Income Tax Expense 237 Net of Tax Total Reclassifications for the Three $ 237 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 $ 1,275 Net Gains on Securities (268) Income Tax Expense 1,007 Net of Tax Total Reclassifications for the Six $ 1,007 |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Jun. 30, 2022 | |
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 and six months ended June 30, 2022 and 2021. Wealth management 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 June 30, Non-interest Income 2022 2021 In-Scope of Topic 606: Wealth Management Fees $ 2,642 $ 2,620 Service Charges on Deposit Accounts 2,871 1,735 Insurance Revenues 2,254 2,020 Interchange Fee Income 4,167 3,482 Other Operating Income 820 726 Non-interest Income (in-scope of Topic 606) 12,754 10,583 Non-interest Income (out-of-scope of Topic 606) 2,426 3,319 Total Non-interest Income $ 15,180 $ 13,902 Six Months Ended June 30, Non-interest Income 2022 2021 In-Scope of Topic 606: Wealth Management Fees $ 5,280 $ 4,978 Service Charges on Deposit Accounts 5,554 3,413 Insurance Revenues 5,975 5,312 Interchange Fee Income 7,794 6,312 Other Operating Income 1,578 1,389 Non-interest Income (in-scope of Topic 606) 26,181 21,404 Non-interest Income (out-of-scope of Topic 606) 5,187 7,535 Total Non-interest Income $ 31,368 $ 28,939 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. Wealth Management Fees: The Company earns wealth management 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 | 6 Months Ended |
Jun. 30, 2022 | |
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 June 30, 2022 June 30, 2021 Finance Lease Cost: Amortization of Right-of -Use Assets $ 53 $ 52 Interest on Lease Liabilities 82 87 Operating Lease Cost 376 342 Short-term Lease Cost 3 7 Total Lease Cost $ 514 $ 488 Six Months Ended Six Months Ended June 30, 2022 June 30, 2021 Finance Lease Cost: Amortization of Right-of -Use Assets $ 105 $ 104 Interest on Lease Liabilities 165 175 Operating Lease Cost 745 761 Short-term Lease Cost 27 7 Total Lease Cost $ 1,042 $ 1,047 The weighted average lease term and discount rates were as follows: June 30, 2022 June 30, 2021 Weighted Average Remaining Lease Term: Finance Leases 10 years 11 years Operating Leases 8 years 8 years Weighted Average Discount Rate: Finance Leases 11.43 % 11.47 % Operating Leases 2.85 % 3.15 % Supplemental balance sheet information related to leases were as follows: June 30, 2022 June 30, 2021 Finance Leases Premises, Furniture and Equipment, Net $ 1,963 $ 2,173 Other Borrowings 2,957 3,140 Operating Leases Operating Lease Right-of-Use Assets $ 6,510 $ 6,260 Operating Lease Liabilities 6,645 6,357 Supplemental cash flow information related to leases were as follows: Six Months Ended Six Months Ended June 30, 2022 June 30, 2021 Cash paid for amounts in the measurement of lease liabilities: Operating Cash Flows from Finance Leases $ 166 $ 175 Operating Cash Flows from Operating Leases 701 1,805 Financing Cash Flows from Finance Leases 91 69 The following table presents a maturity analysis of Finance and Operating Lease Liabilities: June 30, 2022 Finance Leases Operating Leases Year 1 $ 519 $ 1,331 Year 2 519 1,110 Year 3 519 972 Year 4 519 868 Year 5 519 756 Thereafter 2,174 2,425 Total Lease Payments 4,769 7,462 Less Imputed Interest (1,812) (817) Total $ 2,957 $ 6,645 |
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 June 30, 2022 June 30, 2021 Finance Lease Cost: Amortization of Right-of -Use Assets $ 53 $ 52 Interest on Lease Liabilities 82 87 Operating Lease Cost 376 342 Short-term Lease Cost 3 7 Total Lease Cost $ 514 $ 488 Six Months Ended Six Months Ended June 30, 2022 June 30, 2021 Finance Lease Cost: Amortization of Right-of -Use Assets $ 105 $ 104 Interest on Lease Liabilities 165 175 Operating Lease Cost 745 761 Short-term Lease Cost 27 7 Total Lease Cost $ 1,042 $ 1,047 The weighted average lease term and discount rates were as follows: June 30, 2022 June 30, 2021 Weighted Average Remaining Lease Term: Finance Leases 10 years 11 years Operating Leases 8 years 8 years Weighted Average Discount Rate: Finance Leases 11.43 % 11.47 % Operating Leases 2.85 % 3.15 % Supplemental balance sheet information related to leases were as follows: June 30, 2022 June 30, 2021 Finance Leases Premises, Furniture and Equipment, Net $ 1,963 $ 2,173 Other Borrowings 2,957 3,140 Operating Leases Operating Lease Right-of-Use Assets $ 6,510 $ 6,260 Operating Lease Liabilities 6,645 6,357 Supplemental cash flow information related to leases were as follows: Six Months Ended Six Months Ended June 30, 2022 June 30, 2021 Cash paid for amounts in the measurement of lease liabilities: Operating Cash Flows from Finance Leases $ 166 $ 175 Operating Cash Flows from Operating Leases 701 1,805 Financing Cash Flows from Finance Leases 91 69 The following table presents a maturity analysis of Finance and Operating Lease Liabilities: June 30, 2022 Finance Leases Operating Leases Year 1 $ 519 $ 1,331 Year 2 519 1,110 Year 3 519 972 Year 4 519 868 Year 5 519 756 Thereafter 2,174 2,425 Total Lease Payments 4,769 7,462 Less Imputed Interest (1,812) (817) Total $ 2,957 $ 6,645 |
Business Combinations
Business Combinations | 6 Months Ended |
Jun. 30, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Business Combinations | Business Combinations On January 1, 2022, the Company acquired Citizens Union Bancorp of Shelbyville, Inc. (“CUB”) through the merger of CUB with and into the Company. This was immediately followed by the merger of Citizens Union Bank of Shelbyville, Inc., a wholly-owned subsidiary of CUB, into the Company’s subsidiary bank, German American Bank. CUB, headquartered in Shelbyville, Kentucky, operated 15 retail banking offices located in Shelby, Jefferson, Spencer, Bullitt, Oldham, Owen, Gallatin and Hardin counties in Kentucky through Citizens Union Bank of Shelbyville, Inc. As of the closing of the transaction, CUB had total assets of approximately $1,108,546 (unaudited), total loans of approximately $683,807 (unaudited), and total deposits of approximately $930,533 (unaudited). The Company accounted for the transaction under the acquisition method of accounting which means these financial assets and liabilities were recorded at fair value at the day of acquisition. The fair value of the common shares issued as part of the consideration paid for CUB was based upon the closing price of the Company's common shares on the acquisition date. The fair value estimates included in these financial statements are based on preliminary valuations; certain loan, deferred tax, and premises and equipment measurements have not been finalized and are subject to change. The Company does not expect material variances from these estimates and expects that final valuation estimates will be completed prior to December 31, 2022. In accordance with ASC 805, the Company has expensed approximately $12,132 of direct acquisition costs and recorded $58,548 of goodwill and $7,572 of intangible assets. The goodwill of $58,548 arising from the acquisition consisted largely of synergies and the cost savings resulting from the combining of the operations of the companies. This goodwill will be evaluated annually for impairment and is non-deductible for tax purposes. The intangible assets are related to core deposits and are being amortized over 8 years. The following table summarizes the fair value of the total consideration transferred as a part of the CUB acquisition as well as the fair value of identifiable assets acquired and liabilities assumed as of the effective date of the transaction. Consideration Cash for Stock Options and Fractional Shares $ 942 Cash Consideration 49,863 Equity Instruments 111,914 Fair Value of Total Consideration Transferred $ 162,719 Recognized Amounts of Identifiable Assets Acquired and Liabilities Assumed: Cash $ 20,244 Federal Funds Sold and Other Short-term Investments 238,325 Interest-bearing Time Deposits with Banks 250 Securities 102,233 Loans 678,167 Stock in FHLB and Other Restricted Stock, at Cost 10,078 Premises, Furniture & Equipment 20,064 Other Real Estate 40 Intangible Assets 7,572 Company Owned Life Insurance 12,881 Accrued Interest Receivable and Other Assets 17,908 Deposits - Non-interest Bearing (237,472) Deposits - Interest Bearing (696,750) FHLB Advances and Other Borrowings (60,837) Accrued Interest Payable and Other Liabilities (8,532) Total Identifiable Net Assets 104,171 Goodwill $ 58,548 Under the terms of the merger agreement, each CUB common shareholder of record at the effective time of the merger became entitled to receive a cash payment of $13.44 and a 0.7739 share of common stock of the Company for each of their former shares of CUB common stock. As a result, in connection with the closing of the merger on January 1, 2022, the Company issued 2,870,975 shares of its common stock to the former shareholders of CUB and paid cash consideration in the aggregate amount of $50.8 million. This acquisition is consistent with the Company’s strategy to build a regional presence in Kentucky. The acquisition offers the Company the opportunity to increase profitability by introducing existing products and services to the acquired customer base as well as add new customers in the expanded region. The fair value of purchased financial assets with credit deterioration was $29,868 on the date of acquisition. The gross contractual amounts receivable relating to the purchased financial assets with credit deterioration was $34,453. The Company estimates, on the date of acquisition, that $3,117 of the contractual cash flows specific to the purchased financial assets with credit deterioration will not be collected. The following table presents unaudited pro forma information as if the acquisition had occurred on January 1, 2021 after giving effect to certain adjustments. The unaudited pro forma information for the three and six months ended June 30, 2022 and 2021 includes adjustments for interest income on loans and securities acquired, amortization of intangibles arising from the transaction, interest expense on deposits and borrowings acquired, and the related income tax effects. The unaudited pro forma financial information is not necessarily indicative of the results of operations that would have occurred had the transaction been effected on the assumed date. Unaudited Pro Forma Unaudited Pro Forma Quarter Ended 6/30/2022 Quarter Ended 6/30/2021 Net Interest Income $ 49,597 $ 48,453 Non-interest Income 15,180 15,253 Total Revenue 64,777 63,706 Provision for Loan Losses Expense 300 (5,454) Non-interest Expense 35,274 33,677 Income Before Income Taxes 29,203 35,483 Income Tax Expense 5,029 7,300 Net Income $ 24,174 $ 28,183 Earnings Per Share and Diluted Earnings Per Share $ 0.82 $ 0.96 Unaudited Pro Forma Unaudited Pro Forma Six Months Ended 6/30/2022 Six Months Ended 6/30/2021 Net Interest Income $ 96,505 $ 96,184 Non-interest Income 31,368 31,779 Total Revenue 127,873 127,963 Provision for Loan Losses Expense (800) (8,311) Non-interest Expense 71,729 71,121 Income Before Income Taxes 56,944 65,153 Income Tax Expense 10,051 13,248 Net Income $ 46,893 $ 51,905 Earnings Per Share and Diluted Earnings Per Share $ 1.59 $ 1.77 |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
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. |
Accounting Guidance Issued But Not Yet Adopted | Accounting Guidance Issued But Not Yet Adopted In March 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting". These amendments provide temporary optional guidance to ease the potential burden in accounting for reference rate reform. The ASU provides optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. It is intended to help stakeholders during the global market-wide reference rate transition period. In January 2021, the FASB issued ASU 2021-01 which clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The guidance is effective for all entities as of March 12, 2020 through December 31, 2022. The Company has discontinued originating LIBOR based loans and has a plan in place to transition LIBOR indexed loans primarily to term SOFR or other indices. |
Troubled Debt Restructurings | 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. |
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. |
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 six months ended June 30, 2022, the allowance for credit losses increased primarily due to the acquisition of CUB which is slightly offset by a decline in individually analyzed loans as well as a decline in the reserve attributable to pandemic-related stressed sectors. Key indicators utilized in forecasting for the allowance calculations include unemployment rates and gross domestic product. There have been some improvement in these factors over previous periods; however, supply chain issues, inflation and the ongoing impact of the COVID-19 pandemic were considered in the qualitative factors to determine the allowance for credit losses. 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. |
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 77 banking offices at June 30, 2022. 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 |
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 June 30, 2022, the Company held Level 3 securities with a fair value of $94. 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. Wealth Management Fees: The Company earns wealth management 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. |
Per Share Data (Tables)
Per Share Data (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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 2022 2021 Basic Earnings per Share: Net Income $ 23,747 $ 23,822 Weighted Average Shares Outstanding 29,483,848 26,545,869 Basic Earnings per Share $ 0.81 $ 0.90 Diluted Earnings per Share: Net Income $ 23,747 $ 23,822 Weighted Average Shares Outstanding 29,483,848 26,545,869 Potentially Dilutive Shares, Net — — Diluted Weighted Average Shares Outstanding 29,483,848 26,545,869 Diluted Earnings per Share $ 0.81 $ 0.90 Six Months Ended 2022 2021 Basic Earnings per Share: Net Income $ 32,814 $ 43,379 Weighted Average Shares Outstanding 29,443,673 26,528,034 Basic Earnings per Share $ 1.11 $ 1.64 Diluted Earnings per Share: Net Income $ 32,814 $ 43,379 Weighted Average Shares Outstanding 29,443,673 26,528,034 Potentially Dilutive Shares, Net — — Diluted Weighted Average Shares Outstanding 29,443,673 26,528,034 Diluted Earnings per Share $ 1.11 $ 1.64 |
