Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2023 | Nov. 01, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2023 | |
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 | 29,575,451 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Entity Central Index Key | 0000714395 | |
Current Fiscal Year End Date | --12-31 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
ASSETS | ||
Cash and Due from Banks | $ 72,063 | $ 77,174 |
Federal Funds Sold and Other Short-term Investments | 60,356 | 41,905 |
Cash and Cash Equivalents | 132,419 | 119,079 |
Interest-bearing Time Deposits with Banks | 500 | 500 |
Securities Available-for-Sale, at Fair Value (Amortized Cost $1,891,435 for September 30, 2023; Amortized Cost $2,094,826 for December 31, 2022; No Allowance for Credit Losses) | 1,476,956 | 1,761,669 |
Other Investments | 353 | 353 |
Loans Held-for-Sale, at Fair Value | 7,085 | 8,600 |
Loans | 3,893,573 | 3,788,645 |
Less: Unearned Income | (6,023) | (3,711) |
Allowance for Credit Losses | (44,646) | (44,168) |
Loans, Net | 3,842,904 | 3,740,766 |
Stock in FHLB of Indianapolis and Other Restricted Stock, at Cost | 14,763 | 15,037 |
Premises, Furniture and Equipment, Net | 111,252 | 112,237 |
Other Real Estate | 24 | 0 |
Goodwill | 180,357 | 180,357 |
Intangible Assets | 7,016 | 9,426 |
Company Owned Life Insurance | 85,372 | 83,998 |
Accrued Interest Receivable and Other Assets | 146,665 | 123,969 |
TOTAL ASSETS | 6,005,666 | 6,155,991 |
LIABILITIES | ||
Non-interest-bearing Demand Deposits | 1,502,175 | 1,691,804 |
Interest-bearing Demand, Savings, and Money Market Accounts | 2,932,180 | 3,229,778 |
Time Deposits | 701,516 | 428,469 |
Total Deposits | 5,135,871 | 5,350,051 |
FHLB Advances and Other Borrowings | 286,193 | 203,806 |
Accrued Interest Payable and Other Liabilities | 45,210 | 43,741 |
TOTAL LIABILITIES | 5,467,274 | 5,597,598 |
SHAREHOLDERS’ EQUITY | ||
Common Stock, no par value, $1 stated value; 45,000,000 shares authorized | 29,575 | 29,493 |
Additional Paid-in Capital | 388,955 | 387,171 |
Retained Earnings | 447,475 | 405,167 |
Accumulated Other Comprehensive Income (Loss) | (327,613) | (263,438) |
TOTAL SHAREHOLDERS’ EQUITY | 538,392 | 558,393 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ 6,005,666 | $ 6,155,991 |
End of period shares issued (in shares) | 29,575,451 | 29,493,193 |
End of period shares outstanding (in shares) | 29,575,451 | 29,493,193 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Securities, Available-for-Sale, at Fair Value, Amortized Cost | $ 1,891,435,000 | $ 2,094,826,000 |
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 | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
INTEREST INCOME | ||||
Interest and Fees on Loans | $ 55,196 | $ 43,128 | $ 156,459 | $ 122,050 |
Interest on Federal Funds Sold and Other Short-term Investments | 199 | 2,053 | 1,204 | 3,565 |
Interest and Dividends on Securities: | ||||
Taxable | 4,871 | 5,276 | 15,490 | 14,909 |
Non-taxable | 5,376 | 6,067 | 16,492 | 17,541 |
TOTAL INTEREST INCOME | 65,642 | 56,524 | 189,645 | 158,065 |
INTEREST EXPENSE | ||||
Interest on Deposits | 15,578 | 3,597 | 37,906 | 6,475 |
Interest on FHLB Advances and Other Borrowings | 2,505 | 1,229 | 6,913 | 3,387 |
TOTAL INTEREST EXPENSE | 18,083 | 4,826 | 44,819 | 9,862 |
NET INTEREST INCOME | 47,559 | 51,698 | 144,826 | 148,203 |
Provision for Credit Losses | 900 | 350 | 2,550 | 5,850 |
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES | 46,659 | 51,348 | 142,276 | 142,353 |
NON-INTEREST INCOME | ||||
Company Owned Life Insurance | 446 | 416 | 1,276 | 1,768 |
Other Operating Income | 1,270 | 1,365 | 3,943 | 3,858 |
Net Gains on Sales of Loans | 614 | 854 | 1,831 | 3,324 |
Net Gains on Securities | 0 | 23 | 40 | 473 |
TOTAL NON-INTEREST INCOME | 14,804 | 14,097 | 44,667 | 45,465 |
NON-INTEREST EXPENSE | ||||
Salaries and Employee Benefits | 20,347 | 19,751 | 62,296 | 63,223 |
Occupancy Expense | 2,813 | 2,764 | 8,270 | 8,446 |
Furniture and Equipment Expense | 878 | 921 | 2,684 | 2,820 |
FDIC Premiums | 700 | 477 | 2,128 | 1,418 |
Data Processing Fees | 2,719 | 2,712 | 8,277 | 12,896 |
Professional Fees | 1,229 | 1,188 | 4,405 | 5,124 |
Advertising and Promotion | 1,278 | 1,215 | 3,706 | 3,380 |
Intangible Amortization | 685 | 897 | 2,204 | 2,871 |
Other Operating Expenses | 4,772 | 4,791 | 14,793 | 18,399 |
TOTAL NON-INTEREST EXPENSE | 35,421 | 34,716 | 108,763 | 118,577 |
Income before Income Taxes | 26,042 | 30,729 | 78,180 | 69,241 |
Income Tax Expense | 4,591 | 6,133 | 13,799 | 11,831 |
NET INCOME | $ 21,451 | $ 24,596 | $ 64,381 | $ 57,410 |
Basic Earnings Per Share (in dollars per share) | $ 0.73 | $ 0.83 | $ 2.18 | $ 1.95 |
Diluted Earnings Per Share (in dollars per share) | $ 0.73 | $ 0.83 | $ 2.18 | $ 1.95 |
Wealth Management Fees | ||||
NON-INTEREST INCOME | ||||
Non-interest income | $ 2,957 | $ 2,376 | $ 8,513 | $ 7,656 |
Service Charges on Deposit Accounts | ||||
NON-INTEREST INCOME | ||||
Non-interest income | 2,982 | 3,014 | 8,653 | 8,568 |
Insurance Revenues | ||||
NON-INTEREST INCOME | ||||
Non-interest income | 2,065 | 1,995 | 7,330 | 7,970 |
Interchange Fee Income | ||||
NON-INTEREST INCOME | ||||
Non-interest income | $ 4,470 | $ 4,054 | $ 13,081 | $ 11,848 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
NET INCOME | $ 21,451 | $ 24,596 | $ 64,381 | $ 57,410 |
Unrealized Gains (Losses) on Securities: | ||||
Unrealized Holding Gain (Loss) Arising During the Period | (99,787) | (124,142) | (81,281) | (410,839) |
Reclassification Adjustment for Gains Included in Net Income | 0 | (23) | (40) | (473) |
Tax Effect | 21,026 | 26,202 | 17,146 | 86,770 |
Net of Tax | (78,761) | (97,963) | (64,175) | (324,542) |
Total Other Comprehensive Income (Loss) | (78,761) | (97,963) | (64,175) | (324,542) |
COMPREHENSIVE INCOME (LOSS) | $ (57,310) | $ (73,367) | $ 206 | $ (267,132) |
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, 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., net (in shares) | 2,870,975 | ||||
Acquisition of Citizens Union Bancorp of Shelbyville, Inc., net | 111,723 | $ 2,871 | 108,852 | ||
Restricted Share Grants Net (in shares) | 61,200 | ||||
Restricted Share Grants Net | 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 | 57,410 | ||||
Other Comprehensive Income (Loss) | (324,542) | ||||
Ending Balances (in shares) at Sep. 30, 2022 | 29,485,121 | ||||
Ending Balances at Sep. 30, 2022 | 494,701 | $ 29,485 | 386,764 | 387,510 | (309,058) |
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 Net (in shares) | (2,638) | ||||
Restricted Share Grants Net | 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) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net Income | 24,596 | 24,596 | |||
Other Comprehensive Income (Loss) | (97,963) | (97,963) | |||
Cash Dividends | (6,759) | (6,759) | |||
Issuance of Common Stock for: | |||||
Restricted Share Grants Net (in shares) | 2,076 | ||||
Restricted Share Grants Net | 398 | $ 2 | 396 | ||
Ending Balances (in shares) at Sep. 30, 2022 | 29,485,121 | ||||
Ending Balances at Sep. 30, 2022 | $ 494,701 | $ 29,485 | 386,764 | 387,510 | (309,058) |
Beginning Balances (in shares) at Dec. 31, 2022 | 29,493,193 | 29,493,193 | |||
Beginning Balances at Dec. 31, 2022 | $ 558,393 | $ 29,493 | 387,171 | 405,167 | (263,438) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net Income | 20,807 | 20,807 | |||
Other Comprehensive Income (Loss) | 32,946 | 32,946 | |||
Cash Dividends | (7,354) | (7,354) | |||
Issuance of Common Stock for: | |||||
Restricted Share Grants Net (in shares) | 80,246 | ||||
Restricted Share Grants Net | 539 | $ 80 | 459 | ||
Ending Balances (in shares) at Mar. 31, 2023 | 29,573,439 | ||||
Ending Balances at Mar. 31, 2023 | $ 605,331 | $ 29,573 | 387,630 | 418,620 | (230,492) |
Beginning Balances (in shares) at Dec. 31, 2022 | 29,493,193 | 29,493,193 | |||
Beginning Balances at Dec. 31, 2022 | $ 558,393 | $ 29,493 | 387,171 | 405,167 | (263,438) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net Income | 64,381 | ||||
Other Comprehensive Income (Loss) | $ (64,175) | ||||
Ending Balances (in shares) at Sep. 30, 2023 | 29,575,451 | 29,575,451 | |||
Ending Balances at Sep. 30, 2023 | $ 538,392 | $ 29,575 | 388,955 | 447,475 | (327,613) |
Beginning Balances (in shares) at Mar. 31, 2023 | 29,573,439 | ||||
Beginning Balances at Mar. 31, 2023 | 605,331 | $ 29,573 | 387,630 | 418,620 | (230,492) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net Income | 22,123 | 22,123 | |||
Other Comprehensive Income (Loss) | (18,360) | (18,360) | |||
Cash Dividends | (7,359) | (7,359) | |||
Issuance of Common Stock for: | |||||
Restricted Share Grants Net (in shares) | (656) | ||||
Restricted Share Grants Net | 830 | 830 | |||
Ending Balances (in shares) at Jun. 30, 2023 | 29,572,783 | ||||
Ending Balances at Jun. 30, 2023 | 602,565 | $ 29,573 | 388,460 | 433,384 | (248,852) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net Income | 21,451 | 21,451 | |||
Other Comprehensive Income (Loss) | (78,761) | (78,761) | |||
Cash Dividends | (7,360) | (7,360) | |||
Issuance of Common Stock for: | |||||
Restricted Share Grants Net (in shares) | 2,668 | ||||
Restricted Share Grants Net | $ 497 | $ 2 | 495 | ||
Ending Balances (in shares) at Sep. 30, 2023 | 29,575,451 | 29,575,451 | |||
Ending Balances at Sep. 30, 2023 | $ 538,392 | $ 29,575 | $ 388,955 | $ 447,475 | $ (327,613) |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares | 3 Months Ended | |||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | |
Statement of Stockholders' Equity [Abstract] | ||||||
Cash dividends (in dollars per share) | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.23 | $ 0.23 | $ 0.23 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net Income | $ 64,381 | $ 57,410 |
Adjustments to Reconcile Net Income to Net Cash from Operating Activities: | ||
Net Amortization on Securities | 4,166 | 4,954 |
Depreciation and Amortization | 7,208 | 7,743 |
Loans Originated for Sale | (81,608) | (138,921) |
Proceeds from Sales of Loans Held-for-Sale | 84,926 | 145,194 |
Provision for Credit Losses | 2,550 | 5,850 |
Gain on Sale of Loans, net | (1,831) | (3,324) |
Gain on Securities, net | (40) | (473) |
Gain on Sales of Other Real Estate and Repossessed Assets | (55) | (18) |
Loss (Gain) on Disposition and Donation of Premises and Equipment | 28 | (37) |
Gain on Disposition of Land | (83) | 0 |
Increase in Cash Surrender Value of Company Owned Life Insurance | (1,374) | (1,323) |
Equity Based Compensation | 1,866 | 1,915 |
Change in Assets and Liabilities: | ||
Interest Receivable and Other Assets | (5,214) | (87) |
Interest Payable and Other Liabilities | 2,737 | 3,609 |
Net Cash from Operating Activities | 77,657 | 82,492 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Proceeds from Maturity of Other Short-term Investments | 0 | 248 |
Proceeds from Maturities of Securities Available-for-Sale | 187,171 | 107,665 |
Proceeds from Sales of Securities Available-for-Sale | 114,259 | 99,572 |
Purchase of Securities Available-for-Sale | (102,164) | (332,809) |
Proceeds from Redemption of Federal Home Loan Bank Stock | 274 | 8,020 |
Purchase of Loans | (544) | (1,811) |
Proceeds from Sale of Loans Held for Investment | 0 | 596 |
Loans Made to Customers, net of Payments Received | (104,168) | 436 |
Proceeds from Sales of Other Real Estate | 55 | 88 |
Property and Equipment Expenditures | (5,497) | (6,288) |
Proceeds from Sales of Land and Buildings | 252 | 0 |
Proceeds from Life Insurance | 0 | 773 |
Acquisition of Citizens Union Bancorp of Shelbyville, Inc. | 0 | 207,598 |
Net Cash from Investing Activities | 89,638 | 84,088 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Change in Deposits | (213,927) | (100,610) |
Change in Short-term Borrowings | 57,142 | (27,890) |
Advances in Long-term Debt | 25,000 | 0 |
Repayments of Long-term Debt | (97) | (41,660) |
Dividends Paid | (22,073) | (20,264) |
Net Cash from Financing Activities | (153,955) | (190,424) |
Net Change in Cash and Cash Equivalents | 13,340 | (23,844) |
Cash and Cash Equivalents at Beginning of Year | 119,079 | 396,890 |
Cash and Cash Equivalents at End of Period | 132,419 | 373,046 |
Cash Paid During the Period for | ||
Interest | 40,442 | 9,142 |
Income Taxes | 14,865 | 8,612 |
Supplemental Non Cash Disclosures | ||
Loans Transferred to Other Real Estate | 0 | 30 |
Interest Rate Swap Fair Value Adjustment | 419 | 5,590 |
Reclassification of Land and Buildings to Other Assets | 691 | 0 |
Supplemental Schedule for Investing Activities (Acquisition of CUB) | ||
Assets acquired, net of purchase consideration | 0 | 945,160 |
Liabilities assumed | 0 | 1,003,756 |
Goodwill | $ 0 | $ 58,596 |
Basis of Presentation and Marke
Basis of Presentation and Market Conditions | 9 Months Ended |
Sep. 30, 2023 | |
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, 2022. 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 | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Recently Adopted Accounting Guidance 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, 2024. 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. On March 31, 2022, the FASB issued ASU 2022-02, “Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures” which eliminates the troubled debt restructuring recognition and measurement guidance and instead requires an entity to evaluate whether the modification represents a new loan or a continuation of an existing loan. The amendments also enhance existing disclosures and include new disclosure requirements related to certain modifications of receivables made to borrowers experiencing financial difficulty. To improve consistency for vintage disclosures, the ASU requires that public business entities disclose current-period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of Subtopic 326-20. For entities that have adopted ASU 2016-13, the amendments are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. For entities that have not adopted ASU 2016-13, the effective dates for the amendments are the same as the effective dates in ASU 2016-13. Early adoption is permitted if ASU 2016-13 has been adopted, including adoption in an interim period. If an entity elects to adopt the amendments in an interim period, the guidance should be applied as of the beginning of the fiscal year that includes the interim period. The Company adopted the new guidance prospectively with no material impact to the consolidated financial statements. The SEC released Staff Accounting Bulletin No. 121 (“SAB 121”) on March 31, 2022, which provides interpretive guidance regarding the accounting for obligations to safeguard crypto-assets an entity holds for its customers, either directly, through an agent or through another third party acting on its behalf. SAB 121 requires an entity to recognize a liability on its balance sheet to reflect the obligation to safeguard the crypto-assets of others, along with a corresponding safeguarding asset, both of which are measured at fair value. The Company has completed an evaluation and concluded that it does not have a safeguarding obligation under SAB 121 and therefore the disclosures do not apply. Newly Issued But Not Yet Effective Accounting Standards On March 29, 2023, the FASB issued ASU 2023-02, "Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method" to expand use of the proportional amortization method of accounting to equity investments in tax credit programs beyond those in low-income-housing tax credit (LIHTC) programs. The amendments in this update permit reporting entities to account for certain tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. This guidance provides clarifications to address interpretive issues and prescribes specific information that reporting entities must disclose about tax credit investments each period. This ASU is effective for reporting periods beginning after December 15, 2023, for public business entities. For all other entities, the ASU is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted, included early adoption in any interim period as of the beginning of the fiscal year that includes that interim period. Entities have the option of applying the forthcoming revisions using either a modified retrospective or retrospective adoption approach. The Company is currently evaluating the impact of adopting this new guidance, however, adoption of the standard is not expected to have a material impact on the Company's financial statements or disclosures. |
Per Share Data
Per Share Data | 9 Months Ended |
Sep. 30, 2023 | |
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 2023 2022 Basic Earnings per Share: Net Income $ 21,451 $ 24,596 Weighted Average Shares Outstanding 29,573,461 29,484,394 Basic Earnings per Share $ 0.73 $ 0.83 Diluted Earnings per Share: Net Income $ 21,451 $ 24,596 Weighted Average Shares Outstanding 29,573,461 29,484,394 Potentially Dilutive Shares, Net — — Diluted Weighted Average Shares Outstanding 29,573,461 29,484,394 Diluted Earnings per Share $ 0.73 $ 0.83 For the three months ended September 30, 2023 and 2022, there were no anti-dilutive shares. Nine Months Ended 2023 2022 Basic Earnings per Share: Net Income $ 64,381 $ 57,410 Weighted Average Shares Outstanding 29,551,558 29,457,396 Basic Earnings per Share $ 2.18 $ 1.95 Diluted Earnings per Share: Net Income $ 64,381 $ 57,410 Weighted Average Shares Outstanding 29,551,558 29,457,396 Potentially Dilutive Shares, Net — — Diluted Weighted Average Shares Outstanding 29,551,558 29,457,396 Diluted Earnings per Share $ 2.18 $ 1.95 For the nine months ended September 30, 2023 and 2022, there were no anti-dilutive shares. |
Securities
Securities | 9 Months Ended |
Sep. 30, 2023 | |
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 September 30, 2023 U.S. Treasury $ — $ — $ — $ — $ — Obligations of State and Political Subdivisions 892,171 10 (212,994) — 679,187 MBS/CMO 775,708 — (155,145) — 620,563 US Gov’t Sponsored Entities & Agencies 223,556 — (46,350) — 177,206 Total $ 1,891,435 $ 10 $ (414,489) $ — $ 1,476,956 December 31, 2022 U.S. Treasury $ 64,097 $ 22 $ — $ — $ 64,119 Obligations of State and Political Subdivisions 939,193 673 (162,014) — 777,852 MBS/CMO 846,519 — (131,838) — 714,681 US Gov’t Sponsored Entities & Agencies 245,017 — (40,000) — 205,017 Total $ 2,094,826 $ 695 $ (333,852) $ — $ 1,761,669 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 available-for-sale at September 30, 2023 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 $ 1,807 $ 1,793 Due after one year through five years 17,277 16,880 Due after five years through ten years 60,985 54,202 Due after ten years 812,102 606,312 MBS/CMO 775,708 620,563 US Gov’t Sponsored Entities & Agencies 223,556 177,206 Total $ 1,891,435 $ 1,476,956 Proceeds from the Sales of Securities are summarized below: Three Months Ended Three Months Ended September 30, 2023 September 30, 2022 Proceeds from Sales $ — $ 2,073 Gross Gains on Sales — 23 Income Taxes on Gross Gains — 5 Nine Months Ended Nine Months Ended September 30, 2023 September 30, 2022 Proceeds from Sales $ 114,259 $ 99,572 Gross Gains on Sales 346 517 Income Taxes on Gross Gains 73 109 The carrying value of securities pledged to secure repurchase agreements, public and trust deposits, and for other purposes as required by law was $376,326 and $354,123 as of September 30, 2023 and December 31, 2022, respectively. Below is a summary of securities with unrealized losses as of September 30, 2023 and December 31, 2022, presented by length of time the securities have been in a continuous unrealized loss position: Less than 12 Months 12 Months or More Total September 30, 2023 Fair Unrealized Fair Unrealized Fair Unrealized U.S. Treasury $ — $ — $ — $ — $ — $ — Obligations of State and Political Subdivisions 89,609 (5,201) 587,496 (207,793) 677,105 (212,994) MBS/CMO 129 (9) 620,427 (155,136) 620,556 (155,145) US Gov’t Sponsored Entities & Agencies — — 177,206 (46,350) 177,206 (46,350) Total $ 89,738 $ (5,210) $ 1,385,129 $ (409,279) $ 1,474,867 $ (414,489) Less than 12 Months 12 Months or More Total December 31, 2022 Fair Unrealized Fair Unrealized Fair Unrealized U.S. Treasury $ — $ — $ — $ — $ — $ — Obligations of State and Political Subdivisions 579,267 (117,423) 122,992 (44,591) 702,259 (162,014) MBS/CMO 240,344 (20,920) 474,327 (110,918) 714,671 (131,838) US Gov’t Sponsored Entities & Agencies 198,702 (38,818) 6,314 (1,182) 205,016 (40,000) Total $ 1,018,313 $ (177,161) $ 603,633 $ (156,691) $ 1,621,946 $ (333,852) 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 through income. For available-for sale debt securities that do not meet the criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security and the issuer, among other factors. If this assessment indicates that a credit loss exists, we compare the present value of cash flows expected to be collected from the security with the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis for the security, a credit loss exists and an allowance for credit losses is recorded, limited to the amount that the fair value of the security is less than its amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income, net of applicable taxes. The increase in unrealized losses from December 31, 2022 to September 30, 2023 was primarily the result of fair value adjustments caused by the change in market interest rates. There was no allowance for credit losses for available-for-sale debt securities at September 30, 2023 or December 31, 2022. Although management has the ability to sell these securities if the need arises, their designation as available-for-sale should not necessarily be interpreted as an indication that management anticipates such sales. Accrued interest receivable on available-for-sale debt securities totaled $9,272 at September 30, 2023 and $10,637 at December 31, 2022. Accrued interest receivable is excluded from the estimate of credit losses. |
