Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2020 | Aug. 03, 2020 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2020 | |
Entity File Number | 0-16759 | |
Entity Registrant Name | FIRST FINANCIAL CORPORATION | |
Entity Incorporation, State or Country Code | IN | |
Entity Tax Identification Number | 35-1546989 | |
Entity Address, Address Line One | One First Financial Plaza | |
Entity Address, City or Town | Terre Haute | |
Entity Address, State or Province | IN | |
Entity Address, Postal Zip Code | 47807 | |
City Area Code | (812) | |
Local Phone Number | 238-6000 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 13,714,524 | |
Entity Central Index Key | 0000714562 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Trading Symbol | THFF | |
Document Transition Report | false | |
Title of 12(b) Security | Common Stock, par value $0.125 per share | |
Security Exchange Name | NASDAQ |
New accounting standards
New accounting standards | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
New accounting standards | New accounting standards Accounting Pronouncements Adopted: In January 2017, the FASB issued ASU No. 2017-04, Simplifying the Test for Goodwill Impairment. The guidance removes Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. Goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. All other goodwill impairment guidance will remain largely unchanged. ASU No. 2017-04 is effective for interim and annual reporting periods beginning after December 15, 2019, applied prospectively. Early adoption is permitted for any impairment tests performed after January 1, 2017. The Corporation adopted ASU 2017-04 on January 1, 2020. There was not a significant impact to accounting and disclosures. In August 2018, the FASB issued ASU No. 2018-13, Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement. This ASU eliminates, adds and modifies certain disclosure requirements for fair value measurements. Among the changes, entities will no longer be required to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, but will be required to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. ASU No. 2018-13 is effective for interim and annual reporting periods beginning after December 15, 2019; early adoption is permitted. The Corporation adopted ASU 2018-13 on January 1, 2020. As ASU No. 2018-13 only revises disclosure requirements, it did not have a material impact on the Corporation’s financial statements. In September 2018, the FASB issued ASU No. 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. This ASU requires an entity in a cloud computing arrangement (i.e., hosting arrangement) that is a service contract to follow the internal-use software guidance in ASC 350-40 to determine which implementation costs to capitalize as assets or expense as incurred. Capitalized implementation costs should be presented in the same line item on the balance sheet as amounts prepaid for the hosted service, if any (generally as an “other asset”). The capitalized costs will be amortized over the term of the hosting arrangement, with the amortization expense being presented in the same income statement line item as the fees paid for the hosted service. ASU 2018-15 is effective for interim and annual reporting periods beginning after December 15, 2019; early adoption is permitted. The Corporation adopted ASU 2018-15 on January 1, 2020. ASU 2018-15 did not have a material impact on the Corporation’s financial statements. Recent Accounting Pronouncements: In June 2016 ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (ASU 2016-13), was issued and requires entities to use a current expected credit loss ("CECL") model which is a new impairment model based on expected losses rather than incurred losses. Under this model an entity would recognize an impairment allowance equal to its current estimate of all contractual cash flows that the entity does not expect to collect from financial assets measured at amortized cost. The entity's estimate would consider relevant information about past events, current conditions, and reasonable and supportable forecasts, which will result in recognition of lifetime expected credit losses upon loan origination. ASU 2016-13 is effective for interim and annual reporting periods beginning after December 15, 2019, with early adoption permitted for annual reporting periods beginning after December 15, 2018. The Corporation formed a cross-functional internal management committee and engaged a third party vendor to assist with the transition to the guidance set forth in this update. The new allowance model implemented by the Corporation estimates credit losses over the expected life of the portfolio and includes a qualitative framework to account for the drivers of losses that are not captured by the quantitative model. The results continue to be utilized to refine our models and estimation techniques. Documentation of new methodologies and internal controls that will be implemented as part of CECL as well as model validation is also being finalized. While the committee continues to analyze and modify calculations, the Corporation currently expects the adoption of ASU 2016-13 will result in an increase in allowance for loan losses amount at January 1, 2020 in the range of $15 million to $25 million. The allowance for credit losses also increased due to the requirement to record an allowance on acquired loan portfolios, previously recorded at fair value. Once finalized, the cumulative effect adjustment, as a result of the adoption of this guidance, was originally to be recorded on January 1, 2020, net of tax, as an adjustment to retained earnings. This estimate is subject to change as key assumptions are refined and model validations are finalized. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed by the President of the United States that included an option for entities to delay the implementation of ASU 2016-13 until the earlier of the termination date of the national emergency declaration by the President or December 31, 2020. Due to the uncertainty on the economy and unemployment from COVID-19, the Corporation has determined to delay its implementation of ASU 2016-13 and has calculated and recorded its provision for loan losses under the incurred loss model that existed prior to ASU 2016-13. In August 2018, the FASB issued ASU No. 2018-14, Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans. This ASU makes minor changes to the disclosure requirements for employers that sponsor defined benefit pension and/or other postretirement benefit plans. ASU 2018-14 is effective for fiscal years ending after December 15, 2020; early adoption is permitted. As ASU 2018-14 only revises disclosure requirements, it will not have a material impact on the Corporation’s financial statements. In December 2019, the FASB issued ASU 2019-12 “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.” These amendments remove specific exceptions to the general principles in Topic 740 in GAAP. It eliminates the need for an organization to analyze whether the following apply in a given period: exception to the incremental approach for intraperiod tax allocation; exceptions to accounting for basis differences where there are ownership changes in foreign investments; and exception in interim period income tax accounting for year-to-date losses that exceed anticipated losses. It also improves financial statement preparers’ application of income tax-related guidance and simplifies GAAP for: franchise taxes that are partially based on income; transactions with a government that result in a step up in the tax basis of goodwill; separate financial statements of legal entities that are not subject to tax; and enacts changes in tax laws in interim periods. The guidance is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption is permitted. The Corporation is assessing ASU 2019-12 and its impact on its accounting and disclosure. |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
ASSETS | ||
Cash and due from banks | $ 386,507 | $ 127,426 |
Federal funds sold | 0 | 7,500 |
Securities available-for-sale | 907,433 | 926,717 |
Financing Receivable, before Allowance for Credit Loss, Current | 1,694,376 | 1,584,447 |
Loans: | ||
Residential | 657,657 | 682,077 |
Consumer | 425,601 | 386,006 |
Loans, gross | 2,777,634 | 2,652,530 |
Less: Unearned Income | (551) | 3,860 |
Less: Allowance for loan losses | (23,285) | (19,943) |
Loans, Net | 2,753,798 | 2,636,447 |
Restricted Investments | 15,200 | 15,394 |
Accrued interest receivable | 17,205 | 18,523 |
Premises and equipment, net | 63,270 | 62,576 |
Bank-owned life insurance | 95,013 | 94,251 |
Goodwill | 78,592 | 78,592 |
Other intangible assets | 9,829 | 10,643 |
Other real estate owned | 3,577 | 3,625 |
Other assets | 37,688 | 41,556 |
TOTAL ASSETS | 4,368,112 | 4,023,250 |
Deposits: | ||
Non-interest-bearing | 681,155 | 547,189 |
Interest-bearing: | ||
Certificates of deposit exceeding the FDIC insurance limits | 109,548 | 126,738 |
Other interest-bearing deposits | 2,779,190 | 2,601,430 |
Total Deposits | 3,569,893 | 3,275,357 |
Federal Funds Purchased and Securities Sold under Agreements to Repurchase | 100,096 | 80,119 |
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Amount of Advances | 28,117 | 30,973 |
Other liabilities | 79,722 | 79,193 |
TOTAL LIABILITIES | 3,777,828 | 3,465,642 |
Shareholders' equity | ||
Common stock, $.125 stated value per share; Authorized shares-40,000,000 Issued shares-16,075,154 in 2020 and 16,055,466 in 2019 Outstanding shares-13,714,154 in 2020 and 13,741,825 in 2019 | 2,006 | 2,005 |
Additional paid-in capital | 140,103 | 139,694 |
Retained earnings | 509,029 | 492,055 |
Accumulated other comprehensive income (loss) | 9,515 | (7,501) |
Less: Treasury shares at cost-2,360,630 in 2020 and 2,313,641 in 2019 | (70,369) | (68,645) |
TOTAL SHAREHOLDERS' EQUITY | 590,284 | 557,608 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 4,368,112 | $ 4,023,250 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2020 | Dec. 31, 2019 |
Common stock, stated value per share | $ 0.125 | $ 0.125 |
Common stock, Authorized shares | 40,000,000 | 40,000,000 |
Common stock, Issued shares | 16,075,154 | 16,055,466 |
Common stock, Outstanding shares | 13,714,524 | 13,741,825 |
Treasury, shares | 2,360,630 | 2,313,641 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
INTEREST INCOME: | ||||
Loans, including related fees | $ 33,224 | $ 27,533 | $ 68,258 | $ 54,287 |
Securities: | ||||
Taxable | 3,624 | 3,516 | 7,653 | 7,197 |
Tax-exempt | 2,008 | 1,873 | 3,946 | 3,740 |
Other | 400 | 337 | 802 | 651 |
TOTAL INTEREST INCOME | 39,256 | 33,259 | 80,659 | 65,875 |
INTEREST EXPENSE: | ||||
Interest Expense, Deposits | 3,019 | 3,316 | 7,549 | 6,133 |
Short-term borrowings | 101 | 158 | 368 | 481 |
Other borrowings | 241 | 33 | 497 | 83 |
TOTAL INTEREST EXPENSE | 3,361 | 3,507 | 8,414 | 6,697 |
NET INTEREST INCOME | 35,895 | 29,752 | 72,245 | 59,178 |
Provision for loan losses | 2,965 | 230 | 5,655 | 1,700 |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 32,930 | 29,522 | 66,590 | 57,478 |
NON-INTEREST INCOME: | ||||
Trust and financial services | 1,288 | 1,124 | 2,822 | 2,328 |
Service charges and fees on deposit accounts | 2,102 | 2,735 | 5,100 | 5,359 |
Other service charges and fees | 3,869 | 3,408 | 7,199 | 6,522 |
Net securities gains (losses) | 31 | 16 | 225 | 12 |
Gain on sales of mortgage loans | 1,205 | 496 | 1,903 | 916 |
Other | 281 | 1,964 | 622 | 2,242 |
TOTAL NON-INTEREST INCOME | 8,776 | 9,743 | 17,871 | 17,379 |
NON-INTEREST EXPENSE: | ||||
Salaries and employee benefits | 14,323 | 12,546 | 30,295 | 25,301 |
Occupancy expense | 2,162 | 1,813 | 4,091 | 3,628 |
Equipment expense | 2,673 | 1,751 | 5,134 | 3,568 |
FDIC Expense | 49 | 199 | (181) | 339 |
Other | 7,676 | 7,183 | 15,098 | 14,349 |
TOTAL NON-INTEREST EXPENSE | 26,883 | 23,492 | 54,437 | 47,185 |
INCOME BEFORE INCOME TAXES | 14,823 | 15,773 | 30,024 | 27,672 |
Income tax expense | 2,899 | 3,204 | 5,919 | 5,421 |
Unrealized gain (loss) on securities, net of tax | 11,924 | 12,569 | 24,105 | 22,251 |
OTHER COMPREHENSIVE INCOME (LOSS) | ||||
Change in unrealized gains/losses on securities, net of reclassifications | 3,130 | 8,341 | 16,228 | 18,565 |
Change in funded status of post retirement benefits | 384 | 304 | 788 | 607 |
COMPREHENSIVE INCOME (LOSS) | $ 15,438 | $ 21,214 | $ 41,121 | $ 41,423 |
PER SHARE DATA | ||||
Basic and Diluted Earnings per Share (in dollars per share) | $ 0.87 | $ 1.02 | $ 1.76 | $ 1.81 |
Weighted average number of shares outstanding (in thousands) | 13,715 | 12,290 | 13,740 | 12,286 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income/(Loss) [Member] | Treasury Stock [Member] |
Balance at Dec. 31, 2018 | $ 442,701 | $ 1,824 | $ 76,774 | $ 456,716 | $ (23,454) | $ (69,159) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Unrealized gain (loss) on securities, net of tax | 22,251 | 0 | 0 | 22,251 | 0 | 0 |
Other comprehensive income (loss) | 19,172 | 0 | 0 | 0 | 19,172 | 0 |
Omnibus Equity Incentive Plan | 401 | 2 | 399 | 0 | 0 | 0 |
Payments for Repurchase of Common Stock | (315) | 0 | 0 | 0 | ||
Dividends, Common Stock, Cash | (6,390) | 0 | 0 | (6,390) | 0 | 0 |
Balance at Jun. 30, 2019 | 477,820 | 1,826 | 77,173 | 472,577 | (4,282) | (69,474) |
Balance at Mar. 31, 2019 | 462,796 | 1,825 | 76,974 | 466,398 | (12,927) | (69,474) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Unrealized gain (loss) on securities, net of tax | 12,569 | 0 | 0 | 12,569 | 0 | 0 |
Other comprehensive income (loss) | 8,645 | 0 | 0 | 0 | 8,645 | 0 |
Omnibus Equity Incentive Plan | 200 | 1 | 199 | 0 | 0 | 0 |
Balance at Jun. 30, 2019 | 477,820 | 1,826 | 77,173 | 472,577 | (4,282) | (69,474) |
Balance at Dec. 31, 2019 | 557,608 | 2,005 | 139,694 | 492,055 | (7,501) | (68,645) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Unrealized gain (loss) on securities, net of tax | 24,105 | 0 | 0 | 24,105 | 0 | 0 |
Other comprehensive income (loss) | 17,016 | 0 | 0 | 0 | 17,016 | 0 |
Omnibus Equity Incentive Plan | 410 | 1 | 409 | 0 | 0 | 0 |
Payments for Repurchase of Common Stock | (1,724) | 0 | 0 | 0 | ||
Dividends, Common Stock, Cash | (7,131) | 0 | 0 | (7,131) | 0 | 0 |
Balance at Jun. 30, 2020 | 590,284 | 2,006 | 140,103 | 509,029 | 9,515 | (70,369) |
Balance at Mar. 31, 2020 | 581,771 | 2,005 | 139,898 | 504,236 | 6,001 | (70,369) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Unrealized gain (loss) on securities, net of tax | 11,924 | 0 | 0 | 11,924 | 0 | 0 |
Other comprehensive income (loss) | 3,514 | 0 | 0 | 0 | 3,514 | 0 |
Omnibus Equity Incentive Plan | 206 | 1 | 205 | 0 | 0 | 0 |
Balance at Jun. 30, 2020 | $ 590,284 | $ 2,006 | $ 140,103 | $ 509,029 | $ 9,515 | $ (70,369) |
CONSOLIDATED STATEMENTS OF SH_2
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Treasury stock purchase (in shares) | 46,989 | 7,866 | 46,989 | 7,866 |
Cash Dividends (in dollars per share) | $ 0 | $ 0 | $ 0 | $ 0 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Unrealized gain (loss) on securities, net of tax | $ 24,105 | $ 22,251 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Net amortization (accretion) of premiums and discounts on investments | 3,186 | 1,958 |
Provision for loan losses | 5,655 | 1,700 |
Securities (gains) losses | (225) | (12) |
(Gain) loss on sale of other real estate | 36 | 10 |
Restricted stock compensation | 410 | 401 |
Depreciation and amortization | 2,946 | 2,025 |
Other, net | 5,503 | 397 |
NET CASH FROM OPERATING ACTIVITIES | 39,713 | 27,814 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Calls, maturities and principal reductions on securities available-for-sale | 110,327 | 60,979 |
Purchases of securities available-for-sale | (101,291) | (45,409) |
Increase (Decrease) in Federal Funds Sold | 7,500 | (2,200) |
Loans made to customers, net of repayment | (119,340) | (58,383) |
Proceeds from Sale of Restricted Investments | 200 | 0 |
Payments to Acquire Restricted Investments | (6) | (22) |
Proceeds from sales of other real estate owned | 357 | 458 |
Additions to premises and equipment | (2,826) | (905) |
NET CASH FROM INVESTING ACTIVITIES | (76,918) | (45,482) |
Payments to Acquire Businesses, Net of Cash Acquired | 0 | 0 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Net change in deposits | 295,206 | 26,291 |
Proceeds from (Payments for) in Securities Sold under Agreements to Repurchase | 19,977 | (9,164) |
Maturities of other borrowings | (16,100) | (167,000) |
Proceeds from FHLBank Borrowings, Financing Activities | 13,200 | 167,000 |
Purchase of treasury stock | (1,724) | (315) |
Dividends paid | (14,273) | (12,648) |
Net Cash Provided by (Used in) Financing Activities | 296,286 | 4,164 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 259,081 | (13,504) |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 127,426 | 74,388 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ 386,507 | $ 60,884 |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies The significant accounting policies followed by the Corporation and its subsidiaries for interim financial reporting are consistent with the accounting policies followed for annual financial reporting. All adjustments which are, in the opinion of management, necessary for a fair statement of the results for the periods reported have been included in the accompanying consolidated financial statements and are of a normal recurring nature. The Corporation reports financial information for only one segment, banking. Some items in the prior year financials were reclassified to conform to the current presentation. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed into law. It contains substantial tax and spending provisions intended to address the impact of the COVID-19 pandemic. The goal of the CARES Act is to prevent a severe economic downturn through various measures, including direct financial aid to American families and economic stimulus to significantly impacted industry sectors. The CARES Act also includes a range of other provisions designed to support the U.S. economy and mitigate the impact of COVID-19 on financial institutions and their customers, including through the authorization of various programs and measures that the U.S. Department of the Treasury, the Small Business Administration, the Federal Reserve Board, and other federal banking agencies may or are required to implement. Further, in response to the COVID-19 outbreak, the Federal Reserve Board has implemented or announced a number of facilities to provide emergency liquidity to various segments of the U.S. economy and financial market. The CARES Act includes a provision that permits a financial institution to elect to suspend temporarily troubled debt restructuring accounting under ASC Subtopic 310-40 in certain circumstances (“section 4013”). To be eligible under section 4013, a loan modification must be (1) related to COVID-19; (2) executed on a loan that was not more than 30 days past due as of December 31, 2019; and (3) executed between March 1, 2020, and the earlier of (A) 60 days after the date of termination of the National Emergency or (B) December 31, 2020. In response to this section of the CARES Act, the federal banking agencies issued a revised interagency statement on April 7, 2020 that, in consultation with the Financial Accounting Standards Board, confirmed that for loans not subject to section 4013, short-term modifications made on a good faith basis in response to COVID-19 to borrowers who were current prior to any relief are not troubled debt restructurings under ASC Subtopic 310-40. This includes short-term (e.g., up to six months) modifications such as payment deferrals, fee waivers, extensions of repayment terms, or delays in payment that are insignificant. Borrowers considered current are those that are less than 30 days past due on their contractual payments at the time a modification program is implemented. The Omnibus Equity Incentive Plan is a long-term incentive plan that was designed to align the interests of participants with the interests of shareholders. Under the plan, awards may be made based on certain performance measures. The grants are made in restricted stock units that are subject to a vesting schedule. These shares vest over 3 years in increments of 33%, 33%, and 34% respectively. For the three months ended 2020 and 2019, 19,688 and 19,783 shares were awarded, respectively. These shares had a grant date value of $837 thousand and $841 thousand for 2020 and 2019, vest over three years, and their grant is not subject to future performance measures. Outstanding shares are increased at the award date for the total shares awarded. The extent to which the COVID-19 pandemic impacts the Corporation’s business, liquidity, asset valuations, results of operations, and financial condition, as well as its regulatory capital and liquidity ratios, will depend on future developments, which are highly uncertain, including the scope and duration of the pandemic and actions taken by governmental authorities and other third parties in response to the pandemic. Moreover, the effects of the COVID-19 pandemic may have a material adverse effect on all or a combination of valuation impairments on the Corporation's intangible assets, investments, loans, or deferred tax assets. |
Allowance for Loan Losses
Allowance for Loan Losses | 6 Months Ended |
Jun. 30, 2020 | |
Financing Receivable, Allowance for Credit Loss, Writeoff, after Recovery [Abstract] | |