Securities (Tables)
Securities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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 June 30, 2022 U.S. Treasury $ 1,494 $ — $ (1) $ — $ 1,493 Obligations of State and Political Subdivisions 975,510 1,771 (147,072) — 830,209 MBS/CMO 876,135 67 (96,177) — 780,025 US Gov’t Sponsored Entities & Agencies 235,325 61 (25,378) — 210,008 Total $ 2,088,464 $ 1,899 $ (268,628) $ — $ 1,821,735 December 31, 2021 Obligations of State and Political Subdivisions $ 896,048 $ 31,138 $ (1,480) $ — $ 925,706 MBS/CMO 797,693 4,738 (10,481) — 791,950 US Gov’t Sponsored Entities & Agencies 175,457 192 (3,688) — 171,961 Total $ 1,869,198 $ 36,068 $ (15,649) $ — $ 1,889,617 |
Schedule of Securities by Contractual Maturity | The amortized cost and fair value of Securities at June 30, 2022 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 $ 3,849 $ 3,856 Due after one year through five years 19,898 20,212 Due after five years through ten years 77,761 76,616 Due after ten years 875,496 731,018 MBS/CMO 876,135 780,025 US Gov’t Sponsored Entities & Agencies 235,325 210,008 Total $ 2,088,464 $ 1,821,735 |
Schedule of Proceeds from the Sales of Securities | Proceeds from the Sales of Securities are summarized below: Three Months Ended Three Months Ended June 30, 2022 June 30, 2021 Proceeds from Sales $ 5,554 $ 15,378 Gross Gains on Sales 78 300 Income Taxes on Gross Gains 16 63 Six Months Ended Six Months Ended June 30, 2022 June 30, 2021 Proceeds from Sales $ 97,500 $ 66,748 Gross Gains on Sales 450 1,275 Income Taxes on Gross Gains 94 268 |
Schedule of Securities with Unrealized Losses | Below is a summary of securities with unrealized losses as of June 30, 2022 and December 31, 2021, presented by length of time the securities have been in a continuous unrealized loss position: Less than 12 Months 12 Months or More Total June 30, 2022 Fair Unrealized Fair Unrealized Fair Unrealized U.S. Treasury and Agency Securities $ 1,493 $ (1) $ — $ — $ 1,493 $ (1) Obligations of State and Political Subdivisions 695,986 (142,294) 14,716 (4,778) 710,702 (147,072) MBS/CMO 499,905 (48,520) 269,902 (47,657) 769,807 (96,177) US Gov’t Sponsored Entities & Agencies 198,294 (24,535) 6,653 (843) 204,947 (25,378) Total $ 1,395,678 $ (215,350) $ 291,271 $ (53,278) $ 1,686,949 $ (268,628) Less than 12 Months 12 Months or More Total December 31, 2021 Fair Unrealized Fair Unrealized Fair Unrealized Obligations of State and Political Subdivisions $ 165,210 $ (1,386) $ 1,500 $ (94) $ 166,710 $ (1,480) MBS/CMO 467,888 (9,100) 36,827 (1,381) 504,715 (10,481) US Gov’t Sponsored Entities & Agencies 126,103 (3,480) 7,288 (208) 133,391 (3,688) Total $ 759,201 $ (13,966) $ 45,615 $ (1,683) $ 804,816 $ (15,649) |
Derivatives (Tables)
Derivatives (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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: June 30, 2022 December 31, 2021 Notional Fair Value Notional Fair Value Included in Other Assets: Interest Rate Swaps $ 141,222 $ 5,919 $ 143,593 $ 4,519 Included in Other Liabilities: Interest Rate Swaps $ 141,222 $ 5,817 $ 143,593 $ 4,762 |
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 Six Months Ended 2022 2021 2022 2021 Interest Rate Swaps: Included in Other Operating Income $ 130 $ 190 $ 344 $ 675 |
Loans (Tables)
Loans (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Receivables [Abstract] | |
Schedule of Loans Classifications | Loans were comprised of the following classifications: June 30, December 31, Commercial: Commercial and Industrial Loans $ 587,460 $ 493,005 Commercial Real Estate Loans 1,904,235 1,530,677 Agricultural Loans 397,524 358,150 Leases 54,036 55,345 Retail: Home Equity Loans 261,019 222,525 Consumer Loans 89,230 70,302 Credit Cards 16,073 14,357 Residential Mortgage Loans 343,166 263,565 Subtotal 3,652,743 3,007,926 Less: Unearned Income (3,374) (3,662) Allowance for Credit Losses (45,031) (37,017) Loans, net $ 3,604,338 $ 2,967,247 |
Schedule of Loans Acquired | The table below summarizes the loans acquired on January 1, 2022. Acquired Loan Balance Fair Value Discounts Fair Value Bank Acquisition $683,526 $(5,359) $678,167 The table below summarizes the remaining carrying amount of acquired loans included in the June 30, 2022 table above. Commercial and Industrial Loans Commercial Real Estate Loans Agricultural Loans Leases Consumer Loans Home Equity Loans Credit Cards Residential Mortgage Loans Total Loan Balance $ 60,090 $ 368,657 $ 55,110 $ — $ 16,056 $ 25,720 $ — $ 76,599 $ 602,232 Fair Value Discount (1,084) (2,932) 196 — (77) (240) — 533 (3,604) The company has purchased loans, for which there was, at acquisition, evidence of more than insignificant deterioration of credit quality since origination. The carrying amount of these loans is as follow: 2022 Purchase Price of Loans at Acquisition $ 32,997 Allowance for Credit Losses at Acquisition 3,117 Non-Credit Discount/(Premium) at Acquisition 1,456 Total $ 37,570 |
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 June 30, 2022 and 2021: June 30, 2022 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 $ 12,720 $ 23,217 $ 4,759 $ 196 $ 616 $ 1,207 $ 212 $ 2,151 $ — $ 45,078 Provision (Benefit) for credit loss expense 874 (873) (131) (5) 293 41 73 28 — 300 Loans charged-off (56) — — — (322) (15) (51) (3) — (447) Recoveries collected 7 5 — — 81 — 5 2 — 100 Total ending allowance balance $ 13,545 $ 22,349 $ 4,628 $ 191 $ 668 $ 1,233 $ 239 $ 2,178 $ — $ 45,031 June 30, 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 $ 6,248 $ 28,540 $ 6,462 $ 201 $ 439 $ 965 $ 162 $ 2,082 $ — $ 45,099 Provision (Benefit) for credit loss expense (196) (4,335) (615) 3 85 (63) 108 13 — (5,000) Loans charged-off — (1) — — (144) — (95) (1) — (241) Recoveries collected 28 16 — — 80 6 6 1 — 137 Total ending allowance balance $ 6,080 $ 24,220 $ 5,847 $ 204 $ 460 $ 908 $ 181 $ 2,095 $ — $ 39,995 The following tables present the activity in the allowance for credit losses by portfolio segment for the six months ended June 30, 2022 and 2021: June 30, 2022 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 $ 9,554 $ 19,245 $ 4,505 $ 200 $ 507 $ 1,061 $ 240 $ 1,705 $ — $ 37,017 Acquisition of Citizens Union Bank of Shelbyville, KY 376 1,945 689 — 2 — — 105 — 3,117 Provision (Benefit) for credit loss expense 3,662 1,223 (566) (9) 518 224 79 369 — 5,500 Loans charged-off (61) (78) — — (532) (52) (90) (3) — (816) Recoveries collected 14 14 — — 173 — 10 2 — 213 Total ending allowance balance $ 13,545 $ 22,349 $ 4,628 $ 191 $ 668 $ 1,233 $ 239 $ 2,178 $ — $ 45,031 June 30, 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 (Benefit) for credit loss expense (218) (5,669) (909) 4 67 (94) 167 152 — (6,500) Loans charged-off (190) (10) — — (269) — (142) (2) — (613) Recoveries collected 43 21 — — 172 6 6 1 — 249 Total ending allowance balance $ 6,080 $ 24,220 $ 5,847 $ 204 $ 460 $ 908 $ 181 $ 2,095 $ — $ 39,995 |
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 June 30, 2022 and December 31, 2021: June 30, 2022 Non-Accrual With No Allowance for Credit Loss (1) Total Non-Accrual Loans Past Due Over 89 Days Still Accruing Commercial and Industrial Loans $ 716 $ 9,015 $ — Commercial Real Estate Loans 57 2,105 — Agricultural Loans 1,018 1,018 1,161 Leases — — — Home Equity Loans 204 233 — Consumer Loans 34 79 — Credit Cards 59 59 — Residential Mortgage Loans 782 1,412 — Total $ 2,870 $ 13,921 $ 1,161 (1) Non-accrual loans with no allowance for credit loss and are also included in Total Non-Accrual loans of $13,921. December 31, 2021 Non-Accrual With No Allowance for Credit Loss (1) Total Non-Accrual Loans Past Due Over 89 Days Still Accruing Commercial and Industrial Loans $ 1,989 $ 10,530 $ — Commercial Real Estate Loans 145 2,243 156 Agricultural Loans 1,041 1,136 — Leases — — — Home Equity Loans 1 24 — Consumer Loans 16 18 — Credit Cards 64 64 — Residential Mortgage Loans 587 587 — Total $ 3,843 $ 14,602 $ 156 |
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 June 30, 2022 and December 31, 2021: June 30, 2022 Real Estate Equipment Accounts Receivable Other Total Commercial and Industrial Loans $ 3,220 $ 1,967 $ 332 $ 6,000 $ 11,519 Commercial Real Estate Loans 24,089 37 — — 24,126 Agricultural Loans 4,444 264 — — 4,708 Leases — — — — — Home Equity Loans 447 — — — 447 Consumer Loans 7 26 — 20 53 Credit Cards — — — — — Residential Mortgage Loans 1,237 — — — 1,237 Total $ 33,444 $ 2,294 $ 332 $ 6,020 $ 42,090 December 31, 2021 Real Estate Equipment Accounts Receivable Other Total Commercial and Industrial Loans $ 1,716 $ 2,444 $ 549 $ 5,822 $ 10,531 Commercial Real Estate Loans 4,610 — — — 4,610 Agricultural Loans 1,522 — — — 1,522 Leases — — — — — Home Equity Loans 441 — — — 441 Consumer Loans 6 — — 2 8 Credit Cards — — — — — Residential Mortgage Loans 652 — — — 652 Total $ 8,947 $ 2,444 $ 549 $ 5,824 $ 17,764 |
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 June 30, 2022 and December 31, 2021: June 30, 2022 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 $ 40 $ 46 $ 7,862 $ 7,948 $ 579,512 $ 587,460 Commercial Real Estate Loans 1,151 — 629 1,780 1,902,455 1,904,235 Agricultural Loans 38 71 1,162 1,271 396,253 397,524 Leases — — — — 54,036 54,036 Home Equity Loans 636 342 233 1,211 259,808 261,019 Consumer Loans 1,079 18 66 1,163 88,067 89,230 Credit Cards 224 52 59 335 15,738 16,073 Residential Mortgage Loans 4,799 982 1,064 6,845 336,321 343,166 Total $ 7,967 $ 1,511 $ 11,075 $ 20,553 $ 3,632,190 $ 3,652,743 December 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 $ 12 $ — $ 6,147 $ 6,159 $ 486,846 $ 493,005 Commercial Real Estate Loans — 5 891 896 1,529,781 1,530,677 Agricultural Loans — — — — 358,150 358,150 Leases — — — — 55,345 55,345 Home Equity Loans 225 229 25 479 222,046 222,525 Consumer Loans 158 58 4 220 70,082 70,302 Credit Cards 61 9 64 134 14,223 14,357 Residential Mortgage Loans 2,726 507 369 3,602 259,963 263,565 Total $ 3,182 $ 808 $ 7,500 $ 11,490 $ 2,996,436 $ 3,007,926 |
Schedule of Risk Category of Loans | Based on the analysis performed at June 30, 2022 and December 31, 2021, the risk category of loans by class of loans is as follows: Term Loans Amortized Cost Basis by Origination Year As of June 30, 2022 2022 2021 2020 2019 2018 Prior Revolving Loans Amortized Cost Basis Total Commercial and Industrial: Risk Rating Pass $ 94,221 $ 128,056 $ 48,970 $ 57,023 $ 25,320 $ 66,158 $ 140,139 $ 559,887 Special Mention — 104 630 123 584 643 2,010 4,094 Substandard 326 168 1,658 779 1,141 4,319 15,088 23,479 Doubtful — — — — — — — — Total Commercial & Industrial Loans $ 94,547 $ 128,328 $ 51,258 $ 57,925 $ 27,045 $ 71,120 $ 157,237 $ 587,460 Commercial Real Estate: Risk Rating Pass $ 152,123 $ 524,183 $ 289,249 $ 179,881 $ 147,216 $ 500,418 $ 38,772 $ 1,831,842 Special Mention 3,128 1,512 4,926 137 15,795 34,773 — 60,271 Substandard 851 186 — 1,266 2,215 7,604 — 12,122 Doubtful — — — — — — — — Total Commercial Real Estate Loans $ 156,102 $ 525,881 $ 294,175 $ 181,284 $ 165,226 $ 542,795 $ 38,772 $ 1,904,235 Agricultural: Risk Rating Pass $ 36,391 $ 52,074 $ 51,020 $ 27,243 $ 23,178 $ 99,354 $ 65,789 $ 355,049 Special Mention 400 1,797 6,730 5,457 3,074 12,979 6,287 36,724 Substandard — 211 — 54 427 4,763 296 5,751 Doubtful — — — — — — — — Total Agricultural Loans $ 36,791 $ 54,082 $ 57,750 $ 32,754 $ 26,679 $ 117,096 $ 72,372 $ 397,524 Leases: Risk Rating Pass $ 8,242 $ 16,720 $ 11,127 $ 11,125 $ 3,865 $ 2,957 $ — $ 54,036 Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total Leases $ 8,242 $ 16,720 $ 11,127 $ 11,125 $ 3,865 $ 2,957 $ — $ 54,036 Term Loans Amortized Cost Basis by Origination Year As of December 31, 2021 2021 2020 2019 2018 2017 Prior Revolving Loans Amortized Cost Basis Total Commercial and Industrial: Risk Rating Pass $ 141,133 $ 57,477 $ 60,883 $ 29,005 $ 15,936 $ 48,559 $ 122,377 $ 475,370 Special Mention 115 128 227 649 7 918 1,510 3,554 Substandard 100 1,221 — 1,062 1,378 2,457 7,863 14,081 Doubtful — — — — — — — — Total Commercial & Industrial Loans $ 141,348 $ 58,826 $ 61,110 $ 30,716 $ 17,321 $ 51,934 $ 131,750 $ 493,005 Commercial Real Estate: Risk Rating Pass $ 404,175 $ 264,011 $ 164,204 $ 131,746 $ 139,788 $ 336,066 $ 26,697 $ 1,466,687 Special Mention 2,279 — 710 14,426 17,356 13,916 — 48,687 Substandard 74 — 7,687 1,528 — 6,014 — 15,303 Doubtful — — — — — — — — Total Commercial Real Estate Loans $ 406,528 $ 264,011 $ 172,601 $ 147,700 $ 157,144 $ 355,996 $ 26,697 $ 1,530,677 Agricultural: Risk Rating Pass $ 44,510 $ 45,101 $ 22,482 $ 24,187 $ 24,325 $ 71,268 $ 81,011 $ 312,884 Special Mention 1,714 5,346 5,503 3,025 6,438 6,624 8,271 36,921 Substandard — — 63 385 1,048 6,849 — 8,345 Doubtful — — — — — — — — Total Agricultural Loans $ 46,224 $ 50,447 $ 28,048 $ 27,597 $ 31,811 $ 84,741 $ 89,282 $ 358,150 Leases: Risk Rating Pass $ 19,689 $ 12,706 $ 12,990 $ 5,599 $ 2,473 $ 1,888 $ — $ 55,345 Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total Leases $ 19,689 $ 12,706 $ 12,990 $ 5,599 $ 2,473 $ 1,888 $ — $ 55,345 |
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 June 30, 2022 2022 2021 2020 2019 2018 Prior Revolving Loans Amortized Cost Basis Total Consumer: Payment performance Performing $ 25,024 $ 40,135 $ 11,037 $ 3,638 $ 3,869 $ 2,159 $ 3,289 $ 89,151 Nonperforming 21 13 25 2 3 11 4 79 Total Consumer Loans $ 25,045 $ 40,148 $ 11,062 $ 3,640 $ 3,872 $ 2,170 $ 3,293 $ 89,230 Home Equity: Payment performance Performing $ 34 $ — $ — $ — $ 20 $ 589 $ 260,143 $ 260,786 Nonperforming — — — — — 1 232 233 Total Home Equity Loans $ 34 $ — $ — $ — $ 20 $ 590 $ 260,375 $ 261,019 Residential Mortgage: Payment performance Performing $ 38,471 $ 101,614 $ 51,356 $ 21,215 $ 19,003 $ 110,075 $ 20 $ 341,754 Nonperforming — 173 170 114 18 937 — 1,412 Total Residential Mortgage Loans $ 38,471 $ 101,787 $ 51,526 $ 21,329 $ 19,021 $ 111,012 $ 20 $ 343,166 Term Loans Amortized Cost Basis by Origination Year As of December 31, 2021 2021 2020 2019 2018 2017 Prior Revolving Loans Amortized Cost Basis Total Consumer: Payment performance Performing $ 39,923 $ 15,900 $ 4,325 $ 4,531 $ 600 $ 1,655 $ 3,350 $ 70,284 Nonperforming 3 — — — — 15 — 18 Total Consumer Loans $ 39,926 $ 15,900 $ 4,325 $ 4,531 $ 600 $ 1,670 $ 3,350 $ 70,302 Home Equity: Payment performance Performing $ — $ — $ — $ 21 $ — $ 835 $ 221,644 $ 222,500 Nonperforming — — — — — 1 24 25 Total Home Equity Loans $ — $ — $ — $ 21 $ — $ 836 $ 221,668 $ 222,525 Residential Mortgage: Payment performance Performing $ 84,809 $ 38,717 $ 15,244 $ 17,369 $ 19,688 $ 87,164 $ — $ 262,991 Nonperforming — — — — — 574 — 574 Total Residential Mortgage Loans $ 84,809 $ 38,717 $ 15,244 $ 17,369 $ 19,688 $ 87,738 $ — $ 263,565 |