Derivatives
Derivatives | 9 Months Ended |
Sep. 30, 2023 | |
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 $137,340 at September 30, 2023 and $134,684 at December 31, 2022. 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. While the derivatives represent economic hedges, they do not qualify as hedges for accounting purposes. 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 of derivative instruments included in the Consolidated Balance Sheets as of: September 30, 2023 December 31, 2022 Notional Fair Value Notional Fair Value Included in Other Assets: Interest Rate Swaps $ 137,340 $ 10,318 $ 134,684 $ 9,899 Included in Other Liabilities: Interest Rate Swaps $ 137,340 $ 10,195 $ 134,684 $ 9,749 The following table presents the effect of derivative instruments on the Consolidated Statements of Income for the periods presented: Three Months Ended Nine Months Ended 2023 2022 2023 2022 Interest Rate Swaps: Included in Other Operating Income $ 194 $ 111 $ 372 $ 455 |
Loans
Loans | 9 Months Ended |
Sep. 30, 2023 | |
Receivables [Abstract] | |
Loans | Loans Loans were comprised of the following classifications: September 30, December 31, Commercial: Commercial and Industrial Loans $ 598,893 $ 620,106 Commercial Real Estate Loans 2,076,962 1,966,884 Agricultural Loans 398,109 417,413 Leases 66,999 56,396 Retail: Home Equity Loans 286,880 279,748 Consumer Loans 88,976 79,904 Credit Cards 20,144 17,512 Residential Mortgage Loans 356,610 350,682 Subtotal 3,893,573 3,788,645 Less: Unearned Income (6,023) (3,711) Allowance for Credit Losses (44,646) (44,168) Loans, net $ 3,842,904 $ 3,740,766 The table above includes $15,074 and $21,149 of purchase credit deteriorated loans as of September 30, 2023 and December 31, 2022, respectively. 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 September 30, 2023 and 2022: September 30, 2023 Commercial and Industrial Commercial Real Estate Loans Agricultural Leases Consumer Loans Home Equity Loans Credit Cards Residential Mortgage Loans Total Allowance for Credit Losses: Beginning balance $ 13,567 $ 21,834 $ 3,956 $ 235 $ 640 $ 1,436 $ 288 $ 2,310 $ 44,266 Provision (Benefit) for credit loss expense (436) 1,117 (168) 19 258 9 93 8 900 Loans charged-off (175) (56) (2) — (352) — (64) (1) (650) Recoveries collected 2 5 — — 119 2 2 — 130 Total ending allowance balance $ 12,958 $ 22,900 $ 3,786 $ 254 $ 665 $ 1,447 $ 319 $ 2,317 $ 44,646 September 30, 2022 Commercial and Industrial Commercial Real Estate Loans Agricultural Leases Consumer Loans Home Equity Loans Credit Cards Residential Mortgage Loans Total Allowance for Credit Losses: Beginning balance $ 13,545 $ 22,349 $ 4,628 $ 191 $ 668 $ 1,233 $ 239 $ 2,178 $ 45,031 Provision (Benefit) for credit loss expense 141 (210) (99) 27 305 85 52 49 350 Loans charged-off (238) (1) — — (495) (5) (63) (18) (820) Recoveries collected 7 5 — — 116 — 8 2 138 Total ending allowance balance $ 13,455 $ 22,143 $ 4,529 $ 218 $ 594 $ 1,313 $ 236 $ 2,211 $ 44,699 The following tables present the activity in the allowance for credit losses by portfolio segment for the nine months ended September 30, 2023 and 2022: September 30, 2023 Commercial and Industrial Commercial Real Estate Loans Agricultural Leases Consumer Loans Home Equity Loans Credit Cards Residential Mortgage Loans Total Allowance for Credit Losses: Beginning balance $ 13,749 $ 21,598 $ 4,188 $ 209 $ 595 $ 1,344 $ 257 $ 2,228 $ 44,168 Provision (Benefit) for credit loss expense 310 1,286 (375) 45 657 109 374 144 2,550 Loans charged-off (1,252) (56) (27) — (980) (39) (325) (58) (2,737) Recoveries collected 151 72 — — 393 33 13 3 665 Total ending allowance balance $ 12,958 $ 22,900 $ 3,786 $ 254 $ 665 $ 1,447 $ 319 $ 2,317 $ 44,646 September 30, 2022 Commercial and Industrial Commercial Real Estate Loans Agricultural Leases Consumer Loans Home Equity Loans Credit Cards Residential Mortgage Loans 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 3,803 1,013 (665) 18 823 309 131 418 5,850 Loans charged-off (299) (79) — — (1,027) (57) (153) (21) (1,636) Recoveries collected 21 19 — — 289 — 18 4 351 Total ending allowance balance $ 13,455 $ 22,143 $ 4,529 $ 218 $ 594 $ 1,313 $ 236 $ 2,211 $ 44,699 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 by anchoring to specific data points when 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 advancing stress on the economy as a result of inflationary pressures, rising interest rates and financial market volatility, the Company 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 nine months ended September 30, 2023, the allowance for credit losses increased minimally compared to December 31, 2022. The Company saw improvement in individually analyzed loans and added reserve for loan portfolio growth. Key indicators utilized in forecasting for the allowance calculations include unemployment rates and gross domestic product as well as commodity prices for the agricultural segment of the portfolio. There has been some improvement in these factors over previous periods; however, rising interest rates and the expanded inflationary impact on consumer discretionary spending were considered in the qualitative factors to determine 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 September 30, 2023 and December 31, 2022: September 30, 2023 Non-Accrual With No Allowance for Credit Loss (1) Total Non-Accrual Loans Past Due Over 89 Days Still Accruing Commercial and Industrial Loans $ 554 $ 7,298 $ 1,000 Commercial Real Estate Loans 137 1,006 145 Agricultural Loans 698 1,036 25 Leases — — — Home Equity Loans 567 621 — Consumer Loans 32 32 — Credit Cards 146 146 — Residential Mortgage Loans 726 1,067 — Total $ 2,860 $ 11,206 $ 1,170 (1) Includes non-accrual loans with no allowance for credit loss and are also included in Total Non-Accrual loans of $11,206. Interest income on non-accrual loans recognized during the three and nine months ended September 30, 2023 totaled $62 and $99, respectively. December 31, 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 $ 1,142 $ 7,936 $ 1,427 Commercial Real Estate Loans 49 1,950 — Agricultural Loans 994 1,062 — Leases — — — Home Equity Loans 262 310 — Consumer Loans 240 254 — Credit Cards 146 146 — Residential Mortgage Loans 676 1,230 — Total $ 3,509 $ 12,888 $ 1,427 (1) Includes non-accrual loans with no allowance for credit loss and are also included in Total Non-Accrual loans of $12,888. Interest income on non-accrual loans recognized during the year ended December 31, 2022 totaled $32. The following tables present the amortized cost basis of collateral-dependent loans by class of loans as of September 30, 2023 and December 31, 2022: September 30, 2023 Real Estate Equipment Accounts Receivable Other Total Commercial and Industrial Loans $ 3,070 $ 134 $ — $ 6,707 $ 9,911 Commercial Real Estate Loans 8,367 — — — 8,367 Agricultural Loans 2,796 1,097 — — 3,893 Leases — — — — — Home Equity Loans 475 — — — 475 Consumer Loans 9 — — — 9 Credit Cards — — — — — Residential Mortgage Loans 847 — — — 847 Total $ 15,564 $ 1,231 $ — $ 6,707 $ 23,502 December 31, 2022 Real Estate Equipment Accounts Receivable Other Total Commercial and Industrial Loans $ 2,078 $ 1,219 $ 272 $ 5,851 $ 9,420 Commercial Real Estate Loans 12,192 36 — — 12,228 Agricultural Loans 4,944 318 — — 5,262 Leases — — — — — Home Equity Loans 467 — — — 467 Consumer Loans 8 2 — 12 22 Credit Cards — — — — — Residential Mortgage Loans 1,060 — — — 1,060 Total $ 20,749 $ 1,575 $ 272 $ 5,863 $ 28,459 The following tables present the aging of the amortized cost basis in past due loans by class of loans as of September 30, 2023 and December 31, 2022: September 30, 2023 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 $ 454 $ — $ 7,822 $ 8,276 $ 590,617 $ 598,893 Commercial Real Estate Loans 387 384 1,012 1,783 2,075,179 2,076,962 Agricultural Loans 337 — 639 976 397,133 398,109 Leases — — — — 66,999 66,999 Home Equity Loans 1,460 215 621 2,296 284,584 286,880 Consumer Loans 269 19 32 320 88,656 88,976 Credit Cards 87 58 146 291 19,853 20,144 Residential Mortgage Loans 8,233 1,345 855 10,433 346,177 356,610 Total $ 11,227 $ 2,021 $ 11,127 $ 24,375 $ 3,869,198 $ 3,893,573 December 31, 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 $ 268 $ 681 $ 8,285 $ 9,234 $ 610,872 $ 620,106 Commercial Real Estate Loans 1,617 14 616 2,247 1,964,637 1,966,884 Agricultural Loans 343 — 123 466 416,947 417,413 Leases — — — — 56,396 56,396 Home Equity Loans 1,770 140 310 2,220 277,528 279,748 Consumer Loans 219 64 252 535 79,369 79,904 Credit Cards 86 24 146 256 17,256 17,512 Residential Mortgage Loans 6,330 2,783 1,051 10,164 340,518 350,682 Total $ 10,633 $ 3,706 $ 10,783 $ 25,122 $ 3,763,523 $ 3,788,645 Loan Modifications Made to Borrowers Experiencing Financial Difficulty Effective January 1, 2023, the Company prospectively adopted ASU 2022-02, which eliminated the accounting for troubled debt restructurings while establishing a new standard for the treatment of modifications made to borrowers experiencing financial difficulties. As such, effective with the adoption of the new standard, the Company will not include, prospectively, financial difficulty modifications in its presentation of nonperforming loans, nonperforming assets or classified assets. Prior period data, which included troubled debt restructurings, has not been adjusted. The Company’s loan modifications for borrowers experiencing financial difficulties will typically include one or a combination of the following: a reduction of the stated interest rate of the loan; an extension of the maturity date at a stated rate of interest lower than the current market rate for new debt with similar risk; or a permanent reduction of the recorded investment in the loan. No modifications in 2023 resulted in the permanent reduction of the recorded investment in the loan. During the three and nine months ended September 30, 2023, the Company had no modified loans made to borrowers experiencing financial difficulty. There were no modified loans that had a payment default during the three and nine months ended September 30, 2023 and were modified in the twelve months prior to that default to borrowers experiencing financial difficulty. The Company considers a loan to be in payment default once it is 30 days contractually past due under the modified terms. Troubled Debt Restructurings Disclosures Prior to Adoption of ASU 2022-02 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 December 31, 2022, the Company had no troubled debt restructurings. The Company had no specific allocation of allowance for these loans at December 31, 2022. The Company had not committed to lending any additional amounts as of December 31, 2022 to customers with outstanding loans that are classified as troubled debt restructurings. For the year ended December 31, 2022, 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 year ended December 31, 2022. 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 September 30, 2023 and December 31, 2022, the risk category of loans by class of loans is as follows: Term Loans Amortized Cost Basis by Origination Year As of September 30, 2023 2023 2022 2021 2020 2019 Prior Revolving Loans Amortized Cost Basis Total Commercial and Industrial: Risk Rating Pass $ 88,379 $ 140,656 $ 86,196 $ 30,700 $ 36,656 $ 51,279 $ 136,528 $ 570,394 Special Mention 48 470 498 1,609 642 1,991 5,843 11,101 Substandard — 391 6,284 787 1,116 1,510 7,310 17,398 Doubtful — — — — — — — — Total Commercial & Industrial Loans $ 88,427 $ 141,517 $ 92,978 $ 33,096 $ 38,414 $ 54,780 $ 149,681 $ 598,893 Current Period Gross Charge-Offs $ — $ 911 $ 32 $ 33 $ 7 $ 88 $ 181 $ 1,252 Commercial Real Estate: Risk Rating Pass $ 218,088 $ 424,293 $ 473,834 $ 227,014 $ 150,687 $ 482,924 $ 36,185 $ 2,013,025 Special Mention 13,591 2,171 11,239 4,471 264 21,051 — 52,787 Substandard — 203 5,360 1,152 748 3,372 315 11,150 Doubtful — — — — — — — — Total Commercial Real Estate Loans $ 231,679 $ 426,667 $ 490,433 $ 232,637 $ 151,699 $ 507,347 $ 36,500 $ 2,076,962 Current Period Gross Charge-Offs $ — $ — $ 56 $ — $ — $ — $ — $ 56 Agricultural: Risk Rating Pass $ 33,037 $ 58,537 $ 41,034 $ 42,723 $ 22,653 $ 104,949 $ 65,960 $ 368,893 Special Mention 2,528 240 635 5,037 2,552 10,101 2,649 23,742 Substandard — — 202 189 292 4,791 — 5,474 Doubtful — — — — — — — — Total Agricultural Loans $ 35,565 $ 58,777 $ 41,871 $ 47,949 $ 25,497 $ 119,841 $ 68,609 $ 398,109 Current Period Gross Charge-Offs $ — $ — $ — $ 2 $ — $ — $ 25 $ 27 Leases: Risk Rating Pass $ 27,207 $ 13,519 $ 11,533 $ 6,964 $ 6,076 $ 1,700 $ — $ 66,999 Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total Leases $ 27,207 $ 13,519 $ 11,533 $ 6,964 $ 6,076 $ 1,700 $ — $ 66,999 Current Period Gross Charge-Offs $ — $ — $ — $ — $ — $ — $ — $ — Term Loans Amortized Cost Basis by Origination Year As of December 31, 2022 2022 2021 2020 2019 2018 Prior Revolving Loans Amortized Cost Basis Total Commercial and Industrial: Risk Rating Pass $ 156,318 $ 117,648 $ 39,949 $ 46,505 $ 18,423 $ 51,482 $ 154,203 $ 584,528 Special Mention 56 148 577 78 551 2,346 1,672 5,428 Substandard 1,714 5,629 849 1,304 1,028 2,237 17,389 30,150 Doubtful — — — — — — — — Total Commercial & Industrial Loans $ 158,088 $ 123,425 $ 41,375 $ 47,887 $ 20,002 $ 56,065 $ 173,264 $ 620,106 Commercial Real Estate: Risk Rating Pass $ 398,631 $ 490,747 $ 261,462 $ 162,701 $ 129,151 $ 427,433 $ 35,163 $ 1,905,288 Special Mention 3,982 1,568 4,612 135 13,689 25,371 — 49,357 Substandard — 4,628 489 1,415 979 4,728 — 12,239 Doubtful — — — — — — — — Total Commercial Real Estate Loans $ 402,613 $ 496,943 $ 266,563 $ 164,251 $ 143,819 $ 457,532 $ 35,163 $ 1,966,884 Agricultural: Risk Rating Pass $ 62,673 $ 47,682 $ 47,355 $ 25,431 $ 21,728 $ 92,344 $ 83,862 $ 381,075 Special Mention 634 842 6,066 4,149 2,355 11,440 4,310 29,796 Substandard — 210 628 429 85 5,190 — 6,542 Doubtful — — — — — — — — Total Agricultural Loans $ 63,307 $ 48,734 $ 54,049 $ 30,009 $ 24,168 $ 108,974 $ 88,172 $ 417,413 Leases: Risk Rating Pass $ 20,057 $ 14,461 $ 9,648 $ 8,901 $ 1,851 $ 1,478 $ — $ 56,396 Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total Leases $ 20,057 $ 14,461 $ 9,648 $ 8,901 $ 1,851 $ 1,478 $ — $ 56,396 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 September 30, 2023 2023 2022 2021 2020 2019 Prior Revolving Loans Amortized Cost Basis Total Consumer: Payment performance Performing $ 40,108 $ 28,347 $ 10,852 $ 3,710 $ 1,139 $ 2,121 $ 2,667 $ 88,944 Nonperforming 4 6 11 6 — 5 — 32 Total Consumer Loans $ 40,112 $ 28,353 $ 10,863 $ 3,716 $ 1,139 $ 2,126 $ 2,667 $ 88,976 Current Period Gross Charge-Offs $ 880 $ 42 $ 23 $ 24 $ 3 $ 1 $ 7 $ 980 Home Equity: Payment performance Performing $ 225 $ 118 $ 87 $ 90 $ 68 $ 1,014 $ 284,657 $ 286,259 Nonperforming — — 251 — — 92 278 621 Total Home Equity Loans $ 225 $ 118 $ 338 $ 90 $ 68 $ 1,106 $ 284,935 $ 286,880 Current Period Gross Charge-Offs $ — $ — $ — $ — $ — $ 24 $ 15 $ 39 Residential Mortgage: Payment performance Performing $ 40,631 $ 66,546 $ 87,909 $ 42,517 $ 18,330 $ 99,610 $ — $ 355,543 Nonperforming — 110 140 123 109 585 — 1,067 Total Residential Mortgage Loans $ 40,631 $ 66,656 $ 88,049 $ 42,640 $ 18,439 $ 100,195 $ — $ 356,610 Current Period Gross Charge-Offs $ — $ — $ 22 $ 36 $ — $ — $ — $ 58 Term Loans Amortized Cost Basis by Origination Year As of December 31, 2022 2022 2021 2020 2019 2018 Prior Revolving Loans Amortized Cost Basis Total Consumer: Payment performance Performing $ 42,685 $ 22,708 $ 5,610 $ 2,394 $ 1,543 $ 1,553 $ 3,157 $ 79,650 Nonperforming 3 19 212 8 2 10 — 254 Total Consumer Loans $ 42,688 $ 22,727 $ 5,822 $ 2,402 $ 1,545 $ 1,563 $ 3,157 $ 79,904 Home Equity: Payment performance Performing $ 63 $ — $ — $ — $ — $ 591 $ 278,784 $ 279,438 Nonperforming — 20 — — 19 1 270 310 Total Home Equity Loans $ 63 $ 20 $ — $ — $ 19 $ 592 $ 279,054 $ 279,748 Residential Mortgage: Payment performance Performing $ 69,982 $ 97,176 $ 46,851 $ 20,080 $ 16,664 $ 98,699 $ — $ 349,452 Nonperforming — 161 253 — 78 738 — 1,230 Total Residential Mortgage Loans $ 69,982 $ 97,337 $ 47,104 $ 20,080 $ 16,742 $ 99,437 $ — $ 350,682 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 September 30, 2023 December 31, 2022 Performing $ 19,998 $ 17,366 Nonperforming 146 146 Total $ 20,144 $ 17,512 The following tables present loans purchased and/or sold during the year by portfolio segment and excludes the business combination activity: September 30, 2023 Commercial and Industrial Loans Commercial Real Estate Loans Agricultural Loans Leases Consumer Loans Home Equity Loans Credit Cards Residential Mortgage Loans Total Purchases $ — $ 544 $ — $ — $ — $ — $ — $ — $ 544 Sales — — — — — — — — — December 31, 2022 Commercial and Industrial Loans Commercial Real Estate Loans Agricultural Loans Leases Consumer Loans Home Equity Loans Credit Cards Residential Mortgage Loans Total Purchases $ 522 $ 411 $ — $ — $ — $ — $ — $ — $ 933 Sales — 3,819 97 — — — — — 3,916 |
Repurchase Agreements Accounted
Repurchase Agreements Accounted for as Secured Borrowings | 9 Months Ended |
Sep. 30, 2023 | |
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 $41,303 and $64,961 as of September 30, 2023 and December 31, 2022, 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 | 9 Months Ended |
Sep. 30, 2023 | |
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 76 banking offices at September 30, 2023. 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 September 30, 2023 Net Interest Income $ 48,794 $ 32 $ 15 $ (1,282) $ 47,559 Net Gains on Sales of Loans 614 — — — 614 Net Gains on Securities — — — — — Wealth Management Fees 1 2,956 — — 2,957 Insurance Revenues — 1 2,064 — 2,065 Noncash Items: Provision (Benefit) for Credit Losses 900 — — — 900 Depreciation and Amortization 2,236 7 12 114 2,369 Income Tax Expense (Benefit) 4,709 184 107 (409) 4,591 Segment Profit (Loss) 21,472 761 161 (943) 21,451 Segment Assets at September 30, 2023 5,998,860 8,374 15,631 (17,199) 6,005,666 Core Wealth Management Services Insurance Other Consolidated Totals Three Months Ended September 30, 2022 Net Interest Income $ 52,659 $ 14 $ 8 $ (983) $ 51,698 Net Gains on Sales of Loans 854 — — — 854 Net Gains on Securities 23 — — — 23 Wealth Management Fees 1 2,375 — — 2,376 Insurance Revenues 1 9 1,985 — 1,995 Noncash Items: Provision (Benefit) for Credit Losses 350 — — — 350 Depreciation and Amortization 2,357 10 12 114 2,493 Income Tax Expense (Benefit) 6,443 149 61 (520) 6,133 Segment Profit (Loss) 26,213 461 189 (2,267) 24,596 Segment Assets at December 31, 2022 6,152,346 8,846 14,706 (19,907) 6,155,991 Core Wealth Management Services Insurance Other Consolidated Totals Nine Months Ended September 30, 2023 Net Interest Income $ 148,363 $ 86 $ 45 $ (3,668) $ 144,826 Net Gains on Sales of Loans 1,831 — — — 1,831 Net Gains on Securities 40 — — — 40 Wealth Management Fees 4 8,509 — — 8,513 Insurance Revenues 1 22 7,307 — 7,330 Noncash Items: Provision (Benefit) for Credit Losses 2,550 — — — 2,550 Depreciation and Amortization 6,803 26 37 342 7,208 Income Tax Expense (Benefit) 14,099 474 427 (1,201) 13,799 Segment Profit (Loss) 63,987 2,083 1,470 (3,159) 64,381 Segment Assets at September 30, 2023 5,998,860 8,374 15,631 (17,199) 6,005,666 Core Wealth Management Services Insurance Other Consolidated Totals Nine Months Ended September 30, 2022 Net Interest Income $ 150,798 $ 27 $ 14 $ (2,636) $ 148,203 Net Gains on Sales of Loans 3,324 — — — 3,324 Net Gains on Securities 473 — — — 473 Wealth Management Fees 3 7,653 — — 7,656 Insurance Revenues 30 11 7,929 — 7,970 Noncash Items: Provision (Benefit) for Credit Losses 5,850 — — — 5,850 Depreciation and Amortization 7,334 31 36 342 7,743 Income Tax Expense (Benefit) 12,189 551 643 (1,552) 11,831 Segment Profit (Loss) 58,162 1,717 2,038 (4,507) 57,410 Segment Assets at December 31, 2022 6,152,346 8,846 14,706 (19,907) 6,155,991 |