Allowance for Loan Losses | The following table presents the activity of the allowance for loan losses by portfolio segment for the three months ended June 30. Allowance for Loan Losses: June 30, 2020 (Dollar amounts in thousands) Commercial Residential Consumer Unallocated Total Beginning balance $ 9,323 $ 1,452 $ 8,757 $ 1,531 $ 21,063 Provision for loan losses 813 527 1,950 (325) 2,965 Loans charged -off (141) (166) (1,233) — (1,540) Recoveries 154 63 580 — 797 Ending Balance $ 10,149 $ 1,876 $ 10,054 $ 1,206 $ 23,285 Allowance for Loan Losses: June 30, 2019 (Dollar amounts in thousands) Commercial Residential Consumer Unallocated Total Beginning balance $ 9,239 $ 1,492 $ 7,562 $ 2,667 $ 20,960 Provision for loan losses 482 (141) 854 (965) 230 Loans charged -off (403) (117) (1,386) — (1,906) Recoveries 163 89 714 — 966 Ending Balance $ 9,481 $ 1,323 $ 7,744 $ 1,702 $ 20,250 The following table presents the activity of the allowance for loan losses by portfolio segment for the six months ended June 30. Allowance for Loan Losses: June 30, 2020 (Dollar amounts in thousands) Commercial Residential Consumer Unallocated Total Beginning balance $ 8,945 $ 1,302 $ 8,304 $ 1,392 $ 19,943 Provision for loan losses 1,333 778 3,730 (186) 5,655 Loans charged -off (674) (423) (3,347) — (4,444) Recoveries 545 219 1,367 — 2,131 Ending Balance $ 10,149 $ 1,876 $ 10,054 $ 1,206 $ 23,285 Allowance for Loan Losses: June 30, 2019 (Dollar amounts in thousands) Commercial Residential Consumer Unallocated Total Beginning balance $ 9,848 $ 1,313 $ 7,481 $ 1,794 $ 20,436 Provision for loan losses (158) 155 1,795 (92) 1,700 Loans charged -off (659) (419) (2,937) — (4,015) Recoveries 450 274 1,405 — 2,129 Ending Balance $ 9,481 $ 1,323 $ 7,744 $ 1,702 $ 20,250 The following table presents the allocation of the allowance for loan losses and the recorded investment in loans by portfolio segment and based on the impairment method at June 30, 2020 and December 31, 2019. Allowance for Loan Losses June 30, 2020 (Dollar amounts in thousands) Commercial Residential Consumer Unallocated Total Individually evaluated for impairment $ 237 $ — $ — $ — $ 237 Collectively evaluated for impairment 9,912 1,876 10,054 1,206 23,048 Acquired with deteriorated credit quality — — — — — Ending Balance $ 10,149 $ 1,876 $ 10,054 $ 1,206 $ 23,285 Loans: June 30, 2020 (Dollar amounts in thousands) Commercial Residential Consumer Total Individually evaluated for impairment $ 7,433 $ 4,669 $ — $ 12,102 Collectively evaluated for impairment 1,691,030 654,902 427,370 2,773,302 Acquired with deteriorated credit quality 4,973 — — 4,973 Ending Balance $ 1,703,436 $ 659,571 $ 427,370 $ 2,790,377 Allowance for Loan Losses: December 31, 2019 (Dollar amounts in thousands) Commercial Residential Consumer Unallocated Total Individually evaluated for impairment 48 — — — 48 Collectively evaluated for impairment 8,897 1,302 8,304 1,392 19,895 Acquired with deteriorated credit quality — — — — — Ending Balance $ 8,945 $ 1,302 $ 8,304 $ 1,392 $ 19,943 Loans December 31, 2019 (Dollar amounts in thousands) Commercial Residential Consumer Total Individually evaluated for impairment 3,161 3,952 — 7,113 Collectively evaluated for impairment 1,584,169 680,069 387,655 2,651,893 Acquired with deteriorated credit quality 7,436 — — 7,436 Ending Balance $ 1,594,766 $ 684,021 $ 387,655 $ 2,666,442 The following tables present loans individually evaluated for impairment by class of loans. June 30, 2020 Unpaid Recorded Allowance Average Interest Cash Basis (Dollar amounts in thousands) Balance Investment Allocated Investment Recognized Recognized With no related allowance recorded: Commercial Commercial & Industrial $ 1,654 $ 1,124 $ — $ 1,087 $ — $ — Farmland 1,324 1,324 — 1,548 — — Non Farm, Non Residential 3,512 3,512 — 2,341 — — Agriculture — — — — — — All Other Commercial 25 25 — 26 — — Residential First Liens 3,358 3,358 — 3,630 — — Home Equity — — — — — — Junior Liens — — — — — — Multifamily — — — — — — All Other Residential — — — — — — Consumer Motor Vehicle — — — — — — All Other Consumer — — — — — — With an allowance recorded: Commercial Commercial & Industrial 523 523 89 271 — — Farmland — — — — — — Non Farm, Non Residential 171 171 — 57 — — Agriculture — — — — — — All Other Commercial 754 754 148 251 — — Residential First Liens — — — — — — Home Equity — — — — — — Junior Liens — — — — — — Multifamily 1,311 1,311 — 437 — — All Other Residential — — — — — — Consumer Motor Vehicle — — — — — — All Other Consumer — — — — — — TOTAL $ 12,632 $ 12,102 $ 237 $ 9,648 $ — $ — December 31, 2019 Unpaid Recorded Allowance Average Interest Cash Basis (Dollar amounts in thousands) Balance Investment Allocated Investment Recognized Recognized With no related allowance recorded: Commercial Commercial & Industrial $ 1,519 $ 989 $ — $ 848 $ — $ — Farmland 1,997 1,997 — 1,999 — — Non Farm, Non Residential — — — — — — Agriculture — — — — — — All Other Commercial 27 27 — 461 — — Residential First Liens 3,952 3,952 — 4,055 — — Home Equity — — — — — — Junior Liens — — — — — — Multifamily — — — — — — All Other Residential — — — — — — Consumer Motor Vehicle — — — — — — All Other Consumer — — — — — — With an allowance recorded: Commercial Commercial & Industrial 148 148 48 1,108 — — Farmland — — — 84 — — Non Farm, Non Residential — — — — — Agriculture — — — 138 — — All Other Commercial — — — — — — Residential First Liens — — — — — — Home Equity — — — — — — Junior Liens — — — — — — Multifamily — — — — — — All Other Residential — — — — — — Consumer Motor Vehicle — — — — — — All Other Consumer — — — — — — TOTAL $ 7,643 $ 7,113 $ 48 $ 8,693 $ — $ — Three Months Ended Six Months Ended Average Interest Cash Basis Average Interest Cash Basis (Dollar amounts in thousands) Investment Recognized Recognized Investment Recognized Recognized With no related allowance recorded: Commercial Commercial & Industrial $ 1,137 $ — $ — $ 1,087 $ — $ — Farmland 1,324 — — 1,548 — — Non Farm, Non Residential 3,512 — — 2,341 — — Agriculture — — — — — — All Other Commercial 26 — — 26 — — Residential First Liens 3,469 — — 3,630 — — Home Equity — — — — — — Junior Liens — — — — — — Multifamily — — — — — — All Other Residential — — — — — — Consumer Motor Vehicle — — — — — — All Other Consumer — — — — — — With an allowance recorded: Commercial Commercial & Industrial 332 — — 271 — — Farmland — — — — — — Non Farm, Non Residential 86 — — 57 — — Agriculture — — — — — — All Other Commercial 377 — — 251 — — Residential First Liens — — — — — — Home Equity — — — — — — Junior Liens — — — — — — Multifamily 656 — — 437 — — All Other Residential — — — — — — Consumer Motor Vehicle — — — — — — All Other Consumer — — — — — — TOTAL $ 10,919 $ — $ — $ 9,648 $ — $ — Three Months Ended Six Months Ended Average Interest Cash Basis Average Interest Cash Basis (Dollar amounts in thousands) Investment Recognized Recognized Investment Recognized Recognized With no related allowance recorded: Commercial Commercial & Industrial $ 720 $ — $ — $ 676 $ — $ — Farmland 1,982 — — 1,995 — — Non Farm, Non Residential — — — — — — Agriculture — — — — — — All Other Commercial 569 — — 750 — — Residential First Liens 4,121 — — 4,219 — — Home Equity — — — — — — Junior Liens — — — — — — Multifamily — — — — — — All Other Residential — — — — — — Consumer Motor Vehicle — — — — — — All Other Consumer — — — — — — With an allowance recorded: Commercial Commercial & Industrial 1,711 — — 1,747 — — Farmland 105 — — 140 — — Non Farm, Non Residential — — — — — — Agriculture 173 — — 231 — — All Other Commercial — — — — — — Residential First Liens — — — — — — Home Equity — — — — — — Junior Liens — — — — — — Multifamily — — — — — — All Other Residential — — — — — — Consumer Motor Vehicle — — — — — — All Other Consumer — — — — — — TOTAL $ 9,381 $ — $ — $ 9,758 $ — $ — The tables below presents the recorded investment in non-performing loans. June 30, 2020 Loans Past Troubled Nonaccrual Excluding (Dollar amounts in thousands) Accruing Accruing Nonaccrual TDR Commercial Commercial & Industrial $ — $ — $ 4 $ 2,934 Farmland — — — 1,536 Non Farm, Non Residential — — — 4,139 Agriculture 126 — — 72 All Other Commercial — — — 805 Residential First Liens 3,791 2,558 588 2,659 Home Equity 138 — — 41 Junior Liens 185 80 8 155 Multifamily — — — 1,311 All Other Residential — — — 45 Consumer Motor Vehicle 334 — 14 411 All Other Consumer 3 142 512 526 TOTAL $ 4,577 $ 2,780 $ 1,126 $ 14,634 December 31, 2019 Loans Past Troubled Nonaccrual Excluding (Dollar amounts in thousands) Accruing Accruing Nonaccrual TDR Commercial Commercial & Industrial $ — $ — $ 11 $ 2,191 Farmland 5 — — 2,410 Non Farm, Non Residential — — — 441 Agriculture — — — 485 All Other Commercial — — — 114 Residential First Liens 625 3,007 396 2,876 Home Equity 12 — — 61 Junior Liens 51 94 9 175 Multifamily — — — — All Other Residential 738 — — 203 Consumer Motor Vehicle 227 — 15 138 All Other Consumer 4 239 444 452 TOTAL $ 1,662 $ 3,340 $ 875 $ 9,546 Non-performing loans include both smaller balance homogeneous loans that are collectively evaluated for impairment and individually classified impaired loans. The following tables presents the aging of the recorded investment in loans by past due category and class of loans. June 30, 2020 30-59 Days 60-89 Days Greater Total (Dollar amounts in thousands) Past Due Past Due Past Due Past Due Current Total Commercial Commercial & Industrial $ 463 $ 536 $ 1,519 $ 2,518 $ 743,472 $ 745,990 Farmland — — 1,416 1,416 125,455 126,871 Non Farm, Non Residential 4,594 — 222 4,816 371,401 376,217 Agriculture 460 145 205 810 149,166 149,976 All Other Commercial 98 754 33 885 303,497 304,382 Residential First Liens 996 896 4,327 6,219 360,695 366,914 Home Equity 149 249 156 554 64,451 65,005 Junior Liens 330 343 222 895 54,453 55,348 Multifamily 298 — 1,311 1,609 153,795 155,404 All Other Residential — 352 — 352 16,548 16,900 Consumer Motor Vehicle 4,451 1,401 368 6,220 391,601 397,821 All Other Consumer 94 36 9 139 29,410 29,549 TOTAL $ 11,933 $ 4,712 $ 9,788 $ 26,433 $ 2,763,944 $ 2,790,377 December 31, 2019 30-59 Days 60-89 Days Greater Total (Dollar amounts in thousands) Past Due Past Due Past Due Past Due Current Total Commercial Commercial & Industrial $ 2,885 $ 766 $ 1,379 $ 5,030 $ 594,925 $ 599,955 Farmland 132 — 2,089 2,221 137,730 139,951 Non Farm, Non Residential 3,749 104 — 3,853 398,854 402,707 Agriculture 277 128 — 405 162,794 163,199 All Other Commercial — — 109 109 288,845 288,954 Residential First Liens 6,452 1,292 1,458 9,202 375,924 385,126 Home Equity 124 63 34 221 70,813 71,034 Junior Liens 384 43 137 564 54,533 55,097 Multifamily — — — — 148,282 148,282 All Other Residential 1,082 — 890 1,972 22,510 24,482 Consumer Motor Vehicle 6,488 983 270 7,741 347,950 355,691 All Other Consumer 228 42 2 272 31,692 31,964 TOTAL $ 21,801 $ 3,421 $ 6,368 $ 31,590 $ 2,634,852 $ 2,666,442 During the three and six months ended June 30, 2020 and 2019, the terms of certain loans were modified as troubled debt restructurings (TDRs). The following tables present the activity for TDRs. 2020 (Dollar amounts in thousands) Commercial Residential Consumer Total April 1, $ 4 $ 3,438 $ 714 $ 4,156 Added — 63 41 104 Charged Off — — (15) (15) Payments (4) (270) (72) (346) June 30, $ — $ 3,231 $ 668 $ 3,899 2020 (Dollar amounts in thousands) Commercial Residential Consumer Total January 1, $ 11 $ 3,485 $ 698 $ 4,194 Added — 123 135 258 Charged Off — (6) (50) (56) Payments (11) (371) (115) (497) June 30, $ — $ 3,231 $ 668 $ 3,899 2019 (Dollar amounts in thousands) Commercial Residential Consumer Total April 1, 136 4,019 619 4,774 Added — — 92 92 Charged Off — — (30) (30) Payments (9) (222) (64) (295) June 30, 127 3,797 617 4,541 2019 (Dollar amounts in thousands) Commercial Residential Consumer Total January 1, 145 4,043 618 4,806 Added — 122 163 285 Charged Off — (16) (46) (62) Payments (18) (352) (118) (488) June 30, 127 3,797 617 4,541 Modification of the terms of such loans 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 modification in 2020 or 2019 resulted in the permanent reduction of the recorded investment in the loan. Modifications involving a reduction of the stated interest rate of the loan were for periods ranging from twelve months to five years. Modifications involving an extension of the maturity date were for periods ranging from twelve months to ten years. Troubled debt restructurings during the three months ended June 30, 2020 and 2019 did not result in any material charge-offs or additional provision expense. The Corporation has no allocations of specific reserves to customers whose loan terms have been modified in troubled debt restructurings as of June 30, 2020 and 2019. The Corporation has not committed to lend additional amounts as of June 30, 2020 and 2019 to customers with outstanding loans that are classified as troubled debt restructurings. None of the charge-offs during the three and six months ended June 30, 2020 and 2019 were of restructurings that had occurred in the previous 12 months. The CARES Act includes a provision that permits a financial institution to elect to suspend temporarily troubled debt restructuring accounting under ASC Subtopic 310-40 in certain circumstances (“section 4013”). To be eligible under section 4013, a loan modification must be (1) related to COVID-19; (2) executed on a loan that was not more than 30 days past due as of December 31, 2019; and (3) executed between March 1, 2020, and the earlier of (A) 60 days after the date of termination of the National Emergency or (B) December 31, 2020. In response to this section of the CARES Act, the federal banking agencies issued a revised interagency statement on April 7, 2020 that, in consultation with the Financial Accounting Standards Board, confirmed that for loans not subject to section 4013, short-term modifications made on a good faith basis in response to COVID-19 to borrowers who were current prior to any relief are not troubled debt restructurings under ASC Subtopic 310-40. This includes short-term (e.g., up to six months) modifications such as payment deferrals, fee waivers, extensions of repayment terms, or delays in payment that are insignificant. Borrowers considered current are those that are less than 30 days past due on their contractual payments at the time a modification program is implemented. As of June 30, 2020, 1,341 loans totaling $343 million were modified, related to COVID-19, that were not considered troubled debt restructurings. Credit Quality Indicators: The Corporation 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 Corporation analyzes loans individually by classifying the loans as to credit risk. This analysis includes non-homogeneous loans, such as commercial loans, with an outstanding balance greater than $100 thousand. Any consumer loans outstanding to a borrower who had commercial loans analyzed will be similarly risk rated. This analysis is performed on a quarterly basis. The Corporation 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 debt service capacity of the borrower or of any pledged collateral. These loans have a well-defined weakness or weaknesses which have clearly jeopardized repayment of principal and interest as originally intended. They are characterized by the distinct possibility that the institution will sustain some future loss if the deficiencies are not corrected. Doubtful: Loans classified as doubtful have all the weaknesses inherent in those graded substandard, with the added characteristic that the severity of the weaknesses makes collection or liquidation in full highly questionable or improbable based upon currently existing facts, conditions, and values. Furthermore, non-homogeneous loans which were not individually analyzed, but are 90+ days past due or on non-accrual are classified as substandard. Loans included in homogeneous pools, such as residential or consumer may be classified as substandard due to 90+ days delinquency, non-accrual status, bankruptcy, or loan restructuring. Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered to be pass rated loans. Loans listed as not rated are either those with an outstanding balance less than $100 thousand or are included in groups of homogeneous loans. As of June 30, 2020 and December 31, 2019, and based on the most recent analysis performed, the risk category of loans by class of loans are as follows: June 30, 2020 (Dollar amounts in thousands) Pass Special Substandard Doubtful Not Rated Total Commercial Commercial & Industrial $ 694,384 $ 17,364 $ 19,298 $ — $ 12,799 $ 743,845 Farmland 111,597 5,706 7,684 — 86 125,073 Non Farm, Non Residential 350,871 11,599 11,637 — 702 374,809 Agriculture 123,953 6,784 16,697 — 497 147,931 All Other Commercial 298,835 3,036 817 — 30 302,718 Residential First Liens 94,359 856 6,301 — 264,155 365,671 Home Equity 2,537 — 170 — 62,156 64,863 Junior Liens 2,115 33 307 — 52,761 55,216 Multifamily 153,622 108 1,311 — 14 155,055 All Other Residential 3,684 — 11 — 13,157 16,852 Consumer Motor Vehicle 430 — 579 — 395,174 396,183 All Other Consumer 267 — 41 — 29,110 29,418 TOTAL $ 1,836,654 $ 45,486 $ 64,853 $ — $ 830,641 $ 2,777,634 December 31, 2019 (Dollar amounts in thousands) Pass Special Substandard Doubtful Not Rated Total Commercial Commercial & Industrial $ 549,341 $ 19,253 $ 26,349 $ 5 $ 2,761 $ 597,709 Farmland 119,858 8,673 8,644 — 100 137,275 Non Farm, Non Residential 381,404 4,424 12,269 — 3,678 401,775 Agriculture 127,144 4,507 27,490 — 985 160,126 All Other Commercial 283,266 3,141 1,120 — 35 287,562 Residential First Liens 174,338 926 4,382 — 204,266 383,912 Home Equity 18,417 — 134 11 52,280 70,842 Junior Liens 2,839 64 178 76 51,817 54,974 Multifamily 146,497 112 1,315 — 19 147,943 All Other Residential 12,624 — 205 — 11,577 24,406 Consumer Motor Vehicle 2,880 — 538 — 350,780 354,198 All Other Consumer 3,155 — 38 — 28,615 31,808 TOTAL $ 1,821,763 $ 41,100 $ 82,662 $ 92 $ 706,913 $ 2,652,530 |
Securities
Securities | 6 Months Ended |
Jun. 30, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | June 30, 2020 (Dollar amounts in thousands) Amortized Unrealized Unrealized Fair Value U.S. Government agencies $ 92,391 $ 4,344 $ (3) $ 96,732 Mortgage Backed Securities - residential 228,141 9,007 — 237,148 Mortgage Backed Securities - commercial 18,157 667 — 18,824 Collateralized mortgage obligations 243,703 6,306 (124) 249,885 State and municipal obligations 270,171 16,684 (107) 286,748 Municipal taxable 12,352 274 — 12,626 U.S. Treasury 2,501 24 — 2,525 Collateralized debt obligations — 2,945 — 2,945 TOTAL $ 867,416 $ 40,251 $ (234) $ 907,433 December 31, 2019 (Dollar amounts in thousands) Amortized Unrealized Unrealized Fair Value U.S. Government agencies $ 102,490 $ 1,293 $ (150) $ 103,633 Mortgage Backed Securities-residential 240,753 2,979 (350) 243,382 Mortgage Backed Securities-commercial 22,036 73 (5) 22,104 Collateralized mortgage obligations 280,797 1,735 (1,221) 281,311 State and municipal obligations 253,277 11,265 (108) 264,434 Municipal taxable 728 2 — 730 U.S. Treasury 7,494 10 — 7,504 Collateralized debt obligations — 3,619 — 3,619 TOTAL $ 907,575 $ 20,976 $ (1,834) $ 926,717 Contractual maturities of debt securities at June 30, 2020 were as follows. Securities not due at a single maturity or with no maturity date, primarily mortgage-backed and equity securities are shown separately. Available-for-Sale Amortized Fair (Dollar amounts in thousands) Cost Value Due in one year or less $ 7,485 $ 7,530 Due after one but within five years 56,484 58,154 Due after five but within ten years 65,629 68,931 Due after ten years 247,817 266,961 377,415 401,576 Mortgage-backed securities and collateralized mortgage obligations 490,001 505,857 TOTAL $ 867,416 $ 907,433 There were $34 thousand and $278 thousand in gross gains and $3 thousand and $53 thousand in losses from investment sales/calls realized by the Corporation for the three and six months ended June 30, 2020. For the three and six months ended June 30, 2019 there were $16 thousand and $18 thousand in gross gains and zero and $6 thousand in losses on sales/calls of investment securities. The following tables show the securities’ gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in continuous unrealized loss position, at June 30, 2020 and December 31, 2019. June 30, 2020 Less Than 12 Months More Than 12 Months Total Unrealized Unrealized Unrealized (Dollar amounts in thousands) Fair Value Losses Fair Value Losses Fair Value Losses U.S. Government agencies $ 1,021 $ (3) $ — $ — $ 1,021 $ (3) Collateralized mortgage obligations 3,827 (124) — — 3,827 (124) State and municipal obligations 7,361 (48) 446 (59) 7,807 (107) Total temporarily impaired securities $ 12,209 $ (175) $ 446 $ (59) $ 12,655 $ (234) December 31, 2019 Less Than 12 Months More Than 12 Months Total Unrealized Unrealized Unrealized (Dollar amounts in thousands) Fair Value Losses Fair Value Losses Fair Value Losses US Government agencies $ 29,183 $ (150) $ — $ — $ 29,183 $ (150) Mortgage Backed Securities - Residential $ 55,665 $ (243) $ 18,724 $ (107) $ 74,389 $ (350) Mortgage Backed Securities - Commercial 4,391 (5) — — 4,391 (5) Collateralized mortgage obligations 33,398 (314) 61,781 (907) 95,179 (1,221) State and municipal obligations 8,996 (61) 461 (47) 9,457 (108) Total temporarily impaired securities $ 131,633 $ (773) $ 80,966 $ (1,061) $ 212,599 $ (1,834) Management evaluates securities for other-than-temporary impairment (“OTTI”) at least on a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. The investment securities portfolio is evaluated for OTTI by segregating the portfolio into two general segments and applying the appropriate OTTI model. Investment securities are generally evaluated for OTTI under FASB ASC 320, Investments - Debt and Equity Securities . However, certain purchased beneficial interests, including non-agency mortgage-backed securities, asset-backed securities, and collateralized debt obligations, that had credit ratings at the time of purchase of below AA are evaluated using the model outlined in FASB ASC 325-40, Beneficial Interests in Securitized Financial Assets. When OTTI occurs under either model, the amount of the OTTI recognized in earnings depends on whether an entity intends to sell the security or it is more likely than not it will be required to sell the security before recovery of its amortized cost basis, less any current-period credit loss. If an entity intends to sell or it is more likely than not it will be required to sell the security before recovery of its amortized cost basis, less any current-period credit loss, the OTTI shall be recognized in earnings equal to the entire difference between the investment’s amortized cost basis and its fair value at the balance sheet date. If an entity does not intend to sell the security and it is not more likely than not that the entity will be required to sell the security before recovery of its amortized cost basis less any current-period loss, the OTTI shall be separated into the amount representing the credit loss and the amount related to all other factors. The amount of the total OTTI related to the credit loss is determined based on the present value of cash flows expected to be collected and is recognized in earnings. The amount of the total OTTI related to other factors is recognized in other comprehensive income, net of applicable taxes. The previous amortized cost basis less the OTTI recognized in earnings becomes the new amortized cost basis of the investment. Gross unrealized losses on investment securities were $234 thousand as of June 30, 2020 and $1.8 million as of December 31, 2019. A majority of these losses represent negative adjustments to market value relative to the interest rate environment reflecting the increase in market rates and not losses related to the creditworthiness of the issuer. Based upon our review of the issuers, we do not believe these investments to be other than temporarily impaired. Management does not intend to sell these securities and it is not more likely than not that we will be required to sell them before their anticipated recovery. There is one remaining collateralized debt obligations security with previously recorded OTTI but there was no additional OTTI recorded in 2020 or 2019. The table below presents a rollforward of the credit losses recognized in earnings for the three month period ended June 30, 2020 and 2019: Three Months Ended June 30, Six Months Ended June 30, (Dollar amounts in thousands) 2020 2019 2020 2019 Beginning balance $ 2,974 $ 2,974 $ 2,974 $ 2,974 Increases to the amount related to the credit Loss for which other-than-temporary was previously recognized — — — — Reductions for increases in cash flows collected — — — — Reductions for securities called during the period — — — — Ending balance $ 2,974 $ 2,974 $ 2,974 $ 2,974 |
Fair Value
