Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2024 | Apr. 25, 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 | 0-11487 | |
Entity Registrant Name | LAKELAND FINANCIAL CORPORATION | |
Entity Incorporation, State or Country Code | IN | |
Entity Tax Identification Number | 35-1559596 | |
Entity Address, Address Line One | 202 East Center Street, | |
Entity Address, City or Town | Warsaw | |
Entity Address, State or Province | IN | |
Entity Address, Postal Zip Code | 46580 | |
City Area Code | 574 | |
Local Phone Number | 267‑6144 | |
Title of 12(b) Security | Common stock, No par value | |
Trading Symbol | LKFN | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 25,503,425 | |
Entity Central Index Key | 0000721994 | |
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 | $ 55,533 | $ 70,451 |
Short-term investments | 92,154 | 81,373 |
Total cash and cash equivalents | 147,687 | 151,824 |
Securities available-for-sale, at fair value | 1,014,481 | 1,051,728 |
Securities held-to-maturity, at amortized cost (fair value of $115,467 and $119,215, respectively) | 130,335 | 129,918 |
Real estate mortgage loans held-for-sale | 1,659 | 1,158 |
Loans, net of allowance for credit losses of $73,180 and $71,972 | 4,924,379 | 4,844,562 |
Land, premises and equipment, net | 57,890 | 57,899 |
Bank owned life insurance | 110,067 | 109,114 |
Federal Reserve and Federal Home Loan Bank stock | 21,420 | 21,420 |
Accrued interest receivable | 30,793 | 30,011 |
Goodwill | 4,970 | 4,970 |
Other assets | 123,180 | 121,425 |
Total assets | 6,566,861 | 6,524,029 |
LIABILITIES | ||
Noninterest bearing deposits | 1,254,200 | 1,353,477 |
Interest bearing deposits | 4,363,885 | 4,367,048 |
Total deposits | 5,618,085 | 5,720,525 |
Federal Home Loan Bank advances | 200,000 | 50,000 |
Accrued interest payable | 14,524 | 20,893 |
Other liabilities | 87,243 | 82,818 |
Total liabilities | 5,919,852 | 5,874,236 |
STOCKHOLDERS’ EQUITY | ||
Common stock: 0 shares authorized, no par value 0 shares issued and 0 outstanding as of March 31, 2024 25,903,686 shares issued and 25,430,566 outstanding as of December 31, 2023 | 125,873 | 127,692 |
Retained earnings | 703,330 | 692,760 |
Accumulated other comprehensive income (loss) | (166,913) | (155,195) |
Treasury stock at cost (463,075 shares as of March 31, 2024, 473,120 shares as of December 31, 2023) | (15,370) | (15,553) |
Total stockholders’ equity | 646,920 | 649,704 |
Noncontrolling interest | 89 | 89 |
Total equity | 647,009 | 649,793 |
Total liabilities and equity | $ 6,566,861 | $ 6,524,029 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Securities held-to-maturity, fair value | $ 115,467 | $ 119,215 |
Allowance for credit losses | $ 73,180 | $ 71,972 |
Common stock, shares authorized (in shares) | 90,000,000 | 90,000,000 |
Common stock, no par value (in dollars per share) | $ 0 | $ 0 |
Common stock, shares issued (in shares) | 25,966,500 | 25,903,686 |
Common stock, shares outstanding (in shares) | 25,503,425 | 25,430,566 |
Treasury stock, at cost (in shares) | 463,075 | 473,120 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Interest and fees on loans | ||
Taxable | $ 82,042 | $ 69,542 |
Tax exempt | 900 | 901 |
Interest and dividends on securities | ||
Taxable | 3,039 | 3,513 |
Tax exempt | 3,947 | 4,300 |
Other interest income | 1,106 | 964 |
Total interest income | 91,034 | 79,220 |
Interest on deposits | 41,164 | 24,918 |
Interest on short-term borrowings | 2,454 | 2,783 |
Total interest expense | 43,618 | 27,701 |
NET INTEREST INCOME | 47,416 | 51,519 |
Provision for credit losses | 1,520 | 4,350 |
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES | 45,896 | 47,169 |
NONINTEREST INCOME | ||
Wealth advisory fees | 2,455 | 2,200 |
Investment brokerage fees | 522 | 534 |
Service charges on deposit accounts | 2,691 | 2,630 |
Loan and service fees | 2,852 | 2,846 |
Merchant and interchange fee income | 863 | 877 |
Bank owned life insurance income (loss) | 1,036 | 691 |
Mortgage banking income (loss) | 52 | (99) |
Net securities gains (losses) | (46) | 16 |
Other income | 2,187 | 619 |
Total noninterest income | 12,612 | 10,314 |
NONINTEREST EXPENSE | ||
Salaries and employee benefits | 16,833 | 16,063 |
Net occupancy expense | 1,740 | 1,572 |
Equipment costs | 1,412 | 1,438 |
Data processing fees and supplies | 3,839 | 3,452 |
Corporate and business development | 1,381 | 1,431 |
FDIC insurance and other regulatory fees | 789 | 795 |
Professional fees | 2,463 | 2,121 |
Other expense | 2,248 | 2,562 |
Total noninterest expense | 30,705 | 29,434 |
INCOME BEFORE INCOME TAX EXPENSE | 27,803 | 28,049 |
Income tax expense | 4,402 | 3,771 |
NET INCOME | $ 23,401 | $ 24,278 |
BASIC WEIGHTED AVERAGE COMMON SHARES (in shares) | 25,657,063 | 25,583,026 |
BASIC EARNINGS PER COMMON SHARE (in dollars per share) | $ 0.91 | $ 0.95 |
DILUTED WEIGHTED AVERAGE COMMON SHARES (in shares) | 25,747,643 | 25,742,885 |
DILUTED EARNINGS PER COMMON SHARE (in dollars per share) | $ 0.91 | $ 0.94 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 23,401 | $ 24,278 |
Change in available-for-sale and transferred securities: | ||
Unrealized holding gain (loss) on securities available-for-sale arising during the period | (15,389) | 26,793 |
Reclassification adjust for amortization of unrealized losses on securities transferred to held-to-maturity | 496 | 491 |
Reclassification adjustment for (gains) losses included in net income | 46 | (16) |
Net securities gain (loss) activity during the period | (14,847) | 27,268 |
Tax effect | 3,118 | (5,726) |
Net of tax amount | (11,729) | 21,542 |
Defined benefit pension plans: | ||
Amortization of net actuarial loss | 15 | 15 |
Net gain activity during the period | 15 | 15 |
Tax effect | (4) | (4) |
Net of tax amount | 11 | 11 |
Total other comprehensive income (loss), net of tax | (11,718) | 21,553 |
Comprehensive income | $ 11,683 | $ 45,831 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (unaudited) - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Cumulative Effect, Period of Adoption, Adjusted Balance | Total Stockholders’ Equity | Total Stockholders’ Equity Cumulative Effect, Period of Adoption, Adjustment | Total Stockholders’ Equity Cumulative Effect, Period of Adoption, Adjusted Balance | Common Stock | Common Stock Cumulative Effect, Period of Adoption, Adjusted Balance | Retained Earnings | Retained Earnings Cumulative Effect, Period of Adoption, Adjustment | Retained Earnings Cumulative Effect, Period of Adoption, Adjusted Balance | Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) Cumulative Effect, Period of Adoption, Adjusted Balance | Treasury Stock | Treasury Stock Cumulative Effect, Period of Adoption, Adjusted Balance | Noncontrolling Interest | Noncontrolling Interest Cumulative Effect, Period of Adoption, Adjusted Balance |
Beginning balance (in shares) at Dec. 31, 2022 | 25,349,225 | ||||||||||||||||
Beginning balance at Dec. 31, 2022 | $ 568,887 | $ 568,798 | $ 127,004 | $ 646,100 | $ (188,923) | $ (15,383) | $ 89 | ||||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||||||||
Net income | 24,278 | 24,278 | 24,278 | ||||||||||||||
Other comprehensive income (loss), net of tax | 21,553 | 21,553 | 21,553 | ||||||||||||||
Cash dividends declared and paid | (11,749) | (11,749) | (11,749) | ||||||||||||||
Treasury shares purchased under deferred directors' plan (in shares) | (2,800) | ||||||||||||||||
Treasury shares purchased under deferred directors' plan | $ 204 | (204) | |||||||||||||||
Treasury shares sold and distributed under deferred directors' plan (in shares) | 12,855 | ||||||||||||||||
Treasury shares sold and distributed under deferred directors' plan | $ (405) | 405 | |||||||||||||||
Stock activity under equity compensation plans (in shares) | 71,637 | ||||||||||||||||
Stock activity under equity compensation plans | (3,124) | (3,124) | $ (3,124) | ||||||||||||||
Stock based compensation expense | 2,161 | 2,161 | $ 2,161 | ||||||||||||||
Ending balance (in shares) at Mar. 31, 2023 | 25,430,917 | ||||||||||||||||
Ending balance at Mar. 31, 2023 | 602,006 | 601,917 | $ 125,840 | 658,629 | (167,370) | (15,182) | 89 | ||||||||||
Beginning balance (in shares) at Dec. 31, 2022 | 25,349,225 | ||||||||||||||||
Beginning balance at Dec. 31, 2022 | $ 568,887 | 568,798 | $ 127,004 | 646,100 | (188,923) | (15,383) | 89 | ||||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||||||||
Accounting standards update | Accounting Standards Update 2023-02 [Member] | ||||||||||||||||
Ending balance (in shares) at Dec. 31, 2023 | 25,430,566 | 25,430,566 | 25,430,566 | ||||||||||||||
Ending balance at Dec. 31, 2023 | $ 649,793 | $ (532) | $ 649,261 | 649,704 | $ (532) | $ 649,172 | $ 127,692 | $ 127,692 | 692,760 | $ (532) | $ 692,228 | (155,195) | $ (155,195) | (15,553) | $ (15,553) | 89 | $ 89 |
Increase (Decrease) in Stockholders' Equity | |||||||||||||||||
Net income | 23,401 | 23,401 | 23,401 | ||||||||||||||
Other comprehensive income (loss), net of tax | (11,718) | (11,718) | (11,718) | ||||||||||||||
Cash dividends declared and paid | (12,299) | (12,299) | (12,299) | ||||||||||||||
Treasury shares purchased under deferred directors' plan (in shares) | (3,230) | ||||||||||||||||
Treasury shares purchased under deferred directors' plan | $ 208 | (208) | |||||||||||||||
Treasury shares sold and distributed under deferred directors' plan (in shares) | 13,275 | ||||||||||||||||
Treasury shares sold and distributed under deferred directors' plan | $ (391) | 391 | |||||||||||||||
Stock activity under equity compensation plans (in shares) | 62,814 | ||||||||||||||||
Stock activity under equity compensation plans | (2,516) | (2,516) | $ (2,516) | ||||||||||||||
Stock based compensation expense | $ 880 | 880 | $ 880 | ||||||||||||||
Ending balance (in shares) at Mar. 31, 2024 | 25,503,425 | 25,503,425 | |||||||||||||||
Ending balance at Mar. 31, 2024 | $ 647,009 | $ 646,920 | $ 125,873 | $ 703,330 | $ (166,913) | $ (15,370) | $ 89 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (unaudited) (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Stockholders' Equity [Abstract] | ||
Cash dividends declared (in dollars per share) | $ 0.48 | $ 0.46 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash flows from operating activities: | ||
Net income | $ 23,401 | $ 24,278 |
Adjustments to reconcile net income to net cash from operating activities: | ||
Depreciation | 1,534 | 1,538 |
Provision for credit losses | 1,520 | 4,350 |
Amortization of loan servicing rights | 109 | 133 |
Loans originated for sale, including participations | (4,535) | (795) |
Net gain on sales of loans | (108) | (34) |
Proceeds from sale of loans, including participations | 4,112 | 672 |
Net (gain) loss on sales of premises and equipment | 13 | (4) |
Net (gain) loss on sales and calls of securities available-for-sale | 46 | (16) |
Net securities amortization | 1,264 | 1,192 |
Stock based compensation expense | 880 | 2,161 |
Losses (earnings) on life insurance | (1,036) | (691) |
Gain on life insurance | (243) | 0 |
Tax benefit of stock award issuances | (201) | (720) |
Net change: | ||
Interest receivable and other assets | 3,298 | 501 |
Interest payable and other liabilities | (5,260) | (5,122) |
Total adjustments | 1,393 | 3,165 |
Net cash from operating activities | 24,794 | 27,443 |
Cash flows from investing activities: | ||
Proceeds from sale of securities available-for-sale | 7,136 | 87,471 |
Proceeds from maturities, calls and principal paydowns of securities available-for-sale | 13,537 | 19,500 |
Proceeds from maturities, calls and principal paydowns of securities held-to-maturity | 0 | 5 |
Purchases of securities available-for-sale | 0 | (4,046) |
Purchase of life insurance | (193) | (153) |
Net (increase) decrease in total loans | (81,337) | (50,273) |
Proceeds from sales of land, premises and equipment | 3 | 11 |
Purchases of land, premises and equipment | (1,541) | (2,155) |
Purchase of Federal Home Loan Bank stock | 0 | 0 |
Proceeds from redemption of Federal Home Loan Bank stock | 0 | 0 |
Proceeds from sales of other real estate | 0 | 0 |
Proceeds from life insurance | 536 | 0 |
Net cash from investing activities | (61,859) | 50,360 |
Cash flows from financing activities: | ||
Net increase (decrease) in total deposits | (102,440) | 57,108 |
Net increase (decrease) in short-term borrowings | 0 | (22,000) |
Proceeds from (payments on) short-term FHLB borrowings | 150,000 | (75,000) |
Common dividends paid | (12,299) | (11,749) |
Payments related to equity incentive plans | (2,516) | (3,124) |
Purchase of treasury stock | (208) | (204) |
Sale of treasury stock | 391 | 405 |
Net cash from financing activities | 32,928 | (54,564) |
Net change in cash and cash equivalents | (4,137) | 23,239 |
Cash and cash equivalents at beginning of the period | 151,824 | 130,282 |
Cash and cash equivalents at end of the period | 147,687 | 153,521 |
Cash paid during the period for: | ||
Interest | 49,988 | 25,462 |
Income taxes | $ 0 | $ 0 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION | BASIS OF PRESENTATION This report is filed for Lakeland Financial Corporation (the "Company"), which has one wholly owned subsidiary, Lake City Bank (the "Bank"). Also included in this report are results for the Bank’s wholly owned subsidiary, LCB Investments II, Inc. ("LCB Investments"), which manages the Bank’s investment securities portfolio. LCB Investments owns LCB Funding, Inc. ("LCB Funding"), a real estate investment trust. All significant inter-company balances and transactions have been eliminated in consolidation. The unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and with the instructions for Form 10-Q. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements and are unaudited. In the opinion of management, all adjustments (all of which are normal and recurring in nature) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for any subsequent reporting periods, including the year ending December 31, 2024. The Company’s 2023 Annual Report on Form 10-K should be read in conjunction with these statements. Adoption of New Accounting Standards On March 28, 2023, the FASB issued ASU 2023-02, "Investments - Equity Method and Join Ventures (ASC 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method." ASU 2014-01, "Investments - Equity method and Joint Ventures (ASC 323): Accounting for Investments in Qualified Affordable Housing Projects", previously introduced the option to apply the proportional amortization method to account for investments made primarily for the purpose of receiving income tax credits and other income tax benefits when certain requirements are met; however, this guidance limited the proportional amortization method to investments in low-income-housing tax credit (LIHTC) structures. The proportional amortization method results in the cost of the investment being amortized in proportion to the income tax credits and other income tax benefits received, with the amortization of the investment and the income tax credits being presented net in the income statement as a component of net income tax expense (benefit). Equity investments in other tax credit structures are typically accounted for using the equity method, which results in investment income, gains and losses, and tax credits being presented gross on the income statement in their respective line items. The amendments in this update permit reporting entities to elect to account for certain tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. Under the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the income tax benefits in the income statement as a component of income tax expense (benefit). To qualify for the proportional amortization method, all of the following conditions must be met: (1) It is probable that the income tax credits allocated to the tax equity investor will be available; (2) The tax equity investor does not have the ability to exercise significant influence over the operating and financial policies of the underlying project; (3) Substantially all of the projected benefits are from income tax credits and other income tax benefits. Projected benefits included income tax credits, other income tax benefits, and other non-income tax -related benefits. The projected benefits are determined on a discounted basis, using a discount rate that is consistent with the cash flow assumptions used by the tax equity investor in making its decision to invest in the project; (4) The tax equity investor's projected yield based solely on the cash flows from the income tax credits and other income tax benefits is positive; and (5) The tax equity investor is a limited liability investor in the limited liability entity for both legal and tax purposes, and the tax equity investor's liability is limited to its capital investment. An accounting policy election is allowed to apply the proportional amortization method on a tax-credit-program-by-tax-credit-program basis rather than electing to apply the proportional amortization method at the reporting entity level or to individual investments. The amendments in this update require specific disclosures that must be applied to all investments that generate income tax credits and other income tax benefits from a tax credit program for which the entity has elected to apply the proportional amortization method. The amendments require that a reporting entity disclose certain information in annual and interim reporting periods that enable investors to understanding the following information about its investments that generate income tax credits and other income tax benefits from a tax credit program including: (1) The nature of its tax equity investments; and (2) The effect of its tax equity investments and related income tax credits and other income tax benefits on its financial position and results of operations. For public business entities, the amendments in this update were effective for fiscal years beginning after December 31, 2023, including interim periods within those fiscal years. The amendments in this update must be applied on either a modified retrospective or a retrospective basis. The Company chose the modified retrospective approach and recorded a day one adjustment of ($532,000), net of tax, to beginning retained earnings on January 1, 2024, which did not have a material impact on the consolidated financial statements. Newly Issued But Not Yet Effective Accounting Standards On October 9, 2023, the FASB issued ASU 2023-06, "Disclosure Improvements: Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative" , which modified the disclosure or presentation requirements of a variety of Topics in the Codification and was intended to both clarify or improve such requirements and align the requirements with the SEC's regulations. The amendments to Topics of Codification provided in this Update apply to all reporting entities within the scope of the affected Topics unless otherwise indicated by the Update. Given the variety of Topics amended, a broad range of entities may be affected by one or more of the amendments provided in the Update. The Company evaluated the amendments provided in the Update and believes certain of the disclosure improvements are applicable to the Company's interim or annual disclosures. Subtopic 230-10, as amended, requires disclosure within the accounting policy in annual periods of where cash flows associated with derivative instruments and their related gains and losses are presented within the statement of cash flows. Subtopic 260-10, as amended, requires disclosure of the methods used in the diluted earnings-per-share computation for each dilutive security and clarifies that certain disclosures should be made during interim periods. Subtopic 470-10, as amended, requires disclosure of amounts and terms of unused lines of credit and unfunded commitments and the weighted-average interest rate on short-term borrowings outstanding as of the date of each balance sheet presented. The effective date for each amendment for entities subject to the SEC's existing disclosure requirements is the effective date of the removal of the related disclosure from Regulation S-X or Regulation S-K, with early adoption prohibited. The amendments in the Update are to be applied prospectively. The Company will apply prospectively the provisions provided in the amendments as such provisions become effective, and does not believe the application of these modified