Stock Repurchase Plan
Stock Repurchase Plan | 9 Months Ended |
Sep. 30, 2023 | |
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. In August 2022, the Inflation Reduction Act of 2022 (the “IRA”) was enacted. Among other things, the IRA imposes a new 1% excise tax on the fair value of stock repurchased after December 31, 2022 by publicly traded U.S. corporations, like the Company. With certain exceptions, the value of stock repurchased is determined net of stock issued in the year, including shares issued pursuant to compensatory arrangements. |
Equity Plans and Equity Based C
Equity Plans and Equity Based Compensation | 9 Months Ended |
Sep. 30, 2023 | |
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 nine months ended September 30, 2023 and 2022, the Company granted no options. The Company recorded no stock compensation expense applicable to options during the three and nine months ended September 30, 2023 and 2022. 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%. 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 and nine months ended September 30, 2023, the Company granted 2,668 and 83,786 shares, respectively, of restricted stock. During the three and nine months ended September 30, 2022, the Company granted 2,076 and 65,334 shares, respectively, of restricted stock. Total unvested shares of restricted stock at September 30, 2023 and December 31, 2022 were 136,622 and 74,873, respectively. The following tables present expense recorded for restricted stock and cash entitlements as well as the related tax information for the periods presented: Three Months Ended 2023 2022 Restricted Stock Expense $ 497 $ 398 Cash Entitlement Expense 209 163 Tax Effect (183) (146) Net of Tax $ 523 $ 415 Nine Months Ended 2023 2022 Restricted Stock Expense $ 1,866 $ 1,915 Cash Entitlement Expense 570 497 Tax Effect (632) (626) Net of Tax $ 1,804 $ 1,786 Unrecognized expense associated with the restricted stock grants and cash entitlements totaled $3,805 and $3,061 as of September 30, 2023 and 2022, 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 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 September 30, 2023, the Company recorded $7 of expense related to the employee stock purchase plan resulting in $5 net of tax. For the nine months ended September 30, 2023, the Company recorded $23 of expense related to the employee stock purchase plan resulting in $17 net of tax. For the three months ended September 30, 2022, the Company recorded $11 of expense related to the employee stock purchase plan resulting in $8 net of tax. For the nine months ended September 30, 2022, the Company recorded $39 of expense related to the employee stock purchase plan resulting in $30 net of |
Fair Value
Fair Value | 9 Months Ended |
Sep. 30, 2023 | |
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 September 30, 2023, the Company held $82 in Level 3 securities which consist of non-rated Obligations of State and Political Subdivisions and $943 in Level 3 securities which consist of non-rated MBS/CMO. 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 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 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 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 Individually Analyzed 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 September 30, 2023 Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Total Assets: U.S. Treasury $ — $ — $ — $ — Obligations of State and Political Subdivisions — 679,105 82 679,187 MBS/CMO — 619,620 943 620,563 US Gov’t Sponsored Entities & Agencies — 177,206 — 177,206 Total Securities $ — $ 1,475,931 $ 1,025 $ 1,476,956 Loans Held-for-Sale $ — $ 7,085 $ — $ 7,085 Derivative Assets $ — $ 10,318 $ — $ 10,318 Derivative Liabilities $ — $ 10,195 $ — $ 10,195 Fair Value Measurements at December 31, 2022 Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Total Assets: U.S. Treasury $ 64,119 $ — $ — $ 64,119 Obligations of State and Political Subdivisions — 777,769 83 777,852 MBS/CMO — 713,775 906 714,681 US Gov’t Sponsored Entities & Agencies — 205,017 — 205,017 Total Securities $ 64,119 $ 1,696,561 $ 989 $ 1,761,669 Loans Held-for-Sale $ — $ 8,600 $ — $ 8,600 Derivative Assets $ — $ 9,899 $ — $ 9,899 Derivative Liabilities $ — $ 9,749 $ — $ 9,749 As of September 30, 2023 and December 31, 2022, the aggregate fair value, contractual balance (including accrued interest), and gain or loss on Loans Held-for-Sale was as follows: September 30, 2023 December 31, 2022 Aggregate Fair Value $ 7,085 $ 8,600 Contractual Balance 6,973 8,474 Gain (Loss) 112 126 The total amount of gains and losses from changes in fair value included in earnings for the three months ended September 30, 2023 and 2022 were $(44) and $(4), respectively. The total amount of gains and losses from changes in fair value included in earnings for the nine months ended September 30, 2023 and 2022 were $(14) and $(140), respectively. The tables below present a reconciliation of all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three and nine months ended September 30, 2023 and 2022: Obligations of State and Political Subdivisions MBS/CMO 2023 2022 2023 2022 Balance of Recurring Level 3 Assets at July 1 $ 84 $ 94 $ 919 $ — Total Gains (Losses) Included in Other Comprehensive Income (2) (3) 24 — Maturities / Calls — — — — Acquired through Bank Acquisition — — — — Balance of Recurring Level 3 Assets at September 30 $ 82 $ 91 $ 943 $ — Obligations of State and Political Subdivisions MBS/CMO 2023 2022 2023 2022 Balance of Recurring Level 3 Assets at January 1 $ 83 $ — $ 906 $ — Total Gains (Losses) Included in Other Comprehensive Income (1) (3) 37 — Maturities / Calls — — — — Acquired through Bank Acquisition — 94 — — Balance of Recurring Level 3 Assets at September 30 $ 82 $ 91 $ 943 $ — Of the total gain (loss) included in earnings for the three months ended September 30, 2023 and 2022, $22 and $(3) was attributable to other changes in fair value, respectively. Of the total gain (loss) included in earnings for the nine months ended September 30, 2023 and 2022, $36 and $(3) 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 September 30, 2023 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 $ — $ — $ 2,699 $ 2,699 Commercial Real Estate Loans $ — $ — $ 6,877 $ 6,877 Agricultural Loans $ — $ — $ 1,841 $ 1,841 Consumer Loans $ — $ — $ 9 $ 9 Home Equity Loans $ — $ — $ 363 $ 363 Residential Mortgage Loans $ — $ — $ 537 $ 537 Fair Value Measurements at December 31, 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 $ — $ — $ 1,858 $ 1,858 Commercial Real Estate Loans $ — $ — $ 10,040 $ 10,040 Agricultural Loans $ — $ — $ 2,970 $ 2,970 Consumer Loans $ — $ — $ 8 $ 8 Home Equity Loans $ — $ — $ 368 $ 368 Residential Mortgage Loans $ — $ — $ 718 $ 718 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 September 30, 2023 and December 31, 2022: September 30, 2023 Fair Value Valuation Technique(s) Unobservable Input(s) Range (Weighted Average) Individual Analyzed Loans - $ 2,699 Sales comparison approach Adjustment for physical condition of comparable properties sold 30%-100% (38%) Individual Analyzed Loans - $ 6,877 Sales comparison approach Adjustment for physical condition of comparable properties sold 25%-68% (37%) Individual Analyzed Loans - $ 1,841 Sales comparison approach Adjustment for physical condition of comparable properties sold 19%-100% (50%) Individual Analyzed Loans - $ 9 Sales comparison approach Adjustment for physical condition of comparable properties sold 20%-27% (20%) Individual Analyzed Loans - $ 363 Sales comparison approach Adjustment for physical condition of comparable properties sold 20%-20% (20%) Individual Analyzed Loans - $ 537 Sales comparison approach Adjustment for physical condition of comparable properties sold 20%-20% (20%) December 31, 2022 Fair Value Valuation Technique(s) Unobservable Input(s) Range (Weighted Average) Individual Analyzed Loans - $ 1,858 Sales comparison approach Adjustment for physical condition of comparable properties sold 0%-100% (40%) Individual Analyzed Loans - $ 10,040 Sales comparison approach Adjustment for physical condition of comparable properties sold 30%-100% (37%) Individual Analyzed Loans - $ 2,970 Sales comparison approach Adjustment for physical condition of comparable properties sold 30%-100% (48%) Individual Analyzed Loans - $ 8 Sales comparison approach Adjustment for physical condition of comparable properties sold 27%-100% (20%) Individual Analyzed Loans - $ 368 Sales comparison approach Adjustment for physical condition of comparable properties sold 20%-51% (20%) Individual Analyzed Loans - $ 718 Sales comparison approach Adjustment for physical condition of comparable properties sold 20%-100% (21%) 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 September 30, 2023 and December 31, 2022. 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 $ 132,419 $ 72,063 $ 60,356 $ — $ 132,419 Interest Bearing Time Deposits with Banks 500 — 500 — 500 Loans, Net 3,830,578 — — 3,725,317 3,725,317 Accrued Interest Receivable 29,115 — 9,634 19,481 29,115 Financial Liabilities: Demand, Savings, and Money Market Deposits (4,434,355) (4,434,355) — — (4,434,355) Time Deposits (701,516) — (698,642) — (698,642) Short-term Borrowings (158,303) (117,000) (41,303) — (158,303) Long-term Debt (127,890) — (51,983) (72,280) (124,263) Accrued Interest Payable (5,890) — (5,417) (473) (5,890) Fair Value Measurements at Carrying Value Level 1 Level 2 Level 3 Total Financial Assets: Cash and Short-term Investments $ 119,079 $ 77,174 $ 41,905 $ — $ 119,079 Interest Bearing Time Deposits with Banks 500 — 500 — 500 Loans, Net 3,724,804 — — 3,688,903 3,688,903 Accrued Interest Receivable 27,741 38 10,863 16,840 27,741 Financial Liabilities: Demand, Savings, and Money Market Deposits (4,921,582) (4,921,582) — — (4,921,582) Time Deposits (428,469) — (426,184) — (426,184) Short-term Borrowings (101,161) (36,200) (64,961) — (101,161) Long-term Debt (102,645) — (26,830) (72,272) (99,102) Accrued Interest Payable (1,513) — (1,205) (308) (1,513) |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 9 Months Ended |
Sep. 30, 2023 | |
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 nine months ended September 30, 2023 and 2022, net of tax: September 30, 2023 Unrealized Gains and Losses on Available-for-Sale Securities Postretirement Benefit Items Total Beginning Balance at July 1, 2023 $ (248,338) $ (514) $ (248,852) Other Comprehensive Income (Loss) Before Reclassification (78,761) — (78,761) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) — — — Net Current Period Other Comprehensive Income (Loss) (78,761) — (78,761) Ending Balance at September 30, 2023 $ (327,099) $ (514) $ (327,613) September 30, 2023 Unrealized Gains and Losses on Available-for-Sale Securities Postretirement Benefit Items Total Beginning Balance at January 1, 2023 $ (262,924) $ (514) $ (263,438) Other Comprehensive Income (Loss) Before Reclassification (64,143) — (64,143) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (32) — (32) Net Current Period Other Comprehensive Income (Loss) (64,175) — (64,175) Ending Balance at September 30, 2023 $ (327,099) $ (514) $ (327,613) September 30, 2022 Unrealized Gains and Losses on Available-for-Sale Securities Postretirement Benefit Items Total Beginning Balance at July 1, 2022 $ (210,527) $ (568) $ (211,095) Other Comprehensive Income (Loss) Before Reclassification (97,945) — (97,945) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (18) — (18) Net Current Period Other Comprehensive Income (Loss) (97,963) — (97,963) Ending Balance at September 30, 2022 $ (308,490) $ (568) $ (309,058) September 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 (324,168) — (324,168) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (374) — (374) Net Current Period Other Comprehensive Income (Loss) (324,542) — (324,542) Ending Balance at September 30, 2022 $ (308,490) $ (568) $ (309,058) The tables below summarize the classifications out of accumulated other comprehensive income (loss) by component for the three and nine months ended September 30, 2023 and 2022: 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 $ — Net Gains on Securities — Income Tax Expense — Net of Tax Total Reclassifications for the Three $ — 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 $ 40 Net Gains on Securities (8) Income Tax Expense 32 Net of Tax Total Reclassifications for the Nine $ 32 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 $ 23 Net Gains on Securities (5) Income Tax Expense 18 Net of Tax Total Reclassifications for the Three $ 18 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 $ 473 Net Gains on Securities (99) Income Tax Expense 374 Net of Tax Total Reclassifications for the Nine $ 374 |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition The following tables present 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 nine months ended September 30, 2023 and 2022. 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 September 30, Non-interest Income 2023 2022 In-Scope of Topic 606: Wealth Management Fees $ 2,957 $ 2,376 Service Charges on Deposit Accounts 2,982 3,014 Insurance Revenues 2,065 1,995 Interchange Fee Income 4,470 4,054 Other Operating Income 796 857 Non-interest Income (in-scope of Topic 606) 13,270 12,296 Non-interest Income (out-of-scope of Topic 606) 1,534 1,801 Total Non-interest Income $ 14,804 $ 14,097 Nine Months Ended September 30, Non-interest Income 2023 2022 In-Scope of Topic 606: Wealth Management Fees $ 8,513 $ 7,656 Service Charges on Deposit Accounts 8,653 8,568 Insurance Revenues 7,330 7,970 Interchange Fee Income 13,081 11,848 Other Operating Income 2,373 2,435 Non-interest Income (in-scope of Topic 606) 39,950 38,477 Non-interest Income (out-of-scope of Topic 606) 4,717 6,988 Total Non-interest Income $ 44,667 $ 45,465 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 | 9 Months Ended |
Sep. 30, 2023 | |
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. The Bank 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 September 30, 2023 September 30, 2022 Finance Lease Cost: Amortization of Right-of -Use Assets $ 52 $ 52 Interest on Lease Liabilities 75 81 Operating Lease Cost 343 360 Short-term Lease Cost — — Total Lease Cost $ 470 $ 493 Nine Months Ended Nine Months Ended September 30, 2023 September 30, 2022 Finance Lease Cost: Amortization of Right-of -Use Assets $ 157 $ 157 Interest on Lease Liabilities 230 246 Operating Lease Cost 1,080 1,105 Short-term Lease Cost — 27 Total Lease Cost $ 1,467 $ 1,535 The weighted average lease term and discount rates were as follows: September 30, 2023 September 30, 2022 Weighted Average Remaining Lease Term: Finance Leases 9 years 10 years Operating Leases 7 years 8 years Weighted Average Discount Rate: Finance Leases 11.38 % 11.42 % Operating Leases 3.05 % 2.87 % Supplemental balance sheet information related to leases were as follows: September 30, 2023 September 30, 2022 Finance Leases Premises, Furniture and Equipment, Net $ 1,700 $ 1,910 Other Borrowings 2,699 2,908 Operating Leases Operating Lease Right-of-Use Assets $ 5,449 $ 6,195 Operating Lease Liabilities 5,598 6,338 Supplemental cash flow information related to leases were as follows: Nine Months Ended Nine Months Ended September 30, 2023 September 30, 2022 Cash paid for amounts in the Measurement of Lease Liabilities: Operating Cash Flows from Finance Leases $ 230 $ 246 Operating Cash Flows from Operating Leases 1,058 1,054 Financing Cash Flows from Finance Leases 154 138 The following table presents a maturity analysis of Finance and Operating Lease Liabilities: September 30, 2023 Finance Leases Operating Leases Year 1 $ 519 $ 1,264 Year 2 519 1,124 Year 3 519 867 Year 4 519 702 Year 5 438 620 Thereafter 1,619 1,643 Total Lease Payments 4,133 6,220 Less Imputed Interest (1,434) (622) Total $ 2,699 $ 5,598 |
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. The Bank 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 September 30, 2023 September 30, 2022 Finance Lease Cost: Amortization of Right-of -Use Assets $ 52 $ 52 Interest on Lease Liabilities 75 81 Operating Lease Cost 343 360 Short-term Lease Cost — — Total Lease Cost $ 470 $ 493 Nine Months Ended Nine Months Ended September 30, 2023 September 30, 2022 Finance Lease Cost: Amortization of Right-of -Use Assets $ 157 $ 157 Interest on Lease Liabilities 230 246 Operating Lease Cost 1,080 1,105 Short-term Lease Cost — 27 Total Lease Cost $ 1,467 $ 1,535 The weighted average lease term and discount rates were as follows: September 30, 2023 September 30, 2022 Weighted Average Remaining Lease Term: Finance Leases 9 years 10 years Operating Leases 7 years 8 years Weighted Average Discount Rate: Finance Leases 11.38 % 11.42 % Operating Leases 3.05 % 2.87 % Supplemental balance sheet information related to leases were as follows: September 30, 2023 September 30, 2022 Finance Leases Premises, Furniture and Equipment, Net $ 1,700 $ 1,910 Other Borrowings 2,699 2,908 Operating Leases Operating Lease Right-of-Use Assets $ 5,449 $ 6,195 Operating Lease Liabilities 5,598 6,338 Supplemental cash flow information related to leases were as follows: Nine Months Ended Nine Months Ended September 30, 2023 September 30, 2022 Cash paid for amounts in the Measurement of Lease Liabilities: Operating Cash Flows from Finance Leases $ 230 $ 246 Operating Cash Flows from Operating Leases 1,058 1,054 Financing Cash Flows from Finance Leases 154 138 The following table presents a maturity analysis of Finance and Operating Lease Liabilities: September 30, 2023 Finance Leases Operating Leases Year 1 $ 519 $ 1,264 Year 2 519 1,124 Year 3 519 867 Year 4 519 702 Year 5 438 620 Thereafter 1,619 1,643 Total Lease Payments 4,133 6,220 Less Imputed Interest (1,434) (622) Total $ 2,699 $ 5,598 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Pay vs Performance Disclosure | ||||||||
NET INCOME | $ 21,451 | $ 22,123 | $ 20,807 | $ 24,596 | $ 23,747 | $ 9,067 | $ 64,381 | $ 57,410 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Sep. 30, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
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. |