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 June 30, 2022 December 31, 2021 Performing $ 16,014 $ 14,293 Nonperforming 59 64 Total $ 16,073 $ 14,357 |
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 and excludes the business combination activity: June 30, 2022 Commercial and Industrial Loans Commercial Real Estate Loans Agricultural Loans Leases Consumer Loans Home Equity Loans Credit Cards Residential Mortgage Loans Total Purchases $ — $ 1,063 $ — $ — $ — $ — $ — $ — $ 1,063 Sales — 609 — — — — — — 609 December 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 $ — $ 2,271 $ — $ — $ — $ — $ — $ — $ 2,271 Sales 2,273 15,415 111 — — — — — 17,799 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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 June 30, 2022 Net Interest Income $ 50,474 $ 9 $ 3 $ (889) $ 49,597 Net Gains on Sales of Loans 1,049 — — — 1,049 Net Gains on Securities 78 — — — 78 Wealth Management Fees 1 2,641 — — 2,642 Insurance Revenues 2 1 2,251 — 2,254 Noncash Items: Provision (Benefit) for Credit Losses 300 — — — 300 Depreciation and Amortization 2,459 11 12 114 2,596 Income Tax Expense (Benefit) 5,129 198 133 (431) 5,029 Segment Profit (Loss) 23,519 617 420 (809) 23,747 Segment Assets at June 30, 2022 6,459,481 7,672 14,524 (9,974) 6,471,703 Core Wealth Management Services Insurance Other Consolidated Totals Three Months Ended June 30, 2021 Net Interest Income $ 40,521 $ 13 $ 3 $ (657) $ 39,880 Net Gains on Sales of Loans 2,018 — — — 2,018 Net Gains on Securities 300 — — — 300 Wealth Management Fees 2 2,618 — — 2,620 Insurance Revenues 5 1 2,014 — 2,020 Noncash Items: Provision (Benefit) for Credit Losses (5,000) — — — (5,000) Depreciation and Amortization 2,148 11 14 81 2,254 Income Tax Expense (Benefit) 6,056 199 101 (433) 5,923 Segment Profit (Loss) 23,309 619 314 (420) 23,822 Segment Assets at December 31, 2021 5,595,721 6,115 12,245 (5,542) 5,608,539 Core Wealth Management Services Insurance Other Consolidated Totals Six Months Ended June 30, 2022 Net Interest Income $ 98,139 $ 14 $ 6 $ (1,654) $ 96,505 Net Gains on Sales of Loans 2,470 — — — 2,470 Net Gains on Securities 450 — — — 450 Wealth Management Fees 2 5,278 — — 5,280 Insurance Revenues 29 2 5,944 — 5,975 Noncash Items: Provision (Benefit) for Credit Losses 5,500 — — — 5,500 Depreciation and Amortization 4,977 21 24 228 5,250 Income Tax Expense (Benefit) 5,745 402 583 (1,032) 5,698 Segment Profit (Loss) 31,948 1,257 1,849 (2,240) 32,814 Segment Assets at June 30, 2022 6,459,481 7,672 14,524 (9,974) 6,471,703 Core Wealth Management Services Insurance Other Consolidated Totals Six Months Ended June 30, 2021 Net Interest Income $ 80,103 $ 21 $ 5 $ (1,317) $ 78,812 Net Gains on Sales of Loans 4,220 — — — 4,220 Net Gains on Securities 1,275 — — — 1,275 Wealth Management Fees 3 4,975 — — 4,978 Insurance Revenues 7 3 5,302 — 5,312 Noncash Items: Provision (Benefit) for Credit Losses (6,500) — — — (6,500) Depreciation and Amortization 4,365 24 31 161 4,581 Income Tax Expense (Benefit) 10,480 350 496 (750) 10,576 Segment Profit (Loss) 41,937 1,089 1,562 (1,209) 43,379 Segment Assets at December 31, 2021 5,595,721 6,115 12,245 (5,542) 5,608,539 |
Equity Plans and Equity Based_2
Equity Plans and Equity Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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 June 30, 2022 2021 Restricted Stock Expense $ 1,094 $ 638 Cash Entitlement Expense 169 284 Tax Effect (328) (239) Net of Tax $ 935 $ 683 Six Months Ended June 30, 2022 2021 Restricted Stock Expense $ 1,517 $ 967 Cash Entitlement Expense 334 367 Tax Effect (480) (346) Net of Tax $ 1,371 $ 988 |
Fair Value (Tables)
Fair Value (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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 June 30, 2022 Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Total Assets: U.S. Treasury $ 1,493 $ — $ — $ 1,493 Obligations of State and Political Subdivisions — 830,115 94 830,209 MBS/CMO — 780,025 — 780,025 US Gov’t Sponsored Entities & Agencies — 210,008 — 210,008 Total Securities $ 1,493 $ 1,820,148 $ 94 $ 1,821,735 Loans Held-for-Sale $ — $ 9,171 $ — $ 9,171 Derivative Assets $ — $ 5,919 $ — $ 5,919 Derivative Liabilities $ — $ 5,817 $ — $ 5,817 Fair Value Measurements at December 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 $ — $ 925,706 $ — $ 925,706 MBS/CMO — 791,950 — 791,950 US Gov’t Sponsored Entities & Agencies — 171,961 — 171,961 Total Securities $ — $ 1,889,617 $ — $ 1,889,617 Loans Held-for-Sale $ — $ 10,585 $ — $ 10,585 Derivative Assets $ — $ 4,519 $ — $ 4,519 Derivative Liabilities $ — $ 4,762 $ — $ 4,762 |
Schedule of Aggregate Fair Value, Contractual Balance and Gain (Loss) of Loans Held-for-Sale | As of June 30, 2022 and December 31, 2021, the aggregate fair value, contractual balance (including accrued interest), and gain or loss on Loans Held-for-Sale was as follows: June 30, 2022 December 31, 2021 Aggregate Fair Value $ 9,171 $ 10,585 Contractual Balance 9,017 10,296 Gain (Loss) 154 289 |
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 June 30, 2022 and 2021: Obligations of State and Political Subdivisions 2022 2021 Balance of Recurring Level 3 Assets at April 1 $ 94 $ — Total Losses Included in Other Comprehensive Income — — Maturities / Calls — — Acquired through Bank Acquisition — — Balance of Recurring Level 3 Assets at June 30 $ 94 $ — Obligations of State and Political Subdivisions 2022 2021 Balance of Recurring Level 3 Assets at January 1 $ — $ 497 Total Losses Included in Other Comprehensive Income — (2) Maturities / Calls — (495) Acquired through Bank Acquisition 94 — Balance of Recurring Level 3 Assets at June 30 $ 94 $ — |
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 June 30, 2022 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 $ — $ — $ 3,804 $ 3,804 Commercial Real Estate Loans $ — $ — $ 20,118 $ 20,118 Agricultural Loans $ — $ — $ 3,148 $ 3,148 Consumer Loans $ — $ — $ 351 $ 351 Home Equity Loans $ — $ — $ 323 $ 323 Residential Mortgage Loans $ — $ — $ 752 $ 752 Fair Value Measurements at December 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 $ — $ — $ 4,423 $ 4,423 Commercial Real Estate Loans $ — $ — $ 1,672 $ 1,672 Agricultural Loans $ — $ — $ 79 $ 79 Consumer Loans $ — $ — $ — $ — Home Equity Loans $ — $ — $ 345 $ 345 Residential Mortgage Loans $ — $ — $ — $ — |
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 June 30, 2022 and December 31, 2021: June 30, 2022 Fair Value Valuation Technique(s) Unobservable Input(s) Range (Weighted Average) Individual Analyzed Loans - $ 3,804 Sales comparison approach Adjustment for physical condition of comparable properties sold 30%-100% (41%) Individual Analyzed Loans - $ 20,118 Sales comparison approach Adjustment for physical condition of comparable properties sold 25%-68% (36%) Individual Analyzed Loans - $ 3,148 Sales comparison approach Adjustment for physical condition of comparable properties sold 30%-83% (48%) Individual Analyzed Loans - $ 351 Sales comparison approach Adjustment for physical condition of comparable properties sold 20%-100% (37%) Individual Analyzed Loans - $ 323 Sales comparison approach Adjustment for physical condition of comparable properties sold 31%-100% (46%) Individual Analyzed Loans - $ 752 Sales comparison approach Adjustment for physical condition of comparable properties sold 13%-100% (23%) December 31, 2021 Fair Value Valuation Technique(s) Unobservable Input(s) Range (Weighted Average) Individual Analyzed Loans - $ 4,423 Sales comparison approach Adjustment for physical condition of comparable properties sold 30%-100% (69%) Individual Analyzed Loans - $ 1,672 Sales comparison approach Adjustment for physical condition of comparable properties sold 30%-100% (46%) Individual Analyzed Loans - $ 79 Sales comparison approach Adjustment for physical condition of comparable properties sold 30%-96% (90%) Individual Analyzed Loans - $ — Sales comparison approach Adjustment for physical condition of comparable properties sold 100% (100%) Individual Analyzed Loans - $ 345 Sales comparison approach Adjustment for physical condition of comparable properties sold 20%-23% (22%) Individual Analyzed Loans - $ — Sales comparison approach Adjustment for physical condition of comparable properties sold —%-—% (—%) |
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 June 30, 2022 and December 31, 2021. 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 $ 526,045 $ 111,904 $ 414,141 $ — $ 526,045 Interest Bearing Time Deposits with Banks 995 — 995 — 995 Loans, Net 3,572,796 — — 3,564,134 3,564,134 Accrued Interest Receivable 21,946 — 10,675 11,271 21,946 Financial Liabilities: Demand, Savings, and Money Market Deposits (5,248,856) (5,248,856) — — (5,248,856) Time Deposits (464,752) — (465,042) — (465,042) Short-term Borrowings (42,410) — (42,410) — (42,410) Long-term Debt (102,475) — (27,234) (71,169) (98,403) Accrued Interest Payable (818) — (671) (147) (818) Fair Value Measurements at Carrying Value Level 1 Level 2 Level 3 Total Financial Assets: Cash and Short-term Investments $ 396,890 $ 47,173 $ 349,717 $ — $ 396,890 Interest Bearing Time Deposits with Banks 745 — 745 — 745 Loans, Net 2,960,728 — — 2,980,555 2,980,555 Accrued Interest Receivable 20,229 — 9,213 11,016 20,229 Financial Liabilities: Demand, Savings, and Money Market Deposits (4,397,217) (4,397,217) — — (4,397,217) Time Deposits (347,099) — (347,876) — (347,876) Short-term Borrowings (68,328) — (68,328) — (68,328) Long-term Debt (83,855) — (28,320) (58,303) (86,623) Accrued Interest Payable (613) — (579) (34) (613) |
Other Comprehensive Income (L_2
Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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 and six months ended June 30, 2022 and 2021, net of tax: June 30, 2022 Unrealized Gains and Losses on Available-for-Sale Securities Postretirement Benefit Items Total Beginning Balance at April 1, 2022 $ (117,833) $ (568) $ (118,401) Other Comprehensive Income (Loss) Before Reclassification (92,632) — (92,632) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (62) — (62) Net Current Period Other Comprehensive Income (Loss) (92,694) — (92,694) Ending Balance at June 30, 2022 $ (210,527) $ (568) $ (211,095) June 30, 2022 Unrealized Gains and Losses on Available-for-Sale Securities Postretirement Benefit Items Total Beginning Balance at January 1, 2022 $ 16,052 $ (568) $ 15,484 Other Comprehensive Income (Loss) Before Reclassification (226,223) — (226,223) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (356) — (356) Net Current Period Other Comprehensive Income (Loss) (226,579) — (226,579) Ending Balance at June 30, 2022 $ (210,527) $ (568) $ (211,095) June 30, 2021 Unrealized Gains and Losses on Available-for-Sale Securities Postretirement Benefit Items Total Beginning Balance at April 1, 2021 $ 14,115 $ (568) $ 13,547 Other Comprehensive Income (Loss) Before Reclassification 13,115 — 13,115 Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (237) — (237) Net Current Period Other Comprehensive Income (Loss) 12,878 — 12,878 Ending Balance at June 30, 2021 $ 26,993 $ (568) $ 26,425 June 30, 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 (7,949) — (7,949) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (1,001) — (1,001) Net Current Period Other Comprehensive Income (Loss) (8,950) — (8,950) Ending Balance at June 30, 2021 $ 26,993 $ (568) $ 26,425 |
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 and six months ended June 30, 2022 and 2021: 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 $ 78 Net Gains on Securities (16) Income Tax Expense 62 Net of Tax Total Reclassifications for the Three $ 62 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 $ 450 Net Gains on Securities (94) Income Tax Expense 356 Net of Tax Total Reclassifications for the Six $ 356 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 $ 300 Net Gains on Securities (63) Income Tax Expense 237 Net of Tax Total Reclassifications for the Three $ 237 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 $ 1,275 Net Gains on Securities (268) Income Tax Expense 1,007 Net of Tax Total Reclassifications for the Six $ 1,007 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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 and six months ended June 30, 2022 and 2021. Wealth management 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 June 30, Non-interest Income 2022 2021 In-Scope of Topic 606: Wealth Management Fees $ 2,642 $ 2,620 Service Charges on Deposit Accounts 2,871 1,735 Insurance Revenues 2,254 2,020 Interchange Fee Income 4,167 3,482 Other Operating Income 820 726 Non-interest Income (in-scope of Topic 606) 12,754 10,583 Non-interest Income (out-of-scope of Topic 606) 2,426 3,319 Total Non-interest Income $ 15,180 $ 13,902 Six Months Ended June 30, Non-interest Income 2022 2021 In-Scope of Topic 606: Wealth Management Fees $ 5,280 $ 4,978 Service Charges on Deposit Accounts 5,554 3,413 Insurance Revenues 5,975 5,312 Interchange Fee Income 7,794 6,312 Other Operating Income 1,578 1,389 Non-interest Income (in-scope of Topic 606) 26,181 21,404 Non-interest Income (out-of-scope of Topic 606) 5,187 7,535 Total Non-interest Income $ 31,368 $ 28,939 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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 June 30, 2022 June 30, 2021 Finance Lease Cost: Amortization of Right-of -Use Assets $ 53 $ 52 Interest on Lease Liabilities 82 87 Operating Lease Cost 376 342 Short-term Lease Cost 3 7 Total Lease Cost $ 514 $ 488 Six Months Ended Six Months Ended June 30, 2022 June 30, 2021 Finance Lease Cost: Amortization of Right-of -Use Assets $ 105 $ 104 Interest on Lease Liabilities 165 175 Operating Lease Cost 745 761 Short-term Lease Cost 27 7 Total Lease Cost $ 1,042 $ 1,047 The weighted average lease term and discount rates were as follows: June 30, 2022 June 30, 2021 Weighted Average Remaining Lease Term: Finance Leases 10 years 11 years Operating Leases 8 years 8 years Weighted Average Discount Rate: Finance Leases 11.43 % 11.47 % Operating Leases 2.85 % 3.15 % Supplemental cash flow information related to leases were as follows: Six Months Ended Six Months Ended June 30, 2022 June 30, 2021 Cash paid for amounts in the measurement of lease liabilities: Operating Cash Flows from Finance Leases $ 166 $ 175 Operating Cash Flows from Operating Leases 701 1,805 Financing Cash Flows from Finance Leases 91 69 |
