Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2024 | May 01, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
Document Transition Report | false | |
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 | |
Title of 12(b) Security | Common Stock, par value $0.125 per share | |
Trading Symbol | THFF | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 11,814,093 | |
Entity Central Index Key | 0000714562 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
ASSETS | ||
Cash and due from banks | $ 69,231 | $ 76,759 |
Federal funds sold | 282 | |
Securities available-for-sale | 1,218,287 | 1,259,137 |
Loans | 3,184,649 | 3,160,072 |
(Less) plus: Net deferred loan (fees)/costs | 7,334 | 7,749 |
Allowance for credit losses | (40,045) | (39,767) |
Loans, net | 3,151,938 | 3,128,054 |
Restricted stock | 15,371 | 15,364 |
Accrued interest receivable | 23,851 | 24,877 |
Premises and equipment, net | 66,830 | 67,286 |
Bank-owned life insurance | 114,683 | 114,122 |
Goodwill | 86,985 | 86,985 |
Other intangible assets | 5,351 | 5,586 |
Other real estate owned | 167 | 107 |
Other assets | 99,921 | 72,587 |
TOTAL ASSETS | 4,852,615 | 4,851,146 |
Deposits: | ||
Non-interest-bearing | 738,478 | 750,335 |
Interest-bearing: | ||
Certificates of deposit exceeding the FDIC insurance limits | 109,228 | 92,921 |
Other interest-bearing deposits | 3,257,397 | 3,246,812 |
Total Deposits | 4,105,103 | 4,090,068 |
Short-term borrowings | 88,873 | 67,221 |
Other borrowings | 58,576 | 108,577 |
Other liabilities | 79,297 | 57,304 |
TOTAL LIABILITIES | 4,331,849 | 4,323,170 |
Shareholders' equity | ||
Common stock, $0.125 stated value per share; Authorized shares - 40,000,000; Issued shares-16,165,023 in 2024 and 16,137,220 in 2023; Outstanding shares - 11,814,093 in 2024 and 11,795,024 in 2023 | 2,015 | 2,014 |
Additional paid-in capital | 144,391 | 144,152 |
Retained earnings | 667,675 | 663,726 |
Accumulated other comprehensive loss | (138,110) | (127,087) |
Less: Treasury shares at cost - 4,350,930 in 2024 and 4,342,196 in 2023 | (155,205) | (154,829) |
TOTAL SHAREHOLDERS' EQUITY | 520,766 | 527,976 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 4,852,615 | 4,851,146 |
Commercial | ||
ASSETS | ||
Loans | 1,816,854 | 1,817,526 |
Residential | ||
ASSETS | ||
Loans | 710,496 | 695,788 |
Consumer | ||
ASSETS | ||
Loans | $ 657,299 | $ 646,758 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2024 | Dec. 31, 2023 |
CONSOLIDATED BALANCE SHEETS | ||
Common stock, stated value per share | $ 0.125 | $ 0.125 |
Common stock, Authorized shares | 40,000,000 | 40,000,000 |
Common stock, Issued shares | 16,165,023 | 16,137,220 |
Common stock, Outstanding shares | 11,814,093 | 11,795,024 |
Treasury, shares | 4,350,930 | 4,342,196 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
INTEREST INCOME: | ||
Loans, including related fees | $ 50,052 | $ 44,595 |
Securities: | ||
Taxable | 5,931 | 6,236 |
Tax-exempt | 2,603 | 2,598 |
Other | 817 | 1,271 |
TOTAL INTEREST INCOME | 59,403 | 54,700 |
INTEREST EXPENSE: | ||
Deposits | 17,731 | 9,527 |
Short-term borrowings | 976 | 808 |
Other borrowings | 1,776 | 30 |
TOTAL INTEREST EXPENSE | 20,483 | 10,365 |
NET INTEREST INCOME | 38,920 | 44,335 |
Provision for credit losses | 1,800 | 1,800 |
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES | 37,120 | 42,535 |
NON-INTEREST INCOME: | ||
Trust and financial services | 1,333 | 1,317 |
Service charges and fees on deposit accounts | 6,708 | 6,818 |
Other service charges and fees | 223 | 204 |
Interchange income | 179 | 47 |
Loan servicing fees | 269 | 285 |
Gain on sales of mortgage loans | 176 | 180 |
Other | 543 | 524 |
Total non-interest income | 9,431 | 9,375 |
NON-INTEREST EXPENSE: | ||
Salaries and employee benefits | 17,330 | 17,158 |
Occupancy expense | 2,359 | 2,599 |
Equipment expense | 4,144 | 3,299 |
FDIC Expense | 662 | 787 |
Other | 8,927 | 8,478 |
TOTAL NON-INTEREST EXPENSE | 33,422 | 32,321 |
INCOME BEFORE INCOME TAXES | 13,129 | 19,589 |
Provision for income taxes | 2,205 | 3,609 |
NET INCOME | 10,924 | 15,980 |
OTHER COMPREHENSIVE INCOME (LOSS) | ||
Change in unrealized gains/(losses) on securities, net of reclassifications and taxes | (11,096) | 14,238 |
Change in funded status of post retirement benefits, net of taxes | 73 | 147 |
COMPREHENSIVE INCOME (LOSS) | $ (99) | $ 30,365 |
PER SHARE DATA | ||
Basic Earnings per Share (in dollars per share) | $ 0.93 | $ 1.33 |
Diluted Earnings per Share (in dollars per share) | $ 0.93 | $ 1.33 |
Weighted average number of shares outstanding, basic (in shares) | 11,803 | 12,058 |
Weighted average number of shares outstanding, diluted (in shares) | 11,803 | 12,058 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Common Stock | Additional Capital | Retained Earnings Cumulative change in accounting principle ASU 2023-02 | Retained Earnings | Accumulated Other Comprehensive Income/(Loss) | Treasury Stock | Cumulative change in accounting principle ASU 2023-02 | Total |
Balance at Dec. 31, 2022 | $ 2,012 | $ 143,185 | $ 614,829 | $ (139,974) | $ (144,759) | $ 475,293 | ||
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY | ||||||||
Net Income | 15,980 | 15,980 | ||||||
Other comprehensive income (loss) | 14,385 | 14,385 | ||||||
Omnibus Equity Incentive Plan | 223 | 223 | ||||||
Treasury shares purchased | (382) | (382) | ||||||
Balance at Mar. 31, 2023 | 2,012 | 143,408 | 630,809 | (125,589) | (145,141) | 505,499 | ||
Balance at Dec. 31, 2023 | 2,014 | 144,152 | $ (1,659) | 663,726 | (127,087) | (154,829) | $ (1,659) | 527,976 |
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY | ||||||||
Net Income | 10,924 | 10,924 | ||||||
Other comprehensive income (loss) | (11,023) | (11,023) | ||||||
Omnibus Equity Incentive Plan | 1 | 239 | 240 | |||||
Treasury shares purchased | (376) | (376) | ||||||
Cash Dividends | (5,316) | (5,316) | ||||||
Balance at Mar. 31, 2024 | $ 2,015 | $ 144,391 | $ 667,675 | $ (138,110) | $ (155,205) | $ 520,766 |
CONSOLIDATED STATEMENTS OF SH_2
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY | ||
Treasury stock purchases (in shares) | 8,734 | 8,304 |
Cash Dividends (in dollars per share) | $ 0.45 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net Income | $ 10,924 | $ 15,980 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Net amortization (accretion) of premiums and discounts on investments | 1,204 | 1,275 |
Provision for credit losses | 1,800 | 1,800 |
Depreciation and amortization | 1,655 | 1,581 |
Restricted stock compensation | 240 | 223 |
Gain on sale of mortgage loans | (176) | (180) |
(Gain) Loss on sale of other real estate | (7) | 4 |
Other, net | (3,204) | 3,094 |
NET CASH FROM OPERATING ACTIVITIES | 12,436 | 23,777 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Calls, maturities and principal reductions on securities available-for-sale | 25,187 | 29,900 |
Purchases of securities available-for-sale | (4) | (22,911) |
Loans made to customers, net of repayment | (25,567) | (14,020) |
Net change in federal funds sold | 282 | (3,557) |
Purchase of restricted stock | (7) | (6) |
Proceeds from sales of other real estate owned | 70 | 40 |
Additions to premises and equipment | (964) | (3,274) |
NET CASH FROM INVESTING ACTIVITIES | (1,003) | (13,828) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Net change in deposits | 15,067 | (203,260) |
Net change in short-term borrowings | 21,652 | 37,709 |
Dividends paid | (5,304) | (8,912) |
Purchase of treasury stock | (376) | (382) |
Proceeds from other borrowings | 750,000 | 25,000 |
Maturities of other borrowings | (800,000) | |
NET CASH FROM FINANCING ACTIVITIES | (18,961) | (149,845) |
NET CHANGE IN CASH AND CASH EQUIVALENTS | (7,528) | (139,896) |
CASH AND DUE FROM BANKS, BEGINNING OF PERIOD | 76,759 | 222,517 |
CASH AND DUE FROM BANKS, END OF PERIOD | $ 69,231 | $ 82,621 |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
Significant Accounting Policies | |
Significant Accounting Policies | 1. 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. 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 2024 and 2023, 27,803 and 22,228 shares were awarded, respectively. These shares had a grant date value of $1.0 million and $1.0 million for 2024 and 2023, 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. |
New accounting standards
New accounting standards | 3 Months Ended |
Mar. 31, 2024 | |
New accounting standards | |
New accounting standards | 2. New accounting standards Accounting Pronouncements Adopted: In June 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2022-03 “Fair Value Measurements (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions.” In March 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards (ASU) No. 2023-02 “ Investments Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method.” These amendments allow reporting entities to elect to account for qualifying tax equity investments using the proportional amortization method, regardless of the program giving rise to the related income tax credits. This guidance is effective for public business entities for fiscal years including interim periods within those fiscal years, beginning after December 15, 2023. Early adoption is permitted in any interim period. Recent Accounting Pronouncements: In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07 “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” These amendments require, among other things, that a public entity that has a single reportable segment provide all the disclosures required by the amendments in this ASU and all existing segment disclosures in Topic 208. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. A public entity should apply the amendments retrospectively to all periods presented in the financial statements. The Corporation is assessing ASU 2023-07 and its effect on its consolidated financial statements and related disclosures. In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” Among other things, these amendments require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than five percent of the amount computed by multiplying pretax income (loss) by the applicable statutory income tax rate.) The amendments also require that all entities disclose on an annual basis the following information about income taxes paid: (1) the amount of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign taxes and (2) the amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions in which income taxes paid (net of refunds received) is equal to or greater than five percent of total income taxes paid (net of refunds received.) This guidance is effective for public business entities for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments should be applied on a prospective basis although retrospective application is permitted. The Corporation is assessing ASU 2023-09 and its effect on its consolidated financial statements and related disclosures . |
Allowance for Credit Losses
Allowance for Credit Losses | 3 Months Ended |
Mar. 31, 2024 | |
Allowance for Credit Losses | |
ALLOWANCE FOR CREDIT LOSSES | 3. Allowance for Credit Losses The following table presents the activity of the allowance for credit losses by portfolio segment for the three months ended March 31. Allowance for Credit Losses: March 31, 2024 (Dollar amounts in thousands) Commercial Residential Consumer Unallocated Total Beginning balance $ 13,264 $ 14,327 $ 11,797 $ 379 $ 39,767 Provision for credit losses 271 (173) 1,767 (65) 1,800 Loans charged-off (231) (14) (2,947) — (3,192) Recoveries 275 93 1,302 — 1,670 Ending Balance $ 13,579 $ 14,233 $ 11,919 $ 314 $ 40,045 Allowance for Credit Losses: March 31, 2023 (Dollar amounts in thousands) Commercial Residential Consumer Unallocated Total Beginning balance $ 12,949 $ 14,568 $ 12,104 $ 158 $ 39,779 Provision for credit losses (54) 500 1,254 100 1,800 Loans charged-off (306) (79) (3,991) — (4,376) Recoveries 201 70 2,146 — 2,417 Ending Balance $ 12,790 $ 15,059 $ 11,513 $ 258 $ 39,620 The tables below present the recorded investment in non-performing loans by class of loans. March 31, 2024 Loans Past Nonaccrual Due Over With No 90 Days Still Allowance (Dollar amounts in thousands) Accruing Nonaccrual For Credit Loss Commercial Commercial & Industrial $ 397 $ 14,290 $ 63 Farmland — 1,219 1,201 Non Farm, Non Residential — 1,145 697 Agriculture — 935 893 All Other Commercial — 1,021 1,004 Residential First Liens 620 827 — Home Equity 124 68 — Junior Liens 209 111 — Multifamily 20 429 373 All Other Residential 60 405 — Consumer Motor Vehicle — 2,166 — All Other Consumer — 241 — TOTAL $ 1,430 $ 22,857 $ 4,231 December 31, 2023 Loans Past Nonaccrual Due Over With No 90 Days Still Allowance (Dollar amounts in thousands) Accruing Nonaccrual For Credit Loss Commercial Commercial & Industrial $ 5 $ 13,971 $ 860 Farmland — 1,221 1,201 Non Farm, Non Residential — 995 1,011 Agriculture — 1,147 1,103 All Other Commercial — 1,046 1,027 Residential First Liens 620 960 — Home Equity 32 68 — Junior Liens 239 67 — Multifamily 47 543 373 All Other Residential — 427 — Consumer Motor Vehicle 45 2,933 — All Other Consumer — 218 — TOTAL $ 988 $ 23,596 $ 5,575 The following tables present the amortized cost basis of collateral dependent loans by class of loans: March 31, 2024 Collateral Type (Dollar amounts in thousands) Real Estate Other Commercial Commercial & Industrial $ 643 $ 11,795 Farmland 1,622 — Non Farm, Non Residential 3,563 — Agriculture — 893 All Other Commercial 1,003 — Residential First Liens 32 — Home Equity — — Junior Liens — — Multifamily 373 — All Other Residential 349 — Consumer Motor Vehicle — — All Other Consumer — — Total $ 7,585 $ 12,688 December 31, 2023 Collateral Type (Dollar amounts in thousands) Real Estate Other Commercial Commercial & Industrial $ 1,454 $ 12,056 Farmland 1,633 — Non Farm, Non Residential 3,919 — Agriculture 49 1,054 All Other Commercial 1,027 — Residential First Liens 32 — Home Equity — — Junior Liens — — Multifamily 373 — All Other Residential 349 — Consumer Motor Vehicle — — All Other Consumer — — Total $ 8,836 $ 13,110 The following tables presents the aging of the recorded investment in loans by past due category and class of loans. March 31, 2024 90 Days 30-59 Days 60-89 Days and Greater Total (Dollar amounts in thousands) Past Due Past Due Past Due Past Due Current Total Commercial Commercial & Industrial $ 1,434 $ 1,539 $ 7,791 $ 10,764 $ 559,950 $ 570,714 Farmland 398 — 1,201 1,599 130,209 131,808 Non Farm, Non Residential — 111 — 111 534,606 534,717 Agriculture 17 — 930 947 127,631 128,578 All Other Commercial 759 — — 759 462,159 462,918 Residential First Liens 3,979 323 874 5,176 358,970 364,146 Home Equity 885 68 163 1,116 64,577 65,693 Junior Liens 439 240 266 945 57,613 58,558 Multifamily 570 96 394 1,060 200,862 201,922 All Other Residential 309 — 408 717 21,931 22,648 Consumer Motor Vehicle 7,552 1,160 463 9,175 619,934 629,109 All Other Consumer 362 19 58 439 30,792 31,231 TOTAL $ 16,704 $ 3,556 $ 12,548 $ 32,808 $ 3,169,234 $ 3,202,042 December 31, 2023 90 Days 30-59 Days 60-89 Days and Greater Total (Dollar amounts in thousands) Past Due Past Due Past Due Past Due Current Total Commercial Commercial & Industrial $ 668 $ 488 $ 1,136 $ 2,292 $ 649,801 $ 652,093 Farmland 58 — 1,201 1,259 132,147 133,406 Non Farm, Non Residential — — — — 439,009 439,009 Agriculture — — 1,141 1,141 139,900 141,041 All Other Commercial — — — — 464,776 464,776 Residential First Liens 2,841 816 924 4,581 354,711 359,292 Home Equity 360 188 71 619 65,191 65,810 Junior Liens 462 124 262 848 57,985 58,833 Multifamily 117 140 373 630 191,104 191,734 All Other Residential 554 — 47 601 21,961 22,562 Consumer Motor Vehicle 12,491 1,754 761 15,006 602,442 617,448 All Other Consumer 397 102 13 512 31,857 32,369 TOTAL $ 17,948 $ 3,612 $ 5,929 $ 27,489 $ 3,150,884 $ 3,178,373 Loan Modifications Made to Borrowers Experiencing Financial Difficulty: 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. The following table presents the amortized cost of loans and leases at March 31, 2024 that were both experiencing financial difficulty and modified during the twelve months ended March 31, 2024, by class and by type of modification. The percentage of the amortized cost of loans and leases that were modified to borrowers in financial distress as compared to the amortized cost of each class of financial receivable is also presented below. Combination Combination Term Term Total Extension and Extension Class of Principal Payment Term Interest Rate Principal Interest Rate Financing (Dollar amounts in thousands) Forgiveness Delay Extension Reduction Forgiveness Reduction Receivable Residential First Liens $ — $ — $ — $ 138 $ — $ 25 0.04 % Junior Liens — — 28 — — — 0.05 % Consumer Motor Vehicle 33 — 260 28 120 102 0.09 % TOTAL $ 33 $ — $ 288 $ 166 $ 120 $ 127 0.02 % The Company closely monitors the performance of loans and leases that have been modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table presents the performance of such loans that have been modified in the last twelve months: March 31, 2024 30 - 59 60 - 89 Greater Than Days Days 89 Days Total (Dollar amounts in thousands) Past Due Past Due Past Due Past Due Consumer Motor Vehicle $ 64 $ $ $ 64 TOTAL $ 64 $ — $ — $ 64 The following table presents the financial effect of loan and lease modifications presented above to borrowers experiencing financial difficulty for the twelve months ended March 31, 2024. Weighted- Weighted- Average Average Principal Interest Rate Term (Dollar amounts in thousands) Forgiveness Reduction Extension Residential First Liens $ — 2.11 % 24 Junior Liens — — 36 Consumer Motor Vehicle 52 2.74 % 23 TOTAL $ 52 2.41 % 24 The following table presents the amortized cost basis of loans that had a payment default during the twelve months ended March 31, 2024 and were modified in the twelve months prior to that default to borrowers experiencing financial difficulty . Principal Payment Term Interest Rate (Dollar amounts in thousands) Forgiveness Delay Extension Reduction Consumer Motor Vehicle $ 2 $ $ 64 $ 2 TOTAL $ 2 $ — $ 64 $ 2 Upon the Corporation’s determination that a modified loan has subsequently been deemed uncollectible, the loan is written off. Therefore, the amortized cost basis of the loan is reduced by the uncollectible amount and the allowance for credit losses is adjusted by the same amount. 