disclosure requirements will have a material impact on the consolidated financial statements. If by June 30, 2027, the SEC has not removed the applicable requirement from Regulation S-X or Regulation S-K, the pending content of the related amendment in the Update will be removed from the Codification and will not become effective. On November 27, 2023, the FASB issued ASU 2023-07, "Segment Reporting (ASC 280): Improvements to Reportable Segment Disclosures" , intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. Provisions in the amendment include: (1) Requirement that a public entity disclose, on an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker ("CODM") and included within each reported measure of segment profit or loss (collectively referred to as the "significant expense principle"); (2) Requirement that a public entity disclose, on an annual and interim basis, an amount for other segment items by reportable segment and a description of its composition. The other segment items category is the difference between segment revenue less the segment expenses disclosed under the significant expense principle and each reported measure of segment profit or loss; (3) Requirement that a public entity provide all annual disclosures about a reportable segment's profit or loss and assets currently required by ASC 280 in interim periods; (4) Clarification that if the CODM uses more than one measure of a segment's profit or loss in assessing segment performance and deciding how to allocation resources, a public entity may report one or more of those additional measures of segment profit. However, at least one of the reported segment profit or loss measures (or the single reported measure, if only one is disclosed) should be the measure that is the most consistent with the measurement principles used in measuring the corresponding amounts in the public entity's consolidated financial statements; (5) Requirement that a public entity disclose the title and position of the CODM and explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources; and (6) Requirement that a public entity that has a single reportable segment provide all the disclosures by the amendments in the Update and all existing segment disclosures in ASC 280. The amendments in the update are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. For public business entities, amendments in the Update should be applied retrospectively to all periods presented in the financial statements, and upon transition to the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. The Company is currently evaluating the impact of this standard on its disclosures, however does not expect adoption of the update to have a material impact of the consolidated financial statements. On December 14, 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" , to address investor requests for greater transparency in regards to income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. The amendments are designed to enhance transparency surrounding income tax disclosures by requiring (1) Consistent categories and greater disaggregation of information in the rate reconciliation and (2) Income taxes paid disaggregation by taxing jurisdiction, which will allow investors to better assess, in their capital allocation decisions, how an entity's operations and related tax risks and tax planning and operational opportunities affect its income tax rate and prospects for future cash flows. Other amendments in this Update are designed to improve the effectiveness and comparability of disclosures by (1) adding disclosures of pretax income (loss) and income tax expense (benefit) to be consistent with the SEC's Regulation S-X 210.4-08(h), Rules of General Application-General Notes to Financial Statements: Income Tax Expense , and (2) Removing disclosures that are no longer considered cost beneficial or relevant. The amendments in this Update are effective for public business entities for annual periods beginning after December 31, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments in this Update should be applied on a prospective basis, however retrospective application is permitted. The Company is currently evaluating the impact of this update on its disclosures, however does not expect the adoption of this update to have a material impact on the consolidated financial statements. Reclassification Certain amounts appearing in the consolidated financial statements and notes thereto for prior periods have been reclassified to conform with the current presentation. The reclassifications had no effect on net income or stockholders' equity as previously reported. |
SECURITIES
SECURITIES | 3 Months Ended |
Mar. 31, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
SECURITIES | SECURITIES Debt securities purchased with the intent and ability to hold to their maturity are classified as held-to-maturity securities. All other investment securities are classified as available-for-sale securities. Available-for-Sale Securities Information related to the amortized cost, fair value and allowance for credit losses of securities available-for-sale and the related gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) is provided in the table below. (dollars in thousands) Amortized Gross Unrealized Gain Gross Unrealized Losses Allowance for Credit Losses Fair Value March 31, 2024 U.S. government sponsored agencies $ 144,693 $ 0 $ (28,241) $ 0 $ 116,452 Mortgage-backed securities: residential 511,037 86 (79,105) 0 432,018 State and municipal securities 548,685 21 (82,695) 0 466,011 Total $ 1,204,415 $ 107 $ (190,041) $ 0 $ 1,014,481 December 31, 2023 U.S. government sponsored agencies $ 146,692 $ 0 $ (27,213) $ 0 $ 119,479 Mortgage-backed securities: residential 522,275 118 (74,551) 0 447,842 State and municipal securities 557,352 65 (73,010) 0 484,407 Total $ 1,226,319 $ 183 $ (174,774) $ 0 $ 1,051,728 Held-to-Maturity Securities Information related to the amortized cost, fair value and allowance for credit losses of securities held-to-maturity and the related gross unrealized gains and losses is presented in the table below. (dollars in thousands) Amortized Gross Unrealized Gain Gross Unrealized Losses Allowance for Credit Losses Fair Value March 31, 2024 State and municipal securities $ 130,335 $ 0 $ (14,868) $ 0 $ 115,467 December 31, 2023 State and municipal securities $ 129,918 $ 0 $ (10,703) $ 0 $ 119,215 The Company has the current intent and ability to hold held-to-maturity securities until maturity. All of the Company's securities designated as held-to-maturity were transferred from the available-for-sale classification. The net unrealized gain or loss on the transferred securities was recorded as a component of accumulated other comprehensive income (loss) at the time of the transfer and is amortized over the remaining life of the underlying securities as an adjustment to the yield on those securities. The net amount of the unamortized unrealized loss on the transferred securities included in accumulated other comprehensive income (loss) was $20.4 million ($16.1 million, net of tax) at March 31, 2024. Information regarding the amortized cost and fair value of available-for-sale and held-to-maturity debt securities by maturity as of March 31, 2024 is presented below. Maturity information is based on contractual maturity for all securities other than mortgage-backed securities. Actual maturities of securities may differ from contractual maturities because borrowers may have the right to prepay the obligation without a prepayment penalty. Available-for-Sale Held-to-Maturity (dollars in thousands) Amortized Cost Fair Amortized Cost Fair Due in one year or less $ 695 $ 695 $ 0 $ 0 Due after one year through five years 7,805 7,149 0 0 Due after five years through ten years 46,433 43,245 0 0 Due after ten years 638,445 531,374 130,335 115,467 693,378 582,463 130,335 115,467 Mortgage-backed securities 511,037 432,018 0 0 Total debt securities $ 1,204,415 $ 1,014,481 $ 130,335 $ 115,467 Available-for-sale securities proceeds, gross gains and gross losses are presented below. Three Months Ended March 31, (dollars in thousands) 2024 2023 Sales of securities available-for-sale Proceeds $ 7,136 $ 87,471 Gross gains 0 411 Gross losses (46) (395) Number of securities 15 81 In accordance with ASU No. 2017-8, purchase premiums for callable securities are amortized to the earliest call date and premiums on non-callable securities as well as discounts are recognized in interest income using the interest method over the terms of the securities or over the estimated lives of mortgage-backed securities. Gains and losses on sales are based on the amortized cost of the security sold and recorded on the trade date. Securities with fair values of $642.0 million and $792.0 million were pledged as of March 31, 2024 and December 31, 2023, respectively, as collateral for borrowings from the Federal Home Loan Bank ("FHLB") and Federal Reserve Bank and for other purposes as permitted or required by law. Unrealized Loss Analysis on Available-for-Sale and Held-to-Maturity Securities Information regarding available-for-sale securities with unrealized losses as of March 31, 2024 and December 31, 2023 is presented on the following page. The tables divide the securities between those with unrealized losses for less than twelve months and those with unrealized losses for twelve months or more. Less than 12 months 12 months or more Total (dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized March 31, 2024 U.S. government sponsored agencies $ 0 $ 0 $ 116,452 $ 28,241 $ 116,452 $ 28,241 Mortgage-backed securities: residential 1,325 11 427,086 79,094 428,411 79,105 State and municipal securities 18,355 430 440,893 82,265 459,248 82,695 Total available-for-sale $ 19,680 $ 441 $ 984,431 $ 189,600 $ 1,004,111 $ 190,041 December 31, 2023 U.S. government sponsored agencies $ 0 $ 0 $ 119,479 $ 27,213 $ 119,479 $ 27,213 Mortgage-backed securities: residential 52 0 442,765 74,551 442,817 74,551 State and municipal securities 31,345 440 440,446 72,570 471,791 73,010 Total available-for-sale $ 31,397 $ 440 $ 1,002,690 $ 174,334 $ 1,034,087 $ 174,774 Information regarding held-to-maturity securities with unrealized losses as of March 31, 2024 and December 31, 2023 is presented below. The table divides the securities between those with unrealized losses for less than twelve months and those with unrealized losses for twelve months or more. Less than 12 months 12 months or more Total (dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized March 31, 2024 State and municipal securities $ 0 $ 0 $ 115,467 $ 14,868 $ 115,467 $ 14,868 December 31, 2023 State and municipal securities $ 0 $ 0 $ 119,215 $ 10,703 $ 119,215 $ 10,703 The total number of securities with unrealized losses as of March 31, 2024 and December 31, 2023 is presented below. Available-for-Sale Held-to-Maturity Less than 12 months Total Less than 12 months Total March 31, 2024 U.S. government sponsored agencies 0 17 17 0 0 0 Mortgage-backed securities: residential 4 126 130 0 0 0 State and municipal securities 24 384 408 0 41 41 Total temporarily impaired 28 527 555 0 41 41 December 31, 2023 U.S. government sponsored agencies 0 17 17 0 0 0 Mortgage-backed securities: residential 1 126 127 0 0 0 State and municipal securities 40 370 410 0 41 41 Total temporarily impaired 41 513 554 0 41 41 Available-for-sale debt securities in unrealized loss positions are evaluated for impairment related to credit losses at least quarterly. For available-for-sale debt securities in an unrealized loss position, management first assesses whether it intends to sell, or it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through the consolidated income statement. For available-for-sale debt securities that do not meet the above criteria and for held-to-maturity securities, management evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security and the issuer, among other factors. If this assessment indicates that a credit loss exists, management compares the present value of cash flows expected to be collected from the security with the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis for the security, a credit loss exists and an allowance for credit losses is recorded, limited to the amount that the fair value of the security is less than its amortized cost basis. For available-for-sale debt securities, any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income (loss), net of applicable taxes. No allowance for credit losses for available-for-sale or held-to-maturity debt securities was recorded at March 31, 2024 or December 31, 2023. Accrued interest receivable on securities totaled $7.0 million and $7.6 million at March 31, 2024 and December 31, 2023, respectively, and is excluded from the estimate of credit losses. The U.S. government sponsored agencies and mortgage-backed securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major credit rating agencies, and have a long history of no credit losses. Therefore, for those securities, we do not record expected credit losses. State and municipal securities credit losses are benchmarked against highly rated municipal securities of similar duration, as published by Moody's, resulting in an immaterial allowance for credit losses. |
LOANS
LOANS | 3 Months Ended |
Mar. 31, 2024 | |
Receivables [Abstract] | |
LOANS | LOANS (dollars in thousands) March 31, December 31, Commercial and industrial loans: Working capital lines of credit loans $ 646,459 12.9 % $ 604,893 12.3 % Non-working capital loans 830,817 16.6 815,871 16.6 Total commercial and industrial loans 1,477,276 29.5 1,420,764 28.9 Commercial real estate and multi-family residential loans: Construction and land development loans 659,712 13.2 634,435 12.9 Owner occupied loans 833,410 16.7 825,464 16.8 Nonowner occupied loans 744,346 14.9 724,101 14.7 Multifamily loans 239,974 4.8 253,534 5.1 Total commercial real estate and multi-family residential loans 2,477,442 49.6 2,437,534 49.5 Agri-business and agricultural loans: Loans secured by farmland 167,271 3.3 162,890 3.3 Loans for agricultural production 200,581 4.0 225,874 4.6 Total agri-business and agricultural loans 367,852 7.3 388,764 7.9 Other commercial loans: 120,302 2.4 120,726 2.5 Total commercial loans 4,442,872 88.8 4,367,788 88.8 Consumer 1-4 family mortgage loans: Closed end first mortgage loans 260,633 5.2 258,103 5.2 Open end and junior lien loans 188,927 3.8 189,663 3.9 Residential construction and land development loans 10,956 0.2 8,421 0.2 Total consumer 1-4 family mortgage loans 460,516 9.2 456,187 9.3 Other consumer loans 97,369 2.0 96,022 1.9 Total consumer loans 557,885 11.2 552,209 11.2 Subtotal 5,000,757 100.0 % 4,919,997 100.0 % Less: Allowance for credit losses (73,180) (71,972) Net deferred loan fees (3,198) (3,463) Loans, net $ 4,924,379 $ 4,844,562 The recorded investment in loans does not include accrued interest, which totaled $22.7 million and $21.5 million as of March 31, 2024 and December 31, 2023, respectively. The Company h ad $417,000 and $238,000 in residential real estate loans in the process of foreclosure as of March 31, 2024 and December 31, 2023, respectively. |
ALLOWANCE FOR CREDIT LOSSES AND
ALLOWANCE FOR CREDIT LOSSES AND CREDIT QUALITY | 3 Months Ended |
Mar. 31, 2024 | |
ALLOWANCE FOR CREDIT LOSSES AND CREDIT QUALITY | |
ALLOWANCE FOR CREDIT LOSSES AND CREDIT QUALITY | ALLOWANCE FOR CREDIT LOSSES AND CREDIT QUALITY The Company maintains an allowance for credit losses to provide for expected credit losses. Losses are charged against the allowance when management believes that the principal is uncollectable. Subsequent recoveries, if any, are credited to the allowance. Allocations of the allowance are made for specific loans and for pools of similar types of loans, although the entire allowance is available for any loan that, in management’s judgment, should be charged against the allowance. A provision for credit losses is taken based on management’s ongoing evaluation of the appropriate allowance balance. A formal evaluation of the adequacy of the credit loss allowance is conducted monthly. The ultimate recovery of all loans is susceptible to future market factors beyond the Company’s control. The level of credit loss provision is influenced by growth in the overall loan portfolio, emerging market risk, emerging concentration risk, commercial loan focus and large credit concentration, new industry lending activity, general economic conditions and historical loss analysis. In addition, management gives consideration to changes in the facts and circumstances of watch list credits, which includes the security position of the borrower, in determining the appropriate level of the credit loss provision. Furthermore, management’s overall view on credit quality is a factor in the determination of the provision. The determination of the appropriate allowance is inherently subjective, as it requires significant estimates by management. The Company has an established process to determine the adequacy of the allowance for credit losses that generally includes consideration of changes in the nature and volume of the loan portfolio and overall portfolio quality, along with current and forecasted economic conditions that may affect borrowers’ ability to repay. Consideration is not limited to these factors although they represent the most commonly cited factors. To determine the specific allocation levels for individual credits, management considers the current valuation of collateral and the amounts and timing of expected future cash flows as the primary measures. Management also considers trends in adversely classified loans based upon an ongoing review of those credits. With respect to pools of similar loans, an appropriate level of general allowance is determined by portfolio segment using a probability of default-loss given default (“PD/LGD”) model, subject to a floor. A default can be triggered by one of several different asset quality factors, including past due status, nonaccrual status, material modification status or if the loan has had a charge-off. This PD is then combined with a LGD derived from historical charge-off data to construct a default rate. This loss rate is then supplemented with adjustments for reasonable and supportable forecasts of relevant economic indicators, particularly the unemployment rate forecast from the Federal Open Market Committee’s Summary of Economic Projections, and other environmental factors based on the risks present for each portfolio segment. These environmental factors include consideration of the following: levels of, and trends in, delinquencies and nonperforming loans; trends in volume and terms of loans; effects of any changes in risk selection and underwriting standards; other changes in lending policies, procedure, and practices; experience, ability, and depth of lending management and other relevant staff; national and local economic trends and conditions; industry conditions; and effects of changes in credit concentrations. It is also possible that these factors could include social, political, economic, and terrorist events or activities. All of these factors are susceptible to change, which may be significant. As a result of this detailed process, the allowance results in two forms of allocations, specific and general. These two components represent the total allowance for credit losses deemed adequate to cover probable losses inherent in the loan portfolio. Commercial loans are subject to a dual standardized grading process administered by the credit administration function. These grade assignments are performed independent of each other and a consensus is reached by credit administration and the loan review officer. Specific allowances are established in cases where management has identified significant conditions or circumstances related to an individual credit that indicate it should be evaluated on an individual basis. Considerations with respect to specific allocations for these individual credits include, but are not limited to, the following: (a) the sufficiency of the customer’s cash flow or net worth to repay the loan; (b) the adequacy of the discounted value of collateral relative to the loan balance; (c) whether the loan has been criticized in a regulatory examination; (d) whether the loan is nonperforming; (e) any other reasons the ultimate collectability