Schedule of Supplemental Balance Sheet Information | Supplemental balance sheet information related to leases were as follows: June 30, 2022 June 30, 2021 Finance Leases Premises, Furniture and Equipment, Net $ 1,963 $ 2,173 Other Borrowings 2,957 3,140 Operating Leases Operating Lease Right-of-Use Assets $ 6,510 $ 6,260 Operating Lease Liabilities 6,645 6,357 |
Schedule of Maturity of Finance Lease Liabilities | The following table presents a maturity analysis of Finance and Operating Lease Liabilities: June 30, 2022 Finance Leases Operating Leases Year 1 $ 519 $ 1,331 Year 2 519 1,110 Year 3 519 972 Year 4 519 868 Year 5 519 756 Thereafter 2,174 2,425 Total Lease Payments 4,769 7,462 Less Imputed Interest (1,812) (817) Total $ 2,957 $ 6,645 |
Schedule of Maturity of Operating Lease Liabilities | The following table presents a maturity analysis of Finance and Operating Lease Liabilities: June 30, 2022 Finance Leases Operating Leases Year 1 $ 519 $ 1,331 Year 2 519 1,110 Year 3 519 972 Year 4 519 868 Year 5 519 756 Thereafter 2,174 2,425 Total Lease Payments 4,769 7,462 Less Imputed Interest (1,812) (817) Total $ 2,957 $ 6,645 |
Business Combinations (Tables)
Business Combinations (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Fair Value of Identifiable Assets Acquired and Liabilities Assumed | The following table summarizes the fair value of the total consideration transferred as a part of the CUB acquisition as well as the fair value of identifiable assets acquired and liabilities assumed as of the effective date of the transaction. Consideration Cash for Stock Options and Fractional Shares $ 942 Cash Consideration 49,863 Equity Instruments 111,914 Fair Value of Total Consideration Transferred $ 162,719 Recognized Amounts of Identifiable Assets Acquired and Liabilities Assumed: Cash $ 20,244 Federal Funds Sold and Other Short-term Investments 238,325 Interest-bearing Time Deposits with Banks 250 Securities 102,233 Loans 678,167 Stock in FHLB and Other Restricted Stock, at Cost 10,078 Premises, Furniture & Equipment 20,064 Other Real Estate 40 Intangible Assets 7,572 Company Owned Life Insurance 12,881 Accrued Interest Receivable and Other Assets 17,908 Deposits - Non-interest Bearing (237,472) Deposits - Interest Bearing (696,750) FHLB Advances and Other Borrowings (60,837) Accrued Interest Payable and Other Liabilities (8,532) Total Identifiable Net Assets 104,171 Goodwill $ 58,548 |
Schedule of Unaudited Pro Forma Information | The following table presents unaudited pro forma information as if the acquisition had occurred on January 1, 2021 after giving effect to certain adjustments. The unaudited pro forma information for the three and six months ended June 30, 2022 and 2021 includes adjustments for interest income on loans and securities acquired, amortization of intangibles arising from the transaction, interest expense on deposits and borrowings acquired, and the related income tax effects. The unaudited pro forma financial information is not necessarily indicative of the results of operations that would have occurred had the transaction been effected on the assumed date. Unaudited Pro Forma Unaudited Pro Forma Quarter Ended 6/30/2022 Quarter Ended 6/30/2021 Net Interest Income $ 49,597 $ 48,453 Non-interest Income 15,180 15,253 Total Revenue 64,777 63,706 Provision for Loan Losses Expense 300 (5,454) Non-interest Expense 35,274 33,677 Income Before Income Taxes 29,203 35,483 Income Tax Expense 5,029 7,300 Net Income $ 24,174 $ 28,183 Earnings Per Share and Diluted Earnings Per Share $ 0.82 $ 0.96 Unaudited Pro Forma Unaudited Pro Forma Six Months Ended 6/30/2022 Six Months Ended 6/30/2021 Net Interest Income $ 96,505 $ 96,184 Non-interest Income 31,368 31,779 Total Revenue 127,873 127,963 Provision for Loan Losses Expense (800) (8,311) Non-interest Expense 71,729 71,121 Income Before Income Taxes 56,944 65,153 Income Tax Expense 10,051 13,248 Net Income $ 46,893 $ 51,905 Earnings Per Share and Diluted Earnings Per Share $ 1.59 $ 1.77 |
Per Share Data (Details)
Per Share Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Basic Earnings per Share: | ||||||
Net Income | $ 23,747 | $ 9,067 | $ 23,822 | $ 19,557 | $ 32,814 | $ 43,379 |
Weighted Average Shares Outstanding (in shares) | 29,483,848 | 26,545,869 | 29,443,673 | 26,528,034 | ||
Basic Earnings per Share (in dollars per share) | $ 0.81 | $ 0.90 | $ 1.11 | $ 1.64 | ||
Diluted Earnings per Share: | ||||||
Net Income | $ 23,747 | $ 9,067 | $ 23,822 | $ 19,557 | $ 32,814 | $ 43,379 |
Weighted Average Shares Outstanding (in shares) | 29,483,848 | 26,545,869 | 29,443,673 | 26,528,034 | ||
Potentially Dilutive Shares, Net (in shares) | 0 | 0 | 0 | 0 | ||
Diluted Weighted Average Shares Outstanding (in shares) | 29,483,848 | 26,545,869 | 29,443,673 | 26,528,034 | ||
Diluted Earnings per Share (in dollars per share) | $ 0.81 | $ 0.90 | $ 1.11 | $ 1.64 | ||
Anti-dilutive securities excluded from computation of earnings per share (in shares) | 0 | 0 | 0 | 0 |
Securities - Schedule of Securi
Securities - Schedule of Securities Available-for-Sale (Details) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 2,088,464,000 | $ 1,869,198,000 |
Gross Unrealized Gains | 1,899,000 | 36,068,000 |
Gross Unrealized Losses | (268,628,000) | (15,649,000) |
Allowance for Credit Losses | 0 | 0 |
Fair Value | 1,821,735,000 | 1,889,617,000 |
U.S. Treasury | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 1,494,000 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (1,000) | |
Allowance for Credit Losses | 0 | |
Fair Value | 1,493,000 | |
Obligations of State and Political Subdivisions | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 975,510,000 | 896,048,000 |
Gross Unrealized Gains | 1,771,000 | 31,138,000 |
Gross Unrealized Losses | (147,072,000) | (1,480,000) |
Allowance for Credit Losses | 0 | 0 |
Fair Value | 830,209,000 | 925,706,000 |
MBS/CMO | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 876,135,000 | 797,693,000 |
Gross Unrealized Gains | 67,000 | 4,738,000 |
Gross Unrealized Losses | (96,177,000) | (10,481,000) |
Allowance for Credit Losses | 0 | 0 |
Fair Value | 780,025,000 | 791,950,000 |
US Gov’t Sponsored Entities & Agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 235,325,000 | 175,457,000 |
Gross Unrealized Gains | 61,000 | 192,000 |
Gross Unrealized Losses | (25,378,000) | (3,688,000) |
Allowance for Credit Losses | 0 | 0 |
Fair Value | $ 210,008,000 | $ 171,961,000 |
Securities - Schedule of Secu_2
Securities - Schedule of Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Amortized Cost | ||
Due in one year or less | $ 3,849 | |
Due after one year through five years | 19,898 | |
Due after five years through ten years | 77,761 | |
Due after ten years | 875,496 | |
Amortized Cost | 2,088,464 | $ 1,869,198 |
Fair Value | ||
Due in one year or less | 3,856 | |
Due after one year through five years | 20,212 | |
Due after five years through ten years | 76,616 | |
Due after ten years | 731,018 | |
Fair Value | 1,821,735 | 1,889,617 |
MBS/CMO | ||
Amortized Cost | ||
Securities without single maturity | 876,135 | |
Amortized Cost | 876,135 | 797,693 |
Fair Value | ||
Securities without single maturity | 780,025 | |
Fair Value | 780,025 | 791,950 |
US Gov’t Sponsored Entities & Agencies | ||
Amortized Cost | ||
Securities without single maturity | 235,325 | |
Amortized Cost | 235,325 | 175,457 |
Fair Value | ||
Securities without single maturity | 210,008 | |
Fair Value | $ 210,008 | $ 171,961 |
Securities - Schedule of Procee
Securities - Schedule of Proceeds from Sales of Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Proceeds from Sales | $ 5,554 | $ 15,378 | $ 97,500 | $ 66,748 |
Gross Gains on Sales | 78 | 300 | 450 | 1,275 |
Income Taxes on Gross Gains | $ 16 | $ 63 | $ 94 | $ 268 |
Securities - Narrative (Details
Securities - Narrative (Details) | Jun. 30, 2022 USD ($) investment | Dec. 31, 2021 USD ($) investment | Dec. 31, 2009 USD ($) |
Debt Securities, Available-for-sale [Line Items] | |||
Carrying value of securities pledged to secure repurchase agreements, public and trust deposits and other by law | $ 284,699,000 | $ 222,896,000 | |
Allowance for credit losses for available-for-sale debt securities | 0 | 0 | |
Accrued interest receivable on available-for-sale debt securities | 10,555,000 | 8,990,000 | |
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 Secu_3
Securities - Schedule of Securities with Unrealized Losses (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Months, Fair Value | $ 1,395,678 | $ 759,201 |
Less than 12 Months, Unrealized Loss | (215,350) | (13,966) |
12 Months or More, Fair Value | 291,271 | 45,615 |
12 Months or More, Unrealized Loss | (53,278) | (1,683) |
Total Fair Value | 1,686,949 | 804,816 |
Total Unrealized Loss | (268,628) | (15,649) |
U.S. Treasury and Agency Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Months, Fair Value | 1,493 | |
Less than 12 Months, Unrealized Loss | (1) | |
12 Months or More, Fair Value | 0 | |
12 Months or More, Unrealized Loss | 0 | |
Total Fair Value | 1,493 | |
Total Unrealized Loss | (1) | |
Obligations of State and Political Subdivisions | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Months, Fair Value | 695,986 | 165,210 |
Less than 12 Months, Unrealized Loss | (142,294) | (1,386) |
12 Months or More, Fair Value | 14,716 | 1,500 |
12 Months or More, Unrealized Loss | (4,778) | (94) |
Total Fair Value | 710,702 | 166,710 |
Total Unrealized Loss | (147,072) | (1,480) |
MBS/CMO | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Months, Fair Value | 499,905 | 467,888 |
Less than 12 Months, Unrealized Loss | (48,520) | (9,100) |
12 Months or More, Fair Value | 269,902 | 36,827 |
12 Months or More, Unrealized Loss | (47,657) | (1,381) |
Total Fair Value | 769,807 | 504,715 |
Total Unrealized Loss | (96,177) | (10,481) |
US Gov’t Sponsored Entities & Agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Months, Fair Value | 198,294 | 126,103 |
Less than 12 Months, Unrealized Loss | (24,535) | (3,480) |
12 Months or More, Fair Value | 6,653 | 7,288 |
12 Months or More, Unrealized Loss | (843) | (208) |
Total Fair Value | 204,947 | 133,391 |
Total Unrealized Loss | $ (25,378) | $ (3,688) |
Derivatives - Narrative (Detail
Derivatives - Narrative (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Interest Rate Swaps | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount of derivatives | $ 141,222 | $ 143,593 |
Derivatives - Fair Value Hedges
Derivatives - Fair Value Hedges included in Consolidated Balance Sheets (Details) - Interest Rate Swaps - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Other Assets | ||
Included in Other Assets: | ||
Interest Rate Swaps, Notional Amount | $ 141,222 | $ 143,593 |
Interest Rate Swaps, Fair Value | 5,919 | 4,519 |
Other Liabilities | ||
Included in Other Liabilities: | ||
Interest Rate Swaps, Notional Amount | 141,222 | 143,593 |
Interest Rate Swaps, Fair Value | $ 5,817 | $ 4,762 |
Derivatives - Effects of Deriva
Derivatives - Effects of Derivatives on Consolidated Statements of Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Interest Rate Swaps | Other Operating Income | ||||
Derivative [Line Items] | ||||
Included in Other Operating Income | $ 130 | $ 190 | $ 344 | $ 675 |
Loans - Components of Loans (De
Loans - Components of Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total Loans | $ 3,652,743 | $ 3,007,926 | ||||
Less: Unearned Income | (3,374) | (3,662) | ||||
Allowance for Credit Losses | (45,031) | $ (45,078) | (37,017) | $ (39,995) | $ (45,099) | $ (46,859) |
Loans, Net | 3,604,338 | 2,967,247 | ||||
Commercial and Industrial Loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total Loans | 587,460 | 493,005 | ||||
Allowance for Credit Losses | (13,545) | (12,720) | (9,554) | (6,080) | (6,248) | (6,445) |
Commercial Real Estate Loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total Loans | 1,904,235 | 1,530,677 | ||||
Allowance for Credit Losses | (22,349) | (23,217) | (19,245) | (24,220) | (28,540) | (29,878) |
Agricultural Loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total Loans | 397,524 | 358,150 | ||||
Allowance for Credit Losses | (4,628) | (4,759) | (4,505) | (5,847) | (6,462) | (6,756) |
Leases | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total Loans | 54,036 | 55,345 | ||||
Allowance for Credit Losses | (191) | (196) | (200) | (204) | (201) | (200) |
Home Equity Loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total Loans | 261,019 | 222,525 | ||||
Allowance for Credit Losses | (1,233) | (1,207) | (1,061) | (908) | (965) | (996) |
Consumer Loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total Loans | 89,230 | 70,302 | ||||
Allowance for Credit Losses | (668) | (616) | (507) | (460) | (439) | (490) |
Credit Cards | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total Loans | 16,073 | 14,357 | ||||
Allowance for Credit Losses | (239) | (212) | (240) | (181) | (162) | (150) |
Residential Mortgage Loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total Loans | 343,166 | 263,565 | ||||
Allowance for Credit Losses | (2,178) | $ (2,151) | (1,705) | $ (2,095) | $ (2,082) | $ (1,944) |
Commercial: | Commercial and Industrial Loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total Loans | 587,460 | 493,005 | ||||
Commercial: | Commercial Real Estate Loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total Loans | 1,904,235 | 1,530,677 | ||||
Commercial: | Agricultural Loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total Loans | 397,524 | 358,150 | ||||
Commercial: | Leases | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total Loans | 54,036 | 55,345 | ||||
Retail: | Home Equity Loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total Loans | 261,019 | 222,525 | ||||
Retail: | Consumer Loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total Loans | 89,230 | 70,302 | ||||
Retail: | Credit Cards | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total Loans | 16,073 | 14,357 | ||||
Retail: | Residential Mortgage Loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total Loans | $ 343,166 | $ 263,565 |
Loans - Narrative (Details)