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. The following tables present the commercial loan portfolio by risk category. These balances do not include accrued interest: March 31, 2024 Term Loans at Amortized Cost Basis by Origination Year Revolving 2024 2023 2022 2021 2020 Prior Loans Total Commercial Commercial and Industrial Pass $ 36,823 $ 44,296 $ 116,256 $ 76,514 $ 38,558 $ 105,365 $ 89,655 $ 507,467 Special Mention — 14,605 762 9,780 3,392 1,205 2,299 $ 32,043 Substandard 2,431 1,235 4,360 9,522 145 6,941 — $ 24,634 Doubtful — — — — — — — $ — Not Rated 542 1,263 1,181 619 360 166 — $ 4,131 Subtotal $ 39,796 $ 61,399 $ 122,559 $ 96,435 $ 42,455 $ 113,677 $ 91,954 $ 568,275 Current period gross charge-offs $ - $ - $ - $ - $ 5 $ 22 $ - $ 27 Farmland Pass $ 4,521 $ 20,668 $ 15,738 $ 19,867 $ 7,911 $ 57,576 $ 214 $ 126,495 Special Mention — — — 3 — 1,062 — $ 1,065 Substandard — — — — 40 2,129 — $ 2,169 Doubtful — — — — — — — $ — Not Rated — — — — — 14 — $ 14 Subtotal $ 4,521 $ 20,668 $ 15,738 $ 19,870 $ 7,951 $ 60,781 $ 214 $ 129,743 Current period gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ — Non Farm, Non Residential Pass $ 37,395 $ 79,071 $ 136,474 $ 100,219 $ 22,866 $ 140,335 $ 5,983 $ 522,343 Special Mention — — 718 985 — 835 — $ 2,538 Substandard 662 59 189 — — 6,560 — $ 7,470 Doubtful — — — — — — — $ — Not Rated — — — — 673 64 — $ 737 Subtotal $ 38,057 $ 79,130 $ 137,381 $ 101,204 $ 23,539 $ 147,794 $ 5,983 $ 533,088 Current period gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ — Agriculture Pass $ 3,737 $ 9,424 $ 10,522 $ 5,945 $ 5,669 $ 22,708 $ 61,669 $ 119,674 Special Mention — — 86 — 5 602 3,543 $ 4,236 Substandard — — 55 — — 904 — $ 959 Doubtful — — — — — — — $ — Not Rated — — 42 29 31 25 — $ 127 Subtotal $ 3,737 $ 9,424 $ 10,705 $ 5,974 $ 5,705 $ 24,239 $ 65,212 $ 124,996 Current period gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ — Other Commercial Pass $ 6,151 $ 30,204 $ 104,099 $ 106,110 $ 93,055 $ 107,236 $ 9,170 $ 456,025 Special Mention — — — — 2,439 812 — $ 3,251 Substandard — — 1,003 15 — — — $ 1,018 Doubtful — — — — — — — $ — Not Rated — — 11 — — 447 — $ 458 Subtotal $ 6,151 $ 30,204 $ 105,113 $ 106,125 $ 95,494 $ 108,495 $ 9,170 $ 460,752 Current period gross charge-offs $ 104 $ 100 $ - $ - $ - $ - $ - $ 204 Residential Multifamily >5 Residential Pass $ — $ 42,594 $ 66,593 $ 31,781 $ 22,389 $ 28,140 $ 426 $ 191,923 Special Mention — — 235 — 354 6,465 — $ 7,054 Substandard — — — — — 373 — $ 373 Doubtful — — — — — — — $ — Not Rated — — — 1,096 — 690 — $ 1,786 Subtotal $ — $ 42,594 $ 66,828 $ 32,877 $ 22,743 $ 35,668 $ 426 $ 201,136 Current period gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ — Total Pass $ 88,627 $ 226,257 $ 449,682 $ 340,436 $ 190,448 $ 461,360 $ 167,117 $ 1,923,927 Special Mention — 14,605 1,801 10,768 6,190 10,981 5,842 $ 50,187 Substandard 3,093 1,294 5,607 9,537 185 16,907 — $ 36,623 Doubtful — — — — — — — $ — Not Rated 542 1,263 1,234 1,744 1,064 1,406 — $ 7,253 $ 92,262 $ 243,419 $ 458,324 $ 362,485 $ 197,887 $ 490,654 $ 172,959 $ 2,017,990 December 31, 2023 Term Loans at Amortized Cost Basis by Origination Year Revolving 2023 2022 2021 2020 2019 Prior Loans Total Commercial Commercial and Industrial Pass $ 80,873 $ 131,522 $ 112,811 $ 47,445 $ 44,257 $ 100,872 $ 81,551 $ 599,331 Special Mention 6 221 10,025 3,442 323 866 2,715 $ 17,598 Substandard 3,620 4,734 1,842 981 1,789 5,354 7,932 $ 26,252 Doubtful — — — — — — — $ — Not Rated 3,476 1,352 847 431 144 93 — $ 6,343 Subtotal $ 87,975 $ 137,829 $ 125,525 $ 52,299 $ 46,513 $ 107,185 $ 92,198 $ 649,524 Current period gross charge-offs $ 8 $ 72 $ 40 $ 78 $ 24 $ 49 $ - $ 271 Farmland Pass $ 21,232 $ 16,025 $ 20,794 $ 8,310 $ 8,790 $ 52,357 $ 287 $ 127,795 Special Mention — — 4 — 363 710 — $ 1,077 Substandard — — — 41 309 1,370 — $ 1,720 Doubtful — — — — — — — $ — Not Rated — — — — — 14 — $ 14 Subtotal $ 21,232 $ 16,025 $ 20,798 $ 8,351 $ 9,462 $ 54,451 $ 287 $ 130,606 Current period gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ — Non Farm, Non Residential Pass $ 73,740 $ 123,319 $ 69,477 $ 23,965 $ 22,550 $ 106,752 $ 7,606 $ 427,409 Special Mention — 732 995 — 845 — — $ 2,572 Substandard 102 — — — 479 6,356 — $ 6,937 Doubtful — — — — — — — $ — Not Rated — — — 678 — 65 — $ 743 Subtotal $ 73,842 $ 124,051 $ 70,472 $ 24,643 $ 23,874 $ 113,173 $ 7,606 $ 437,661 Current period gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ — Agriculture Pass $ 10,764 $ 11,299 $ 6,614 $ 6,118 $ 7,443 $ 25,678 $ 64,476 $ 132,392 Special Mention — 86 — 8 — 605 3,618 $ 4,317 Substandard — 55 — — 50 1,067 — $ 1,172 Doubtful — — — — — — — $ — Not Rated — 51 31 35 24 — — $ 141 Subtotal $ 10,764 $ 11,491 $ 6,645 $ 6,161 $ 7,517 $ 27,350 $ 68,094 $ 138,022 Current period gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ — Other Commercial Pass $ 27,401 $ 105,046 $ 104,307 $ 94,029 $ 4,774 $ 112,159 $ 9,177 $ 456,893 Special Mention — — — 2,478 — 830 — $ 3,308 Substandard — 1,027 16 — — — — $ 1,043 Doubtful — — — — — — — $ — Not Rated — 12 — — — 457 — $ 469 Subtotal $ 27,401 $ 106,085 $ 104,323 $ 96,507 $ 4,774 $ 113,446 $ 9,177 $ 461,713 Current period gross charge-offs $ 675 $ - $ - $ - $ 20 $ - $ - $ 695 Residential Multifamily >5 Residential Pass $ 34,551 $ 62,845 $ 32,273 $ 22,590 $ 6,397 $ 23,215 $ 382 $ 182,253 Special Mention — — — 357 — 6,571 — $ 6,928 Substandard — — — — — 373 — $ 373 Doubtful — — — — — — — $ — Not Rated — — 1,102 — — 251 — $ 1,353 Subtotal $ 34,551 $ 62,845 $ 33,375 $ 22,947 $ 6,397 $ 30,410 $ 382 $ 190,907 Current period gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ — Total Pass $ 248,561 $ 450,056 $ 346,276 $ 202,457 $ 94,211 $ 421,033 $ 163,479 $ 1,926,073 Special Mention 6 1,039 11,024 6,285 1,531 9,582 6,333 $ 35,800 Substandard 3,722 5,816 1,858 1,022 2,627 14,520 7,932 $ 37,497 Doubtful — — — — — — — $ — Not Rated 3,476 1,415 1,980 1,144 168 880 — $ 9,063 $ 255,765 $ 458,326 $ 361,138 $ 210,908 $ 98,537 $ 446,015 $ 177,744 $ 2,008,433 The Corporation evaluates the credit quality of its other loan portfolios, which includes residential real estate, consumer and lease financing loans, based primarily on the aging status of the loan and payment activity. Accordingly, loans on non-accrual status and loans past due 90 days or more and still accruing interest are considered to be nonperforming for purposes of credit quality evaluation. The following table presents the other loan portfolio based on the credit risk profile of loans that are performing and loans that are nonperforming. These balances do not include accrued interest: March 31, 2024 Term Loans at Amortized Cost Basis by Origination Year Revolving 2024 2023 2022 2021 2020 Prior Loans Total Residential First Liens Performing $ 12,945 $ 49,273 $ 70,240 $ 63,845 $ 35,147 $ 128,738 $ 1,148 $ 361,336 Non-performing — — 251 — 65 1,307 — $ 1,623 Subtotal $ 12,945 $ 49,273 $ 70,491 $ 63,845 $ 35,212 $ 130,045 $ 1,148 $ 362,959 Current period gross charge-offs $ - $ - $ - $ - $ - $ 14 $ - $ 14 Home Equity Performing $ — $ 61 $ 45 $ — $ 7 $ 1,456 $ 63,704 $ 65,273 Non-performing — — 68 — 17 54 51 $ 190 Subtotal $ — $ 61 $ 113 $ — $ 24 $ 1,510 $ 63,755 $ 65,463 Current period gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ — Junior Liens Performing $ 2,654 $ 14,561 $ 14,691 $ 7,813 $ 5,235 $ 11,490 $ 1,623 $ 58,067 Non-performing — — 41 41 102 135 — $ 319 Subtotal $ 2,654 $ 14,561 $ 14,732 $ 7,854 $ 5,337 $ 11,625 $ 1,623 $ 58,386 Current period gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ — Other Residential Performing $ 224 $ 8,087 $ 8,659 $ 2,999 $ 408 $ 1,525 $ 185 $ 22,087 Non-performing — — — 59 — 406 — $ 465 Subtotal $ 224 $ 8,087 $ 8,659 $ 3,058 $ 408 $ 1,931 $ 185 $ 22,552 Current period gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ — Consumer Motor Vehicle Performing $ 68,820 $ 249,124 $ 195,414 $ 61,139 $ 39,299 $ 10,326 $ — $ 624,122 Non-performing — 222 797 501 473 118 — $ 2,111 Subtotal $ 68,820 $ 249,346 $ 196,211 $ 61,640 $ 39,772 $ 10,444 $ — $ 626,233 Current period gross charge-offs $ - $ 680 $ 1,285 $ 633 $ 185 $ 43 $ - $ 2,826 Other Consumer Performing $ 2,948 $ 10,821 $ 5,734 $ 3,243 $ 1,889 $ 1,210 $ 4,968 $ 30,813 Non-performing — 36 44 121 32 8 12 $ 253 Subtotal $ 2,948 $ 10,857 $ 5,778 $ 3,364 $ 1,921 $ 1,218 $ 4,980 $ 31,066 Current period gross charge-offs $ - $ 46 $ 25 $ 3 $ 7 $ 5 $ 35 $ 121 Total Performing $ 87,591 $ 331,927 $ 294,783 $ 139,039 $ 81,985 $ 154,745 $ 71,628 $ 1,161,698 Non-performing — 258 1,201 722 689 2,028 63 $ 4,961 Total other loans $ 87,591 $ 332,185 $ 295,984 $ 139,761 $ 82,674 $ 156,773 $ 71,691 $ 1,166,659 December 31, 2023 Term Loans at Amortized Cost Basis by Origination Year Revolving 2023 2022 2021 2020 2019 Prior Loans Total Residential First Liens Performing $ 49,146 $ 70,952 $ 65,232 $ 36,751 $ 15,185 $ 118,087 $ 1,066 $ 356,419 Non-performing — 121 — 65 57 1,504 — $ 1,747 Subtotal $ 49,146 $ 71,073 $ 65,232 $ 36,816 $ 15,242 $ 119,591 $ 1,066 $ 358,166 Current period gross charge-offs $ - $ - $ - $ - $ - $ 167 $ - $ 167 Home Equity Performing $ 61 $ 68 $ — $ 7 $ 378 $ 866 $ 64,102 $ 65,482 Non-performing — 22 — 17 — 60 — $ 99 Subtotal $ 61 $ 90 $ — $ 24 $ 378 $ 926 $ 64,102 $ 65,581 Current period gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ — Junior Liens Performing $ 15,050 $ 15,431 $ 8,248 $ 5,557 $ 4,280 $ 8,094 $ 1,698 $ 58,358 Non-performing — 53 45 104 — 103 — $ 305 Subtotal $ 15,050 $ 15,484 $ 8,293 $ 5,661 $ 4,280 $ 8,197 $ 1,698 $ 58,663 Current period gross charge-offs $ - $ - $ - $ - $ 24 $ 24 $ - $ 48 Other Residential Performing $ 6,432 $ 9,477 $ 3,100 $ 421 $ 641 $ 1,511 $ 415 $ 21,997 Non-performing — — 46 — 390 38 — $ 474 Subtotal $ 6,432 $ 9,477 $ 3,146 $ 421 $ 1,031 $ 1,549 $ 415 $ 22,471 Current period gross charge-offs $ - $ - $ - $ - $ - $ 1 $ - $ 1 Consumer Motor Vehicle Performing $ 264,933 $ 215,125 $ 70,926 $ 46,939 $ 12,038 $ 2,177 $ — $ 612,138 Non-performing 232 973 520 532 134 30 — $ 2,421 Subtotal $ 265,165 $ 216,098 $ 71,446 $ 47,471 $ 12,172 $ 2,207 $ — $ 614,559 Current period gross charge-offs $ 841 $ 7,722 $ 3,101 $ 1,448 $ 499 $ 174 $ - $ 13,785 Other Consumer Performing $ 12,561 $ 6,895 $ 3,778 $ 2,189 $ 659 $ 692 $ 5,203 $ 31,977 Non-performing — 20 145 39 17 — 1 $ 222 Subtotal $ 12,561 $ 6,915 $ 3,923 $ 2,228 $ 676 $ 692 $ 5,204 $ 32,199 Current period gross charge-offs $ 61 $ 213 $ 61 $ 37 $ 3 $ 5 $ 149 $ 529 Total Performing $ 348,183 $ 317,948 $ 151,284 $ 91,864 $ 33,181 $ 131,427 $ 72,484 $ 1,146,371 Non-performing 232 1,189 756 757 598 1,735 1 $ 5,268 Total other loans $ 348,415 $ 319,137 $ 152,040 $ 92,621 $ 33,779 $ 133,162 $ 72,485 $ 1,151,639 |
Securities
Securities | 3 Months Ended |
Mar. 31, 2024 | |
Securities | |
Securities | 4. Securities The amortized cost and fair value of the Corporation’s investments are shown below. All securities are classified as available-for-sale. March 31, 2024 Amortized Unrealized Unrealized (Dollar amounts in thousands) Cost Gains Losses Fair Value U.S. Government agencies $ 100,710 $ 3 $ (12,599) $ 88,114 Mortgage Backed Securities - residential 638,535 9 (92,745) 545,799 Mortgage Backed Securities - commercial 7,880 — (483) 7,397 Collateralized mortgage obligations 204,572 — (29,145) 175,427 State and municipal obligations 393,628 756 (30,635) 363,749 Municipal taxable 39,869 — (5,868) 34,001 U.S. Treasury 917 — (5) 912 Collateralized debt obligations — 2,888 — 2,888 TOTAL $ 1,386,111 $ 3,656 $ (171,480) $ 1,218,287 December 31, 2023 Amortized Unrealized Unrealized (Dollar amounts in thousands) Cost Gains Losses Fair Value U.S. Government agencies $ 102,978 $ 4 $ (11,542) $ 91,440 Mortgage Backed Securities-residential 653,507 53 (83,675) 569,885 Mortgage Backed Securities-commercial 7,919 — (436) 7,483 Collateralized mortgage obligations 209,398 6 (28,575) 180,829 State and municipal obligations 397,413 1,407 (28,009) 370,811 Municipal taxable 39,872 12 (5,599) 34,285 U.S. Treasury 1,411 — (9) 1,402 Collateralized debt obligations — 3,002 — 3,002 TOTAL $ 1,412,498 $ 4,484 $ (157,845) $ 1,259,137 Contractual maturities of debt securities at March 31, 2024 were as follows. Available-for-Sale Amortized Fair (Dollar amounts in thousands) Cost Value Due in one year or less $ 8,551 $ 8,446 Due after one but within five years 43,363 41,503 Due after five but within ten years 109,167 105,859 Due after ten years 374,043 333,856 535,124 489,664 Mortgage-backed securities and collateralized mortgage obligations 850,987 728,623 TOTAL $ 1,386,111 $ 1,218,287 There were no gross gains and losses from investment sales/calls realized by the Corporation for the three months ended March 31, 2024. For the three months ended March 31, 2023 there were no gross gains and 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 March 31, 2024 and December 31, 2023. March 31, 2024 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 $ 3,204 $ (107) $ 84,538 $ (12,492) $ 87,742 $ (12,599) Mortgage Backed Securities - Residential 12,148 (171) 532,937 (92,574) 545,085 (92,745) Mortgage Backed Securities - Commercial — — 7,397 (483) 7,397 (483) Collateralized mortgage obligations 15,509 (423) 159,918 (28,722) 175,427 (29,145) State and municipal obligations 62,809 (375) 228,942 (30,260) 291,751 (30,635) Municipal taxable 1,311 (4) 31,690 (5,864) 33,001 (5,868) U.S. Treasury 912 (5) — — 912 (5) Total temporarily impaired securities $ 95,893 $ (1,085) $ 1,045,422 $ (170,395) $ 1,141,315 $ (171,480) December 31, 2023 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 $ 3,757 $ (73) $ 87,291 $ (11,469) $ 91,048 $ (11,542) Mortgage Backed Securities - Residential 3,810 (41) 556,414 (83,634) 560,224 (83,675) Mortgage Backed Securities - Commercial — — 7,483 (436) 7,483 (436) Collateralized mortgage obligations 12,981 (303) 164,871 (28,272) 177,852 (28,575) State and municipal obligations 45,154 (319) 212,022 (27,690) 257,176 (28,009) Municipal taxable — — 31,958 (5,599) 31,958 (5,599) U.S. Treasury 1,402 (9) — — 1,402 (9) Total temporarily impaired securities $ 67,104 $ (745) $ 1,060,039 $ (157,100) $ 1,127,143 $ (157,845) Management evaluates securities for impairment related to credit losses 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 impairment related to credit losses by segregating the portfolio into two general segments. In evaluating for impairment, management considers the reason for the decline, the extent of the decline, the duration of the decline and whether the Corporation intends to sell a security or is more likely than not to be required to sell a security before recovery of its amortized cost. 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, the security’s amortized cost is written down to fair value through income. 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, a credit loss exists and an allowance for credit losses is recorded, limited to the amount that the fair value of the security is less than its amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income, net of applicable taxes. Gross unrealized losses on investment securities were $171.5 million as of March 31, 2024 and $157.8 million as of December 31, 2023. Management believes 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. The portfolio contains primarily government agency, agency backed mortgage backed securities (“MBS”), and collateralized mortgage obligations (“CMO”), which are issued by government sponsored enterprises and are backed by the full faith and credit of the United States government. Secondarily, the Corporation invests in municipal securities issued by state and local governments. Of these, almost half are either insured or contain state enhancements. On the remaining, credit is monitored by the investment committee. 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. The table below presents a rollforward of the credit losses recognized in earnings for the three month period ended March 31, 2024 and 2023: Three Months Ended March 31, (Dollar amounts in thousands) 2024 2023 Beginning balance $ 2,974 $ 2,974 Reductions for securities called during the period — — Ending balance $ 2,974 $ 2,974 |
Qualified Affordable Housing Pr
Qualified Affordable Housing Project Investments | 3 Months Ended |
Mar. 31, 2024 | |
Qualified Affordable Housing Project Investments | |
Qualified Affordable Housing Project Investments | 5. Qualified Affordable Housing Project Investments The Corporation invests in qualified affordable housing projects. The balance of investment for qualified housing projects was $29.7 million at March 31, 2024 and $7.8 million at December 31, 2023. These balances are reflected in the other assets line on the consolidated balance sheets. Total unfunded commitments related to the investments in qualified affordable housing projects totaled $23.1 million at March 31, 2024. The Corporation expects to fulfill these commitments by the end of December 31, 2037. The Corporation recognized amortization expense of $195 thousand during the three months ended March 31, 2024, and $195 thousand during the three months ended March 31, 2023, which was included within other noninterest expense on the consolidated statements of income. Additionally, the Corporation recognized tax credits and other benefits form its investment in affordable housing tax credits of $363 thousand during the three months ended March 31, 2024, and $425 thousand during the three months ended March 31, 2023. |
Fair Value
Fair Value | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value | |