Recently Adopted Accounting Guidance and Newly Issued But Not Yet Effective Accounting Standards | Recently Adopted Accounting Guidance 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, 2024. 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. On March 31, 2022, the FASB issued ASU 2022-02, “Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures” which eliminates the troubled debt restructuring recognition and measurement guidance and instead requires an entity to evaluate whether the modification represents a new loan or a continuation of an existing loan. The amendments also enhance existing disclosures and include new disclosure requirements related to certain modifications of receivables made to borrowers experiencing financial difficulty. To improve consistency for vintage disclosures, the ASU requires that public business entities disclose current-period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of Subtopic 326-20. For entities that have adopted ASU 2016-13, the amendments are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. For entities that have not adopted ASU 2016-13, the effective dates for the amendments are the same as the effective dates in ASU 2016-13. Early adoption is permitted if ASU 2016-13 has been adopted, including adoption in an interim period. If an entity elects to adopt the amendments in an interim period, the guidance should be applied as of the beginning of the fiscal year that includes the interim period. The Company adopted the new guidance prospectively with no material impact to the consolidated financial statements. The SEC released Staff Accounting Bulletin No. 121 (“SAB 121”) on March 31, 2022, which provides interpretive guidance regarding the accounting for obligations to safeguard crypto-assets an entity holds for its customers, either directly, through an agent or through another third party acting on its behalf. SAB 121 requires an entity to recognize a liability on its balance sheet to reflect the obligation to safeguard the crypto-assets of others, along with a corresponding safeguarding asset, both of which are measured at fair value. The Company has completed an evaluation and concluded that it does not have a safeguarding obligation under SAB 121 and therefore the disclosures do not apply. Newly Issued But Not Yet Effective Accounting Standards On March 29, 2023, the FASB issued ASU 2023-02, "Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method" to expand use of the proportional amortization method of accounting to equity investments in tax credit programs beyond those in low-income-housing tax credit (LIHTC) programs. The amendments in this update permit reporting entities to account for certain tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. This guidance provides clarifications to address interpretive issues and prescribes specific information that reporting entities must disclose about tax credit investments each period. This ASU is effective for reporting periods beginning after December 15, 2023, for public business entities. For all other entities, the ASU is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted, included early adoption in any interim period as of the beginning of the fiscal year that includes that interim period. Entities have the option of applying the forthcoming revisions using either a modified retrospective or retrospective adoption approach. The Company is currently evaluating the impact of adopting this new guidance, however, adoption of the standard is not expected to have a material impact on the Company's financial statements or disclosures. |
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 by anchoring to specific data points when 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 advancing stress on the economy as a result of inflationary pressures, rising interest rates and financial market volatility, the Company 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 nine months ended September 30, 2023, the allowance for credit losses increased minimally compared to December 31, 2022. The Company saw improvement in individually analyzed loans and added reserve for loan portfolio growth. Key indicators utilized in forecasting for the allowance calculations include unemployment rates and gross domestic product as well as commodity prices for the agricultural segment of the portfolio. There has been some improvement in these factors over previous periods; however, rising interest rates and the expanded inflationary impact on consumer discretionary spending were considered in the qualitative factors to determine 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 76 banking offices at September 30, 2023. 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. |
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 September 30, 2023, the Company held $82 in Level 3 securities which consist of non-rated Obligations of State and Political Subdivisions and $943 in Level 3 securities which consist of non-rated MBS/CMO. 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 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 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 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 Individually Analyzed 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. The Bank 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) | 9 Months Ended |
Sep. 30, 2023 | |
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 2023 2022 Basic Earnings per Share: Net Income $ 21,451 $ 24,596 Weighted Average Shares Outstanding 29,573,461 29,484,394 Basic Earnings per Share $ 0.73 $ 0.83 Diluted Earnings per Share: Net Income $ 21,451 $ 24,596 Weighted Average Shares Outstanding 29,573,461 29,484,394 Potentially Dilutive Shares, Net — — Diluted Weighted Average Shares Outstanding 29,573,461 29,484,394 Diluted Earnings per Share $ 0.73 $ 0.83 For the three months ended September 30, 2023 and 2022, there were no anti-dilutive shares. Nine Months Ended 2023 2022 Basic Earnings per Share: Net Income $ 64,381 $ 57,410 Weighted Average Shares Outstanding 29,551,558 29,457,396 Basic Earnings per Share $ 2.18 $ 1.95 Diluted Earnings per Share: Net Income $ 64,381 $ 57,410 Weighted Average Shares Outstanding 29,551,558 29,457,396 Potentially Dilutive Shares, Net — — Diluted Weighted Average Shares Outstanding 29,551,558 29,457,396 Diluted Earnings per Share $ 2.18 $ 1.95 For the nine months ended September 30, 2023 and 2022, there were no anti-dilutive shares. |
Securities (Tables)
Securities (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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 September 30, 2023 U.S. Treasury $ — $ — $ — $ — $ — Obligations of State and Political Subdivisions 892,171 10 (212,994) — 679,187 MBS/CMO 775,708 — (155,145) — 620,563 US Gov’t Sponsored Entities & Agencies 223,556 — (46,350) — 177,206 Total $ 1,891,435 $ 10 $ (414,489) $ — $ 1,476,956 December 31, 2022 U.S. Treasury $ 64,097 $ 22 $ — $ — $ 64,119 Obligations of State and Political Subdivisions 939,193 673 (162,014) — 777,852 MBS/CMO 846,519 — (131,838) — 714,681 US Gov’t Sponsored Entities & Agencies 245,017 — (40,000) — 205,017 Total $ 2,094,826 $ 695 $ (333,852) $ — $ 1,761,669 |
Schedule of Securities by Contractual Maturity | The amortized cost and fair value of securities available-for-sale at September 30, 2023 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 $ 1,807 $ 1,793 Due after one year through five years 17,277 16,880 Due after five years through ten years 60,985 54,202 Due after ten years 812,102 606,312 MBS/CMO 775,708 620,563 US Gov’t Sponsored Entities & Agencies 223,556 177,206 Total $ 1,891,435 $ 1,476,956 |
Schedule of Proceeds from the Sales of Securities | Proceeds from the Sales of Securities are summarized below: Three Months Ended Three Months Ended September 30, 2023 September 30, 2022 Proceeds from Sales $ — $ 2,073 Gross Gains on Sales — 23 Income Taxes on Gross Gains — 5 Nine Months Ended Nine Months Ended September 30, 2023 September 30, 2022 Proceeds from Sales $ 114,259 $ 99,572 Gross Gains on Sales 346 517 Income Taxes on Gross Gains 73 109 |
Schedule of Securities with Unrealized Losses | Below is a summary of securities with unrealized losses as of September 30, 2023 and December 31, 2022, presented by length of time the securities have been in a continuous unrealized loss position: Less than 12 Months 12 Months or More Total September 30, 2023 Fair Unrealized Fair Unrealized Fair Unrealized U.S. Treasury $ — $ — $ — $ — $ — $ — Obligations of State and Political Subdivisions 89,609 (5,201) 587,496 (207,793) 677,105 (212,994) MBS/CMO 129 (9) 620,427 (155,136) 620,556 (155,145) US Gov’t Sponsored Entities & Agencies — — 177,206 (46,350) 177,206 (46,350) Total $ 89,738 $ (5,210) $ 1,385,129 $ (409,279) $ 1,474,867 $ (414,489) Less than 12 Months 12 Months or More Total December 31, 2022 Fair Unrealized Fair Unrealized Fair Unrealized U.S. Treasury $ — $ — $ — $ — $ — $ — Obligations of State and Political Subdivisions 579,267 (117,423) 122,992 (44,591) 702,259 (162,014) MBS/CMO 240,344 (20,920) 474,327 (110,918) 714,671 (131,838) US Gov’t Sponsored Entities & Agencies 198,702 (38,818) 6,314 (1,182) 205,016 (40,000) Total $ 1,018,313 $ (177,161) $ 603,633 $ (156,691) $ 1,621,946 $ (333,852) |
Derivatives (Tables)
Derivatives (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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 of derivative instruments included in the Consolidated Balance Sheets as of: September 30, 2023 December 31, 2022 Notional Fair Value Notional Fair Value Included in Other Assets: Interest Rate Swaps $ 137,340 $ 10,318 $ 134,684 $ 9,899 Included in Other Liabilities: Interest Rate Swaps $ 137,340 $ 10,195 $ 134,684 $ 9,749 |
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 Nine Months Ended 2023 2022 2023 2022 Interest Rate Swaps: Included in Other Operating Income $ 194 $ 111 $ 372 $ 455 |
Loans (Tables)
Loans (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Receivables [Abstract] | |
Schedule of Loans Classifications | Loans were comprised of the following classifications: September 30, December 31, Commercial: Commercial and Industrial Loans $ 598,893 $ 620,106 Commercial Real Estate Loans 2,076,962 1,966,884 Agricultural Loans 398,109 417,413 Leases 66,999 56,396 Retail: Home Equity Loans 286,880 279,748 Consumer Loans 88,976 79,904 Credit Cards 20,144 17,512 Residential Mortgage Loans 356,610 350,682 Subtotal 3,893,573 3,788,645 Less: Unearned Income (6,023) (3,711) Allowance for Credit Losses (44,646) (44,168) Loans, net $ 3,842,904 $ 3,740,766 |
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 September 30, 2023 and 2022: September 30, 2023 Commercial and Industrial Commercial Real Estate Loans Agricultural Leases Consumer Loans Home Equity Loans Credit Cards Residential Mortgage Loans Total Allowance for Credit Losses: Beginning balance $ 13,567 $ 21,834 $ 3,956 $ 235 $ 640 $ 1,436 $ 288 $ 2,310 $ 44,266 Provision (Benefit) for credit loss expense (436) 1,117 (168) 19 258 9 93 8 900 Loans charged-off (175) (56) (2) — (352) — (64) (1) (650) Recoveries collected 2 5 — — 119 2 2 — 130 Total ending allowance balance $ 12,958 $ 22,900 $ 3,786 $ 254 $ 665 $ 1,447 $ 319 $ 2,317 $ 44,646 September 30, 2022 Commercial and Industrial Commercial Real Estate Loans Agricultural Leases Consumer Loans Home Equity Loans Credit Cards Residential Mortgage Loans Total Allowance for Credit Losses: Beginning balance $ 13,545 $ 22,349 $ 4,628 $ 191 $ 668 $ 1,233 $ 239 $ 2,178 $ 45,031 Provision (Benefit) for credit loss expense 141 (210) (99) 27 305 85 52 49 350 Loans charged-off (238) (1) — — (495) (5) (63) (18) (820) Recoveries collected 7 5 — — 116 — 8 2 138 Total ending allowance balance $ 13,455 $ 22,143 $ 4,529 $ 218 $ 594 $ 1,313 $ 236 $ 2,211 $ 44,699 The following tables present the activity in the allowance for credit losses by portfolio segment for the nine months ended September 30, 2023 and 2022: September 30, 2023 Commercial and Industrial Commercial Real Estate Loans Agricultural Leases Consumer Loans Home Equity Loans Credit Cards Residential Mortgage Loans Total Allowance for Credit Losses: Beginning balance $ 13,749 $ 21,598 $ 4,188 $ 209 $ 595 $ 1,344 $ 257 $ 2,228 $ 44,168 Provision (Benefit) for credit loss expense 310 1,286 (375) 45 657 109 374 144 2,550 Loans charged-off (1,252) (56) (27) — (980) (39) (325) (58) (2,737) Recoveries collected 151 72 — — 393 33 13 3 665 Total ending allowance balance $ 12,958 $ 22,900 $ 3,786 $ 254 $ 665 $ 1,447 $ 319 $ 2,317 $ 44,646 September 30, 2022 Commercial and Industrial Commercial Real Estate Loans Agricultural Leases Consumer Loans Home Equity Loans Credit Cards Residential Mortgage Loans 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 3,803 1,013 (665) 18 823 309 131 418 5,850 Loans charged-off (299) (79) — — (1,027) (57) (153) (21) (1,636) Recoveries collected 21 19 — — 289 — 18 4 351 Total ending allowance balance $ 13,455 $ 22,143 $ 4,529 $ 218 $ 594 $ 1,313 $ 236 $ 2,211 $ 44,699 |
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 September 30, 2023 and December 31, 2022: September 30, 2023 Non-Accrual With No Allowance for Credit Loss (1) Total Non-Accrual Loans Past Due Over 89 Days Still Accruing Commercial and Industrial Loans $ 554 $ 7,298 $ 1,000 Commercial Real Estate Loans 137 1,006 145 Agricultural Loans 698 1,036 25 Leases — — — Home Equity Loans 567 621 — Consumer Loans 32 32 — Credit Cards 146 146 — Residential Mortgage Loans 726 1,067 — Total $ 2,860 $ 11,206 $ 1,170 (1) Includes non-accrual loans with no allowance for credit loss and are also included in Total Non-Accrual loans of $11,206. December 31, 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 $ 1,142 $ 7,936 $ 1,427 Commercial Real Estate Loans 49 1,950 — Agricultural Loans 994 1,062 — Leases — — — Home Equity Loans 262 310 — Consumer Loans 240 254 — Credit Cards 146 146 — Residential Mortgage Loans 676 1,230 — Total $ 3,509 $ 12,888 $ 1,427 |
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 September 30, 2023 and December 31, 2022: September 30, 2023 Real Estate Equipment Accounts Receivable Other Total Commercial and Industrial Loans $ 3,070 $ 134 $ — $ 6,707 $ 9,911 Commercial Real Estate Loans 8,367 — — — 8,367 Agricultural Loans 2,796 1,097 — — 3,893 Leases — — — — — Home Equity Loans 475 — — — 475 Consumer Loans 9 — — — 9 Credit Cards — — — — — Residential Mortgage Loans 847 — — — 847 Total $ 15,564 $ 1,231 $ — $ 6,707 $ 23,502 December 31, 2022 Real Estate Equipment Accounts Receivable Other Total Commercial and Industrial Loans $ 2,078 $ 1,219 $ 272 $ 5,851 $ 9,420 Commercial Real Estate Loans 12,192 36 — — 12,228 Agricultural Loans 4,944 318 — — 5,262 Leases — — — — — Home Equity Loans 467 — — — 467 Consumer Loans 8 2 — 12 22 Credit Cards — — — — — Residential Mortgage Loans 1,060 — — — 1,060 Total $ 20,749 $ 1,575 $ 272 $ 5,863 $ 28,459 |
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 September 30, 2023 and December 31, 2022: September 30, 2023 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 $ 454 $ — $ 7,822 $ 8,276 $ 590,617 $ 598,893 Commercial Real Estate Loans 387 384 1,012 1,783 2,075,179 2,076,962 Agricultural Loans 337 — 639 976 397,133 398,109 Leases — — — — 66,999 66,999 Home Equity Loans 1,460 215 621 2,296 284,584 286,880 Consumer Loans 269 19 32 320 88,656 88,976 Credit Cards 87 58 146 291 19,853 20,144 Residential Mortgage Loans 8,233 1,345 855 10,433 346,177 356,610 Total $ 11,227 $ 2,021 $ 11,127 $ 24,375 $ 3,869,198 $ 3,893,573 December 31, 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 $ 268 $ 681 $ 8,285 $ 9,234 $ 610,872 $ 620,106 Commercial Real Estate Loans 1,617 14 616 2,247 1,964,637 1,966,884 Agricultural Loans 343 — 123 466 416,947 417,413 Leases — — — — 56,396 56,396 Home Equity Loans 1,770 140 310 2,220 277,528 279,748 Consumer Loans 219 64 252 535 79,369 79,904 Credit Cards 86 24 146 256 17,256 17,512 Residential Mortgage Loans 6,330 2,783 1,051 10,164 340,518 350,682 Total $ 10,633 $ 3,706 $ 10,783 $ 25,122 $ 3,763,523 $ 3,788,645 |
Schedule of Risk Category of Loans | Based on the analysis performed at September 30, 2023 and December 31, 2022, the risk category of loans by class of loans is as follows: Term Loans Amortized Cost Basis by Origination Year As of September 30, 2023 2023 2022 2021 2020 2019 Prior Revolving Loans Amortized Cost Basis Total Commercial and Industrial: Risk Rating Pass $ 88,379 $ 140,656 $ 86,196 $ 30,700 $ 36,656 $ 51,279 $ 136,528 $ 570,394 Special Mention 48 470 498 1,609 642 1,991 5,843 11,101 Substandard — 391 6,284 787 1,116 1,510 7,310 17,398 Doubtful — — — — — — — — Total Commercial & Industrial Loans $ 88,427 $ 141,517 $ 92,978 $ 33,096 $ 38,414 $ 54,780 $ 149,681 $ 598,893 Current Period Gross Charge-Offs $ — $ 911 $ 32 $ 33 $ 7 $ 88 $ 181 $ 1,252 Commercial Real Estate: Risk Rating Pass $ 218,088 $ 424,293 $ 473,834 $ 227,014 $ 150,687 $ 482,924 $ 36,185 $ 2,013,025 Special Mention 13,591 2,171 11,239 4,471 264 21,051 — 52,787 Substandard — 203 5,360 1,152 748 3,372 315 11,150 Doubtful — — — — — — — — Total Commercial Real Estate Loans $ 231,679 $ 426,667 $ 490,433 $ 232,637 $ 151,699 $ 507,347 $ 36,500 $ 2,076,962 Current Period Gross Charge-Offs $ — $ — $ 56 $ — $ — $ — $ — $ 56 Agricultural: Risk Rating Pass $ 33,037 $ 58,537 $ 41,034 $ 42,723 $ 22,653 $ 104,949 $ 65,960 $ 368,893 Special Mention 2,528 240 635 5,037 2,552 10,101 2,649 23,742 Substandard — — 202 189 292 4,791 — 5,474 Doubtful — — — — — — — — Total Agricultural Loans $ 35,565 $ 58,777 $ 41,871 $ 47,949 $ 25,497 $ 119,841 $ 68,609 $ 398,109 Current Period Gross Charge-Offs $ — $ — $ — $ 2 $ — $ — $ 25 $ 27 Leases: Risk Rating Pass $ 27,207 $ 13,519 $ 11,533 $ 6,964 $ 6,076 $ 1,700 $ — $ 66,999 Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total Leases $ 27,207 $ 13,519 $ 11,533 $ 6,964 $ 6,076 $ 1,700 $ — $ 66,999 Current Period Gross Charge-Offs $ — $ — $ — $ — $ — $ — $ — $ — Term Loans Amortized Cost Basis by Origination Year As of December 31, 2022 2022 2021 2020 2019 2018 Prior Revolving Loans Amortized Cost Basis Total Commercial and Industrial: Risk Rating Pass $ 156,318 $ 117,648 $ 39,949 $ 46,505 $ 18,423 $ 51,482 $ 154,203 $ 584,528 Special Mention 56 148 577 78 551 2,346 1,672 5,428 Substandard 1,714 5,629 849 1,304 1,028 2,237 17,389 30,150 Doubtful — — — — — — — — Total Commercial & Industrial Loans $ 158,088 $ 123,425 $ 41,375 $ 47,887 $ 20,002 $ 56,065 $ 173,264 $ 620,106 Commercial Real Estate: Risk Rating Pass $ 398,631 $ 490,747 $ 261,462 $ 162,701 $ 129,151 $ 427,433 $ 35,163 $ 1,905,288 Special Mention 3,982 1,568 4,612 135 13,689 25,371 — 49,357 Substandard — 4,628 489 1,415 979 4,728 — 12,239 Doubtful — — — — — — — — Total Commercial Real Estate Loans $ 402,613 $ 496,943 $ 266,563 $ 164,251 $ 143,819 $ 457,532 $ 35,163 $ 1,966,884 Agricultural: Risk Rating Pass $ 62,673 $ 47,682 $ 47,355 $ 25,431 $ 21,728 $ 92,344 $ 83,862 $ 381,075 Special Mention 634 842 6,066 4,149 2,355 11,440 4,310 29,796 Substandard — 210 628 429 85 5,190 — 6,542 Doubtful — — — — — — — — Total Agricultural Loans $ 63,307 $ 48,734 $ 54,049 $ 30,009 $ 24,168 $ 108,974 $ 88,172 $ 417,413 Leases: Risk Rating Pass $ 20,057 $ 14,461 $ 9,648 $ 8,901 $ 1,851 $ 1,478 $ — $ 56,396 Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total Leases $ 20,057 $ 14,461 $ 9,648 $ 8,901 $ 1,851 $ 1,478 $ — $ 56,396 |
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 September 30, 2023 2023 2022 2021 2020 2019 Prior Revolving Loans Amortized Cost Basis Total Consumer: Payment performance Performing $ 40,108 $ 28,347 $ 10,852 $ 3,710 $ 1,139 $ 2,121 $ 2,667 $ 88,944 Nonperforming 4 6 11 6 — 5 — 32 Total Consumer Loans $ 40,112 $ 28,353 $ 10,863 $ 3,716 $ 1,139 $ 2,126 $ 2,667 $ 88,976 Current Period Gross Charge-Offs $ 880 $ 42 $ 23 $ 24 $ 3 $ 1 $ 7 $ 980 Home Equity: Payment performance Performing $ 225 $ 118 $ 87 $ 90 $ 68 $ 1,014 $ 284,657 $ 286,259 Nonperforming — — 251 — — 92 278 621 Total Home Equity Loans $ 225 $ 118 $ 338 $ 90 $ 68 $ 1,106 $ 284,935 $ 286,880 Current Period Gross Charge-Offs $ — $ — $ — $ — $ — $ 24 $ 15 $ 39 Residential Mortgage: Payment performance Performing $ 40,631 $ 66,546 $ 87,909 $ 42,517 $ 18,330 $ 99,610 $ — $ 355,543 Nonperforming — 110 140 123 109 585 — 1,067 Total Residential Mortgage Loans $ 40,631 $ 66,656 $ 88,049 $ 42,640 $ 18,439 $ 100,195 $ — $ 356,610 Current Period Gross Charge-Offs $ — $ — $ 22 $ 36 $ — $ — $ — $ 58 Term Loans Amortized Cost Basis by Origination Year As of December 31, 2022 2022 2021 2020 2019 2018 Prior Revolving Loans Amortized Cost Basis Total Consumer: Payment performance Performing $ 42,685 $ 22,708 $ 5,610 $ 2,394 $ 1,543 $ 1,553 $ 3,157 $ 79,650 Nonperforming 3 19 212 8 2 10 — 254 Total Consumer Loans $ 42,688 $ 22,727 $ 5,822 $ 2,402 $ 1,545 $ 1,563 $ 3,157 $ 79,904 Home Equity: Payment performance Performing $ 63 $ — $ — $ — $ — $ 591 $ 278,784 $ 279,438 Nonperforming — 20 — — 19 1 270 310 Total Home Equity Loans $ 63 $ 20 $ — $ — $ 19 $ 592 $ 279,054 $ 279,748 Residential Mortgage: Payment performance Performing $ 69,982 $ 97,176 $ 46,851 $ 20,080 $ 16,664 $ 98,699 $ — $ 349,452 Nonperforming — 161 253 — 78 738 — 1,230 Total Residential Mortgage Loans $ 69,982 $ 97,337 $ 47,104 $ 20,080 $ 16,742 $ 99,437 $ — $ 350,682 |
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 September 30, 2023 December 31, 2022 Performing $ 19,998 $ 17,366 Nonperforming 146 146 Total $ 20,144 $ 17,512 |