Loans - Narrative (Details) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2022 USD ($) loan | Jun. 30, 2021 loan | Jun. 30, 2022 USD ($) loan | Jun. 30, 2021 loan | Dec. 31, 2021 USD ($) loan | Dec. 31, 2020 USD ($) loan | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Purchase credit deteriorated loans | $ 3,604,338,000 | $ 3,604,338,000 | $ 2,967,247,000 | |||
Interest income on non-accrual loans | 7,000 | 27,000 | 80,000 | |||
Troubled debt restructurings | 0 | 0 | 104,000 | |||
Allowance for troubled debt restructurings | 0 | 0 | 0 | |||
Additional lending amount to customers whose loan terms has been modified in troubled debt restructuring | $ 0 | $ 0 | 0 | |||
Number of loans modified as troubled debt restructurings | loan | 0 | 0 | 0 | 0 | ||
Number of loans modified as troubled debt restructuring subsequently defaulted | loan | 0 | 0 | 0 | 0 | ||
Threshold amount to individually classify loans by credit risk | $ 250,000 | $ 250,000 | ||||
PCD Loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Purchase credit deteriorated loans | 34,929,000 | $ 34,929,000 | 9,861,000 | |||
PPP | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loan interest rate | 1% | |||||
Maturities of loans originated under first round (in years) | 2 years | |||||
Maturities of loans originated under second round (in years) | 5 years | |||||
Loans outstanding originated under first round | $ 351,260,000 | |||||
Fees on loans originated under first round | $ 12,024,000 | |||||
Number of loans originated under first round | loan | 3,070 | |||||
Forgiven loans originated under first round | 351,260,000 | $ 351,260,000 | ||||
Net processing fees recognized on loans originated under first round | 12,024,000 | |||||
Loans outstanding originated under second round | 157,042,000 | |||||
Fees on loans originated during second round | $ 9,022,000 | |||||
Number of loans originated under second round | loan | 2,601 | |||||
Forgiven loans originated during second round | 156,398,000 | 156,398,000 | ||||
Net processing fees recognized on loans originated under second round | 8,976,000 | |||||
Loans outstanding | 644,000 | 644,000 | ||||
Remaining fees on loans outstanding | $ 46,000 | $ 46,000 |
Loans - Schedule of Loans Acqui
Loans - Schedule of Loans Acquired (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jan. 01, 2022 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | ||
Acquired Loan Balance | $ 602,232 | |
Fair Value Discount | (3,604) | |
Purchase Price of Loans at Acquisition | 32,997 | |
Allowance for Credit Losses at Acquisition | 3,117 | |
Non-Credit Discount/(Premium) at Acquisition | 1,456 | |
Total | 37,570 | |
Commercial and Industrial Loans | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | ||
Acquired Loan Balance | 60,090 | |
Fair Value Discount | (1,084) | |
Allowance for Credit Losses at Acquisition | 376 | |
Commercial Real Estate Loans | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | ||
Acquired Loan Balance | 368,657 | |
Fair Value Discount | (2,932) | |
Allowance for Credit Losses at Acquisition | 1,945 | |
Agricultural Loans | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | ||
Acquired Loan Balance | 55,110 | |
Fair Value Discount | 196 | |
Allowance for Credit Losses at Acquisition | 689 | |
Leases | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | ||
Acquired Loan Balance | 0 | |
Fair Value Discount | 0 | |
Allowance for Credit Losses at Acquisition | 0 | |
Consumer Loans | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | ||
Acquired Loan Balance | 16,056 | |
Fair Value Discount | (77) | |
Allowance for Credit Losses at Acquisition | 2 | |
Home Equity Loans | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | ||
Acquired Loan Balance | 25,720 | |
Fair Value Discount | (240) | |
Allowance for Credit Losses at Acquisition | 0 | |
Credit Cards | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | ||
Acquired Loan Balance | 0 | |
Fair Value Discount | 0 | |
Allowance for Credit Losses at Acquisition | 0 | |
Residential Mortgage Loans | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | ||
Acquired Loan Balance | 76,599 | |
Fair Value Discount | 533 | |
Allowance for Credit Losses at Acquisition | $ 105 | |
Bank Acquisition | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | ||
Acquired Loan Balance | $ 683,526 | |
Fair Value Discounts | (5,359) | |
Fair Value | $ 678,167 |
Loans - Allowance for Credit Lo
Loans - Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | $ 45,078 | $ 45,099 | $ 37,017 | $ 46,859 |
Acquisition of Citizens Union Bank of Shelbyville, KY | 3,117 | |||
Provision (Benefit) for Credit Losses | 300 | (5,000) | 5,500 | (6,500) |
Loans charged-off | (447) | (241) | (816) | (613) |
Recoveries collected | 100 | 137 | 213 | 249 |
Total ending allowance balance | 45,031 | 39,995 | 45,031 | 39,995 |
Commercial and Industrial Loans | ||||
Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 12,720 | 6,248 | 9,554 | 6,445 |
Acquisition of Citizens Union Bank of Shelbyville, KY | 376 | |||
Provision (Benefit) for Credit Losses | 874 | (196) | 3,662 | (218) |
Loans charged-off | (56) | 0 | (61) | (190) |
Recoveries collected | 7 | 28 | 14 | 43 |
Total ending allowance balance | 13,545 | 6,080 | 13,545 | 6,080 |
Commercial Real Estate Loans | ||||
Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 23,217 | 28,540 | 19,245 | 29,878 |
Acquisition of Citizens Union Bank of Shelbyville, KY | 1,945 | |||
Provision (Benefit) for Credit Losses | (873) | (4,335) | 1,223 | (5,669) |
Loans charged-off | 0 | (1) | (78) | (10) |
Recoveries collected | 5 | 16 | 14 | 21 |
Total ending allowance balance | 22,349 | 24,220 | 22,349 | 24,220 |
Agricultural Loans | ||||
Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 4,759 | 6,462 | 4,505 | 6,756 |
Acquisition of Citizens Union Bank of Shelbyville, KY | 689 | |||
Provision (Benefit) for Credit Losses | (131) | (615) | (566) | (909) |
Loans charged-off | 0 | 0 | 0 | 0 |
Recoveries collected | 0 | 0 | 0 | 0 |
Total ending allowance balance | 4,628 | 5,847 | 4,628 | 5,847 |
Leases | ||||
Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 196 | 201 | 200 | 200 |
Acquisition of Citizens Union Bank of Shelbyville, KY | 0 | |||
Provision (Benefit) for Credit Losses | (5) | 3 | (9) | 4 |
Loans charged-off | 0 | 0 | 0 | 0 |
Recoveries collected | 0 | 0 | 0 | 0 |
Total ending allowance balance | 191 | 204 | 191 | 204 |
Consumer Loans | ||||
Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 616 | 439 | 507 | 490 |
Acquisition of Citizens Union Bank of Shelbyville, KY | 2 | |||
Provision (Benefit) for Credit Losses | 293 | 85 | 518 | 67 |
Loans charged-off | (322) | (144) | (532) | (269) |
Recoveries collected | 81 | 80 | 173 | 172 |
Total ending allowance balance | 668 | 460 | 668 | 460 |
Home Equity Loans | ||||
Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 1,207 | 965 | 1,061 | 996 |
Acquisition of Citizens Union Bank of Shelbyville, KY | 0 | |||
Provision (Benefit) for Credit Losses | 41 | (63) | 224 | (94) |
Loans charged-off | (15) | 0 | (52) | 0 |
Recoveries collected | 0 | 6 | 0 | 6 |
Total ending allowance balance | 1,233 | 908 | 1,233 | 908 |
Credit Cards | ||||
Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 212 | 162 | 240 | 150 |
Acquisition of Citizens Union Bank of Shelbyville, KY | 0 | |||
Provision (Benefit) for Credit Losses | 73 | 108 | 79 | 167 |
Loans charged-off | (51) | (95) | (90) | (142) |
Recoveries collected | 5 | 6 | 10 | 6 |
Total ending allowance balance | 239 | 181 | 239 | 181 |
Residential Mortgage Loans | ||||
Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 2,151 | 2,082 | 1,705 | 1,944 |
Acquisition of Citizens Union Bank of Shelbyville, KY | 105 | |||
Provision (Benefit) for Credit Losses | 28 | 13 | 369 | 152 |
Loans charged-off | (3) | (1) | (3) | (2) |
Recoveries collected | 2 | 1 | 2 | 1 |
Total ending allowance balance | 2,178 | 2,095 | 2,178 | 2,095 |
Unallocated | ||||
Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 0 | 0 | 0 | 0 |
Acquisition of Citizens Union Bank of Shelbyville, KY | 0 | |||
Provision (Benefit) for Credit Losses | 0 | 0 | 0 | 0 |
Loans charged-off | 0 | 0 | 0 | 0 |
Recoveries collected | 0 | 0 | 0 | 0 |
Total ending allowance balance | $ 0 | $ 0 | $ 0 | $ 0 |
Loans - Non-Accrual and Past Du
Loans - Non-Accrual and Past Due Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Financing Receivable, Past Due [Line Items] | ||
Non-Accrual With No Allowance For Credit Loss | $ 2,870 | $ 3,843 |
Total Non-Accrual | 13,921 | 14,602 |
Loans Past Due Over 89 Days Still Accruing | 1,161 | 156 |
Commercial and Industrial Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Non-Accrual With No Allowance For Credit Loss | 716 | 1,989 |
Total Non-Accrual | 9,015 | 10,530 |
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 | 57 | 145 |
Total Non-Accrual | 2,105 | 2,243 |
Loans Past Due Over 89 Days Still Accruing | 0 | 156 |
Agricultural Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Non-Accrual With No Allowance For Credit Loss | 1,018 | 1,041 |
Total Non-Accrual | 1,018 | 1,136 |
Loans Past Due Over 89 Days Still Accruing | 1,161 | 0 |
Leases | ||
Financing Receivable, Past Due [Line Items] | ||
Non-Accrual With No Allowance For Credit Loss | 0 | 0 |
Total 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 | 204 | 1 |
Total Non-Accrual | 233 | 24 |
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 | 34 | 16 |
Total Non-Accrual | 79 | 18 |
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 | 59 | 64 |
Total Non-Accrual | 59 | 64 |
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 | 782 | 587 |
Total Non-Accrual | 1,412 | 587 |
Loans Past Due Over 89 Days Still Accruing | $ 0 | $ 0 |
Loans - Collateral-dependent Lo
Loans - Collateral-dependent Loans by Class (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | $ 3,652,743 | $ 3,007,926 |
Total | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 42,090 | 17,764 |
Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 33,444 | 8,947 |
Equipment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 2,294 | 2,444 |
Accounts Receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 332 | 549 |
Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 6,020 | 5,824 |
Commercial and Industrial Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 587,460 | 493,005 |
Commercial and Industrial Loans | Total | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 11,519 | 10,531 |
Commercial and Industrial Loans | Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 3,220 | 1,716 |
Commercial and Industrial Loans | Equipment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 1,967 | 2,444 |
Commercial and Industrial Loans | Accounts Receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 332 | 549 |
Commercial and Industrial Loans | Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 6,000 | 5,822 |
Commercial Real Estate Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 1,904,235 | 1,530,677 |
Commercial Real Estate Loans | Total | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 24,126 | 4,610 |
Commercial Real Estate Loans | Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 24,089 | 4,610 |
Commercial Real Estate Loans | Equipment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 37 | 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 | 0 | 0 |
Agricultural Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 397,524 | 358,150 |
Agricultural Loans | Total | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 4,708 | 1,522 |
Agricultural Loans | Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 4,444 | 1,522 |
Agricultural Loans | Equipment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 264 | 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 |
Leases | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 54,036 | 55,345 |
Leases | Total | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 0 | 0 |
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 |
Home Equity Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 261,019 | 222,525 |
Home Equity Loans | Total | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 447 | 441 |
Home Equity Loans | Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 447 | 441 |
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 |
Consumer Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 89,230 | 70,302 |
Consumer Loans | Total | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 53 | 8 |
Consumer Loans | Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 7 | 6 |
Consumer Loans | Equipment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 26 | 0 |
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 | 20 | 2 |
Credit Cards | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 16,073 | 14,357 |
Credit Cards | Total | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 0 | 0 |
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 |
Residential Mortgage Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 343,166 | 263,565 |
Residential Mortgage Loans | Total | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 1,237 | 652 |
Residential Mortgage Loans | Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 1,237 | 652 |
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 |
Loans - Aging of Past Due Loans
Loans - Aging of Past Due Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Financing Receivable, Past Due [Line Items] | ||
Total | $ 3,652,743 | $ 3,007,926 |
Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 20,553 | 11,490 |
30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 7,967 | 3,182 |
60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 1,511 | 808 |
Greater Than 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 11,075 | 7,500 |
Loans Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 3,632,190 | 2,996,436 |
Commercial and Industrial Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 587,460 | 493,005 |
Commercial and Industrial Loans | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 7,948 | 6,159 |
Commercial and Industrial Loans | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 40 | 12 |
Commercial and Industrial Loans | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 46 | 0 |
Commercial and Industrial Loans | Greater Than 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 7,862 | 6,147 |
Commercial and Industrial Loans | Loans Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 579,512 | 486,846 |