Fair Value | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value | FASB ASC No. 820-10 establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: Level 1: Quoted prices (unadjusted) of 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 I 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 fair value of most securities available for sale is determined by obtaining quoted prices on nationally recognized securities exchanges (Level 1 inputs) or matrix pricing, which is a mathematical technique widely used in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted securities (Level 2 inputs). For those securities that cannot be priced using quoted market prices or observable inputs a Level 3 valuation is determined. These securities are primarily trust preferred securities, which are priced using Level 3 due to current market illiquidity and certain investments in state and municipal securities. The fair value of the trust preferred securities is obtained from a third party provider without adjustment. As described previously, management obtains values from other pricing sources to validate the Standard & Poors pricing that they currently utilize. The fair value of state and municipal obligations are derived by comparing the securities to current market rates plus an appropriate credit spread to determine an estimated value. Illiquidity spreads are then considered. Credit reviews are performed on each of the issuers. The significant unobservable inputs used in the fair value measurement of the Corporation’s state and municipal obligations are credit spreads related to specific issuers. Significantly higher credit spread assumptions would result in significantly lower fair value measurement. Conversely, significantly lower credit spreads would result in a significantly higher fair value measurements. The fair value of derivatives is based on valuation models using observable market data as of the measurement date (Level 2 inputs). June 30, 2020 Fair Value Measurements Using Significant (Dollar amounts in thousands) Level 1 Level 2 Level 3 Total U.S. Government agencies $ — $ 96,732 $ — $ 96,732 Mortgage Backed Securities-residential — 237,148 — 237,148 Mortgage Backed Securities-commercial — 18,824 — 18,824 Collateralized mortgage obligations — 249,885 — 249,885 State and municipal — 284,513 2,235 286,748 Municipal taxable — 12,626 — 12,626 U.S. Treasury — 2,525 — 2,525 Collateralized debt obligations — — 2,945 2,945 TOTAL $ — $ 902,253 $ 5,180 $ 907,433 Derivative Assets 2,861 Derivative Liabilities (2,861) December 31, 2019 Fair Value Measurements Using Significant (Dollar amounts in thousands) Level 1 Level 2 Level 3 Total U.S. Government agencies $ — $ 103,633 $ — $ 103,633 Mortgage Backed Securities-residential — 243,382 — 243,382 Mortgage Backed Securities-commercial — 22,104 — 22,104 Collateralized mortgage obligations — 281,311 — 281,311 State and municipal — 261,869 2,565 264,434 Municipal taxable — 730 — 730 U.S. Treasury — 7,504 — 7,504 Collateralized debt obligations — — 3,619 3,619 TOTAL $ — $ 920,533 $ 6,184 $ 926,717 Derivative Assets 828 Derivative Liabilities (828) There were no transfers between Level 1 and Level 2 during 2020 and 2019. The tables below presents a reconciliation and income statement classification of gains and losses for all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three and six months ended June 30, 2020 and the year ended December 31, 2019. Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Three Months Ended June 30, 2020 (Dollar amounts in thousands) State and Collateralized Total Beginning balance, April 1 $ 2,235 $ 3,233 $ 5,468 Total realized/unrealized gains or losses Included in earnings — — — Included in other comprehensive income — (288) (288) Transfers — — — Settlements — — — Ending balance, June 30 $ 2,235 $ 2,945 $ 5,180 Six Months Ended June 30, 2020 (Dollar amounts in thousands) State and Collateralized Total Beginning balance, January 1 $ 2,565 $ 3,619 $ 6,184 Total realized/unrealized gains or losses Included in earnings — — — Included in other comprehensive income — (674) (674) Transfers — — — Settlements (330) — (330) Ending balance, June 30 $ 2,235 $ 2,945 $ 5,180 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Year Ended December 31, 2019 (Dollar amounts in thousands) State and Collateralized Total Beginning balance, January 1 $ 3,135 $ 3,258 $ 6,393 Total realized/unrealized gains or losses Included in earnings — — — Included in other comprehensive income — 498 498 Purchases — — — Settlements (570) (137) (707) Ending balance, December 31 $ 2,565 $ 3,619 $ 6,184 The following table presents quantitative information about recurring and non-recurring Level 3 fair value measurements at June 30, 2020. (Dollar amounts in thousands) Fair Value Valuation Technique(s) Unobservable Input(s) Range State and municipal obligations $ 2,235 Discounted cash flow Discount rate 3.09%-4.44% Other real estate $ 3,577 Sales comparison/income approach Discount rate for age of appraisal and market conditions 5.00%-20.00% Impaired Loans $ 2,522 Sales comparison/income approach Discount rate for age of appraisal and market conditions 0.00%-50.00% The following table presents quantitative information about recurring and non-recurring Level 3 fair value measurements at December 31, 2019. (Dollar amounts in thousands) Fair Value Valuation Technique(s) Unobservable Input(s) Range State and municipal obligations $ 2,565 Discounted cash flow Discount rate 2.87%-4.44% Other real estate $ 3,625 Sales comparison/income approach Discount rate for age of appraisal and market conditions 5.00%-20.00% Impaired Loans 100 Sales comparison/income approach Discount rate for age of appraisal and market conditions 0.00%-50.00% Impaired loans disclosed in footnote 2, which are measured for impairment using the fair value of collateral, are valued at Level 3. They are carried at a fair value of $2.5 million, after a valuation allowance of $237 thousand at June 30, 2020 and at a fair value of $100 thousand, net of a valuation allowance of $48 thousand at December 31, 2019. The impact to the provision for loan losses for the three and six months ended June 30, 2020 and for the twelve months ended December 31, 2019 was a $195 thousand increase, a $189 thousand increase, and a $689 thousand decrease, respectively. Other real estate owned is valued at Level 3. Other real estate owned at June 30, 2020 with a value of $3.6 million was reduced $50 thousand for fair value adjustment. At June 30, 2020 other real estate owned was comprised of $3.4 million from commercial loans and $199 thousand from residential loans. Other real estate owned at December 31, 2019 with a value of $3.6 million was reduced $64 thousand for fair value adjustment. At December 31, 2019 other real estate owned was comprised of $3.5 million from commercial loans and $142 thousand from residential loans. Fair value is measured based on the value of the collateral securing those loans, and is determined using several methods. Generally the fair value of real estate is determined based on appraisals by qualified licensed appraisers. Appraisals for real estate generally use three methods to derive value: cost, sales or market comparison and income approach. The cost method bases value on the cost to replace current property. The market comparison evaluates the sales price of similar properties in the same market area. The income approach considers net operating income generated by the property and the investor’s required return. The final fair value is based on a reconciliation of these three approaches. If an appraisal is not available, the fair value may be determined by using a cash flow analysis, a broker’s opinion of value, the net present value of future cash flows, or an observable market price from an active market. Fair value of other real estate is based upon the current appraised values of the properties as determined by qualified licensed appraisers and the Company’s judgment of other relevant market conditions. Appraisals are obtained annually and reductions in value are recorded as a valuation through a charge to expense. The primary unobservable input used by management in estimating fair value are additional discounts to the appraised value to consider market conditions and the age of the appraisal, which are based on management’s past experience in resolving these types of properties. These discounts range from 0% to 50%. Values for non-real estate collateral, such as business equipment, are based on appraisals performed by qualified licensed appraisers or the customers financial statements. Values for non real estate collateral use much higher discounts than real estate collateral. Other real estate and impaired loans carried at fair value are primarily comprised of smaller balance properties. The following tables presents loans identified as impaired by class of loans, and carried at fair value on a non-recurring basis, as of June 30, 2020 and December 31, 2019, which are all considered Level 3. June 30, 2020 (Dollar amounts in thousands) Carrying Allowance Fair Value Commercial Commercial & Industrial $ 523 $ 89 $ 434 Farmland — — — Non Farm, Non Residential 171 — 171 Agriculture — — — All Other Commercial 754 148 606 Residential First Liens — — — Home Equity — — — Junior Liens — — — Multifamily 1,311 — 1,311 All Other Residential — — — Consumer Motor Vehicle — — — All Other Consumer — — — TOTAL $ 2,759 $ 237 $ 2,522 December 31, 2019 (Dollar amounts in thousands) Carrying Allowance Fair Value Commercial Commercial & Industrial $ 148 $ 48 $ 100 Farmland — — — Non Farm, Non Residential — — — Agriculture — — — All Other Commercial — — — Residential First Liens — — — Home Equity — — — Junior Liens — — — Multifamily — — — All Other Residential — — — Consumer Motor Vehicle — — — All Other Consumer — — — TOTAL $ 148 $ 48 $ 100 The carrying amounts and estimated fair value of financial instruments at June 30, 2020 and December 31, 2019, are shown below. Carrying amount is the estimated fair value for cash and due from banks, federal funds sold, short-term borrowings, accrued interest receivable and payable, demand deposits, short-term debt and variable-rate loans or deposits that reprice frequently and fully. Security fair values were described previously. For fixed-rate, non-impaired loans or deposits, variable rate loans or deposits with infrequent repricing or repricing limits, and for longer-term borrowings, fair value is based on discounted cash flows using current market rates applied to the estimated life and considering credit risk. The valuation of impaired loans was described previously. Loan fair value estimates represent an exit price. Fair values of loans held for sale are based on market bids on the loans or similar loans. It was not practicable to determine the fair value of Federal Home Loan Bank stock due to restrictions placed on its transferability. Fair value of debt is based on current rates for similar financing. The fair value of off-balance sheet items is not considered material. June 30, 2020 Carrying Fair Value (Dollar amounts in thousands) Value Level 1 Level 2 Level 3 Total Cash and due from banks $ 386,507 $ 26,098 $ 360,409 $ — $ 386,507 Federal funds sold — — — — — Securities available-for-sale 907,433 — 902,253 5,180 907,433 Restricted stock 15,200 n/a n/a n/a n/a Loans, net 2,753,798 — — 2,818,265 2,818,265 Accrued interest receivable 17,205 — 4,646 12,559 17,205 Deposits (3,569,893) — (3,581,637) — (3,581,637) Short-term borrowings (100,096) — (100,096) — (100,096) Other borrowings (28,117) — (28,531) — (28,531) Accrued interest payable (1,329) — (1,329) — (1,329) December 31, 2019 Carrying Fair Value (Dollar amounts in thousands) Value Level 1 Level 2 Level 3 Total Cash and due from banks $ 127,426 $ 26,275 $ 101,151 $ — $ 127,426 Federal funds sold 7,500 — 7,500 — 7,500 Securities available-for-sale 926,717 — 920,533 6,184 926,717 Restricted stock 15,394 n/a n/a n/a n/a Loans, net 2,636,447 — — 2,648,692 2,648,692 Accrued interest receivable 18,523 — 3,583 14,940 18,523 Deposits (3,275,357) — (3,278,099) — (3,278,099) Short-term borrowings (80,119) — (80,119) — (80,119) Other borrowings (30,973) — (31,143) — (31,143) Accrued interest payable (1,739) — (1,739) — (1,739) |
Short-Term Borrowings
Short-Term Borrowings | 6 Months Ended |
Jun. 30, 2020 | |
Short-term Debt [Abstract] | |
Short-Term Borrowings | Short-Term Borrowings Period–end short-term borrowings were comprised of the following: (000 's) June 30, 2020 December 31, 2019 Federal Funds Purchased $ 4,325 $ 900 Repurchase Agreements 95,771 79,219 $ 100,096 $ 80,119 The Corporation enters into sales of securities under agreements to repurchase. The amounts received under these agreements represent short-term borrowings and are reflected as a liability in the consolidated balance sheets. The securities underlying these agreements are included in investment securities in the consolidated balance sheets. The Corporation has no control over the market value of the securities, which fluctuates due to market conditions. However, the Corporation is obligated to promptly transfer additional securities if the market value of the securities falls below the repurchase agreement price. The Corporation manages this risk by maintaining an unpledged securities portfolio that it believes is sufficient to cover a decline in the market value of the securities sold under agreements to repurchase. Collateral pledged to repurchase agreements by remaining maturity are as follows: June 30, 2020 Repurchase Agreements Remaining Contractual Maturity of the Agreements (Dollar amounts in thousands) Overnight and continuous Up to 30 days 30 - 90 days Greater than 90 days Total Mortgage Backed Securities - Residential and Collateralized Mortgage Obligations $ 89,524 $ 150 $ 513 $ 5,584 $ 95,771 December 31, 2019 Repurchase Agreements Remaining Contractual Maturity of the Agreements (Dollar amounts in thousands) Overnight and continuous Up to 30 days 30 - 90 days Greater than 90 days Total Mortgage Backed Securities - Residential and Collateralized Mortgage Obligations $ 69,709 $ 1,927 $ 6,552 $ 1,031 $ 79,219 |
Components of Net Periodic Bene
Components of Net Periodic Benefit Cost | 6 Months Ended |
Jun. 30, 2020 | |
Retirement Benefits [Abstract] | |
Components of Net Periodic Benefit Cost | Components of Net Periodic Benefit Cost Three Months Ended June 30, Six Months Ended June 30, (000's) (000's) Pension Benefits Post-Retirement Pension Benefits Post-Retirement 2020 2019 2020 2019 2020 2019 2020 2019 Service cost $ 325 $ 304 $ 9 $ 9 $ 650 $ 609 $ 19 $ 17 Interest cost 779 866 31 36 1,558 1,733 62 73 Expected return on plan assets (1,049) (896) — — (2,099) (1,793) — — Net amortization of prior service cost — — — — — — — — Net amortization of net (gain) loss 492 390 — (4) 984 779 — (8) Net Periodic Benefit Cost $ 547 $ 664 $ 40 $ 41 $ 1,093 $ 1,328 $ 81 $ 82 Employer Contributions First Financial Corporation previously disclosed in its financial statements for the year ended December 31, 2019 that it expected to contribute $3.7 million and $736 thousand respectively to its Pension Plan and ESOP and $251 thousand to the Post Retirement Health Benefits Plan in 2020. Contributions of $1.2 million have been made to the Pension Plan thus far in 2020. Contributions of $119 thousand have been made through the first six months of 2020 for the Post Retirement Health Benefits plan. No contributions have been made in 2020 for the ESOP. The Pension plan was frozen for most employees at the end of 2012 and for those employees there will be discretionary contributions to the ESOP plan and a 401K plan in place of the former Pension benefit. In the first six months of 2020 and 2019 there has been $870 thousand and $726 thousand of expense accrued for potential contributions to these alternative retirement benefit options. |
Acquisitions and FDIC Indemnifi
Acquisitions and FDIC Indemnification Asset | 6 Months Ended |
Jun. 30, 2020 | |
Business Combinations [Abstract] | |
Acquisitions and FDIC Indemnification Asset | Acquisitions On July 27, 2019, the Corporation completed its acquisition of HopFed Bancorp, Inc. and its banking subsidiary, Heritage Bank. Therefore, the results of HopFed have been included in the results of operations beginning on July 27, 2019. Pursuant to the terms of the merger agreement, each issued and outstanding share of HopFed common stock, $0.01 par value per share, was converted into the right to receive, at the stockholder's election, either (or a combination of) 0.444 shares of Corporation common stock, without par value, or $21.00 in cash, subject to proration provisions specified in the merger agreement that provide for an aggregate split of 50% of shares of HopFed Common Stock being exchanged for Corporation Common Stock and 50% for cash, with cash to be paid in lieu of fractional shares. Each outstanding share of Corporation common stock remained outstanding and was unaffected by the merger. Acquisition-related costs of $3.3 million are included in the Corporation's income statement for the year ended December 31, 2019. Goodwill of $44.2 million arising from the acquisition consisted largely of synergies and the cost savings resulting from the combining of the operations of the companies. The goodwill is not deductible for income tax purposes as the transaction was accounted for as a tax-free exchange. The following table summarizes the consideration paid and the amounts of the assets acquired and liabilities assumed recognized at the acquisition date. (Dollar amounts in thousands) As Initially Reported Measurement Period Adjustments As Adjusted Consideration Cash consideration $ 67,348 $ — $ 67,348 Stock consideration 61,878 — 61,878 Fair value of total consideration transferred $ 129,226 $ — $ 129,226 Assets acquired Cash $ 34,518 $ 34,518 Investment securities available-for-sale 174,851 174,851 Bank owned life insurance 10,693 10,693 Federal Home Loan Bank stock 4,428 4,428 Loans 657,179 1,719 658,898 Premises and equipment 25,316 (6,494) 18,822 Core deposit intangibles 10,369 10,369 Other real estate owned 3,364 3,364 Other assets 6,596 1,600 8,196 Total assets acquired 927,314 (3,175) 924,139 Liabilities assumed Deposits 735,526 735,526 FHLB advances 20,775 20,775 Other borrowings 75,783 75,783 Other liabilities 7,066 7,066 Total liabilities assumed 839,150 — 839,150 Net identifiable assets 88,164 (3,175) 84,989 Goodwill $ 41,062 $ 3,175 $ 44,237 The fair value of net assets acquired includes fair value adjustments to certain receivables that were not considered impaired as of the acquisition date. The fair value adjustments were determined using discounted contractual cash flows. However, the Corporation believes that all contractual cash flows related to these financial instruments will be collected. As such, these receivables were not considered impaired at the acquisition date and were not subject to guidance relating to purchase credit impaired loans, which have shown evidence of credit deterioration since origination. The following table presents supplemental pro forma information as if the acquisition had occurred at the beginning of 2018. The unaudited pro forma information includes adjustments for interest income on loans and securities acquired, interest expense on deposits acquired, and the related income tax effects. The pro forma financial information is not necessarily indicative of the results of operations that would have occurred had the transactions been effected on the assumed dates. Year ended December 31, (Dollar amounts in thousands, except per share data) 2019 2018 Net interest income $ 147,581 $ 145,136 Net income $ 51,088 $ 52,252 Basic and diluted earnings per share $ 3.97 $ 4.26 FASB ASC 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality, applies to a loan with evidence of deterioration of credit quality since origination, acquired by completion of a transfer for which it is probable, at acquisition, that the investor will be unable to collect all contractually required payments receivable. FASB ASC 310-30 prohibits carrying over or creating an allowance for loan losses upon initial recognition. Purchase credit impaired loans purchased during the year ended December 31, 2019, for which it was probable at acquisition that all contractually required payments would not be collected are as follows: (Dollar amount in thousands) As Initially Reported Measurement Period Adjustments As Adjusted Contractually required payments receivable of loans purchased during the year: Commercial $ 16,530 $ (3,523) $ 13,007 Consumer 391 (296) 95 $ 16,921 $ (3,819) $ 13,102 Fair value of acquired loans at acquisition $ 8,870 $ (1,857) $ 7,013 The carrying amount of loans accounted for in accordance with FASB ASC 310-30 at June 30, 2020 and 2019 are shown in the following tables: 2020 (Dollar amounts in thousands) Commercial Consumer Total Beginning balance, April 1, $ 6,347 $ — $ 6,347 Discount accretion — — — Disposals (1,511) — (1,511) ASC 310-30 Loans, June 30, $ 4,836 $ — $ 4,836 2020 (Dollar amounts in thousands) Commercial Consumer Total Beginning balance, January 1, $ 7,269 $ — $ 7,269 Loans added — — — Discount accretion — — — Disposals (2,433) — (2,433) ASC 310-30 Loans, June 30, $ 4,836 $ — $ 4,836 2019 (Dollar amounts in thousands) Commercial Consumer Total Beginning balance, April 1, $ 1,494 $ — $ 1,494 Discount accretion — — — Disposals (36) — (36) ASC 310-30 Loans, June 30, $ 1,458 $ — $ 1,458 2019 (Dollar amounts in thousands) Commercial Consumer Total Beginning balance, January 1, $ 1,530 $ — $ 1,530 Discount accretion — — — Disposals (72) — (72) ASC 310-30 Loans, June 30, $ 1,458 $ — $ 1,458 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 6 Months Ended |
Jun. 30, 2020 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income The following tables summarize the changes, net of tax, within each classification of accumulated other comprehensive income/(loss) for the three and six months ended June 30, 2020 and 2019. Unrealized gains and 2020 (Losses) on Retirement (Dollar amounts in thousands) Securities plans Total Beginning balance, April 1, $ 27,991 $ (21,990) $ 6,001 Change in other comprehensive income (loss) before reclassification 3,153 — 3,153 Amounts reclassified from accumulated other comprehensive income (23) 384 361 Net current period other comprehensive income (loss) 3,130 384 3,514 Ending balance, June 30, $ 31,121 $ (21,606) $ 9,515 Unrealized gains and 2020 (Losses) on Retirement (Dollar amounts in thousands) Securities plans Total Beginning balance, January 1, $ 14,893 $ (22,394) $ (7,501) Change in other comprehensive income (loss) before reclassification 16,397 — 16,397 Amounts reclassified from accumulated other comprehensive income (169) 788 619 Net current period other comprehensive loss — — — Net current period other comprehensive income (loss) 16,228 788 17,016 Ending balance, June 30, $ 31,121 $ (21,606) $ 9,515 Unrealized gains and 2019 (Losses) on Retirement (Dollar amounts in thousands) Securities plans Total Beginning balance, April 1, $ 4,119 $ (17,046) $ (12,927) Change in other comprehensive income (loss) before reclassification 8,353 — 8,353 Amounts reclassified from accumulated other comprehensive income (12) 304 292 Net current period other comprehensive income (loss) 8,341 304 8,645 Ending balance, June 30, $ 12,460 $ (16,742) $ (4,282) Unrealized gains and 2019 (Losses) on Retirement (Dollar amounts in thousands) Securities plans Total Beginning balance, January 1, $ (6,105) $ (17,349) $ (23,454) Change in other comprehensive income (loss) before reclassification 18,574 — 18,574 Amounts reclassified from accumulated other comprehensive income (9) 607 598 Net current period other comprehensive income (loss) 18,565 607 19,172 ASU 2018-02 adjustment — — — Ending balance, June 30, $ 12,460 $ (16,742) $ (4,282) Balance Current Balance (Dollar amounts in thousands) 4/1/2020 Change 6/30/2020 Unrealized gains (losses) on securities available-for-sale without other than temporary impairment $ 25,566 $ 3,347 $ 28,913 Unrealized gains (losses) on securities available-for-sale with other than temporary impairment 2,425 (217) 2,208 Total unrealized loss on securities available-for-sale $ 27,991 $ 3,130 $ 31,121 Unrealized gain (loss) on retirement plans (21,990) 384 (21,606) TOTAL $ 6,001 $ 3,514 $ 9,515 Balance Current Balance (Dollar amounts in thousands) 1/1/2020 Change 6/30/2020 Unrealized gains (losses) on securities available-for-sale without other than temporary impairment $ 12,178 $ 16,735 $ 28,913 Unrealized gains (losses) on securities available-for-sale with other than temporary impairment 2,715 (507) 2,208 Total unrealized gain (loss) on securities available-for-sale $ 14,893 $ 16,228 $ 31,121 Unrealized loss on retirement plans (22,394) 788 (21,606) TOTAL $ (7,501) $ 17,016 $ 9,515 Balance Current Balance (Dollar amounts in thousands) 4/1/2019 Change 6/30/2019 Unrealized gains (losses) on securities available-for-sale without other than temporary impairment $ 1,720 $ 8,278 $ 9,998 Unrealized gains (losses) on securities available-for-sale with other than temporary impairment 2,399 63 2,462 Total unrealized gain (loss) on securities available-for-sale $ 4,119 $ 8,341 $ 12,460 Unrealized loss on retirement plans (17,046) 304 (16,742) TOTAL $ (12,927) $ 8,645 $ (4,282) Balance Current Balance (Dollar amounts in thousands) 1/1/2019 Change 6/30/2019 Unrealized gains (losses) on securities available-for-sale without other than temporary impairment $ (8,446) $ 18,444 $ 9,998 Unrealized gains (losses) on securities available-for-sale with other than temporary impairment 2,341 121 2,462 Total unrealized income (loss) on securities available-for-sale $ (6,105) $ 18,565 $ 12,460 Unrealized gain (loss) on retirement plans (17,349) 607 (16,742) TOTAL $ (23,454) $ 19,172 $ (4,282) Three Months Ended June 30, 2020 Details about accumulated Amount reclassified from Affected line item in other comprehensive accumulated other the statement where income components comprehensive income net income is presented (in thousands) Unrealized gains and losses $ 31 Net securities gains (losses) on available-for-sale (8) Income tax expense securities $ 23 Net of tax Amortization of $ (492) (a) Salary and benefits retirement plan items 108 Income tax expense $ (384) Net of tax Total reclassifications for the period $ (361) Net of tax (a) Included in the computation of net periodic benefit cost. (see Footnote 6 for additional details). Six Months Ended June 30, 2020 Details about accumulated Amount reclassified from Affected line item in other comprehensive accumulated other the statement where income components comprehensive income net income is presented (in thousands) Unrealized gains and losses $ 225 Net securities gains (losses) on available-for-sale (56) Income tax expense securities $ 169 Net of tax Amortization of $ (984) (a) Salary and benefits retirement plan items 196 Income tax expense $ (788) Net of tax Total reclassifications for the period $ (619) Net of tax (a) Included in the computation of net periodic benefit cost. (see Footnote 6 for additional details). Three Months Ended June 30, 2019 Details about accumulated Amount reclassified from Affected line item in other comprehensive accumulated other the statement where income components comprehensive income net income is presented (in thousands) Unrealized gains and losses $ 16 Net securities gains (losses) on available-for-sale (4) Income tax expense securities $ 12 Net of tax Amortization of $ (390) (a) Salary and benefits retirement plan items 86 Income tax expense $ (304) Net of tax Total reclassifications for the period $ (292) Net of tax (a) Included in the computation of net periodic benefit cost. (see Footnote 6 for additional details). Six Months Ended June 30, 2019 Details about accumulated Amount reclassified from Affected line item in other comprehensive accumulated other the statement where income components comprehensive income net income is presented (in thousands) Unrealized gains and losses $ 12 Net securities gains (losses) on available-for-sale (3) Income tax expense securities $ 9 Net of tax Amortization of $ (779) (a) Salary and benefits retirement plan items 172 Income tax expense $ (607) Net of tax Total reclassifications for the period $ (598) Net of tax |