Fair Value | 6. 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 and investments in state and municipal securities. 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). March 31, 2024 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) (Dollar amounts in thousands) Level 1 Level 2 Level 3 Total U.S. Government agencies $ — $ 88,114 $ — $ 88,114 Mortgage Backed Securities-residential — 545,799 — 545,799 Mortgage Backed Securities-commercial — 7,397 — 7,397 Collateralized mortgage obligations — 175,427 — 175,427 State and municipal — 362,944 805 363,749 Municipal taxable — 34,001 — 34,001 U.S. Treasury — 912 — 912 Collateralized debt obligations — — 2,888 2,888 TOTAL $ — $ 1,214,594 $ 3,693 $ 1,218,287 Derivative Assets 3,095 Derivative Liabilities (3,095) December 31, 2023 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) (Dollar amounts in thousands) Level 1 Level 2 Level 3 Total U.S. Government agencies $ — $ 91,440 $ — $ 91,440 Mortgage Backed Securities-residential — 569,885 — 569,885 Mortgage Backed Securities-commercial — 7,483 — 7,483 Collateralized mortgage obligations — 180,829 — 180,829 State and municipal — 369,631 1,180 370,811 Municipal taxable — 34,285 — 34,285 U.S. Treasury — 1,402 — 1,402 Collateralized debt obligations — — 3,002 3,002 TOTAL $ — $ 1,254,955 $ 4,182 $ 1,259,137 Derivative Assets 2,878 Derivative Liabilities (2,878) There were no transfers between Level 1 and Level 2 during 2024 and 2023. 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 months ended March 31, 2024 and the year ended December 31, 2023. Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Three Months Ended March 31, 2024 State and municipal Collateralized (Dollar amounts in thousands) obligations debt obligations Total Beginning balance, January 1 $ 1,180 $ 3,002 $ 4,182 Total realized/unrealized gains or losses Included in earnings — — — Included in other comprehensive income — (114) (114) Transfers — — — Settlements (375) — (375) Ending balance, March 31 $ 805 $ 2,888 $ 3,693 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Year Ended December 31, 2023 State and municipal Collateralized (Dollar amounts in thousands) obligations debt obligations Total Beginning balance, January 1 $ 1,545 $ 2,986 $ 4,531 Total realized/unrealized gains or losses Included in earnings — — — Included in other comprehensive income — 16 16 Purchases — — — Settlements (365) — (365) Ending balance, December 31 $ 1,180 $ 3,002 $ 4,182 Other real estate owned is valued at Level 3. Other real estate owned at March 31, 2024 with a value of $167 thousand was reduced by $57 thousand for fair value adjustment. At March 31, 2024 other real estate owned was comprised of $84 thousand from commercial loans and $83 thousand from residential loans. Other real estate owned at December 31, 2023 with a value of $107 thousand was reduced by $57 thousand for fair value adjustment. At December 31, 2023 other real estate owned was comprised of $26 thousand from commercial loans and $81 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 10% to 100% with an average discount of 39%. 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 individually evaluated loans carried at fair value are primarily comprised of smaller balance properties. The following table presents quantitative information about recurring and non-recurring Level 3 fair value measurements at March 31, 2024. (Dollar amounts in thousands) Fair Value Valuation Technique(s) Unobservable Input(s) Range State and municipal obligations $ 805 Discounted cash flow Discount rate 4.24%-4.44 % Collateralized debt obligations $ 2,888 Discounted cash flow Discount rate 7.32 % Collateral dependent loans $ 10,343 Discounted cash flow Discount rate for age of appraisal and market conditions 10.00%-100.00 % The following table presents quantitative information about recurring and non-recurring Level 3 fair value measurements at December 31, 2023. (Dollar amounts in thousands) Fair Value Valuation Technique(s) Unobservable Input(s) Range State and municipal obligations $ 1,180 Discounted cash flow Discount rate 4.04%-4.44 % Collateralized debt obligations $ 3,002 Discounted cash flow Discount rate 7.36 % Collateral dependent loans 11,306 Discounted cash flow Discount rate for age of appraisal and market conditions 0.00%-100.00 % The carrying amounts and estimated fair value of financial instruments at March 31, 2024 and December 31, 2023, 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, collectively evaluated 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 individually evaluated 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. March 31, 2024 Carrying Fair Value (Dollar amounts in thousands) Value Level 1 Level 2 Level 3 Total Cash and due from banks $ 69,231 $ 25,420 $ 43,811 $ — $ 69,231 Federal funds sold — — — — — Securities available-for-sale 1,218,287 — 1,214,594 3,693 1,218,287 Restricted stock 15,371 n/a n/a n/a n/a Loans, net 3,151,938 — — 3,016,655 3,016,655 Accrued interest receivable 23,851 — 6,608 17,243 23,851 Deposits (4,105,103) — (4,102,762) — (4,102,762) Short-term borrowings (88,873) — (88,873) — (88,873) Other borrowings (58,576) — (58,510) — (58,510) Accrued interest payable (3,142) — (3,142) — (3,142) December 31, 2023 Carrying Fair Value (Dollar amounts in thousands) Value Level 1 Level 2 Level 3 Total Cash and due from banks $ 76,759 $ 25,467 $ 51,292 $ — $ 76,759 Federal funds sold 282 — 282 — 282 Securities available-for-sale 1,259,137 — 1,254,955 4,182 1,259,137 Restricted stock 15,364 n/a n/a n/a n/a Loans, net 3,128,054 — — 3,025,621 3,025,621 Accrued interest receivable 24,877 — 6,755 18,122 24,877 Deposits (4,090,068) — (4,094,552) — (4,094,552) Short-term borrowings (67,221) — (67,221) — (67,221) Other borrowings (108,577) — (108,496) — (108,496) Accrued interest payable (2,588) — (2,588) — (2,588) |
Borrowings
Borrowings | 3 Months Ended |
Mar. 31, 2024 | |
Borrowings | |
Borrowings | 7. Borrowings Short-term borrowings: Period–end short-term borrowings were comprised of the following: (Dollar amounts in thousands) March 31, 2024 December 31, 2023 Federal Funds Purchased $ 51,450 $ 27,300 Repurchase Agreements 37,423 39,921 $ 88,873 $ 67,221 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: March 31, 2024 Repurchase Agreements Remaining Contractual Maturity of the Agreements Overnight Greater and Up to 30 30 - 90 than 90 (Dollar amounts in thousands) continuous days days days Total Mortgage Backed Securities - Residential and Collateralized $ 31,558 $ 300 $ 2,665 $ 2,900 $ 37,423 December 31, 2023 Repurchase Agreements Remaining Contractual Maturity of the Agreements Overnight Greater and Up to 30 30 - 90 than 90 (Dollar amounts in thousands) continuous days days days Total Mortgage Backed Securities - Residential and Collateralized $ 32,319 $ 300 $ 3,637 $ 3,665 $ 39,921 Other borrowings: Other borrowings at March 31, 2024 and December 31, 2023 are summarized as follows: (Dollar amounts in thousands) March 31, 2024 December 31, 2023 FHLB advances $ 58,576 $ 108,577 TOTAL $ 58,576 $ 108,577 The aggregate minimum annual retirements of other borrowings are as follows: Twelve Months Ended March 31, 2025 $ 53,612 2026 4,964 2027 — 2028 — 2029 — Thereafter — $ 58,576 At March 31, 2024 and December 31, 2023, other borrowings are summarized as follows: The Corporation’s subsidiary bank is a member of the Federal Home Loan Bank (FHLB) and accordingly are permitted to obtain advances. There are $58.6 million of advances from the FHLB at March 31, 2024, and $108.6 million of advances at December 31, 2023. FHLB advances are, generally due in full at maturity. They are secured by eligible securities and a blanket pledge on real estate loan collateral. |
Components of Net Periodic Bene
Components of Net Periodic Benefit Cost | 3 Months Ended |
Mar. 31, 2024 | |
Components of Net Periodic Benefit Cost | |
Components of Net Periodic Benefit Cost | 8. Components of Net Periodic Benefit Cost Three Months Ended March 31, Post-Retirement Pension Benefits Health Benefits (Dollar amounts in thousands) 2024 2023 2024 2023 Service cost $ 141 $ 157 $ 4 $ 5 Interest cost 947 956 34 38 Expected return on plan assets (1,051) (970) — — Net amortization of prior service cost — — — — Net amortization of net (gain) loss 109 188 (20) (13) Net Periodic Benefit Cost $ 146 $ 331 $ 18 $ 30 Employer Contributions First Financial Corporation previously disclosed in its financial statements for the year ended December 31, 2023 that it expected to contribute $3.9 million and $604 thousand respectively to its Pension Plan and ESOP and $249 thousand to the Post Retirement Health Benefits Plan in 2024. No contributions have been made to the Pension Plan thus far in 2024. Contributions of $80 thousand have been made through the first three months of 2024 for the Post Retirement Health Benefits plan. No contributions have been made in 2024 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 three months of 2024 and 2023 there has been $744 thousand and $608 thousand of expense accrued for potential contributions to these alternative retirement benefit options. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 3 Months Ended |
Mar. 31, 2024 | |
Revenue from Contracts with Customers | |
Revenue from Contracts with Customers | 9. Revenue from Contracts with Customers All of the Corporation’s revenue from contracts with customers in the scope of ASC 606 is recognized within Non-Interest Income. The following table presents the Corporation’s sources of Non-Interest Income for the three months ended March 31, 2024 and 2023. Items outside the scope of ASC 606 are noted as such. Three Months Ended March 31, (Dollar amounts in thousands) 2024 2023 Non-interest income Service charges on deposits and debit card fee income $ 6,708 $ 6,818 Asset management fees 1,333 1,317 Interchange income 179 47 Net gains on sales of loans (a) 176 180 Loan servicing fees (a) 269 285 Other service charges and fees (a) 223 204 Other (b) 543 524 Total non-interest income $ 9,431 $ 9,375 (a) Not within the scope of ASC 606. (b) The Other category includes gains/(losses) on the sale of OREO for the three months ended March 31, 2024 and March 31, 2023, totaling $7 thousand and $6 thousand, respectively, which is within the scope of ASC 606; the remaining balance is outside the scope of ASC 606. Service charges on deposits and ACH fees, are recognized at the time the transaction is executed as that is the point in time the Corporation fulfills the customer’s request. Account maintenance fees, which relate primarily to monthly maintenance, are earned over the course of a month, representing the period over which the Corporation satisfies the performance obligation. Overdraft fees are recognized at the point in time that the overdraft occurs. Service charges on deposits are withdrawn from the customer’s account balance. Asset management fees Interchange income Gains/Losses on sales of OREO |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 3 Months Ended |
Mar. 31, 2024 | |
Accumulated Other Comprehensive Income | |
Accumulated Other Comprehensive Income | 10. 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 months ended March 31, 2024 and 2023. Unrealized gains and (Losses) on available- 2024 for-sale Retirement (Dollar amounts in thousands) Securities plans Total Beginning balance, January 1, $ (118,000) $ (9,087) $ (127,087) Change in other comprehensive income (loss) before reclassification (11,096) — (11,096) Amounts reclassified from accumulated other comprehensive income — 73 73 Net current period other comprehensive income (loss) (11,096) 73 (11,023) Ending balance, March 31, $ (129,096) $ (9,014) $ (138,110) Unrealized gains and (Losses) on available- 2023 for-sale Retirement (Dollar amounts in thousands) Securities plans Total Beginning balance, January 1, $ (128,896) $ (11,078) $ (139,974) Change in other comprehensive income (loss) before reclassification 14,238 — 14,238 Amounts reclassified from accumulated other comprehensive income — 147 147 Net current period other comprehensive income (loss) 14,238 147 14,385 Ending balance, March 31, $ (114,658) $ (10,931) $ (125,589) Balance at Current Period Balance at (Dollar amounts in thousands) 1/1/2024 Change 3/31/2024 Unrealized gains (losses) on securities available-for-sale without other than temporary impairment $ (120,252) $ (11,010) $ (131,262) Unrealized gains (losses) on securities available-for-sale with other than temporary impairment 2,252 (86) 2,166 Total unrealized gain (loss) on securities available-for-sale $ (118,000) $ (11,096) $ (129,096) Unrealized gain (loss) on retirement plans (9,087) 73 (9,014) TOTAL $ (127,087) $ (11,023) $ (138,110) Balance at Current Period Balance at (Dollar amounts in thousands) 1/1/2023 Change 3/31/2023 Unrealized gains (losses) on securities available-for-sale without other than temporary impairment $ (131,135) $ 14,291 $ (116,844) Unrealized gains (losses) on securities available-for-sale with other than temporary impairment 2,239 (53) 2,186 Total unrealized income (loss) on securities available-for-sale $ (128,896) $ 14,238 $ (114,658) Unrealized gain (loss) on retirement plans (11,078) 147 (10,931) TOTAL $ (139,974) $ 14,385 $ (125,589) Three Months Ended March 31, 2024 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 $ — Net securities gains (losses) on available-for-sale — Income tax expense securities $ — Net of tax Amortization of $ (97) (a) Salary and benefits retirement plan items 24 Income tax expense $ (73) Net of tax Total reclassifications for the period $ (73) Net of tax (a) Included in the computation of net periodic benefit cost. (see Footnote 7 for additional details). Three Months Ended March 31, 2023 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 $ — Net securities gains (losses) on available-for-sale — Income tax expense securities $ — Net of tax Amortization of $ (196) (a) Salary and benefits retirement plan items 49 Income tax expense $ (147) Net of tax Total reclassifications for the period $ (147) Net of tax (a) Included in the computation of net periodic benefit cost. (see Footnote 7 for additional details). |
Leases
Leases | 3 Months Ended |
Mar. 31, 2024 | |
Leases | |
Leases | 11. Leases The Corporation leases certain branches under operating leases. At March 31, 2024, the Corporation had lease liabilities totaling $5,676,000 and right-of-use assets totaling $5,608,000 related to these leases. At December 31, 2023, the Corporation had lease liabilities totaling $5,456,000 and right-of-use assets totaling $5,392,000 related to these leases. Lease liabilities and right-of-use assets are reflected in other liabilities and other assets, respectively. At March 31, 2024, the weighted average remaining lease term for operating leases was 8.7 years and the weighted average discount rate used in the measurement of operating lease liabilities was 2.29%. The calculated amount of the lease liabilities and right-of-use assets are impacted by the length of the lease term and the discount rate used to present value the minimum lease payments. The Corporation’s lease agreements often include one or more options to renew at the Corporation’s discretion. If at lease inception, the Corporation considers the exercising of a renewal option to be reasonably certain, the Corporation will include the extended term in the calculation of the lease liability and right-of-use asset. Regarding the discount rate, the new standard requires the use of the rate implicit in the lease whenever this rate is readily determinable. As this rate is rarely determinable, the Corporation utilizes its incremental borrowing rate at lease inception, on a collateralized basis, over a similar term. The following table represents lease costs and other lease information. As the Corporation elected, not to separate lease and non-lease components and instead to account for them as a single lease component, the variable lease cost primarily represents variable payments such as common area maintenance and utilities. Lease costs were as follows: Three Months Ended (Dollar amounts in thousands) March 31, 2024 Operating lease cost $ 257 Short-term lease cost 29 Variable lease cost 6 Total lease cost $ 292 Other information: Cash paid for amounts included in the measurement of operating lease liabilities 242 Right-of-use assets obtained in exchange for new operating lease liabilities 429 Future minimum payments for operating leases with initial or remaining terms of one year or more as of March 31, 2024 were as follows: (Dollar amounts in thousands) March 31, 2024 Twelve Months Ended March 31, 2025 $ 984 2026 943 2027 878 2028 869 2029 643 Thereafter 2,106 Total Future Minimum Lease Payments 6,423 Amounts Representing Interest (747) Present Value of Net Future Minimum Lease Payments $ 5,676 |
Allowance for Credit Losses (Ta
Allowance for Credit Losses (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Allowance for Credit Losses | |
Schedule of allowances for loan losses by portfolio segment | The following table presents the activity of the allowance for credit losses by portfolio segment for the three months ended March 31. Allowance for Credit Losses: March 31, 2024 (Dollar amounts in thousands) Commercial Residential Consumer Unallocated Total Beginning balance $ 13,264 $ 14,327 $ 11,797 $ 379 $ 39,767 Provision for credit losses 271 (173) 1,767 (65) 1,800 Loans charged-off (231) (14) (2,947) — (3,192) Recoveries 275 93 1,302 — 1,670 Ending Balance $ 13,579 $ 14,233 $ 11,919 $ 314 $ 40,045 Allowance for Credit Losses: March 31, 2023 (Dollar amounts in thousands) Commercial Residential Consumer Unallocated Total Beginning balance $ 12,949 $ 14,568 $ 12,104 $ 158 $ 39,779 Provision for credit losses (54) 500 1,254 100 1,800 Loans charged-off (306) (79) (3,991) — (4,376) Recoveries 201 70 2,146 — 2,417 Ending Balance $ 12,790 $ 15,059 $ 11,513 $ 258 $ 39,620 |
Schedule of recorded investment in non-performing loans by class of loans | March 31, 2024 Loans Past Nonaccrual Due Over With No 90 Days Still Allowance (Dollar amounts in thousands) Accruing Nonaccrual For Credit Loss Commercial Commercial & Industrial $ 397 $ 14,290 $ 63 Farmland — 1,219 1,201 Non Farm, Non Residential — 1,145 697 Agriculture — 935 893 All Other Commercial — 1,021 1,004 Residential First Liens 620 827 — Home Equity 124 68 — Junior Liens 209 111 — Multifamily 20 429 373 All Other Residential 60 405 — Consumer Motor Vehicle — 2,166 — All Other Consumer — 241 — TOTAL $ 1,430 $ 22,857 $ 4,231 December 31, 2023 Loans Past Nonaccrual Due Over With No 90 Days Still Allowance (Dollar amounts in thousands) Accruing Nonaccrual For Credit Loss Commercial Commercial & Industrial $ 5 $ 13,971 $ 860 Farmland — 1,221 1,201 Non Farm, Non Residential — 995 1,011 Agriculture — 1,147 1,103 All Other Commercial — 1,046 1,027 Residential First Liens 620 960 — Home Equity 32 68 — Junior Liens 239 67 — Multifamily 47 543 373 All Other Residential — 427 — Consumer Motor Vehicle 45 2,933 — All Other Consumer — 218 — TOTAL $ 988 $ 23,596 $ 5,575 |
Schedule of amortized cost basis of collateral dependent loans | March 31, 2024 Collateral Type (Dollar amounts in thousands) Real Estate Other Commercial Commercial & Industrial $ 643 $ 11,795 Farmland 1,622 — Non Farm, Non Residential 3,563 — Agriculture — 893 All Other Commercial 1,003 — Residential First Liens 32 — Home Equity — — Junior Liens — — Multifamily 373 — All Other Residential 349 — Consumer Motor Vehicle — — All Other Consumer — — Total $ 7,585 $ 12,688 December 31, 2023 Collateral Type (Dollar amounts in thousands) Real Estate Other Commercial Commercial & Industrial $ 1,454 $ 12,056 Farmland 1,633 — Non Farm, Non Residential 3,919 — Agriculture 49 1,054 All Other Commercial 1,027 — Residential First Liens 32 — Home Equity — — Junior Liens — — Multifamily 373 — All Other Residential 349 — Consumer Motor Vehicle — — All Other Consumer — — Total $ 8,836 $ 13,110 |
Schedule of aging of the recorded investment in loans by past due category and class of loans | March 31, 2024 90 Days 30-59 Days 60-89 Days and Greater Total (Dollar amounts in thousands) Past Due Past Due Past Due Past Due Current Total Commercial Commercial & Industrial $ 1,434 $ 1,539 $ 7,791 $ 10,764 $ 559,950 $ 570,714 Farmland 398 — 1,201 1,599 130,209 131,808 Non Farm, Non Residential — 111 — 111 534,606 534,717 Agriculture 17 — 930 947 127,631 128,578 All Other Commercial 759 — — 759 462,159 462,918 Residential First Liens 3,979 323 874 5,176 358,970 364,146 Home Equity 885 68 163 1,116 64,577 65,693 Junior Liens 439 240 266 945 57,613 58,558 Multifamily 570 96 394 1,060 200,862 201,922 All Other Residential 309 — 408 717 21,931 22,648 Consumer Motor Vehicle 7,552 1,160 463 9,175 619,934 629,109 All Other Consumer 362 19 58 439 30,792 31,231 TOTAL $ 16,704 $ 3,556 $ 12,548 $ 32,808 $ 3,169,234 $ 3,202,042 December 31, 2023 90 Days 30-59 Days 60-89 Days and Greater Total (Dollar amounts in thousands) Past Due Past Due Past Due Past Due Current Total Commercial Commercial & Industrial $ 668 $ 488 $ 1,136 $ 2,292 $ 649,801 $ 652,093 Farmland 58 — 1,201 1,259 132,147 133,406 Non Farm, Non Residential — — — — 439,009 439,009 Agriculture — — 1,141 1,141 139,900 141,041 All Other Commercial — — — — 464,776 464,776 Residential First Liens 2,841 816 924 4,581 354,711 359,292 Home Equity 360 188 71 619 65,191 65,810 Junior Liens 462 124 262 848 57,985 58,833 Multifamily 117 140 373 630 191,104 191,734 All Other Residential 554 — 47 601 21,961 22,562 Consumer Motor Vehicle 12,491 1,754 761 15,006 602,442 617,448 All Other Consumer 397 102 13 512 31,857 32,369 TOTAL $ 17,948 $ 3,612 $ 5,929 $ 27,489 $ 3,150,884 $ 3,178,373 |