of the loan may be in question; or (f) any unique loan characteristics that require special monitoring. Allocations are also applied to categories of loans considered not to be individually analyzed, but for which the rate of loss is expected to be consistent with or greater than historical averages. Such allocations are based on past loss experience and information about specific borrower situations and estimated collateral values. These general pooled loan allocations are performed for portfolio segments of commercial and industrial; commercial real estate, multi-family, and construction; agri-business and agricultural; other commercial loans; and consumer 1-4 family mortgage and other consumer loans. General allocations of the allowance are determined by a historical loss rate based on the calculation of each pool’s probability of default-loss given default, subject to a floor. The length of the historical period for each pool is based on the average life of the pool. The historical loss rates are supplemented with consideration of economic conditions and portfolio trends. Due to the imprecise nature of estimating the allowance for credit losses, the Company’s allowance for credit losses includes an immaterial unallocated component. The unallocated component of the allowance for credit losses incorporates the Company’s judgmental determination of potential expected losses that may not be fully reflected in other allocations. As a practical expedient, the Company has elected to disclose accrued interest separately from loan principal balances on the consolidated balance sheet. Additionally, when a loan is placed on non-accrual, interest payments are reversed through interest income. For off balance sheet credit exposures outlined in the ASU at 326-20-30-11, it is the Company’s position that nearly all of the unfunded amounts on lines of credit are unconditionally cancellable, and therefore not subject to having a liability recorded. The following tables present the activity in the allowance for credit losses by portfolio segment for the periods ended: (dollars in thousands) Commercial and Industrial Commercial Real Estate and Multifamily Residential Agri-business and Agricultural Other Commercial Consumer 1-4 Family Mortgage Other Consumer Unallocated Total Three Months Ended March 31, 2024 Beginning balance, January 1 $ 30,338 $ 31,335 $ 4,150 $ 1,129 $ 3,474 $ 1,174 $ 372 $ 71,972 Provision for credit losses 542 717 (38) (107) 21 256 129 1,520 Loans charged-off (194) 0 0 0 0 (310) 0 (504) Recoveries 34 26 0 0 23 109 0 192 Net loans (charged-off) recovered (160) 26 0 0 23 (201) 0 (312) Ending balance $ 30,720 $ 32,078 $ 4,112 $ 1,022 $ 3,518 $ 1,229 $ 501 $ 73,180 (dollars in thousands) Commercial and Industrial Commercial Real Estate and Multifamily Residential Agri-business and Agricultural Other Commercial Consumer 1-4 Family Mortgage Other Consumer Unallocated Total Three Months Ended March 31, 2023 Beginning balance, January 1 $ 35,290 $ 27,394 $ 4,429 $ 917 $ 3,001 $ 1,021 $ 554 $ 72,606 Provision for credit losses 1,504 1,642 192 117 394 215 286 4,350 Loans charged-off (5,644) 0 0 0 0 (252) 0 (5,896) Recoveries 40 0 0 0 3 112 0 155 Net loans (charged-off) recovered (5,604) 0 0 0 3 (140) 0 (5,741) Ending balance $ 31,190 $ 29,036 $ 4,621 $ 1,034 $ 3,398 $ 1,096 $ 840 $ 71,215 Credit Quality Indicators The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information and current economic trends, among other factors. The Company analyzes commercial loans individually by classifying the loans as to credit risk. This analysis is performed on a quarterly basis for Special Mention, Substandard and Doubtful grade loans and annually on Pass grade loans over $250,000. The Company uses the following definitions for risk ratings: Special Mention. Loans classified as Special Mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the Company’s credit position at some future date. Substandard. Loans classified as Substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. Doubtful. Loans classified as Doubtful have all the weaknesses inherent in those classified as Substandard, with the added characteristics that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. Loans are considered to be "Pass" rated when they are reviewed as part of the previously described process and do not meet the criteria above, which are evaluated and listed with Substandard commercial grade loans and consumer nonaccrual loans, which are evaluated individually and listed with “Not Rated” loans. Loans listed as Not Rated are consumer loans or commercial loans with consumer characteristics included in groups of homogenous loans which are analyzed for credit quality indicators utilizing delinquency status. The following table summarizes the risk category of loans by loan segment and year of origination as of March 31, 2024: (dollars in thousands) 2024 2023 2022 2021 2020 Prior Term Total Revolving Total Commercial and industrial loans: Working capital lines of credit loans: Pass $ 0 $ 173 $ 1,910 $ 2,085 $ 1,014 $ 0 $ 5,182 $ 578,879 $ 584,061 Special Mention 0 0 0 0 0 0 0 44,314 44,314 Substandard 0 0 0 0 0 125 125 17,956 18,081 Total 0 173 1,910 2,085 1,014 125 5,307 641,149 646,456 Working capital lines of credit loans: Current period gross write offs 0 0 94 0 0 0 94 87 181 Non-working capital loans: Pass 29,281 205,939 199,954 80,369 46,724 35,984 598,251 190,808 789,059 Special Mention 586 3,077 10,126 955 1,293 4,593 20,630 4,317 24,947 Substandard 0 3,674 1,604 674 3,681 270 9,903 396 10,299 Not Rated 273 2,481 1,773 729 611 136 6,003 0 6,003 Total 30,140 215,171 213,457 82,727 52,309 40,983 634,787 195,521 830,308 Non-working capital loans: Current period gross write offs 0 0 0 0 0 0 0 13 13 Commercial real estate and multi-family residential loans: Construction and land development loans: Pass 19,348 43,392 12,546 47,129 0 175 122,590 534,622 657,212 Total 19,348 43,392 12,546 47,129 0 175 122,590 534,622 657,212 Construction and land development loans: Current period gross write offs 0 0 0 0 0 0 0 0 0 Owner occupied loans: Pass 11,403 141,477 133,033 153,999 128,260 168,796 736,968 58,965 795,933 Special Mention 0 7,510 15,265 4,867 0 3,582 31,224 0 31,224 Substandard 0 351 236 2,134 1,471 1,499 5,691 0 5,691 Total 11,403 149,338 148,534 161,000 129,731 173,877 773,883 58,965 832,848 Owner occupied loans: Current period gross write offs 0 0 0 0 0 0 0 0 0 Nonowner occupied loans: Pass 56,730 133,775 156,608 110,545 127,439 115,982 701,079 29,333 730,412 Special Mention 586 4,453 0 6,161 0 2,223 13,423 0 13,423 Total 57,316 138,228 156,608 116,706 127,439 118,205 714,502 29,333 743,835 Nonowner occupied loans: Current period gross write offs 0 0 0 0 0 0 0 0 0 Multifamily loans: Pass 21,016 90,723 22,315 8,985 35,305 24,943 203,287 5,804 209,091 Special Mention 30,588 0 0 0 0 0 30,588 0 30,588 Total 51,604 90,723 22,315 8,985 35,305 24,943 233,875 5,804 239,679 Multifamily loans: Current period gross write offs 0 0 0 0 0 0 0 0 0 Agri-business and agricultural loans: Loans secured by farmland: Pass 3,516 23,636 31,737 24,413 27,560 25,108 135,970 31,201 167,171 Substandard 0 0 0 0 0 96 96 0 96 Total 3,516 23,636 31,737 24,413 27,560 25,204 136,066 31,201 167,267 Loans secured by farmland: Current period gross write offs 0 0 0 0 0 0 0 0 0 Loans for agricultural production: Pass 1,142 28,938 19,910 26,414 24,782 12,545 113,731 86,270 200,001 Special Mention 0 0 0 182 0 0 182 500 682 Substandard 0 0 0 0 0 0 0 0 0 Doubtful 0 0 0 0 0 0 0 0 0 Not Rated 0 0 0 0 0 0 0 0 0 Total 1,142 28,938 19,910 26,596 24,782 12,545 113,913 86,770 200,683 Loans for agricultural production: Current period gross write offs 0 0 0 0 0 0 0 0 0 Other commercial loans: Pass 150 6,798 26,338 33,783 13,061 6,712 86,842 31,102 117,944 Special Mention 0 0 0 0 0 2,230 2,230 0 2,230 Total 150 6,798 26,338 33,783 13,061 8,942 89,072 31,102 120,174 Other commercial loans: Current period gross write offs 0 0 0 0 0 0 0 0 0 Consumer 1-4 family mortgage loans: Closed end first mortgage loans: Pass 5,928 10,099 10,300 12,237 7,113 7,967 53,644 6,473 60,117 Special Mention 0 0 0 0 510 0 510 0 510 Substandard 0 87 0 93 123 228 531 0 531 Not Rated 3,871 64,742 49,563 37,397 16,804 26,741 199,118 0 199,118 Total 9,799 74,928 59,863 49,727 24,550 34,936 253,803 6,473 260,276 Closed end first mortgage loans: Current period gross write offs 0 0 0 0 0 0 0 0 0 Open end and junior lien loans: Pass 0 775 0 478 327 6 1,586 9,349 10,935 Substandard 0 107 21 21 0 131 280 100 380 Not Rated 5,616 22,446 26,928 7,466 1,288 3,793 67,537 112,000 179,537 Total 5,616 23,328 26,949 7,965 1,615 3,930 69,403 121,449 190,852 Open end and junior lien loans: Current period gross write offs 0 0 0 0 0 0 0 0 0 Residential construction loans: Not Rated 681 2,712 3,726 1,473 819 1,465 10,876 0 10,876 Total 681 2,712 3,726 1,473 819 1,465 10,876 0 10,876 Residential construction loans: Current period gross write offs 0 0 0 0 0 0 0 0 0 Other consumer loans: Pass 1,121 994 769 1,277 275 0 4,436 12,221 16,657 Substandard 0 190 33 34 0 0 257 0 257 Not Rated 6,607 30,095 15,759 9,109 5,352 2,952 69,874 10,305 80,179 Total 7,728 31,279 16,561 10,420 5,627 2,952 74,567 22,526 97,093 Other consumer loans: Current period gross write offs 1 73 136 20 0 26 256 54 310 Total Loans $ 198,443 $ 828,644 $ 740,454 $ 573,009 $ 443,812 $ 448,282 $ 3,232,644 $ 1,764,915 $ 4,997,559 Total period gross write offs $ 1 $ 73 $ 230 $ 20 $ 0 $ 26 $ 350 $ 154 $ 504 As of March 31, 2024, $1.2 million in PPP loans were included in the "Pass" category of non-working capital commercial and industrial loans. These loans were included in this risk rating category because they are fully guaranteed by the Small Business Administration ("SBA"). The following table summarizes the risk category of loans by loan segment and year of origination as of December 31, 2023: (dollars in thousands) 2023 2022 2021 2020 2019 Prior Term Total Revolving Total Commercial and industrial loans: Working capital lines of credit loans: Pass $ 193 $ 1,876 $ 2,214 $ 1,132 $ 0 $ 50 $ 5,465 $ 532,086 $ 537,551 Special Mention 0 0 0 0 0 0 0 46,498 46,498 Substandard 0 200 0 0 125 0 325 20,516 20,841 Total 193 2,076 2,214 1,132 125 50 5,790 599,100 604,890 Working capital lines of credit loans: Current period gross write offs 0 0 75 0 139 0 214 327 541 Non-working capital loans: Pass 199,071 224,333 85,273 49,999 28,773 10,501 597,950 171,264 769,214 Special Mention 4,038 9,577 1,051 2,498 2,306 4,298 23,768 5,477 29,245 Substandard 3,754 1,612 683 3,892 51 218 10,210 397 10,607 Not Rated 2,585 1,999 881 707 162 18 6,352 0 6,352 Total 209,448 237,521 87,888 57,096 31,292 15,035 638,280 177,138 815,418 Non-working capital loans: Current period gross write offs 0 5,445 0 178 129 0 5,752 48 5,800 Commercial real estate and multi-family residential loans: Construction and land development loans: Pass 50,693 15,558 17,655 0 177 0 84,083 547,570 631,653 Total 50,693 15,558 17,655 0 177 0 84,083 547,570 631,653 Construction and land development loans: Current period gross write offs 0 0 0 0 0 0 0 0 0 Owner occupied loans: Pass 144,411 132,850 156,680 132,407 61,415 118,406 746,169 40,288 786,457 Special Mention 7,597 686 4,913 0 1,394 2,245 16,835 14,739 31,574 Substandard 362 250 3,325 1,474 345 1,161 6,917 0 6,917 Total 152,370 133,786 164,918 133,881 63,154 121,812 769,921 55,027 824,948 Owner occupied loans: Current period gross write offs 0 0 0 0 0 0 0 0 0 Nonowner occupied loans: Pass 123,633 158,415 112,582 134,050 87,288 66,755 682,723 27,860 710,583 Special Mention 4,503 0 6,257 0 0 2,246 13,006 0 13,006 Total 128,136 158,415 118,839 134,050 87,288 69,001 695,729 27,860 723,589 Nonowner occupied loans: Current period gross write offs 0 0 0 0 0 0 0 0 0 Multifamily loans: Pass 90,954 23,315 9,042 35,648 13,971 14,609 187,539 45,987 233,526 Special Mention 19,671 0 0 0 0 0 19,671 0 19,671 Total 110,625 23,315 9,042 35,648 13,971 14,609 207,210 45,987 253,197 Multifamily loans: Current period gross write offs 0 0 0 0 0 0 0 0 0 Agri-business and agricultural loans: Loans secured by farmland: Pass 24,503 32,060 25,308 27,924 9,104 19,160 138,059 24,724 162,783 Substandard 0 0 0 0 0 100 100 0 100 Total 24,503 32,060 25,308 27,924 9,104 19,260 138,159 24,724 162,883 Loans secured by farmland: Current period gross write offs 0 0 0 0 0 0 0 0 0 Loans for agricultural production: Pass 28,657 13,589 27,175 25,504 3,533 10,429 108,887 116,406 225,293 Special Mention 0 0 187 0 0 0 187 500 687 Total 28,657 13,589 27,362 25,504 3,533 10,429 109,074 116,906 225,980 Loans for agricultural production: Current period gross write offs 0 0 0 0 0 0 0 0 0 Other commercial loans: Pass 7,058 26,918 33,247 13,684 90 7,332 88,329 29,819 118,148 Special Mention 0 0 0 0 0 2,419 2,419 0 2,419 Total 7,058 26,918 33,247 13,684 90 9,751 90,748 29,819 120,567 Other commercial loans: Current period gross write offs 0 0 0 0 0 0 0 0 0 Consumer 1-4 family mortgage loans: Closed end first mortgage loans: Pass 9,910 10,541 12,486 8,614 3,924 4,625 50,100 8,330 58,430 Special Mention 0 0 0 519 0 0 519 0 519 Substandard 87 0 96 123 0 253 559 0 559 Not Rated 64,233 51,018 38,014 17,432 4,314 23,225 198,236 0 198,236 Total 74,230 61,559 50,596 26,688 8,238 28,103 249,414 8,330 257,744 Closed end first mortgage loans: Current period gross write offs 0 0 0 0 0 0 0 0 0 Open end and junior lien loans: Pass 557 137 491 335 0 6 1,526 8,689 10,215 Substandard 108 0 23 0 26 48 205 68 273 Not Rated 24,792 29,648 8,471 1,554 2,286 1,962 68,713 112,371 181,084 Total 25,457 29,785 8,985 1,889 2,312 2,016 70,444 121,128 191,572 Open end and junior lien loans: Current period gross write offs 0 50 14 0 0 0 64 99 163 Residential construction loans: Not Rated 1,525 2,982 1,515 839 263 1,220 8,344 0 8,344 Total 1,525 2,982 1,515 839 263 1,220 8,344 0 8,344 Residential construction loans: Current period gross write offs 0 0 0 0 0 0 0 0 0 Other consumer loans: Pass 1,082 789 1,391 301 0 0 3,563 11,894 15,457 Substandard 40 34 35 0 2 0 111 0 111 Not Rated 32,481 17,585 9,994 6,008 1,611 1,957 69,636 10,545 80,181 Total 33,603 18,408 11,420 6,309 1,613 1,957 73,310 22,439 95,749 Other consumer loans: Current period gross write offs 16 258 90 8 212 1 585 243 828 Total loans $ 846,498 $ 755,972 $ 558,989 $ 464,644 $ 221,160 $ 293,243 $ 3,140,506 $ 1,776,028 $ 4,916,534 Total current period gross write offs $ 16 $ 5,753 $ 179 $ 186 $ 480 $ 1 $ 6,615 $ 717 $ 7,332 As of December 31, 2023, $1.3 million in PPP loans were included in the "Pass" category of non-working capital commercial and industrial loans. These loans were included in this risk rating category because they are fully guaranteed by the SBA. Nonaccrual and Past Due Loans: The Company does not record interest on nonaccrual loans until principal is recovered. For all loan classes, a loan is generally placed on nonaccrual status when principal or interest becomes 90 days past due unless it is well secured and in the process of collection, or earlier when concern exists as to the ultimate collectability of principal or interest. Interest accrued but not received is reversed against earnings. Cash interest received on these loans is applied to the principal balance until the principal is recovered or until the loan returns to accrual status. Loans may be returned to accrual status when all the principal and interest amounts contractually due are brought current, remain current for a prescribed period, and future payments are reasonably assured. The following table presents the aging of the amortized cost basis in past due loans as of March 31, 2024 by class of loans and loans past due 90 days or more and still accruing by class of loan: (dollars in thousands) Loans Not Past Due 30-89 Days Past Due Greater than 89 Days Past Due and Accruing Total Accruing Total Nonaccrual Nonaccrual With No Allowance For Credit Loss Total Commercial and industrial loans: Working capital lines of credit loans $ 644,813 $ 101 $ 0 $ 644,914 $ 1,516 $ 0 $ 646,430 Non-working capital loans 820,224 1,350 0 821,574 8,760 243 830,334 Commercial real estate and multi-family residential loans: Construction and land development loans 657,212 0 0 657,212 0 0 657,212 Owner occupied loans 829,629 0 0 829,629 3,219 1,161 832,848 Nonowner occupied loans 743,835 0 0 743,835 0 0 743,835 Multifamily loans 239,679 0 0 239,679 0 0 239,679 Agri-business and agricultural loans: Loans secured by farmland 167,171 0 0 167,171 96 0 167,267 Loans for agricultural production 200,683 0 0 200,683 0 0 200,683 Other commercial loans 120,174 0 0 120,174 0 0 120,174 Consumer 1‑4 family mortgage loans: Closed end first mortgage loans 258,505 1,233 7 259,745 531 302 260,276 Open end and junior lien loans 190,318 154 0 190,472 380 359 190,852 Residential construction loans 10,876 0 0 10,876 0 0 10,876 Other consumer loans 96,497 339 0 96,836 257 1 97,093 Total $ 4,979,616 $ 3,177 $ 7 $ 4,982,800 $ 14,759 $ 2,066 $ 4,997,559 An insignificant amount of interest income was recognized on nonaccrual loans during the three month period ended March 31, 2024. The following table presents the aging of the amortized cost basis in past due loans as of December 31, 2023 by class of loans and loans past due 90 days or more and still accruing by class of loan: (dollars in thousands) Loans Not Past Due 30-89 Days Past Due Greater than 89 Days Past Due and Accruing Total Accruing Total Nonaccrual Nonaccrual With No Allowance For Credit Loss Total Commercial and industrial loans: Working capital lines of credit loans $ 602,236 $ 0 $ 0 $ 602,236 $ 2,654 $ 0 $ 604,890 Non-working capital loans 805,305 1,372 0 806,677 8,741 244 815,418 Commercial real estate and multi-family residential loans: Construction and land development loans 631,653 0 0 631,653 0 0 631,653 Owner occupied loans 821,701 0 0 821,701 3,247 1,161 824,948 Nonowner occupied loans 723,589 0 0 723,589 0 0 723,589 Multifamily loans 253,197 0 0 253,197 0 0 253,197 Agri-business and agricultural loans: Loans secured by farmland 162,783 0 0 162,783 100 0 162,883 Loans for agricultural production 225,980 0 0 225,980 0 0 225,980 Other commercial loans 120,567 0 0 120,567 0 0 120,567 Consumer 1‑4 family mortgage loans: Closed end first mortgage loans 256,016 1,142 27 257,185 559 329 257,744 Open end and junior lien loans 190,956 344 0 191,300 272 164 191,572 Residential construction loans 8,344 0 0 8,344 0 0 8,344 Other consumer loans 95,135 502 0 95,637 112 3 95,749 Total $ 4,897,462 $ 3,360 $ 27 $ 4,900,849 $ 15,685 $ 1,901 $ 4,916,534 An insignificant amount of interest income was recognized on nonaccrual loans was insignificant during the year ended December 31, 2023. When management determines that foreclosure is probable, expected credit losses for collateral dependent loans are based on the fair value of the collateral at the reporting date, adjusted for selling costs as appropriate. A loan is considered collateral dependent when the borrower is experiencing financial difficulty and the loan is expected to be repaid substantially through the operation or sale of the collateral. The class of loan represents the primary collateral type associated with the loan. Significant quarter over quarter changes are reflective of changes in nonaccrual status and not necessarily associated with credit quality indicators like appraisal value. The following tables present the amortized cost basis of collateral dependent loans by class of loan as of: March 31, 2024 (dollars in thousands) Real Estate General Other Total Commercial and industrial loans: Working capital lines of credit loans $ 50 $ 1,516 $ 0 $ 1,566 Non-working capital loans 37 8,222 400 8,659 Commercial real estate and multi-family residential loans: Owner occupied loans 574 1,471 1,161 3,206 Agri-business and agricultural loans: Loans secured by farmland 0 96 0 96 Consumer 1-4 family mortgage loans: Closed end first mortgage loans 488 0 43 531 Open end and junior lien loans 273 0 0 273 Other consumer loans 0 0 63 63 Total $ 1,422 $ 11,305 $ 1,667 $ 14,394 December 31, 2023 (dollars in thousands) Real Estate General Other Total Commercial and industrial loans: Working capital lines of credit loans $ 50 $ 2,454 $ 0 $ 2,504 Non-working capital loans 40 8,202 400 8,642 Commercial real estate and multi-family residential loans: Owner occupied loans 595 1,474 1,161 3,230 Agri-business and agricultural loans: Loans secured by farmland 0 100 0 100 Consumer 1-4 family mortgage loans: Closed end first mortgage loans 559 0 0 559 Open end and junior lien loans 164 0 0 164 Other consumer loans 0 0 112 112 Total $ 1,408 $ 12,230 $ 1,673 $ 15,311 Loan Modifications Made to Borrowers Experiencing Financial Difficulty During the three months ended March 31, 2024 and 2023, there were no material modifications made to borrowers experiencing financial difficulty. The Company closely monitors the performance of loans that are 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 12 months at March 31, 2024: (dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due Greater Than 89 Days Past Due Total Past Due Commercial and industrial loans: Working capital lines of credit loans $ 941 $ 0 $ 0 $ 941 Total commercial and industrial loans 941 0 0 941 Total $ 941 $ 0 $ 0 $ 941 One working capital line of credit loan receiving a modification due to borrower financial difficulty within the past 12 months was 30-59 days past due at March 31, 2024. The delinquency for this line of credit was due to ongoing negotiations with the borrower for an additional restructuring of the outstanding debt for the admission of new partners into the borrower's business. At March 31, 2024, no loans receiving a modification due to borrower financial difficulty within the last twelve months experienced a payment default. Upon the Company's determination that a modified loan (or portion thereof) has subsequently been deemed uncollectible, the loan (or a portion thereof) 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. |