Allowance for Loan Losses (Tabl
Allowance for Loan Losses (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Financing Receivable, Allowance for Credit Loss, Writeoff, after Recovery [Abstract] | |
Schedule of allowances for loan losses by portfolio segment | The following table presents the activity of the allowance for loan losses by portfolio segment for the three months ended June 30. Allowance for Loan Losses: June 30, 2020 (Dollar amounts in thousands) Commercial Residential Consumer Unallocated Total Beginning balance $ 9,323 $ 1,452 $ 8,757 $ 1,531 $ 21,063 Provision for loan losses 813 527 1,950 (325) 2,965 Loans charged -off (141) (166) (1,233) — (1,540) Recoveries 154 63 580 — 797 Ending Balance $ 10,149 $ 1,876 $ 10,054 $ 1,206 $ 23,285 Allowance for Loan Losses: June 30, 2019 (Dollar amounts in thousands) Commercial Residential Consumer Unallocated Total Beginning balance $ 9,239 $ 1,492 $ 7,562 $ 2,667 $ 20,960 Provision for loan losses 482 (141) 854 (965) 230 Loans charged -off (403) (117) (1,386) — (1,906) Recoveries 163 89 714 — 966 Ending Balance $ 9,481 $ 1,323 $ 7,744 $ 1,702 $ 20,250 |
Allocation of the allowance for loan losses by portfolio segment based on the impairment method | The following table presents the allocation of the allowance for loan losses and the recorded investment in loans by portfolio segment and based on the impairment method at June 30, 2020 and December 31, 2019. Allowance for Loan Losses June 30, 2020 (Dollar amounts in thousands) Commercial Residential Consumer Unallocated Total Individually evaluated for impairment $ 237 $ — $ — $ — $ 237 Collectively evaluated for impairment 9,912 1,876 10,054 1,206 23,048 Acquired with deteriorated credit quality — — — — — Ending Balance $ 10,149 $ 1,876 $ 10,054 $ 1,206 $ 23,285 Loans: June 30, 2020 (Dollar amounts in thousands) Commercial Residential Consumer Total Individually evaluated for impairment $ 7,433 $ 4,669 $ — $ 12,102 Collectively evaluated for impairment 1,691,030 654,902 427,370 2,773,302 Acquired with deteriorated credit quality 4,973 — — 4,973 Ending Balance $ 1,703,436 $ 659,571 $ 427,370 $ 2,790,377 Allowance for Loan Losses: December 31, 2019 (Dollar amounts in thousands) Commercial Residential Consumer Unallocated Total Individually evaluated for impairment 48 — — — 48 Collectively evaluated for impairment 8,897 1,302 8,304 1,392 19,895 Acquired with deteriorated credit quality — — — — — Ending Balance $ 8,945 $ 1,302 $ 8,304 $ 1,392 $ 19,943 Loans December 31, 2019 (Dollar amounts in thousands) Commercial Residential Consumer Total Individually evaluated for impairment 3,161 3,952 — 7,113 Collectively evaluated for impairment 1,584,169 680,069 387,655 2,651,893 Acquired with deteriorated credit quality 7,436 — — 7,436 Ending Balance $ 1,594,766 $ 684,021 $ 387,655 $ 2,666,442 |
Schedule of loans individually evaluated for impairment by class of loans | The following tables present loans individually evaluated for impairment by class of loans. June 30, 2020 Unpaid Recorded Allowance Average Interest Cash Basis (Dollar amounts in thousands) Balance Investment Allocated Investment Recognized Recognized With no related allowance recorded: Commercial Commercial & Industrial $ 1,654 $ 1,124 $ — $ 1,087 $ — $ — Farmland 1,324 1,324 — 1,548 — — Non Farm, Non Residential 3,512 3,512 — 2,341 — — Agriculture — — — — — — All Other Commercial 25 25 — 26 — — Residential First Liens 3,358 3,358 — 3,630 — — Home Equity — — — — — — Junior Liens — — — — — — Multifamily — — — — — — All Other Residential — — — — — — Consumer Motor Vehicle — — — — — — All Other Consumer — — — — — — With an allowance recorded: Commercial Commercial & Industrial 523 523 89 271 — — Farmland — — — — — — Non Farm, Non Residential 171 171 — 57 — — Agriculture — — — — — — All Other Commercial 754 754 148 251 — — Residential First Liens — — — — — — Home Equity — — — — — — Junior Liens — — — — — — Multifamily 1,311 1,311 — 437 — — All Other Residential — — — — — — Consumer Motor Vehicle — — — — — — All Other Consumer — — — — — — TOTAL $ 12,632 $ 12,102 $ 237 $ 9,648 $ — $ — December 31, 2019 Unpaid Recorded Allowance Average Interest Cash Basis (Dollar amounts in thousands) Balance Investment Allocated Investment Recognized Recognized With no related allowance recorded: Commercial Commercial & Industrial $ 1,519 $ 989 $ — $ 848 $ — $ — Farmland 1,997 1,997 — 1,999 — — Non Farm, Non Residential — — — — — — Agriculture — — — — — — All Other Commercial 27 27 — 461 — — Residential First Liens 3,952 3,952 — 4,055 — — Home Equity — — — — — — Junior Liens — — — — — — Multifamily — — — — — — All Other Residential — — — — — — Consumer Motor Vehicle — — — — — — All Other Consumer — — — — — — With an allowance recorded: Commercial Commercial & Industrial 148 148 48 1,108 — — Farmland — — — 84 — — Non Farm, Non Residential — — — — — Agriculture — — — 138 — — All Other Commercial — — — — — — Residential First Liens — — — — — — Home Equity — — — — — — Junior Liens — — — — — — Multifamily — — — — — — All Other Residential — — — — — — Consumer Motor Vehicle — — — — — — All Other Consumer — — — — — — TOTAL $ 7,643 $ 7,113 $ 48 $ 8,693 $ — $ — |
Schedule of non-performing loans | The tables below presents the recorded investment in non-performing loans. June 30, 2020 Loans Past Troubled Nonaccrual Excluding (Dollar amounts in thousands) Accruing Accruing Nonaccrual TDR Commercial Commercial & Industrial $ — $ — $ 4 $ 2,934 Farmland — — — 1,536 Non Farm, Non Residential — — — 4,139 Agriculture 126 — — 72 All Other Commercial — — — 805 Residential First Liens 3,791 2,558 588 2,659 Home Equity 138 — — 41 Junior Liens 185 80 8 155 Multifamily — — — 1,311 All Other Residential — — — 45 Consumer Motor Vehicle 334 — 14 411 All Other Consumer 3 142 512 526 TOTAL $ 4,577 $ 2,780 $ 1,126 $ 14,634 December 31, 2019 Loans Past Troubled Nonaccrual Excluding (Dollar amounts in thousands) Accruing Accruing Nonaccrual TDR Commercial Commercial & Industrial $ — $ — $ 11 $ 2,191 Farmland 5 — — 2,410 Non Farm, Non Residential — — — 441 Agriculture — — — 485 All Other Commercial — — — 114 Residential First Liens 625 3,007 396 2,876 Home Equity 12 — — 61 Junior Liens 51 94 9 175 Multifamily — — — — All Other Residential 738 — — 203 Consumer Motor Vehicle 227 — 15 138 All Other Consumer 4 239 444 452 TOTAL $ 1,662 $ 3,340 $ 875 $ 9,546 |
Troubled Debt Restructurings on Financing Receivables | During the three and six months ended June 30, 2020 and 2019, the terms of certain loans were modified as troubled debt restructurings (TDRs). The following tables present the activity for TDRs. 2020 (Dollar amounts in thousands) Commercial Residential Consumer Total April 1, $ 4 $ 3,438 $ 714 $ 4,156 Added — 63 41 104 Charged Off — — (15) (15) Payments (4) (270) (72) (346) June 30, $ — $ 3,231 $ 668 $ 3,899 2020 (Dollar amounts in thousands) Commercial Residential Consumer Total January 1, $ 11 $ 3,485 $ 698 $ 4,194 Added — 123 135 258 Charged Off — (6) (50) (56) Payments (11) (371) (115) (497) June 30, $ — $ 3,231 $ 668 $ 3,899 2019 (Dollar amounts in thousands) Commercial Residential Consumer Total April 1, 136 4,019 619 4,774 Added — — 92 92 Charged Off — — (30) (30) Payments (9) (222) (64) (295) June 30, 127 3,797 617 4,541 2019 (Dollar amounts in thousands) Commercial Residential Consumer Total January 1, 145 4,043 618 4,806 Added — 122 163 285 Charged Off — (16) (46) (62) Payments (18) (352) (118) (488) June 30, 127 3,797 617 4,541 |
Aging of recorded investment in loans by past due category and class of loans | The following tables presents the aging of the recorded investment in loans by past due category and class of loans. June 30, 2020 30-59 Days 60-89 Days Greater Total (Dollar amounts in thousands) Past Due Past Due Past Due Past Due Current Total Commercial Commercial & Industrial $ 463 $ 536 $ 1,519 $ 2,518 $ 743,472 $ 745,990 Farmland — — 1,416 1,416 125,455 126,871 Non Farm, Non Residential 4,594 — 222 4,816 371,401 376,217 Agriculture 460 145 205 810 149,166 149,976 All Other Commercial 98 754 33 885 303,497 304,382 Residential First Liens 996 896 4,327 6,219 360,695 366,914 Home Equity 149 249 156 554 64,451 65,005 Junior Liens 330 343 222 895 54,453 55,348 Multifamily 298 — 1,311 1,609 153,795 155,404 All Other Residential — 352 — 352 16,548 16,900 Consumer Motor Vehicle 4,451 1,401 368 6,220 391,601 397,821 All Other Consumer 94 36 9 139 29,410 29,549 TOTAL $ 11,933 $ 4,712 $ 9,788 $ 26,433 $ 2,763,944 $ 2,790,377 December 31, 2019 30-59 Days 60-89 Days Greater Total (Dollar amounts in thousands) Past Due Past Due Past Due Past Due Current Total Commercial Commercial & Industrial $ 2,885 $ 766 $ 1,379 $ 5,030 $ 594,925 $ 599,955 Farmland 132 — 2,089 2,221 137,730 139,951 Non Farm, Non Residential 3,749 104 — 3,853 398,854 402,707 Agriculture 277 128 — 405 162,794 163,199 All Other Commercial — — 109 109 288,845 288,954 Residential First Liens 6,452 1,292 1,458 9,202 375,924 385,126 Home Equity 124 63 34 221 70,813 71,034 Junior Liens 384 43 137 564 54,533 55,097 Multifamily — — — — 148,282 148,282 All Other Residential 1,082 — 890 1,972 22,510 24,482 Consumer Motor Vehicle 6,488 983 270 7,741 347,950 355,691 All Other Consumer 228 42 2 272 31,692 31,964 TOTAL $ 21,801 $ 3,421 $ 6,368 $ 31,590 $ 2,634,852 $ 2,666,442 |
Analysis of risk category of loans by class of loans | Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered to be pass rated loans. Loans listed as not rated are either those with an outstanding balance less than $100 thousand or are included in groups of homogeneous loans. As of June 30, 2020 and December 31, 2019, and based on the most recent analysis performed, the risk category of loans by class of loans are as follows: June 30, 2020 (Dollar amounts in thousands) Pass Special Substandard Doubtful Not Rated Total Commercial Commercial & Industrial $ 694,384 $ 17,364 $ 19,298 $ — $ 12,799 $ 743,845 Farmland 111,597 5,706 7,684 — 86 125,073 Non Farm, Non Residential 350,871 11,599 11,637 — 702 374,809 Agriculture 123,953 6,784 16,697 — 497 147,931 All Other Commercial 298,835 3,036 817 — 30 302,718 Residential First Liens 94,359 856 6,301 — 264,155 365,671 Home Equity 2,537 — 170 — 62,156 64,863 Junior Liens 2,115 33 307 — 52,761 55,216 Multifamily 153,622 108 1,311 — 14 155,055 All Other Residential 3,684 — 11 — 13,157 16,852 Consumer Motor Vehicle 430 — 579 — 395,174 396,183 All Other Consumer 267 — 41 — 29,110 29,418 TOTAL $ 1,836,654 $ 45,486 $ 64,853 $ — $ 830,641 $ 2,777,634 December 31, 2019 (Dollar amounts in thousands) Pass Special Substandard Doubtful Not Rated Total Commercial Commercial & Industrial $ 549,341 $ 19,253 $ 26,349 $ 5 $ 2,761 $ 597,709 Farmland 119,858 8,673 8,644 — 100 137,275 Non Farm, Non Residential 381,404 4,424 12,269 — 3,678 401,775 Agriculture 127,144 4,507 27,490 — 985 160,126 All Other Commercial 283,266 3,141 1,120 — 35 287,562 Residential First Liens 174,338 926 4,382 — 204,266 383,912 Home Equity 18,417 — 134 11 52,280 70,842 Junior Liens 2,839 64 178 76 51,817 54,974 Multifamily 146,497 112 1,315 — 19 147,943 All Other Residential 12,624 — 205 — 11,577 24,406 Consumer Motor Vehicle 2,880 — 538 — 350,780 354,198 All Other Consumer 3,155 — 38 — 28,615 31,808 TOTAL $ 1,821,763 $ 41,100 $ 82,662 $ 92 $ 706,913 $ 2,652,530 |
Securities (Tables)
Securities (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Amortized cost and fair value of investments classified as available-for-sale | June 30, 2020 (Dollar amounts in thousands) Amortized Unrealized Unrealized Fair Value U.S. Government agencies $ 92,391 $ 4,344 $ (3) $ 96,732 Mortgage Backed Securities - residential 228,141 9,007 — 237,148 Mortgage Backed Securities - commercial 18,157 667 — 18,824 Collateralized mortgage obligations 243,703 6,306 (124) 249,885 State and municipal obligations 270,171 16,684 (107) 286,748 Municipal taxable 12,352 274 — 12,626 U.S. Treasury 2,501 24 — 2,525 Collateralized debt obligations — 2,945 — 2,945 TOTAL $ 867,416 $ 40,251 $ (234) $ 907,433 December 31, 2019 (Dollar amounts in thousands) Amortized Unrealized Unrealized Fair Value U.S. Government agencies $ 102,490 $ 1,293 $ (150) $ 103,633 Mortgage Backed Securities-residential 240,753 2,979 (350) 243,382 Mortgage Backed Securities-commercial 22,036 73 (5) 22,104 Collateralized mortgage obligations 280,797 1,735 (1,221) 281,311 State and municipal obligations 253,277 11,265 (108) 264,434 Municipal taxable 728 2 — 730 U.S. Treasury 7,494 10 — 7,504 Collateralized debt obligations — 3,619 — 3,619 TOTAL $ 907,575 $ 20,976 $ (1,834) $ 926,717 |
Schedule of contractual maturities of debt securities | Contractual maturities of debt securities at June 30, 2020 were as follows. Securities not due at a single maturity or with no maturity date, primarily mortgage-backed and equity securities are shown separately. Available-for-Sale Amortized Fair (Dollar amounts in thousands) Cost Value Due in one year or less $ 7,485 $ 7,530 Due after one but within five years 56,484 58,154 Due after five but within ten years 65,629 68,931 Due after ten years 247,817 266,961 377,415 401,576 Mortgage-backed securities and collateralized mortgage obligations 490,001 505,857 TOTAL $ 867,416 $ 907,433 |
Schedule of gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in continuous unrealized loss position | The following tables show the securities’ gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in continuous unrealized loss position, at June 30, 2020 and December 31, 2019. June 30, 2020 Less Than 12 Months More Than 12 Months Total Unrealized Unrealized Unrealized (Dollar amounts in thousands) Fair Value Losses Fair Value Losses Fair Value Losses U.S. Government agencies $ 1,021 $ (3) $ — $ — $ 1,021 $ (3) Collateralized mortgage obligations 3,827 (124) — — 3,827 (124) State and municipal obligations 7,361 (48) 446 (59) 7,807 (107) Total temporarily impaired securities $ 12,209 $ (175) $ 446 $ (59) $ 12,655 $ (234) December 31, 2019 Less Than 12 Months More Than 12 Months Total Unrealized Unrealized Unrealized (Dollar amounts in thousands) Fair Value Losses Fair Value Losses Fair Value Losses US Government agencies $ 29,183 $ (150) $ — $ — $ 29,183 $ (150) Mortgage Backed Securities - Residential $ 55,665 $ (243) $ 18,724 $ (107) $ 74,389 $ (350) Mortgage Backed Securities - Commercial 4,391 (5) — — 4,391 (5) Collateralized mortgage obligations 33,398 (314) 61,781 (907) 95,179 (1,221) State and municipal obligations 8,996 (61) 461 (47) 9,457 (108) Total temporarily impaired securities $ 131,633 $ (773) $ 80,966 $ (1,061) $ 212,599 $ (1,834) |
Rollforward of the credit losses recognized in earnings | The table below presents a rollforward of the credit losses recognized in earnings for the three month period ended June 30, 2020 and 2019: Three Months Ended June 30, Six Months Ended June 30, (Dollar amounts in thousands) 2020 2019 2020 2019 Beginning balance $ 2,974 $ 2,974 $ 2,974 $ 2,974 Increases to the amount related to the credit Loss for which other-than-temporary was previously recognized — — — — Reductions for increases in cash flows collected — — — — Reductions for securities called during the period — — — — Ending balance $ 2,974 $ 2,974 $ 2,974 $ 2,974 |
Fair Value (Tables)
Fair Value (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of assets and liabilities measured at fair value | The fair value of derivatives is based on valuation models using observable market data as of the measurement date (Level 2 inputs). June 30, 2020 Fair Value Measurements Using Significant (Dollar amounts in thousands) Level 1 Level 2 Level 3 Total U.S. Government agencies $ — $ 96,732 $ — $ 96,732 Mortgage Backed Securities-residential — 237,148 — 237,148 Mortgage Backed Securities-commercial — 18,824 — 18,824 Collateralized mortgage obligations — 249,885 — 249,885 State and municipal — 284,513 2,235 286,748 Municipal taxable — 12,626 — 12,626 U.S. Treasury — 2,525 — 2,525 Collateralized debt obligations — — 2,945 2,945 TOTAL $ — $ 902,253 $ 5,180 $ 907,433 Derivative Assets 2,861 Derivative Liabilities (2,861) December 31, 2019 Fair Value Measurements Using Significant (Dollar amounts in thousands) Level 1 Level 2 Level 3 Total U.S. Government agencies $ — $ 103,633 $ — $ 103,633 Mortgage Backed Securities-residential — 243,382 — 243,382 Mortgage Backed Securities-commercial — 22,104 — 22,104 Collateralized mortgage obligations — 281,311 — 281,311 State and municipal — 261,869 2,565 264,434 Municipal taxable — 730 — 730 U.S. Treasury — 7,504 — 7,504 Collateralized debt obligations — — 3,619 3,619 TOTAL $ — $ 920,533 $ 6,184 $ 926,717 Derivative Assets 828 Derivative Liabilities (828) |
Roll forward of financial instruments having fair value measurements using significant unobservable inputs (Level 3) | The tables below presents a reconciliation and income statement classification of gains and losses for all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three and six months ended June 30, 2020 and the year ended December 31, 2019. Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Three Months Ended June 30, 2020 (Dollar amounts in thousands) State and Collateralized Total Beginning balance, April 1 $ 2,235 $ 3,233 $ 5,468 Total realized/unrealized gains or losses Included in earnings — — — Included in other comprehensive income — (288) (288) Transfers — — — Settlements — — — Ending balance, June 30 $ 2,235 $ 2,945 $ 5,180 Six Months Ended June 30, 2020 (Dollar amounts in thousands) State and Collateralized Total Beginning balance, January 1 $ 2,565 $ 3,619 $ 6,184 Total realized/unrealized gains or losses Included in earnings — — — Included in other comprehensive income — (674) (674) Transfers — — — Settlements (330) — (330) Ending balance, June 30 $ 2,235 $ 2,945 $ 5,180 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Year Ended December 31, 2019 (Dollar amounts in thousands) State and Collateralized Total Beginning balance, January 1 $ 3,135 $ 3,258 $ 6,393 Total realized/unrealized gains or losses Included in earnings — — — Included in other comprehensive income — 498 498 Purchases — — — Settlements (570) (137) (707) Ending balance, December 31 $ 2,565 $ 3,619 $ 6,184 |
Quantitative information about recurring and non-recurring Level 3 | The following table presents quantitative information about recurring and non-recurring Level 3 fair value measurements at June 30, 2020. (Dollar amounts in thousands) Fair Value Valuation Technique(s) Unobservable Input(s) Range State and municipal obligations $ 2,235 Discounted cash flow Discount rate 3.09%-4.44% Other real estate $ 3,577 Sales comparison/income approach Discount rate for age of appraisal and market conditions 5.00%-20.00% Impaired Loans $ 2,522 Sales comparison/income approach Discount rate for age of appraisal and market conditions 0.00%-50.00% The following table presents quantitative information about recurring and non-recurring Level 3 fair value measurements at December 31, 2019. (Dollar amounts in thousands) Fair Value Valuation Technique(s) Unobservable Input(s) Range State and municipal obligations $ 2,565 Discounted cash flow Discount rate 2.87%-4.44% Other real estate $ 3,625 Sales comparison/income approach Discount rate for age of appraisal and market conditions 5.00%-20.00% Impaired Loans 100 Sales comparison/income approach Discount rate for age of appraisal and market conditions 0.00%-50.00% |
Schedule of loans identified as impaired by class of loans | The following tables presents loans identified as impaired by class of loans, and carried at fair value on a non-recurring basis, as of June 30, 2020 and December 31, 2019, which are all considered Level 3. June 30, 2020 (Dollar amounts in thousands) Carrying Allowance Fair Value Commercial Commercial & Industrial $ 523 $ 89 $ 434 Farmland — — — Non Farm, Non Residential 171 — 171 Agriculture — — — All Other Commercial 754 148 606 Residential First Liens — — — Home Equity — — — Junior Liens — — — Multifamily 1,311 — 1,311 All Other Residential — — — Consumer Motor Vehicle — — — All Other Consumer — — — TOTAL $ 2,759 $ 237 $ 2,522 December 31, 2019 (Dollar amounts in thousands) Carrying Allowance Fair Value Commercial Commercial & Industrial $ 148 $ 48 $ 100 Farmland — — — Non Farm, Non Residential — — — Agriculture — — — All Other Commercial — — — Residential First Liens — — — Home Equity — — — Junior Liens — — — Multifamily — — — All Other Residential — — — Consumer Motor Vehicle — — — All Other Consumer — — — TOTAL $ 148 $ 48 $ 100 |