Schedule of loans and leases that were modified and the financial effect of loan and lease modifications | The following table presents the amortized cost of loans and leases at March 31, 2024 that were both experiencing financial difficulty and modified during the twelve months ended March 31, 2024, by class and by type of modification. Combination Combination Term Term Total Extension and Extension Class of Principal Payment Term Interest Rate Principal Interest Rate Financing (Dollar amounts in thousands) Forgiveness Delay Extension Reduction Forgiveness Reduction Receivable Residential First Liens $ — $ — $ — $ 138 $ — $ 25 0.04 % Junior Liens — — 28 — — — 0.05 % Consumer Motor Vehicle 33 — 260 28 120 102 0.09 % TOTAL $ 33 $ — $ 288 $ 166 $ 120 $ 127 0.02 % The following table presents the financial effect of loan and lease modifications presented above to borrowers experiencing financial difficulty for the twelve months ended March 31, 2024. Weighted- Weighted- Average Average Principal Interest Rate Term (Dollar amounts in thousands) Forgiveness Reduction Extension Residential First Liens $ — 2.11 % 24 Junior Liens — — 36 Consumer Motor Vehicle 52 2.74 % 23 TOTAL $ 52 2.41 % 24 |
Schedule of performance of loans and leases that have been modified to borrowers experiencing financial difficulty | March 31, 2024 30 - 59 60 - 89 Greater Than Days Days 89 Days Total (Dollar amounts in thousands) Past Due Past Due Past Due Past Due Consumer Motor Vehicle $ 64 $ $ $ 64 TOTAL $ 64 $ — $ — $ 64 |
Schedule of amortized cost basis of modified loans that had a payment after modification in the twelve months prior | The following table presents the amortized cost basis of loans that had a payment default during the twelve months ended March 31, 2024 and were modified in the twelve months prior to that default to borrowers experiencing financial difficulty . Principal Payment Term Interest Rate (Dollar amounts in thousands) Forgiveness Delay Extension Reduction Consumer Motor Vehicle $ 2 $ $ 64 $ 2 TOTAL $ 2 $ — $ 64 $ 2 |
Schedule of commercial loan portfolio by risk category | March 31, 2024 Term Loans at Amortized Cost Basis by Origination Year Revolving 2024 2023 2022 2021 2020 Prior Loans Total Commercial Commercial and Industrial Pass $ 36,823 $ 44,296 $ 116,256 $ 76,514 $ 38,558 $ 105,365 $ 89,655 $ 507,467 Special Mention — 14,605 762 9,780 3,392 1,205 2,299 $ 32,043 Substandard 2,431 1,235 4,360 9,522 145 6,941 — $ 24,634 Doubtful — — — — — — — $ — Not Rated 542 1,263 1,181 619 360 166 — $ 4,131 Subtotal $ 39,796 $ 61,399 $ 122,559 $ 96,435 $ 42,455 $ 113,677 $ 91,954 $ 568,275 Current period gross charge-offs $ - $ - $ - $ - $ 5 $ 22 $ - $ 27 Farmland Pass $ 4,521 $ 20,668 $ 15,738 $ 19,867 $ 7,911 $ 57,576 $ 214 $ 126,495 Special Mention — — — 3 — 1,062 — $ 1,065 Substandard — — — — 40 2,129 — $ 2,169 Doubtful — — — — — — — $ — Not Rated — — — — — 14 — $ 14 Subtotal $ 4,521 $ 20,668 $ 15,738 $ 19,870 $ 7,951 $ 60,781 $ 214 $ 129,743 Current period gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ — Non Farm, Non Residential Pass $ 37,395 $ 79,071 $ 136,474 $ 100,219 $ 22,866 $ 140,335 $ 5,983 $ 522,343 Special Mention — — 718 985 — 835 — $ 2,538 Substandard 662 59 189 — — 6,560 — $ 7,470 Doubtful — — — — — — — $ — Not Rated — — — — 673 64 — $ 737 Subtotal $ 38,057 $ 79,130 $ 137,381 $ 101,204 $ 23,539 $ 147,794 $ 5,983 $ 533,088 Current period gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ — Agriculture Pass $ 3,737 $ 9,424 $ 10,522 $ 5,945 $ 5,669 $ 22,708 $ 61,669 $ 119,674 Special Mention — — 86 — 5 602 3,543 $ 4,236 Substandard — — 55 — — 904 — $ 959 Doubtful — — — — — — — $ — Not Rated — — 42 29 31 25 — $ 127 Subtotal $ 3,737 $ 9,424 $ 10,705 $ 5,974 $ 5,705 $ 24,239 $ 65,212 $ 124,996 Current period gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ — Other Commercial Pass $ 6,151 $ 30,204 $ 104,099 $ 106,110 $ 93,055 $ 107,236 $ 9,170 $ 456,025 Special Mention — — — — 2,439 812 — $ 3,251 Substandard — — 1,003 15 — — — $ 1,018 Doubtful — — — — — — — $ — Not Rated — — 11 — — 447 — $ 458 Subtotal $ 6,151 $ 30,204 $ 105,113 $ 106,125 $ 95,494 $ 108,495 $ 9,170 $ 460,752 Current period gross charge-offs $ 104 $ 100 $ - $ - $ - $ - $ - $ 204 Residential Multifamily >5 Residential Pass $ — $ 42,594 $ 66,593 $ 31,781 $ 22,389 $ 28,140 $ 426 $ 191,923 Special Mention — — 235 — 354 6,465 — $ 7,054 Substandard — — — — — 373 — $ 373 Doubtful — — — — — — — $ — Not Rated — — — 1,096 — 690 — $ 1,786 Subtotal $ — $ 42,594 $ 66,828 $ 32,877 $ 22,743 $ 35,668 $ 426 $ 201,136 Current period gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ — Total Pass $ 88,627 $ 226,257 $ 449,682 $ 340,436 $ 190,448 $ 461,360 $ 167,117 $ 1,923,927 Special Mention — 14,605 1,801 10,768 6,190 10,981 5,842 $ 50,187 Substandard 3,093 1,294 5,607 9,537 185 16,907 — $ 36,623 Doubtful — — — — — — — $ — Not Rated 542 1,263 1,234 1,744 1,064 1,406 — $ 7,253 $ 92,262 $ 243,419 $ 458,324 $ 362,485 $ 197,887 $ 490,654 $ 172,959 $ 2,017,990 December 31, 2023 Term Loans at Amortized Cost Basis by Origination Year Revolving 2023 2022 2021 2020 2019 Prior Loans Total Commercial Commercial and Industrial Pass $ 80,873 $ 131,522 $ 112,811 $ 47,445 $ 44,257 $ 100,872 $ 81,551 $ 599,331 Special Mention 6 221 10,025 3,442 323 866 2,715 $ 17,598 Substandard 3,620 4,734 1,842 981 1,789 5,354 7,932 $ 26,252 Doubtful — — — — — — — $ — Not Rated 3,476 1,352 847 431 144 93 — $ 6,343 Subtotal $ 87,975 $ 137,829 $ 125,525 $ 52,299 $ 46,513 $ 107,185 $ 92,198 $ 649,524 Current period gross charge-offs $ 8 $ 72 $ 40 $ 78 $ 24 $ 49 $ - $ 271 Farmland Pass $ 21,232 $ 16,025 $ 20,794 $ 8,310 $ 8,790 $ 52,357 $ 287 $ 127,795 Special Mention — — 4 — 363 710 — $ 1,077 Substandard — — — 41 309 1,370 — $ 1,720 Doubtful — — — — — — — $ — Not Rated — — — — — 14 — $ 14 Subtotal $ 21,232 $ 16,025 $ 20,798 $ 8,351 $ 9,462 $ 54,451 $ 287 $ 130,606 Current period gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ — Non Farm, Non Residential Pass $ 73,740 $ 123,319 $ 69,477 $ 23,965 $ 22,550 $ 106,752 $ 7,606 $ 427,409 Special Mention — 732 995 — 845 — — $ 2,572 Substandard 102 — — — 479 6,356 — $ 6,937 Doubtful — — — — — — — $ — Not Rated — — — 678 — 65 — $ 743 Subtotal $ 73,842 $ 124,051 $ 70,472 $ 24,643 $ 23,874 $ 113,173 $ 7,606 $ 437,661 Current period gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ — Agriculture Pass $ 10,764 $ 11,299 $ 6,614 $ 6,118 $ 7,443 $ 25,678 $ 64,476 $ 132,392 Special Mention — 86 — 8 — 605 3,618 $ 4,317 Substandard — 55 — — 50 1,067 — $ 1,172 Doubtful — — — — — — — $ — Not Rated — 51 31 35 24 — — $ 141 Subtotal $ 10,764 $ 11,491 $ 6,645 $ 6,161 $ 7,517 $ 27,350 $ 68,094 $ 138,022 Current period gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ — Other Commercial Pass $ 27,401 $ 105,046 $ 104,307 $ 94,029 $ 4,774 $ 112,159 $ 9,177 $ 456,893 Special Mention — — — 2,478 — 830 — $ 3,308 Substandard — 1,027 16 — — — — $ 1,043 Doubtful — — — — — — — $ — Not Rated — 12 — — — 457 — $ 469 Subtotal $ 27,401 $ 106,085 $ 104,323 $ 96,507 $ 4,774 $ 113,446 $ 9,177 $ 461,713 Current period gross charge-offs $ 675 $ - $ - $ - $ 20 $ - $ - $ 695 Residential Multifamily >5 Residential Pass $ 34,551 $ 62,845 $ 32,273 $ 22,590 $ 6,397 $ 23,215 $ 382 $ 182,253 Special Mention — — — 357 — 6,571 — $ 6,928 Substandard — — — — — 373 — $ 373 Doubtful — — — — — — — $ — Not Rated — — 1,102 — — 251 — $ 1,353 Subtotal $ 34,551 $ 62,845 $ 33,375 $ 22,947 $ 6,397 $ 30,410 $ 382 $ 190,907 Current period gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ — Total Pass $ 248,561 $ 450,056 $ 346,276 $ 202,457 $ 94,211 $ 421,033 $ 163,479 $ 1,926,073 Special Mention 6 1,039 11,024 6,285 1,531 9,582 6,333 $ 35,800 Substandard 3,722 5,816 1,858 1,022 2,627 14,520 7,932 $ 37,497 Doubtful — — — — — — — $ — Not Rated 3,476 1,415 1,980 1,144 168 880 — $ 9,063 $ 255,765 $ 458,326 $ 361,138 $ 210,908 $ 98,537 $ 446,015 $ 177,744 $ 2,008,433 March 31, 2024 Term Loans at Amortized Cost Basis by Origination Year Revolving 2024 2023 2022 2021 2020 Prior Loans Total Residential First Liens Performing $ 12,945 $ 49,273 $ 70,240 $ 63,845 $ 35,147 $ 128,738 $ 1,148 $ 361,336 Non-performing — — 251 — 65 1,307 — $ 1,623 Subtotal $ 12,945 $ 49,273 $ 70,491 $ 63,845 $ 35,212 $ 130,045 $ 1,148 $ 362,959 Current period gross charge-offs $ - $ - $ - $ - $ - $ 14 $ - $ 14 Home Equity Performing $ — $ 61 $ 45 $ — $ 7 $ 1,456 $ 63,704 $ 65,273 Non-performing — — 68 — 17 54 51 $ 190 Subtotal $ — $ 61 $ 113 $ — $ 24 $ 1,510 $ 63,755 $ 65,463 Current period gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ — Junior Liens Performing $ 2,654 $ 14,561 $ 14,691 $ 7,813 $ 5,235 $ 11,490 $ 1,623 $ 58,067 Non-performing — — 41 41 102 135 — $ 319 Subtotal $ 2,654 $ 14,561 $ 14,732 $ 7,854 $ 5,337 $ 11,625 $ 1,623 $ 58,386 Current period gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ — Other Residential Performing $ 224 $ 8,087 $ 8,659 $ 2,999 $ 408 $ 1,525 $ 185 $ 22,087 Non-performing — — — 59 — 406 — $ 465 Subtotal $ 224 $ 8,087 $ 8,659 $ 3,058 $ 408 $ 1,931 $ 185 $ 22,552 Current period gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ — Consumer Motor Vehicle Performing $ 68,820 $ 249,124 $ 195,414 $ 61,139 $ 39,299 $ 10,326 $ — $ 624,122 Non-performing — 222 797 501 473 118 — $ 2,111 Subtotal $ 68,820 $ 249,346 $ 196,211 $ 61,640 $ 39,772 $ 10,444 $ — $ 626,233 Current period gross charge-offs $ - $ 680 $ 1,285 $ 633 $ 185 $ 43 $ - $ 2,826 Other Consumer Performing $ 2,948 $ 10,821 $ 5,734 $ 3,243 $ 1,889 $ 1,210 $ 4,968 $ 30,813 Non-performing — 36 44 121 32 8 12 $ 253 Subtotal $ 2,948 $ 10,857 $ 5,778 $ 3,364 $ 1,921 $ 1,218 $ 4,980 $ 31,066 Current period gross charge-offs $ - $ 46 $ 25 $ 3 $ 7 $ 5 $ 35 $ 121 Total Performing $ 87,591 $ 331,927 $ 294,783 $ 139,039 $ 81,985 $ 154,745 $ 71,628 $ 1,161,698 Non-performing — 258 1,201 722 689 2,028 63 $ 4,961 Total other loans $ 87,591 $ 332,185 $ 295,984 $ 139,761 $ 82,674 $ 156,773 $ 71,691 $ 1,166,659 December 31, 2023 Term Loans at Amortized Cost Basis by Origination Year Revolving 2023 2022 2021 2020 2019 Prior Loans Total Residential First Liens Performing $ 49,146 $ 70,952 $ 65,232 $ 36,751 $ 15,185 $ 118,087 $ 1,066 $ 356,419 Non-performing — 121 — 65 57 1,504 — $ 1,747 Subtotal $ 49,146 $ 71,073 $ 65,232 $ 36,816 $ 15,242 $ 119,591 $ 1,066 $ 358,166 Current period gross charge-offs $ - $ - $ - $ - $ - $ 167 $ - $ 167 Home Equity Performing $ 61 $ 68 $ — $ 7 $ 378 $ 866 $ 64,102 $ 65,482 Non-performing — 22 — 17 — 60 — $ 99 Subtotal $ 61 $ 90 $ — $ 24 $ 378 $ 926 $ 64,102 $ 65,581 Current period gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ — Junior Liens Performing $ 15,050 $ 15,431 $ 8,248 $ 5,557 $ 4,280 $ 8,094 $ 1,698 $ 58,358 Non-performing — 53 45 104 — 103 — $ 305 Subtotal $ 15,050 $ 15,484 $ 8,293 $ 5,661 $ 4,280 $ 8,197 $ 1,698 $ 58,663 Current period gross charge-offs $ - $ - $ - $ - $ 24 $ 24 $ - $ 48 Other Residential Performing $ 6,432 $ 9,477 $ 3,100 $ 421 $ 641 $ 1,511 $ 415 $ 21,997 Non-performing — — 46 — 390 38 — $ 474 Subtotal $ 6,432 $ 9,477 $ 3,146 $ 421 $ 1,031 $ 1,549 $ 415 $ 22,471 Current period gross charge-offs $ - $ - $ - $ - $ - $ 1 $ - $ 1 Consumer Motor Vehicle Performing $ 264,933 $ 215,125 $ 70,926 $ 46,939 $ 12,038 $ 2,177 $ — $ 612,138 Non-performing 232 973 520 532 134 30 — $ 2,421 Subtotal $ 265,165 $ 216,098 $ 71,446 $ 47,471 $ 12,172 $ 2,207 $ — $ 614,559 Current period gross charge-offs $ 841 $ 7,722 $ 3,101 $ 1,448 $ 499 $ 174 $ - $ 13,785 Other Consumer Performing $ 12,561 $ 6,895 $ 3,778 $ 2,189 $ 659 $ 692 $ 5,203 $ 31,977 Non-performing — 20 145 39 17 — 1 $ 222 Subtotal $ 12,561 $ 6,915 $ 3,923 $ 2,228 $ 676 $ 692 $ 5,204 $ 32,199 Current period gross charge-offs $ 61 $ 213 $ 61 $ 37 $ 3 $ 5 $ 149 $ 529 Total Performing $ 348,183 $ 317,948 $ 151,284 $ 91,864 $ 33,181 $ 131,427 $ 72,484 $ 1,146,371 Non-performing 232 1,189 756 757 598 1,735 1 $ 5,268 Total other loans $ 348,415 $ 319,137 $ 152,040 $ 92,621 $ 33,779 $ 133,162 $ 72,485 $ 1,151,639 |
Securities (Tables)
Securities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Securities | |
Schedule of amortized cost and fair value of investments classified as available-for-sale | The amortized cost and fair value of the Corporation’s investments are shown below. All securities are classified as available-for-sale. March 31, 2024 Amortized Unrealized Unrealized (Dollar amounts in thousands) Cost Gains Losses Fair Value U.S. Government agencies $ 100,710 $ 3 $ (12,599) $ 88,114 Mortgage Backed Securities - residential 638,535 9 (92,745) 545,799 Mortgage Backed Securities - commercial 7,880 — (483) 7,397 Collateralized mortgage obligations 204,572 — (29,145) 175,427 State and municipal obligations 393,628 756 (30,635) 363,749 Municipal taxable 39,869 — (5,868) 34,001 U.S. Treasury 917 — (5) 912 Collateralized debt obligations — 2,888 — 2,888 TOTAL $ 1,386,111 $ 3,656 $ (171,480) $ 1,218,287 December 31, 2023 Amortized Unrealized Unrealized (Dollar amounts in thousands) Cost Gains Losses Fair Value U.S. Government agencies $ 102,978 $ 4 $ (11,542) $ 91,440 Mortgage Backed Securities-residential 653,507 53 (83,675) 569,885 Mortgage Backed Securities-commercial 7,919 — (436) 7,483 Collateralized mortgage obligations 209,398 6 (28,575) 180,829 State and municipal obligations 397,413 1,407 (28,009) 370,811 Municipal taxable 39,872 12 (5,599) 34,285 U.S. Treasury 1,411 — (9) 1,402 Collateralized debt obligations — 3,002 — 3,002 TOTAL $ 1,412,498 $ 4,484 $ (157,845) $ 1,259,137 |
Schedule of contractual maturities of debt securities | Contractual maturities of debt securities at March 31, 2024 were as follows. Available-for-Sale Amortized Fair (Dollar amounts in thousands) Cost Value Due in one year or less $ 8,551 $ 8,446 Due after one but within five years 43,363 41,503 Due after five but within ten years 109,167 105,859 Due after ten years 374,043 333,856 535,124 489,664 Mortgage-backed securities and collateralized mortgage obligations 850,987 728,623 TOTAL $ 1,386,111 $ 1,218,287 |
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 March 31, 2024 and December 31, 2023. March 31, 2024 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 $ 3,204 $ (107) $ 84,538 $ (12,492) $ 87,742 $ (12,599) Mortgage Backed Securities - Residential 12,148 (171) 532,937 (92,574) 545,085 (92,745) Mortgage Backed Securities - Commercial — — 7,397 (483) 7,397 (483) Collateralized mortgage obligations 15,509 (423) 159,918 (28,722) 175,427 (29,145) State and municipal obligations 62,809 (375) 228,942 (30,260) 291,751 (30,635) Municipal taxable 1,311 (4) 31,690 (5,864) 33,001 (5,868) U.S. Treasury 912 (5) — — 912 (5) Total temporarily impaired securities $ 95,893 $ (1,085) $ 1,045,422 $ (170,395) $ 1,141,315 $ (171,480) December 31, 2023 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 $ 3,757 $ (73) $ 87,291 $ (11,469) $ 91,048 $ (11,542) Mortgage Backed Securities - Residential 3,810 (41) 556,414 (83,634) 560,224 (83,675) Mortgage Backed Securities - Commercial — — 7,483 (436) 7,483 (436) Collateralized mortgage obligations 12,981 (303) 164,871 (28,272) 177,852 (28,575) State and municipal obligations 45,154 (319) 212,022 (27,690) 257,176 (28,009) Municipal taxable — — 31,958 (5,599) 31,958 (5,599) U.S. Treasury 1,402 (9) — — 1,402 (9) Total temporarily impaired securities $ 67,104 $ (745) $ 1,060,039 $ (157,100) $ 1,127,143 $ (157,845) |
Schedule of credit losses recognized in earnings | The table below presents a rollforward of the credit losses recognized in earnings for the three month period ended March 31, 2024 and 2023: Three Months Ended March 31, (Dollar amounts in thousands) 2024 2023 Beginning balance $ 2,974 $ 2,974 Reductions for securities called during the period — — Ending balance $ 2,974 $ 2,974 |
Fair Value (Tables)
Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value | |
Schedule of assets and liabilities measured at fair value | March 31, 2024 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) (Dollar amounts in thousands) Level 1 Level 2 Level 3 Total U.S. Government agencies $ — $ 88,114 $ — $ 88,114 Mortgage Backed Securities-residential — 545,799 — 545,799 Mortgage Backed Securities-commercial — 7,397 — 7,397 Collateralized mortgage obligations — 175,427 — 175,427 State and municipal — 362,944 805 363,749 Municipal taxable — 34,001 — 34,001 U.S. Treasury — 912 — 912 Collateralized debt obligations — — 2,888 2,888 TOTAL $ — $ 1,214,594 $ 3,693 $ 1,218,287 Derivative Assets 3,095 Derivative Liabilities (3,095) December 31, 2023 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) (Dollar amounts in thousands) Level 1 Level 2 Level 3 Total U.S. Government agencies $ — $ 91,440 $ — $ 91,440 Mortgage Backed Securities-residential — 569,885 — 569,885 Mortgage Backed Securities-commercial — 7,483 — 7,483 Collateralized mortgage obligations — 180,829 — 180,829 State and municipal — 369,631 1,180 370,811 Municipal taxable — 34,285 — 34,285 U.S. Treasury — 1,402 — 1,402 Collateralized debt obligations — — 3,002 3,002 TOTAL $ — $ 1,254,955 $ 4,182 $ 1,259,137 Derivative Assets 2,878 Derivative Liabilities (2,878) |
Schedule of fair value measurements using significant unobservable inputs | Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Three Months Ended March 31, 2024 State and municipal Collateralized (Dollar amounts in thousands) obligations debt obligations Total Beginning balance, January 1 $ 1,180 $ 3,002 $ 4,182 Total realized/unrealized gains or losses Included in earnings — — — Included in other comprehensive income — (114) (114) Transfers — — — Settlements (375) — (375) Ending balance, March 31 $ 805 $ 2,888 $ 3,693 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Year Ended December 31, 2023 State and municipal Collateralized (Dollar amounts in thousands) obligations debt obligations Total Beginning balance, January 1 $ 1,545 $ 2,986 $ 4,531 Total realized/unrealized gains or losses Included in earnings — — — Included in other comprehensive income — 16 16 Purchases — — — Settlements (365) — (365) Ending balance, December 31 $ 1,180 $ 3,002 $ 4,182 |
Schedule of 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 March 31, 2024. (Dollar amounts in thousands) Fair Value Valuation Technique(s) Unobservable Input(s) Range State and municipal obligations $ 805 Discounted cash flow Discount rate 4.24%-4.44 % Collateralized debt obligations $ 2,888 Discounted cash flow Discount rate 7.32 % Collateral dependent loans $ 10,343 Discounted cash flow Discount rate for age of appraisal and market conditions 10.00%-100.00 % The following table presents quantitative information about recurring and non-recurring Level 3 fair value measurements at December 31, 2023. (Dollar amounts in thousands) Fair Value Valuation Technique(s) Unobservable Input(s) Range State and municipal obligations $ 1,180 Discounted cash flow Discount rate 4.04%-4.44 % Collateralized debt obligations $ 3,002 Discounted cash flow Discount rate 7.36 % Collateral dependent loans 11,306 Discounted cash flow Discount rate for age of appraisal and market conditions 0.00%-100.00 % |