Commercial Real Estate Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 1,904,235 | 1,530,677 |
Commercial Real Estate Loans | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 1,780 | 896 |
Commercial Real Estate Loans | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 1,151 | 0 |
Commercial Real Estate Loans | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 5 |
Commercial Real Estate Loans | Greater Than 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 629 | 891 |
Commercial Real Estate Loans | Loans Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 1,902,455 | 1,529,781 |
Agricultural Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 397,524 | 358,150 |
Agricultural Loans | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 1,271 | 0 |
Agricultural Loans | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 38 | 0 |
Agricultural Loans | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 71 | 0 |
Agricultural Loans | Greater Than 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 1,162 | 0 |
Agricultural Loans | Loans Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 396,253 | 358,150 |
Leases | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 54,036 | 55,345 |
Leases | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 0 |
Leases | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 0 |
Leases | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 0 |
Leases | Greater Than 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 0 |
Leases | Loans Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 54,036 | 55,345 |
Home Equity Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 261,019 | 222,525 |
Home Equity Loans | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 1,211 | 479 |
Home Equity Loans | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 636 | 225 |
Home Equity Loans | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 342 | 229 |
Home Equity Loans | Greater Than 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 233 | 25 |
Home Equity Loans | Loans Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 259,808 | 222,046 |
Consumer Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 89,230 | 70,302 |
Consumer Loans | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 1,163 | 220 |
Consumer Loans | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 1,079 | 158 |
Consumer Loans | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 18 | 58 |
Consumer Loans | Greater Than 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 66 | 4 |
Consumer Loans | Loans Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 88,067 | 70,082 |
Credit Cards | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 16,073 | 14,357 |
Credit Cards | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 335 | 134 |
Credit Cards | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 224 | 61 |
Credit Cards | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 52 | 9 |
Credit Cards | Greater Than 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 59 | 64 |
Credit Cards | Loans Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 15,738 | 14,223 |
Residential Mortgage Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 343,166 | 263,565 |
Residential Mortgage Loans | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 6,845 | 3,602 |
Residential Mortgage Loans | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 4,799 | 2,726 |
Residential Mortgage Loans | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 982 | 507 |
Residential Mortgage Loans | Greater Than 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 1,064 | 369 |
Residential Mortgage Loans | Loans Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | $ 336,321 | $ 259,963 |
Loans - Risk Category of Loans
Loans - Risk Category of Loans by Class (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | $ 3,652,743 | $ 3,007,926 |
Commercial and Industrial Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022-2021 | 94,547 | 141,348 |
2021-2020 | 128,328 | 58,826 |
2020-2019 | 51,258 | 61,110 |
2019-2018 | 57,925 | 30,716 |
2018-2017 | 27,045 | 17,321 |
Prior | 71,120 | 51,934 |
Revolving Loans Amortized Cost Basis | 157,237 | 131,750 |
Total | 587,460 | 493,005 |
Commercial Real Estate Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022-2021 | 156,102 | 406,528 |
2021-2020 | 525,881 | 264,011 |
2020-2019 | 294,175 | 172,601 |
2019-2018 | 181,284 | 147,700 |
2018-2017 | 165,226 | 157,144 |
Prior | 542,795 | 355,996 |
Revolving Loans Amortized Cost Basis | 38,772 | 26,697 |
Total | 1,904,235 | 1,530,677 |
Agricultural Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022-2021 | 36,791 | 46,224 |
2021-2020 | 54,082 | 50,447 |
2020-2019 | 57,750 | 28,048 |
2019-2018 | 32,754 | 27,597 |
2018-2017 | 26,679 | 31,811 |
Prior | 117,096 | 84,741 |
Revolving Loans Amortized Cost Basis | 72,372 | 89,282 |
Total | 397,524 | 358,150 |
Leases | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022-2021 | 8,242 | 19,689 |
2021-2020 | 16,720 | 12,706 |
2020-2019 | 11,127 | 12,990 |
2019-2018 | 11,125 | 5,599 |
2018-2017 | 3,865 | 2,473 |
Prior | 2,957 | 1,888 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 54,036 | 55,345 |
Pass | Commercial and Industrial Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022-2021 | 94,221 | 141,133 |
2021-2020 | 128,056 | 57,477 |
2020-2019 | 48,970 | 60,883 |
2019-2018 | 57,023 | 29,005 |
2018-2017 | 25,320 | 15,936 |
Prior | 66,158 | 48,559 |
Revolving Loans Amortized Cost Basis | 140,139 | 122,377 |
Total | 559,887 | 475,370 |
Pass | Commercial Real Estate Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022-2021 | 152,123 | 404,175 |
2021-2020 | 524,183 | 264,011 |
2020-2019 | 289,249 | 164,204 |
2019-2018 | 179,881 | 131,746 |
2018-2017 | 147,216 | 139,788 |
Prior | 500,418 | 336,066 |
Revolving Loans Amortized Cost Basis | 38,772 | 26,697 |
Total | 1,831,842 | 1,466,687 |
Pass | Agricultural Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022-2021 | 36,391 | 44,510 |
2021-2020 | 52,074 | 45,101 |
2020-2019 | 51,020 | 22,482 |
2019-2018 | 27,243 | 24,187 |
2018-2017 | 23,178 | 24,325 |
Prior | 99,354 | 71,268 |
Revolving Loans Amortized Cost Basis | 65,789 | 81,011 |
Total | 355,049 | 312,884 |
Pass | Leases | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022-2021 | 8,242 | 19,689 |
2021-2020 | 16,720 | 12,706 |
2020-2019 | 11,127 | 12,990 |
2019-2018 | 11,125 | 5,599 |
2018-2017 | 3,865 | 2,473 |
Prior | 2,957 | 1,888 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 54,036 | 55,345 |
Special Mention | Commercial and Industrial Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022-2021 | 0 | 115 |
2021-2020 | 104 | 128 |
2020-2019 | 630 | 227 |
2019-2018 | 123 | 649 |
2018-2017 | 584 | 7 |
Prior | 643 | 918 |
Revolving Loans Amortized Cost Basis | 2,010 | 1,510 |
Total | 4,094 | 3,554 |
Special Mention | Commercial Real Estate Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022-2021 | 3,128 | 2,279 |
2021-2020 | 1,512 | 0 |
2020-2019 | 4,926 | 710 |
2019-2018 | 137 | 14,426 |
2018-2017 | 15,795 | 17,356 |
Prior | 34,773 | 13,916 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 60,271 | 48,687 |
Special Mention | Agricultural Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022-2021 | 400 | 1,714 |
2021-2020 | 1,797 | 5,346 |
2020-2019 | 6,730 | 5,503 |
2019-2018 | 5,457 | 3,025 |
2018-2017 | 3,074 | 6,438 |
Prior | 12,979 | 6,624 |
Revolving Loans Amortized Cost Basis | 6,287 | 8,271 |
Total | 36,724 | 36,921 |
Special Mention | Leases | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022-2021 | 0 | 0 |
2021-2020 | 0 | 0 |
2020-2019 | 0 | 0 |
2019-2018 | 0 | 0 |
2018-2017 | 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] | ||
2022-2021 | 326 | 100 |
2021-2020 | 168 | 1,221 |
2020-2019 | 1,658 | 0 |
2019-2018 | 779 | 1,062 |
2018-2017 | 1,141 | 1,378 |
Prior | 4,319 | 2,457 |
Revolving Loans Amortized Cost Basis | 15,088 | 7,863 |
Total | 23,479 | 14,081 |
Substandard | Commercial Real Estate Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022-2021 | 851 | 74 |
2021-2020 | 186 | 0 |
2020-2019 | 0 | 7,687 |
2019-2018 | 1,266 | 1,528 |
2018-2017 | 2,215 | 0 |
Prior | 7,604 | 6,014 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 12,122 | 15,303 |
Substandard | Agricultural Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022-2021 | 0 | 0 |
2021-2020 | 211 | 0 |
2020-2019 | 0 | 63 |
2019-2018 | 54 | 385 |
2018-2017 | 427 | 1,048 |
Prior | 4,763 | 6,849 |
Revolving Loans Amortized Cost Basis | 296 | 0 |
Total | 5,751 | 8,345 |
Substandard | Leases | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022-2021 | 0 | 0 |
2021-2020 | 0 | 0 |
2020-2019 | 0 | 0 |
2019-2018 | 0 | 0 |
2018-2017 | 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] | ||
2022-2021 | 0 | 0 |
2021-2020 | 0 | 0 |
2020-2019 | 0 | 0 |
2019-2018 | 0 | 0 |
2018-2017 | 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] | ||
2022-2021 | 0 | 0 |
2021-2020 | 0 | 0 |
2020-2019 | 0 | 0 |
2019-2018 | 0 | 0 |
2018-2017 | 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] | ||
2022-2021 | 0 | 0 |
2021-2020 | 0 | 0 |
2020-2019 | 0 | 0 |
2019-2018 | 0 | 0 |
2018-2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 0 | 0 |
Doubtful | Leases | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022-2021 | 0 | 0 |
2021-2020 | 0 | 0 |
2020-2019 | 0 | 0 |
2019-2018 | 0 | 0 |
2018-2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | $ 0 | $ 0 |
Loans - Residential, Home Equit
Loans - Residential, Home Equity and Consumer Loans Based on Payment Activity (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | $ 3,652,743 | $ 3,007,926 |
Consumer Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022-2021 | 25,045 | 39,926 |
2021-2020 | 40,148 | 15,900 |
2020-2019 | 11,062 | 4,325 |
2019-2018 | 3,640 | 4,531 |
2018-2017 | 3,872 | 600 |
Prior | 2,170 | 1,670 |
Revolving Loans Amortized Cost Basis | 3,293 | 3,350 |
Total | 89,230 | 70,302 |
Consumer Loans | Performing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022-2021 | 25,024 | 39,923 |
2021-2020 | 40,135 | 15,900 |
2020-2019 | 11,037 | 4,325 |
2019-2018 | 3,638 | 4,531 |
2018-2017 | 3,869 | 600 |
Prior | 2,159 | 1,655 |
Revolving Loans Amortized Cost Basis | 3,289 | 3,350 |
Total | 89,151 | 70,284 |
Consumer Loans | Nonperforming | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022-2021 | 21 | 3 |
2021-2020 | 13 | 0 |
2020-2019 | 25 | 0 |
2019-2018 | 2 | 0 |
2018-2017 | 3 | 0 |
Prior | 11 | 15 |
Revolving Loans Amortized Cost Basis | 4 | 0 |
Total | 79 | 18 |
Home Equity Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022-2021 | 34 | 0 |
2021-2020 | 0 | 0 |
2020-2019 | 0 | 0 |
2019-2018 | 0 | 21 |
2018-2017 | 20 | 0 |
Prior | 590 | 836 |
Revolving Loans Amortized Cost Basis | 260,375 | 221,668 |
Total | 261,019 | 222,525 |
Home Equity Loans | Performing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022-2021 | 34 | 0 |
2021-2020 | 0 | 0 |
2020-2019 | 0 | 0 |
2019-2018 | 0 | 21 |
2018-2017 | 20 | 0 |
Prior | 589 | 835 |
Revolving Loans Amortized Cost Basis | 260,143 | 221,644 |
Total | 260,786 | 222,500 |
Home Equity Loans | Nonperforming | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022-2021 | 0 | 0 |
2021-2020 | 0 | 0 |
2020-2019 | 0 | 0 |
2019-2018 | 0 | 0 |
2018-2017 | 0 | 0 |
Prior | 1 | 1 |
Revolving Loans Amortized Cost Basis | 232 | 24 |
Total | 233 | 25 |
Residential Mortgage Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022-2021 | 38,471 | 84,809 |
2021-2020 | 101,787 | 38,717 |
2020-2019 | 51,526 | 15,244 |
2019-2018 | 21,329 | 17,369 |
2018-2017 | 19,021 | 19,688 |
Prior | 111,012 | 87,738 |
Revolving Loans Amortized Cost Basis | 20 | 0 |
Total | 343,166 | 263,565 |
Residential Mortgage Loans | Performing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022-2021 | 38,471 | 84,809 |
2021-2020 | 101,614 | 38,717 |
2020-2019 | 51,356 | 15,244 |
2019-2018 | 21,215 | 17,369 |
2018-2017 | 19,003 | 19,688 |
Prior | 110,075 | 87,164 |
Revolving Loans Amortized Cost Basis | 20 | 0 |
Total | 341,754 | 262,991 |
Residential Mortgage Loans | Nonperforming | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022-2021 | 0 | 0 |
2021-2020 | 173 | 0 |
2020-2019 | 170 | 0 |
2019-2018 | 114 | 0 |
2018-2017 | 18 | 0 |
Prior | 937 | 574 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | $ 1,412 | $ 574 |
Loans - Recorded Investment in
Loans - Recorded Investment in Credit Cards Based on Payment Activity (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | $ 3,652,743 | $ 3,007,926 |
Credit Cards | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 16,073 | 14,357 |
Credit Cards | Performing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 16,014 | 14,293 |
Credit Cards | Nonperforming | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | $ 59 | $ 64 |
Loans - Loans Purchased and_or
Loans - Loans Purchased and/or Sold During the Year by Portfolio Segment (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Purchases | $ 1,063 | $ 2,271 |
Sales | 609 | 17,799 |
Commercial and Industrial Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Purchases | 0 | 0 |
Sales | 0 | 2,273 |
Commercial Real Estate Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Purchases | 1,063 | 2,271 |
Sales | 609 | 15,415 |
Agricultural Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Purchases | 0 | 0 |
Sales | 0 | 111 |
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 | Jun. 30, 2022 | Dec. 31, 2021 |
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 | $ 42,410 | $ 68,328 |
Segment Information - Narrative
Segment Information - Narrative (Details) | 6 Months Ended |
Jun. 30, 2022 banking_office segment | |
Segment Reporting [Abstract] | |
Number of operating segments | segment | 3 |
Number of banking offices | banking_office | 77 |
Segment Information - Segment F
Segment Information - Segment Financial Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||||||
Net Interest Income | $ 49,597 | $ 39,880 | $ 96,505 | $ 78,812 | |||
Net Gains on Sales of Loans | 1,049 | 2,018 | 2,470 | 4,220 | |||
Net Gains on Securities | 78 | 300 | 450 | 1,275 | |||
Wealth Management Fees | 2,642 | 2,620 | 5,280 | 4,978 | |||
Insurance Revenues | 2,254 | 2,020 | 5,975 | 5,312 | |||
Noncash Items: | |||||||
Provision (Benefit) for Credit Losses | 300 | (5,000) | 5,500 | (6,500) | |||
Depreciation and Amortization | 2,596 | 2,254 | 5,250 | 4,581 | |||