Schedule of carrying amount and estimated fair value of financial instruments | The fair value of off-balance sheet items is not considered material. June 30, 2020 Carrying Fair Value (Dollar amounts in thousands) Value Level 1 Level 2 Level 3 Total Cash and due from banks $ 386,507 $ 26,098 $ 360,409 $ — $ 386,507 Federal funds sold — — — — — Securities available-for-sale 907,433 — 902,253 5,180 907,433 Restricted stock 15,200 n/a n/a n/a n/a Loans, net 2,753,798 — — 2,818,265 2,818,265 Accrued interest receivable 17,205 — 4,646 12,559 17,205 Deposits (3,569,893) — (3,581,637) — (3,581,637) Short-term borrowings (100,096) — (100,096) — (100,096) Other borrowings (28,117) — (28,531) — (28,531) Accrued interest payable (1,329) — (1,329) — (1,329) December 31, 2019 Carrying Fair Value (Dollar amounts in thousands) Value Level 1 Level 2 Level 3 Total Cash and due from banks $ 127,426 $ 26,275 $ 101,151 $ — $ 127,426 Federal funds sold 7,500 — 7,500 — 7,500 Securities available-for-sale 926,717 — 920,533 6,184 926,717 Restricted stock 15,394 n/a n/a n/a n/a Loans, net 2,636,447 — — 2,648,692 2,648,692 Accrued interest receivable 18,523 — 3,583 14,940 18,523 Deposits (3,275,357) — (3,278,099) — (3,278,099) Short-term borrowings (80,119) — (80,119) — (80,119) Other borrowings (30,973) — (31,143) — (31,143) Accrued interest payable (1,739) — (1,739) — (1,739) |
Short-Term Borrowings (Tables)
Short-Term Borrowings (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Short-term Debt [Abstract] | |
Schedule of short-term borrowings | Period–end short-term borrowings were comprised of the following: (000 's) June 30, 2020 December 31, 2019 Federal Funds Purchased $ 4,325 $ 900 Repurchase Agreements 95,771 79,219 $ 100,096 $ 80,119 |
Components of Net Periodic Be_2
Components of Net Periodic Benefit Cost (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Retirement Benefits [Abstract] | |
Schedule of Net Benefit Costs | Three Months Ended June 30, Six Months Ended June 30, (000's) (000's) Pension Benefits Post-Retirement Pension Benefits Post-Retirement 2020 2019 2020 2019 2020 2019 2020 2019 Service cost $ 325 $ 304 $ 9 $ 9 $ 650 $ 609 $ 19 $ 17 Interest cost 779 866 31 36 1,558 1,733 62 73 Expected return on plan assets (1,049) (896) — — (2,099) (1,793) — — Net amortization of prior service cost — — — — — — — — Net amortization of net (gain) loss 492 390 — (4) 984 779 — (8) Net Periodic Benefit Cost $ 547 $ 664 $ 40 $ 41 $ 1,093 $ 1,328 $ 81 $ 82 |
Acquisitions and FDIC Indemni_2
Acquisitions and FDIC Indemnification Asset (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Business Combinations [Abstract] | |
Schedule of carrying amount of covered assets | 2020 (Dollar amounts in thousands) Commercial Consumer Total Beginning balance, April 1, $ 6,347 $ — $ 6,347 Discount accretion — — — Disposals (1,511) — (1,511) ASC 310-30 Loans, June 30, $ 4,836 $ — $ 4,836 2020 (Dollar amounts in thousands) Commercial Consumer Total Beginning balance, January 1, $ 7,269 $ — $ 7,269 Loans added — — — Discount accretion — — — Disposals (2,433) — (2,433) ASC 310-30 Loans, June 30, $ 4,836 $ — $ 4,836 2019 (Dollar amounts in thousands) Commercial Consumer Total Beginning balance, April 1, $ 1,494 $ — $ 1,494 Discount accretion — — — Disposals (36) — (36) ASC 310-30 Loans, June 30, $ 1,458 $ — $ 1,458 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Accumulated Other Comprehensive Income | The following tables summarize the changes, net of tax, within each classification of accumulated other comprehensive income/(loss) for the three and six months ended June 30, 2020 and 2019. Unrealized gains and 2020 (Losses) on Retirement (Dollar amounts in thousands) Securities plans Total Beginning balance, April 1, $ 27,991 $ (21,990) $ 6,001 Change in other comprehensive income (loss) before reclassification 3,153 — 3,153 Amounts reclassified from accumulated other comprehensive income (23) 384 361 Net current period other comprehensive income (loss) 3,130 384 3,514 Ending balance, June 30, $ 31,121 $ (21,606) $ 9,515 Unrealized gains and 2020 (Losses) on Retirement (Dollar amounts in thousands) Securities plans Total Beginning balance, January 1, $ 14,893 $ (22,394) $ (7,501) Change in other comprehensive income (loss) before reclassification 16,397 — 16,397 Amounts reclassified from accumulated other comprehensive income (169) 788 619 Net current period other comprehensive loss — — — Net current period other comprehensive income (loss) 16,228 788 17,016 Ending balance, June 30, $ 31,121 $ (21,606) $ 9,515 Unrealized gains and 2019 (Losses) on Retirement (Dollar amounts in thousands) Securities plans Total Beginning balance, April 1, $ 4,119 $ (17,046) $ (12,927) Change in other comprehensive income (loss) before reclassification 8,353 — 8,353 Amounts reclassified from accumulated other comprehensive income (12) 304 292 Net current period other comprehensive income (loss) 8,341 304 8,645 Ending balance, June 30, $ 12,460 $ (16,742) $ (4,282) |
Schedule Of Accumulated Other Comprehensive Income Loss Other Than Temporary Impairment | Balance Current Balance (Dollar amounts in thousands) 1/1/2020 Change 6/30/2020 Unrealized gains (losses) on securities available-for-sale without other than temporary impairment $ 12,178 $ 16,735 $ 28,913 Unrealized gains (losses) on securities available-for-sale with other than temporary impairment 2,715 (507) 2,208 Total unrealized gain (loss) on securities available-for-sale $ 14,893 $ 16,228 $ 31,121 Unrealized loss on retirement plans (22,394) 788 (21,606) TOTAL $ (7,501) $ 17,016 $ 9,515 Balance Current Balance (Dollar amounts in thousands) 4/1/2019 Change 6/30/2019 Unrealized gains (losses) on securities available-for-sale without other than temporary impairment $ 1,720 $ 8,278 $ 9,998 Unrealized gains (losses) on securities available-for-sale with other than temporary impairment 2,399 63 2,462 Total unrealized gain (loss) on securities available-for-sale $ 4,119 $ 8,341 $ 12,460 Unrealized loss on retirement plans (17,046) 304 (16,742) TOTAL $ (12,927) $ 8,645 $ (4,282) Balance Current Balance (Dollar amounts in thousands) 1/1/2019 Change 6/30/2019 Unrealized gains (losses) on securities available-for-sale without other than temporary impairment $ (8,446) $ 18,444 $ 9,998 Unrealized gains (losses) on securities available-for-sale with other than temporary impairment 2,341 121 2,462 Total unrealized income (loss) on securities available-for-sale $ (6,105) $ 18,565 $ 12,460 Unrealized gain (loss) on retirement plans (17,349) 607 (16,742) TOTAL $ (23,454) $ 19,172 $ (4,282) |
Accumulated Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent | Three Months Ended June 30, 2020 Details about accumulated Amount reclassified from Affected line item in other comprehensive accumulated other the statement where income components comprehensive income net income is presented (in thousands) Unrealized gains and losses $ 31 Net securities gains (losses) on available-for-sale (8) Income tax expense securities $ 23 Net of tax Amortization of $ (492) (a) Salary and benefits retirement plan items 108 Income tax expense $ (384) Net of tax Total reclassifications for the period $ (361) Net of tax (a) Included in the computation of net periodic benefit cost. (see Footnote 6 for additional details). Six Months Ended June 30, 2020 Details about accumulated Amount reclassified from Affected line item in other comprehensive accumulated other the statement where income components comprehensive income net income is presented (in thousands) Unrealized gains and losses $ 225 Net securities gains (losses) on available-for-sale (56) Income tax expense securities $ 169 Net of tax Amortization of $ (984) (a) Salary and benefits retirement plan items 196 Income tax expense $ (788) Net of tax Total reclassifications for the period $ (619) Net of tax (a) Included in the computation of net periodic benefit cost. (see Footnote 6 for additional details). Three Months Ended June 30, 2019 Details about accumulated Amount reclassified from Affected line item in other comprehensive accumulated other the statement where income components comprehensive income net income is presented (in thousands) Unrealized gains and losses $ 16 Net securities gains (losses) on available-for-sale (4) Income tax expense securities $ 12 Net of tax Amortization of $ (390) (a) Salary and benefits retirement plan items 86 Income tax expense $ (304) Net of tax Total reclassifications for the period $ (292) Net of tax |
Significant Accounting Polici_2
Significant Accounting Policies (Details Textual) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020USD ($)segmentshares | Jun. 30, 2019USD ($)shares | |
Accounting Policies [Abstract] | ||
Number of Reportable Segments | segment | 1 | |
Vesting period | 3 years | |
Incremental vesting rights for first year (as a percent) | 33.00% | |
Incremental vesting rights for second year (as a percent) | 33.00% | |
Incremental vesting rights for third year (as a percent) | 34.00% | |
Number of shares awarded | shares | 19,688 | 19,783 |
Grant date value | $ | $ 837 | $ 841 |
Allowance for Loan Losses (Deta
Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | $ 21,063 | $ 20,960 | $ 19,943 | $ 20,436 |
Provision for loan losses | 2,965 | 230 | 5,655 | 1,700 |
Loans charged off | (1,540) | (1,906) | (4,444) | (4,015) |
Recoveries | 797 | 966 | 2,131 | 2,129 |
Ending Balance | 23,285 | 20,250 | 23,285 | 20,250 |
Commercial Portfolio Segment [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 9,323 | 9,239 | 8,945 | 9,848 |
Provision for loan losses | 813 | 482 | 1,333 | (158) |
Loans charged off | (141) | (403) | (674) | (659) |
Recoveries | 154 | 163 | 545 | 450 |
Ending Balance | 10,149 | 9,481 | 10,149 | 9,481 |
Residential Portfolio Segment [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 1,452 | 1,492 | 1,302 | 1,313 |
Provision for loan losses | 527 | (141) | 778 | 155 |
Loans charged off | (166) | (117) | (423) | (419) |
Recoveries | 63 | 89 | 219 | 274 |
Ending Balance | 1,876 | 1,323 | 1,876 | 1,323 |
Consumer Portfolio Segment [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 8,757 | 7,562 | 8,304 | 7,481 |
Provision for loan losses | 1,950 | 854 | 3,730 | 1,795 |
Loans charged off | (1,233) | (1,386) | (3,347) | (2,937) |
Recoveries | 580 | 714 | 1,367 | 1,405 |
Ending Balance | 10,054 | 7,744 | 10,054 | 7,744 |
Unallocated | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 1,531 | 2,667 | 1,392 | 1,794 |
Provision for loan losses | (325) | (965) | (186) | (92) |
Loans charged off | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Ending Balance | $ 1,206 | $ 1,702 | $ 1,206 | $ 1,702 |
Allowance for Loan Losses (De_2
Allowance for Loan Losses (Details 1) - USD ($) $ in Thousands | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Ending Balance Attributable to Loans | ||||||
Individually evaluated for impairment | $ 237 | $ 48 | ||||
Collectively evaluated for impairment | 23,048 | 19,895 | ||||
Ending Balance | 23,285 | $ 21,063 | 19,943 | $ 20,250 | $ 20,960 | $ 20,436 |
Loans | ||||||
Individually evaluated for impairment | 12,102 | 7,113 | ||||
Collectively evaluated for impairment | 2,773,302 | 2,651,893 | ||||
Total | 2,790,377 | 2,666,442 | ||||
Commercial Portfolio Segment [Member] | ||||||
Ending Balance Attributable to Loans | ||||||
Individually evaluated for impairment | 237 | 48 | ||||
Collectively evaluated for impairment | 9,912 | 8,897 | ||||
Ending Balance | 10,149 | 9,323 | 8,945 | 9,481 | 9,239 | 9,848 |
Loans | ||||||
Individually evaluated for impairment | 7,433 | 3,161 | ||||
Collectively evaluated for impairment | 1,691,030 | 1,584,169 | ||||
Total | 1,703,436 | 1,594,766 | ||||
Residential Portfolio Segment [Member] | ||||||
Ending Balance Attributable to Loans | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 1,876 | 1,302 | ||||
Ending Balance | 1,876 | 1,452 | 1,302 | 1,323 | 1,492 | 1,313 |
Loans | ||||||
Individually evaluated for impairment | 4,669 | 3,952 | ||||
Collectively evaluated for impairment | 654,902 | 680,069 | ||||
Total | 659,571 | 684,021 | ||||
Consumer Portfolio Segment [Member] | ||||||
Ending Balance Attributable to Loans | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 10,054 | 8,304 | ||||
Ending Balance | 10,054 | 8,757 | 8,304 | 7,744 | 7,562 | 7,481 |
Loans | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 427,370 | 387,655 | ||||
Total | 427,370 | 387,655 | ||||
Unallocated | ||||||
Ending Balance Attributable to Loans | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 1,206 | 1,392 | ||||
Ending Balance | 1,206 | $ 1,531 | 1,392 | $ 1,702 | $ 2,667 | $ 1,794 |
Financial Asset Acquired with Credit Deterioration [Member] | ||||||
Ending Balance Attributable to Loans | ||||||
Financing Receivable, Allowance for Credit Loss | 0 | 0 | ||||
Loans | ||||||
Financing Receivable, after Allowance for Credit Loss | 4,973 | 7,436 | ||||
Financial Asset Acquired with Credit Deterioration [Member] | Commercial Portfolio Segment [Member] | ||||||
Ending Balance Attributable to Loans | ||||||
Financing Receivable, Allowance for Credit Loss | 0 | 0 | ||||
Loans | ||||||
Financing Receivable, after Allowance for Credit Loss | 4,973 | 7,436 | ||||
Financial Asset Acquired with Credit Deterioration [Member] | Residential Portfolio Segment [Member] | ||||||
Ending Balance Attributable to Loans | ||||||
Financing Receivable, Allowance for Credit Loss | 0 | 0 | ||||
Loans | ||||||
Financing Receivable, after Allowance for Credit Loss | 0 | 0 | ||||
Financial Asset Acquired with Credit Deterioration [Member] | Consumer Portfolio Segment [Member] | ||||||
Ending Balance Attributable to Loans | ||||||
Financing Receivable, Allowance for Credit Loss | 0 | 0 | ||||
Loans | ||||||
Financing Receivable, after Allowance for Credit Loss | 0 | 0 | ||||
Financial Asset Acquired with Credit Deterioration [Member] | Unallocated | ||||||
Ending Balance Attributable to Loans | ||||||
Financing Receivable, Allowance for Credit Loss | $ 0 | $ 0 |
Allowance for Loan Losses (De_3
Allowance for Loan Losses (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Unpaid Principal Balance | ||||||
TOTAL | $ 12,632 | $ 12,632 | $ 7,643 | |||
Recorded Investment | ||||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 2,522 | 2,522 | 100 | |||
Fair value | 12,102 | 12,102 | 7,113 | |||
Allowance For Loan Losses Allocated | ||||||
TOTAL | 237 | 237 | 48 | |||
Average Recorded Investment | ||||||
TOTAL | 10,919 | $ 8,693 | $ 9,381 | 9,648 | $ 9,758 | |
Interest Income Recognized | ||||||
TOTAL | 0 | 0 | 0 | 0 | 0 | |
Cash Basis Interest Income Recognized | ||||||
TOTAL | 0 | 0 | 0 | 0 | 0 | |
Commercial & Industrial | ||||||
Unpaid Principal Balance | ||||||
With no related allowance recorded: | 1,654 | 1,654 | 1,519 | |||
With an allowance recorded: | 523 | 523 | 148 | |||
Recorded Investment | ||||||
With no related allowance recorded: | 1,124 | 1,124 | 989 | |||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 523 | 523 | 148 | |||
Fair value | 434 | 434 | 100 | |||
Allowance For Loan Losses Allocated | ||||||
With no related allowance recorded: | 0 | 0 | 0 | |||
With an allowance recorded: | 89 | 89 | 48 | |||
Average Recorded Investment | ||||||
With no related allowance recorded: | 1,137 | 848 | 720 | 1,087 | 676 | |
With an allowance recorded: | 332 | 1,108 | 1,711 | 271 | 1,747 | |
Interest Income Recognized | ||||||
With no related allowance recorded: | 0 | 0 | 0 | 0 | 0 | |
With an allowance recorded: | 0 | 0 | 0 | 0 | 0 | |
Cash Basis Interest Income Recognized | ||||||
With no related allowance recorded: | 0 | 0 | 0 | 0 | 0 | |
With an allowance recorded: | 0 | 0 | 0 | 0 | 0 | |
Farmland | ||||||
Unpaid Principal Balance | ||||||
With no related allowance recorded: | 1,324 | 1,324 | 1,997 | |||
With an allowance recorded: | 0 | 0 | 0 | |||
Recorded Investment | ||||||
With no related allowance recorded: | 1,324 | 1,324 | 1,997 | |||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | 0 | 0 | |||
Fair value | 0 | 0 | 0 | |||
Allowance For Loan Losses Allocated | ||||||
With no related allowance recorded: | 0 | 0 | 0 | |||
With an allowance recorded: | 0 | 0 | 0 | |||
Average Recorded Investment | ||||||
With no related allowance recorded: | 1,324 | 1,999 | 1,982 | 1,548 | 1,995 | |
With an allowance recorded: | 0 | 84 | 105 | 0 | 140 | |
Interest Income Recognized | ||||||
With no related allowance recorded: | 0 | 0 | 0 | 0 | 0 | |
With an allowance recorded: | 0 | 0 | 0 | 0 | 0 | |
Cash Basis Interest Income Recognized | ||||||
With no related allowance recorded: | 0 | 0 | 0 | 0 | 0 | |
With an allowance recorded: | 0 | 0 | 0 | 0 | 0 | |
Non Farm, Non Residential | ||||||
Unpaid Principal Balance | ||||||
With no related allowance recorded: | 3,512 | 3,512 | 0 | |||
With an allowance recorded: | 171 | 171 | 0 | |||
Recorded Investment | ||||||
With no related allowance recorded: | 3,512 | 3,512 | 0 | |||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 171 | 171 | 0 | |||
Fair value | 171 | 171 | 0 | |||
Allowance For Loan Losses Allocated | ||||||
With no related allowance recorded: | 0 | 0 | 0 | |||
With an allowance recorded: | 0 | 0 | 0 | |||
Average Recorded Investment | ||||||
With no related allowance recorded: | 3,512 | 0 | 0 | 2,341 | 0 | |
With an allowance recorded: | 86 | 0 | 0 | 57 | 0 | |
Interest Income Recognized | ||||||
With no related allowance recorded: | 0 | 0 | 0 | 0 | 0 | |
With an allowance recorded: | 0 | 0 | 0 | 0 | ||
Cash Basis Interest Income Recognized | ||||||
With no related allowance recorded: | 0 | 0 | 0 | 0 | 0 | |
With an allowance recorded: | 0 | 0 | 0 | 0 | 0 | |
Agriculture | ||||||
Unpaid Principal Balance | ||||||
With no related allowance recorded: | 0 | 0 | 0 | |||
With an allowance recorded: | 0 | 0 | 0 | |||
Recorded Investment | ||||||
With no related allowance recorded: | 0 | 0 | 0 | |||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | 0 | 0 | |||
Fair value | 0 | 0 | ||||
Allowance For Loan Losses Allocated | ||||||
With no related allowance recorded: | 0 | 0 | 0 | |||
With an allowance recorded: | 0 | 0 | 0 | |||
Average Recorded Investment | ||||||
With no related allowance recorded: | 0 | 0 | 0 | 0 | 0 | |
With an allowance recorded: | 0 | 138 | 173 | 0 | 231 | |
Interest Income Recognized | ||||||
With no related allowance recorded: | 0 | 0 | 0 | 0 | 0 | |
With an allowance recorded: | 0 | 0 | 0 | 0 | 0 | |
Cash Basis Interest Income Recognized | ||||||
With no related allowance recorded: | 0 | 0 | 0 | 0 | 0 | |
With an allowance recorded: | 0 | 0 | 0 | 0 | 0 | |
All Other Commercial | ||||||
Unpaid Principal Balance | ||||||
With no related allowance recorded: | 25 | 25 | 27 | |||
With an allowance recorded: | 754 | 754 | 0 | |||
Recorded Investment | ||||||
With no related allowance recorded: | 25 | 25 | 27 | |||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 754 | 754 | 0 | |||
Fair value | 606 | 606 | 0 | |||
Allowance For Loan Losses Allocated | ||||||
With no related allowance recorded: | 0 | 0 | 0 | |||
With an allowance recorded: | 148 | 148 | 0 | |||
Average Recorded Investment | ||||||
With no related allowance recorded: | 26 | 461 | 569 | 26 | 750 | |
With an allowance recorded: | 377 | 0 | 0 | 251 | 0 | |
Interest Income Recognized | ||||||
With no related allowance recorded: | 0 | 0 | 0 | 0 | 0 | |
With an allowance recorded: | 0 | 0 | 0 | 0 | 0 | |
Cash Basis Interest Income Recognized | ||||||
With no related allowance recorded: | 0 | 0 | 0 | 0 | 0 | |
With an allowance recorded: | 0 | 0 | 0 | 0 | 0 | |
First Liens | ||||||
Unpaid Principal Balance | ||||||
With no related allowance recorded: | 3,358 | 3,358 | 3,952 | |||
With an allowance recorded: | 0 | 0 | 0 | |||
Recorded Investment | ||||||
With no related allowance recorded: | 3,358 | 3,358 | 3,952 | |||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | 0 | 0 | |||
Fair value | 0 | 0 | 0 | |||
Allowance For Loan Losses Allocated | ||||||
With no related allowance recorded: | 0 | 0 | 0 | |||
With an allowance recorded: | 0 | 0 | 0 | |||
Average Recorded Investment | ||||||
With no related allowance recorded: | 3,469 | 4,055 | 4,121 | 3,630 | 4,219 | |
With an allowance recorded: | 0 | 0 | 0 | 0 | 0 | |
Interest Income Recognized | ||||||
With no related allowance recorded: | 0 | 0 | 0 | 0 | 0 | |
With an allowance recorded: | 0 | 0 | 0 | 0 | 0 | |
Cash Basis Interest Income Recognized | ||||||
With no related allowance recorded: | 0 | 0 | 0 | 0 | 0 | |
With an allowance recorded: | 0 | 0 | 0 | 0 | 0 | |
Home Equity | ||||||
Unpaid Principal Balance | ||||||
With no related allowance recorded: | 0 | 0 | 0 | |||
With an allowance recorded: | 0 | 0 | 0 | |||
Recorded Investment | ||||||
With no related allowance recorded: | 0 | 0 | 0 | |||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | 0 | 0 | |||
Fair value | 0 | 0 | 0 | |||
Allowance For Loan Losses Allocated | ||||||
With no related allowance recorded: | 0 | 0 | 0 | |||
With an allowance recorded: | 0 | 0 | 0 | |||
Average Recorded Investment | ||||||
With no related allowance recorded: | 0 | 0 | 0 | 0 | 0 | |
With an allowance recorded: | 0 | 0 | 0 | 0 | 0 | |
Interest Income Recognized | ||||||
With no related allowance recorded: | 0 | 0 | 0 | 0 | 0 | |
With an allowance recorded: | 0 | 0 | 0 | 0 | 0 | |
Cash Basis Interest Income Recognized | ||||||
With no related allowance recorded: | 0 | 0 | 0 | 0 | 0 | |
With an allowance recorded: | 0 | 0 | 0 | 0 | 0 | |
Junior Liens | ||||||
Unpaid Principal Balance | ||||||
With no related allowance recorded: | 0 | 0 | 0 | |||
With an allowance recorded: | 0 | 0 | 0 | |||
Recorded Investment | ||||||
With no related allowance recorded: | 0 | 0 | 0 | |||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | 0 | 0 | |||
Fair value | 0 | 0 | 0 | |||
Allowance For Loan Losses Allocated | ||||||
With no related allowance recorded: | 0 | 0 | 0 | |||
With an allowance recorded: | 0 | 0 | 0 | |||
Average Recorded Investment | ||||||
With no related allowance recorded: | 0 | 0 | 0 | 0 | 0 | |
With an allowance recorded: | 0 | 0 | 0 | 0 | 0 | |
Interest Income Recognized | ||||||
With no related allowance recorded: | 0 | 0 | 0 | 0 | 0 | |
With an allowance recorded: | 0 | 0 | 0 | 0 | 0 | |
Cash Basis Interest Income Recognized | ||||||
With no related allowance recorded: | 0 | 0 | 0 | 0 | 0 | |
With an allowance recorded: | 0 | 0 | 0 | 0 | 0 | |
Multifamily | ||||||
Unpaid Principal Balance | ||||||
With no related allowance recorded: | 0 | 0 | 0 | |||
With an allowance recorded: | 1,311 | 1,311 | 0 | |||
Recorded Investment | ||||||
With no related allowance recorded: | 0 | 0 | 0 | |||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 1,311 | 1,311 | 0 | |||
Fair value | 1,311 | 1,311 | 0 | |||
Allowance For Loan Losses Allocated | ||||||
With no related allowance recorded: | 0 | 0 | 0 | |||
With an allowance recorded: | 0 | 0 | 0 | |||
Average Recorded Investment | ||||||
With no related allowance recorded: | 0 | 0 | 0 | 0 | 0 | |
With an allowance recorded: | 656 | 0 | 0 | 437 | 0 | |
Interest Income Recognized | ||||||
With no related allowance recorded: | 0 | 0 | 0 | 0 | 0 | |
With an allowance recorded: | 0 | 0 | 0 | 0 | 0 | |
Cash Basis Interest Income Recognized | ||||||
With no related allowance recorded: | 0 | 0 | 0 | 0 | 0 | |
With an allowance recorded: | 0 | 0 | 0 | 0 | 0 | |
All Other Residential | ||||||
Unpaid Principal Balance | ||||||
With no related allowance recorded: | 0 | 0 | 0 | |||
With an allowance recorded: | 0 | 0 | 0 | |||
Recorded Investment | ||||||
With no related allowance recorded: | 0 | 0 | 0 | |||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | 0 | 0 | |||
Fair value | 0 | 0 | 0 | |||
Allowance For Loan Losses Allocated | ||||||
With no related allowance recorded: | 0 | 0 | 0 | |||
With an allowance recorded: | 0 | 0 | 0 | |||
Average Recorded Investment | ||||||
With no related allowance recorded: | 0 | 0 | 0 | 0 | 0 | |