Schedule of carrying amount and estimated fair value of financial instruments | March 31, 2024 Carrying Fair Value (Dollar amounts in thousands) Value Level 1 Level 2 Level 3 Total Cash and due from banks $ 69,231 $ 25,420 $ 43,811 $ — $ 69,231 Federal funds sold — — — — — Securities available-for-sale 1,218,287 — 1,214,594 3,693 1,218,287 Restricted stock 15,371 n/a n/a n/a n/a Loans, net 3,151,938 — — 3,016,655 3,016,655 Accrued interest receivable 23,851 — 6,608 17,243 23,851 Deposits (4,105,103) — (4,102,762) — (4,102,762) Short-term borrowings (88,873) — (88,873) — (88,873) Other borrowings (58,576) — (58,510) — (58,510) Accrued interest payable (3,142) — (3,142) — (3,142) December 31, 2023 Carrying Fair Value (Dollar amounts in thousands) Value Level 1 Level 2 Level 3 Total Cash and due from banks $ 76,759 $ 25,467 $ 51,292 $ — $ 76,759 Federal funds sold 282 — 282 — 282 Securities available-for-sale 1,259,137 — 1,254,955 4,182 1,259,137 Restricted stock 15,364 n/a n/a n/a n/a Loans, net 3,128,054 — — 3,025,621 3,025,621 Accrued interest receivable 24,877 — 6,755 18,122 24,877 Deposits (4,090,068) — (4,094,552) — (4,094,552) Short-term borrowings (67,221) — (67,221) — (67,221) Other borrowings (108,577) — (108,496) — (108,496) Accrued interest payable (2,588) — (2,588) — (2,588) |
Borrowings (Tables)
Borrowings (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Borrowings | |
Schedule of short-term borrowings | Short-term borrowings: Period–end short-term borrowings were comprised of the following: (Dollar amounts in thousands) March 31, 2024 December 31, 2023 Federal Funds Purchased $ 51,450 $ 27,300 Repurchase Agreements 37,423 39,921 $ 88,873 $ 67,221 |
Schedule of collateral pledged to repurchase agreements by remaining maturity | Collateral pledged to repurchase agreements by remaining maturity are as follows: March 31, 2024 Repurchase Agreements Remaining Contractual Maturity of the Agreements Overnight Greater and Up to 30 30 - 90 than 90 (Dollar amounts in thousands) continuous days days days Total Mortgage Backed Securities - Residential and Collateralized $ 31,558 $ 300 $ 2,665 $ 2,900 $ 37,423 December 31, 2023 Repurchase Agreements Remaining Contractual Maturity of the Agreements Overnight Greater and Up to 30 30 - 90 than 90 (Dollar amounts in thousands) continuous days days days Total Mortgage Backed Securities - Residential and Collateralized $ 32,319 $ 300 $ 3,637 $ 3,665 $ 39,921 |
Schedule of other borrowings | (Dollar amounts in thousands) March 31, 2024 December 31, 2023 FHLB advances $ 58,576 $ 108,577 TOTAL $ 58,576 $ 108,577 |
Schedule of aggregate minimum annual retirements | 2025 $ 53,612 2026 4,964 2027 — 2028 — 2029 — Thereafter — $ 58,576 |
Components of Net Periodic Be_2
Components of Net Periodic Benefit Cost (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Components of Net Periodic Benefit Cost | |
Schedule of Net Periodic Benefit Costs | Three Months Ended March 31, Post-Retirement Pension Benefits Health Benefits (Dollar amounts in thousands) 2024 2023 2024 2023 Service cost $ 141 $ 157 $ 4 $ 5 Interest cost 947 956 34 38 Expected return on plan assets (1,051) (970) — — Net amortization of prior service cost — — — — Net amortization of net (gain) loss 109 188 (20) (13) Net Periodic Benefit Cost $ 146 $ 331 $ 18 $ 30 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Revenue from Contracts with Customers | |
Schedule of non-interest income | Three Months Ended March 31, (Dollar amounts in thousands) 2024 2023 Non-interest income Service charges on deposits and debit card fee income $ 6,708 $ 6,818 Asset management fees 1,333 1,317 Interchange income 179 47 Net gains on sales of loans (a) 176 180 Loan servicing fees (a) 269 285 Other service charges and fees (a) 223 204 Other (b) 543 524 Total non-interest income $ 9,431 $ 9,375 (a) Not within the scope of ASC 606. (b) The Other category includes gains/(losses) on the sale of OREO for the three months ended March 31, 2024 and March 31, 2023, totaling $7 thousand and $6 thousand, respectively, which is within the scope of ASC 606; the remaining balance is outside the scope of ASC 606. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Accumulated Other Comprehensive Income | |
Schedule of Accumulated Other Comprehensive Income | Unrealized gains and (Losses) on available- 2024 for-sale Retirement (Dollar amounts in thousands) Securities plans Total Beginning balance, January 1, $ (118,000) $ (9,087) $ (127,087) Change in other comprehensive income (loss) before reclassification (11,096) — (11,096) Amounts reclassified from accumulated other comprehensive income — 73 73 Net current period other comprehensive income (loss) (11,096) 73 (11,023) Ending balance, March 31, $ (129,096) $ (9,014) $ (138,110) Unrealized gains and (Losses) on available- 2023 for-sale Retirement (Dollar amounts in thousands) Securities plans Total Beginning balance, January 1, $ (128,896) $ (11,078) $ (139,974) Change in other comprehensive income (loss) before reclassification 14,238 — 14,238 Amounts reclassified from accumulated other comprehensive income — 147 147 Net current period other comprehensive income (loss) 14,238 147 14,385 Ending balance, March 31, $ (114,658) $ (10,931) $ (125,589) |
Schedule Of Accumulated Other Comprehensive Income Loss Other Than Temporary Impairment | Balance at Current Period Balance at (Dollar amounts in thousands) 1/1/2024 Change 3/31/2024 Unrealized gains (losses) on securities available-for-sale without other than temporary impairment $ (120,252) $ (11,010) $ (131,262) Unrealized gains (losses) on securities available-for-sale with other than temporary impairment 2,252 (86) 2,166 Total unrealized gain (loss) on securities available-for-sale $ (118,000) $ (11,096) $ (129,096) Unrealized gain (loss) on retirement plans (9,087) 73 (9,014) TOTAL $ (127,087) $ (11,023) $ (138,110) Balance at Current Period Balance at (Dollar amounts in thousands) 1/1/2023 Change 3/31/2023 Unrealized gains (losses) on securities available-for-sale without other than temporary impairment $ (131,135) $ 14,291 $ (116,844) Unrealized gains (losses) on securities available-for-sale with other than temporary impairment 2,239 (53) 2,186 Total unrealized income (loss) on securities available-for-sale $ (128,896) $ 14,238 $ (114,658) Unrealized gain (loss) on retirement plans (11,078) 147 (10,931) TOTAL $ (139,974) $ 14,385 $ (125,589) |
Accumulated Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent | Three Months Ended March 31, 2024 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 $ — Net securities gains (losses) on available-for-sale — Income tax expense securities $ — Net of tax Amortization of $ (97) (a) Salary and benefits retirement plan items 24 Income tax expense $ (73) Net of tax Total reclassifications for the period $ (73) Net of tax (a) Included in the computation of net periodic benefit cost. (see Footnote 7 for additional details). Three Months Ended March 31, 2023 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 $ — Net securities gains (losses) on available-for-sale — Income tax expense securities $ — Net of tax Amortization of $ (196) (a) Salary and benefits retirement plan items 49 Income tax expense $ (147) Net of tax Total reclassifications for the period $ (147) Net of tax (a) Included in the computation of net periodic benefit cost. (see Footnote 7 for additional details). |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Leases | |
Schedule of lease cost | Three Months Ended (Dollar amounts in thousands) March 31, 2024 Operating lease cost $ 257 Short-term lease cost 29 Variable lease cost 6 Total lease cost $ 292 Other information: Cash paid for amounts included in the measurement of operating lease liabilities 242 Right-of-use assets obtained in exchange for new operating lease liabilities 429 |
Schedule of Future minimum payments for operating leases | (Dollar amounts in thousands) March 31, 2024 Twelve Months Ended March 31, 2025 $ 984 2026 943 2027 878 2028 869 2029 643 Thereafter 2,106 Total Future Minimum Lease Payments 6,423 Amounts Representing Interest (747) Present Value of Net Future Minimum Lease Payments $ 5,676 |
Significant Accounting Polici_2
Significant Accounting Policies (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 USD ($) segment shares | Mar. 31, 2023 USD ($) shares | |
Significant Accounting Policies | ||
Number of reportable segments | segment | 1 | |
Vesting period | 3 years | |
Number of shares awarded | shares | 27,803 | 22,228 |
Grant date value | $ | $ 1 | $ 1 |
Year one | ||
Significant Accounting Policies | ||
Vesting percentage | 33% | |
Year two | ||
Significant Accounting Policies | ||
Vesting percentage | 33% | |
Year three | ||
Significant Accounting Policies | ||
Vesting percentage | 34% |
New accounting standards (Detai
New accounting standards (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Jan. 01, 2024 | Dec. 31, 2023 |
New accounting standards | |||
Other assets | $ 99,921 | $ 72,587 | |
Other liabilities | 79,297 | 57,304 | |
Retained earnings | $ 667,675 | $ 663,726 | |
Accounting Standards (ASU) No. 2023-02 | Adjustment | |||
New accounting standards | |||
Other assets | $ 19,000 | ||
Other liabilities | 21,000 | ||
Retained earnings | $ (1,700) |
Allowance for Credit Losses - A
Allowance for Credit Losses - Activity in allowance for credit losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | $ 39,767 | $ 39,779 | $ 39,779 |
Provision for credit losses | 1,800 | 1,800 | |
Loans charged -off | (3,192) | (4,376) | |
Recoveries | 1,670 | 2,417 | |
Ending Balance | 40,045 | 39,620 | 39,767 |
Commercial | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 13,264 | 12,949 | 12,949 |
Provision for credit losses | 271 | (54) | |
Loans charged -off | (231) | (306) | |
Recoveries | 275 | 201 | |
Ending Balance | 13,579 | 12,790 | 13,264 |
Residential | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 14,327 | 14,568 | 14,568 |
Provision for credit losses | (173) | 500 | |
Loans charged -off | (14) | (79) | |
Recoveries | 93 | 70 | |
Ending Balance | 14,233 | 15,059 | 14,327 |
Consumer | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 11,797 | 12,104 | 12,104 |
Provision for credit losses | 1,767 | 1,254 | |
Loans charged -off | (2,947) | (3,991) | |
Recoveries | 1,302 | 2,146 | |
Ending Balance | 11,919 | 11,513 | 11,797 |
Unallocated | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 379 | 158 | 158 |
Provision for credit losses | (65) | 100 | |
Ending Balance | $ 314 | $ 258 | $ 379 |
Allowance for Credit Losses - R
Allowance for Credit Losses - Recorded Investments in Nonperforming Loans (Details) - Nonperforming Loans - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Aging of recorded investment in loans by past due category and class of loans | ||
Loans Past Due Over 90 Day Still Accruing | $ 1,430 | $ 988 |
Non-accrual | 22,857 | 23,596 |
Nonaccrual With No Allowance For Credit Loss | 4,231 | 5,575 |
Commercial & Industrial | Commercial | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Loans Past Due Over 90 Day Still Accruing | 397 | 5 |
Non-accrual | 14,290 | 13,971 |
Nonaccrual With No Allowance For Credit Loss | 63 | 860 |
Farmland | Commercial | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Non-accrual | 1,219 | 1,221 |
Nonaccrual With No Allowance For Credit Loss | 1,201 | 1,201 |
Non Farm, Non Residential | Commercial | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Non-accrual | 1,145 | 995 |
Nonaccrual With No Allowance For Credit Loss | 697 | 1,011 |
Agriculture | Commercial | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Non-accrual | 935 | 1,147 |
Nonaccrual With No Allowance For Credit Loss | 893 | 1,103 |
All Other Commercial | Commercial | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Non-accrual | 1,021 | 1,046 |
Nonaccrual With No Allowance For Credit Loss | 1,004 | 1,027 |
First Liens | Residential | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Loans Past Due Over 90 Day Still Accruing | 620 | 620 |
Non-accrual | 827 | 960 |
Home Equity | Residential | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Loans Past Due Over 90 Day Still Accruing | 124 | 32 |
Non-accrual | 68 | 68 |
Junior Liens | Residential | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Loans Past Due Over 90 Day Still Accruing | 209 | 239 |
Non-accrual | 111 | 67 |
Multifamily | Residential | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Loans Past Due Over 90 Day Still Accruing | 20 | 47 |
Non-accrual | 429 | 543 |
Nonaccrual With No Allowance For Credit Loss | 373 | 373 |
All Other Residential | Residential | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Loans Past Due Over 90 Day Still Accruing | 60 | |
Non-accrual | 405 | 427 |
Motor Vehicle | Consumer | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Loans Past Due Over 90 Day Still Accruing | 45 | |
Non-accrual | 2,166 | 2,933 |
All Other Consumer | Consumer | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Non-accrual | $ 241 | $ 218 |
Allowance for Credit Losses- Am
Allowance for Credit Losses- Amortized cost basis of collateral dependent loans (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans receivable | $ 2,017,990 | $ 2,008,433 |
Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans receivable | 7,585 | 8,836 |
Collateral Other than Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans receivable | 12,688 | 13,110 |
Commercial | Commercial & Industrial | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans receivable | 568,275 | 649,524 |
Commercial | Commercial & Industrial | Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans receivable | 643 | 1,454 |
Commercial | Commercial & Industrial | Collateral Other than Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans receivable | 11,795 | 12,056 |
Commercial | Farmland | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans receivable | 129,743 | 130,606 |
Commercial | Farmland | Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans receivable | 1,622 | 1,633 |
Commercial | Non Farm, Non Residential | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans receivable | 533,088 | 437,661 |
Commercial | Non Farm, Non Residential | Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans receivable | 3,563 | 3,919 |
Commercial | Agriculture | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans receivable | 124,996 | 138,022 |
Commercial | Agriculture | Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans receivable | 49 | |
Commercial | Agriculture | Collateral Other than Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans receivable | 893 | 1,054 |
Commercial | All Other Commercial | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans receivable | 460,752 | 461,713 |
Commercial | All Other Commercial | Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans receivable | 1,003 | 1,027 |
Residential | First Liens | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans receivable | 362,959 | 358,166 |
Residential | First Liens | Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans receivable | 32 | 32 |
Residential | Home Equity | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans receivable | 65,463 | 65,581 |
Residential | Junior Liens | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans receivable | 58,386 | 58,663 |
Residential | Multifamily | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans receivable | 201,136 | 190,907 |
Residential | Multifamily | Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans receivable | 373 | 373 |
Residential | All Other Residential | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans receivable | 22,552 | 22,471 |
Residential | All Other Residential | Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans receivable | 349 | 349 |
Consumer | Motor Vehicle | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans receivable | 626,233 | 614,559 |
Consumer | All Other Consumer | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans receivable | $ 31,066 | $ 32,199 |
Allowance for Credit Losses -_2
Allowance for Credit Losses - Aging of the Recorded Investment in Loans by Past Due Category and Class of Loan (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Aging of recorded investment in loans by past due category and class of loans | ||
Loans receivable | $ 2,017,990 | $ 2,008,433 |
Financing Receivable Recorded Investment | 3,202,042 | 3,178,373 |
Commercial & Industrial | Commercial | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Loans receivable | 568,275 | 649,524 |
Financing Receivable Recorded Investment | 570,714 | 652,093 |
Farmland | Commercial | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Loans receivable | 129,743 | 130,606 |
Financing Receivable Recorded Investment | 131,808 | 133,406 |
Non Farm, Non Residential | Commercial | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Loans receivable | 533,088 | 437,661 |
Financing Receivable Recorded Investment | 534,717 | 439,009 |
Agriculture | Commercial | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Loans receivable | 124,996 | 138,022 |
Financing Receivable Recorded Investment | 128,578 | 141,041 |
All Other Commercial | Commercial | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Loans receivable | 460,752 | 461,713 |
Financing Receivable Recorded Investment | 462,918 | 464,776 |
First Liens | Residential | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Loans receivable | 362,959 | 358,166 |
Financing Receivable Recorded Investment | 364,146 | 359,292 |
Home Equity | Residential | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Loans receivable | 65,463 | 65,581 |
Financing Receivable Recorded Investment | 65,693 | 65,810 |
Junior Liens | Residential | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Loans receivable | 58,386 | 58,663 |
Financing Receivable Recorded Investment | 58,558 | 58,833 |
Multifamily | Residential | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Loans receivable | 201,136 | 190,907 |
Financing Receivable Recorded Investment | 201,922 | 191,734 |
All Other Residential | Residential | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Loans receivable | 22,552 | 22,471 |
Financing Receivable Recorded Investment | 22,648 | 22,562 |
Motor Vehicle | Consumer | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Loans receivable | 626,233 | 614,559 |
Financing Receivable Recorded Investment | 629,109 | 617,448 |
All Other Consumer | Consumer | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Loans receivable | 31,066 | 32,199 |
Financing Receivable Recorded Investment | 31,231 | 32,369 |
30-59 Days Past Due | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Financing Receivable Recorded Investment | 16,704 | 17,948 |
30-59 Days Past Due | Commercial & Industrial | Commercial | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Financing Receivable Recorded Investment | 1,434 | 668 |
30-59 Days Past Due | Farmland | Commercial | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Financing Receivable Recorded Investment | 398 | 58 |
30-59 Days Past Due | Agriculture | Commercial | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Financing Receivable Recorded Investment | 17 | |
30-59 Days Past Due | All Other Commercial | Commercial | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Financing Receivable Recorded Investment | 759 | |
30-59 Days Past Due | First Liens | Residential | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Financing Receivable Recorded Investment | 3,979 | 2,841 |