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: September 30, 2023 Commercial and Industrial Loans Commercial Real Estate Loans Agricultural Loans Leases Consumer Loans Home Equity Loans Credit Cards Residential Mortgage Loans Total Purchases $ — $ 544 $ — $ — $ — $ — $ — $ — $ 544 Sales — — — — — — — — — December 31, 2022 Commercial and Industrial Loans Commercial Real Estate Loans Agricultural Loans Leases Consumer Loans Home Equity Loans Credit Cards Residential Mortgage Loans Total Purchases $ 522 $ 411 $ — $ — $ — $ — $ — $ — $ 933 Sales — 3,819 97 — — — — — 3,916 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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 September 30, 2023 Net Interest Income $ 48,794 $ 32 $ 15 $ (1,282) $ 47,559 Net Gains on Sales of Loans 614 — — — 614 Net Gains on Securities — — — — — Wealth Management Fees 1 2,956 — — 2,957 Insurance Revenues — 1 2,064 — 2,065 Noncash Items: Provision (Benefit) for Credit Losses 900 — — — 900 Depreciation and Amortization 2,236 7 12 114 2,369 Income Tax Expense (Benefit) 4,709 184 107 (409) 4,591 Segment Profit (Loss) 21,472 761 161 (943) 21,451 Segment Assets at September 30, 2023 5,998,860 8,374 15,631 (17,199) 6,005,666 Core Wealth Management Services Insurance Other Consolidated Totals Three Months Ended September 30, 2022 Net Interest Income $ 52,659 $ 14 $ 8 $ (983) $ 51,698 Net Gains on Sales of Loans 854 — — — 854 Net Gains on Securities 23 — — — 23 Wealth Management Fees 1 2,375 — — 2,376 Insurance Revenues 1 9 1,985 — 1,995 Noncash Items: Provision (Benefit) for Credit Losses 350 — — — 350 Depreciation and Amortization 2,357 10 12 114 2,493 Income Tax Expense (Benefit) 6,443 149 61 (520) 6,133 Segment Profit (Loss) 26,213 461 189 (2,267) 24,596 Segment Assets at December 31, 2022 6,152,346 8,846 14,706 (19,907) 6,155,991 Core Wealth Management Services Insurance Other Consolidated Totals Nine Months Ended September 30, 2023 Net Interest Income $ 148,363 $ 86 $ 45 $ (3,668) $ 144,826 Net Gains on Sales of Loans 1,831 — — — 1,831 Net Gains on Securities 40 — — — 40 Wealth Management Fees 4 8,509 — — 8,513 Insurance Revenues 1 22 7,307 — 7,330 Noncash Items: Provision (Benefit) for Credit Losses 2,550 — — — 2,550 Depreciation and Amortization 6,803 26 37 342 7,208 Income Tax Expense (Benefit) 14,099 474 427 (1,201) 13,799 Segment Profit (Loss) 63,987 2,083 1,470 (3,159) 64,381 Segment Assets at September 30, 2023 5,998,860 8,374 15,631 (17,199) 6,005,666 Core Wealth Management Services Insurance Other Consolidated Totals Nine Months Ended September 30, 2022 Net Interest Income $ 150,798 $ 27 $ 14 $ (2,636) $ 148,203 Net Gains on Sales of Loans 3,324 — — — 3,324 Net Gains on Securities 473 — — — 473 Wealth Management Fees 3 7,653 — — 7,656 Insurance Revenues 30 11 7,929 — 7,970 Noncash Items: Provision (Benefit) for Credit Losses 5,850 — — — 5,850 Depreciation and Amortization 7,334 31 36 342 7,743 Income Tax Expense (Benefit) 12,189 551 643 (1,552) 11,831 Segment Profit (Loss) 58,162 1,717 2,038 (4,507) 57,410 Segment Assets at December 31, 2022 6,152,346 8,846 14,706 (19,907) 6,155,991 |
Equity Plans and Equity Based_2
Equity Plans and Equity Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Expense Recorded for Restricted Stock and Cash Entitlements | The following tables present expense recorded for restricted stock and cash entitlements as well as the related tax information for the periods presented: Three Months Ended 2023 2022 Restricted Stock Expense $ 497 $ 398 Cash Entitlement Expense 209 163 Tax Effect (183) (146) Net of Tax $ 523 $ 415 Nine Months Ended 2023 2022 Restricted Stock Expense $ 1,866 $ 1,915 Cash Entitlement Expense 570 497 Tax Effect (632) (626) Net of Tax $ 1,804 $ 1,786 |
Fair Value (Tables)
Fair Value (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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 September 30, 2023 Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Total Assets: U.S. Treasury $ — $ — $ — $ — Obligations of State and Political Subdivisions — 679,105 82 679,187 MBS/CMO — 619,620 943 620,563 US Gov’t Sponsored Entities & Agencies — 177,206 — 177,206 Total Securities $ — $ 1,475,931 $ 1,025 $ 1,476,956 Loans Held-for-Sale $ — $ 7,085 $ — $ 7,085 Derivative Assets $ — $ 10,318 $ — $ 10,318 Derivative Liabilities $ — $ 10,195 $ — $ 10,195 Fair Value Measurements at December 31, 2022 Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Total Assets: U.S. Treasury $ 64,119 $ — $ — $ 64,119 Obligations of State and Political Subdivisions — 777,769 83 777,852 MBS/CMO — 713,775 906 714,681 US Gov’t Sponsored Entities & Agencies — 205,017 — 205,017 Total Securities $ 64,119 $ 1,696,561 $ 989 $ 1,761,669 Loans Held-for-Sale $ — $ 8,600 $ — $ 8,600 Derivative Assets $ — $ 9,899 $ — $ 9,899 Derivative Liabilities $ — $ 9,749 $ — $ 9,749 |
Schedule of Aggregate Fair Value, Contractual Balance and Gain (Loss) of Loans Held-for-Sale | As of September 30, 2023 and December 31, 2022, the aggregate fair value, contractual balance (including accrued interest), and gain or loss on Loans Held-for-Sale was as follows: September 30, 2023 December 31, 2022 Aggregate Fair Value $ 7,085 $ 8,600 Contractual Balance 6,973 8,474 Gain (Loss) 112 126 |
Schedule of Reconciliation of all Assets Measured at Fair Value on Recurring Basis, Using Significant Unobservable Inputs (Level 3) | The tables below present a reconciliation of all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three and nine months ended September 30, 2023 and 2022: Obligations of State and Political Subdivisions MBS/CMO 2023 2022 2023 2022 Balance of Recurring Level 3 Assets at July 1 $ 84 $ 94 $ 919 $ — Total Gains (Losses) Included in Other Comprehensive Income (2) (3) 24 — Maturities / Calls — — — — Acquired through Bank Acquisition — — — — Balance of Recurring Level 3 Assets at September 30 $ 82 $ 91 $ 943 $ — Obligations of State and Political Subdivisions MBS/CMO 2023 2022 2023 2022 Balance of Recurring Level 3 Assets at January 1 $ 83 $ — $ 906 $ — Total Gains (Losses) Included in Other Comprehensive Income (1) (3) 37 — Maturities / Calls — — — — Acquired through Bank Acquisition — 94 — — Balance of Recurring Level 3 Assets at September 30 $ 82 $ 91 $ 943 $ — |
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 September 30, 2023 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 $ — $ — $ 2,699 $ 2,699 Commercial Real Estate Loans $ — $ — $ 6,877 $ 6,877 Agricultural Loans $ — $ — $ 1,841 $ 1,841 Consumer Loans $ — $ — $ 9 $ 9 Home Equity Loans $ — $ — $ 363 $ 363 Residential Mortgage Loans $ — $ — $ 537 $ 537 Fair Value Measurements at December 31, 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 $ — $ — $ 1,858 $ 1,858 Commercial Real Estate Loans $ — $ — $ 10,040 $ 10,040 Agricultural Loans $ — $ — $ 2,970 $ 2,970 Consumer Loans $ — $ — $ 8 $ 8 Home Equity Loans $ — $ — $ 368 $ 368 Residential Mortgage Loans $ — $ — $ 718 $ 718 |
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 September 30, 2023 and December 31, 2022: September 30, 2023 Fair Value Valuation Technique(s) Unobservable Input(s) Range (Weighted Average) Individual Analyzed Loans - $ 2,699 Sales comparison approach Adjustment for physical condition of comparable properties sold 30%-100% (38%) Individual Analyzed Loans - $ 6,877 Sales comparison approach Adjustment for physical condition of comparable properties sold 25%-68% (37%) Individual Analyzed Loans - $ 1,841 Sales comparison approach Adjustment for physical condition of comparable properties sold 19%-100% (50%) Individual Analyzed Loans - $ 9 Sales comparison approach Adjustment for physical condition of comparable properties sold 20%-27% (20%) Individual Analyzed Loans - $ 363 Sales comparison approach Adjustment for physical condition of comparable properties sold 20%-20% (20%) Individual Analyzed Loans - $ 537 Sales comparison approach Adjustment for physical condition of comparable properties sold 20%-20% (20%) December 31, 2022 Fair Value Valuation Technique(s) Unobservable Input(s) Range (Weighted Average) Individual Analyzed Loans - $ 1,858 Sales comparison approach Adjustment for physical condition of comparable properties sold 0%-100% (40%) Individual Analyzed Loans - $ 10,040 Sales comparison approach Adjustment for physical condition of comparable properties sold 30%-100% (37%) Individual Analyzed Loans - $ 2,970 Sales comparison approach Adjustment for physical condition of comparable properties sold 30%-100% (48%) Individual Analyzed Loans - $ 8 Sales comparison approach Adjustment for physical condition of comparable properties sold 27%-100% (20%) Individual Analyzed Loans - $ 368 Sales comparison approach Adjustment for physical condition of comparable properties sold 20%-51% (20%) Individual Analyzed Loans - $ 718 Sales comparison approach Adjustment for physical condition of comparable properties sold 20%-100% (21%) |
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 September 30, 2023 and December 31, 2022. 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 $ 132,419 $ 72,063 $ 60,356 $ — $ 132,419 Interest Bearing Time Deposits with Banks 500 — 500 — 500 Loans, Net 3,830,578 — — 3,725,317 3,725,317 Accrued Interest Receivable 29,115 — 9,634 19,481 29,115 Financial Liabilities: Demand, Savings, and Money Market Deposits (4,434,355) (4,434,355) — — (4,434,355) Time Deposits (701,516) — (698,642) — (698,642) Short-term Borrowings (158,303) (117,000) (41,303) — (158,303) Long-term Debt (127,890) — (51,983) (72,280) (124,263) Accrued Interest Payable (5,890) — (5,417) (473) (5,890) Fair Value Measurements at Carrying Value Level 1 Level 2 Level 3 Total Financial Assets: Cash and Short-term Investments $ 119,079 $ 77,174 $ 41,905 $ — $ 119,079 Interest Bearing Time Deposits with Banks 500 — 500 — 500 Loans, Net 3,724,804 — — 3,688,903 3,688,903 Accrued Interest Receivable 27,741 38 10,863 16,840 27,741 Financial Liabilities: Demand, Savings, and Money Market Deposits (4,921,582) (4,921,582) — — (4,921,582) Time Deposits (428,469) — (426,184) — (426,184) Short-term Borrowings (101,161) (36,200) (64,961) — (101,161) Long-term Debt (102,645) — (26,830) (72,272) (99,102) Accrued Interest Payable (1,513) — (1,205) (308) (1,513) |
Other Comprehensive Income (L_2
Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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 nine months ended September 30, 2023 and 2022, net of tax: September 30, 2023 Unrealized Gains and Losses on Available-for-Sale Securities Postretirement Benefit Items Total Beginning Balance at July 1, 2023 $ (248,338) $ (514) $ (248,852) Other Comprehensive Income (Loss) Before Reclassification (78,761) — (78,761) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) — — — Net Current Period Other Comprehensive Income (Loss) (78,761) — (78,761) Ending Balance at September 30, 2023 $ (327,099) $ (514) $ (327,613) September 30, 2023 Unrealized Gains and Losses on Available-for-Sale Securities Postretirement Benefit Items Total Beginning Balance at January 1, 2023 $ (262,924) $ (514) $ (263,438) Other Comprehensive Income (Loss) Before Reclassification (64,143) — (64,143) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (32) — (32) Net Current Period Other Comprehensive Income (Loss) (64,175) — (64,175) Ending Balance at September 30, 2023 $ (327,099) $ (514) $ (327,613) September 30, 2022 Unrealized Gains and Losses on Available-for-Sale Securities Postretirement Benefit Items Total Beginning Balance at July 1, 2022 $ (210,527) $ (568) $ (211,095) Other Comprehensive Income (Loss) Before Reclassification (97,945) — (97,945) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (18) — (18) Net Current Period Other Comprehensive Income (Loss) (97,963) — (97,963) Ending Balance at September 30, 2022 $ (308,490) $ (568) $ (309,058) September 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 (324,168) — (324,168) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (374) — (374) Net Current Period Other Comprehensive Income (Loss) (324,542) — (324,542) Ending Balance at September 30, 2022 $ (308,490) $ (568) $ (309,058) |
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 nine months ended September 30, 2023 and 2022: 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 $ — Net Gains on Securities — Income Tax Expense — Net of Tax Total Reclassifications for the Three $ — 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 $ 40 Net Gains on Securities (8) Income Tax Expense 32 Net of Tax Total Reclassifications for the Nine $ 32 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 $ 23 Net Gains on Securities (5) Income Tax Expense 18 Net of Tax Total Reclassifications for the Three $ 18 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 $ 473 Net Gains on Securities (99) Income Tax Expense 374 Net of Tax Total Reclassifications for the Nine $ 374 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Non-interest Income, Segregated by Revenue Stream | The following tables present 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 nine months ended September 30, 2023 and 2022. 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 September 30, Non-interest Income 2023 2022 In-Scope of Topic 606: Wealth Management Fees $ 2,957 $ 2,376 Service Charges on Deposit Accounts 2,982 3,014 Insurance Revenues 2,065 1,995 Interchange Fee Income 4,470 4,054 Other Operating Income 796 857 Non-interest Income (in-scope of Topic 606) 13,270 12,296 Non-interest Income (out-of-scope of Topic 606) 1,534 1,801 Total Non-interest Income $ 14,804 $ 14,097 Nine Months Ended September 30, Non-interest Income 2023 2022 In-Scope of Topic 606: Wealth Management Fees $ 8,513 $ 7,656 Service Charges on Deposit Accounts 8,653 8,568 Insurance Revenues 7,330 7,970 Interchange Fee Income 13,081 11,848 Other Operating Income 2,373 2,435 Non-interest Income (in-scope of Topic 606) 39,950 38,477 Non-interest Income (out-of-scope of Topic 606) 4,717 6,988 Total Non-interest Income $ 44,667 $ 45,465 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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 September 30, 2023 September 30, 2022 Finance Lease Cost: Amortization of Right-of -Use Assets $ 52 $ 52 Interest on Lease Liabilities 75 81 Operating Lease Cost 343 360 Short-term Lease Cost — — Total Lease Cost $ 470 $ 493 Nine Months Ended Nine Months Ended September 30, 2023 September 30, 2022 Finance Lease Cost: Amortization of Right-of -Use Assets $ 157 $ 157 Interest on Lease Liabilities 230 246 Operating Lease Cost 1,080 1,105 Short-term Lease Cost — 27 Total Lease Cost $ 1,467 $ 1,535 The weighted average lease term and discount rates were as follows: September 30, 2023 September 30, 2022 Weighted Average Remaining Lease Term: Finance Leases 9 years 10 years Operating Leases 7 years 8 years Weighted Average Discount Rate: Finance Leases 11.38 % 11.42 % Operating Leases 3.05 % 2.87 % Supplemental cash flow information related to leases were as follows: Nine Months Ended Nine Months Ended September 30, 2023 September 30, 2022 Cash paid for amounts in the Measurement of Lease Liabilities: Operating Cash Flows from Finance Leases $ 230 $ 246 Operating Cash Flows from Operating Leases 1,058 1,054 Financing Cash Flows from Finance Leases 154 138 |
Schedule of Supplemental Balance Sheet Information | Supplemental balance sheet information related to leases were as follows: September 30, 2023 September 30, 2022 Finance Leases Premises, Furniture and Equipment, Net $ 1,700 $ 1,910 Other Borrowings 2,699 2,908 Operating Leases Operating Lease Right-of-Use Assets $ 5,449 $ 6,195 Operating Lease Liabilities 5,598 6,338 |
Schedule of Maturity of Finance Lease Liabilities | The following table presents a maturity analysis of Finance and Operating Lease Liabilities: September 30, 2023 Finance Leases Operating Leases Year 1 $ 519 $ 1,264 Year 2 519 1,124 Year 3 519 867 Year 4 519 702 Year 5 438 620 Thereafter 1,619 1,643 Total Lease Payments 4,133 6,220 Less Imputed Interest (1,434) (622) Total $ 2,699 $ 5,598 |
Schedule of Maturity of Operating Lease Liabilities | The following table presents a maturity analysis of Finance and Operating Lease Liabilities: September 30, 2023 Finance Leases Operating Leases Year 1 $ 519 $ 1,264 Year 2 519 1,124 Year 3 519 867 Year 4 519 702 Year 5 438 620 Thereafter 1,619 1,643 Total Lease Payments 4,133 6,220 Less Imputed Interest (1,434) (622) Total $ 2,699 $ 5,598 |
Per Share Data (Details)
Per Share Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Basic Earnings per Share: | ||||||||
Net Income | $ 21,451 | $ 22,123 | $ 20,807 | $ 24,596 | $ 23,747 | $ 9,067 | $ 64,381 | $ 57,410 |
Weighted Average Shares Outstanding (in shares) | 29,573,461 | 29,484,394 | 29,551,558 | 29,457,396 | ||||
Basic Earnings per Share (in dollars per share) | $ 0.73 | $ 0.83 | $ 2.18 | $ 1.95 | ||||
Diluted Earnings per Share: | ||||||||
Net Income | $ 21,451 | $ 22,123 | $ 20,807 | $ 24,596 | $ 23,747 | $ 9,067 | $ 64,381 | $ 57,410 |
Weighted Average Shares Outstanding (in shares) | 29,573,461 | 29,484,394 | 29,551,558 | 29,457,396 | ||||
Potentially Dilutive Shares, Net (in shares) | 0 | 0 | 0 | 0 | ||||
Diluted Weighted Average Shares Outstanding (in shares) | 29,573,461 | 29,484,394 | 29,551,558 | 29,457,396 | ||||
Diluted Earnings per Share (in dollars per share) | $ 0.73 | $ 0.83 | $ 2.18 | $ 1.95 | ||||
Anti-dilutive securities excluded from computation of earnings per share (in shares) | 0 | 0 | 0 | 0 |
Securities - Securities Availab
Securities - Securities Available-for-Sale (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 1,891,435,000 | $ 2,094,826,000 |
Gross Unrealized Gains | 10,000 | 695,000 |
Gross Unrealized Losses | (414,489,000) | (333,852,000) |
Allowance for Credit Losses | 0 | 0 |
Fair Value | 1,476,956,000 | 1,761,669,000 |
U.S. Treasury | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 0 | 64,097,000 |
Gross Unrealized Gains | 0 | 22,000 |
Gross Unrealized Losses | 0 | 0 |
Allowance for Credit Losses | 0 | 0 |
Fair Value | 0 | 64,119,000 |
Obligations of State and Political Subdivisions | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 892,171,000 | 939,193,000 |
Gross Unrealized Gains | 10,000 | 673,000 |
Gross Unrealized Losses | (212,994,000) | (162,014,000) |
Allowance for Credit Losses | 0 | 0 |
Fair Value | 679,187,000 | 777,852,000 |
MBS/CMO | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 775,708,000 | 846,519,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (155,145,000) | (131,838,000) |
Allowance for Credit Losses | 0 | 0 |
Fair Value | 620,563,000 | 714,681,000 |
US Gov’t Sponsored Entities & Agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 223,556,000 | 245,017,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (46,350,000) | (40,000,000) |
Allowance for Credit Losses | 0 | 0 |
Fair Value | $ 177,206,000 | $ 205,017,000 |
Securities - Securities by Cont
Securities - Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Amortized Cost | ||
Due in one year or less | $ 1,807 | |
Due after one year through five years | 17,277 | |
Due after five years through ten years | 60,985 | |
Due after ten years | 812,102 | |
Amortized Cost | 1,891,435 | $ 2,094,826 |
Fair Value | ||
Due in one year or less | 1,793 | |
Due after one year through five years | 16,880 | |
Due after five years through ten years | 54,202 | |
Due after ten years | 606,312 | |
Fair Value | 1,476,956 | 1,761,669 |
MBS/CMO | ||
Amortized Cost | ||
Securities without single maturity | 775,708 | |
Amortized Cost | 775,708 | 846,519 |
Fair Value | ||
Securities without single maturity | 620,563 | |
Fair Value | 620,563 | 714,681 |
US Gov’t Sponsored Entities & Agencies | ||
Amortized Cost | ||
Securities without single maturity | 223,556 | |
Amortized Cost | 223,556 | 245,017 |
Fair Value | ||
Securities without single maturity | 177,206 | |
Fair Value | $ 177,206 | $ 205,017 |
Securities - Proceeds from Sale
Securities - Proceeds from Sales of Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Proceeds from Sales | $ 0 | $ 2,073 | $ 114,259 | $ 99,572 |
Gross Gains on Sales | 0 | 23 | 346 | 517 |
Income Taxes on Gross Gains | $ 0 | $ 5 | $ 73 | $ 109 |
Securities - Narrative (Details