With an allowance recorded: | 0 | 0 | 0 | 0 | 0 | |
Interest Income Recognized | ||||||
With no related allowance recorded: | 0 | 0 | 0 | 0 | 0 | |
With an allowance recorded: | 0 | 0 | 0 | 0 | 0 | |
Cash Basis Interest Income Recognized | ||||||
With no related allowance recorded: | 0 | 0 | 0 | 0 | 0 | |
With an allowance recorded: | 0 | 0 | 0 | 0 | 0 | |
Motor Vehicle | ||||||
Unpaid Principal Balance | ||||||
With no related allowance recorded: | 0 | 0 | 0 | |||
With an allowance recorded: | 0 | 0 | 0 | |||
Recorded Investment | ||||||
With no related allowance recorded: | 0 | 0 | 0 | |||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | 0 | 0 | |||
Fair value | 0 | 0 | 0 | |||
Allowance For Loan Losses Allocated | ||||||
With no related allowance recorded: | 0 | 0 | 0 | |||
With an allowance recorded: | 0 | 0 | 0 | |||
Average Recorded Investment | ||||||
With no related allowance recorded: | 0 | 0 | 0 | 0 | 0 | |
With an allowance recorded: | 0 | 0 | 0 | 0 | 0 | |
Interest Income Recognized | ||||||
With no related allowance recorded: | 0 | 0 | 0 | 0 | 0 | |
With an allowance recorded: | 0 | 0 | 0 | 0 | 0 | |
Cash Basis Interest Income Recognized | ||||||
With no related allowance recorded: | 0 | 0 | 0 | 0 | 0 | |
With an allowance recorded: | 0 | 0 | 0 | 0 | 0 | |
All Other Consumer | ||||||
Unpaid Principal Balance | ||||||
With no related allowance recorded: | 0 | 0 | 0 | |||
With an allowance recorded: | 0 | 0 | 0 | |||
Recorded Investment | ||||||
With no related allowance recorded: | 0 | 0 | 0 | |||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | 0 | 0 | |||
Fair value | 0 | 0 | 0 | |||
Allowance For Loan Losses Allocated | ||||||
With no related allowance recorded: | 0 | 0 | 0 | |||
With an allowance recorded: | 0 | 0 | $ 0 | |||
Average Recorded Investment | ||||||
With no related allowance recorded: | 0 | 0 | 0 | 0 | 0 | |
With an allowance recorded: | 0 | 0 | 0 | 0 | 0 | |
Interest Income Recognized | ||||||
With no related allowance recorded: | 0 | 0 | 0 | 0 | 0 | |
With an allowance recorded: | 0 | 0 | 0 | 0 | 0 | |
Cash Basis Interest Income Recognized | ||||||
With no related allowance recorded: | 0 | 0 | 0 | 0 | 0 | |
With an allowance recorded: | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Allowance for Loan Losses (De_4
Allowance for Loan Losses (Details 3) - USD ($) $ in Thousands | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Aging of recorded investment in loans by past due category and class of loans | ||||||
Fair value | $ 12,102 | $ 7,113 | ||||
Financing Receivable, Troubled Debt Restructuring | 3,899 | $ 4,156 | 4,194 | $ 4,541 | $ 4,774 | $ 4,806 |
Commercial & Industrial | ||||||
Aging of recorded investment in loans by past due category and class of loans | ||||||
Fair value | 434 | 100 | ||||
Farmland | ||||||
Aging of recorded investment in loans by past due category and class of loans | ||||||
Fair value | 0 | 0 | ||||
Non Farm, Non Residential | ||||||
Aging of recorded investment in loans by past due category and class of loans | ||||||
Fair value | 171 | 0 | ||||
Agriculture | ||||||
Aging of recorded investment in loans by past due category and class of loans | ||||||
Fair value | 0 | |||||
All Other Commercial | ||||||
Aging of recorded investment in loans by past due category and class of loans | ||||||
Fair value | 606 | 0 | ||||
First Liens | ||||||
Aging of recorded investment in loans by past due category and class of loans | ||||||
Fair value | 0 | 0 | ||||
Home Equity | ||||||
Aging of recorded investment in loans by past due category and class of loans | ||||||
Fair value | 0 | 0 | ||||
Junior Liens | ||||||
Aging of recorded investment in loans by past due category and class of loans | ||||||
Fair value | 0 | 0 | ||||
Multifamily | ||||||
Aging of recorded investment in loans by past due category and class of loans | ||||||
Fair value | 1,311 | 0 | ||||
All Other Residential | ||||||
Aging of recorded investment in loans by past due category and class of loans | ||||||
Fair value | 0 | 0 | ||||
Motor Vehicle | ||||||
Aging of recorded investment in loans by past due category and class of loans | ||||||
Fair value | 0 | 0 | ||||
All Other Consumer | ||||||
Aging of recorded investment in loans by past due category and class of loans | ||||||
Fair value | 0 | 0 | ||||
Nonperforming Financing Receivable [Member] | ||||||
Aging of recorded investment in loans by past due category and class of loans | ||||||
Loans Past Due Over 90 Day Still Accruing | 4,577 | 1,662 | ||||
Nonaccrual | 14,634 | 9,546 | ||||
Financing Receivable, Troubled Debt Restructuring | 2,780 | 3,340 | ||||
Financing Receivable, Modifications, Nonaccrual | 1,126 | 875 | ||||
Nonperforming Financing Receivable [Member] | Commercial & Industrial | ||||||
Aging of recorded investment in loans by past due category and class of loans | ||||||
Loans Past Due Over 90 Day Still Accruing | 0 | 0 | ||||
Nonaccrual | 2,934 | 2,191 | ||||
Financing Receivable, Troubled Debt Restructuring | 0 | 0 | ||||
Financing Receivable, Modifications, Nonaccrual | 4 | 11 | ||||
Nonperforming Financing Receivable [Member] | Farmland | ||||||
Aging of recorded investment in loans by past due category and class of loans | ||||||
Loans Past Due Over 90 Day Still Accruing | 0 | 5 | ||||
Nonaccrual | 1,536 | 2,410 | ||||
Financing Receivable, Troubled Debt Restructuring | 0 | 0 | ||||
Financing Receivable, Modifications, Nonaccrual | 0 | 0 | ||||
Nonperforming Financing Receivable [Member] | Non Farm, Non Residential | ||||||
Aging of recorded investment in loans by past due category and class of loans | ||||||
Loans Past Due Over 90 Day Still Accruing | 0 | 0 | ||||
Nonaccrual | 4,139 | 441 | ||||
Financing Receivable, Troubled Debt Restructuring | 0 | 0 | ||||
Financing Receivable, Modifications, Nonaccrual | 0 | 0 | ||||
Nonperforming Financing Receivable [Member] | Agriculture | ||||||
Aging of recorded investment in loans by past due category and class of loans | ||||||
Loans Past Due Over 90 Day Still Accruing | 126 | 0 | ||||
Nonaccrual | 72 | 485 | ||||
Financing Receivable, Troubled Debt Restructuring | 0 | 0 | ||||
Financing Receivable, Modifications, Nonaccrual | 0 | 0 | ||||
Nonperforming Financing Receivable [Member] | All Other Commercial | ||||||
Aging of recorded investment in loans by past due category and class of loans | ||||||
Loans Past Due Over 90 Day Still Accruing | 0 | 0 | ||||
Nonaccrual | 805 | 114 | ||||
Financing Receivable, Troubled Debt Restructuring | 0 | 0 | ||||
Financing Receivable, Modifications, Nonaccrual | 0 | 0 | ||||
Nonperforming Financing Receivable [Member] | First Liens | ||||||
Aging of recorded investment in loans by past due category and class of loans | ||||||
Loans Past Due Over 90 Day Still Accruing | 3,791 | 625 | ||||
Nonaccrual | 2,659 | 2,876 | ||||
Financing Receivable, Troubled Debt Restructuring | 2,558 | 3,007 | ||||
Financing Receivable, Modifications, Nonaccrual | 588 | 396 | ||||
Nonperforming Financing Receivable [Member] | Home Equity | ||||||
Aging of recorded investment in loans by past due category and class of loans | ||||||
Loans Past Due Over 90 Day Still Accruing | 138 | 12 | ||||
Nonaccrual | 41 | 61 | ||||
Financing Receivable, Troubled Debt Restructuring | 0 | 0 | ||||
Financing Receivable, Modifications, Nonaccrual | 0 | 0 | ||||
Nonperforming Financing Receivable [Member] | Junior Liens | ||||||
Aging of recorded investment in loans by past due category and class of loans | ||||||
Loans Past Due Over 90 Day Still Accruing | 185 | 51 | ||||
Nonaccrual | 155 | 175 | ||||
Financing Receivable, Troubled Debt Restructuring | 80 | 94 | ||||
Financing Receivable, Modifications, Nonaccrual | 8 | 9 | ||||
Nonperforming Financing Receivable [Member] | Multifamily | ||||||
Aging of recorded investment in loans by past due category and class of loans | ||||||
Loans Past Due Over 90 Day Still Accruing | 0 | 0 | ||||
Nonaccrual | 1,311 | 0 | ||||
Financing Receivable, Troubled Debt Restructuring | 0 | 0 | ||||
Financing Receivable, Modifications, Nonaccrual | 0 | 0 | ||||
Nonperforming Financing Receivable [Member] | All Other Residential | ||||||
Aging of recorded investment in loans by past due category and class of loans | ||||||
Loans Past Due Over 90 Day Still Accruing | 0 | 738 | ||||
Nonaccrual | 45 | 203 | ||||
Financing Receivable, Troubled Debt Restructuring | 0 | 0 | ||||
Financing Receivable, Modifications, Nonaccrual | 0 | 0 | ||||
Nonperforming Financing Receivable [Member] | Motor Vehicle | ||||||
Aging of recorded investment in loans by past due category and class of loans | ||||||
Loans Past Due Over 90 Day Still Accruing | 334 | 227 | ||||
Nonaccrual | 411 | 138 | ||||
Financing Receivable, Troubled Debt Restructuring | 0 | 0 | ||||
Financing Receivable, Modifications, Nonaccrual | 14 | 15 | ||||
Nonperforming Financing Receivable [Member] | All Other Consumer | ||||||
Aging of recorded investment in loans by past due category and class of loans | ||||||
Loans Past Due Over 90 Day Still Accruing | 3 | 4 | ||||
Nonaccrual | 526 | 452 | ||||
Financing Receivable, Troubled Debt Restructuring | 142 | 239 | ||||
Financing Receivable, Modifications, Nonaccrual | $ 512 | $ 444 |
Allowance for Loan Losses (De_5
Allowance for Loan Losses (Details 4) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Beginning Balance | $ 4,156 | $ 4,774 | $ 4,194 | $ 4,806 |
Added | 104 | 92 | 258 | 285 |
Charged Off | (15) | (30) | (56) | (62) |
Payments | (346) | (295) | (497) | (488) |
Ending Balance | 3,899 | 4,541 | 3,899 | 4,541 |
Commercial Portfolio Segment [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Beginning Balance | 4 | 136 | 11 | 145 |
Added | 0 | 0 | 0 | 0 |
Charged Off | 0 | 0 | 0 | 0 |
Payments | (4) | (9) | (11) | (18) |
Ending Balance | 0 | 127 | 0 | 127 |
Residential Portfolio Segment [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Beginning Balance | 3,438 | 4,019 | 3,485 | 4,043 |
Added | 63 | 0 | 123 | 122 |
Charged Off | 0 | 0 | (6) | (16) |
Payments | (270) | (222) | (371) | (352) |
Ending Balance | 3,231 | 3,797 | 3,231 | 3,797 |
Consumer Portfolio Segment [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Beginning Balance | 714 | 619 | 698 | 618 |
Added | 41 | 92 | 135 | 163 |
Charged Off | (15) | (30) | (50) | (46) |
Payments | (72) | (64) | (115) | (118) |
Ending Balance | $ 668 | $ 617 | $ 668 | $ 617 |
Allowance for Loan Losses (De_6
Allowance for Loan Losses (Details 5) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Aging of recorded investment in loans by past due category and class of loans | ||
Total Past Due | $ 26,433 | $ 31,590 |
Financing Receivable, Not Past Due | 2,763,944 | 2,634,852 |
Total | 2,790,377 | 2,666,442 |
Commercial & Industrial | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Total Past Due | 2,518 | 5,030 |
Financing Receivable, Not Past Due | 743,472 | 594,925 |
Total | 745,990 | 599,955 |
Farmland | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Total Past Due | 1,416 | 2,221 |
Financing Receivable, Not Past Due | 125,455 | 137,730 |
Total | 126,871 | 139,951 |
Non Farm, Non Residential | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Total Past Due | 4,816 | 3,853 |
Financing Receivable, Not Past Due | 371,401 | 398,854 |
Total | 376,217 | 402,707 |
Agriculture | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Total Past Due | 810 | 405 |
Financing Receivable, Not Past Due | 149,166 | 162,794 |
Total | 149,976 | 163,199 |
All Other Commercial | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Total Past Due | 885 | 109 |
Financing Receivable, Not Past Due | 303,497 | 288,845 |
Total | 304,382 | 288,954 |
First Liens | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Total Past Due | 6,219 | 9,202 |
Financing Receivable, Not Past Due | 360,695 | 375,924 |
Total | 366,914 | 385,126 |
Home Equity | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Total Past Due | 554 | 221 |
Financing Receivable, Not Past Due | 64,451 | 70,813 |
Total | 65,005 | 71,034 |
Junior Liens | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Total Past Due | 895 | 564 |
Financing Receivable, Not Past Due | 54,453 | 54,533 |
Total | 55,348 | 55,097 |
Multifamily | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Total Past Due | 1,609 | 0 |
Financing Receivable, Not Past Due | 153,795 | 148,282 |
Total | 155,404 | 148,282 |
All Other Residential | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Total Past Due | 352 | 1,972 |
Financing Receivable, Not Past Due | 16,548 | 22,510 |
Total | 16,900 | 24,482 |
Motor Vehicle | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Total Past Due | 6,220 | 7,741 |
Financing Receivable, Not Past Due | 391,601 | 347,950 |
Total | 397,821 | 355,691 |
All Other Consumer | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Total Past Due | 139 | 272 |
Financing Receivable, Not Past Due | 29,410 | 31,692 |
Total | 29,549 | 31,964 |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Total Past Due | 11,933 | 21,801 |
Financial Asset, 30 to 59 Days Past Due [Member] | Commercial & Industrial | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Total Past Due | 463 | 2,885 |
Financial Asset, 30 to 59 Days Past Due [Member] | Farmland | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Total Past Due | 0 | 132 |
Financial Asset, 30 to 59 Days Past Due [Member] | Non Farm, Non Residential | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Total Past Due | 4,594 | 3,749 |
Financial Asset, 30 to 59 Days Past Due [Member] | Agriculture | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Total Past Due | 460 | 277 |
Financial Asset, 30 to 59 Days Past Due [Member] | All Other Commercial | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Total Past Due | 98 | 0 |
Financial Asset, 30 to 59 Days Past Due [Member] | First Liens | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Total Past Due | 996 | 6,452 |
Financial Asset, 30 to 59 Days Past Due [Member] | Home Equity | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Total Past Due | 149 | 124 |
Financial Asset, 30 to 59 Days Past Due [Member] | Junior Liens | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Total Past Due | 330 | 384 |
Financial Asset, 30 to 59 Days Past Due [Member] | Multifamily | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Total Past Due | 298 | 0 |
Financial Asset, 30 to 59 Days Past Due [Member] | All Other Residential | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Total Past Due | 0 | 1,082 |
Financial Asset, 30 to 59 Days Past Due [Member] | Motor Vehicle | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Total Past Due | 4,451 | 6,488 |
Financial Asset, 30 to 59 Days Past Due [Member] | All Other Consumer | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Total Past Due | 94 | 228 |
Financial Asset, 60 to 89 Days Past Due [Member] | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Total Past Due | 4,712 | 3,421 |
Financial Asset, 60 to 89 Days Past Due [Member] | Commercial & Industrial | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Total Past Due | 536 | 766 |
Financial Asset, 60 to 89 Days Past Due [Member] | Farmland | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Total Past Due | 0 | 0 |
Financial Asset, 60 to 89 Days Past Due [Member] | Non Farm, Non Residential | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Total Past Due | 0 | 104 |
Financial Asset, 60 to 89 Days Past Due [Member] | Agriculture | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Total Past Due | 145 | 128 |
Financial Asset, 60 to 89 Days Past Due [Member] | All Other Commercial | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Total Past Due | 754 | 0 |
Financial Asset, 60 to 89 Days Past Due [Member] | First Liens | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Total Past Due | 896 | 1,292 |
Financial Asset, 60 to 89 Days Past Due [Member] | Home Equity | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Total Past Due | 249 | 63 |
Financial Asset, 60 to 89 Days Past Due [Member] | Junior Liens | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Total Past Due | 343 | 43 |
Financial Asset, 60 to 89 Days Past Due [Member] | Multifamily | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Total Past Due | 0 | 0 |
Financial Asset, 60 to 89 Days Past Due [Member] | All Other Residential | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Total Past Due | 352 | 0 |
Financial Asset, 60 to 89 Days Past Due [Member] | Motor Vehicle | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Total Past Due | 1,401 | 983 |
Financial Asset, 60 to 89 Days Past Due [Member] | All Other Consumer | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Total Past Due | 36 | 42 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Total Past Due | 9,788 | 6,368 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Commercial & Industrial | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Total Past Due | 1,519 | 1,379 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Farmland | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Total Past Due | 1,416 | 2,089 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Non Farm, Non Residential | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Total Past Due | 222 | 0 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Agriculture | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Total Past Due | 205 | 0 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | All Other Commercial | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Total Past Due | 33 | 109 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | First Liens | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Total Past Due | 4,327 | 1,458 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Home Equity | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Total Past Due | 156 | 34 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Junior Liens | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Total Past Due | 222 | 137 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Multifamily | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Total Past Due | 1,311 | 0 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | All Other Residential | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Total Past Due | 0 | 890 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Motor Vehicle | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Total Past Due | 368 | 270 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | All Other Consumer | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Total Past Due | $ 9 | $ 2 |
Allowance for Loan Losses (De_7
Allowance for Loan Losses (Details 6) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Analysis of risk category of loans by class of loans | ||
Financing Receivable Recorded Investment | $ 2,790,377 | $ 2,666,442 |
Financing Receivable, Past Due | 26,433 | 31,590 |
Financing Receivable, Not Past Due | 2,763,944 | 2,634,852 |
Total loans | 2,777,634 | 2,652,530 |
Loans not rated | 2,777,634 | |
Commercial & Industrial | ||
Analysis of risk category of loans by class of loans | ||
Financing Receivable Recorded Investment | 745,990 | 599,955 |
Financing Receivable, Past Due | 2,518 | 5,030 |
Financing Receivable, Not Past Due | 743,472 | 594,925 |
Total loans | 743,845 | 597,709 |
Farmland | ||
Analysis of risk category of loans by class of loans | ||
Financing Receivable Recorded Investment | 126,871 | 139,951 |
Financing Receivable, Past Due | 1,416 | 2,221 |
Financing Receivable, Not Past Due | 125,455 | 137,730 |
Total loans | 125,073 | 137,275 |
Non Farm, Non Residential | ||
Analysis of risk category of loans by class of loans | ||
Financing Receivable Recorded Investment | 376,217 | 402,707 |
Financing Receivable, Past Due | 4,816 | 3,853 |
Financing Receivable, Not Past Due | 371,401 | 398,854 |
Total loans | 374,809 | 401,775 |
Agriculture | ||
Analysis of risk category of loans by class of loans | ||
Financing Receivable Recorded Investment | 149,976 | 163,199 |
Financing Receivable, Past Due | 810 | 405 |
Financing Receivable, Not Past Due | 149,166 | 162,794 |
Total loans | 147,931 | 160,126 |
All Other Commercial | ||
Analysis of risk category of loans by class of loans | ||
Financing Receivable Recorded Investment | 304,382 | 288,954 |
Financing Receivable, Past Due | 885 | 109 |
Financing Receivable, Not Past Due | 303,497 | 288,845 |
Total loans | 302,718 | 287,562 |
First Liens | ||
Analysis of risk category of loans by class of loans | ||
Financing Receivable Recorded Investment | 366,914 | 385,126 |
Financing Receivable, Past Due | 6,219 | 9,202 |
Financing Receivable, Not Past Due | 360,695 | 375,924 |
Total loans | 365,671 | 383,912 |
Home Equity | ||
Analysis of risk category of loans by class of loans | ||
Financing Receivable Recorded Investment | 65,005 | 71,034 |
Financing Receivable, Past Due | 554 | 221 |
Financing Receivable, Not Past Due | 64,451 | 70,813 |
Total loans | 64,863 | 70,842 |
Junior Liens | ||
Analysis of risk category of loans by class of loans | ||
Financing Receivable Recorded Investment | 55,348 | 55,097 |
Financing Receivable, Past Due | 895 | 564 |
Financing Receivable, Not Past Due | 54,453 | 54,533 |
Total loans | 55,216 | 54,974 |
Multifamily | ||
Analysis of risk category of loans by class of loans | ||
Financing Receivable Recorded Investment | 155,404 | 148,282 |
Financing Receivable, Past Due | 1,609 | 0 |
Financing Receivable, Not Past Due | 153,795 | 148,282 |
Total loans | 155,055 | 147,943 |
All Other Residential | ||
Analysis of risk category of loans by class of loans | ||
Financing Receivable Recorded Investment | 16,900 | 24,482 |
Financing Receivable, Past Due | 352 | 1,972 |
Financing Receivable, Not Past Due | 16,548 | 22,510 |
Total loans | 16,852 | 24,406 |
Motor Vehicle | ||
Analysis of risk category of loans by class of loans | ||
Financing Receivable Recorded Investment | 397,821 | 355,691 |
Financing Receivable, Past Due | 6,220 | 7,741 |
Financing Receivable, Not Past Due | 391,601 | 347,950 |
Total loans | 396,183 | 354,198 |
All Other Consumer | ||
Analysis of risk category of loans by class of loans | ||
Financing Receivable Recorded Investment | 29,549 | 31,964 |
Financing Receivable, Past Due | 139 | 272 |
Financing Receivable, Not Past Due | 29,410 | 31,692 |
Total loans | 29,418 | 31,808 |
Pass | ||
Analysis of risk category of loans by class of loans | ||
Total loans | 1,836,654 | 1,821,763 |
Pass | Commercial & Industrial | ||
Analysis of risk category of loans by class of loans | ||
Total loans | 694,384 | 549,341 |
Pass | Farmland | ||
Analysis of risk category of loans by class of loans | ||
Total loans | 111,597 | 119,858 |
Pass | Non Farm, Non Residential | ||
Analysis of risk category of loans by class of loans | ||
Total loans | 350,871 | 381,404 |
Pass | Agriculture | ||
Analysis of risk category of loans by class of loans | ||
Total loans | 123,953 | 127,144 |
Pass | All Other Commercial | ||
Analysis of risk category of loans by class of loans | ||
Total loans | 298,835 | 283,266 |
Pass | First Liens | ||
Analysis of risk category of loans by class of loans | ||
Total loans | 94,359 | 174,338 |
Pass | Home Equity | ||
Analysis of risk category of loans by class of loans | ||
Total loans | 2,537 | 18,417 |
Pass | Junior Liens | ||
Analysis of risk category of loans by class of loans | ||
Total loans | 2,115 | 2,839 |
Pass | Multifamily | ||
Analysis of risk category of loans by class of loans | ||
Total loans | 153,622 | 146,497 |
Pass | All Other Residential | ||
Analysis of risk category of loans by class of loans | ||
Total loans | 3,684 | 12,624 |
Pass | Motor Vehicle | ||
Analysis of risk category of loans by class of loans | ||
Total loans | 430 | 2,880 |
Pass | All Other Consumer | ||
Analysis of risk category of loans by class of loans | ||