30-59 Days Past Due | Home Equity | Residential | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Financing Receivable Recorded Investment | 885 | 360 |
30-59 Days Past Due | Junior Liens | Residential | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Financing Receivable Recorded Investment | 439 | 462 |
30-59 Days Past Due | Multifamily | Residential | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Financing Receivable Recorded Investment | 570 | 117 |
30-59 Days Past Due | All Other Residential | Residential | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Financing Receivable Recorded Investment | 309 | 554 |
30-59 Days Past Due | Motor Vehicle | Consumer | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Financing Receivable Recorded Investment | 7,552 | 12,491 |
30-59 Days Past Due | All Other Consumer | Consumer | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Financing Receivable Recorded Investment | 362 | 397 |
60-89 Days Past Due | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Financing Receivable Recorded Investment | 3,556 | 3,612 |
60-89 Days Past Due | Commercial & Industrial | Commercial | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Financing Receivable Recorded Investment | 1,539 | 488 |
60-89 Days Past Due | Non Farm, Non Residential | Commercial | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Financing Receivable Recorded Investment | 111 | |
60-89 Days Past Due | First Liens | Residential | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Financing Receivable Recorded Investment | 323 | 816 |
60-89 Days Past Due | Home Equity | Residential | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Financing Receivable Recorded Investment | 68 | 188 |
60-89 Days Past Due | Junior Liens | Residential | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Financing Receivable Recorded Investment | 240 | 124 |
60-89 Days Past Due | Multifamily | Residential | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Financing Receivable Recorded Investment | 96 | 140 |
60-89 Days Past Due | Motor Vehicle | Consumer | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Financing Receivable Recorded Investment | 1,160 | 1,754 |
60-89 Days Past Due | All Other Consumer | Consumer | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Financing Receivable Recorded Investment | 19 | 102 |
90 Days and Greater Past Due | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Financing Receivable Recorded Investment | 12,548 | 5,929 |
90 Days and Greater Past Due | Commercial & Industrial | Commercial | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Financing Receivable Recorded Investment | 7,791 | 1,136 |
90 Days and Greater Past Due | Farmland | Commercial | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Financing Receivable Recorded Investment | 1,201 | 1,201 |
90 Days and Greater Past Due | Agriculture | Commercial | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Financing Receivable Recorded Investment | 930 | 1,141 |
90 Days and Greater Past Due | First Liens | Residential | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Financing Receivable Recorded Investment | 874 | 924 |
90 Days and Greater Past Due | Home Equity | Residential | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Financing Receivable Recorded Investment | 163 | 71 |
90 Days and Greater Past Due | Junior Liens | Residential | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Financing Receivable Recorded Investment | 266 | 262 |
90 Days and Greater Past Due | Multifamily | Residential | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Financing Receivable Recorded Investment | 394 | 373 |
90 Days and Greater Past Due | All Other Residential | Residential | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Financing Receivable Recorded Investment | 408 | 47 |
90 Days and Greater Past Due | Motor Vehicle | Consumer | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Financing Receivable Recorded Investment | 463 | 761 |
90 Days and Greater Past Due | All Other Consumer | Consumer | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Financing Receivable Recorded Investment | 58 | 13 |
Total Past Due | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Financing Receivable Recorded Investment | 32,808 | 27,489 |
Total Past Due | Commercial & Industrial | Commercial | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Financing Receivable Recorded Investment | 10,764 | 2,292 |
Total Past Due | Farmland | Commercial | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Financing Receivable Recorded Investment | 1,599 | 1,259 |
Total Past Due | Non Farm, Non Residential | Commercial | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Financing Receivable Recorded Investment | 111 | |
Total Past Due | Agriculture | Commercial | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Financing Receivable Recorded Investment | 947 | 1,141 |
Total Past Due | All Other Commercial | Commercial | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Financing Receivable Recorded Investment | 759 | |
Total Past Due | First Liens | Residential | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Financing Receivable Recorded Investment | 5,176 | 4,581 |
Total Past Due | Home Equity | Residential | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Financing Receivable Recorded Investment | 1,116 | 619 |
Total Past Due | Junior Liens | Residential | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Financing Receivable Recorded Investment | 945 | 848 |
Total Past Due | Multifamily | Residential | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Financing Receivable Recorded Investment | 1,060 | 630 |
Total Past Due | All Other Residential | Residential | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Financing Receivable Recorded Investment | 717 | 601 |
Total Past Due | Motor Vehicle | Consumer | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Financing Receivable Recorded Investment | 9,175 | 15,006 |
Total Past Due | All Other Consumer | Consumer | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Financing Receivable Recorded Investment | 439 | 512 |
Current | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Financing Receivable Recorded Investment | 3,169,234 | 3,150,884 |
Current | Commercial & Industrial | Commercial | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Financing Receivable Recorded Investment | 559,950 | 649,801 |
Current | Farmland | Commercial | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Financing Receivable Recorded Investment | 130,209 | 132,147 |
Current | Non Farm, Non Residential | Commercial | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Financing Receivable Recorded Investment | 534,606 | 439,009 |
Current | Agriculture | Commercial | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Financing Receivable Recorded Investment | 127,631 | 139,900 |
Current | All Other Commercial | Commercial | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Financing Receivable Recorded Investment | 462,159 | 464,776 |
Current | First Liens | Residential | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Financing Receivable Recorded Investment | 358,970 | 354,711 |
Current | Home Equity | Residential | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Financing Receivable Recorded Investment | 64,577 | 65,191 |
Current | Junior Liens | Residential | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Financing Receivable Recorded Investment | 57,613 | 57,985 |
Current | Multifamily | Residential | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Financing Receivable Recorded Investment | 200,862 | 191,104 |
Current | All Other Residential | Residential | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Financing Receivable Recorded Investment | 21,931 | 21,961 |
Current | Motor Vehicle | Consumer | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Financing Receivable Recorded Investment | 619,934 | 602,442 |
Current | All Other Consumer | Consumer | ||
Aging of recorded investment in loans by past due category and class of loans | ||
Financing Receivable Recorded Investment | $ 30,792 | $ 31,857 |
Allowance for Credit Losses - L
Allowance for Credit Losses - Loans and Leases Modified (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Loans and leases that were modified | |
Total Class of Financing Receivable | 0.02% |
Principal Forgiveness | |
Loans and leases that were modified | |
$ Amount | $ 33 |
Term Extension | |
Loans and leases that were modified | |
$ Amount | 288 |
Interest Rate Reduction | |
Loans and leases that were modified | |
$ Amount | 166 |
Combination Term Extension and Principal Forgiveness | |
Loans and leases that were modified | |
$ Amount | 120 |
Combination Term Extension Interest Rate Reduction | |
Loans and leases that were modified | |
$ Amount | $ 127 |
Residential | First Liens | |
Loans and leases that were modified | |
Total Class of Financing Receivable | 0.04% |
Residential | First Liens | Interest Rate Reduction | |
Loans and leases that were modified | |
$ Amount | $ 138 |
Residential | First Liens | Combination Term Extension Interest Rate Reduction | |
Loans and leases that were modified | |
$ Amount | $ 25 |
Residential | Junior Liens | |
Loans and leases that were modified | |
Total Class of Financing Receivable | 0.05% |
Residential | Junior Liens | Term Extension | |
Loans and leases that were modified | |
$ Amount | $ 28 |
Consumer | Motor Vehicle | |
Loans and leases that were modified | |
Total Class of Financing Receivable | 0.09% |
Consumer | Motor Vehicle | Principal Forgiveness | |
Loans and leases that were modified | |
$ Amount | $ 33 |
Consumer | Motor Vehicle | Term Extension | |
Loans and leases that were modified | |
$ Amount | 260 |
Consumer | Motor Vehicle | Interest Rate Reduction | |
Loans and leases that were modified | |
$ Amount | 28 |
Consumer | Motor Vehicle | Combination Term Extension and Principal Forgiveness | |
Loans and leases that were modified | |
$ Amount | 120 |
Consumer | Motor Vehicle | Combination Term Extension Interest Rate Reduction | |
Loans and leases that were modified | |
$ Amount | $ 102 |
Allowance for Credit Losses - M
Allowance for Credit Losses - Modified loans performance (Details) - Consumer $ in Thousands | Mar. 31, 2023 USD ($) |
30-59 Days Past Due | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amount | $ 64 |
Total Past Due | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amount | 64 |
Motor Vehicle | 30-59 Days Past Due | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amount | 64 |
Motor Vehicle | Total Past Due | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amount | $ 64 |
Allowance for Credit Losses - E
Allowance for Credit Losses - Effect of loan and leases modifications (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Effect of loan and lease modifications | |
Principal Forgiveness | $ 52 |
Weighted-Average Interest Rate Reduction | 2.41% |
Weighted-Average Term Extension | 24 months |
Residential | First Liens | |
Effect of loan and lease modifications | |
Weighted-Average Interest Rate Reduction | 2.11% |
Weighted-Average Term Extension | 24 months |
Residential | Junior Liens | |
Effect of loan and lease modifications | |
Weighted-Average Term Extension | 36 months |
Consumer | Motor Vehicle | |
Effect of loan and lease modifications | |
Principal Forgiveness | $ 52 |
Weighted-Average Interest Rate Reduction | 2.74% |
Weighted-Average Term Extension | 23 months |
Allowance for Credit Losses -_3
Allowance for Credit Losses - Modified loans with payment default (Details) - Consumer $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Principal Forgiveness | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amount | $ 2 |
Term Extension | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amount | 64 |
Interest Rate Reduction | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amount | 2 |
Motor Vehicle | Principal Forgiveness | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amount | 2 |
Motor Vehicle | Term Extension | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amount | 64 |
Motor Vehicle | Interest Rate Reduction | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amount | $ 2 |
Allowance for Credit Losses -_4
Allowance for Credit Losses - Recorded Investment of Commercial Loan Portfolio by Risk Category (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Analysis of risk category of loans by class of loans | |||
Current year | $ 92,262 | $ 255,765 | |
Prior year | 243,419 | 458,326 | |
Two years before current year | 458,324 | 361,138 | |
Three years before current year | 362,485 | 210,908 | |
Four years before current year | 197,887 | 98,537 | |
Prior | 490,654 | 446,015 | |
Revolving Loans | 172,959 | 177,744 | |
Total loans | 2,017,990 | 2,008,433 | |
Current period gross charge offs, Total | 3,192 | $ 4,376 | |
Commercial & Industrial | Commercial | |||
Analysis of risk category of loans by class of loans | |||
Current year | 39,796 | 87,975 | |
Prior year | 61,399 | 137,829 | |
Two years before current year | 122,559 | 125,525 | |
Three years before current year | 96,435 | 52,299 | |
Four years before current year | 42,455 | 46,513 | |
Prior | 113,677 | 107,185 | |
Revolving Loans | 91,954 | 92,198 | |
Total loans | 568,275 | 649,524 | |
Current period gross charge offs, 2024 | 8 | ||
Current period gross charge offs, 2023 | 72 | ||
Current period gross charge offs, 2022 | 40 | ||
Current period gross charge offs, 2021 | 78 | ||
Current period gross charge offs, 2020 | 5 | 24 | |
Current period gross charge offs, Prior | 22 | 49 | |
Current period gross charge offs, Total | 27 | 271 | |
Farmland | Commercial | |||
Analysis of risk category of loans by class of loans | |||
Current year | 4,521 | 21,232 | |
Prior year | 20,668 | 16,025 | |
Two years before current year | 15,738 | 20,798 | |
Three years before current year | 19,870 | 8,351 | |
Four years before current year | 7,951 | 9,462 | |
Prior | 60,781 | 54,451 | |
Revolving Loans | 214 | 287 | |
Total loans | 129,743 | 130,606 | |
Non Farm, Non Residential | Commercial | |||
Analysis of risk category of loans by class of loans | |||
Current year | 38,057 | 73,842 | |
Prior year | 79,130 | 124,051 | |
Two years before current year | 137,381 | 70,472 | |
Three years before current year | 101,204 | 24,643 | |
Four years before current year | 23,539 | 23,874 | |
Prior | 147,794 | 113,173 | |
Revolving Loans | 5,983 | 7,606 | |
Total loans | 533,088 | 437,661 | |
Agriculture | Commercial | |||
Analysis of risk category of loans by class of loans | |||
Current year | 3,737 | 10,764 | |
Prior year | 9,424 | 11,491 | |
Two years before current year | 10,705 | 6,645 | |
Three years before current year | 5,974 | 6,161 | |
Four years before current year | 5,705 | 7,517 | |
Prior | 24,239 | 27,350 | |
Revolving Loans | 65,212 | 68,094 | |
Total loans | 124,996 | 138,022 | |
All Other Commercial | Commercial | |||
Analysis of risk category of loans by class of loans | |||
Current year | 6,151 | 27,401 | |
Prior year | 30,204 | 106,085 | |
Two years before current year | 105,113 | 104,323 | |
Three years before current year | 106,125 | 96,507 | |
Four years before current year | 95,494 | 4,774 | |
Prior | 108,495 | 113,446 | |
Revolving Loans | 9,170 | 9,177 | |
Total loans | 460,752 | 461,713 | |
Current period gross charge offs, 2024 | 104 | 675 | |
Current period gross charge offs, 2023 | 100 | ||
Current period gross charge offs, 2020 | 20 | ||
Current period gross charge offs, Total | 204 | 695 | |
Multifamily | Residential | |||
Analysis of risk category of loans by class of loans | |||
Current year | 34,551 | ||
Prior year | 42,594 | 62,845 | |
Two years before current year | 66,828 | 33,375 | |
Three years before current year | 32,877 | 22,947 | |
Four years before current year | 22,743 | 6,397 | |
Prior | 35,668 | 30,410 | |
Revolving Loans | 426 | 382 | |
Total loans | 201,136 | 190,907 | |
Pass | |||
Analysis of risk category of loans by class of loans | |||
Current year | 88,627 | 248,561 | |
Prior year | 226,257 | 450,056 | |
Two years before current year | 449,682 | 346,276 | |
Three years before current year | 340,436 | 202,457 | |
Four years before current year | 190,448 | 94,211 | |
Prior | 461,360 | 421,033 | |
Revolving Loans | 167,117 | 163,479 | |
Total loans | 1,923,927 | 1,926,073 | |
Pass | Commercial & Industrial | Commercial | |||
Analysis of risk category of loans by class of loans | |||
Current year | 36,823 | 80,873 | |
Prior year | 44,296 | 131,522 | |
Two years before current year | 116,256 | 112,811 | |
Three years before current year | 76,514 | 47,445 | |
Four years before current year | 38,558 | 44,257 | |
Prior | 105,365 | 100,872 | |
Revolving Loans | 89,655 | 81,551 | |
Total loans | 507,467 | 599,331 | |
Pass | Farmland | Commercial | |||
Analysis of risk category of loans by class of loans | |||
Current year | 4,521 | 21,232 | |
Prior year | 20,668 | 16,025 | |
Two years before current year | 15,738 | 20,794 | |
Three years before current year | 19,867 | 8,310 | |
Four years before current year | 7,911 | 8,790 | |
Prior | 57,576 | 52,357 | |
Revolving Loans | 214 | 287 | |
Total loans | 126,495 | 127,795 | |
Pass | Non Farm, Non Residential | Commercial | |||
Analysis of risk category of loans by class of loans | |||
Current year | 37,395 | 73,740 | |
Prior year | 79,071 | 123,319 | |
Two years before current year | 136,474 | 69,477 | |
Three years before current year | 100,219 | 23,965 | |
Four years before current year | 22,866 | 22,550 | |
Prior | 140,335 | 106,752 | |
Revolving Loans | 5,983 | 7,606 | |
Total loans | 522,343 | 427,409 | |
Pass | Agriculture | Commercial | |||
Analysis of risk category of loans by class of loans | |||
Current year | 3,737 | 10,764 | |
Prior year | 9,424 | 11,299 | |
Two years before current year | 10,522 | 6,614 | |
Three years before current year | 5,945 | 6,118 | |
Four years before current year | 5,669 | 7,443 | |
Prior | 22,708 | 25,678 | |
Revolving Loans | 61,669 | 64,476 | |
Total loans | 119,674 | 132,392 | |
Pass | All Other Commercial | Commercial | |||
Analysis of risk category of loans by class of loans | |||
Current year | 6,151 | 27,401 | |
Prior year | 30,204 | 105,046 | |
Two years before current year | 104,099 | 104,307 | |
Three years before current year | 106,110 | 94,029 | |
Four years before current year | 93,055 | 4,774 | |
Prior | 107,236 | 112,159 | |
Revolving Loans | 9,170 | 9,177 | |
Total loans | 456,025 | 456,893 | |
Pass | Multifamily | Residential | |||
Analysis of risk category of loans by class of loans | |||
Current year | 34,551 | ||
Prior year | 42,594 | 62,845 | |
Two years before current year | 66,593 | 32,273 | |
Three years before current year | 31,781 | 22,590 | |
Four years before current year | 22,389 | 6,397 | |
Prior | 28,140 | 23,215 | |
Revolving Loans | 426 | 382 | |
Total loans | 191,923 | 182,253 | |
Special Mention | |||
Analysis of risk category of loans by class of loans | |||
Current year | 6 | ||
Prior year | 14,605 | 1,039 | |
Two years before current year | 1,801 | 11,024 | |
Three years before current year | 10,768 | 6,285 | |