BORROWINGS
BORROWINGS | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
BORROWINGS | BORROWINGS For the period ended March 31, 2024, the Company had an advance outstanding from the FHLB in the amount of $200.0 million. The outstanding advance was a fixed rate bullet advance with an interest rate of 5.49% and matured April 10, 2024. For the period ended December 31, 2023, the Company had a fixed rate bullet advance from the FHLB with an interest rate of 5.55% in the amount of $50.0 million that matured on January 5, 2024. |
FAIR VALUE DISCLOSURES
FAIR VALUE DISCLOSURES | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE DISCLOSURES | FAIR VALUE DISCLOSURES Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values: Level 1 Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. Level 2 Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3 Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. The Company used the following methods and significant assumptions to estimate the fair value of each type of financial instrument: Securities: Securities available-for-sale are valued primarily by a third party pricing service. The fair values of securities available-for-sale are determined on a recurring basis by obtaining quoted prices on nationally recognized securities exchanges (Level 1 inputs) or pricing models which utilize significant observable inputs such as matrix pricing. This 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). These models utilize the market approach with standard inputs that include, but are not limited to benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data. For certain municipal securities that are not rated and observable inputs about the specific issuer are not available, fair values are estimated using observable data from other municipal securities presumed to be similar or other market data on other non-rated municipal securities (Level 3 inputs). The Company’s Finance Department, which is responsible for all accounting and SEC disclosure compliance, and the Company’s Treasury Department, which is responsible for investment portfolio management and asset/liability modeling, are the two areas that determine the Company’s valuation policies and procedures. Both of these areas report directly to the Executive Vice President and Chief Financial Officer of the Company. For assets or liabilities that may be considered for Level 3 fair value measurement on a recurring basis, these two departments and the Executive Vice President and Chief Financial Officer determine the appropriate level of the assets or liabilities under consideration. If there are new assets or liabilities that are determined to be Level 3 by this group, the Risk Management Committee of the Company and the Audit Committee of the Board are made aware of such assets at their next scheduled meeting. Securities pricing is obtained on securities from a third party pricing service and all security prices are tested annually against prices from another third party provider and reviewed with a market value price tolerance variance that varies by sector: municipal securities +/-5%, government MBS/CMO +/-3% and U.S. treasuries +/-1%. If any securities fall outside the tolerance threshold and have a variance of $100,000 or more, a determination of materiality is made for the amount over the threshold. Any security that would have a material threshold difference would be further investigated to determine why the variance exists and if any action is needed concerning the security pricing for that individual security. Changes in market value are reviewed monthly in aggregate by security type and any material changes are reviewed to determine why they exist. At least annually, the pricing methodology of the pricing service is received and reviewed to support the fair value levels used by the Company. A detailed pricing evaluation is requested and reviewed on any security determined to be fair valued using unobservable inputs by the pricing service. Mortgage banking derivative: The fair values of mortgage banking derivatives are based on observable market data as of the measurement date (Level 2). Interest rate swap derivatives: Our derivatives are traded in an over-the-counter market where quoted market prices are not always available. Therefore, the fair values of derivatives are determined using quantitative models that utilize multiple market inputs. The inputs will vary based on the type of derivative, but could include interest rates, prices and indices to generate continuous yield or pricing curves, prepayment rates, and volatility factors to value the position. The majority of market inputs are actively quoted and can be validated through external sources, including brokers, market transactions and third-party pricing services. The fair value of interest rate swap derivatives is determined by pricing or valuation models using observable market data as of the measurement date (Level 2). Collateral dependent loans: Collateral dependent loans with specific allocations of the allowance for credit losses are generally based on the fair value of the underlying collateral when repayment is expected solely from the collateral. Fair value is determined using several methods. Generally, the fair value of real estate is based on appraisals by qualified third party appraisers. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the appraisers to adjust for differences between the comparable sales and income data available. Such adjustments are usually significant and result in a Level 3 classification of the inputs for determining fair value. In addition, the Company’s management routinely applies internal discount factors to the value of appraisals used in the fair value evaluation of collateral dependent loans. The deductions to the appraisals take into account changing business factors and market conditions, as well as value impairment in cases where the appraisal date predates a likely change in market conditions. Commercial real estate is generally discounted from its appraised value by 30-50% with the higher discounts applied to real estate that is determined to have a thin trading market or to be specialized collateral. In addition to real estate, the Company’s management evaluates other types of collateral as follows: (a) raw and finished inventory is discounted from its cost or book value by 40-60%, depending on the marketability of the goods (b) finished goods are generally discounted by 40-60%, depending on the ease of marketability, cost of transportation or scope of use of the finished good (c) work in process inventory is typically discounted by 60%-100%, depending on the length of manufacturing time, types of components used in the completion process, and the breadth of the user base (d) equipment is valued at a percentage of depreciated book value or recent appraised value, if available, and is typically discounted at 20-50% after various considerations including age and condition of the equipment, marketability, breadth of use, and whether the equipment includes unique components or add-ons; and (e) marketable securities are discounted by 10%-30%, depending on the type of investment, age of valuation report and general market conditions. This methodology is based on a market approach and typically results in a Level 3 classification of the inputs for determining fair value. Mortgage servicing rights: As of March 31, 2024, the fair value of the Company’s Level 3 servicing assets for residential mortgage loans (“MSRs”) was $2.1 million, carried at amortized cost and no valuation reserve. These residential mortgage loans have a weighted average interest rate of 3.6%, a weighted average maturity of 20 years and are secured by homes generally within the Company’s market area of Northern Indiana and Indianapolis. A third-party valuation is used to estimate fair value by stratifying the portfolios on the basis of certain risk characteristics, including loan type and interest rate. Impairment is estimated based on an income approach. The inputs used include estimates of prepayment speeds, discount rate, cost to service, escrow account earnings, contractual servicing fee income, ancillary income, late fees and float income. The most significant assumption used to value MSRs is prepayment rate. Prepayment rates are estimated based on published industry consensus prepayment rates. The most significant unobservable assumption is the discount rate. At March 31, 2024, the constant prepayment speed (“PSA”) used was 154 and used a discount rate range of 10.0%-12.0%. At December 31, 2023, the PSA used was 148 and the discount rate used was 10.5%. Other real estate owned: Nonrecurring adjustments to certain commercial and residential real estate properties classified as other real estate owned are measured at the lower of carrying amount or fair value less costs to sell. Fair values are generally based on third party appraisals of the property and are reviewed by the Company’s internal appraisal officer. Adjustments are routinely made in the appraisal process by the appraisers to adjust for differences between the comparable properties used to determine value. Such adjustments are usually significant and result in a Level 3 classification. In addition, the Company’s management may apply discount factors to the appraisals to take into account changing business factors and market conditions, as well as value impairment in cases where the appraisal date predates a likely change in market conditions. In cases where the carrying amount exceeds the fair value, less costs to sell, an impairment loss is recognized. Real estate mortgage loans held-for-sale : Real estate mortgage loans held-for-sale are carried at the lower of cost or fair value, as determined by outstanding commitments, from third party investors, and result in a Level 2 classification. The tables below present the balances of assets measured at fair value on a recurring basis: March 31, 2024 Fair Value Measurements Using Assets (dollars in thousands) Level 1 Level 2 Level 3 Assets: U.S. government sponsored agency securities 0 116,452 0 116,452 Mortgage-backed securities: residential 0 432,018 0 432,018 State and municipal securities 0 463,773 2,238 466,011 Total securities available-for-sale 0 1,012,243 2,238 1,014,481 Mortgage banking derivative 0 97 0 97 Interest rate swap derivative 0 30,365 0 30,365 Total assets $ 0 $ 1,042,705 $ 2,238 $ 1,044,943 Liabilities: Mortgage banking derivative $ 0 $ 9 $ 0 $ 9 Interest rate swap derivative 0 30,365 0 30,365 Total liabilities $ 0 $ 30,374 $ 0 $ 30,374 December 31, 2023 Fair Value Measurements Using Assets (dollars in thousands) Level 1 Level 2 Level 3 Assets: U.S. government sponsored agency securities $ 0 $ 119,479 $ 0 $ 119,479 Mortgage-backed securities: residential 0 447,842 0 447,842 State and municipal securities 0 482,127 2,280 484,407 Total securities available-for-sale 0 1,049,448 2,280 1,051,728 Mortgage banking derivative 0 47 0 47 Interest rate swap derivative 0 27,189 0 27,189 Total assets $ 0 $ 1,076,684 $ 2,280 $ 1,078,964 Liabilities: Mortgage banking derivative $ 0 $ 11 $ 0 $ 11 Interest rate swap derivative 0 27,190 0 27,190 Total liabilities $ 0 $ 27,201 $ 0 $ 27,201 The fair value of Level 3 available-for-sale securities was immaterial and thus did not require additional recurring fair value disclosure. The tables below present the balances of assets measured at fair value on a nonrecurring basis: March 31, 2024 Fair Value Measurements Using Assets (dollars in thousands) Level 1 Level 2 Level 3 Assets Collateral dependent loans: Commercial and industrial loans: Working capital lines of credit loans $ 0 $ 0 $ 609 $ 609 Non-working capital loans 0 0 3,192 3,192 Commercial real estate and multi-family residential loans: Owner occupied loans 0 0 680 680 Agri-business and agricultural loans: Loans secured by farmland 0 0 30 30 Total collateral dependent loans 0 0 4,511 4,511 Other real estate owned 0 0 384 384 Total assets $ 0 $ 0 $ 4,895 $ 4,895 December 31, 2023 Fair Value Measurements Using Assets (dollars in thousands) Level 1 Level 2 Level 3 Assets Collateral dependent loans: Commercial and industrial loans: Working capital lines of credit loans $ 0 $ 0 $ 1,263 $ 1,263 Non-working capital loans 0 0 3,374 3,374 Commercial real estate and multi-family residential loans: Owner occupied loans 0 0 682 682 Agri-business and agricultural loans: Loans secured by farmland 0 0 31 31 Total collateral dependent loans 0 0 5,350 5,350 Other real estate owned 0 0 384 384 Total assets $ 0 $ 0 $ 5,734 $ 5,734 The following table presents the valuation methodology and unobservable inputs for Level 3 assets measured at fair value on a non-recurring basis at March 31, 2024: (dollars in thousands) Fair Value Valuation Methodology Unobservable Inputs Average Range of Inputs Collateral dependent loans: Commercial and industrial $ 3,801 Collateral based measurements Discount to reflect current market conditions and ultimate collectability 55 % 10%-99% Collateral dependent loans: Commercial real estate and multi-family residential loans 680 Collateral based measurements Discount to reflect current market conditions and ultimate collectability 38 % 3%-69% Collateral dependent loans: Agri-business and agricultural 30 Collateral based measurements Discount to reflect current market conditions and ultimate collectability 69 % Other real estate owned 384 Appraisals Discount to reflect current market conditions and ultimate collectability 36 % The following table presents the valuation methodology and unobservable inputs for Level 3 assets measured at fair value on a non-recurring basis at December 31, 2023: (dollars in thousands) Fair Value Valuation Methodology Unobservable Inputs Average Range of Inputs Collateral dependent loans: Commercial and industrial $ 4,637 Collateral based measurements Discount to reflect current market conditions and ultimate collectability 64 % 9%-99% Collateral dependent loans: Commercial real estate and multi-family residential loans 682 Collateral based measurements Discount to reflect current market conditions and ultimate collectability 37 % 9%-69% Collateral dependent loans: Agri-business and agricultural 31 Collateral based measurements Discount to reflect current market conditions and ultimate collectability 69 % Other real estate owned 384 Appraisals Discount to reflect current market conditions and ultimate collectability 36 % The following tables contain the estimated fair values and the related carrying values of the Company’s financial instruments. Items that are not financial instruments are not included. March 31, 2024 Carrying Estimated Fair Value (dollars in thousands) Level 1 Level 2 Level 3 Total Financial Assets: Cash and cash equivalents $ 147,687 $ 147,687 $ 0 $ 0 $ 147,687 Securities available-for-sale 1,014,481 0 1,012,243 2,238 1,014,481 Securities held-to-maturity 130,335 0 115,467 0 115,467 Real estate mortgages held-for-sale 1,659 0 1,685 0 1,685 Loans, net 4,924,379 0 0 4,796,478 4,796,478 Mortgage banking derivative 97 0 97 0 97 Interest rate swap derivative 30,365 0 30,365 0 30,365 Federal Reserve and Federal Home Loan Bank Stock 21,420 N/A N/A N/A N/A Accrued interest receivable 30,793 0 8,139 22,654 30,793 Financial Liabilities: Certificates of deposit 1,026,189 0 1,018,557 0 1,018,557 All other deposits 4,591,896 4,591,896 0 0 4,591,896 Federal Home Loan Bank advances 200,000 199,996 0 0 199,996 Interest rate swap derivative 30,365 0 30,365 0 30,365 Standby letters of credit 203 0 0 203 203 Accrued interest payable 14,524 773 13,751 0 14,524 December 31, 2023 Carrying Estimated Fair Value (dollars in thousands) Level 1 Level 2 Level 3 Total Financial Assets: Cash and cash equivalents $ 151,824 $ 151,824 $ 0 $ 0 $ 151,824 Securities available-for-sale 1,051,728 0 1,049,448 2,280 1,051,728 Securities held-to-maturity 129,918 0 119,215 0 119,215 Real estate mortgages held-for-sale 1,158 0 1,158 0 1,158 Loans, net 4,844,562 0 0 4,694,532 4,694,532 Mortgage banking derivative 47 0 47 0 47 Interest rate swap derivative 27,189 0 27,189 0 27,189 Federal Reserve and Federal Home Loan Bank Stock 21,420 N/A N/A N/A N/A Accrued interest receivable 30,011 0 8,558 21,453 30,011 Financial Liabilities: Certificates of deposit 1,016,821 0 1,010,172 0 1,010,172 All other deposits 4,703,704 4,703,704 0 0 4,703,704 Federal Home Loan Bank advances 50,000 50,000 0 0 50,000 Mortgage banking derivative 11 0 11 0 11 Interest rate swap derivative 27,190 0 27,190 0 27,190 Standby letters of credit 289 0 0 289 289 Accrued interest payable 20,893 753 20,140 0 20,893 |
OFFSETTING ASSETS AND LIABILITI
OFFSETTING ASSETS AND LIABILITIES | 3 Months Ended |
Mar. 31, 2024 | |
OFFSETTING ASSETS AND LIABILITIES | |
OFFSETTING ASSETS AND LIABILITIES | OFFSETTING ASSETS AND LIABILITIES The following tables summarize gross and net information about financial instruments and derivative instruments that are offset in the statement of financial position or that are subject to an enforceable master netting arrangement at March 31, 2024 and December 31, 2023. March 31, 2024 Gross Amounts of Recognized Assets/Liabilities Gross Amounts Offset in the Statement of Financial Position Net Amounts presented in the Statement of Financial Position Gross Amounts Not Offset in the Statement of Financial Position Net Amount (dollars in thousands) Financial Instruments Cash Collateral Position Assets Interest Rate Swap Derivatives $ 30,365 $ 0 $ 30,365 $ 0 $ (25,305) $ 5,060 Total Assets $ 30,365 $ 0 $ 30,365 $ 0 $ (25,305) $ 5,060 Liabilities Interest Rate Swap Derivatives $ 30,365 $ 0 $ 30,365 $ 0 $ 0 $ 30,365 Total Liabilities $ 30,365 $ 0 $ 30,365 $ 0 $ 0 $ 30,365 December 31, 2023 Gross Amounts of Recognized Assets/Liabilities Gross Amounts Offset in the Statement of Financial Position Net Amounts presented in the Statement of Financial Position Gross Amounts Not Offset in the Statement of Financial Position Net Amount (dollars in thousands) Financial Instruments Cash Collateral Position Assets Interest Rate Swap Derivatives $ 27,189 $ 0 $ 27,189 $ 0 $ (25,555) $ 1,634 Total Assets $ 27,189 $ 0 $ 27,189 $ 0 $ (25,555) $ 1,634 Liabilities Interest Rate Swap Derivatives $ 27,190 $ 0 $ 27,190 $ 0 $ (90) $ 27,100 Total Liabilities $ 27,190 $ 0 $ 27,190 $ 0 $ (90) $ 27,100 If an event of default occurs causing an early termination of an interest rate swap derivative, any early termination amount payable to one party by the other party may be reduced by set-off against any other amount payable by the one party to the other party. If a default in performance of any obligation of a repurchase agreement occurs, each party will set-off property held in respect of transactions against obligations owing in respect of any other transactions. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE Basic earnings per common share is net income divided by the weighted average number of common shares outstanding during the period, which includes shares held in treasury on behalf of participants in the Company’s Directors Fee Deferral Plan, and share repurchases. Diluted earnings per common share includes the dilutive effect of additional potential common shares issuable under stock based awards and warrants, none of which were antidilutive. Three Months Ended March 31, 2024 2023 Weighted average shares outstanding for basic earnings per common share 25,657,063 25,583,026 Dilutive effect of stock based awards 90,580 159,859 Weighted average shares outstanding for diluted earnings per common share 25,747,643 25,742,885 Basic earnings per common share $ 0.91 $ 0.95 Diluted earnings per common share $ 0.91 $ 0.94 |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 3 Months Ended |