Income Tax Expense (Benefit) | 5,029 | 5,923 | 5,698 | 10,576 | |||
Segment Profit (Loss) | 23,747 | $ 9,067 | 23,822 | $ 19,557 | 32,814 | 43,379 | |
Segment Assets | 6,471,703 | 6,471,703 | $ 5,608,539 | ||||
Operating Segments | Core Banking | |||||||
Segment Reporting Information [Line Items] | |||||||
Net Interest Income | 50,474 | 40,521 | 98,139 | 80,103 | |||
Net Gains on Sales of Loans | 1,049 | 2,018 | 2,470 | 4,220 | |||
Net Gains on Securities | 78 | 300 | 450 | 1,275 | |||
Wealth Management Fees | 1 | 2 | 2 | 3 | |||
Insurance Revenues | 2 | 5 | 29 | 7 | |||
Noncash Items: | |||||||
Provision (Benefit) for Credit Losses | 300 | (5,000) | 5,500 | (6,500) | |||
Depreciation and Amortization | 2,459 | 2,148 | 4,977 | 4,365 | |||
Income Tax Expense (Benefit) | 5,129 | 6,056 | 5,745 | 10,480 | |||
Segment Profit (Loss) | 23,519 | 23,309 | 31,948 | 41,937 | |||
Segment Assets | 6,459,481 | 6,459,481 | 5,595,721 | ||||
Operating Segments | Wealth Management Services | |||||||
Segment Reporting Information [Line Items] | |||||||
Net Interest Income | 9 | 13 | 14 | 21 | |||
Net Gains on Sales of Loans | 0 | 0 | 0 | 0 | |||
Net Gains on Securities | 0 | 0 | 0 | 0 | |||
Wealth Management Fees | 2,641 | 2,618 | 5,278 | 4,975 | |||
Insurance Revenues | 1 | 1 | 2 | 3 | |||
Noncash Items: | |||||||
Provision (Benefit) for Credit Losses | 0 | 0 | 0 | 0 | |||
Depreciation and Amortization | 11 | 11 | 21 | 24 | |||
Income Tax Expense (Benefit) | 198 | 199 | 402 | 350 | |||
Segment Profit (Loss) | 617 | 619 | 1,257 | 1,089 | |||
Segment Assets | 7,672 | 7,672 | 6,115 | ||||
Operating Segments | Insurance | |||||||
Segment Reporting Information [Line Items] | |||||||
Net Interest Income | 3 | 3 | 6 | 5 | |||
Net Gains on Sales of Loans | 0 | 0 | 0 | 0 | |||
Net Gains on Securities | 0 | 0 | 0 | 0 | |||
Wealth Management Fees | 0 | 0 | 0 | 0 | |||
Insurance Revenues | 2,251 | 2,014 | 5,944 | 5,302 | |||
Noncash Items: | |||||||
Provision (Benefit) for Credit Losses | 0 | 0 | 0 | 0 | |||
Depreciation and Amortization | 12 | 14 | 24 | 31 | |||
Income Tax Expense (Benefit) | 133 | 101 | 583 | 496 | |||
Segment Profit (Loss) | 420 | 314 | 1,849 | 1,562 | |||
Segment Assets | 14,524 | 14,524 | 12,245 | ||||
Other | |||||||
Segment Reporting Information [Line Items] | |||||||
Net Interest Income | (889) | (657) | (1,654) | (1,317) | |||
Net Gains on Sales of Loans | 0 | 0 | 0 | 0 | |||
Net Gains on Securities | 0 | 0 | 0 | 0 | |||
Wealth Management Fees | 0 | 0 | 0 | 0 | |||
Insurance Revenues | 0 | 0 | 0 | 0 | |||
Noncash Items: | |||||||
Provision (Benefit) for Credit Losses | 0 | 0 | 0 | 0 | |||
Depreciation and Amortization | 114 | 81 | 228 | 161 | |||
Income Tax Expense (Benefit) | (431) | (433) | (1,032) | (750) | |||
Segment Profit (Loss) | (809) | $ (420) | (2,240) | $ (1,209) | |||
Segment Assets | $ (9,974) | $ (9,974) | $ (5,542) |
Stock Repurchase Plan (Details)
Stock Repurchase Plan (Details) - shares | 5 Months Ended | |
Jan. 31, 2022 | Jun. 30, 2022 | |
2022 Repurchase Plan | ||
Equity, Class of Treasury Stock [Line Items] | ||
Common stock, shares purchased (in shares) | 0 | |
Common Stock | 2022 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 | 3% | |
Common Stock | 2021 Repurchase Plan | ||
Equity, Class of Treasury Stock [Line Items] | ||
Common stock, authorized shares repurchase (up to) (in shares) | 1,000,000 | |
Common stock, shares purchased (in shares) | 0 |
Equity Plans and Equity Based_3
Equity Plans and Equity Based Compensation - Narrative (Details) | 3 Months Ended | 6 Months Ended | 12 Months Ended | 18 Months Ended | |||||
Oct. 01, 2019 shares | Jun. 30, 2022 USD ($) plan shares | Jun. 30, 2021 USD ($) shares | Jun. 30, 2022 USD ($) plan shares | Jun. 30, 2021 USD ($) shares | Dec. 31, 2020 | Dec. 31, 2019 installment | Jun. 30, 2022 USD ($) plan shares | Dec. 31, 2021 shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of equity incentive plans | plan | 2 | 2 | 2 | ||||||
Number of options granted (in shares) | shares | 0 | 0 | 0 | 0 | |||||
Stock compensation expense | $ 169,000 | $ 284,000 | $ 334,000 | $ 367,000 | |||||
Stock compensation expense, net of tax | $ 935,000 | 683,000 | $ 1,371,000 | 988,000 | |||||
Outstanding stock options (in shares) | shares | 0 | 0 | 0 | 0 | |||||
Stock Options | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Stock compensation expense | $ 0 | 0 | $ 0 | 0 | |||||
Unrecognized compensation expense | 0 | 0 | 0 | 0 | $ 0 | ||||
Restricted Stock | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Unrecognized compensation expense | $ 3,503,000 | $ 3,380,000 | $ 3,503,000 | $ 3,380,000 | $ 3,503,000 | ||||
Awards granted during period percentage | 66.67% | 60% | |||||||
Awards granted cash credit entitlement percentage | 33.33% | 40% | |||||||
Number of annual vesting installments | installment | 3 | ||||||||
Restricted stock granted during period (in shares) | shares | 0 | 0 | 63,258 | 44,123 | |||||
Unvested restricted stock awards (in shares) | shares | 105,530 | 105,530 | 105,530 | 67,160 | |||||
Restricted Stock | Executive Officers | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Awards granted during period percentage | 100% | ||||||||
Restricted Stock | Director | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Award vesting percentage | 100% | ||||||||
Restricted Stock | Vesting Period One | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Award vesting percentage | 100% | 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% | ||||||||
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 | 0 | 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% | 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 | 1,000,000 | 1,000,000 | ||||||
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 | ||||||||
Offering periods (in months) | 3 months | ||||||||
Purchase price percentage | 95% | ||||||||
2009 ESPP | Employee Stock | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Stock compensation expense | $ 14,000 | $ 0 | $ 28,000 | $ 10,000 | |||||
Unrecognized compensation expense | 0 | 0 | 0 | 0 | $ 0 | ||||
Stock compensation expense, net of tax | $ 10,000 | $ 0 | $ 21,000 | $ 7,000 |
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 | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Share-Based Payment Arrangement [Abstract] | ||||
Restricted Stock Expense | $ 1,094 | $ 638 | $ 1,517 | $ 967 |
Cash Entitlement Expense | 169 | 284 | 334 | 367 |
Tax Effect | (328) | (239) | (480) | (346) |
Net of Tax | $ 935 | $ 683 | $ 1,371 | $ 988 |
Fair Value - Narrative (Details
Fair Value - Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Loans Held-for-sale | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
(Losses)/gains from changes in fair value included in earnings | $ (94,000) | $ (33,000) | $ (135,000) | $ (80,000) | |
Fair Value, Measurements, Recurring | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Fair value of securities held | 1,821,735,000 | 1,821,735,000 | $ 1,889,617,000 | ||
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 | 830,209,000 | 830,209,000 | 925,706,000 | ||
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Fair value of securities held | 94,000 | 94,000 | 0 | ||
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 | 94,000 | 94,000 | $ 0 | ||
Losses from changes in fair value included in other comprehensive income | $ 0 | $ 0 | $ 0 | $ (2,000) |
Fair Value - Assets and Liabili
Fair Value - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Loans Held-for-Sale | $ 9,171,000 | $ 10,585,000 |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities | 1,821,735,000 | 1,889,617,000 |
Loans Held-for-Sale | 9,171,000 | 10,585,000 |
Derivative Assets | 5,919,000 | 4,519,000 |
Derivative Liabilities | 5,817,000 | 4,762,000 |
Fair Value, Measurements, Recurring | U.S. Treasury | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities | 1,493,000 | |
Fair Value, Measurements, Recurring | Obligations of State and Political Subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities | 830,209,000 | 925,706,000 |
Fair Value, Measurements, Recurring | MBS/CMO | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities | 780,025,000 | 791,950,000 |
Fair Value, Measurements, Recurring | US Gov’t Sponsored Entities & Agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities | 210,008,000 | 171,961,000 |
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 | 1,493,000 | 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) | U.S. Treasury | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities | 1,493,000 | |
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 | 1,820,148,000 | 1,889,617,000 |
Loans Held-for-Sale | 9,171,000 | 10,585,000 |
Derivative Assets | 5,919,000 | 4,519,000 |
Derivative Liabilities | 5,817,000 | 4,762,000 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | U.S. Treasury | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities | 0 | |
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 | 830,115,000 | 925,706,000 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | MBS/CMO | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities | 780,025,000 | 791,950,000 |
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 | 210,008,000 | 171,961,000 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities | 94,000 | 0 |
Loans Held-for-Sale | 0 | 0 |
Derivative Assets | 0 | 0 |
Derivative Liabilities | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | U.S. Treasury | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities | 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 | 94,000 | 0 |
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 Val
Fair Value - Aggregate Fair Value, Contractual Balance and Gain or Loss of Loans Held-for-Sale (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Fair Value Disclosures [Abstract] | ||
Aggregate Fair Value | $ 9,171 | $ 10,585 |
Contractual Balance | 9,017 | 10,296 |
Gain (Loss) | $ 154 | $ 289 |
Fair Value - Reconciliation of
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 | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance of Recurring Level 3 Assets | $ 94 | $ 0 | $ 0 | $ 497 |
Total Losses Included in Other Comprehensive Income | 0 | 0 | 0 | (2) |
Maturities / Calls | 0 | 0 | 0 | (495) |
Acquired through Bank Acquisition | 0 | 0 | 94 | 0 |
Ending Balance of Recurring Level 3 Assets | $ 94 | $ 0 | $ 94 | $ 0 |
Fair Value - Assets and Liabi_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 | Jun. 30, 2022 | Dec. 31, 2021 |
Commercial and Industrial Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Assets | $ 3,804 | $ 4,423 |
Commercial Real Estate Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Assets | 20,118 | 1,672 |
Agricultural Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Assets | 3,148 | 79 |
Consumer Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Assets | 351 | 0 |
Home Equity Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Assets | 323 | 345 |
Residential Mortgage Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Assets | 752 | 0 |
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 | 3,804 | 4,423 |
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 | 20,118 | 1,672 |
Significant Unobservable Inputs (Level 3) | Agricultural Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Assets | 3,148 | 79 |
Significant Unobservable Inputs (Level 3) | Consumer Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Assets | 351 | 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 | 323 | 345 |
Significant Unobservable Inputs (Level 3) | Residential Mortgage Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Assets | $ 752 | $ 0 |
Fair Value - Quantitative Infor
Fair Value - Quantitative Information of Fair Value Measurements (Details) - Significant Unobservable Inputs (Level 3) - Individually Analyzed Loans $ in Thousands | Jun. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) |
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) | 0.30 | 0.30 |
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) | 0.41 | 0.69 |
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) | 0.25 | 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) | 0.68 | 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) | 0.36 | 0.46 |
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) | 0.83 | 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) | 0.48 | 0.90 |
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 | |
Consumer 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) | 0.20 | |
Consumer 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 | |
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) | 0.37 | 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) | 0.31 | 0.20 |
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) | 1 | 0.23 |
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) | 0.46 | 0.22 |
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) | 0.13 | 0 |
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) | 1 | 0 |
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) | 0.23 | 0 |
Fair Value, Measurements, Nonrecurring | Commercial and Industrial Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 3,804 | $ 4,423 |
Fair Value, Measurements, Nonrecurring | Commercial Real Estate Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 20,118 | 1,672 |
Fair Value, Measurements, Nonrecurring | Agricultural Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 3,148 | 79 |
Fair Value, Measurements, Nonrecurring | Consumer Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 351 | 0 |
Fair Value, Measurements, Nonrecurring | Home Equity Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 323 | 345 |
Fair Value, Measurements, Nonrecurring | Residential Mortgage Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 752 | $ 0 |
Fair Value - Carrying Amounts a
Fair Value - Carrying Amounts and Estimated Fair Values of Company's Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Financial Assets: | ||
Interest Bearing Time Deposits with Banks | $ 995 | $ 745 |
Financial Liabilities: | ||
Demand, Savings, and Money Market Deposits | (5,713,608) | (4,744,316) |
Time Deposits | (464,752) | (347,099) |
Carrying Value | ||
Financial Assets: | ||
Cash and Short-term Investments | 526,045 | 396,890 |
Interest Bearing Time Deposits with Banks | 995 | 745 |
Loans, Net | 3,572,796 | 2,960,728 |
Accrued Interest Receivable | 21,946 | 20,229 |
Financial Liabilities: | ||