Four years before current year | 6,190 | 1,531 | |
Prior | 10,981 | 9,582 | |
Revolving Loans | 5,842 | 6,333 | |
Total loans | 50,187 | 35,800 | |
Special Mention | Commercial & Industrial | Commercial | |||
Analysis of risk category of loans by class of loans | |||
Current year | 6 | ||
Prior year | 14,605 | 221 | |
Two years before current year | 762 | 10,025 | |
Three years before current year | 9,780 | 3,442 | |
Four years before current year | 3,392 | 323 | |
Prior | 1,205 | 866 | |
Revolving Loans | 2,299 | 2,715 | |
Total loans | 32,043 | 17,598 | |
Special Mention | Farmland | Commercial | |||
Analysis of risk category of loans by class of loans | |||
Two years before current year | 4 | ||
Three years before current year | 3 | ||
Four years before current year | 363 | ||
Prior | 1,062 | 710 | |
Total loans | 1,065 | 1,077 | |
Special Mention | Non Farm, Non Residential | Commercial | |||
Analysis of risk category of loans by class of loans | |||
Prior year | 732 | ||
Two years before current year | 718 | 995 | |
Three years before current year | 985 | ||
Four years before current year | 845 | ||
Prior | 835 | ||
Total loans | 2,538 | 2,572 | |
Special Mention | Agriculture | Commercial | |||
Analysis of risk category of loans by class of loans | |||
Prior year | 86 | ||
Two years before current year | 86 | ||
Three years before current year | 8 | ||
Four years before current year | 5 | ||
Prior | 602 | 605 | |
Revolving Loans | 3,543 | 3,618 | |
Total loans | 4,236 | 4,317 | |
Special Mention | All Other Commercial | Commercial | |||
Analysis of risk category of loans by class of loans | |||
Three years before current year | 2,478 | ||
Four years before current year | 2,439 | ||
Prior | 812 | 830 | |
Total loans | 3,251 | 3,308 | |
Special Mention | Multifamily | Residential | |||
Analysis of risk category of loans by class of loans | |||
Two years before current year | 235 | ||
Three years before current year | 357 | ||
Four years before current year | 354 | ||
Prior | 6,465 | 6,571 | |
Total loans | 7,054 | 6,928 | |
Substandard | |||
Analysis of risk category of loans by class of loans | |||
Current year | 3,093 | 3,722 | |
Prior year | 1,294 | 5,816 | |
Two years before current year | 5,607 | 1,858 | |
Three years before current year | 9,537 | 1,022 | |
Four years before current year | 185 | 2,627 | |
Prior | 16,907 | 14,520 | |
Revolving Loans | 7,932 | ||
Total loans | 36,623 | 37,497 | |
Substandard | Commercial & Industrial | Commercial | |||
Analysis of risk category of loans by class of loans | |||
Current year | 2,431 | 3,620 | |
Prior year | 1,235 | 4,734 | |
Two years before current year | 4,360 | 1,842 | |
Three years before current year | 9,522 | 981 | |
Four years before current year | 145 | 1,789 | |
Prior | 6,941 | 5,354 | |
Revolving Loans | 7,932 | ||
Total loans | 24,634 | 26,252 | |
Substandard | Farmland | Commercial | |||
Analysis of risk category of loans by class of loans | |||
Three years before current year | 41 | ||
Four years before current year | 40 | 309 | |
Prior | 2,129 | 1,370 | |
Total loans | 2,169 | 1,720 | |
Substandard | Non Farm, Non Residential | Commercial | |||
Analysis of risk category of loans by class of loans | |||
Current year | 662 | 102 | |
Prior year | 59 | ||
Two years before current year | 189 | ||
Four years before current year | 479 | ||
Prior | 6,560 | 6,356 | |
Total loans | 7,470 | 6,937 | |
Substandard | Agriculture | Commercial | |||
Analysis of risk category of loans by class of loans | |||
Prior year | 55 | ||
Two years before current year | 55 | ||
Four years before current year | 50 | ||
Prior | 904 | 1,067 | |
Total loans | 959 | 1,172 | |
Substandard | All Other Commercial | Commercial | |||
Analysis of risk category of loans by class of loans | |||
Prior year | 1,027 | ||
Two years before current year | 1,003 | 16 | |
Three years before current year | 15 | ||
Total loans | 1,018 | 1,043 | |
Substandard | Multifamily | Residential | |||
Analysis of risk category of loans by class of loans | |||
Prior | 373 | 373 | |
Total loans | 373 | 373 | |
Not Rated | |||
Analysis of risk category of loans by class of loans | |||
Current year | 542 | 3,476 | |
Prior year | 1,263 | 1,415 | |
Two years before current year | 1,234 | 1,980 | |
Three years before current year | 1,744 | 1,144 | |
Four years before current year | 1,064 | 168 | |
Prior | 1,406 | 880 | |
Total loans | 7,253 | 9,063 | |
Not Rated | Commercial & Industrial | Commercial | |||
Analysis of risk category of loans by class of loans | |||
Current year | 542 | 3,476 | |
Prior year | 1,263 | 1,352 | |
Two years before current year | 1,181 | 847 | |
Three years before current year | 619 | 431 | |
Four years before current year | 360 | 144 | |
Prior | 166 | 93 | |
Total loans | 4,131 | 6,343 | |
Not Rated | Farmland | Commercial | |||
Analysis of risk category of loans by class of loans | |||
Prior | 14 | 14 | |
Total loans | 14 | 14 | |
Not Rated | Non Farm, Non Residential | Commercial | |||
Analysis of risk category of loans by class of loans | |||
Three years before current year | 678 | ||
Four years before current year | 673 | ||
Prior | 64 | 65 | |
Total loans | 737 | 743 | |
Not Rated | Agriculture | Commercial | |||
Analysis of risk category of loans by class of loans | |||
Prior year | 51 | ||
Two years before current year | 42 | 31 | |
Three years before current year | 29 | 35 | |
Four years before current year | 31 | 24 | |
Prior | 25 | ||
Total loans | 127 | 141 | |
Not Rated | All Other Commercial | Commercial | |||
Analysis of risk category of loans by class of loans | |||
Prior year | 12 | ||
Two years before current year | 11 | ||
Prior | 447 | 457 | |
Total loans | 458 | 469 | |
Not Rated | Multifamily | Residential | |||
Analysis of risk category of loans by class of loans | |||
Two years before current year | 1,102 | ||
Three years before current year | 1,096 | ||
Prior | 690 | 251 | |
Total loans | $ 1,786 | $ 1,353 |
Allowance for Credit Losses - C
Allowance for Credit Losses - Credit risk profile of loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | $ 92,262 | $ 255,765 | |
Prior year | 243,419 | 458,326 | |
Two years before current year | 458,324 | 361,138 | |
Three years before current year | 362,485 | 210,908 | |
Four years before current year | 197,887 | 98,537 | |
Prior | 490,654 | 446,015 | |
Revolving Loans | 172,959 | 177,744 | |
Total loans | 2,017,990 | 2,008,433 | |
Current period gross charge offs, Total | 3,192 | $ 4,376 | |
Performing | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 87,591 | 348,183 | |
Prior year | 331,927 | 317,948 | |
Two years before current year | 294,783 | 151,284 | |
Three years before current year | 139,039 | 91,864 | |
Four years before current year | 81,985 | 33,181 | |
Prior | 154,745 | 131,427 | |
Revolving Loans | 71,628 | 72,484 | |
Total loans | 1,161,698 | 1,146,371 | |
Nonperforming Loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 232 | ||
Prior year | 258 | 1,189 | |
Two years before current year | 1,201 | 756 | |
Three years before current year | 722 | 757 | |
Four years before current year | 689 | 598 | |
Prior | 2,028 | 1,735 | |
Revolving Loans | 63 | 1 | |
Total loans | 4,961 | 5,268 | |
Total other loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 87,591 | 348,415 | |
Prior year | 332,185 | 319,137 | |
Two years before current year | 295,984 | 152,040 | |
Three years before current year | 139,761 | 92,621 | |
Four years before current year | 82,674 | 33,779 | |
Prior | 156,773 | 133,162 | |
Revolving Loans | 71,691 | 72,485 | |
Total loans | 1,166,659 | 1,151,639 | |
Residential | First Liens | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 12,945 | 49,146 | |
Prior year | 49,273 | 71,073 | |
Two years before current year | 70,491 | 65,232 | |
Three years before current year | 63,845 | 36,816 | |
Four years before current year | 35,212 | 15,242 | |
Prior | 130,045 | 119,591 | |
Revolving Loans | 1,148 | 1,066 | |
Total loans | 362,959 | 358,166 | |
Current period gross charge offs, Prior | 14 | 167 | |
Current period gross charge offs, Total | 14 | 167 | |
Residential | First Liens | Performing | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 12,945 | 49,146 | |
Prior year | 49,273 | 70,952 | |
Two years before current year | 70,240 | 65,232 | |
Three years before current year | 63,845 | 36,751 | |
Four years before current year | 35,147 | 15,185 | |
Prior | 128,738 | 118,087 | |
Revolving Loans | 1,148 | 1,066 | |
Total loans | 361,336 | 356,419 | |
Residential | First Liens | Nonperforming Loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Prior year | 121 | ||
Two years before current year | 251 | ||
Three years before current year | 65 | ||
Four years before current year | 65 | 57 | |
Prior | 1,307 | 1,504 | |
Total loans | 1,623 | 1,747 | |
Residential | Home Equity | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 61 | ||
Prior year | 61 | 90 | |
Two years before current year | 113 | ||
Three years before current year | 24 | ||
Four years before current year | 24 | 378 | |
Prior | 1,510 | 926 | |
Revolving Loans | 63,755 | 64,102 | |
Total loans | 65,463 | 65,581 | |
Residential | Home Equity | Performing | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 61 | ||
Prior year | 61 | 68 | |
Two years before current year | 45 | ||
Three years before current year | 7 | ||
Four years before current year | 7 | 378 | |
Prior | 1,456 | 866 | |
Revolving Loans | 63,704 | 64,102 | |
Total loans | 65,273 | 65,482 | |
Residential | Home Equity | Nonperforming Loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Prior year | 22 | ||
Two years before current year | 68 | ||
Three years before current year | 17 | ||
Four years before current year | 17 | ||
Prior | 54 | 60 | |
Revolving Loans | 51 | ||
Total loans | 190 | 99 | |
Residential | Junior Liens | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 2,654 | 15,050 | |
Prior year | 14,561 | 15,484 | |
Two years before current year | 14,732 | 8,293 | |
Three years before current year | 7,854 | 5,661 | |
Four years before current year | 5,337 | 4,280 | |
Prior | 11,625 | 8,197 | |
Revolving Loans | 1,623 | 1,698 | |
Total loans | 58,386 | 58,663 | |
Current period gross charge offs, 2020 | 24 | ||
Current period gross charge offs, Prior | 24 | ||
Current period gross charge offs, Total | 48 | ||
Residential | Junior Liens | Performing | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 2,654 | 15,050 | |
Prior year | 14,561 | 15,431 | |
Two years before current year | 14,691 | 8,248 | |
Three years before current year | 7,813 | 5,557 | |
Four years before current year | 5,235 | 4,280 | |
Prior | 11,490 | 8,094 | |
Revolving Loans | 1,623 | 1,698 | |
Total loans | 58,067 | 58,358 | |
Residential | Junior Liens | Nonperforming Loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Prior year | 53 | ||
Two years before current year | 41 | 45 | |
Three years before current year | 41 | 104 | |
Four years before current year | 102 | ||
Prior | 135 | 103 | |
Total loans | 319 | 305 | |
Residential | All Other Residential | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 224 | 6,432 | |
Prior year | 8,087 | 9,477 | |
Two years before current year | 8,659 | 3,146 | |
Three years before current year | 3,058 | 421 | |
Four years before current year | 408 | 1,031 | |
Prior | 1,931 | 1,549 | |
Revolving Loans | 185 | 415 | |
Total loans | 22,552 | 22,471 | |
Current period gross charge offs, Prior | 1 | ||
Current period gross charge offs, Total | 1 | ||
Residential | All Other Residential | Performing | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 224 | 6,432 | |
Prior year | 8,087 | 9,477 | |
Two years before current year | 8,659 | 3,100 | |
Three years before current year | 2,999 | 421 | |
Four years before current year | 408 | 641 | |
Prior | 1,525 | 1,511 | |
Revolving Loans | 185 | 415 | |
Total loans | 22,087 | 21,997 | |
Residential | All Other Residential | Nonperforming Loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Two years before current year | 46 | ||
Three years before current year | 59 | ||
Four years before current year | 390 | ||
Prior | 406 | 38 | |
Total loans | 465 | 474 | |
Consumer | Motor Vehicle | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 68,820 | 265,165 | |
Prior year | 249,346 | 216,098 | |
Two years before current year | 196,211 | 71,446 | |
Three years before current year | 61,640 | 47,471 | |
Four years before current year | 39,772 | 12,172 | |
Prior | 10,444 | 2,207 | |
Total loans | 626,233 | 614,559 | |
Current period gross charge offs, 2024 | 841 | ||
Current period gross charge offs, 2023 | 680 | 7,722 | |
Current period gross charge offs, 2022 | 1,285 | 3,101 | |
Current period gross charge offs, 2021 | 633 | 1,448 | |
Current period gross charge offs, 2020 | 185 | 499 | |
Current period gross charge offs, Prior | 43 | 174 | |
Current period gross charge offs, Total | 2,826 | 13,785 | |
Consumer | Motor Vehicle | Performing | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 68,820 | 264,933 | |
Prior year | 249,124 | 215,125 | |
Two years before current year | 195,414 | 70,926 | |
Three years before current year | 61,139 | 46,939 | |
Four years before current year | 39,299 | 12,038 | |
Prior | 10,326 | 2,177 | |
Total loans | 624,122 | 612,138 | |
Consumer | Motor Vehicle | Nonperforming Loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 232 | ||
Prior year | 222 | 973 | |
Two years before current year | 797 | 520 | |
Three years before current year | 501 | 532 | |
Four years before current year | 473 | 134 | |
Prior | 118 | 30 | |
Total loans | 2,111 | 2,421 | |
Consumer | All Other Consumer | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 2,948 | 12,561 | |
Prior year | 10,857 | 6,915 | |
Two years before current year | 5,778 | 3,923 | |
Three years before current year | 3,364 | 2,228 | |
Four years before current year | 1,921 | 676 | |
Prior | 1,218 | 692 | |
Revolving Loans | 4,980 | 5,204 | |
Total loans | 31,066 | 32,199 | |
Current period gross charge offs, 2024 | 61 | ||
Current period gross charge offs, 2023 | 46 | 213 | |
Current period gross charge offs, 2022 | 25 | 61 | |
Current period gross charge offs, 2021 | 3 | 37 | |
Current period gross charge offs, 2020 | 7 | 3 | |
Current period gross charge offs, Prior | 5 | 5 | |
Current period gross charge offs, Revolving Loans | 35 | 149 | |
Current period gross charge offs, Total | 121 | 529 | |
Consumer | All Other Consumer | Performing | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 2,948 | 12,561 | |
Prior year | 10,821 | 6,895 | |
Two years before current year | 5,734 | 3,778 | |
Three years before current year | 3,243 | 2,189 | |
Four years before current year | 1,889 | 659 | |
Prior | 1,210 | 692 | |
Revolving Loans | 4,968 | 5,203 | |
Total loans | 30,813 | 31,977 | |
Consumer | All Other Consumer | Nonperforming Loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Prior year | 36 | 20 | |
Two years before current year | 44 | 145 | |
Three years before current year | 121 | 39 | |
Four years before current year | 32 | 17 | |
Prior | 8 | ||
Revolving Loans | 12 | 1 | |
Total loans | $ 253 | $ 222 |
Allowance for Credit Losses -_5
Allowance for Credit Losses - Additional Information (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
ALLOWANCE FOR LOAN LOSSES | |
Minimum outstanding balance of non-homogeneous loans to be individually evaluated as to credit risk | $ 100 |
Nonperforming loans past due | 90 days |
Securities - Fair value of secu
Securities - Fair value of securities available for sale and related unrealized gain and loss (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Amortized cost and fair value of investments classified as available for sale | ||
Amortized Cost | $ 1,386,111 | $ 1,412,498 |
Unrealized Gains | 3,656 | 4,484 |
Unrealized Losses | (171,480) | (157,845) |
Fair Value | 1,218,287 | 1,259,137 |
U.S. Government agencies | ||
Amortized cost and fair value of investments classified as available for sale | ||
Amortized Cost | 100,710 | 102,978 |
Unrealized Gains | 3 | 4 |
Unrealized Losses | (12,599) | (11,542) |
Fair Value | 88,114 | 91,440 |
Mortgage Backed Securities - residential | ||
Amortized cost and fair value of investments classified as available for sale | ||
Amortized Cost | 638,535 | 653,507 |
Unrealized Gains | 9 | 53 |
Unrealized Losses | (92,745) | (83,675) |
Fair Value | 545,799 | 569,885 |
Mortgage Backed Securities - commercial | ||
Amortized cost and fair value of investments classified as available for sale | ||
Amortized Cost | 7,880 | 7,919 |
Unrealized Losses | (483) | (436) |
Fair Value | 7,397 | 7,483 |
Collateralized mortgage obligations | ||
Amortized cost and fair value of investments classified as available for sale | ||
Amortized Cost | 204,572 | 209,398 |
Unrealized Gains | 6 | |
Unrealized Losses | (29,145) | (28,575) |
Fair Value | 175,427 | 180,829 |
State and municipal obligations | ||
Amortized cost and fair value of investments classified as available for sale | ||
Amortized Cost | 393,628 | 397,413 |
Unrealized Gains | 756 | 1,407 |
Unrealized Losses | (30,635) | (28,009) |
Fair Value | 363,749 | 370,811 |
Municipal taxable | ||
Amortized cost and fair value of investments classified as available for sale | ||
Amortized Cost | 39,869 | 39,872 |
Unrealized Gains | 12 | |
Unrealized Losses | (5,868) | (5,599) |
Fair Value | 34,001 | 34,285 |
U.S. Treasury | ||
Amortized cost and fair value of investments classified as available for sale | ||
Amortized Cost | 917 | 1,411 |
Unrealized Losses | (5) | (9) |
Fair Value | 912 | 1,402 |
Collateralized debt obligations | ||
Amortized cost and fair value of investments classified as available for sale | ||
Unrealized Gains | 2,888 | 3,002 |
Fair Value | $ 2,888 | $ 3,002 |
Securities - Contractual maturi
Securities - Contractual maturities of debt securities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Amortized Cost | ||
Due in one year or less | $ 8,551 | |
Due after one but within five years | 43,363 | |
Due after five but within ten years | 109,167 | |
Due after ten years | 374,043 | |
Total of securities having specified maturity period | 535,124 | |
Mortgage-backed securities and collateralized mortgage obligations | 850,987 | |
Amortized Cost | 1,386,111 | $ 1,412,498 |
Fair Value | ||
Due in one year or less | 8,446 | |
Due after one but within five years | 41,503 | |
Due after five but within ten years | 105,859 | |
Due after ten years | 333,856 | |
Total of securities having specified maturities period | 489,664 | |
Mortgage-backed securities and collateralized mortgage obligations | 728,623 | |
TOTAL | $ 1,218,287 | $ 1,259,137 |
Securities - Securities Gross (
Securities - Securities Gross (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Less Than 12 Months | ||
Fair Value | $ 95,893 | $ 67,104 |
Unrealized Losses | (1,085) | (745) |
More Than 12 Months | ||
Fair Value | 1,045,422 | 1,060,039 |
Unrealized Losses | (170,395) | (157,100) |
Total | ||
Fair Value | 1,141,315 | 1,127,143 |
Unrealized Losses | (171,480) | (157,845) |
U.S. Government agencies | ||
Less Than 12 Months | ||
Fair Value | 3,204 | 3,757 |
Unrealized Losses | (107) | (73) |
More Than 12 Months | ||
Fair Value | 84,538 | 87,291 |