Mar. 31, 2024 | |
OCI, Debt Securities, Available-for-Sale, Gain (Loss), after Adjustment and Tax [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The following tables summarize the changes within each classification of accumulated other comprehensive income (loss) for the three months ended March 31, 2024 and 2023, all shown net of tax: (dollars in thousands) Unrealized Gains and Losses on Available- Defined Benefit Pension Items Total Balance at January 1, 2024 $ (154,460) $ (735) $ (155,195) Other comprehensive income (loss) before reclassification (12,157) 0 (12,157) Amounts reclassified from accumulated other comprehensive income (loss) 428 11 439 Net current period other comprehensive income (loss) (11,729) 11 (11,718) Balance at March 31, 2024 $ (166,189) $ (724) $ (166,913) (dollars in thousands) Unrealized Gains and Losses on Available- Defined Benefit Pension Items Total Balance at January 1, 2023 $ (188,154) $ (769) $ (188,923) Other comprehensive income (loss) before reclassification 21,167 0 21,167 Amounts reclassified from accumulated other comprehensive income (loss) 375 11 386 Net current period other comprehensive income (loss) 21,542 11 21,553 Balance at March 31, 2023 $ (166,612) $ (758) $ (167,370) Reclassifications out of accumulated comprehensive income (loss) for the three months ended March 31, 2024 are as follows: Details about Amount Affected Line Item (dollars in thousands) Amortization of unrealized losses on held-to-maturity securities $ (496) Interest income Realized gains and (losses) on available-for-sale securities (46) Net securities gains (losses) Tax effect 114 Income tax expense (428) Net of tax Amortization of defined benefit pension items (15) Other expense Tax effect 4 Income tax expense (11) Net of tax Total reclassifications for the period $ (439) Net income Reclassifications out of accumulated other comprehensive income (loss) for the three months ended March 31, 2023 are as follows: Details about Amount Affected Line Item (dollars in thousands) Amortization of unrealized losses on held-to-maturity securities $ (491) Interest income Tax effect 100 Income tax expense (375) Net of tax Amortization of defined benefit pension items (15) Other expense Tax effect 4 Income tax expense (11) Net of tax Total reclassifications for the period $ (386) Net income |
LEASES
LEASES | 3 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
LEASES | LEASES The Company leases certain office facilities under long-term operating lease agreements. The leases expire at various dates through 2037 and some include renewal options. Many of these leases require the payment of property taxes, insurance premiums, maintenance, utilities and other costs. In many cases, rentals are subject to increase in relation to a cost-of-living index. The Company accounts for lease and non-lease components together as a single lease component. The Company determines if an arrangement is a lease at inception. Operating leases are recorded as a right-of-use ("ROU") lease assets and are included in other assets on the consolidated balance sheet. The Company's corresponding lease obligations are included in other liabilities on the consolidated balance sheet. ROU lease assets represent the Company's right to use an underlying asset for the lease term and lease obligations represent the Company's obligation to make lease payments arising from the lease. Operating ROU lease assets and obligations are recognized at the commencement date based on the present value of lease payments over the lease term. As most of the Company's leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The ROU lease asset also includes any lease payments made and excludes lease incentives. The Company's lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Short-term leases are leases having a term of twelve months or less. The Company recognizes short-term leases on a straight-line basis and does not record a related lease asset or liability for such leases, as allowed as a practical expedient of the standard. The following is a maturity analysis of the operating lease liabilities as of March 31, 2024: Years ending December 31, (in thousands) Operating Lease Obligation 2024 $ 561 2025 756 2026 731 2027 753 2028 593 2029 and thereafter 1,591 Total undiscounted lease payments 4,985 Less imputed interest (443) Lease liability $ 4,542 Right-of-use asset $ 4,542 Three Months Ended March 31, (dollars in thousands) 2024 2023 Lease cost Operating lease cost $ 185 $ 169 Short-term lease cost 2 2 Total lease cost $ 187 $ 171 Other information Operating cash outflows from operating leases $ 185 $ 169 Weighted-average remaining lease term - operating leases 6.0 years 7.0 years Weighted average discount rate - operating leases 2.5 % 2.5 % |
LOSS CONTINGENCIES
LOSS CONTINGENCIES | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
LOSS CONTINGENCIES | LOSS CONTINGENCIES Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. In July 2019, the Bank discovered potentially fraudulent activity by a former treasury management client involving multiple banks. The former client subsequently filed several related bankruptcy cases, captioned In re Interlogic Outsourcing, Inc., et al ., which were filed in the United States Bankruptcy Court for the Western District of Michigan. On April 27, 2021, the bankruptcy court entered an order approving an amended plan of liquidation, which was filed by the former client, other debtors and bankruptcy plan proponents, and approving the consolidation of the assets in the aforementioned cases under the Khan IOI Consolidated Estate Trust. On August 9, 2021, the liquidating trustee for the bankruptcy estates filed a complaint against the Bank and the Company, and agreed to stay prosecution of the action through August 31, 2022. The original complaint focused on a series of business transactions among the client, related entities and the Bank, which the liquidating trustee alleged are voidable under applicable federal bankruptcy and state law. The complaint also addressed treatment of the Bank's claims filed in the bankruptcy cases. On August 31, 2022, the trustee filed his amended complaint against the former client, the Bank, the Company, four officers of the Bank and one independent director of the Bank. The amended complaint alleged that the former client engaged in a check kiting scheme involving multiple banks. The amended complaint alleged that a series of business transactions among the client, his related entities and the Bank are voidable under applicable bankruptcy and state laws. The amended complaint also alleged that the Bank, the Company and the five individual bank representatives who are named as defendants violated various federal and state laws in assisting the former client in his check kiting scheme. On October 26, 2022, the trustee filed his second amended complaint which was virtually identical to his amended complaint. On January 5, 2023, the Bank, the Company and the five individual bank representatives filed motions to dismiss the second amended complaint. On May 30, 2023, the court issued its decision granting the defendants' motion to dismiss in part and denying it in part. The court dismissed all claims against the Company and the Bank's independent director. The court dismissed several of the claims against the defendants but granted the trustee the right to file an amended complaint. On June 20, 2023, the trustee filed his third amended complaint. The trustee alleges many of the same claims that were alleged in the second amended complaint. The defendants filed a motion to dismiss the third amended complaint on July 25, 2023. The trustee subsequently filed a response to this motion. On November 26, 2023, the court issued its decision granting the defendants' motion to dismiss in part and denying it in part. The court scheduled a pre-trial conference for January 11, 2024, to among other things, set the scope, timing and parameters of the pre-trial discovery process with the parties as the litigation of all claims not dismissed by the court in its ruling has ensued. Both parties commenced the steps in their respective pre-trial discovery plans in the first quarter and have agreed to another round of mediation, which is scheduled for May 2, 2024, in Grand Rapids, Michigan, at which time the trustee, the bank, its insurers and the parties’ respective counsel will attempt to settle the remaining claims. Based on current information, we have determined that a material loss is neither probable nor estimable at this time, and the Bank and the four individual Bank representatives who remain as defendants intend to vigorously defend themselves against all allegations asserted in this amended complaint. |
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 | $ 23,401 | $ 24,278 |
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 |
BASIS OF PRESENTATION (Policies
BASIS OF PRESENTATION (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Consolidation Policy | This report is filed for Lakeland Financial Corporation (the "Company"), which has one wholly owned subsidiary, Lake City Bank (the "Bank"). Also included in this report are results for the Bank’s wholly owned subsidiary, LCB Investments II, Inc. ("LCB Investments"), which manages the Bank’s investment securities portfolio. LCB Investments owns LCB Funding, Inc. ("LCB Funding"), a real estate investment trust. All significant inter-company balances and transactions have been eliminated in consolidation. |
Basis of Accounting Policy | The unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and with the instructions for Form 10-Q. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements and are unaudited. In the opinion of management, all adjustments (all of which are normal and recurring in nature) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for any subsequent reporting periods, including the year ending December 31, 2024. The Company’s 2023 Annual Report on Form 10-K should be read in conjunction with these statements. |
Adoption of New Accounting Standards and Newly Issued But Not Yet Effective Accounting Standards | Adoption of New Accounting Standards On March 28, 2023, the FASB issued ASU 2023-02, "Investments - Equity Method and Join Ventures (ASC 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method." ASU 2014-01, "Investments - Equity method and Joint Ventures (ASC 323): Accounting for Investments in Qualified Affordable Housing Projects", previously introduced the option to apply the proportional amortization method to account for investments made primarily for the purpose of receiving income tax credits and other income tax benefits when certain requirements are met; however, this guidance limited the proportional amortization method to investments in low-income-housing tax credit (LIHTC) structures. The proportional amortization method results in the cost of the investment being amortized in proportion to the income tax credits and other income tax benefits received, with the amortization of the investment and the income tax credits being presented net in the income statement as a component of net income tax expense (benefit). Equity investments in other tax credit structures are typically accounted for using the equity method, which results in investment income, gains and losses, and tax credits being presented gross on the income statement in their respective line items. The amendments in this update permit reporting entities to elect to account for certain tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. Under the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the income tax benefits in the income statement as a component of income tax expense (benefit). To qualify for the proportional amortization method, all of the following conditions must be met: (1) It is probable that the income tax credits allocated to the tax equity investor will be available; (2) The tax equity investor does not have the ability to exercise significant influence over the operating and financial policies of the underlying project; (3) Substantially all of the projected benefits are from income tax credits and other income tax benefits. Projected benefits included income tax credits, other income tax benefits, and other non-income tax -related benefits. The projected benefits are determined on a discounted basis, using a discount rate that is consistent with the cash flow assumptions used by the tax equity investor in making its decision to invest in the project; (4) The tax equity investor's projected yield based solely on the cash flows from the income tax credits and other income tax benefits is positive; and (5) The tax equity investor is a limited liability investor in the limited liability entity for both legal and tax purposes, and the tax equity investor's liability is limited to its capital investment. An accounting policy election is allowed to apply the proportional amortization method on a tax-credit-program-by-tax-credit-program basis rather than electing to apply the proportional amortization method at the reporting entity level or to individual investments. The amendments in this update require specific disclosures that must be applied to all investments that generate income tax credits and other income tax benefits from a tax credit program for which the entity has elected to apply the proportional amortization method. The amendments require that a reporting entity disclose certain information in annual and interim reporting periods that enable investors to understanding the following information about its investments that generate income tax credits and other income tax benefits from a tax credit program including: (1) The nature of its tax equity investments; and (2) The effect of its tax equity investments and related income tax credits and other income tax benefits on its financial position and results of operations. For public business entities, the amendments in this update were effective for fiscal years beginning after December 31, 2023, including interim periods within those fiscal years. The amendments in this update must be applied on either a modified retrospective or a retrospective basis. The Company chose the modified retrospective approach and recorded a day one adjustment of ($532,000), net of tax, to beginning retained earnings on January 1, 2024, which did not have a material impact on the consolidated financial statements. Newly Issued But Not Yet Effective Accounting Standards On October 9, 2023, the FASB issued ASU 2023-06, "Disclosure Improvements: Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative" , which modified the disclosure or presentation requirements of a variety of Topics in the Codification and was intended to both clarify or improve such requirements and align the requirements with the SEC's regulations. The amendments to Topics of Codification provided in this Update apply to all reporting entities within the scope of the affected Topics unless otherwise indicated by the Update. Given the variety of Topics amended, a broad range of entities may be affected by one or more of the amendments provided in the Update. The Company evaluated the amendments provided in the Update and believes certain of the disclosure improvements are applicable to the Company's interim or annual disclosures. Subtopic 230-10, as amended, requires disclosure within the accounting policy in annual periods of where cash flows associated with derivative instruments and their related gains and losses are presented within the statement of cash flows. Subtopic 260-10, as amended, requires disclosure of the methods used in the diluted earnings-per-share computation for each dilutive security and clarifies that certain disclosures should be made during interim periods. Subtopic 470-10, as amended, requires disclosure of amounts and terms of unused lines of credit and unfunded commitments and the weighted-average interest rate on short-term borrowings outstanding as of the date of each balance sheet presented. The effective date for each amendment for entities subject to the SEC's existing disclosure requirements is the effective date of the removal of the related disclosure from Regulation S-X or Regulation S-K, with early adoption prohibited. The amendments in the Update are to be applied prospectively. The Company will apply prospectively the provisions provided in the amendments as such provisions become effective, and does not believe the application of these modified disclosure requirements will have a material impact on the consolidated financial statements. If by June 30, 2027, the SEC has not removed the applicable requirement from Regulation S-X or Regulation S-K, the pending content of the related amendment in the Update will be removed from the Codification and will not become effective. On November 27, 2023, the FASB issued ASU 2023-07, "Segment Reporting (ASC 280): Improvements to Reportable Segment Disclosures" , intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. Provisions in the amendment include: (1) Requirement that a public entity disclose, on an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker ("CODM") and included within each reported measure of segment profit or loss (collectively referred to as the "significant expense principle"); (2) Requirement that a public entity disclose, on an annual and interim basis, an amount for other segment items by reportable segment and a description of its composition. The other segment items category is the difference between segment revenue less the segment expenses disclosed under the significant expense principle and each reported measure of segment profit or loss; (3) Requirement that a public entity provide all annual disclosures about a reportable segment's profit or loss and assets currently required by ASC 280 in interim periods; (4) Clarification that if the CODM uses more than one measure of a segment's profit or loss in assessing segment performance and deciding how to allocation resources, a public entity may report one or more of those additional measures of segment profit. However, at least one of the reported segment profit or loss measures (or the single reported measure, if only one is disclosed) should be the measure that is the most consistent with the measurement principles used in measuring the corresponding amounts in the public entity's consolidated financial statements; (5) Requirement that a public entity disclose the title and position of the CODM and explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources; and (6) Requirement that a public entity that has a single reportable segment provide all the disclosures by the amendments in the Update and all existing segment disclosures in ASC 280. The amendments in the update are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. For public business entities, amendments in the Update should be applied retrospectively to all periods presented in the financial statements, and upon transition to the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. The Company is currently evaluating the impact of this standard on its disclosures, however does not expect adoption of the update to have a material impact of the consolidated financial statements. On December 14, 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" , to address investor requests for greater transparency in regards to income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. The amendments are designed to enhance transparency surrounding income tax disclosures by requiring (1) Consistent categories and greater disaggregation of information in the rate reconciliation and (2) Income taxes paid disaggregation by taxing jurisdiction, which will allow investors to better assess, in their capital allocation decisions, how an entity's operations and related tax risks and tax planning and operational opportunities affect its income tax rate and prospects for future cash flows. Other amendments in this Update are designed to improve the effectiveness and comparability of disclosures by (1) adding disclosures of pretax income (loss) and income tax expense (benefit) to be consistent with the SEC's Regulation S-X 210.4-08(h), Rules of General Application-General Notes to Financial Statements: Income Tax Expense , and (2) Removing disclosures that are no longer considered cost beneficial or relevant. The amendments in this Update are effective for public business entities for annual periods beginning after December 31, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments in this Update should be applied on a prospective basis, however retrospective application is permitted. The Company is currently evaluating the impact of this update on its disclosures, however does not expect the adoption of this update to have a material impact on the consolidated financial statements. |