Securities - Narrative (Details) | Sep. 30, 2023 USD ($) investment | Dec. 31, 2022 USD ($) 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 | $ 376,326,000 | $ 354,123,000 | |
Allowance for credit losses for available-for-sale debt securities | 0 | 0 | |
Accrued interest receivable on available-for-sale debt securities | 9,272,000 | 10,637,000 | |
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 - Securities with Un
Securities - Securities with Unrealized Losses (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Months, Fair Value | $ 89,738 | $ 1,018,313 |
Less than 12 Months, Unrealized Loss | (5,210) | (177,161) |
12 Months or More, Fair Value | 1,385,129 | 603,633 |
12 Months or More, Unrealized Loss | (409,279) | (156,691) |
Total Fair Value | 1,474,867 | 1,621,946 |
Total Unrealized Loss | (414,489) | (333,852) |
U.S. Treasury | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Months, Fair Value | 0 | 0 |
Less than 12 Months, Unrealized Loss | 0 | 0 |
12 Months or More, Fair Value | 0 | 0 |
12 Months or More, Unrealized Loss | 0 | 0 |
Total Fair Value | 0 | 0 |
Total Unrealized Loss | 0 | 0 |
Obligations of State and Political Subdivisions | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Months, Fair Value | 89,609 | 579,267 |
Less than 12 Months, Unrealized Loss | (5,201) | (117,423) |
12 Months or More, Fair Value | 587,496 | 122,992 |
12 Months or More, Unrealized Loss | (207,793) | (44,591) |
Total Fair Value | 677,105 | 702,259 |
Total Unrealized Loss | (212,994) | (162,014) |
MBS/CMO | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Months, Fair Value | 129 | 240,344 |
Less than 12 Months, Unrealized Loss | (9) | (20,920) |
12 Months or More, Fair Value | 620,427 | 474,327 |
12 Months or More, Unrealized Loss | (155,136) | (110,918) |
Total Fair Value | 620,556 | 714,671 |
Total Unrealized Loss | (155,145) | (131,838) |
US Gov’t Sponsored Entities & Agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Months, Fair Value | 0 | 198,702 |
Less than 12 Months, Unrealized Loss | 0 | (38,818) |
12 Months or More, Fair Value | 177,206 | 6,314 |
12 Months or More, Unrealized Loss | (46,350) | (1,182) |
Total Fair Value | 177,206 | 205,016 |
Total Unrealized Loss | $ (46,350) | $ (40,000) |
Derivatives - Narrative (Detail
Derivatives - Narrative (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Interest Rate Swaps | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount of derivatives | $ 137,340 | $ 134,684 |
Derivatives - Fair Value Hedges
Derivatives - Fair Value Hedges Included in Consolidated Balance Sheets (Details) - Interest Rate Swaps - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Other Assets | ||
Included in Other Assets: | ||
Interest Rate Swaps, Notional Amount | $ 137,340 | $ 134,684 |
Interest Rate Swaps, Fair Value | 10,318 | 9,899 |
Other Liabilities | ||
Included in Other Liabilities: | ||
Interest Rate Swaps, Notional Amount | 137,340 | 134,684 |
Interest Rate Swaps, Fair Value | $ 10,195 | $ 9,749 |
Derivatives - Effects of Deriva
Derivatives - Effects of Derivatives on Consolidated Statements of Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Interest Rate Swaps | Other Operating Income | ||||
Derivative [Line Items] | ||||
Included in Other Operating Income | $ 194 | $ 111 | $ 372 | $ 455 |
Loans - Components of Loans (De
Loans - Components of Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total Loans | $ 3,893,573 | $ 3,788,645 | ||||
Less: Unearned Income | (6,023) | (3,711) | ||||
Allowance for Credit Losses | (44,646) | $ (44,266) | (44,168) | $ (44,699) | $ (45,031) | $ (37,017) |
Loans, Net | 3,842,904 | 3,740,766 | ||||
Commercial and Industrial Loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total Loans | 598,893 | 620,106 | ||||
Allowance for Credit Losses | (12,958) | (13,567) | (13,749) | (13,455) | (13,545) | (9,554) |
Commercial Real Estate Loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total Loans | 2,076,962 | 1,966,884 | ||||
Allowance for Credit Losses | (22,900) | (21,834) | (21,598) | (22,143) | (22,349) | (19,245) |
Agricultural Loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total Loans | 398,109 | 417,413 | ||||
Allowance for Credit Losses | (3,786) | (3,956) | (4,188) | (4,529) | (4,628) | (4,505) |
Leases | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total Loans | 66,999 | 56,396 | ||||
Allowance for Credit Losses | (254) | (235) | (209) | (218) | (191) | (200) |
Home Equity Loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total Loans | 286,880 | 279,748 | ||||
Allowance for Credit Losses | (1,447) | (1,436) | (1,344) | (1,313) | (1,233) | (1,061) |
Consumer Loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total Loans | 88,976 | 79,904 | ||||
Allowance for Credit Losses | (665) | (640) | (595) | (594) | (668) | (507) |
Credit Cards | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total Loans | 20,144 | 17,512 | ||||
Allowance for Credit Losses | (319) | (288) | (257) | (236) | (239) | (240) |
Residential Mortgage Loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total Loans | 356,610 | 350,682 | ||||
Allowance for Credit Losses | (2,317) | $ (2,310) | (2,228) | $ (2,211) | $ (2,178) | $ (1,705) |
Commercial: | Commercial and Industrial Loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total Loans | 598,893 | 620,106 | ||||
Commercial: | Commercial Real Estate Loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total Loans | 2,076,962 | 1,966,884 | ||||
Commercial: | Agricultural Loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total Loans | 398,109 | 417,413 | ||||
Commercial: | Leases | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total Loans | 66,999 | 56,396 | ||||
Retail: | Home Equity Loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total Loans | 286,880 | 279,748 | ||||
Retail: | Consumer Loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total Loans | 88,976 | 79,904 | ||||
Retail: | Credit Cards | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total Loans | 20,144 | 17,512 | ||||
Retail: | Residential Mortgage Loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total Loans | $ 356,610 | $ 350,682 |
Loans - Narrative (Details)
Loans - Narrative (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 USD ($) loan | Sep. 30, 2023 USD ($) loan | Dec. 31, 2022 USD ($) loan | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Interest income on non-accrual loans | $ 62,000 | $ 99,000 | $ 32,000 |
Number of loans modified as troubled debt restructurings | loan | 0 | 0 | 0 |
Troubled debt restructurings | $ 0 | ||
Allowance for troubled debt restructurings | 0 | ||
Additional lending amount to customers whose loan terms has been modified in troubled debt restructuring | $ 0 | ||
Number of loans modified as troubled debt restructuring subsequently defaulted | loan | 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 | $ 15,074,000 | $ 15,074,000 | $ 21,149,000 |
Loans - Allowance for Credit Lo
Loans - Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | $ 44,266 | $ 45,031 | $ 44,168 | $ 37,017 |
Acquisition of Citizens Union Bank of Shelbyville, KY | 3,117 | |||
Provision (Benefit) for Credit Losses | 900 | 350 | 2,550 | 5,850 |
Loans charged-off | (650) | (820) | (2,737) | (1,636) |
Recoveries collected | 130 | 138 | 665 | 351 |
Total ending allowance balance | 44,646 | 44,699 | 44,646 | 44,699 |
Commercial and Industrial Loans | ||||
Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 13,567 | 13,545 | 13,749 | 9,554 |
Acquisition of Citizens Union Bank of Shelbyville, KY | 376 | |||
Provision (Benefit) for Credit Losses | (436) | 141 | 310 | 3,803 |
Loans charged-off | (175) | (238) | (1,252) | (299) |
Recoveries collected | 2 | 7 | 151 | 21 |
Total ending allowance balance | 12,958 | 13,455 | 12,958 | 13,455 |
Commercial Real Estate Loans | ||||
Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 21,834 | 22,349 | 21,598 | 19,245 |
Acquisition of Citizens Union Bank of Shelbyville, KY | 1,945 | |||
Provision (Benefit) for Credit Losses | 1,117 | (210) | 1,286 | 1,013 |
Loans charged-off | (56) | (1) | (56) | (79) |
Recoveries collected | 5 | 5 | 72 | 19 |
Total ending allowance balance | 22,900 | 22,143 | 22,900 | 22,143 |
Agricultural Loans | ||||
Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 3,956 | 4,628 | 4,188 | 4,505 |
Acquisition of Citizens Union Bank of Shelbyville, KY | 689 | |||
Provision (Benefit) for Credit Losses | (168) | (99) | (375) | (665) |
Loans charged-off | (2) | 0 | (27) | 0 |
Recoveries collected | 0 | 0 | 0 | 0 |
Total ending allowance balance | 3,786 | 4,529 | 3,786 | 4,529 |
Leases | ||||
Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 235 | 191 | 209 | 200 |
Acquisition of Citizens Union Bank of Shelbyville, KY | 0 | |||
Provision (Benefit) for Credit Losses | 19 | 27 | 45 | 18 |
Loans charged-off | 0 | 0 | 0 | 0 |
Recoveries collected | 0 | 0 | 0 | 0 |
Total ending allowance balance | 254 | 218 | 254 | 218 |
Consumer Loans | ||||
Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 640 | 668 | 595 | 507 |
Acquisition of Citizens Union Bank of Shelbyville, KY | 2 | |||
Provision (Benefit) for Credit Losses | 258 | 305 | 657 | 823 |
Loans charged-off | (352) | (495) | (980) | (1,027) |
Recoveries collected | 119 | 116 | 393 | 289 |
Total ending allowance balance | 665 | 594 | 665 | 594 |
Home Equity Loans | ||||
Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 1,436 | 1,233 | 1,344 | 1,061 |
Acquisition of Citizens Union Bank of Shelbyville, KY | 0 | |||
Provision (Benefit) for Credit Losses | 9 | 85 | 109 | 309 |
Loans charged-off | 0 | (5) | (39) | (57) |
Recoveries collected | 2 | 0 | 33 | 0 |
Total ending allowance balance | 1,447 | 1,313 | 1,447 | 1,313 |
Credit Cards | ||||
Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 288 | 239 | 257 | 240 |
Acquisition of Citizens Union Bank of Shelbyville, KY | 0 | |||
Provision (Benefit) for Credit Losses | 93 | 52 | 374 | 131 |
Loans charged-off | (64) | (63) | (325) | (153) |
Recoveries collected | 2 | 8 | 13 | 18 |
Total ending allowance balance | 319 | 236 | 319 | 236 |
Residential Mortgage Loans | ||||
Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 2,310 | 2,178 | 2,228 | 1,705 |
Acquisition of Citizens Union Bank of Shelbyville, KY | 105 | |||
Provision (Benefit) for Credit Losses | 8 | 49 | 144 | 418 |
Loans charged-off | (1) | (18) | (58) | (21) |
Recoveries collected | 0 | 2 | 3 | 4 |
Total ending allowance balance | $ 2,317 | $ 2,211 | $ 2,317 | $ 2,211 |
Loans - Non-Accrual and Past Du
Loans - Non-Accrual and Past Due Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Financing Receivable, Past Due [Line Items] | ||
Non-Accrual With No Allowance For Credit Loss | $ 2,860 | $ 3,509 |
Total Non-Accrual | 11,206 | 12,888 |
Loans Past Due Over 89 Days Still Accruing | 1,170 | 1,427 |
Commercial and Industrial Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Non-Accrual With No Allowance For Credit Loss | 554 | 1,142 |
Total Non-Accrual | 7,298 | 7,936 |
Loans Past Due Over 89 Days Still Accruing | 1,000 | 1,427 |
Commercial Real Estate Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Non-Accrual With No Allowance For Credit Loss | 137 | 49 |
Total Non-Accrual | 1,006 | 1,950 |
Loans Past Due Over 89 Days Still Accruing | 145 | 0 |
Agricultural Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Non-Accrual With No Allowance For Credit Loss | 698 | 994 |
Total Non-Accrual | 1,036 | 1,062 |
Loans Past Due Over 89 Days Still Accruing | 25 | 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 | 567 | 262 |
Total Non-Accrual | 621 | 310 |
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 | 32 | 240 |
Total Non-Accrual | 32 | 254 |
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 | 146 | 146 |
Total Non-Accrual | 146 | 146 |
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 | 726 | 676 |
Total Non-Accrual | 1,067 | 1,230 |
Loans Past Due Over 89 Days Still Accruing | $ 0 | $ 0 |
Loans - Collateral-dependent Lo
Loans - Collateral-dependent Loans by Class (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | $ 3,893,573 | $ 3,788,645 |
Commercial and Industrial Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 598,893 | 620,106 |
Commercial Real Estate Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 2,076,962 | 1,966,884 |
Agricultural Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 398,109 | 417,413 |
Leases | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 66,999 | 56,396 |
Home Equity Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 286,880 | 279,748 |
Consumer Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 88,976 | 79,904 |
Credit Cards | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 20,144 | 17,512 |
Residential Mortgage Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 356,610 | 350,682 |
Total | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 23,502 | 28,459 |
Total | Commercial and Industrial Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 9,911 | 9,420 |
Total | Commercial Real Estate Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 8,367 | 12,228 |
Total | Agricultural Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 3,893 | 5,262 |
Total | Leases | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 0 | 0 |
Total | Home Equity Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 475 | 467 |
Total | Consumer Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 9 | 22 |
Total | Credit Cards | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 0 | 0 |
Total | Residential Mortgage Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 847 | 1,060 |
Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 15,564 | 20,749 |
Real Estate | Commercial and Industrial Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 3,070 | 2,078 |
Real Estate | Commercial Real Estate Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 8,367 | 12,192 |
Real Estate | Agricultural Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 2,796 | 4,944 |
Real Estate | Leases | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 0 | 0 |
Real Estate | Home Equity Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 475 | 467 |
Real Estate | Consumer Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 9 | 8 |
Real Estate | Credit Cards | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 0 | 0 |
Real Estate | Residential Mortgage Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 847 | 1,060 |
Equipment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 1,231 | 1,575 |
Equipment | Commercial and Industrial Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 134 | 1,219 |
Equipment | Commercial Real Estate Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 0 | 36 |
Equipment | Agricultural Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 1,097 | 318 |
Equipment | Leases | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 0 | 0 |
Equipment | Home Equity Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 0 | 0 |
Equipment | Consumer Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 0 | 2 |
Equipment | Credit Cards | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 0 | 0 |
Equipment | Residential Mortgage Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 0 | 0 |
Accounts Receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 0 | 272 |
Accounts Receivable | Commercial and Industrial Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 0 | 272 |
Accounts Receivable | Commercial Real Estate Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 0 | 0 |
Accounts Receivable | Agricultural Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 0 | 0 |
Accounts Receivable | Leases | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 0 | 0 |
Accounts Receivable | Home Equity Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 0 | 0 |
Accounts Receivable | Consumer Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 0 | 0 |
Accounts Receivable | Credit Cards | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 0 | 0 |
Accounts Receivable | Residential Mortgage Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 0 | 0 |
Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 6,707 | 5,863 |
Other | Commercial and Industrial Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 6,707 | 5,851 |
Other | Commercial Real Estate Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 0 | 0 |
Other | Agricultural Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 0 | 0 |
Other | Leases | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 0 | 0 |
Other | Home Equity Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 0 | 0 |
Other | Consumer Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 0 | 12 |
Other | Credit Cards | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 0 | 0 |
Other | Residential Mortgage Loans | ||
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 | Sep. 30, 2023 | Dec. 31, 2022 |
Financing Receivable, Past Due [Line Items] | ||
Total | $ 3,893,573 | $ 3,788,645 |
Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 24,375 | 25,122 |
30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 11,227 | 10,633 |
60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 2,021 | 3,706 |
Greater Than 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 11,127 | 10,783 |
Loans Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 3,869,198 | 3,763,523 |
Commercial and Industrial Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 598,893 | 620,106 |
Commercial and Industrial Loans | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 8,276 | 9,234 |
Commercial and Industrial Loans | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 454 | 268 |
Commercial and Industrial Loans | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 681 | |
Commercial and Industrial Loans | Greater Than 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 7,822 | 8,285 |
Commercial and Industrial Loans | Loans Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 590,617 | 610,872 |
Commercial Real Estate Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 2,076,962 | 1,966,884 |
Commercial Real Estate Loans | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 1,783 | 2,247 |
Commercial Real Estate Loans | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 387 | 1,617 |
Commercial Real Estate Loans | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 384 | 14 |
Commercial Real Estate Loans | Greater Than 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 1,012 | 616 |
Commercial Real Estate Loans | Loans Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 2,075,179 | 1,964,637 |
Agricultural Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 398,109 | 417,413 |
Agricultural Loans | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 976 | 466 |
Agricultural Loans | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 337 | 343 |
Agricultural Loans | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 0 |
Agricultural Loans | Greater Than 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 639 | 123 |
Agricultural Loans | Loans Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 397,133 | 416,947 |
Leases | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 66,999 | 56,396 |
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 | 66,999 | 56,396 |
Home Equity Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 286,880 | 279,748 |
Home Equity Loans | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 2,296 | 2,220 |
Home Equity Loans | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 1,460 | 1,770 |
Home Equity Loans | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 215 | 140 |
Home Equity Loans | Greater Than 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 621 | 310 |
Home Equity Loans | Loans Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 284,584 | 277,528 |
Consumer Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 88,976 | 79,904 |
Consumer Loans | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 320 | 535 |
Consumer Loans | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 269 | 219 |
Consumer Loans | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 19 | 64 |
Consumer Loans | Greater Than 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 32 | 252 |
Consumer Loans | Loans Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 88,656 | 79,369 |
Credit Cards | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 20,144 | 17,512 |