Total loans | 267 | 3,155 |
Special Mention | ||
Analysis of risk category of loans by class of loans | ||
Total loans | 45,486 | 41,100 |
Special Mention | Commercial & Industrial | ||
Analysis of risk category of loans by class of loans | ||
Total loans | 17,364 | 19,253 |
Special Mention | Farmland | ||
Analysis of risk category of loans by class of loans | ||
Total loans | 5,706 | 8,673 |
Special Mention | Non Farm, Non Residential | ||
Analysis of risk category of loans by class of loans | ||
Total loans | 11,599 | 4,424 |
Special Mention | Agriculture | ||
Analysis of risk category of loans by class of loans | ||
Total loans | 6,784 | 4,507 |
Special Mention | All Other Commercial | ||
Analysis of risk category of loans by class of loans | ||
Total loans | 3,036 | 3,141 |
Special Mention | First Liens | ||
Analysis of risk category of loans by class of loans | ||
Total loans | 856 | 926 |
Special Mention | Home Equity | ||
Analysis of risk category of loans by class of loans | ||
Total loans | 0 | 0 |
Special Mention | Junior Liens | ||
Analysis of risk category of loans by class of loans | ||
Total loans | 33 | 64 |
Special Mention | Multifamily | ||
Analysis of risk category of loans by class of loans | ||
Total loans | 108 | 112 |
Special Mention | All Other Residential | ||
Analysis of risk category of loans by class of loans | ||
Total loans | 0 | 0 |
Special Mention | Motor Vehicle | ||
Analysis of risk category of loans by class of loans | ||
Total loans | 0 | 0 |
Special Mention | All Other Consumer | ||
Analysis of risk category of loans by class of loans | ||
Total loans | 0 | 0 |
Substandard | ||
Analysis of risk category of loans by class of loans | ||
Total loans | 64,853 | 82,662 |
Substandard | Commercial & Industrial | ||
Analysis of risk category of loans by class of loans | ||
Total loans | 19,298 | 26,349 |
Substandard | Farmland | ||
Analysis of risk category of loans by class of loans | ||
Total loans | 7,684 | 8,644 |
Substandard | Non Farm, Non Residential | ||
Analysis of risk category of loans by class of loans | ||
Total loans | 11,637 | 12,269 |
Substandard | Agriculture | ||
Analysis of risk category of loans by class of loans | ||
Total loans | 16,697 | 27,490 |
Substandard | All Other Commercial | ||
Analysis of risk category of loans by class of loans | ||
Total loans | 817 | 1,120 |
Substandard | First Liens | ||
Analysis of risk category of loans by class of loans | ||
Total loans | 6,301 | 4,382 |
Substandard | Home Equity | ||
Analysis of risk category of loans by class of loans | ||
Total loans | 170 | 134 |
Substandard | Junior Liens | ||
Analysis of risk category of loans by class of loans | ||
Total loans | 307 | 178 |
Substandard | Multifamily | ||
Analysis of risk category of loans by class of loans | ||
Total loans | 1,311 | 1,315 |
Substandard | All Other Residential | ||
Analysis of risk category of loans by class of loans | ||
Total loans | 11 | 205 |
Substandard | Motor Vehicle | ||
Analysis of risk category of loans by class of loans | ||
Total loans | 579 | 538 |
Substandard | All Other Consumer | ||
Analysis of risk category of loans by class of loans | ||
Total loans | 41 | 38 |
Doubtful | ||
Analysis of risk category of loans by class of loans | ||
Total loans | 0 | 92 |
Doubtful | Commercial & Industrial | ||
Analysis of risk category of loans by class of loans | ||
Total loans | 0 | 5 |
Doubtful | Farmland | ||
Analysis of risk category of loans by class of loans | ||
Total loans | 0 | 0 |
Doubtful | Non Farm, Non Residential | ||
Analysis of risk category of loans by class of loans | ||
Total loans | 0 | 0 |
Doubtful | Agriculture | ||
Analysis of risk category of loans by class of loans | ||
Total loans | 0 | 0 |
Doubtful | All Other Commercial | ||
Analysis of risk category of loans by class of loans | ||
Total loans | 0 | 0 |
Doubtful | First Liens | ||
Analysis of risk category of loans by class of loans | ||
Total loans | 0 | 0 |
Doubtful | Home Equity | ||
Analysis of risk category of loans by class of loans | ||
Total loans | 0 | 11 |
Doubtful | Junior Liens | ||
Analysis of risk category of loans by class of loans | ||
Total loans | 0 | 76 |
Doubtful | Multifamily | ||
Analysis of risk category of loans by class of loans | ||
Total loans | 0 | 0 |
Doubtful | All Other Residential | ||
Analysis of risk category of loans by class of loans | ||
Total loans | 0 | 0 |
Doubtful | Motor Vehicle | ||
Analysis of risk category of loans by class of loans | ||
Total loans | 0 | 0 |
Doubtful | All Other Consumer | ||
Analysis of risk category of loans by class of loans | ||
Total loans | 0 | 0 |
Not Rated | ||
Analysis of risk category of loans by class of loans | ||
Total loans | 830,641 | 706,913 |
Not Rated | Commercial & Industrial | ||
Analysis of risk category of loans by class of loans | ||
Total loans | 12,799 | 2,761 |
Not Rated | Farmland | ||
Analysis of risk category of loans by class of loans | ||
Total loans | 86 | 100 |
Not Rated | Non Farm, Non Residential | ||
Analysis of risk category of loans by class of loans | ||
Total loans | 702 | 3,678 |
Not Rated | Agriculture | ||
Analysis of risk category of loans by class of loans | ||
Total loans | 497 | 985 |
Not Rated | All Other Commercial | ||
Analysis of risk category of loans by class of loans | ||
Total loans | 30 | 35 |
Not Rated | First Liens | ||
Analysis of risk category of loans by class of loans | ||
Total loans | 264,155 | 204,266 |
Not Rated | Home Equity | ||
Analysis of risk category of loans by class of loans | ||
Total loans | 62,156 | 52,280 |
Not Rated | Junior Liens | ||
Analysis of risk category of loans by class of loans | ||
Total loans | 52,761 | 51,817 |
Not Rated | Multifamily | ||
Analysis of risk category of loans by class of loans | ||
Total loans | 14 | 19 |
Not Rated | All Other Residential | ||
Analysis of risk category of loans by class of loans | ||
Total loans | 13,157 | 11,577 |
Not Rated | Motor Vehicle | ||
Analysis of risk category of loans by class of loans | ||
Total loans | 395,174 | 350,780 |
Not Rated | All Other Consumer | ||
Analysis of risk category of loans by class of loans | ||
Total loans | $ 29,110 | $ 28,615 |
Allowance for Loan Losses (De_8
Allowance for Loan Losses (Details Textual) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Allowance for loan losses | ||
Fair value | $ 12,102,000 | $ 7,113,000 |
Minimum outstanding balance of non-homogeneous loans to be individually evaluated as to credit risk | 100,000 | |
Commercial & Industrial | ||
Allowance for loan losses | ||
Fair value | 434,000 | 100,000 |
Farmland | ||
Allowance for loan losses | ||
Fair value | 0 | 0 |
Non Farm, Non Residential | ||
Allowance for loan losses | ||
Fair value | 171,000 | 0 |
Agriculture | ||
Allowance for loan losses | ||
Fair value | 0 | |
All Other Commercial | ||
Allowance for loan losses | ||
Fair value | 606,000 | 0 |
First Liens | ||
Allowance for loan losses | ||
Fair value | 0 | 0 |
Home Equity | ||
Allowance for loan losses | ||
Fair value | 0 | 0 |
Junior Liens | ||
Allowance for loan losses | ||
Fair value | 0 | 0 |
Multifamily | ||
Allowance for loan losses | ||
Fair value | 1,311,000 | 0 |
All Other Residential | ||
Allowance for loan losses | ||
Fair value | 0 | 0 |
Motor Vehicle | ||
Allowance for loan losses | ||
Fair value | 0 | 0 |
All Other Consumer | ||
Allowance for loan losses | ||
Fair value | 0 | 0 |
Nonperforming Financing Receivable [Member] | ||
Allowance for loan losses | ||
Loans Past Due Over 90 Day Still Accruing | 4,577,000 | 1,662,000 |
Nonaccrual | 14,634,000 | 9,546,000 |
Nonperforming Financing Receivable [Member] | Commercial & Industrial | ||
Allowance for loan losses | ||
Loans Past Due Over 90 Day Still Accruing | 0 | 0 |
Nonaccrual | 2,934,000 | 2,191,000 |
Nonperforming Financing Receivable [Member] | Farmland | ||
Allowance for loan losses | ||
Loans Past Due Over 90 Day Still Accruing | 0 | 5,000 |
Nonaccrual | 1,536,000 | 2,410,000 |
Nonperforming Financing Receivable [Member] | Non Farm, Non Residential | ||
Allowance for loan losses | ||
Loans Past Due Over 90 Day Still Accruing | 0 | 0 |
Nonaccrual | 4,139,000 | 441,000 |
Nonperforming Financing Receivable [Member] | Agriculture | ||
Allowance for loan losses | ||
Loans Past Due Over 90 Day Still Accruing | 126,000 | 0 |
Nonaccrual | 72,000 | 485,000 |
Nonperforming Financing Receivable [Member] | All Other Commercial | ||
Allowance for loan losses | ||
Loans Past Due Over 90 Day Still Accruing | 0 | 0 |
Nonaccrual | 805,000 | 114,000 |
Nonperforming Financing Receivable [Member] | First Liens | ||
Allowance for loan losses | ||
Loans Past Due Over 90 Day Still Accruing | 3,791,000 | 625,000 |
Nonaccrual | 2,659,000 | 2,876,000 |
Nonperforming Financing Receivable [Member] | Home Equity | ||
Allowance for loan losses | ||
Loans Past Due Over 90 Day Still Accruing | 138,000 | 12,000 |
Nonaccrual | 41,000 | 61,000 |
Nonperforming Financing Receivable [Member] | Junior Liens | ||
Allowance for loan losses | ||
Loans Past Due Over 90 Day Still Accruing | 185,000 | 51,000 |
Nonaccrual | 155,000 | 175,000 |
Nonperforming Financing Receivable [Member] | Multifamily | ||
Allowance for loan losses | ||
Loans Past Due Over 90 Day Still Accruing | 0 | 0 |
Nonaccrual | 1,311,000 | 0 |
Nonperforming Financing Receivable [Member] | All Other Residential | ||
Allowance for loan losses | ||
Loans Past Due Over 90 Day Still Accruing | 0 | 738,000 |
Nonaccrual | 45,000 | 203,000 |
Nonperforming Financing Receivable [Member] | Motor Vehicle | ||
Allowance for loan losses | ||
Loans Past Due Over 90 Day Still Accruing | 334,000 | 227,000 |
Nonaccrual | 411,000 | 138,000 |
Nonperforming Financing Receivable [Member] | All Other Consumer | ||
Allowance for loan losses | ||
Loans Past Due Over 90 Day Still Accruing | 3,000 | 4,000 |
Nonaccrual | $ 526,000 | $ 452,000 |
Securities (Details)
Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Amortized cost and fair value of investments classified as available for sale | ||
Amortized Cost | $ 867,416 | $ 907,575 |
Unrealized Gains | (40,251) | (20,976) |
Unrealized Losses | (234) | (1,834) |
Securities available-for-sale | 907,433 | 926,717 |
US Government Agencies Debt Securities [Member] | ||
Amortized cost and fair value of investments classified as available for sale | ||
Amortized Cost | 92,391 | 102,490 |
Unrealized Gains | (4,344) | (1,293) |
Unrealized Losses | (3) | (150) |
Securities available-for-sale | 96,732 | 103,633 |
Mortgage Backed Securities - Residential | ||
Amortized cost and fair value of investments classified as available for sale | ||
Amortized Cost | 228,141 | 240,753 |
Unrealized Gains | (9,007) | (2,979) |
Unrealized Losses | 0 | (350) |
Securities available-for-sale | 237,148 | 243,382 |
Mortgage Backed Securities - Commercial | ||
Amortized cost and fair value of investments classified as available for sale | ||
Amortized Cost | 18,157 | |
Unrealized Gains | (667) | |
Unrealized Losses | 0 | |
Securities available-for-sale | 18,824 | 22,104 |
Collateralized Mortgage Obligations | ||
Amortized cost and fair value of investments classified as available for sale | ||
Amortized Cost | 243,703 | 280,797 |
Unrealized Gains | (6,306) | (1,735) |
Unrealized Losses | (124) | (1,221) |
Securities available-for-sale | 249,885 | 281,311 |
State and Municipal Obligations | ||
Amortized cost and fair value of investments classified as available for sale | ||
Amortized Cost | 270,171 | 253,277 |
Unrealized Gains | (16,684) | (11,265) |
Unrealized Losses | (107) | (108) |
Securities available-for-sale | 286,748 | 264,434 |
Collateralized Debt Obligations | ||
Amortized cost and fair value of investments classified as available for sale | ||
Amortized Cost | 0 | 0 |
Unrealized Gains | (2,945) | (3,619) |
Unrealized Losses | 0 | 0 |
Securities available-for-sale | $ 2,945 | $ 3,619 |
Securities (Details 1)
Securities (Details 1) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Amortized Cost | ||
Due in one year or less | $ 7,485 | |
Due after one but within five years | 56,484 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after Five Through Ten Years, Amortized Cost | 65,629 | |
Due after ten years | 247,817 | |
Total of securities having specified maturity period | 377,415 | |
TOTAL | 867,416 | $ 907,575 |
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Amortized Cost | 490,001 | |
Fair Value | ||
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, within One Year, Fair Value | 7,530 | |
Due after one but within five years | 58,154 | |
Due after five but within ten years | 68,931 | |
Due after ten years | 266,961 | |
Total of securities having specified maturities period | 401,576 | |
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Fair Value | 505,857 | |
Securities available-for-sale | $ 907,433 | $ 926,717 |
Securities (Details 2)
Securities (Details 2) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, within One Year, Amortized Cost | $ 7,485 | |
Less Than 12 Months | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 12,209 | $ 131,633 |
Unrealized Losses | (175) | (773) |
More Than 12 Months | ||
Fair Value | 446 | 80,966 |
Unrealized Losses | (59) | (1,061) |
Total | ||
Fair Value | 12,655 | 212,599 |
Unrealized Losses | (234) | (1,834) |
US Government Agencies Debt Securities [Member] | ||
Less Than 12 Months | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 1,021 | 29,183 |
Unrealized Losses | (3) | (150) |
More Than 12 Months | ||
Fair Value | 0 | 0 |
Unrealized Losses | 0 | 0 |
Total | ||
Fair Value | 1,021 | 29,183 |
Unrealized Losses | (3) | (150) |
Mortgage Backed Securities - Residential | ||
Less Than 12 Months | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 55,665 | |
Unrealized Losses | (243) | |
More Than 12 Months | ||
Fair Value | 18,724 | |
Unrealized Losses | (107) | |
Total | ||
Fair Value | 74,389 | |
Unrealized Losses | (350) | |
Collateralized Mortgage Obligations | ||
Less Than 12 Months | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 3,827 | 33,398 |
Unrealized Losses | (124) | (314) |
More Than 12 Months | ||
Fair Value | 0 | 61,781 |
Unrealized Losses | 0 | (907) |
Total | ||
Fair Value | 3,827 | 95,179 |
Unrealized Losses | (124) | (1,221) |
State and Municipal Obligations | ||
Less Than 12 Months | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 7,361 | 8,996 |
Unrealized Losses | (48) | (61) |
More Than 12 Months | ||
Fair Value | 446 | 461 |
Unrealized Losses | (59) | (47) |
Total | ||
Fair Value | 7,807 | 9,457 |
Unrealized Losses | $ (107) | $ (108) |
Securities (Details 3)
Securities (Details 3) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Rollforward of the credit losses recognized in earnings | ||||
Beginning balance | $ 2,974 | $ 2,974 | ||
Increases to the amount related to the credit loss for which other-than-temporary was previously recognized | $ 0 | $ 0 | 0 | 0 |
Reductions for increases in cash flows collected | 0 | 0 | 0 | 0 |
Amounts realized for securities sold during the period | 0 | 0 | 0 | 0 |
Ending balance | $ 2,974 | $ 2,974 | $ 2,974 | $ 2,974 |
Securities (Details Textual)
Securities (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Debt Securities, Available-for-sale [Line Items] | ||||
Debt Securities, Available-for-sale, Realized Gain | $ 34 | $ 16 | ||
Gross unrealized losses | 234 | $ 1,834 | ||
Cumulative OTTI charges | 2,974 | $ 2,974 | 2,974 | $ 2,974 |
Amortized Cost | 867,416 | 907,575 | ||
Securities available-for-sale | $ 907,433 | $ 926,717 | ||
Minimum [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Basis point spread on variable rate | 1.60% | |||
Maximum [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Basis point spread on variable rate | 1.80% |
Fair Value (Details)
Fair Value (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Fair value measurement | ||
Securities available-for-sale | $ 907,433 | $ 926,717 |
US Government Agencies Debt Securities [Member] | ||
Fair value measurement | ||
Securities available-for-sale | 96,732 | 103,633 |
Mortgage Backed Securities - Residential | ||
Fair value measurement | ||
Securities available-for-sale | 237,148 | 243,382 |
Mortgage Backed Securities - Commercial | ||
Fair value measurement | ||
Securities available-for-sale | 18,824 | 22,104 |
Collateralized Mortgage Obligations | ||
Fair value measurement | ||
Securities available-for-sale | 249,885 | 281,311 |
State and Municipal Obligations | ||
Fair value measurement | ||
Securities available-for-sale | 286,748 | 264,434 |
Collateralized Debt Obligations | ||
Fair value measurement | ||
Securities available-for-sale | 2,945 | 3,619 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair value measurement | ||
Securities available-for-sale | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | US Government Agencies Debt Securities [Member] | ||
Fair value measurement | ||
Securities available-for-sale | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Mortgage Backed Securities - Residential | ||
Fair value measurement | ||
Securities available-for-sale | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Mortgage Backed Securities - Commercial | ||
Fair value measurement | ||
Securities available-for-sale | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Collateralized Mortgage Obligations | ||
Fair value measurement | ||
Securities available-for-sale | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | State and Municipal Obligations | ||
Fair value measurement | ||
Securities available-for-sale | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Collateralized Debt Obligations | ||
Fair value measurement | ||
Securities available-for-sale | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair value measurement | ||
Securities available-for-sale | 902,253 | 920,533 |
Derivative Assets | 2,861 | 828 |
Derivative Liability | (2,861) | (828) |
Fair Value, Inputs, Level 2 [Member] | US Government Agencies Debt Securities [Member] | ||
Fair value measurement | ||
Securities available-for-sale | 96,732 | 103,633 |
Fair Value, Inputs, Level 2 [Member] | Mortgage Backed Securities - Residential | ||
Fair value measurement | ||
Securities available-for-sale | 237,148 | 243,382 |
Fair Value, Inputs, Level 2 [Member] | Mortgage Backed Securities - Commercial | ||
Fair value measurement | ||
Securities available-for-sale | 18,824 | 22,104 |
Fair Value, Inputs, Level 2 [Member] | Collateralized Mortgage Obligations | ||
Fair value measurement | ||
Securities available-for-sale | 249,885 | 281,311 |
Fair Value, Inputs, Level 2 [Member] | State and Municipal Obligations | ||
Fair value measurement | ||
Securities available-for-sale | 284,513 | 261,869 |
Fair Value, Inputs, Level 2 [Member] | Collateralized Debt Obligations | ||
Fair value measurement | ||
Securities available-for-sale | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair value measurement | ||
Securities available-for-sale | 5,180 | 6,184 |
Fair Value, Inputs, Level 3 [Member] | US Government Agencies Debt Securities [Member] | ||
Fair value measurement | ||
Securities available-for-sale | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Mortgage Backed Securities - Residential | ||
Fair value measurement | ||
Securities available-for-sale | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Mortgage Backed Securities - Commercial | ||
Fair value measurement | ||
Securities available-for-sale | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Collateralized Mortgage Obligations | ||
Fair value measurement | ||
Securities available-for-sale | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | State and Municipal Obligations | ||
Fair value measurement | ||
Securities available-for-sale | 2,235 | 2,565 |
Fair Value, Inputs, Level 3 [Member] | Collateralized Debt Obligations | ||
Fair value measurement | ||
Securities available-for-sale | $ 2,945 | $ 3,619 |
Fair Value (Details 1)
Fair Value (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | |
Fair value measurement using significant unobservable input | ||||
Securities available-for-sale | $ 907,433 | $ 907,433 | $ 926,717 | |
Reconciliation and income statement classification of gains and losses for all assets measured at fair value on a recurring basis using significant unobservable inputs | ||||
Beginning balance | 5,468 | $ 6,184 | 6,184 | |
Total realized/unrealized gains or losses - Included in earnings | 0 | 0 | 0 | |
Total realized/unrealized gains or losses - Included in other comprehensive income | (288) | 498 | (674) | |
Transfers | 0 | 0 | ||
Purchases | 0 | |||
Settlements | 0 | (707) | (330) | |
Ending balance | 5,180 | 5,468 | 5,180 | |
US Government Agencies Debt Securities [Member] | ||||
Fair value measurement using significant unobservable input | ||||
Securities available-for-sale | 96,732 | 96,732 | 103,633 | |
State and Municipal Obligations | ||||
Fair value measurement using significant unobservable input | ||||
Securities available-for-sale | 286,748 | 286,748 | 264,434 | |
Reconciliation and income statement classification of gains and losses for all assets measured at fair value on a recurring basis using significant unobservable inputs | ||||
Beginning balance | 2,235 | 2,565 | 2,565 | |
Total realized/unrealized gains or losses - Included in earnings | 0 | 0 | 0 | |
Total realized/unrealized gains or losses - Included in other comprehensive income | 0 | 0 | 0 | |
Transfers | 0 | 0 | ||
Purchases | 0 | |||
Settlements | 0 | (570) | (330) | |
Ending balance | 2,235 | 2,235 | 2,235 | |
Collateralized Debt Obligations | ||||
Fair value measurement using significant unobservable input | ||||
Securities available-for-sale | 2,945 | 2,945 | 3,619 | |
Reconciliation and income statement classification of gains and losses for all assets measured at fair value on a recurring basis using significant unobservable inputs | ||||
Beginning balance | 3,233 | 3,619 | 3,619 | |
Total realized/unrealized gains or losses - Included in earnings | 0 | 0 | 0 | |
Total realized/unrealized gains or losses - Included in other comprehensive income | (288) | 498 | (674) | |
Transfers | 0 | 0 | ||
Purchases | 0 | |||
Settlements | 0 | (137) | 0 | |
Ending balance | 2,945 | $ 3,233 | 2,945 | |
Mortgage Backed Securities - Residential | ||||
Fair value measurement using significant unobservable input | ||||
Securities available-for-sale | 237,148 | 237,148 | 243,382 | |
Mortgage Backed Securities - Commercial | ||||
Fair value measurement using significant unobservable input | ||||
Securities available-for-sale | 18,824 | 18,824 | 22,104 | |
Collateralized Mortgage Obligations | ||||
Fair value measurement using significant unobservable input | ||||
Securities available-for-sale | 249,885 | 249,885 | 281,311 | |
Fair Value, Inputs, Level 3 [Member] | ||||
Fair value measurement using significant unobservable input | ||||
Securities available-for-sale | 5,180 | 5,180 | 6,184 | |
Fair Value, Inputs, Level 3 [Member] | US Government Agencies Debt Securities [Member] | ||||
Fair value measurement using significant unobservable input | ||||
Securities available-for-sale | 0 | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | State and Municipal Obligations | ||||
Fair value measurement using significant unobservable input | ||||
Securities available-for-sale | 2,235 | 2,235 | 2,565 | |
Fair Value, Inputs, Level 3 [Member] | Collateralized Debt Obligations | ||||
Fair value measurement using significant unobservable input | ||||
Securities available-for-sale | 2,945 | 2,945 | 3,619 | |
Fair Value, Inputs, Level 3 [Member] | Mortgage Backed Securities - Residential | ||||
Fair value measurement using significant unobservable input | ||||
Securities available-for-sale | 0 | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Mortgage Backed Securities - Commercial | ||||