Reclassification | Reclassification Certain amounts appearing in the consolidated financial statements and notes thereto for prior periods have been reclassified to conform with the current presentation. The reclassifications had no effect on net income or stockholders' equity as previously reported. |
Allowance for Credit Losses and Credit Quality | The Company maintains an allowance for credit losses to provide for expected credit losses. Losses are charged against the allowance when management believes that the principal is uncollectable. Subsequent recoveries, if any, are credited to the allowance. Allocations of the allowance are made for specific loans and for pools of similar types of loans, although the entire allowance is available for any loan that, in management’s judgment, should be charged against the allowance. A provision for credit losses is taken based on management’s ongoing evaluation of the appropriate allowance balance. A formal evaluation of the adequacy of the credit loss allowance is conducted monthly. The ultimate recovery of all loans is susceptible to future market factors beyond the Company’s control. The level of credit loss provision is influenced by growth in the overall loan portfolio, emerging market risk, emerging concentration risk, commercial loan focus and large credit concentration, new industry lending activity, general economic conditions and historical loss analysis. In addition, management gives consideration to changes in the facts and circumstances of watch list credits, which includes the security position of the borrower, in determining the appropriate level of the credit loss provision. Furthermore, management’s overall view on credit quality is a factor in the determination of the provision. The determination of the appropriate allowance is inherently subjective, as it requires significant estimates by management. The Company has an established process to determine the adequacy of the allowance for credit losses that generally includes consideration of changes in the nature and volume of the loan portfolio and overall portfolio quality, along with current and forecasted economic conditions that may affect borrowers’ ability to repay. Consideration is not limited to these factors although they represent the most commonly cited factors. To determine the specific allocation levels for individual credits, management considers the current valuation of collateral and the amounts and timing of expected future cash flows as the primary measures. Management also considers trends in adversely classified loans based upon an ongoing review of those credits. With respect to pools of similar loans, an appropriate level of general allowance is determined by portfolio segment using a probability of default-loss given default (“PD/LGD”) model, subject to a floor. A default can be triggered by one of several different asset quality factors, including past due status, nonaccrual status, material modification status or if the loan has had a charge-off. This PD is then combined with a LGD derived from historical charge-off data to construct a default rate. This loss rate is then supplemented with adjustments for reasonable and supportable forecasts of relevant economic indicators, particularly the unemployment rate forecast from the Federal Open Market Committee’s Summary of Economic Projections, and other environmental factors based on the risks present for each portfolio segment. These environmental factors include consideration of the following: levels of, and trends in, delinquencies and nonperforming loans; trends in volume and terms of loans; effects of any changes in risk selection and underwriting standards; other changes in lending policies, procedure, and practices; experience, ability, and depth of lending management and other relevant staff; national and local economic trends and conditions; industry conditions; and effects of changes in credit concentrations. It is also possible that these factors could include social, political, economic, and terrorist events or activities. All of these factors are susceptible to change, which may be significant. As a result of this detailed process, the allowance results in two forms of allocations, specific and general. These two components represent the total allowance for credit losses deemed adequate to cover probable losses inherent in the loan portfolio. Commercial loans are subject to a dual standardized grading process administered by the credit administration function. These grade assignments are performed independent of each other and a consensus is reached by credit administration and the loan review officer. Specific allowances are established in cases where management has identified significant conditions or circumstances related to an individual credit that indicate it should be evaluated on an individual basis. Considerations with respect to specific allocations for these individual credits include, but are not limited to, the following: (a) the sufficiency of the customer’s cash flow or net worth to repay the loan; (b) the adequacy of the discounted value of collateral relative to the loan balance; (c) whether the loan has been criticized in a regulatory examination; (d) whether the loan is nonperforming; (e) any other reasons the ultimate collectability of the loan may be in question; or (f) any unique loan characteristics that require special monitoring. Allocations are also applied to categories of loans considered not to be individually analyzed, but for which the rate of loss is expected to be consistent with or greater than historical averages. Such allocations are based on past loss experience and information about specific borrower situations and estimated collateral values. These general pooled loan allocations are performed for portfolio segments of commercial and industrial; commercial real estate, multi-family, and construction; agri-business and agricultural; other commercial loans; and consumer 1-4 family mortgage and other consumer loans. General allocations of the allowance are determined by a historical loss rate based on the calculation of each pool’s probability of default-loss given default, subject to a floor. The length of the historical period for each pool is based on the average life of the pool. The historical loss rates are supplemented with consideration of economic conditions and portfolio trends. Due to the imprecise nature of estimating the allowance for credit losses, the Company’s allowance for credit losses includes an immaterial unallocated component. The unallocated component of the allowance for credit losses incorporates the Company’s judgmental determination of potential expected losses that may not be fully reflected in other allocations. As a practical expedient, the Company has elected to disclose accrued interest separately from loan principal balances on the consolidated balance sheet. Additionally, when a loan is placed on non-accrual, interest payments are reversed through interest income. For off balance sheet credit exposures outlined in the ASU at 326-20-30-11, it is the Company’s position that nearly all of the unfunded amounts on lines of credit are unconditionally cancellable, and therefore not subject to having a liability recorded. |
Leases | The Company leases certain office facilities under long-term operating lease agreements. The leases expire at various dates through 2037 and some include renewal options. Many of these leases require the payment of property taxes, insurance premiums, maintenance, utilities and other costs. In many cases, rentals are subject to increase in relation to a cost-of-living index. The Company accounts for lease and non-lease components together as a single lease component. The Company determines if an arrangement is a lease at inception. Operating leases are recorded as a right-of-use ("ROU") lease assets and are included in other assets on the consolidated balance sheet. The Company's corresponding lease obligations are included in other liabilities on the consolidated balance sheet. ROU lease assets represent the Company's right to use an underlying asset for the lease term and lease obligations represent the Company's obligation to make lease payments arising from the lease. Operating ROU lease assets and obligations are recognized at the commencement date based on the present value of lease payments over the lease term. As most of the Company's leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The ROU lease asset also includes any lease payments made and excludes lease incentives. The Company's lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Short-term leases are leases having a term of twelve months or less. The Company recognizes short-term leases on a straight-line basis and does not record a related lease asset or liability for such leases, as allowed as a practical expedient of the standard. |
SECURITIES (Tables)
SECURITIES (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Available-For-Sale Securities | Information related to the amortized cost, fair value and allowance for credit losses of securities available-for-sale and the related gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) is provided in the table below. (dollars in thousands) Amortized Gross Unrealized Gain Gross Unrealized Losses Allowance for Credit Losses Fair Value March 31, 2024 U.S. government sponsored agencies $ 144,693 $ 0 $ (28,241) $ 0 $ 116,452 Mortgage-backed securities: residential 511,037 86 (79,105) 0 432,018 State and municipal securities 548,685 21 (82,695) 0 466,011 Total $ 1,204,415 $ 107 $ (190,041) $ 0 $ 1,014,481 December 31, 2023 U.S. government sponsored agencies $ 146,692 $ 0 $ (27,213) $ 0 $ 119,479 Mortgage-backed securities: residential 522,275 118 (74,551) 0 447,842 State and municipal securities 557,352 65 (73,010) 0 484,407 Total $ 1,226,319 $ 183 $ (174,774) $ 0 $ 1,051,728 |
Schedule of Debt Securities, Held-to-Maturity | Information related to the amortized cost, fair value and allowance for credit losses of securities held-to-maturity and the related gross unrealized gains and losses is presented in the table below. (dollars in thousands) Amortized Gross Unrealized Gain Gross Unrealized Losses Allowance for Credit Losses Fair Value March 31, 2024 State and municipal securities $ 130,335 $ 0 $ (14,868) $ 0 $ 115,467 December 31, 2023 State and municipal securities $ 129,918 $ 0 $ (10,703) $ 0 $ 119,215 |
Schedule of Available-For-Sale Securities By Maturity | Information regarding the amortized cost and fair value of available-for-sale and held-to-maturity debt securities by maturity as of March 31, 2024 is presented below. Maturity information is based on contractual maturity for all securities other than mortgage-backed securities. Actual maturities of securities may differ from contractual maturities because borrowers may have the right to prepay the obligation without a prepayment penalty. Available-for-Sale Held-to-Maturity (dollars in thousands) Amortized Cost Fair Amortized Cost Fair Due in one year or less $ 695 $ 695 $ 0 $ 0 Due after one year through five years 7,805 7,149 0 0 Due after five years through ten years 46,433 43,245 0 0 Due after ten years 638,445 531,374 130,335 115,467 693,378 582,463 130,335 115,467 Mortgage-backed securities 511,037 432,018 0 0 Total debt securities $ 1,204,415 $ 1,014,481 $ 130,335 $ 115,467 |
Schedule of Sales of Securities Available For Sale | Available-for-sale securities proceeds, gross gains and gross losses are presented below. Three Months Ended March 31, (dollars in thousands) 2024 2023 Sales of securities available-for-sale Proceeds $ 7,136 $ 87,471 Gross gains 0 411 Gross losses (46) (395) Number of securities 15 81 |
Schedule of Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value | Information regarding available-for-sale securities with unrealized losses as of March 31, 2024 and December 31, 2023 is presented on the following page. The tables divide the securities between those with unrealized losses for less than twelve months and those with unrealized losses for twelve months or more. Less than 12 months 12 months or more Total (dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized March 31, 2024 U.S. government sponsored agencies $ 0 $ 0 $ 116,452 $ 28,241 $ 116,452 $ 28,241 Mortgage-backed securities: residential 1,325 11 427,086 79,094 428,411 79,105 State and municipal securities 18,355 430 440,893 82,265 459,248 82,695 Total available-for-sale $ 19,680 $ 441 $ 984,431 $ 189,600 $ 1,004,111 $ 190,041 December 31, 2023 U.S. government sponsored agencies $ 0 $ 0 $ 119,479 $ 27,213 $ 119,479 $ 27,213 Mortgage-backed securities: residential 52 0 442,765 74,551 442,817 74,551 State and municipal securities 31,345 440 440,446 72,570 471,791 73,010 Total available-for-sale $ 31,397 $ 440 $ 1,002,690 $ 174,334 $ 1,034,087 $ 174,774 |
Schedule of Debt Securities, Held-To-Maturity, Unrealized Loss Position, Fair Value | Information regarding held-to-maturity securities with unrealized losses as of March 31, 2024 and December 31, 2023 is presented below. The table divides the securities between those with unrealized losses for less than twelve months and those with unrealized losses for twelve months or more. Less than 12 months 12 months or more Total (dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized March 31, 2024 State and municipal securities $ 0 $ 0 $ 115,467 $ 14,868 $ 115,467 $ 14,868 December 31, 2023 State and municipal securities $ 0 $ 0 $ 119,215 $ 10,703 $ 119,215 $ 10,703 |
Schedule of Quantitative Disclosure of Available-For-Sale Securities | The total number of securities with unrealized losses as of March 31, 2024 and December 31, 2023 is presented below. Available-for-Sale Held-to-Maturity Less than 12 months Total Less than 12 months Total March 31, 2024 U.S. government sponsored agencies 0 17 17 0 0 0 Mortgage-backed securities: residential 4 126 130 0 0 0 State and municipal securities 24 384 408 0 41 41 Total temporarily impaired 28 527 555 0 41 41 December 31, 2023 U.S. government sponsored agencies 0 17 17 0 0 0 Mortgage-backed securities: residential 1 126 127 0 0 0 State and municipal securities 40 370 410 0 41 41 Total temporarily impaired 41 513 554 0 41 41 |
LOANS (Tables)
LOANS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Receivables [Abstract] | |
Schedule of Loans | (dollars in thousands) March 31, December 31, Commercial and industrial loans: Working capital lines of credit loans $ 646,459 12.9 % $ 604,893 12.3 % Non-working capital loans 830,817 16.6 815,871 16.6 Total commercial and industrial loans 1,477,276 29.5 1,420,764 28.9 Commercial real estate and multi-family residential loans: Construction and land development loans 659,712 13.2 634,435 12.9 Owner occupied loans 833,410 16.7 825,464 16.8 Nonowner occupied loans 744,346 14.9 724,101 14.7 Multifamily loans 239,974 4.8 253,534 5.1 Total commercial real estate and multi-family residential loans 2,477,442 49.6 2,437,534 49.5 Agri-business and agricultural loans: Loans secured by farmland 167,271 3.3 162,890 3.3 Loans for agricultural production 200,581 4.0 225,874 4.6 Total agri-business and agricultural loans 367,852 7.3 388,764 7.9 Other commercial loans: 120,302 2.4 120,726 2.5 Total commercial loans 4,442,872 88.8 4,367,788 88.8 Consumer 1-4 family mortgage loans: Closed end first mortgage loans 260,633 5.2 258,103 5.2 Open end and junior lien loans 188,927 3.8 189,663 3.9 Residential construction and land development loans 10,956 0.2 8,421 0.2 Total consumer 1-4 family mortgage loans 460,516 9.2 456,187 9.3 Other consumer loans 97,369 2.0 96,022 1.9 Total consumer loans 557,885 11.2 552,209 11.2 Subtotal 5,000,757 100.0 % 4,919,997 100.0 % Less: Allowance for credit losses (73,180) (71,972) Net deferred loan fees (3,198) (3,463) Loans, net $ 4,924,379 $ 4,844,562 |
ALLOWANCE FOR CREDIT LOSSES A_2
ALLOWANCE FOR CREDIT LOSSES AND CREDIT QUALITY (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
ALLOWANCE FOR CREDIT LOSSES AND CREDIT QUALITY | |
Schedule of Allowance for Credit Loss | The following tables present the activity in the allowance for credit losses by portfolio segment for the periods ended: (dollars in thousands) Commercial and Industrial Commercial Real Estate and Multifamily Residential Agri-business and Agricultural Other Commercial Consumer 1-4 Family Mortgage Other Consumer Unallocated Total Three Months Ended March 31, 2024 Beginning balance, January 1 $ 30,338 $ 31,335 $ 4,150 $ 1,129 $ 3,474 $ 1,174 $ 372 $ 71,972 Provision for credit losses 542 717 (38) (107) 21 256 129 1,520 Loans charged-off (194) 0 0 0 0 (310) 0 (504) Recoveries 34 26 0 0 23 109 0 192 Net loans (charged-off) recovered (160) 26 0 0 23 (201) 0 (312) Ending balance $ 30,720 $ 32,078 $ 4,112 $ 1,022 $ 3,518 $ 1,229 $ 501 $ 73,180 (dollars in thousands) Commercial and Industrial Commercial Real Estate and Multifamily Residential Agri-business and Agricultural Other Commercial Consumer 1-4 Family Mortgage Other Consumer Unallocated Total Three Months Ended March 31, 2023 Beginning balance, January 1 $ 35,290 $ 27,394 $ 4,429 $ 917 $ 3,001 $ 1,021 $ 554 $ 72,606 Provision for credit losses 1,504 1,642 192 117 394 215 286 4,350 Loans charged-off (5,644) 0 0 0 0 (252) 0 (5,896) Recoveries 40 0 0 0 3 112 0 155 Net loans (charged-off) recovered (5,604) 0 0 0 3 (140) 0 (5,741) Ending balance $ 31,190 $ 29,036 $ 4,621 $ 1,034 $ 3,398 $ 1,096 $ 840 $ 71,215 |