Credit Cards | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 291 | 256 |
Credit Cards | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 87 | 86 |
Credit Cards | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 58 | 24 |
Credit Cards | Greater Than 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 146 | 146 |
Credit Cards | Loans Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 19,853 | 17,256 |
Residential Mortgage Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 356,610 | 350,682 |
Residential Mortgage Loans | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 10,433 | 10,164 |
Residential Mortgage Loans | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 8,233 | 6,330 |
Residential Mortgage Loans | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 1,345 | 2,783 |
Residential Mortgage Loans | Greater Than 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 855 | 1,051 |
Residential Mortgage Loans | Loans Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | $ 346,177 | $ 340,518 |
Loans - Risk Category of Loans
Loans - Risk Category of Loans by Class (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Total | $ 3,893,573 | $ 3,893,573 | $ 3,788,645 | ||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract] | |||||
Total | 650 | $ 820 | 2,737 | $ 1,636 | |
Commercial and Industrial Loans | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2023-2022 | 88,427 | 88,427 | 158,088 | ||
2022-2021 | 141,517 | 141,517 | 123,425 | ||
2021-2020 | 92,978 | 92,978 | 41,375 | ||
2020-2019 | 33,096 | 33,096 | 47,887 | ||
2019-2018 | 38,414 | 38,414 | 20,002 | ||
Prior | 54,780 | 54,780 | 56,065 | ||
Revolving Loans Amortized Cost Basis | 149,681 | 149,681 | 173,264 | ||
Total | 598,893 | 598,893 | 620,106 | ||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract] | |||||
2023 | 0 | ||||
2022 | 911 | ||||
2021 | 32 | ||||
2020 | 33 | ||||
2019 | 7 | ||||
Prior | 88 | ||||
Revolving Loans Amortized Cost Basis | 181 | ||||
Total | 175 | 238 | 1,252 | 299 | |
Commercial and Industrial Loans | Pass | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2023-2022 | 88,379 | 88,379 | 156,318 | ||
2022-2021 | 140,656 | 140,656 | 117,648 | ||
2021-2020 | 86,196 | 86,196 | 39,949 | ||
2020-2019 | 30,700 | 30,700 | 46,505 | ||
2019-2018 | 36,656 | 36,656 | 18,423 | ||
Prior | 51,279 | 51,279 | 51,482 | ||
Revolving Loans Amortized Cost Basis | 136,528 | 136,528 | 154,203 | ||
Total | 570,394 | 570,394 | 584,528 | ||
Commercial and Industrial Loans | Special Mention | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2023-2022 | 48 | 48 | 56 | ||
2022-2021 | 470 | 470 | 148 | ||
2021-2020 | 498 | 498 | 577 | ||
2020-2019 | 1,609 | 1,609 | 78 | ||
2019-2018 | 642 | 642 | 551 | ||
Prior | 1,991 | 1,991 | 2,346 | ||
Revolving Loans Amortized Cost Basis | 5,843 | 5,843 | 1,672 | ||
Total | 11,101 | 11,101 | 5,428 | ||
Commercial and Industrial Loans | Substandard | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2023-2022 | 0 | 0 | 1,714 | ||
2022-2021 | 391 | 391 | 5,629 | ||
2021-2020 | 6,284 | 6,284 | 849 | ||
2020-2019 | 787 | 787 | 1,304 | ||
2019-2018 | 1,116 | 1,116 | 1,028 | ||
Prior | 1,510 | 1,510 | 2,237 | ||
Revolving Loans Amortized Cost Basis | 7,310 | 7,310 | 17,389 | ||
Total | 17,398 | 17,398 | 30,150 | ||
Commercial and Industrial Loans | Doubtful | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2023-2022 | 0 | 0 | 0 | ||
2022-2021 | 0 | 0 | 0 | ||
2021-2020 | 0 | 0 | 0 | ||
2020-2019 | 0 | 0 | 0 | ||
2019-2018 | 0 | 0 | 0 | ||
Prior | 0 | 0 | 0 | ||
Revolving Loans Amortized Cost Basis | 0 | 0 | 0 | ||
Total | 0 | 0 | 0 | ||
Commercial Real Estate Loans | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2023-2022 | 231,679 | 231,679 | 402,613 | ||
2022-2021 | 426,667 | 426,667 | 496,943 | ||
2021-2020 | 490,433 | 490,433 | 266,563 | ||
2020-2019 | 232,637 | 232,637 | 164,251 | ||
2019-2018 | 151,699 | 151,699 | 143,819 | ||
Prior | 507,347 | 507,347 | 457,532 | ||
Revolving Loans Amortized Cost Basis | 36,500 | 36,500 | 35,163 | ||
Total | 2,076,962 | 2,076,962 | 1,966,884 | ||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract] | |||||
2023 | 0 | ||||
2022 | 0 | ||||
2021 | 56 | ||||
2020 | 0 | ||||
2019 | 0 | ||||
Prior | 0 | ||||
Revolving Loans Amortized Cost Basis | 0 | ||||
Total | 56 | 1 | 56 | 79 | |
Commercial Real Estate Loans | Pass | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2023-2022 | 218,088 | 218,088 | 398,631 | ||
2022-2021 | 424,293 | 424,293 | 490,747 | ||
2021-2020 | 473,834 | 473,834 | 261,462 | ||
2020-2019 | 227,014 | 227,014 | 162,701 | ||
2019-2018 | 150,687 | 150,687 | 129,151 | ||
Prior | 482,924 | 482,924 | 427,433 | ||
Revolving Loans Amortized Cost Basis | 36,185 | 36,185 | 35,163 | ||
Total | 2,013,025 | 2,013,025 | 1,905,288 | ||
Commercial Real Estate Loans | Special Mention | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2023-2022 | 13,591 | 13,591 | 3,982 | ||
2022-2021 | 2,171 | 2,171 | 1,568 | ||
2021-2020 | 11,239 | 11,239 | 4,612 | ||
2020-2019 | 4,471 | 4,471 | 135 | ||
2019-2018 | 264 | 264 | 13,689 | ||
Prior | 21,051 | 21,051 | 25,371 | ||
Revolving Loans Amortized Cost Basis | 0 | 0 | 0 | ||
Total | 52,787 | 52,787 | 49,357 | ||
Commercial Real Estate Loans | Substandard | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2023-2022 | 0 | 0 | 0 | ||
2022-2021 | 203 | 203 | 4,628 | ||
2021-2020 | 5,360 | 5,360 | 489 | ||
2020-2019 | 1,152 | 1,152 | 1,415 | ||
2019-2018 | 748 | 748 | 979 | ||
Prior | 3,372 | 3,372 | 4,728 | ||
Revolving Loans Amortized Cost Basis | 315 | 315 | 0 | ||
Total | 11,150 | 11,150 | 12,239 | ||
Commercial Real Estate Loans | Doubtful | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2023-2022 | 0 | 0 | 0 | ||
2022-2021 | 0 | 0 | 0 | ||
2021-2020 | 0 | 0 | 0 | ||
2020-2019 | 0 | 0 | 0 | ||
2019-2018 | 0 | 0 | 0 | ||
Prior | 0 | 0 | 0 | ||
Revolving Loans Amortized Cost Basis | 0 | 0 | 0 | ||
Total | 0 | 0 | 0 | ||
Agricultural Loans | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2023-2022 | 35,565 | 35,565 | 63,307 | ||
2022-2021 | 58,777 | 58,777 | 48,734 | ||
2021-2020 | 41,871 | 41,871 | 54,049 | ||
2020-2019 | 47,949 | 47,949 | 30,009 | ||
2019-2018 | 25,497 | 25,497 | 24,168 | ||
Prior | 119,841 | 119,841 | 108,974 | ||
Revolving Loans Amortized Cost Basis | 68,609 | 68,609 | 88,172 | ||
Total | 398,109 | 398,109 | 417,413 | ||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract] | |||||
2023 | 0 | ||||
2022 | 0 | ||||
2021 | 0 | ||||
2020 | 2 | ||||
2019 | 0 | ||||
Prior | 0 | ||||
Revolving Loans Amortized Cost Basis | 25 | ||||
Total | 2 | 0 | 27 | 0 | |
Agricultural Loans | Pass | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2023-2022 | 33,037 | 33,037 | 62,673 | ||
2022-2021 | 58,537 | 58,537 | 47,682 | ||
2021-2020 | 41,034 | 41,034 | 47,355 | ||
2020-2019 | 42,723 | 42,723 | 25,431 | ||
2019-2018 | 22,653 | 22,653 | 21,728 | ||
Prior | 104,949 | 104,949 | 92,344 | ||
Revolving Loans Amortized Cost Basis | 65,960 | 65,960 | 83,862 | ||
Total | 368,893 | 368,893 | 381,075 | ||
Agricultural Loans | Special Mention | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2023-2022 | 2,528 | 2,528 | 634 | ||
2022-2021 | 240 | 240 | 842 | ||
2021-2020 | 635 | 635 | 6,066 | ||
2020-2019 | 5,037 | 5,037 | 4,149 | ||
2019-2018 | 2,552 | 2,552 | 2,355 | ||
Prior | 10,101 | 10,101 | 11,440 | ||
Revolving Loans Amortized Cost Basis | 2,649 | 2,649 | 4,310 | ||
Total | 23,742 | 23,742 | 29,796 | ||
Agricultural Loans | Substandard | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2023-2022 | 0 | 0 | 0 | ||
2022-2021 | 0 | 0 | 210 | ||
2021-2020 | 202 | 202 | 628 | ||
2020-2019 | 189 | 189 | 429 | ||
2019-2018 | 292 | 292 | 85 | ||
Prior | 4,791 | 4,791 | 5,190 | ||
Revolving Loans Amortized Cost Basis | 0 | 0 | 0 | ||
Total | 5,474 | 5,474 | 6,542 | ||
Agricultural Loans | Doubtful | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2023-2022 | 0 | 0 | 0 | ||
2022-2021 | 0 | 0 | 0 | ||
2021-2020 | 0 | 0 | 0 | ||
2020-2019 | 0 | 0 | 0 | ||
2019-2018 | 0 | 0 | 0 | ||
Prior | 0 | 0 | 0 | ||
Revolving Loans Amortized Cost Basis | 0 | 0 | 0 | ||
Total | 0 | 0 | 0 | ||
Leases | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2023-2022 | 27,207 | 27,207 | 20,057 | ||
2022-2021 | 13,519 | 13,519 | 14,461 | ||
2021-2020 | 11,533 | 11,533 | 9,648 | ||
2020-2019 | 6,964 | 6,964 | 8,901 | ||
2019-2018 | 6,076 | 6,076 | 1,851 | ||
Prior | 1,700 | 1,700 | 1,478 | ||
Revolving Loans Amortized Cost Basis | 0 | 0 | 0 | ||
Total | 66,999 | 66,999 | 56,396 | ||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract] | |||||
2023 | 0 | ||||
2022 | 0 | ||||
2021 | 0 | ||||
2020 | 0 | ||||
2019 | 0 | ||||
Prior | 0 | ||||
Revolving Loans Amortized Cost Basis | 0 | ||||
Total | 0 | $ 0 | 0 | $ 0 | |
Leases | Pass | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2023-2022 | 27,207 | 27,207 | 20,057 | ||
2022-2021 | 13,519 | 13,519 | 14,461 | ||
2021-2020 | 11,533 | 11,533 | 9,648 | ||
2020-2019 | 6,964 | 6,964 | 8,901 | ||
2019-2018 | 6,076 | 6,076 | 1,851 | ||
Prior | 1,700 | 1,700 | 1,478 | ||
Revolving Loans Amortized Cost Basis | 0 | 0 | 0 | ||
Total | 66,999 | 66,999 | 56,396 | ||
Leases | Special Mention | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2023-2022 | 0 | 0 | 0 | ||
2022-2021 | 0 | 0 | 0 | ||
2021-2020 | 0 | 0 | 0 | ||
2020-2019 | 0 | 0 | 0 | ||
2019-2018 | 0 | 0 | 0 | ||
Prior | 0 | 0 | 0 | ||
Revolving Loans Amortized Cost Basis | 0 | 0 | 0 | ||
Total | 0 | 0 | 0 | ||
Leases | Substandard | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2023-2022 | 0 | 0 | 0 | ||
2022-2021 | 0 | 0 | 0 | ||
2021-2020 | 0 | 0 | 0 | ||
2020-2019 | 0 | 0 | 0 | ||
2019-2018 | 0 | 0 | 0 | ||
Prior | 0 | 0 | 0 | ||
Revolving Loans Amortized Cost Basis | 0 | 0 | 0 | ||
Total | 0 | 0 | 0 | ||
Leases | Doubtful | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2023-2022 | 0 | 0 | 0 | ||
2022-2021 | 0 | 0 | 0 | ||
2021-2020 | 0 | 0 | 0 | ||
2020-2019 | 0 | 0 | 0 | ||
2019-2018 | 0 | 0 | 0 | ||
Prior | 0 | 0 | 0 | ||
Revolving Loans Amortized Cost Basis | 0 | 0 | 0 | ||
Total | $ 0 | $ 0 | $ 0 |
Loans - Residential, Home Equit
Loans - Residential, Home Equity and Consumer Loans Based on Payment Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Total | $ 3,893,573 | $ 3,893,573 | $ 3,788,645 | ||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract] | |||||
Total | 650 | $ 820 | 2,737 | $ 1,636 | |
Consumer Loans | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2023-2022 | 40,112 | 40,112 | 42,688 | ||
2022-2021 | 28,353 | 28,353 | 22,727 | ||
2021-2020 | 10,863 | 10,863 | 5,822 | ||
2020-2019 | 3,716 | 3,716 | 2,402 | ||
2019-2018 | 1,139 | 1,139 | 1,545 | ||
Prior | 2,126 | 2,126 | 1,563 | ||
Revolving Loans Amortized Cost Basis | 2,667 | 2,667 | 3,157 | ||
Total | 88,976 | 88,976 | 79,904 | ||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract] | |||||
2023 | 880 | ||||
2022 | 42 | ||||
2021 | 23 | ||||
2020 | 24 | ||||
2019 | 3 | ||||
Prior | 1 | ||||
Revolving Loans Amortized Cost Basis | 7 | ||||
Total | 352 | 495 | 980 | 1,027 | |
Consumer Loans | Performing | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2023-2022 | 40,108 | 40,108 | 42,685 | ||
2022-2021 | 28,347 | 28,347 | 22,708 | ||
2021-2020 | 10,852 | 10,852 | 5,610 | ||
2020-2019 | 3,710 | 3,710 | 2,394 | ||
2019-2018 | 1,139 | 1,139 | 1,543 | ||
Prior | 2,121 | 2,121 | 1,553 | ||
Revolving Loans Amortized Cost Basis | 2,667 | 2,667 | 3,157 | ||
Total | 88,944 | 88,944 | 79,650 | ||
Consumer Loans | Nonperforming | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2023-2022 | 4 | 4 | 3 | ||
2022-2021 | 6 | 6 | 19 | ||
2021-2020 | 11 | 11 | 212 | ||
2020-2019 | 6 | 6 | 8 | ||
2019-2018 | 0 | 0 | 2 | ||
Prior | 5 | 5 | 10 | ||
Revolving Loans Amortized Cost Basis | 0 | 0 | 0 | ||
Total | 32 | 32 | 254 | ||
Home Equity Loans | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2023-2022 | 225 | 225 | 63 | ||
2022-2021 | 118 | 118 | 20 | ||
2021-2020 | 338 | 338 | 0 | ||
2020-2019 | 90 | 90 | 0 | ||
2019-2018 | 68 | 68 | 19 | ||
Prior | 1,106 | 1,106 | 592 | ||
Revolving Loans Amortized Cost Basis | 284,935 | 284,935 | 279,054 | ||
Total | 286,880 | 286,880 | 279,748 | ||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract] | |||||
2023 | 0 | ||||
2022 | 0 | ||||
2021 | 0 | ||||
2020 | 0 | ||||
2019 | 0 | ||||
Prior | 24 | ||||
Revolving Loans Amortized Cost Basis | 15 | ||||
Total | 0 | 5 | 39 | 57 | |
Home Equity Loans | Performing | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2023-2022 | 225 | 225 | 63 | ||
2022-2021 | 118 | 118 | 0 | ||
2021-2020 | 87 | 87 | 0 | ||
2020-2019 | 90 | 90 | 0 | ||
2019-2018 | 68 | 68 | 0 | ||
Prior | 1,014 | 1,014 | 591 | ||
Revolving Loans Amortized Cost Basis | 284,657 | 284,657 | 278,784 | ||
Total | 286,259 | 286,259 | 279,438 | ||
Home Equity Loans | Nonperforming | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2023-2022 | 0 | 0 | 0 | ||
2022-2021 | 0 | 0 | 20 | ||
2021-2020 | 251 | 251 | 0 | ||
2020-2019 | 0 | 0 | 0 | ||
2019-2018 | 0 | 0 | 19 | ||
Prior | 92 | 92 | 1 | ||
Revolving Loans Amortized Cost Basis | 278 | 278 | 270 | ||
Total | 621 | 621 | 310 | ||
Residential Mortgage Loans | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2023-2022 | 40,631 | 40,631 | 69,982 | ||
2022-2021 | 66,656 | 66,656 | 97,337 | ||
2021-2020 | 88,049 | 88,049 | 47,104 | ||
2020-2019 | 42,640 | 42,640 | 20,080 | ||
2019-2018 | 18,439 | 18,439 | 16,742 | ||
Prior | 100,195 | 100,195 | 99,437 | ||
Revolving Loans Amortized Cost Basis | 0 | 0 | 0 | ||
Total | 356,610 | 356,610 | 350,682 | ||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract] | |||||
2023 | 0 | ||||
2022 | 0 | ||||
2021 | 22 | ||||
2020 | 36 | ||||
2019 | 0 | ||||
Prior | 0 | ||||
Revolving Loans Amortized Cost Basis | 0 | ||||
Total | 1 | 18 | 58 | 21 | |
Residential Mortgage Loans | Performing | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2023-2022 | 40,631 | 40,631 | 69,982 | ||
2022-2021 | 66,546 | 66,546 | 97,176 | ||
2021-2020 | 87,909 | 87,909 | 46,851 | ||
2020-2019 | 42,517 | 42,517 | 20,080 | ||
2019-2018 | 18,330 | 18,330 | 16,664 | ||
Prior | 99,610 | 99,610 | 98,699 | ||
Revolving Loans Amortized Cost Basis | 0 | 0 | 0 | ||
Total | 355,543 | 355,543 | 349,452 | ||
Residential Mortgage Loans | Nonperforming | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2023-2022 | 0 | 0 | 0 | ||
2022-2021 | 110 | 110 | 161 | ||
2021-2020 | 140 | 140 | 253 | ||
2020-2019 | 123 | 123 | 0 | ||
2019-2018 | 109 | 109 | 78 | ||
Prior | 585 | 585 | 738 | ||
Revolving Loans Amortized Cost Basis | 0 | 0 | 0 | ||
Total | 1,067 | 1,067 | 1,230 | ||
Commercial and Industrial Loans | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2023-2022 | 88,427 | 88,427 | 158,088 | ||
2022-2021 | 141,517 | 141,517 | 123,425 | ||
2021-2020 | 92,978 | 92,978 | 41,375 | ||
2020-2019 | 33,096 | 33,096 | 47,887 | ||
2019-2018 | 38,414 | 38,414 | 20,002 | ||
Prior | 54,780 | 54,780 | 56,065 | ||
Revolving Loans Amortized Cost Basis | 149,681 | 149,681 | 173,264 | ||
Total | 598,893 | 598,893 | $ 620,106 | ||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract] | |||||
2023 | 0 | ||||
2022 | 911 | ||||
2021 | 32 | ||||
2020 | 33 | ||||
2019 | 7 | ||||
Prior | 88 | ||||
Revolving Loans Amortized Cost Basis | 181 | ||||
Total | $ 175 | $ 238 | $ 1,252 | $ 299 |
Loans - Recorded Investment in
Loans - Recorded Investment in Credit Cards Based on Payment Activity (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | $ 3,893,573 | $ 3,788,645 |
Credit Cards | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 20,144 | 17,512 |
Credit Cards | Performing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 19,998 | 17,366 |
Credit Cards | Nonperforming | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | $ 146 | $ 146 |
Loans - Loans Purchased and_or
Loans - Loans Purchased and/or Sold During the Year by Portfolio Segment (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Purchases | $ 544 | $ 933 |
Sales | 0 | 3,916 |
Commercial and Industrial Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Purchases | 0 | 522 |
Sales | 0 | 0 |
Commercial Real Estate Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Purchases | 544 | 411 |
Sales | 0 | 3,819 |
Agricultural Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Purchases | 0 | 0 |
Sales | 0 | 97 |
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 | Sep. 30, 2023 | Dec. 31, 2022 |
Maturity Overnight | FHLB Advances and Other Borrowings | Collateralized Mortgage Backed Securities | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchased agreements | $ 41,303 | $ 64,961 |
Segment Information - Narrative
Segment Information - Narrative (Details) | 9 Months Ended |
Sep. 30, 2023 segment banking_office | |
Segment Reporting [Abstract] | |
Number of operating segments | segment | 3 |
Number of banking offices | banking_office | 76 |
Segment Information - Segment F
Segment Information - Segment Financial Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Segment Reporting Information [Line Items] | |||||||||
Net Interest Income | $ 47,559 | $ 51,698 | $ 144,826 | $ 148,203 | |||||
Net Gains on Sales of Loans | 614 | 854 | 1,831 | 3,324 | |||||
Net Gains on Securities | 0 | 23 | 40 | 473 | |||||
Wealth Management Fees | 2,957 | 2,376 | 8,513 | 7,656 | |||||
Insurance Revenues | 2,065 | 1,995 | 7,330 | 7,970 | |||||
Noncash Items: | |||||||||
Provision (Benefit) for Credit Losses | 900 | 350 | 2,550 | 5,850 | |||||
Depreciation and Amortization | 2,369 | 2,493 | 7,208 | 7,743 | |||||
Income Tax Expense (Benefit) | 4,591 | 6,133 | 13,799 | 11,831 | |||||
Segment Profit (Loss) | 21,451 | $ 22,123 | $ 20,807 | 24,596 | $ 23,747 | $ 9,067 | 64,381 | 57,410 | |
Segment Assets | 6,005,666 | 6,005,666 | $ 6,155,991 | ||||||
Operating Segments | Core Banking | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net Interest Income | 48,794 | 52,659 | 148,363 | 150,798 | |||||
Net Gains on Sales of Loans | 614 | 854 | 1,831 | 3,324 | |||||
Net Gains on Securities | 0 | 23 | 40 | 473 | |||||
Wealth Management Fees | 1 | 1 | 4 | 3 | |||||
Insurance Revenues | 0 | 1 | 1 | 30 | |||||
Noncash Items: | |||||||||
Provision (Benefit) for Credit Losses | 900 | 350 | 2,550 | 5,850 | |||||
Depreciation and Amortization | 2,236 | 2,357 | 6,803 | 7,334 | |||||
Income Tax Expense (Benefit) | 4,709 | 6,443 | 14,099 | 12,189 | |||||
Segment Profit (Loss) | 21,472 | 26,213 | 63,987 | 58,162 | |||||
Segment Assets | 5,998,860 | 5,998,860 | 6,152,346 | ||||||
Operating Segments | Wealth Management Services | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net Interest Income | 32 | 14 | 86 | 27 | |||||
Net Gains on Sales of Loans | 0 | 0 | 0 | 0 | |||||
Net Gains on Securities | 0 | 0 | 0 | 0 | |||||
Wealth Management Fees | 2,956 | 2,375 | 8,509 | 7,653 | |||||
Insurance Revenues | 1 | 9 | 22 | 11 | |||||
Noncash Items: | |||||||||
Provision (Benefit) for Credit Losses | 0 | 0 | 0 | 0 | |||||
Depreciation and Amortization | 7 | 10 | 26 | 31 | |||||
Income Tax Expense (Benefit) | 184 | 149 | 474 | 551 | |||||
Segment Profit (Loss) | 761 | 461 | 2,083 | 1,717 | |||||
Segment Assets | 8,374 | 8,374 | 8,846 | ||||||
Operating Segments | Insurance | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net Interest Income | 15 | 8 | 45 | 14 | |||||
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 | 2,064 | 1,985 | 7,307 | 7,929 | |||||
Noncash Items: | |||||||||
Provision (Benefit) for Credit Losses | 0 | 0 | 0 | 0 | |||||
Depreciation and Amortization | 12 | 12 | 37 | 36 | |||||
Income Tax Expense (Benefit) | 107 | 61 | 427 | 643 | |||||
Segment Profit (Loss) | 161 | 189 | 1,470 | 2,038 | |||||
Segment Assets | 15,631 | 15,631 | 14,706 | ||||||
Other | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net Interest Income | (1,282) | (983) | (3,668) | (2,636) | |||||
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 | 114 | 342 | 342 | |||||
Income Tax Expense (Benefit) | (409) | (520) | (1,201) | (1,552) | |||||
Segment Profit (Loss) | (943) | $ (2,267) | (3,159) | $ (4,507) | |||||
Segment Assets | $ (17,199) | $ (17,199) | $ (19,907) |
Stock Repurchase Plan (Details)
Stock Repurchase Plan (Details) - shares | 20 Months Ended | |
Jan. 31, 2022 | Sep. 30, 2023 | |
2022 Repurchase Plan | ||
Equity, Class of Treasury Stock [Line Items] | ||