Unrealized Losses | (12,492) | (11,469) |
Total | ||
Fair Value | 87,742 | 91,048 |
Unrealized Losses | (12,599) | (11,542) |
Mortgage Backed Securities - residential | ||
Less Than 12 Months | ||
Fair Value | 12,148 | 3,810 |
Unrealized Losses | (171) | (41) |
More Than 12 Months | ||
Fair Value | 532,937 | 556,414 |
Unrealized Losses | (92,574) | (83,634) |
Total | ||
Fair Value | 545,085 | 560,224 |
Unrealized Losses | (92,745) | (83,675) |
Mortgage Backed Securities - commercial | ||
More Than 12 Months | ||
Fair Value | 7,397 | 7,483 |
Unrealized Losses | (483) | (436) |
Total | ||
Fair Value | 7,397 | 7,483 |
Unrealized Losses | (483) | (436) |
Collateralized Mortgage Obligations | ||
Less Than 12 Months | ||
Fair Value | 15,509 | 12,981 |
Unrealized Losses | (423) | (303) |
More Than 12 Months | ||
Fair Value | 159,918 | 164,871 |
Unrealized Losses | (28,722) | (28,272) |
Total | ||
Fair Value | 175,427 | 177,852 |
Unrealized Losses | (29,145) | (28,575) |
State and municipal obligations | ||
Less Than 12 Months | ||
Fair Value | 62,809 | 45,154 |
Unrealized Losses | (375) | (319) |
More Than 12 Months | ||
Fair Value | 228,942 | 212,022 |
Unrealized Losses | (30,260) | (27,690) |
Total | ||
Fair Value | 291,751 | 257,176 |
Unrealized Losses | (30,635) | (28,009) |
Municipal taxable | ||
Less Than 12 Months | ||
Fair Value | 1,311 | |
Unrealized Losses | (4) | |
More Than 12 Months | ||
Fair Value | 31,690 | 31,958 |
Unrealized Losses | (5,864) | (5,599) |
Total | ||
Fair Value | 33,001 | 31,958 |
Unrealized Losses | (5,868) | (5,599) |
U.S. Treasury | ||
Less Than 12 Months | ||
Fair Value | 912 | 1,402 |
Unrealized Losses | (5) | (9) |
Total | ||
Fair Value | 912 | 1,402 |
Unrealized Losses | $ (5) | $ (9) |
Securities - Roll forward of th
Securities - Roll forward of the credit losses recognized in earnings (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Credit Losses Recognized in Earnings [Roll Forward] | ||
Beginning balance | $ 2,974 | $ 2,974 |
Reductions for securities called during the period | 0 | 0 |
Ending balance | $ 2,974 | $ 2,974 |
Securities - Additional Informa
Securities - Additional Information (Details) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2024 USD ($) segment | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Securities | ||||
Gains and losses from investment sales/calls realized | $ 0 | $ 0 | ||
Number of investment securities segregation for impairment evaluation | segment | 2 | |||
Cumulative credit loss charges recorded through earnings to date | $ 2,974 | $ 2,974 | $ 2,974 | |
Unrealized losses | $ 171,480 | $ 157,845 |
Qualified Affordable Housing _2
Qualified Affordable Housing Project Investments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Qualified Affordable Housing Project Investments | ||
Investment for qualified housing projects balance | $ 29,700 | $ 7,800 |
Unfunded commitments related to the investments in qualified affordable housing projects | 23,100 | |
Amortization expense | 195 | |
Recognized tax credits and other benefits form its investment | $ 363 |
Fair Value - Fair value of deri
Fair Value - Fair value of derivatives is based on valuation models using observable market data as of the measurement date (Level 2 inputs) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Fair value measurement | ||
Securities available-for-sale | $ 1,218,287 | $ 1,259,137 |
U.S. Government agencies | ||
Fair value measurement | ||
Securities available-for-sale | 88,114 | 91,440 |
Mortgage Backed Securities - residential | ||
Fair value measurement | ||
Securities available-for-sale | 545,799 | 569,885 |
Mortgage Backed Securities - commercial | ||
Fair value measurement | ||
Securities available-for-sale | 7,397 | 7,483 |
Collateralized mortgage obligations | ||
Fair value measurement | ||
Securities available-for-sale | 175,427 | 180,829 |
State and municipal | ||
Fair value measurement | ||
Securities available-for-sale | 363,749 | 370,811 |
Municipal taxable | ||
Fair value measurement | ||
Securities available-for-sale | 34,001 | 34,285 |
U.S. Treasury | ||
Fair value measurement | ||
Securities available-for-sale | 912 | 1,402 |
Collateralized debt obligations | ||
Fair value measurement | ||
Securities available-for-sale | 2,888 | 3,002 |
Level 2 | ||
Fair value measurement | ||
Securities available-for-sale | 1,214,594 | 1,254,955 |
Derivative Assets | 3,095 | 2,878 |
Derivative Liabilities | (3,095) | (2,878) |
Level 2 | U.S. Government agencies | ||
Fair value measurement | ||
Securities available-for-sale | 88,114 | 91,440 |
Level 2 | Mortgage Backed Securities - residential | ||
Fair value measurement | ||
Securities available-for-sale | 545,799 | 569,885 |
Level 2 | Mortgage Backed Securities - commercial | ||
Fair value measurement | ||
Securities available-for-sale | 7,397 | 7,483 |
Level 2 | Collateralized mortgage obligations | ||
Fair value measurement | ||
Securities available-for-sale | 175,427 | 180,829 |
Level 2 | State and municipal | ||
Fair value measurement | ||
Securities available-for-sale | 362,944 | 369,631 |
Level 2 | Municipal taxable | ||
Fair value measurement | ||
Securities available-for-sale | 34,001 | 34,285 |
Level 2 | U.S. Treasury | ||
Fair value measurement | ||
Securities available-for-sale | 912 | 1,402 |
Level 3 | ||
Fair value measurement | ||
Securities available-for-sale | 3,693 | 4,182 |
Level 3 | State and municipal | ||
Fair value measurement | ||
Securities available-for-sale | 805 | 1,180 |
Level 3 | Collateralized debt obligations | ||
Fair value measurement | ||
Securities available-for-sale | $ 2,888 | $ 3,002 |
Fair Value - Additional Informa
Fair Value - Additional Information (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) | Mar. 31, 2023 USD ($) | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair value, assets, level 1 to level 2 transfers, amount | $ 0 | $ 0 | |
Fair value, assets, level 2 to level 1 transfers, amount | 0 | 0 | |
Fair value, liabilities, level 1 to level 2 transfers, amount | 0 | 0 | |
Fair value, liabilities, level 2 to level 1 transfers, amount | 0 | $ 0 | |
State and municipal obligations | Level 3 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair Value | 805 | $ 1,180 | |
Other real estate owned | Level 3 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair Value | 167 | 107 | |
Fair value adjustment | 57 | 57 | |
Other real estate owned | Level 3 | Commercial | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair Value | 84 | 26 | |
Other real estate owned | Level 3 | Residential | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair Value | $ 83 | $ 81 | |
Discount rate | Minimum | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Other Real Estate, measurement input | 0.10 | ||
Discount rate | Maximum | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Other Real Estate, measurement input | 1 | ||
Discount rate | Average | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Other Real Estate, measurement input | 0.39 |
Fair Value - Reconciliation and
Fair Value - 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) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
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 | $ 4,182 | $ 4,531 |
Total realized/unrealized gains or losses - Included in other comprehensive income | (114) | 16 |
Settlements | (375) | (365) |
Ending balance | 3,693 | 4,182 |
State and municipal | ||
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 | 1,180 | 1,545 |
Settlements | (375) | (365) |
Ending balance | 805 | 1,180 |
Collateralized debt obligations | ||
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 | 3,002 | 2,986 |
Total realized/unrealized gains or losses - Included in other comprehensive income | (114) | 16 |
Ending balance | $ 2,888 | $ 3,002 |
Fair Value - Quantitative infor
Fair Value - Quantitative information about recurring and non-recurring Level 3 fair value measurements (Details) $ in Thousands | Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) |
State and municipal obligations | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques | ||
Fair Value | $ 805 | $ 1,180 |
State and municipal obligations | Minimum | Discount rate | ||
Fair Value Measurement Inputs and Valuation Techniques | ||
Range of Inputs (percent) | 0.0424 | 0.0404 |
State and municipal obligations | Maximum | Discount rate | ||
Fair Value Measurement Inputs and Valuation Techniques | ||
Range of Inputs (percent) | 0.0444 | 0.0444 |
Collateralized debt obligations | Discount rate | ||
Fair Value Measurement Inputs and Valuation Techniques | ||
Range of Inputs (percent) | 0.0732 | 0.0736 |
Collateralized debt obligations | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques | ||
Fair Value | $ 2,888 | $ 3,002 |
Collateral dependent loans | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques | ||
Fair Value | $ 10,343 | $ 11,306 |
Collateral dependent loans | Minimum | Discount rate | ||
Fair Value Measurement Inputs and Valuation Techniques | ||
Range of Inputs (percent) | 0.1000 | 0 |
Collateral dependent loans | Maximum | Discount rate | ||
Fair Value Measurement Inputs and Valuation Techniques | ||
Range of Inputs (percent) | 1 | 1 |
Fair Value - Carrying amounts a
Fair Value - Carrying amounts and estimated fair value of financial instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Carrying amount and estimated fair value of financial instruments | ||
Cash and due from banks | $ 69,231 | $ 76,759 |
Federal funds sold | 282 | |
Securities available-for-sale | 1,218,287 | 1,259,137 |
Restricted stock | 15,371 | 15,364 |
Loans, net | 3,016,655 | 3,025,621 |
Accrued interest receivable | 23,851 | 24,877 |
Deposits | (4,102,762) | (4,094,552) |
Short-term borrowings | (88,873) | (67,221) |
Other borrowings | (58,510) | (108,496) |
Accrued interest payable | (3,142) | (2,588) |
Level 1 | ||
Carrying amount and estimated fair value of financial instruments | ||
Cash and due from banks | 25,420 | 25,467 |
Level 2 | ||
Carrying amount and estimated fair value of financial instruments | ||
Cash and due from banks | 43,811 | 51,292 |
Federal funds sold | 282 | |
Securities available-for-sale | 1,214,594 | 1,254,955 |
Accrued interest receivable | 6,608 | 6,755 |
Deposits | (4,102,762) | (4,094,552) |
Short-term borrowings | (88,873) | (67,221) |
Other borrowings | (58,510) | (108,496) |
Accrued interest payable | (3,142) | (2,588) |
Level 3 | ||
Carrying amount and estimated fair value of financial instruments | ||
Securities available-for-sale | 3,693 | 4,182 |
Loans, net | 3,016,655 | 3,025,621 |
Accrued interest receivable | 17,243 | 18,122 |
Carrying Value | ||
Carrying amount and estimated fair value of financial instruments | ||
Cash and due from banks | 69,231 | 76,759 |
Federal funds sold | 282 | |
Securities available-for-sale | 1,218,287 | 1,259,137 |
Restricted stock | 15,371 | 15,364 |
Loans, net | 3,151,938 | 3,128,054 |
Accrued interest receivable | 23,851 | 24,877 |
Deposits | (4,105,103) | (4,090,068) |
Short-term borrowings | (88,873) | (67,221) |
Other borrowings | (58,576) | (108,577) |
Accrued interest payable | $ (3,142) | $ (2,588) |
Borrowings (Details)
Borrowings (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Borrowings | ||
Federal Funds Purchased | $ 51,450 | $ 27,300 |
Repurchase Agreements | 37,423 | 39,921 |
Short-term borrowings | $ 88,873 | $ 67,221 |
Borrowings - Repurchase Agreeme
Borrowings - Repurchase Agreements (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Repurchase Agreements | ||
Repurchase Agreements | $ 37,423 | $ 39,921 |
Overnight and continuous | ||
Repurchase Agreements | ||
Repurchase Agreements | 31,558 | 32,319 |
Up to 30 days | ||
Repurchase Agreements | ||
Repurchase Agreements | 300 | 300 |
30 - 90 days | ||
Repurchase Agreements | ||
Repurchase Agreements | 2,665 | 3,637 |
Greater than 90 days | ||
Repurchase Agreements | ||
Repurchase Agreements | $ 2,900 | $ 3,665 |
Borrowings - Schedule of Other
Borrowings - Schedule of Other Borrowings (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Borrowings | ||
FHLB advances | $ 58,576 | $ 108,577 |
TOTAL | $ 58,576 | $ 108,577 |
Borrowings - Aggregate Minimum
Borrowings - Aggregate Minimum Annual Retirements (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
Borrowings | |
2025 | $ 53,612 |
2026 | 4,964 |
Total other borrowings | $ 58,576 |
Components of Net Periodic Be_3
Components of Net Periodic Benefit Cost - Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 141 | $ 157 |
Interest cost | 947 | 956 |
Expected return on plan assets | (1,051) | (970) |
Net amortization of net (gain) loss | 109 | 188 |
Net Periodic Benefit Cost | 146 | 331 |
Post-Retirement Health Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 4 | 5 |
Interest cost | 34 | 38 |
Net amortization of net (gain) loss | (20) | (13) |
Net Periodic Benefit Cost | $ 18 | $ 30 |
Components of Net Periodic Be_4
Components of Net Periodic Benefit Cost - Employer Contributions (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Amount of potential discretionary contributions accrued to a defined contribution plan | $ 744,000 | $ 608,000 | |
Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected future benefit payment | $ 3,900,000 | ||
Pension Benefits | Employee Stock Option [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected future benefit payment | 604,000 | ||
Contributions by employer | 0 | ||
Post-Retirement Health Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected future benefit payment | $ 249,000 | ||
Contributions by employer | $ 80,000 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenue from Contracts with Customers | ||
Net gains on sales of loans | $ 176 | $ 180 |
Loan servicing fees | 269 | 285 |
Other service charges and fees | 223 | 204 |
Other | 543 | 524 |
Total non-interest income | 9,431 | 9,375 |
Service charges on deposits and debit card fee income | ||
Revenue from Contracts with Customers | ||
Revenue within scope of ASC 606 | 6,708 | 6,818 |
Asset management fees | ||
Revenue from Contracts with Customers | ||
Revenue within scope of ASC 606 | 1,333 | 1,317 |
Interchange income | ||
Revenue from Contracts with Customers | ||
Revenue within scope of ASC 606 | 179 | 47 |
Other | ||
Revenue from Contracts with Customers | ||
Revenue within scope of ASC 606 | $ 7 | $ 6 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | $ (127,087) | $ (139,974) |
Change in Other comprehensive income (loss) before reclassification, Unrealized gains and Losses on available-for-sale Securities | (11,096) | 14,238 |
Amount reclassified from accumulated other comprehensive income, unrealized gains and losses on available for-sale-Securities | 73 | 147 |
Net current period other comprehensive income (loss) | (11,023) | 14,385 |
Ending balance | (138,110) | (125,589) |
Unrealized gains and (Losses) on available- for-sale Securities | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | (118,000) | (128,896) |
Change in Other comprehensive income (loss) before reclassification, Unrealized gains and Losses on available-for-sale Securities | (11,096) | 14,238 |
Net current period other comprehensive income (loss) | (11,096) | 14,238 |
Ending balance | (129,096) | (114,658) |
Retirement plans | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | (9,087) | (11,078) |
Amount reclassified from accumulated other comprehensive income, unrealized gains and losses on available for-sale-Securities | 73 | 147 |
Net current period other comprehensive income (loss) | 73 | 147 |
Ending balance | $ (9,014) | $ (10,931) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income - Unrealized gains (losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Accumulated Other Comprehensive Income (Loss) | ||
Beginning balance | $ (127,087) | $ (139,974) |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (11,023) | 14,385 |
Ending balance | (138,110) | (125,589) |
Unrealized gains and (Losses) on available- for-sale Securities | ||
Accumulated Other Comprehensive Income (Loss) | ||
Beginning balance | (118,000) | (128,896) |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (11,096) | 14,238 |
Ending balance | (129,096) | (114,658) |
Unrealized gains (losses) on securities available-for-sale without other than temporary impairment | ||
Accumulated Other Comprehensive Income (Loss) | ||
Beginning balance | (120,252) | (131,135) |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (11,010) | 14,291 |
Ending balance | (131,262) | (116,844) |
Unrealized gains (losses) on securities available-for-sale with other than temporary impairment | ||
Accumulated Other Comprehensive Income (Loss) | ||
Beginning balance | 2,252 | 2,239 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (86) | (53) |
Ending balance | 2,166 | 2,186 |
Retirement plans | ||
Accumulated Other Comprehensive Income (Loss) | ||
Beginning balance | (9,087) | (11,078) |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 73 | 147 |
Ending balance | $ (9,014) | $ (10,931) |
Accumulated Other Comprehensi_5
Accumulated Other Comprehensive Income - Amount reclassified from accumulated other comprehensive income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Income tax expense | $ (2,205) | $ (3,609) |
Net Income (Loss) | 10,924 | 15,980 |
Amount reclassified from accumulated other comprehensive income | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Net Income (Loss) | (73) | (147) |
Retirement plans | Amount reclassified from accumulated other comprehensive income | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Change in funded status of post retirement benefits, net of taxes | (97) | (196) |
Income tax expense | 24 | 49 |
Net Income (Loss) | $ (73) | $ (147) |
Leases (Details)
Leases (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Leases | ||
Operating lease liabilities | $ 5,676,000 | $ 5,456,000 |
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Other Liabilities | Other Liabilities |
Operating lease right-of-use assets | $ 5,608,000 | $ 5,392,000 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets | Other Assets |
Weighted average remaining lease term for operating leases | 8 years | |
Weighted average discount rate | 2.29% |
Leases - Lease cost (Details)
Leases - Lease cost (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Leases | |
Operating lease cost | $ 257 |
Short-term lease cost | 29 |
Variable lease cost | 6 |
Total lease cost | 292 |
Cash paid for amounts included in the measurement of operating lease liabilities | 242 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 429 |
Leases - Future minimum payment
Leases - Future minimum payments for operating leases (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Twelve Months Ended March 31, | ||
2025 | $ 984,000 | |
2026 | 943,000 | |
2027 | 878,000 | |
2028 | 869,000 | |
2029 | 643,000 | |
Thereafter | 2,106,000 | |
Total Future Minimum Lease Payments | 6,423,000 | |
Amounts Representing Interest | (747,000) | |
Present Value of Net Future Minimum Lease Payments | $ 5,676,000 | $ 5,456,000 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net Income (Loss) | $ 10,924 | $ 15,980 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Nonrule10b51arrmodifiedFlag | false |
Rule10b51arrmodifiedFlag | false |