Schedule of Risk Category of Loans by Loan Segment and Origination Date and Credit Quality Indicators | The following table summarizes the risk category of loans by loan segment and year of origination as of March 31, 2024: (dollars in thousands) 2024 2023 2022 2021 2020 Prior Term Total Revolving Total Commercial and industrial loans: Working capital lines of credit loans: Pass $ 0 $ 173 $ 1,910 $ 2,085 $ 1,014 $ 0 $ 5,182 $ 578,879 $ 584,061 Special Mention 0 0 0 0 0 0 0 44,314 44,314 Substandard 0 0 0 0 0 125 125 17,956 18,081 Total 0 173 1,910 2,085 1,014 125 5,307 641,149 646,456 Working capital lines of credit loans: Current period gross write offs 0 0 94 0 0 0 94 87 181 Non-working capital loans: Pass 29,281 205,939 199,954 80,369 46,724 35,984 598,251 190,808 789,059 Special Mention 586 3,077 10,126 955 1,293 4,593 20,630 4,317 24,947 Substandard 0 3,674 1,604 674 3,681 270 9,903 396 10,299 Not Rated 273 2,481 1,773 729 611 136 6,003 0 6,003 Total 30,140 215,171 213,457 82,727 52,309 40,983 634,787 195,521 830,308 Non-working capital loans: Current period gross write offs 0 0 0 0 0 0 0 13 13 Commercial real estate and multi-family residential loans: Construction and land development loans: Pass 19,348 43,392 12,546 47,129 0 175 122,590 534,622 657,212 Total 19,348 43,392 12,546 47,129 0 175 122,590 534,622 657,212 Construction and land development loans: Current period gross write offs 0 0 0 0 0 0 0 0 0 Owner occupied loans: Pass 11,403 141,477 133,033 153,999 128,260 168,796 736,968 58,965 795,933 Special Mention 0 7,510 15,265 4,867 0 3,582 31,224 0 31,224 Substandard 0 351 236 2,134 1,471 1,499 5,691 0 5,691 Total 11,403 149,338 148,534 161,000 129,731 173,877 773,883 58,965 832,848 Owner occupied loans: Current period gross write offs 0 0 0 0 0 0 0 0 0 Nonowner occupied loans: Pass 56,730 133,775 156,608 110,545 127,439 115,982 701,079 29,333 730,412 Special Mention 586 4,453 0 6,161 0 2,223 13,423 0 13,423 Total 57,316 138,228 156,608 116,706 127,439 118,205 714,502 29,333 743,835 Nonowner occupied loans: Current period gross write offs 0 0 0 0 0 0 0 0 0 Multifamily loans: Pass 21,016 90,723 22,315 8,985 35,305 24,943 203,287 5,804 209,091 Special Mention 30,588 0 0 0 0 0 30,588 0 30,588 Total 51,604 90,723 22,315 8,985 35,305 24,943 233,875 5,804 239,679 Multifamily loans: Current period gross write offs 0 0 0 0 0 0 0 0 0 Agri-business and agricultural loans: Loans secured by farmland: Pass 3,516 23,636 31,737 24,413 27,560 25,108 135,970 31,201 167,171 Substandard 0 0 0 0 0 96 96 0 96 Total 3,516 23,636 31,737 24,413 27,560 25,204 136,066 31,201 167,267 Loans secured by farmland: Current period gross write offs 0 0 0 0 0 0 0 0 0 Loans for agricultural production: Pass 1,142 28,938 19,910 26,414 24,782 12,545 113,731 86,270 200,001 Special Mention 0 0 0 182 0 0 182 500 682 Substandard 0 0 0 0 0 0 0 0 0 Doubtful 0 0 0 0 0 0 0 0 0 Not Rated 0 0 0 0 0 0 0 0 0 Total 1,142 28,938 19,910 26,596 24,782 12,545 113,913 86,770 200,683 Loans for agricultural production: Current period gross write offs 0 0 0 0 0 0 0 0 0 Other commercial loans: Pass 150 6,798 26,338 33,783 13,061 6,712 86,842 31,102 117,944 Special Mention 0 0 0 0 0 2,230 2,230 0 2,230 Total 150 6,798 26,338 33,783 13,061 8,942 89,072 31,102 120,174 Other commercial loans: Current period gross write offs 0 0 0 0 0 0 0 0 0 Consumer 1-4 family mortgage loans: Closed end first mortgage loans: Pass 5,928 10,099 10,300 12,237 7,113 7,967 53,644 6,473 60,117 Special Mention 0 0 0 0 510 0 510 0 510 Substandard 0 87 0 93 123 228 531 0 531 Not Rated 3,871 64,742 49,563 37,397 16,804 26,741 199,118 0 199,118 Total 9,799 74,928 59,863 49,727 24,550 34,936 253,803 6,473 260,276 Closed end first mortgage loans: Current period gross write offs 0 0 0 0 0 0 0 0 0 Open end and junior lien loans: Pass 0 775 0 478 327 6 1,586 9,349 10,935 Substandard 0 107 21 21 0 131 280 100 380 Not Rated 5,616 22,446 26,928 7,466 1,288 3,793 67,537 112,000 179,537 Total 5,616 23,328 26,949 7,965 1,615 3,930 69,403 121,449 190,852 Open end and junior lien loans: Current period gross write offs 0 0 0 0 0 0 0 0 0 Residential construction loans: Not Rated 681 2,712 3,726 1,473 819 1,465 10,876 0 10,876 Total 681 2,712 3,726 1,473 819 1,465 10,876 0 10,876 Residential construction loans: Current period gross write offs 0 0 0 0 0 0 0 0 0 Other consumer loans: Pass 1,121 994 769 1,277 275 0 4,436 12,221 16,657 Substandard 0 190 33 34 0 0 257 0 257 Not Rated 6,607 30,095 15,759 9,109 5,352 2,952 69,874 10,305 80,179 Total 7,728 31,279 16,561 10,420 5,627 2,952 74,567 22,526 97,093 Other consumer loans: Current period gross write offs 1 73 136 20 0 26 256 54 310 Total Loans $ 198,443 $ 828,644 $ 740,454 $ 573,009 $ 443,812 $ 448,282 $ 3,232,644 $ 1,764,915 $ 4,997,559 Total period gross write offs $ 1 $ 73 $ 230 $ 20 $ 0 $ 26 $ 350 $ 154 $ 504 The following table summarizes the risk category of loans by loan segment and year of origination as of December 31, 2023: (dollars in thousands) 2023 2022 2021 2020 2019 Prior Term Total Revolving Total Commercial and industrial loans: Working capital lines of credit loans: Pass $ 193 $ 1,876 $ 2,214 $ 1,132 $ 0 $ 50 $ 5,465 $ 532,086 $ 537,551 Special Mention 0 0 0 0 0 0 0 46,498 46,498 Substandard 0 200 0 0 125 0 325 20,516 20,841 Total 193 2,076 2,214 1,132 125 50 5,790 599,100 604,890 Working capital lines of credit loans: Current period gross write offs 0 0 75 0 139 0 214 327 541 Non-working capital loans: Pass 199,071 224,333 85,273 49,999 28,773 10,501 597,950 171,264 769,214 Special Mention 4,038 9,577 1,051 2,498 2,306 4,298 23,768 5,477 29,245 Substandard 3,754 1,612 683 3,892 51 218 10,210 397 10,607 Not Rated 2,585 1,999 881 707 162 18 6,352 0 6,352 Total 209,448 237,521 87,888 57,096 31,292 15,035 638,280 177,138 815,418 Non-working capital loans: Current period gross write offs 0 5,445 0 178 129 0 5,752 48 5,800 Commercial real estate and multi-family residential loans: Construction and land development loans: Pass 50,693 15,558 17,655 0 177 0 84,083 547,570 631,653 Total 50,693 15,558 17,655 0 177 0 84,083 547,570 631,653 Construction and land development loans: Current period gross write offs 0 0 0 0 0 0 0 0 0 Owner occupied loans: Pass 144,411 132,850 156,680 132,407 61,415 118,406 746,169 40,288 786,457 Special Mention 7,597 686 4,913 0 1,394 2,245 16,835 14,739 31,574 Substandard 362 250 3,325 1,474 345 1,161 6,917 0 6,917 Total 152,370 133,786 164,918 133,881 63,154 121,812 769,921 55,027 824,948 Owner occupied loans: Current period gross write offs 0 0 0 0 0 0 0 0 0 Nonowner occupied loans: Pass 123,633 158,415 112,582 134,050 87,288 66,755 682,723 27,860 710,583 Special Mention 4,503 0 6,257 0 0 2,246 13,006 0 13,006 Total 128,136 158,415 118,839 134,050 87,288 69,001 695,729 27,860 723,589 Nonowner occupied loans: Current period gross write offs 0 0 0 0 0 0 0 0 0 Multifamily loans: Pass 90,954 23,315 9,042 35,648 13,971 14,609 187,539 45,987 233,526 Special Mention 19,671 0 0 0 0 0 19,671 0 19,671 Total 110,625 23,315 9,042 35,648 13,971 14,609 207,210 45,987 253,197 Multifamily loans: Current period gross write offs 0 0 0 0 0 0 0 0 0 Agri-business and agricultural loans: Loans secured by farmland: Pass 24,503 32,060 25,308 27,924 9,104 19,160 138,059 24,724 162,783 Substandard 0 0 0 0 0 100 100 0 100 Total 24,503 32,060 25,308 27,924 9,104 19,260 138,159 24,724 162,883 Loans secured by farmland: Current period gross write offs 0 0 0 0 0 0 0 0 0 Loans for agricultural production: Pass 28,657 13,589 27,175 25,504 3,533 10,429 108,887 116,406 225,293 Special Mention 0 0 187 0 0 0 187 500 687 Total 28,657 13,589 27,362 25,504 3,533 10,429 109,074 116,906 225,980 Loans for agricultural production: Current period gross write offs 0 0 0 0 0 0 0 0 0 Other commercial loans: Pass 7,058 26,918 33,247 13,684 90 7,332 88,329 29,819 118,148 Special Mention 0 0 0 0 0 2,419 2,419 0 2,419 Total 7,058 26,918 33,247 13,684 90 9,751 90,748 29,819 120,567 Other commercial loans: Current period gross write offs 0 0 0 0 0 0 0 0 0 Consumer 1-4 family mortgage loans: Closed end first mortgage loans: Pass 9,910 10,541 12,486 8,614 3,924 4,625 50,100 8,330 58,430 Special Mention 0 0 0 519 0 0 519 0 519 Substandard 87 0 96 123 0 253 559 0 559 Not Rated 64,233 51,018 38,014 17,432 4,314 23,225 198,236 0 198,236 Total 74,230 61,559 50,596 26,688 8,238 28,103 249,414 8,330 257,744 Closed end first mortgage loans: Current period gross write offs 0 0 0 0 0 0 0 0 0 Open end and junior lien loans: Pass 557 137 491 335 0 6 1,526 8,689 10,215 Substandard 108 0 23 0 26 48 205 68 273 Not Rated 24,792 29,648 8,471 1,554 2,286 1,962 68,713 112,371 181,084 Total 25,457 29,785 8,985 1,889 2,312 2,016 70,444 121,128 191,572 Open end and junior lien loans: Current period gross write offs 0 50 14 0 0 0 64 99 163 Residential construction loans: Not Rated 1,525 2,982 1,515 839 263 1,220 8,344 0 8,344 Total 1,525 2,982 1,515 839 263 1,220 8,344 0 8,344 Residential construction loans: Current period gross write offs 0 0 0 0 0 0 0 0 0 Other consumer loans: Pass 1,082 789 1,391 301 0 0 3,563 11,894 15,457 Substandard 40 34 35 0 2 0 111 0 111 Not Rated 32,481 17,585 9,994 6,008 1,611 1,957 69,636 10,545 80,181 Total 33,603 18,408 11,420 6,309 1,613 1,957 73,310 22,439 95,749 Other consumer loans: Current period gross write offs 16 258 90 8 212 1 585 243 828 Total loans $ 846,498 $ 755,972 $ 558,989 $ 464,644 $ 221,160 $ 293,243 $ 3,140,506 $ 1,776,028 $ 4,916,534 Total current period gross write offs $ 16 $ 5,753 $ 179 $ 186 $ 480 $ 1 $ 6,615 $ 717 $ 7,332 |
Schedule of Aging of the Amortized Cost Basis In Past Due Loans | The following table presents the aging of the amortized cost basis in past due loans as of March 31, 2024 by class of loans and loans past due 90 days or more and still accruing by class of loan: (dollars in thousands) Loans Not Past Due 30-89 Days Past Due Greater than 89 Days Past Due and Accruing Total Accruing Total Nonaccrual Nonaccrual With No Allowance For Credit Loss Total Commercial and industrial loans: Working capital lines of credit loans $ 644,813 $ 101 $ 0 $ 644,914 $ 1,516 $ 0 $ 646,430 Non-working capital loans 820,224 1,350 0 821,574 8,760 243 830,334 Commercial real estate and multi-family residential loans: Construction and land development loans 657,212 0 0 657,212 0 0 657,212 Owner occupied loans 829,629 0 0 829,629 3,219 1,161 832,848 Nonowner occupied loans 743,835 0 0 743,835 0 0 743,835 Multifamily loans 239,679 0 0 239,679 0 0 239,679 Agri-business and agricultural loans: Loans secured by farmland 167,171 0 0 167,171 96 0 167,267 Loans for agricultural production 200,683 0 0 200,683 0 0 200,683 Other commercial loans 120,174 0 0 120,174 0 0 120,174 Consumer 1‑4 family mortgage loans: Closed end first mortgage loans 258,505 1,233 7 259,745 531 302 260,276 Open end and junior lien loans 190,318 154 0 190,472 380 359 190,852 Residential construction loans 10,876 0 0 10,876 0 0 10,876 Other consumer loans 96,497 339 0 96,836 257 1 97,093 Total $ 4,979,616 $ 3,177 $ 7 $ 4,982,800 $ 14,759 $ 2,066 $ 4,997,559 The following table presents the aging of the amortized cost basis in past due loans as of December 31, 2023 by class of loans and loans past due 90 days or more and still accruing by class of loan: (dollars in thousands) Loans Not Past Due 30-89 Days Past Due Greater than 89 Days Past Due and Accruing Total Accruing Total Nonaccrual Nonaccrual With No Allowance For Credit Loss Total Commercial and industrial loans: Working capital lines of credit loans $ 602,236 $ 0 $ 0 $ 602,236 $ 2,654 $ 0 $ 604,890 Non-working capital loans 805,305 1,372 0 806,677 8,741 244 815,418 Commercial real estate and multi-family residential loans: Construction and land development loans 631,653 0 0 631,653 0 0 631,653 Owner occupied loans 821,701 0 0 821,701 3,247 1,161 824,948 Nonowner occupied loans 723,589 0 0 723,589 0 0 723,589 Multifamily loans 253,197 0 0 253,197 0 0 253,197 Agri-business and agricultural loans: Loans secured by farmland 162,783 0 0 162,783 100 0 162,883 Loans for agricultural production 225,980 0 0 225,980 0 0 225,980 Other commercial loans 120,567 0 0 120,567 0 0 120,567 Consumer 1‑4 family mortgage loans: Closed end first mortgage loans 256,016 1,142 27 257,185 559 329 257,744 Open end and junior lien loans 190,956 344 0 191,300 272 164 191,572 Residential construction loans 8,344 0 0 8,344 0 0 8,344 Other consumer loans 95,135 502 0 95,637 112 3 95,749 Total $ 4,897,462 $ 3,360 $ 27 $ 4,900,849 $ 15,685 $ 1,901 $ 4,916,534 |
Schedule of Amortized Cost Basis Of Collateral Dependent Loans | The following tables present the amortized cost basis of collateral dependent loans by class of loan as of: March 31, 2024 (dollars in thousands) Real Estate General Other Total Commercial and industrial loans: Working capital lines of credit loans $ 50 $ 1,516 $ 0 $ 1,566 Non-working capital loans 37 8,222 400 8,659 Commercial real estate and multi-family residential loans: Owner occupied loans 574 1,471 1,161 3,206 Agri-business and agricultural loans: Loans secured by farmland 0 96 0 96 Consumer 1-4 family mortgage loans: Closed end first mortgage loans 488 0 43 531 Open end and junior lien loans 273 0 0 273 Other consumer loans 0 0 63 63 Total $ 1,422 $ 11,305 $ 1,667 $ 14,394 December 31, 2023 (dollars in thousands) Real Estate General Other Total Commercial and industrial loans: Working capital lines of credit loans $ 50 $ 2,454 $ 0 $ 2,504 Non-working capital loans 40 8,202 400 8,642 Commercial real estate and multi-family residential loans: Owner occupied loans 595 1,474 1,161 3,230 Agri-business and agricultural loans: Loans secured by farmland 0 100 0 100 Consumer 1-4 family mortgage loans: Closed end first mortgage loans 559 0 0 559 Open end and junior lien loans 164 0 0 164 Other consumer loans 0 0 112 112 Total $ 1,408 $ 12,230 $ 1,673 $ 15,311 |
Schedule of Performance of Modified Loans | The following table presents the performance of such loans that have been modified in the last 12 months at March 31, 2024: (dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due Greater Than 89 Days Past Due Total Past Due Commercial and industrial loans: Working capital lines of credit loans $ 941 $ 0 $ 0 $ 941 Total commercial and industrial loans 941 0 0 941 Total $ 941 $ 0 $ 0 $ 941 |
FAIR VALUE DISCLOSURES (Tables)
FAIR VALUE DISCLOSURES (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets Measured at Fair Value on a Recurring Basis | The tables below present the balances of assets measured at fair value on a recurring basis: March 31, 2024 Fair Value Measurements Using Assets (dollars in thousands) Level 1 Level 2 Level 3 Assets: U.S. government sponsored agency securities 0 116,452 0 116,452 Mortgage-backed securities: residential 0 432,018 0 432,018 State and municipal securities 0 463,773 2,238 466,011 Total securities available-for-sale 0 1,012,243 2,238 1,014,481 Mortgage banking derivative 0 97 0 97 Interest rate swap derivative 0 30,365 0 30,365 Total assets $ 0 $ 1,042,705 $ 2,238 $ 1,044,943 Liabilities: Mortgage banking derivative $ 0 $ 9 $ 0 $ 9 Interest rate swap derivative 0 30,365 0 30,365 Total liabilities $ 0 $ 30,374 $ 0 $ 30,374 December 31, 2023 Fair Value Measurements Using Assets (dollars in thousands) Level 1 Level 2 Level 3 Assets: U.S. government sponsored agency securities $ 0 $ 119,479 $ 0 $ 119,479 Mortgage-backed securities: residential 0 447,842 0 447,842 State and municipal securities 0 482,127 2,280 484,407 Total securities available-for-sale 0 1,049,448 2,280 1,051,728 Mortgage banking derivative 0 47 0 47 Interest rate swap derivative 0 27,189 0 27,189 Total assets $ 0 $ 1,076,684 $ 2,280 $ 1,078,964 Liabilities: Mortgage banking derivative $ 0 $ 11 $ 0 $ 11 Interest rate swap derivative 0 27,190 0 27,190 Total liabilities $ 0 $ 27,201 $ 0 $ 27,201 |
Schedule of Assets Measured at Fair Value on a Nonrecurring Basis | The tables below present the balances of assets measured at fair value on a nonrecurring basis: March 31, 2024 Fair Value Measurements Using Assets (dollars in thousands) Level 1 Level 2 Level 3 Assets Collateral dependent loans: Commercial and industrial loans: Working capital lines of credit loans $ 0 $ 0 $ 609 $ 609 Non-working capital loans 0 0 3,192 3,192 Commercial real estate and multi-family residential loans: Owner occupied loans 0 0 680 680 Agri-business and agricultural loans: Loans secured by farmland 0 0 30 30 Total collateral dependent loans 0 0 4,511 4,511 Other real estate owned 0 0 384 384 Total assets $ 0 $ 0 $ 4,895 $ 4,895 December 31, 2023 Fair Value Measurements Using Assets (dollars in thousands) Level 1 Level 2 Level 3 Assets Collateral dependent loans: Commercial and industrial loans: Working capital lines of credit loans $ 0 $ 0 $ 1,263 $ 1,263 Non-working capital loans 0 0 3,374 3,374 Commercial real estate and multi-family residential loans: Owner occupied loans 0 0 682 682 Agri-business and agricultural loans: Loans secured by farmland 0 0 31 31 Total collateral dependent loans 0 0 5,350 5,350 Other real estate owned 0 0 384 384 Total assets $ 0 $ 0 $ 5,734 $ 5,734 |
Schedule of Fair Value Measured on Nonrecurring Basis Valuation Techniques | The following table presents the valuation methodology and unobservable inputs for Level 3 assets measured at fair value on a non-recurring basis at March 31, 2024: (dollars in thousands) Fair Value Valuation Methodology Unobservable Inputs Average Range of Inputs Collateral dependent loans: Commercial and industrial $ 3,801 Collateral based measurements Discount to reflect current market conditions and ultimate collectability 55 % 10%-99% Collateral dependent loans: Commercial real estate and multi-family residential loans 680 Collateral based measurements Discount to reflect current market conditions and ultimate collectability 38 % 3%-69% Collateral dependent loans: Agri-business and agricultural 30 Collateral based measurements Discount to reflect current market conditions and ultimate collectability 69 % Other real estate owned 384 Appraisals Discount to reflect current market conditions and ultimate collectability 36 % The following table presents the valuation methodology and unobservable inputs for Level 3 assets measured at fair value on a non-recurring basis at December 31, 2023: (dollars in thousands) Fair Value Valuation Methodology Unobservable Inputs Average Range of Inputs Collateral dependent loans: Commercial and industrial $ 4,637 Collateral based measurements Discount to reflect current market conditions and ultimate collectability 64 % 9%-99% Collateral dependent loans: Commercial real estate and multi-family residential loans 682 Collateral based measurements Discount to reflect current market conditions and ultimate collectability 37 % 9%-69% Collateral dependent loans: Agri-business and agricultural 31 Collateral based measurements Discount to reflect current market conditions and ultimate collectability 69 % Other real estate owned 384 Appraisals Discount to reflect current market conditions and ultimate collectability 36 % |
Schedule of Fair Values and the Related Carrying Values of Financial Instruments | The following tables contain the estimated fair values and the related carrying values of the Company’s financial instruments. Items that are not financial instruments are not included. March 31, 2024 Carrying Estimated Fair Value (dollars in thousands) Level 1 Level 2 Level 3 Total Financial Assets: Cash and cash equivalents $ 147,687 $ 147,687 $ 0 $ 0 $ 147,687 Securities available-for-sale 1,014,481 0 1,012,243 2,238 1,014,481 Securities held-to-maturity 130,335 0 115,467 0 115,467 Real estate mortgages held-for-sale 1,659 0 1,685 0 1,685 Loans, net 4,924,379 0 0 4,796,478 4,796,478 Mortgage banking derivative 97 0 97 0 97 Interest rate swap derivative 30,365 0 30,365 0 30,365 Federal Reserve and Federal Home Loan Bank Stock 21,420 N/A N/A N/A N/A Accrued interest receivable 30,793 0 8,139 22,654 30,793 Financial Liabilities: Certificates of deposit 1,026,189 0 1,018,557 0 1,018,557 All other deposits 4,591,896 4,591,896 0 0 4,591,896 Federal Home Loan Bank advances 200,000 199,996 0 0 199,996 Interest rate swap derivative 30,365 0 30,365 0 30,365 Standby letters of credit 203 0 0 203 203 Accrued interest payable 14,524 773 13,751 0 14,524 December 31, 2023 Carrying Estimated Fair Value (dollars in thousands) Level 1 Level 2 Level 3 Total Financial Assets: Cash and cash equivalents $ 151,824 $ 151,824 $ 0 $ 0 $ 151,824 Securities available-for-sale 1,051,728 0 1,049,448 2,280 1,051,728 Securities held-to-maturity 129,918 0 119,215 0 119,215 Real estate mortgages held-for-sale 1,158 0 1,158 0 1,158 Loans, net 4,844,562 0 0 4,694,532 4,694,532 Mortgage banking derivative 47 0 47 0 47 Interest rate swap derivative 27,189 0 27,189 0 27,189 Federal Reserve and Federal Home Loan Bank Stock 21,420 N/A N/A N/A N/A Accrued interest receivable 30,011 0 8,558 21,453 30,011 Financial Liabilities: Certificates of deposit 1,016,821 0 1,010,172 0 1,010,172 All other deposits 4,703,704 4,703,704 0 0 4,703,704 Federal Home Loan Bank advances 50,000 50,000 0 0 50,000 Mortgage banking derivative 11 0 11 0 11 Interest rate swap derivative 27,190 0 27,190 0 27,190 Standby letters of credit 289 0 0 289 289 Accrued interest payable 20,893 753 20,140 0 20,893 |
OFFSETTING ASSETS AND LIABILI_2
OFFSETTING ASSETS AND LIABILITIES (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
OFFSETTING ASSETS AND LIABILITIES | |