Common stock, shares purchased (in shares) | 0 | |
2022 Repurchase Plan | Common Stock | ||
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% | |
2021 Repurchase Plan | Common Stock | ||
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 | 9 Months Ended | 12 Months Ended | 21 Months Ended | 27 Months Ended | |||||
Oct. 01, 2019 shares | Sep. 30, 2023 USD ($) plan shares | Sep. 30, 2022 USD ($) shares | Sep. 30, 2023 USD ($) plan shares | Sep. 30, 2022 USD ($) shares | Dec. 31, 2020 | Dec. 31, 2019 installment | Sep. 30, 2022 USD ($) | Mar. 31, 2023 | Dec. 31, 2022 shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Number of equity incentive plans | plan | 2 | 2 | ||||||||
Number of options granted (in shares) | shares | 0 | 0 | 0 | 0 | ||||||
Stock compensation expense | $ 209,000 | $ 163,000 | $ 570,000 | $ 497,000 | ||||||
Stock compensation expense, net of tax | $ 523,000 | 415,000 | $ 1,804,000 | 1,786,000 | ||||||
Outstanding stock options (in shares) | shares | 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 | $ 3,805,000 | $ 3,061,000 | $ 3,805,000 | $ 3,061,000 | $ 3,061,000 | |||||
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 | 2,668 | 2,076 | 83,786 | 65,334 | ||||||
Unvested restricted stock awards (in shares) | shares | 136,622 | 136,622 | 74,873 | |||||||
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 | ||||||||
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 | ||||||||
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 | $ 7,000 | $ 11,000 | $ 23,000 | $ 39,000 | ||||||
Unrecognized compensation expense | 0 | 0 | 0 | 0 | $ 0 | |||||
Stock compensation expense, net of tax | $ 5,000 | $ 8,000 | $ 17,000 | $ 30,000 |
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 | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | ||||
Restricted Stock Expense | $ 497 | $ 398 | $ 1,866 | $ 1,915 |
Cash Entitlement Expense | 209 | 163 | 570 | 497 |
Tax Effect | (183) | (146) | (632) | (626) |
Net of Tax | $ 523 | $ 415 | $ 1,804 | $ 1,786 |
Fair Value - Narrative (Details
Fair Value - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Fair Value, Measurements, Recurring | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Fair value of securities held | $ 1,476,956 | $ 1,476,956 | $ 1,761,669 | ||
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Fair value of securities held | 1,025 | 1,025 | 989 | ||
Loans Held-for-sale | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
(Losses)/gains from changes in fair value included in earnings | (44) | $ (4) | (14) | $ (140) | |
Obligations of State and Political Subdivisions | Fair Value, Measurements, Recurring | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Fair value of securities held | 679,187 | 679,187 | 777,852 | ||
Obligations of State and Political Subdivisions | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Fair value of securities held | 82 | 82 | 83 | ||
MBS/CMO | Fair Value, Measurements, Recurring | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Fair value of securities held | 620,563 | 620,563 | 714,681 | ||
MBS/CMO | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Fair value of securities held | 943 | 943 | $ 906 | ||
Losses from other changes in fair value included in other comprehensive income | $ 22 | $ (3) | $ 36 | $ (3) |
Fair Value - Assets and Liabili
Fair Value - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Loans Held-for-Sale | $ 7,085 | $ 8,600 |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities | 1,476,956 | 1,761,669 |
Loans Held-for-Sale | 7,085 | 8,600 |
Derivative Assets | 10,318 | 9,899 |
Derivative Liabilities | 10,195 | 9,749 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities | 0 | 64,119 |
Loans Held-for-Sale | 0 | 0 |
Derivative Assets | 0 | 0 |
Derivative Liabilities | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities | 1,475,931 | 1,696,561 |
Loans Held-for-Sale | 7,085 | 8,600 |
Derivative Assets | 10,318 | 9,899 |
Derivative Liabilities | 10,195 | 9,749 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities | 1,025 | 989 |
Loans Held-for-Sale | 0 | 0 |
Derivative Assets | 0 | 0 |
Derivative Liabilities | 0 | 0 |
U.S. Treasury | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities | 0 | 64,119 |
U.S. Treasury | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities | 0 | 64,119 |
U.S. Treasury | Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities | 0 | 0 |
U.S. Treasury | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities | 0 | 0 |
Obligations of State and Political Subdivisions | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities | 679,187 | 777,852 |
Obligations of State and Political Subdivisions | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities | 0 | 0 |
Obligations of State and Political Subdivisions | Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities | 679,105 | 777,769 |
Obligations of State and Political Subdivisions | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities | 82 | 83 |
MBS/CMO | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities | 620,563 | 714,681 |
MBS/CMO | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities | 0 | 0 |
MBS/CMO | Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities | 619,620 | 713,775 |
MBS/CMO | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities | 943 | 906 |
US Gov’t Sponsored Entities & Agencies | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities | 177,206 | 205,017 |
US Gov’t Sponsored Entities & Agencies | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities | 0 | 0 |
US Gov’t Sponsored Entities & Agencies | Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities | 177,206 | 205,017 |
US Gov’t Sponsored Entities & Agencies | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | ||
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 | Sep. 30, 2023 | Dec. 31, 2022 |
Fair Value Disclosures [Abstract] | ||
Aggregate Fair Value | $ 7,085 | $ 8,600 |
Contractual Balance | 6,973 | 8,474 |
Gain (Loss) | $ 112 | $ 126 |
Fair Value - Reconciliation of
Fair Value - Reconciliation of all Assets Measured at Fair Value on Recurring Basis, Using Significant Unobservable Inputs (Level 3) (Details) - Significant Unobservable Inputs (Level 3) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Obligations of State and Political Subdivisions | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance of Recurring Level 3 Assets | $ 84 | $ 94 | $ 83 | $ 0 |
Total Gains (Losses) Included in Other Comprehensive Income | (2) | (3) | (1) | (3) |
Maturities / Calls | 0 | 0 | 0 | 0 |
Acquired through Bank Acquisition | 0 | 0 | 0 | 94 |
Ending Balance of Recurring Level 3 Assets | 82 | 91 | 82 | 91 |
MBS/CMO | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance of Recurring Level 3 Assets | 919 | 0 | 906 | 0 |
Total Gains (Losses) Included in Other Comprehensive Income | 24 | 0 | 37 | 0 |
Maturities / Calls | 0 | 0 | 0 | 0 |
Acquired through Bank Acquisition | 0 | 0 | 0 | 0 |
Ending Balance of Recurring Level 3 Assets | $ 943 | $ 0 | $ 943 | $ 0 |
Fair Value - Assets and Liabi_2
Fair Value - Assets and Liabilities Measured at Fair Value on Non-Recurring Basis (Details) - Individually Analyzed Loans - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Commercial and Industrial Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Assets | $ 2,699 | $ 1,858 |
Commercial Real Estate Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Assets | 6,877 | 10,040 |
Agricultural Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Assets | 1,841 | 2,970 |
Consumer Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Assets | 9 | 8 |
Home Equity Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Assets | 363 | 368 |
Residential Mortgage Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Assets | 537 | 718 |
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 | 2,699 | 1,858 |
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 | 6,877 | 10,040 |
Significant Unobservable Inputs (Level 3) | Agricultural Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Assets | 1,841 | 2,970 |
Significant Unobservable Inputs (Level 3) | Consumer Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Assets | 9 | 8 |
Significant Unobservable Inputs (Level 3) | Home Equity Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Assets | 363 | 368 |
Significant Unobservable Inputs (Level 3) | Residential Mortgage Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Assets | $ 537 | $ 718 |
Fair Value - Quantitative Infor
Fair Value - Quantitative Information of Fair Value Measurements (Details) - Significant Unobservable Inputs (Level 3) - Individually Analyzed Loans $ in Thousands | Sep. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) |
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 |
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) | 0.38 | 0.40 |
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) | 0.37 | 0.37 |
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) | 0.19 | 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) | 1 | 1 |
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) | 0.50 | 0.48 |
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 | 0.27 |
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) | 0.27 | 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) | 0.20 | 0.20 |
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) | 0.20 | 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) | 0.20 | 0.51 |
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) | 0.20 | 0.20 |
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) | 0.20 | 0.20 |
Residential Mortgage Loans | Adjustment for physical condition of comparable properties sold | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range (Weighted Average) | 0.20 | 1 |
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) | 0.20 | 0.21 |
Fair Value, Measurements, Nonrecurring | Commercial and Industrial Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 2,699 | $ 1,858 |
Fair Value, Measurements, Nonrecurring | Commercial Real Estate Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 6,877 | 10,040 |
Fair Value, Measurements, Nonrecurring | Agricultural Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 1,841 | 2,970 |
Fair Value, Measurements, Nonrecurring | Consumer Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 9 | 8 |
Fair Value, Measurements, Nonrecurring | Home Equity Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 363 | 368 |
Fair Value, Measurements, Nonrecurring | Residential Mortgage Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 537 | $ 718 |
Fair Value - Carrying Amounts a
Fair Value - Carrying Amounts and Estimated Fair Values of Company's Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Financial Assets: | ||
Interest Bearing Time Deposits with Banks | $ 500 | $ 500 |
Financial Liabilities: | ||
Demand, Savings, and Money Market Deposits | (5,135,871) | (5,350,051) |
Time Deposits | (701,516) | (428,469) |
Carrying Value | ||
Financial Assets: | ||
Cash and Short-term Investments | 132,419 | 119,079 |
Interest Bearing Time Deposits with Banks | 500 | 500 |
Loans, Net | 3,830,578 | 3,724,804 |
Accrued Interest Receivable | 29,115 | 27,741 |
Financial Liabilities: | ||
Demand, Savings, and Money Market Deposits | (4,434,355) | (4,921,582) |
Time Deposits | (701,516) | (428,469) |
Short-term Borrowings | (158,303) | (101,161) |
Long-term Debt | (127,890) | (102,645) |
Accrued Interest Payable | (5,890) | (1,513) |
Estimate of Fair Value Measurement | ||
Financial Assets: | ||
Cash and Short-term Investments | 132,419 | 119,079 |
Interest Bearing Time Deposits with Banks | 500 | 500 |
Loans, Net | 3,725,317 | 3,688,903 |
Accrued Interest Receivable | 29,115 | 27,741 |
Financial Liabilities: | ||
Demand, Savings, and Money Market Deposits | (4,434,355) | (4,921,582) |
Time Deposits | (698,642) | (426,184) |
Short-term Borrowings | (158,303) | (101,161) |
Long-term Debt | (124,263) | (99,102) |
Accrued Interest Payable | (5,890) | (1,513) |
Estimate of Fair Value Measurement | Level 1 | ||
Financial Assets: | ||
Cash and Short-term Investments | 72,063 | 77,174 |
Interest Bearing Time Deposits with Banks | 0 | 0 |
Loans, Net | 0 | 0 |
Accrued Interest Receivable | 0 | 38 |
Financial Liabilities: | ||
Demand, Savings, and Money Market Deposits | (4,434,355) | (4,921,582) |
Time Deposits | 0 | 0 |
Short-term Borrowings | (117,000) | (36,200) |
Long-term Debt | 0 | 0 |
Accrued Interest Payable | 0 | 0 |
Estimate of Fair Value Measurement | Level 2 | ||
Financial Assets: | ||
Cash and Short-term Investments | 60,356 | 41,905 |
Interest Bearing Time Deposits with Banks | 500 | 500 |
Loans, Net | 0 | 0 |
Accrued Interest Receivable | 9,634 | 10,863 |
Financial Liabilities: | ||
Demand, Savings, and Money Market Deposits | 0 | 0 |
Time Deposits | (698,642) | (426,184) |
Short-term Borrowings | (41,303) | (64,961) |
Long-term Debt | (51,983) | (26,830) |
Accrued Interest Payable | (5,417) | (1,205) |
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 | 3,725,317 | 3,688,903 |
Accrued Interest Receivable | 19,481 | 16,840 |
Financial Liabilities: | ||
Demand, Savings, and Money Market Deposits | 0 | 0 |
Time Deposits | 0 | 0 |
Short-term Borrowings | 0 | 0 |
Long-term Debt | (72,280) | (72,272) |
Accrued Interest Payable | $ (473) | $ (308) |
Other Comprehensive Income (L_3
Other Comprehensive Income (Loss) - Changes in AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||||
Beginning Balances | $ 602,565 | $ 605,331 | $ 558,393 | $ 574,429 | $ 649,036 | $ 668,459 | $ 558,393 | $ 668,459 |
Other Comprehensive Income (Loss) Before Reclassification | (78,761) | (97,945) | (64,143) | (324,168) | ||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 0 | (18) | (32) | (374) | ||||
Total Other Comprehensive Income (Loss) | (78,761) | (18,360) | 32,946 | (97,963) | (92,694) | (133,885) | (64,175) | (324,542) |
Ending Balances | 538,392 | 602,565 | 605,331 | 494,701 | 574,429 | 649,036 | 538,392 | 494,701 |
Total | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||||
Beginning Balances | (248,852) | (230,492) | (263,438) | (211,095) | (118,401) | 15,484 | (263,438) | 15,484 |
Total Other Comprehensive Income (Loss) | (78,761) | (18,360) | 32,946 | (97,963) | (92,694) | (133,885) | ||
Ending Balances | (327,613) | (248,852) | (230,492) | (309,058) | (211,095) | (118,401) | (327,613) | (309,058) |
Unrealized Gains and Losses on Available-for-Sale Securities | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||||
Beginning Balances | (248,338) | (262,924) | (210,527) | 16,052 | (262,924) | 16,052 | ||
Other Comprehensive Income (Loss) Before Reclassification | (78,761) | (97,945) | (64,143) | (324,168) | ||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 0 | (18) | (32) | (374) | ||||
Total Other Comprehensive Income (Loss) | (78,761) | (97,963) | (64,175) | (324,542) | ||||
Ending Balances | (327,099) | (248,338) | (308,490) | (210,527) | (327,099) | (308,490) | ||
Postretirement Benefit Items | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||||
Beginning Balances | (514) | $ (514) | (568) | $ (568) | (514) | (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 | $ (514) | $ (514) | $ (568) | $ (568) | $ (514) | $ (568) |
Other Comprehensive Income (L_4
Other Comprehensive Income (Loss) - Classifications out of AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Net Gains on Securities | $ 0 | $ 23 | $ 40 | $ 473 | ||||
Income Tax Expense | (4,591) | (6,133) | (13,799) | (11,831) | ||||
NET INCOME | 21,451 | $ 22,123 | $ 20,807 | 24,596 | $ 23,747 | $ 9,067 | 64,381 | 57,410 |
Total Reclassifications | 0 | 18 | 32 | 374 | ||||
Amount Reclassified From Accumulated Other Comprehensive Income (Loss) | ||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Total Reclassifications | 0 | 18 | 32 | 374 | ||||
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 | 0 | 23 | 40 | 473 | ||||
Income Tax Expense | 0 | (5) | (8) | (99) | ||||
NET INCOME | 0 | 18 | 32 | 374 | ||||
Total Reclassifications | $ 0 | $ 18 | $ 32 | $ 374 |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Non-interest Income (out-of-scope of Topic 606) | $ 1,534 | $ 1,801 | $ 4,717 | $ 6,988 |
TOTAL NON-INTEREST INCOME | 14,804 | 14,097 | 44,667 | 45,465 |
Accounting Standards Update 2014-09 | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest Income (in-scope of Topic 606) | 13,270 | 12,296 | 39,950 | 38,477 |
Wealth Management Fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest Income (in-scope of Topic 606) | 2,957 | 2,376 | 8,513 | 7,656 |
Wealth Management Fees | Accounting Standards Update 2014-09 | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest Income (in-scope of Topic 606) | 2,957 | 2,376 | 8,513 | 7,656 |
Service Charges on Deposit Accounts | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest Income (in-scope of Topic 606) | 2,982 | 3,014 | 8,653 | 8,568 |
Service Charges on Deposit Accounts | Accounting Standards Update 2014-09 | Transferred at Point in Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest Income (in-scope of Topic 606) | 2,982 | 3,014 | 8,653 | 8,568 |
Insurance Revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest Income (in-scope of Topic 606) | 2,065 | 1,995 | 7,330 | 7,970 |
Insurance Revenues | Accounting Standards Update 2014-09 | Transferred over Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest Income (in-scope of Topic 606) | 2,065 | 1,995 | 7,330 | 7,970 |
Interchange Fee Income | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest Income (in-scope of Topic 606) | 4,470 | 4,054 | 13,081 | 11,848 |
Interchange Fee Income | Accounting Standards Update 2014-09 | Transferred at Point in Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest Income (in-scope of Topic 606) | 4,470 | 4,054 | 13,081 | 11,848 |
Other Operating Income | Accounting Standards Update 2014-09 | Transferred at Point in Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest Income (in-scope of Topic 606) | $ 796 | $ 857 | $ 2,373 | $ 2,435 |
Leases - Components of Lease Ex
Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Finance Lease Cost: | ||||
Amortization of Right-of -Use Assets | $ 52 | $ 52 | $ 157 | $ 157 |
Interest on Lease Liabilities | 75 | 81 | 230 | 246 |
Operating Lease Cost | 343 | 360 | 1,080 | 1,105 |
Short-term Lease Cost | 0 | 0 | 0 | 27 |
Total Lease Cost | $ 470 | $ 493 | $ 1,467 | $ 1,535 |
Leases - Weighted Average Lease
Leases - Weighted Average Lease Term and Discount Rates (Details) | Sep. 30, 2023 | Sep. 30, 2022 |
Weighted Average Remaining Lease Term: | ||
Finance Lease, Weighted Average Remaining Lease Term (in years) | 9 years | 10 years |
Operating Lease, Weighted Average Remaining Lease Term (in years) | 7 years | 8 years |
Weighted Average Discount Rate: | ||
Finance Leases | 11.38% | 11.42% |
Operating Leases | 3.05% | 2.87% |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Sep. 30, 2022 |
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 | $ 1,700 | $ 1,910 |
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Other Borrowings | Other Borrowings |
Other Borrowings | $ 2,699 | $ 2,908 |
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 | $ 5,449 | $ 6,195 |
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Accrued Interest Payable and Other Liabilities | Accrued Interest Payable and Other Liabilities |
Operating Lease Liabilities | $ 5,598 | $ 6,338 |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Cash paid for amounts in the Measurement of Lease Liabilities: | ||
Operating Cash Flows from Finance Leases | $ 230 | $ 246 |
Operating Cash Flows from Operating Leases | 1,058 | 1,054 |
Financing Cash Flows from Finance Leases | $ 154 | $ 138 |
Leases - Maturity of Finance an
Leases - Maturity of Finance and Operating Lease Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Sep. 30, 2022 |
Finance Leases | ||
Year 1 | $ 519 | |
Year 2 | 519 | |
Year 3 | 519 | |
Year 4 | 519 | |
Year 5 | 438 | |
Thereafter | 1,619 | |
Total Lease Payments | 4,133 | |
Less Imputed Interest | (1,434) | |
Total | 2,699 | $ 2,908 |
Operating Leases | ||
Year 1 | 1,264 | |
Year 2 | 1,124 | |
Year 3 | 867 | |
Year 4 | 702 | |
Year 5 | 620 | |
Thereafter | 1,643 | |
Total Lease Payments | 6,220 | |
Less Imputed Interest | (622) | |
Total | $ 5,598 | $ 6,338 |