Demand, Savings, and Money Market Deposits | (5,248,856) | (4,397,217) |
Time Deposits | (464,752) | (347,099) |
Short-term Borrowings | (42,410) | (68,328) |
Long-term Debt | (102,475) | (83,855) |
Accrued Interest Payable | (818) | (613) |
Estimate of Fair Value Measurement | ||
Financial Assets: | ||
Cash and Short-term Investments | 526,045 | 396,890 |
Interest Bearing Time Deposits with Banks | 995 | 745 |
Loans, Net | 3,564,134 | 2,980,555 |
Accrued Interest Receivable | 21,946 | 20,229 |
Financial Liabilities: | ||
Demand, Savings, and Money Market Deposits | (5,248,856) | (4,397,217) |
Time Deposits | (465,042) | (347,876) |
Short-term Borrowings | (42,410) | (68,328) |
Long-term Debt | (98,403) | (86,623) |
Accrued Interest Payable | (818) | (613) |
Estimate of Fair Value Measurement | Level 1 | ||
Financial Assets: | ||
Cash and Short-term Investments | 111,904 | 47,173 |
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 | (5,248,856) | (4,397,217) |
Time Deposits | 0 | 0 |
Short-term Borrowings | 0 | 0 |
Long-term Debt | 0 | 0 |
Accrued Interest Payable | 0 | 0 |
Estimate of Fair Value Measurement | Level 2 | ||
Financial Assets: | ||
Cash and Short-term Investments | 414,141 | 349,717 |
Interest Bearing Time Deposits with Banks | 995 | 745 |
Loans, Net | 0 | 0 |
Accrued Interest Receivable | 10,675 | 9,213 |
Financial Liabilities: | ||
Demand, Savings, and Money Market Deposits | 0 | 0 |
Time Deposits | (465,042) | (347,876) |
Short-term Borrowings | (42,410) | (68,328) |
Long-term Debt | (27,234) | (28,320) |
Accrued Interest Payable | (671) | (579) |
Estimate of Fair Value Measurement | Level 3 | ||
Financial Assets: | ||
Cash and Short-term Investments | 0 | 0 |
Interest Bearing Time Deposits with Banks | 0 | 0 |
Loans, Net | 3,564,134 | 2,980,555 |
Accrued Interest Receivable | 11,271 | 11,016 |
Financial Liabilities: | ||
Demand, Savings, and Money Market Deposits | 0 | 0 |
Time Deposits | 0 | 0 |
Short-term Borrowings | 0 | 0 |
Long-term Debt | (71,169) | (58,303) |
Accrued Interest Payable | $ (147) | $ (34) |
Other Comprehensive Income (L_3
Other Comprehensive Income (Loss) - Changes in AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||
Beginning Balances | $ 649,036 | $ 668,459 | $ 617,213 | $ 624,709 | $ 668,459 | $ 624,709 |
Other Comprehensive Income (Loss) Before Reclassification | (92,632) | 13,115 | (226,223) | (7,949) | ||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | (62) | (237) | (356) | (1,001) | ||
Total Other Comprehensive Income (Loss) | (92,694) | (133,885) | 12,878 | (21,828) | (226,579) | (8,950) |
Ending Balances | 574,429 | 649,036 | 648,997 | 617,213 | 574,429 | 648,997 |
Total | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||
Beginning Balances | (118,401) | 15,484 | 13,547 | 35,375 | 15,484 | 35,375 |
Total Other Comprehensive Income (Loss) | (92,694) | (133,885) | 12,878 | (21,828) | ||
Ending Balances | (211,095) | (118,401) | 26,425 | 13,547 | (211,095) | 26,425 |
Unrealized Gains and Losses on Available-for-Sale Securities | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||
Beginning Balances | (117,833) | 16,052 | 14,115 | 35,943 | 16,052 | 35,943 |
Other Comprehensive Income (Loss) Before Reclassification | (92,632) | 13,115 | (226,223) | (7,949) | ||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | (62) | (237) | (356) | (1,001) | ||
Total Other Comprehensive Income (Loss) | (92,694) | 12,878 | (226,579) | (8,950) | ||
Ending Balances | (210,527) | (117,833) | 26,993 | 14,115 | (210,527) | 26,993 |
Postretirement Benefit Items | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||
Beginning Balances | (568) | (568) | (568) | (568) | (568) | (568) |
Other Comprehensive Income (Loss) Before Reclassification | 0 | 0 | 0 | 0 | ||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 0 | 0 | 0 | 0 | ||
Total Other Comprehensive Income (Loss) | 0 | 0 | 0 | 0 | ||
Ending Balances | $ (568) | $ (568) | $ (568) | $ (568) | $ (568) | $ (568) |
Other Comprehensive Income (L_4
Other Comprehensive Income (Loss) - Classifications out of AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Net Gains on Securities | $ 78 | $ 300 | $ 450 | $ 1,275 | ||
Income Tax Expense | (5,029) | (5,923) | (5,698) | (10,576) | ||
NET INCOME | 23,747 | $ 9,067 | 23,822 | $ 19,557 | 32,814 | 43,379 |
Total Reclassifications | 62 | 237 | 356 | 1,001 | ||
Amount Reclassified From Accumulated Other Comprehensive Income (Loss) | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Total Reclassifications | 62 | 237 | 356 | 1,001 | ||
Amount Reclassified From Accumulated Other Comprehensive Income (Loss) | Amount Reclassified From Accumulated Other Comprehensive Income (Loss) | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Net Gains on Securities | 78 | 300 | 450 | 1,275 | ||
Income Tax Expense | (16) | (63) | (94) | (268) | ||
NET INCOME | 62 | 237 | 356 | 1,007 | ||
Total Reclassifications | $ 62 | $ 237 | $ 356 | $ 1,007 |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Disaggregation of Revenue [Line Items] | ||||
Non-interest Income (out-of-scope of Topic 606) | $ 2,426 | $ 3,319 | $ 5,187 | $ 7,535 |
TOTAL NON-INTEREST INCOME | 15,180 | 13,902 | 31,368 | 28,939 |
Accounting Standards Update 2014-09 | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest Income (in-scope of Topic 606) | 12,754 | 10,583 | 26,181 | 21,404 |
Wealth Management Fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest Income (in-scope of Topic 606) | 2,642 | 2,620 | 5,280 | 4,978 |
Wealth Management Fees | Accounting Standards Update 2014-09 | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest Income (in-scope of Topic 606) | 2,642 | 2,620 | 5,280 | 4,978 |
Service Charges on Deposit Accounts | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest Income (in-scope of Topic 606) | 2,871 | 1,735 | 5,554 | 3,413 |
Service Charges on Deposit Accounts | Transferred at Point in Time | Accounting Standards Update 2014-09 | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest Income (in-scope of Topic 606) | 2,871 | 1,735 | 5,554 | 3,413 |
Insurance Revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest Income (in-scope of Topic 606) | 2,254 | 2,020 | 5,975 | 5,312 |
Insurance Revenues | Transferred over Time | Accounting Standards Update 2014-09 | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest Income (in-scope of Topic 606) | 2,254 | 2,020 | 5,975 | 5,312 |
Interchange Fee Income | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest Income (in-scope of Topic 606) | 4,167 | 3,482 | 7,794 | 6,312 |
Interchange Fee Income | Transferred at Point in Time | Accounting Standards Update 2014-09 | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest Income (in-scope of Topic 606) | 4,167 | 3,482 | 7,794 | 6,312 |
Other Operating Income | Transferred at Point in Time | Accounting Standards Update 2014-09 | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest Income (in-scope of Topic 606) | $ 820 | $ 726 | $ 1,578 | $ 1,389 |
Leases - Components of Lease Ex
Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Finance Lease Cost: | ||||
Amortization of Right-of -Use Assets | $ 53 | $ 52 | $ 105 | $ 104 |
Interest on Lease Liabilities | 82 | 87 | 165 | 175 |
Operating Lease Cost | 376 | 342 | 745 | 761 |
Short-term Lease Cost | 3 | 7 | 27 | 7 |
Total Lease Cost | $ 514 | $ 488 | $ 1,042 | $ 1,047 |
Leases - Weighted Average Lease
Leases - Weighted Average Lease Term and Discount Rates (Details) | Jun. 30, 2022 | Jun. 30, 2021 |
Weighted Average Remaining Lease Term: | ||
Finance Lease, Weighted Average Remaining Lease Term (in years) | 10 years | 11 years |
Operating Lease, Weighted Average Remaining Lease Term (in years) | 8 years | 8 years |
Weighted Average Discount Rate: | ||
Finance Leases | 11.43% | 11.47% |
Operating Leases | 2.85% | 3.15% |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 |
Finance Leases | ||
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Premises, Furniture and Equipment, Net | Premises, Furniture and Equipment, Net |
Premises, Furniture and Equipment, Net | $ 1,963 | $ 2,173 |
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Other Borrowings | Other Borrowings |
Other Borrowings | $ 2,957 | $ 3,140 |
Operating Leases | ||
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Accrued Interest Receivable and Other Assets | Accrued Interest Receivable and Other Assets |
Operating Lease Right-of-Use Assets | $ 6,510 | $ 6,260 |
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Accrued Interest Payable and Other Liabilities | Accrued Interest Payable and Other Liabilities |
Operating Lease Liabilities | $ 6,645 | $ 6,357 |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash paid for amounts in the measurement of lease liabilities: | ||
Operating Cash Flows from Finance Leases | $ 166 | $ 175 |
Operating Cash Flows from Operating Leases | 701 | 1,805 |
Financing Cash Flows from Finance Leases | $ 91 | $ 69 |
Leases - Maturity of Finance an
Leases - Maturity of Finance and Operating Lease Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 |
Finance Leases | ||
Year 1 | $ 519 | |
Year 2 | 519 | |
Year 3 | 519 | |
Year 4 | 519 | |
Year 5 | 519 | |
Thereafter | 2,174 | |
Total Lease Payments | 4,769 | |
Less Imputed Interest | (1,812) | |
Total | 2,957 | $ 3,140 |
Operating Leases | ||
Year 1 | 1,331 | |
Year 2 | 1,110 | |
Year 3 | 972 | |
Year 4 | 868 | |
Year 5 | 756 | |
Thereafter | 2,425 | |
Total Lease Payments | 7,462 | |
Less Imputed Interest | (817) | |
Total | $ 6,645 | $ 6,357 |
Business Combinations - Narrati
Business Combinations - Narrative (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Jan. 01, 2022 USD ($) banking_office $ / shares shares | Jun. 30, 2022 USD ($) banking_office | Jun. 30, 2022 USD ($) banking_office | Mar. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jun. 30, 2021 USD ($) | Mar. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Business Acquisition [Line Items] | ||||||||
Number of banking offices | banking_office | 77 | 77 | ||||||
Assets | $ 6,471,703 | $ 6,471,703 | $ 5,608,539 | |||||
Loans | 3,652,743 | 3,652,743 | 3,007,926 | |||||
Goodwill | 180,308 | 180,308 | 121,761 | |||||
Gross contractual receivable for purchased financial assets with credit deterioration | 602,232 | 602,232 | ||||||
Provision for credit losses excluded from pro-forma information | 45,031 | 45,031 | $ 45,078 | $ 37,017 | $ 39,995 | $ 45,099 | $ 46,859 | |
CUB | ||||||||
Business Acquisition [Line Items] | ||||||||
Direct acquisition costs | $ 12,132 | |||||||
Goodwill | 58,548 | |||||||
Intangible Assets | 7,572 | |||||||
Cash paid for acquisition | 50,800 | |||||||
Fair value of purchased financial assets with credit deterioration | 678,167 | |||||||
Gross contractual receivable for purchased financial assets with credit deterioration | 683,526 | |||||||
Non-recurring merger costs excluded from pro forma information | 427 | 12,132 | ||||||
CUB | Cumulative Effect, Period of Adoption, Adjustment | ||||||||
Business Acquisition [Line Items] | ||||||||
Provision for credit losses excluded from pro-forma information | $ 6,300 | $ 6,300 | ||||||
CUB | PCD Loans | ||||||||
Business Acquisition [Line Items] | ||||||||
Fair value of purchased financial assets with credit deterioration | 29,868 | |||||||
Gross contractual receivable for purchased financial assets with credit deterioration | 34,453 | |||||||
Estimated contractual cash flows of purchased financial asset with credit deterioration | 3,117 | |||||||
CUB | Core Deposits | ||||||||
Business Acquisition [Line Items] | ||||||||
Intangible Assets | $ 7,572 | |||||||
Weighted average useful live of acquired intangibles (in years) | 8 years | |||||||
CUB | Common Stock | ||||||||
Business Acquisition [Line Items] | ||||||||
Cash payment for each share exchanged (in dollars per share) | $ / shares | $ 13.44 | |||||||
Fixed exchange ratio (in shares) | shares | 0.7739 | |||||||
Shares issued for acquisition (in shares) | shares | 2,870,975 | |||||||
CUB | CUB | ||||||||
Business Acquisition [Line Items] | ||||||||
Assets | $ 1,108,546 | |||||||
Loans | 683,807 | |||||||
Deposits | $ 930,533 | |||||||
Kentucky | CUB | CUB | ||||||||
Business Acquisition [Line Items] | ||||||||
Number of banking offices | banking_office | 15 |
Business Combinations - Schedul
Business Combinations - Schedule of Fair Value of Identifiable Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Jan. 01, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Recognized Amounts of Identifiable Assets Acquired and Liabilities Assumed: | |||
Goodwill | $ 180,308 | $ 121,761 | |
CUB | |||
Consideration | |||
Cash for Stock Options and Fractional Shares | $ 942 | ||
Cash Consideration | 49,863 | ||
Equity Instruments | 111,914 | ||
Fair Value of Total Consideration Transferred | 162,719 | ||
Recognized Amounts of Identifiable Assets Acquired and Liabilities Assumed: | |||
Cash | 20,244 | ||
Federal Funds Sold and Other Short-term Investments | 238,325 | ||
Interest-bearing Time Deposits with Banks | 250 | ||
Securities | 102,233 | ||
Loans | 678,167 | ||
Stock in FHLB and Other Restricted Stock, at Cost | 10,078 | ||
Premises, Furniture & Equipment | 20,064 | ||
Other Real Estate | 40 | ||
Intangible Assets | 7,572 | ||
Company Owned Life Insurance | 12,881 | ||
Accrued Interest Receivable and Other Assets | 17,908 | ||
Deposits - Non-interest Bearing | (237,472) | ||
Deposits - Interest Bearing | (696,750) | ||
FHLB Advances and Other Borrowings | (60,837) | ||
Accrued Interest Payable and Other Liabilities | (8,532) | ||
Total Identifiable Net Assets | 104,171 | ||
Goodwill | $ 58,548 |
Business Combinations - Unaudit
Business Combinations - Unaudited Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Business Combination and Asset Acquisition [Abstract] | ||||
Net Interest Income | $ 49,597 | $ 48,453 | $ 96,505 | $ 96,184 |
Non-interest Income | 15,180 | 15,253 | 31,368 | 31,779 |
Total Revenue | 64,777 | 63,706 | 127,873 | 127,963 |
Provision for Loan Losses Expense | 300 | (5,454) | (800) | (8,311) |
Non-interest Expense | 35,274 | 33,677 | 71,729 | 71,121 |
Income Before Income Taxes | 29,203 | 35,483 | 56,944 | 65,153 |
Income Tax Expense | 5,029 | 7,300 | 10,051 | 13,248 |
Business Acquisition, Pro Forma Net Income (Loss) | $ 24,174 | $ 28,183 | $ 46,893 | $ 51,905 |
Earnings Per Share (in shares) | $ 0.82 | $ 0.96 | $ 1.59 | $ 1.77 |
Diluted Earnings Per Share (in shares) | $ 0.82 | $ 0.96 | $ 1.59 | $ 1.77 |