Fair value measurement using significant unobservable input | ||||
Securities available-for-sale | 0 | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Collateralized Mortgage Obligations | ||||
Fair value measurement using significant unobservable input | ||||
Securities available-for-sale | 0 | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | ||||
Fair value measurement using significant unobservable input | ||||
Securities available-for-sale | 0 | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | US Government Agencies Debt Securities [Member] | ||||
Fair value measurement using significant unobservable input | ||||
Securities available-for-sale | 0 | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | State and Municipal Obligations | ||||
Fair value measurement using significant unobservable input | ||||
Securities available-for-sale | 0 | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | Collateralized Debt Obligations | ||||
Fair value measurement using significant unobservable input | ||||
Securities available-for-sale | 0 | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | Mortgage Backed Securities - Residential | ||||
Fair value measurement using significant unobservable input | ||||
Securities available-for-sale | 0 | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | Mortgage Backed Securities - Commercial | ||||
Fair value measurement using significant unobservable input | ||||
Securities available-for-sale | 0 | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | Collateralized Mortgage Obligations | ||||
Fair value measurement using significant unobservable input | ||||
Securities available-for-sale | 0 | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | ||||
Fair value measurement using significant unobservable input | ||||
Securities available-for-sale | 902,253 | 902,253 | 920,533 | |
Reconciliation and income statement classification of gains and losses for all assets measured at fair value on a recurring basis using significant unobservable inputs | ||||
Derivative Assets | 2,861 | 2,861 | 828 | |
Derivative Liability | 2,861 | 2,861 | 828 | |
Fair Value, Inputs, Level 2 [Member] | US Government Agencies Debt Securities [Member] | ||||
Fair value measurement using significant unobservable input | ||||
Securities available-for-sale | 96,732 | 96,732 | 103,633 | |
Fair Value, Inputs, Level 2 [Member] | State and Municipal Obligations | ||||
Fair value measurement using significant unobservable input | ||||
Securities available-for-sale | 284,513 | 284,513 | 261,869 | |
Fair Value, Inputs, Level 2 [Member] | Collateralized Debt Obligations | ||||
Fair value measurement using significant unobservable input | ||||
Securities available-for-sale | 0 | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Mortgage Backed Securities - Residential | ||||
Fair value measurement using significant unobservable input | ||||
Securities available-for-sale | 237,148 | 237,148 | 243,382 | |
Fair Value, Inputs, Level 2 [Member] | Mortgage Backed Securities - Commercial | ||||
Fair value measurement using significant unobservable input | ||||
Securities available-for-sale | 18,824 | 18,824 | 22,104 | |
Fair Value, Inputs, Level 2 [Member] | Collateralized Mortgage Obligations | ||||
Fair value measurement using significant unobservable input | ||||
Securities available-for-sale | $ 249,885 | $ 249,885 | $ 281,311 |
Fair Value (Details 2)
Fair Value (Details 2) - Fair Value, Inputs, Level 3 [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Mar. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | |
Impaired Loans | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | |||
Fair Value | $ 2,522 | $ 100 | |
Unobservable Inputs | Discount rate for age of appraisal and market conditions | Discount rate for age of appraisal and market conditions | |
Other Real Estate | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | |||
Fair Value | $ 3,577 | 3,625 | |
Unobservable Inputs | Discount rate for age of appraisal and market conditions | Discount rate for age of appraisal and market conditions | |
State and Municipal Obligations | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | |||
Fair Value | $ 2,235 | $ 2,565 | |
Unobservable Inputs | Discount rateProbability of default | Discount rateProbability of default |
Fair Value (Details 3)
Fair Value (Details 3) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Loans identified as impaired by class of loans | ||
Carrying Value | $ 2,759 | $ 148 |
Allowance for Loan Losses Allocated | 237 | 48 |
Fair value | 12,102 | 7,113 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 2,522 | 100 |
Commercial & Industrial | ||
Loans identified as impaired by class of loans | ||
Carrying Value | 523 | 148 |
Allowance for Loan Losses Allocated | 89 | 48 |
Fair value | 434 | 100 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 523 | 148 |
Farmland | ||
Loans identified as impaired by class of loans | ||
Carrying Value | 0 | 0 |
Allowance for Loan Losses Allocated | 0 | 0 |
Fair value | 0 | 0 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | 0 |
Non Farm, Non Residential | ||
Loans identified as impaired by class of loans | ||
Carrying Value | 171 | 0 |
Allowance for Loan Losses Allocated | 0 | 0 |
Fair value | 171 | 0 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 171 | 0 |
Agriculture | ||
Loans identified as impaired by class of loans | ||
Carrying Value | 0 | 0 |
Allowance for Loan Losses Allocated | 0 | 0 |
Fair value | 0 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | 0 |
All Other Commercial | ||
Loans identified as impaired by class of loans | ||
Carrying Value | 754 | 0 |
Allowance for Loan Losses Allocated | 148 | 0 |
Fair value | 606 | 0 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 754 | 0 |
First Liens | ||
Loans identified as impaired by class of loans | ||
Carrying Value | 0 | 0 |
Allowance for Loan Losses Allocated | 0 | 0 |
Fair value | 0 | 0 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | 0 |
Home Equity | ||
Loans identified as impaired by class of loans | ||
Carrying Value | 0 | 0 |
Allowance for Loan Losses Allocated | 0 | 0 |
Fair value | 0 | 0 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | 0 |
Junior Liens | ||
Loans identified as impaired by class of loans | ||
Carrying Value | 0 | 0 |
Allowance for Loan Losses Allocated | 0 | 0 |
Fair value | 0 | 0 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | 0 |
Multifamily | ||
Loans identified as impaired by class of loans | ||
Carrying Value | 1,311 | 0 |
Allowance for Loan Losses Allocated | 0 | 0 |
Fair value | 1,311 | 0 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 1,311 | 0 |
All Other Residential | ||
Loans identified as impaired by class of loans | ||
Carrying Value | 0 | 0 |
Allowance for Loan Losses Allocated | 0 | 0 |
Fair value | 0 | 0 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | 0 |
Motor Vehicle | ||
Loans identified as impaired by class of loans | ||
Carrying Value | 0 | 0 |
Allowance for Loan Losses Allocated | 0 | 0 |
Fair value | 0 | 0 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | 0 |
All Other Consumer | ||
Loans identified as impaired by class of loans | ||
Carrying Value | 0 | 0 |
Allowance for Loan Losses Allocated | 0 | 0 |
Fair value | 0 | 0 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | $ 0 | $ 0 |
Fair Value (Details 4)
Fair Value (Details 4) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Carrying amount and estimated fair value of financial instruments | ||
Fair value | $ 12,102 | $ 7,113 |
Securities available-for-sale | 907,433 | 926,717 |
Restricted Investments | 15,200 | 15,394 |
Accrued interest receivable | 17,205 | 18,523 |
Deposits | (3,569,893) | (3,275,357) |
Fair Value, Inputs, Level 1 [Member] | ||
Carrying amount and estimated fair value of financial instruments | ||
Cash and Cash Equivalents, Fair Value Disclosure | 26,098 | 26,275 |
Federal Funds Sold and Securities Borrowed or Purchased under Agreements to Resell, Fair Value Disclosure | 0 | |
Securities available-for-sale | 0 | 0 |
Loans Receivable, Fair Value Disclosure | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Deposits | 0 | 0 |
Short-term borrowings | 0 | 0 |
Accrued interest payable | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Carrying amount and estimated fair value of financial instruments | ||
Cash and Cash Equivalents, Fair Value Disclosure | 360,409 | 101,151 |
Federal Funds Sold and Securities Borrowed or Purchased under Agreements to Resell, Fair Value Disclosure | 0 | |
Securities available-for-sale | 902,253 | 920,533 |
Loans Receivable, Fair Value Disclosure | 0 | 0 |
Accrued interest receivable | 4,646 | 3,583 |
Deposits | (3,581,637) | (3,278,099) |
Short-term borrowings | (100,096) | (80,119) |
Accrued interest payable | (1,329) | (1,739) |
Fair Value, Inputs, Level 3 [Member] | ||
Carrying amount and estimated fair value of financial instruments | ||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 |
Federal Funds Sold and Securities Borrowed or Purchased under Agreements to Resell, Fair Value Disclosure | 0 | |
Securities available-for-sale | 5,180 | 6,184 |
Loans Receivable, Fair Value Disclosure | 2,818,265 | 2,648,692 |
Accrued interest receivable | 12,559 | 14,940 |
Deposits | 0 | 0 |
Short-term borrowings | 0 | 0 |
Accrued interest payable | 0 | 0 |
Reported Value Measurement [Member] | ||
Carrying amount and estimated fair value of financial instruments | ||
Cash and Cash Equivalents, Fair Value Disclosure | 386,507 | 127,426 |
Federal Funds Sold and Securities Borrowed or Purchased under Agreements to Resell, Fair Value Disclosure | 0 | |
Securities available-for-sale | 907,433 | 926,717 |
Restricted Investments | 15,200 | 15,394 |
Loans Receivable, Fair Value Disclosure | 2,753,798 | 2,636,447 |
Accrued interest receivable | 17,205 | 18,523 |
Deposits | (3,569,893) | (3,275,357) |
Short-term borrowings | (100,096) | (80,119) |
Accrued interest payable | (1,329) | (1,739) |
Estimate of Fair Value Measurement [Member] | ||
Carrying amount and estimated fair value of financial instruments | ||
Cash and Cash Equivalents, Fair Value Disclosure | 386,507 | 127,426 |
Federal Funds Sold and Securities Borrowed or Purchased under Agreements to Resell, Fair Value Disclosure | 0 | |
Securities available-for-sale | 907,433 | 926,717 |
Loans Receivable, Fair Value Disclosure | 2,818,265 | 2,648,692 |
Accrued interest receivable | 17,205 | 18,523 |
Deposits | (3,581,637) | (3,278,099) |
Short-term borrowings | (100,096) | (80,119) |
Accrued interest payable | $ (1,329) | $ (1,739) |
Fair Value (Details Textual)
Fair Value (Details Textual) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Mar. 31, 2020USD ($) | Jun. 30, 2020USD ($) | Dec. 31, 2019USD ($) | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Valuation allowance for impaired loans | $ 237 | $ 48 | |
Provision for impaired loan losses | $ (689) | ||
Other real estate owned | 3,577 | 3,625 | |
Impaired Loans [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair Value | 2,522 | 100 | |
Valuation allowance for impaired loans | $ 237 | 48 | |
Fair Value Measurements Unobservable Inputs | Discount rate for age of appraisal and market conditions | Discount rate for age of appraisal and market conditions | |
Other Real Estate [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Real estate, other deductions | $ 64 | $ 50 | |
Other Real Estate [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair Value | 3,577 | 3,625 | |
Other real estate owned | $ 3,600 | 3,600 | |
Fair Value Measurements Unobservable Inputs | Discount rate for age of appraisal and market conditions | Discount rate for age of appraisal and market conditions | |
State and Municipal Obligation [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair Value | $ 2,235 | 2,565 | |
Fair Value Measurements Unobservable Inputs | Discount rateProbability of default | Discount rateProbability of default | |
Commercial Real Estate [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair Value | $ 3,400 | 3,500 | |
Residential Real Estate [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair Value | $ 199 | $ 142 | |
Measurement Input, Discount Rate [Member] | Minimum [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Other Real Estate, measurement input | 0 | ||
Measurement Input, Discount Rate [Member] | Minimum [Member] | Impaired Loans [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Impaired loans, measurement input | 0 | 0 | |
Measurement Input, Discount Rate [Member] | Minimum [Member] | Other Real Estate [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Other Real Estate, measurement input | 0.0500 | 0.0500 | |
Measurement Input, Discount Rate [Member] | Minimum [Member] | State and Municipal Obligation [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
State and Municipal Obligations, measurement input | 0.0305 | 0.0305 | |
Measurement Input, Discount Rate [Member] | Maximum [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Other Real Estate, measurement input | 0.50 | ||
Measurement Input, Discount Rate [Member] | Maximum [Member] | Impaired Loans [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Impaired loans, measurement input | 0.5000 | 0.5000 | |
Measurement Input, Discount Rate [Member] | Maximum [Member] | Other Real Estate [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Other Real Estate, measurement input | 0.2000 | 0.2000 | |
Measurement Input, Discount Rate [Member] | Maximum [Member] | State and Municipal Obligation [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
State and Municipal Obligations, measurement input | 0.0550 | 0.0550 |
Short-Term Borrowings (Details)
Short-Term Borrowings (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Short-term Debt [Abstract] | ||
Federal Funds Purchased | $ 4,325 | $ 900 |
Securities Sold under Agreements to Repurchase | 95,771 | 79,219 |
Short-term borrowings | $ 100,096 | $ 80,119 |
Short-Term Borrowings Short-Ter
Short-Term Borrowings Short-Term Borrowings (Details 1) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Sold under Agreements to Repurchase | $ 95,771 | $ 79,219 |
Maturity Overnight [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Sold under Agreements to Repurchase | 89,524 | 69,709 |
Maturity up to 30 days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Sold under Agreements to Repurchase | 150 | 1,927 |
Maturity 30 to 90 Days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Sold under Agreements to Repurchase | 513 | 6,552 |
Maturity over 90 days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Sold under Agreements to Repurchase | $ 5,584 | $ 1,031 |
Components of Net Periodic Be_3
Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefits Plan Estimated Future Employer Contributions In Next Fiscal Year | $ 3,700 | ||||
Post-Retirement Health Benefits [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefits Plan Estimated Future Employer Contributions In Next Fiscal Year | $ 251 | ||||
Service cost | $ 9 | $ 9 | $ 19 | $ 17 | |
Interest cost | 31 | 36 | 62 | 73 | |
Expected return on plan assets | 0 | 0 | 0 | 0 | |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 0 | 0 | 0 | 0 | |
Net amortization of net (gain) loss | 0 | (4) | 0 | (8) | |
Net Periodic Benefit Cost | 40 | 41 | 81 | 82 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | 119 | ||||
Pension Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Service cost | 325 | 304 | 650 | 609 | |
Interest cost | 779 | 866 | 1,558 | 1,733 | |
Expected return on plan assets | (1,049) | (896) | (2,099) | (1,793) | |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 0 | 0 | 0 | 0 | |
Net amortization of net (gain) loss | 492 | 390 | 984 | 779 | |
Net Periodic Benefit Cost | $ 547 | $ 664 | 1,093 | $ 1,328 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 1,200 |
Components of Net Periodic Be_4
Components of Net Periodic Benefit Cost (Details Textual) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefits Plan Estimated Future Employer Contributions In Next Fiscal Year | $ 3,700 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Remainder of Fiscal Year | 736 | ||
Defined Contribution Plan Employer Accrued Discretionary Contribution Amount | $ 870 | $ 726 | |
Post Retirement Health Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefits Plan Estimated Future Employer Contributions In Next Fiscal Year | $ 251 | ||
Defined Benefit Plan, Plan Assets, Contributions by Employer | 119 | ||
Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 1,200 |
Acquisitions and FDIC Indemni_3
Acquisitions and FDIC Indemnification Asset (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | |
Business Acquisition [Line Items] | ||||||||
Loans and Leases Receivable, Gross, Carrying Amount, Covered | $ 6,347 | $ 7,269 | $ 1,494 | $ 1,530 | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Accretion | $ 0 | $ 0 | ||||||
Loans and Leases Receivable, Disposals | $ (1,511) | (36) | (2,433) | $ (72) | ||||
Total Covered Assets | 4,836 | 1,458 | 4,836 | 1,458 | ||||
Consumer Loan [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Loans and Leases Receivable, Gross, Carrying Amount, Covered | 0 | 0 | 0 | 0 | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Accretion | 0 | 0 | ||||||
Loans and Leases Receivable, Disposals | 0 | 0 | 0 | 0 | ||||
Total Covered Assets | 0 | 0 | 0 | 0 | ||||
Commercial Loan [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Loans and Leases Receivable, Gross, Carrying Amount, Covered | $ 6,347 | $ 7,269 | $ 1,494 | $ 1,530 | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Accretion | 0 | 0 | ||||||
Loans and Leases Receivable, Disposals | (1,511) | (36) | (2,433) | (72) | ||||
Total Covered Assets | $ 4,836 | $ 1,458 | $ 4,836 | $ 1,458 |
Acquisitions and FDIC Indemni_4
Acquisitions and FDIC Indemnification Asset (Details Textual) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Business Acquisition [Line Items] | ||
Assets | $ 4,368,112 | $ 4,023,250 |
Goodwill | $ 78,592 | $ 78,592 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | $ 3,514 | $ 8,645 | $ 17,016 | $ 19,172 |
Change in Other comprehensive income before reclassification, Unrealized gains and Losses on available-for-sale Securities | 3,153 | 8,353 | 16,397 | 18,574 |
Amount reclassified from accumalted other comperhensive income, unrealized gain and losses and available for sale securities | 361 | 292 | 619 | 598 |
Net Current period other comprehensive other income, Unrealized gains and Losses on available-for-sale Securities | 3,514 | 8,645 | 19,172 | |
TOTAL Balance | 6,001 | (12,927) | (7,501) | (23,454) |
TOTAL Balance | 9,515 | (4,282) | 9,515 | (4,282) |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 3,130 | 8,341 | 16,228 | 18,565 |
Change in Other comprehensive income before reclassification, Unrealized gains and Losses on available-for-sale Securities | 3,153 | 8,353 | 16,397 | 18,574 |
Amount reclassified from accumalted other comperhensive income, unrealized gain and losses and available for sale securities | (23) | (12) | (169) | (9) |
Net Current period other comprehensive other income, Unrealized gains and Losses on available-for-sale Securities | 3,130 | 8,341 | 18,565 | |
TOTAL Balance | 27,991 | 4,119 | 14,893 | (6,105) |
TOTAL Balance | 31,121 | 12,460 | 31,121 | 12,460 |
Accumulated Defined Benefit Plans Adjustment [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 384 | 304 | 788 | 607 |
Change in Other comprehensive income before reclassification, Unrealized gains and Losses on available-for-sale Securities | 0 | 0 | 0 | 0 |
Amount reclassified from accumalted other comperhensive income, unrealized gain and losses and available for sale securities | 384 | 304 | 788 | 607 |
Net Current period other comprehensive other income, Unrealized gains and Losses on available-for-sale Securities | 384 | 304 | 607 | |
TOTAL Balance | (21,990) | (17,046) | (22,394) | (17,349) |
TOTAL Balance | $ (21,606) | $ (16,742) | $ (21,606) | $ (16,742) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Net of Tax, Footnote | $ 3,514 | |||
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Reclassification Adjustments, Net of Tax | 3,153 | $ 8,353 | $ 16,397 | $ 18,574 |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | 3,514 | 8,645 | 19,172 | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | 361 | 292 | 619 | 598 |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
TOTAL Balance | 9,515 | (4,282) | 9,515 | (4,282) |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 3,514 | 8,645 | 17,016 | 19,172 |
TOTAL Balance | 6,001 | (12,927) | (7,501) | (23,454) |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Reclassification Adjustments, Net of Tax | 3,153 | 8,353 | 16,397 | 18,574 |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | 3,130 | 8,341 | 18,565 | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | (23) | (12) | (169) | (9) |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
TOTAL Balance | 31,121 | 12,460 | 31,121 | 12,460 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 3,130 | 8,341 | 16,228 | 18,565 |
TOTAL Balance | 27,991 | 4,119 | 14,893 | (6,105) |
Unrealized gains losses on securities available-for-sale with other than temporary impairment [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
TOTAL Balance | 2,208 | 2,462 | 2,208 | 2,462 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (217) | 63 | (507) | 121 |
TOTAL Balance | 2,425 | 2,399 | 2,715 | 2,341 |
Unrealized gains losses on securities available-for-sale without other than temporary impairment [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
TOTAL Balance | 28,913 | 9,998 | 28,913 | 9,998 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 3,347 | 8,278 | 16,735 | 18,444 |
TOTAL Balance | 25,566 | 1,720 | 12,178 | (8,446) |
Accumulated Defined Benefit Plans Adjustment [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Reclassification Adjustments, Net of Tax | 0 | 0 | 0 | 0 |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | 384 | 304 | 607 | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | 384 | 304 | 788 | 607 |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
TOTAL Balance | (21,606) | (16,742) | (21,606) | (16,742) |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 384 | 304 | 788 | 607 |
TOTAL Balance | $ (21,990) | $ (17,046) | $ (22,394) | $ (17,349) |
Accumulated Other Comprehensi_5
Accumulated Other Comprehensive Income (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Net securities gains (losses) | $ 31 | $ 16 | $ 225 | $ 12 |
Income tax expense | (2,899) | (3,204) | (5,919) | (5,421) |
Unrealized gain (loss) on securities, net of tax | 11,924 | 12,569 | 24,105 | 22,251 |
Change in funded status of post retirement benefits | 384 | 304 | 788 | 607 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Unrealized gain (loss) on securities, net of tax | (361) | (292) | (619) | (598) |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Net securities gains (losses) | 31 | 16 | 225 | 12 |
Income tax expense | (8) | (4) | (56) | (3) |
Unrealized gain (loss) on securities, net of tax | 23 | 12 | 169 | 9 |
Accumulated Defined Benefit Plans Adjustment [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Income tax expense | 108 | 86 | 196 | 172 |
Unrealized gain (loss) on securities, net of tax | (384) | (304) | (788) | (607) |
Change in funded status of post retirement benefits | $ (492) | $ (390) | $ (984) | $ (779) |
Uncategorized Items - thff-2020
Label | Element | Value |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue | $ 6,393,000 |
Collateralized Debt Obligations [Member] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue | 3,258,000 |
US States and Political Subdivisions Debt Securities [Member] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue | $ 3,135,000 |