Schedule of Offsetting Assets and Liability | The following tables summarize gross and net information about financial instruments and derivative instruments that are offset in the statement of financial position or that are subject to an enforceable master netting arrangement at March 31, 2024 and December 31, 2023. March 31, 2024 Gross Amounts of Recognized Assets/Liabilities Gross Amounts Offset in the Statement of Financial Position Net Amounts presented in the Statement of Financial Position Gross Amounts Not Offset in the Statement of Financial Position Net Amount (dollars in thousands) Financial Instruments Cash Collateral Position Assets Interest Rate Swap Derivatives $ 30,365 $ 0 $ 30,365 $ 0 $ (25,305) $ 5,060 Total Assets $ 30,365 $ 0 $ 30,365 $ 0 $ (25,305) $ 5,060 Liabilities Interest Rate Swap Derivatives $ 30,365 $ 0 $ 30,365 $ 0 $ 0 $ 30,365 Total Liabilities $ 30,365 $ 0 $ 30,365 $ 0 $ 0 $ 30,365 December 31, 2023 Gross Amounts of Recognized Assets/Liabilities Gross Amounts Offset in the Statement of Financial Position Net Amounts presented in the Statement of Financial Position Gross Amounts Not Offset in the Statement of Financial Position Net Amount (dollars in thousands) Financial Instruments Cash Collateral Position Assets Interest Rate Swap Derivatives $ 27,189 $ 0 $ 27,189 $ 0 $ (25,555) $ 1,634 Total Assets $ 27,189 $ 0 $ 27,189 $ 0 $ (25,555) $ 1,634 Liabilities Interest Rate Swap Derivatives $ 27,190 $ 0 $ 27,190 $ 0 $ (90) $ 27,100 Total Liabilities $ 27,190 $ 0 $ 27,190 $ 0 $ (90) $ 27,100 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of Weighted Average Number of Shares | Three Months Ended March 31, 2024 2023 Weighted average shares outstanding for basic earnings per common share 25,657,063 25,583,026 Dilutive effect of stock based awards 90,580 159,859 Weighted average shares outstanding for diluted earnings per common share 25,747,643 25,742,885 Basic earnings per common share $ 0.91 $ 0.95 Diluted earnings per common share $ 0.91 $ 0.94 |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
OCI, Debt Securities, Available-for-Sale, Gain (Loss), after Adjustment and Tax [Abstract] | |
Schedule of Changes in Accumulated Other Comprehensive Income (loss) | The following tables summarize the changes within each classification of accumulated other comprehensive income (loss) for the three months ended March 31, 2024 and 2023, all shown net of tax: (dollars in thousands) Unrealized Gains and Losses on Available- Defined Benefit Pension Items Total Balance at January 1, 2024 $ (154,460) $ (735) $ (155,195) Other comprehensive income (loss) before reclassification (12,157) 0 (12,157) Amounts reclassified from accumulated other comprehensive income (loss) 428 11 439 Net current period other comprehensive income (loss) (11,729) 11 (11,718) Balance at March 31, 2024 $ (166,189) $ (724) $ (166,913) (dollars in thousands) Unrealized Gains and Losses on Available- Defined Benefit Pension Items Total Balance at January 1, 2023 $ (188,154) $ (769) $ (188,923) Other comprehensive income (loss) before reclassification 21,167 0 21,167 Amounts reclassified from accumulated other comprehensive income (loss) 375 11 386 Net current period other comprehensive income (loss) 21,542 11 21,553 Balance at March 31, 2023 $ (166,612) $ (758) $ (167,370) |
Schedule of Reclassification Accumulated Other Comprehensive Income (loss) | Reclassifications out of accumulated comprehensive income (loss) for the three months ended March 31, 2024 are as follows: Details about Amount Affected Line Item (dollars in thousands) Amortization of unrealized losses on held-to-maturity securities $ (496) Interest income Realized gains and (losses) on available-for-sale securities (46) Net securities gains (losses) Tax effect 114 Income tax expense (428) Net of tax Amortization of defined benefit pension items (15) Other expense Tax effect 4 Income tax expense (11) Net of tax Total reclassifications for the period $ (439) Net income Reclassifications out of accumulated other comprehensive income (loss) for the three months ended March 31, 2023 are as follows: Details about Amount Affected Line Item (dollars in thousands) Amortization of unrealized losses on held-to-maturity securities $ (491) Interest income Tax effect 100 Income tax expense (375) Net of tax Amortization of defined benefit pension items (15) Other expense Tax effect 4 Income tax expense (11) Net of tax Total reclassifications for the period $ (386) Net income |
LEASES (Tables)
LEASES (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
Schedule of Maturity Analysis of the Operating Lease Liabilities | The following is a maturity analysis of the operating lease liabilities as of March 31, 2024: Years ending December 31, (in thousands) Operating Lease Obligation 2024 $ 561 2025 756 2026 731 2027 753 2028 593 2029 and thereafter 1,591 Total undiscounted lease payments 4,985 Less imputed interest (443) Lease liability $ 4,542 Right-of-use asset $ 4,542 |
Schedule of Lease Cost | Three Months Ended March 31, (dollars in thousands) 2024 2023 Lease cost Operating lease cost $ 185 $ 169 Short-term lease cost 2 2 Total lease cost $ 187 $ 171 Other information Operating cash outflows from operating leases $ 185 $ 169 Weighted-average remaining lease term - operating leases 6.0 years 7.0 years Weighted average discount rate - operating leases 2.5 % 2.5 % |
BASIS OF PRESENTATION (Details)
BASIS OF PRESENTATION (Details) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2024 USD ($) subsidiary | Dec. 31, 2023 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Number of wholly owned subsidiaries | subsidiary | 1 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Equity | $ 647,009 | $ 649,793 | $ 602,006 | $ 568,887 |
Retained Earnings | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Equity | $ 703,330 | 692,760 | $ 658,629 | $ 646,100 |
Cumulative Effect, Period of Adoption, Adjustment | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Equity | (532) | |||
Cumulative Effect, Period of Adoption, Adjustment | Retained Earnings | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Equity | $ (532) |
SECURITIES - Summary of Availab
SECURITIES - Summary of Available For Sale and Held to Maturity Securities (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Debt Securities, Available-for-Sale [Abstract] | ||
Amortized Cost | $ 1,204,415,000 | $ 1,226,319,000 |
Gross Unrealized Gain | 107,000 | 183,000 |
Gross Unrealized Losses | (190,041,000) | (174,774,000) |
Allowance for Credit Losses | 0 | 0 |
Fair Value | 1,014,481,000 | 1,051,728,000 |
U.S. government sponsored agencies | ||
Debt Securities, Available-for-Sale [Abstract] | ||
Amortized Cost | 144,693,000 | 146,692,000 |
Gross Unrealized Gain | 0 | 0 |
Gross Unrealized Losses | (28,241,000) | (27,213,000) |
Allowance for Credit Losses | 0 | 0 |
Fair Value | 116,452,000 | 119,479,000 |
Mortgage-backed securities: residential | ||
Debt Securities, Available-for-Sale [Abstract] | ||
Amortized Cost | 511,037,000 | 522,275,000 |
Gross Unrealized Gain | 86,000 | 118,000 |
Gross Unrealized Losses | (79,105,000) | (74,551,000) |
Allowance for Credit Losses | 0 | 0 |
Fair Value | 432,018,000 | 447,842,000 |
State and municipal securities | ||
Debt Securities, Available-for-Sale [Abstract] | ||
Amortized Cost | 548,685,000 | 557,352,000 |
Gross Unrealized Gain | 21,000 | 65,000 |
Gross Unrealized Losses | (82,695,000) | (73,010,000) |
Allowance for Credit Losses | 0 | 0 |
Fair Value | $ 466,011,000 | $ 484,407,000 |
SECURITIES - Held-to-Maturity S
SECURITIES - Held-to-Maturity Securities (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 130,335,000 | $ 129,918,000 |
Allowance for Credit Losses | 0 | 0 |
Fair Value | 115,467,000 | 119,215,000 |
State and municipal securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 130,335,000 | 129,918,000 |
Gross Unrealized Gain | 0 | 0 |
Gross Unrealized Losses | (14,868,000) | (10,703,000) |
Allowance for Credit Losses | 0 | 0 |
Fair Value | $ 115,467,000 | $ 119,215,000 |
SECURITIES - Additional Informa
SECURITIES - Additional Information (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Investments, Debt and Equity Securities [Abstract] | ||
Unrealized loss of held-to-maturity securities transferred from available-for sale | $ 20,400,000 | |
Unrealized loss of held-to-maturity securities transferred from available-for sale, net of tax | 16,100,000 | |
Available-for-sale securities pledged as collateral | 642,000,000 | $ 792,000,000 |
Allowance for credit losses | 0 | 0 |
Allowance for Credit Losses | 0 | 0 |
Accrued interest receivable on available-for-sale debt securities | $ 7,000,000 | $ 7,600,000 |
SECURITIES - Schedule of Securi
SECURITIES - Schedule of Securities By Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Amortized Cost | ||
Due in one year or less | $ 695 | |
Due after one year through five years | 7,805 | |
Due after five years through ten years | 46,433 | |
Due after ten years | 638,445 | |
Total available-for-sale securities, gross | 693,378 | |
Mortgage-backed securities | 511,037 | |
Amortized Cost | 1,204,415 | $ 1,226,319 |
Fair Value | ||
Due in one year or less | 695 | |
Due after one year through five years | 7,149 | |
Due after five years through ten years | 43,245 | |
Due after ten years | 531,374 | |
Total available-for-sale securities, gross | 582,463 | |
Mortgage-backed securities | 432,018 | |
Total securities available-for-sale | 1,014,481 | 1,051,728 |
Amortized Cost | ||
Due in one year or less | 0 | |
Due after one year through five years | 0 | |
Due after five years through ten years | 0 | |
Due after ten years | 130,335 | |
Total held-to-maturity securities, gross | 130,335 | |
Mortgage-backed securities | 0 | |
Amortized Cost | 130,335 | |
Fair Value | ||
Due in one year or less | 0 | |
Due after one year through five years | 0 | |
Due after five years through ten years | 0 | |
Due after ten years | 115,467 | |
Total held-to-maturity securities, gross | 115,467 | |
Mortgage-backed securities | 0 | |
Fair Value | $ 115,467 | $ 119,215 |
SECURITIES - Schedule of Sales
SECURITIES - Schedule of Sales of Securities Available For Sale (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 USD ($) security | Mar. 31, 2023 USD ($) security | |
Sales of securities available-for-sale | ||
Proceeds | $ 7,136 | $ 87,471 |
Gross gains | 0 | 411 |
Gross losses | $ (46) | $ (395) |
Number of securities | security | 15 | 81 |
SECURITIES - Unrealized Loss An
SECURITIES - Unrealized Loss Analysis on Available-for-Sale and Held-to-Maturity Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Schedule of Available-for-sale Securities | ||
Less than 12 months, fair value | $ 19,680 | $ 31,397 |
12 months or more, fair value | 984,431 | 1,002,690 |
Total fair value | 1,004,111 | 1,034,087 |
Less than 12 months, unrealized losses | 441 | 440 |
12 Months or more, unrealized losses | 189,600 | 174,334 |
Total unrealized losses | 190,041 | 174,774 |
U.S. government sponsored agencies | ||
Schedule of Available-for-sale Securities | ||
Less than 12 months, fair value | 0 | 0 |
12 months or more, fair value | 116,452 | 119,479 |
Total fair value | 116,452 | 119,479 |
Less than 12 months, unrealized losses | 0 | 0 |
12 Months or more, unrealized losses | 28,241 | 27,213 |
Total unrealized losses | 28,241 | 27,213 |
Mortgage-backed securities: residential | ||
Schedule of Available-for-sale Securities | ||
Less than 12 months, fair value | 1,325 | 52 |
12 months or more, fair value | 427,086 | 442,765 |
Total fair value | 428,411 | 442,817 |
Less than 12 months, unrealized losses | 11 | 0 |
12 Months or more, unrealized losses | 79,094 | 74,551 |
Total unrealized losses | 79,105 | 74,551 |
State and municipal securities | ||
Schedule of Available-for-sale Securities | ||
Less than 12 months, fair value | 18,355 | 31,345 |
12 months or more, fair value | 440,893 | 440,446 |
Total fair value | 459,248 | 471,791 |
Less than 12 months, unrealized losses | 430 | 440 |
12 Months or more, unrealized losses | 82,265 | 72,570 |
Total unrealized losses | $ 82,695 | $ 73,010 |
SECURITIES - Held-to-maturity_2
SECURITIES - Held-to-maturity Securities With Unrealized Losses (Details) - State and municipal securities - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, fair value | $ 0 | $ 0 |
Less than 12 months, unrealized losses | 0 | 0 |
12 months or more, fair value | 115,467 | 119,215 |
12 Months or more, unrealized losses | 14,868 | 10,703 |
Total fair value | 115,467 | 119,215 |
Unrealized losses | $ 14,868 | $ 10,703 |
SECURITIES - Quantitative Discl
SECURITIES - Quantitative Disclosure of Available For Sale of Securities (Details) - position | Mar. 31, 2024 | Dec. 31, 2023 |
Number of securities with unrealized losses [Abstract] | ||
Less than 12 months | 28 | 41 |
12 months or more | 527 | 513 |
Total | 555 | 554 |
U.S. government sponsored agencies | ||
Number of securities with unrealized losses [Abstract] | ||
Less than 12 months | 0 | 0 |
12 months or more | 17 | 17 |
Total | 17 | 17 |
Mortgage-backed securities: residential | ||
Number of securities with unrealized losses [Abstract] | ||
Less than 12 months | 4 | 1 |
12 months or more | 126 | 126 |
Total | 130 | 127 |
State and municipal securities | ||
Number of securities with unrealized losses [Abstract] | ||
Less than 12 months | 24 | 40 |
12 months or more | 384 | 370 |
Total | 408 | 410 |
SECURITIES - Quantitative Dis_2
SECURITIES - Quantitative Disclosure of Held to Maturity Securities (Details) - position | Mar. 31, 2024 | Dec. 31, 2023 |
Schedule of Held-to-Maturity Securities | ||
Less than 12 months | 0 | 0 |
12 months or more | 41 | 41 |
Total | 41 | 41 |
U.S. government sponsored agencies | ||
Schedule of Held-to-Maturity Securities | ||
Less than 12 months | 0 | 0 |
12 months or more | 0 | 0 |
Total | 0 | 0 |
Mortgage-backed securities: residential | ||
Schedule of Held-to-Maturity Securities | ||
Less than 12 months | 0 | 0 |
12 months or more | 0 | 0 |
Total | 0 | 0 |
State and municipal securities | ||
Schedule of Held-to-Maturity Securities | ||
Less than 12 months | 0 | 0 |
12 months or more | 41 | 41 |
Total | 41 | 41 |
LOANS - Total Loans Outstanding
LOANS - Total Loans Outstanding (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable before allowance for credit loss | $ 5,000,757 | $ 4,919,997 | ||
Percentage of loans receivable | 100% | 100% | ||
Less: Allowance for credit losses | $ (73,180) | $ (71,972) | $ (71,215) | $ (72,606) |
Net deferred loan fees | (3,198) | (3,463) | ||
Loans, net | 4,924,379 | 4,844,562 | ||
Total commercial loans | Commercial Portfolio Segment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable before allowance for credit loss | $ 4,442,872 | $ 4,367,788 | ||
Percentage of loans receivable | 88.80% | 88.80% | ||
Total consumer loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable before allowance for credit loss | $ 557,885 | $ 552,209 | ||
Percentage of loans receivable | 11.20% | 11.20% | ||
Other consumer loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable before allowance for credit loss | $ 97,369 | $ 96,022 | ||
Percentage of loans receivable | 2% | 1.90% | ||
Commercial and industrial loans: | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable before allowance for credit loss | $ 1,477,276 | $ 1,420,764 | ||
Percentage of loans receivable | 29.50% | 28.90% | ||
Commercial and industrial loans: | Commercial Portfolio Segment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Less: Allowance for credit losses | $ (30,720) | $ (30,338) | (31,190) | (35,290) |
Commercial and industrial loans: | Working capital lines of credit loans | Commercial Portfolio Segment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable before allowance for credit loss | $ 646,459 | $ 604,893 | ||
Percentage of loans receivable | 12.90% | 12.30% | ||
Commercial and industrial loans: | Non-working capital loans | Commercial Portfolio Segment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable before allowance for credit loss | $ 830,817 | $ 815,871 | ||
Percentage of loans receivable | 16.60% | 16.60% | ||
Commercial real estate and multi-family residential loans: | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable before allowance for credit loss | $ 2,477,442 | $ 2,437,534 | ||
Percentage of loans receivable | 49.60% | 49.50% | ||
Commercial real estate and multi-family residential loans: | Construction and land development loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable before allowance for credit loss | $ 659,712 | $ 634,435 | ||
Percentage of loans receivable | 13.20% | 12.90% | ||
Commercial real estate and multi-family residential loans: | Owner occupied loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable before allowance for credit loss | $ 833,410 | $ 825,464 | ||
Percentage of loans receivable | 16.70% | 16.80% | ||
Commercial real estate and multi-family residential loans: | Nonowner occupied loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable before allowance for credit loss | $ 744,346 | $ 724,101 | ||
Percentage of loans receivable | 14.90% | 14.70% | ||
Commercial real estate and multi-family residential loans: | Multifamily loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable before allowance for credit loss | $ 239,974 | $ 253,534 | ||
Percentage of loans receivable | 4.80% | 5.10% | ||
Agri-business and agricultural loans: | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable before allowance for credit loss | $ 367,852 | $ 388,764 | ||
Percentage of loans receivable | 7.30% | 7.90% | ||
Agri-business and agricultural loans: | Commercial Portfolio Segment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Less: Allowance for credit losses | $ (4,112) | $ (4,150) | $ (4,621) | $ (4,429) |
Agri-business and agricultural loans: | Loans secured by farmland | Commercial Portfolio Segment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable before allowance for credit loss | $ 167,271 | $ 162,890 | ||
Percentage of loans receivable | 3.30% | 3.30% | ||
Agri-business and agricultural loans: | Loans for agricultural production | Commercial Portfolio Segment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable before allowance for credit loss | $ 200,581 | $ 225,874 | ||
Percentage of loans receivable | 4% | 4.60% | ||
Other commercial loans: | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable before allowance for credit loss | $ 120,302 | $ 120,726 | ||
Percentage of loans receivable | 2.40% | 2.50% | ||
Consumer 1-4 family mortgage loans: | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable before allowance for credit loss | $ 460,516 | $ 456,187 | ||
Percentage of loans receivable | 9.20% | 9.30% | ||
Consumer 1-4 family mortgage loans: | Closed end first mortgage loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable before allowance for credit loss | $ 260,633 | $ 258,103 | ||
Percentage of loans receivable | 5.20% | 5.20% | ||
Consumer 1-4 family mortgage loans: | Open end and junior lien loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable before allowance for credit loss | $ 188,927 | $ 189,663 | ||
Percentage of loans receivable | 3.80% | 3.90% | ||
Consumer 1-4 family mortgage loans: | Residential construction and land development loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable before allowance for credit loss | $ 10,956 | $ 8,421 | ||
Percentage of loans receivable | 0.20% | 0.20% |
LOANS - Additional Information
LOANS - Additional Information (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Receivables [Abstract] | ||
Investment loans excluding accrued interest | $ 22,700 | $ 21,500 |
Residential real estate loans in the process of foreclosure | $ 417 | $ 238 |
ALLOWANCE FOR CREDIT LOSSES A_3
ALLOWANCE FOR CREDIT LOSSES AND CREDIT QUALITY - Allowance for Loan Losses by Portfolio Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | $ 71,972 | $ 72,606 | $ 72,606 |
Provision for credit losses | 1,520 | 4,350 | |
Loans charged-off | (504) | (5,896) | (7,332) |
Recoveries | 192 | 155 | |
Net loans (charged-off) recovered | (312) | (5,741) | |
Ending balance | 73,180 | 71,215 | 71,972 |
Unallocated | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 372 | 554 | 554 |
Provision for credit losses | 129 | 286 | |
Loans charged-off | 0 | 0 | |
Recoveries | 0 | 0 | |
Net loans (charged-off) recovered | 0 | 0 | |
Ending balance | 501 | 840 | 372 |
Commercial Portfolio Segment | Commercial and Industrial | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 30,338 | 35,290 | 35,290 |
Provision for credit losses | 542 | 1,504 | |
Loans charged-off | (194) | (5,644) | |
Recoveries | 34 | 40 | |
Net loans (charged-off) recovered | (160) | (5,604) | |
Ending balance | 30,720 | 31,190 | 30,338 |
Commercial Portfolio Segment | Commercial Real Estate and Multifamily Residential | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 31,335 | 27,394 | 27,394 |
Provision for credit losses | 717 | 1,642 | |
Loans charged-off | 0 | 0 | |
Recoveries | 26 | 0 | |
Net loans (charged-off) recovered | 26 | 0 | |
Ending balance | 32,078 | 29,036 | 31,335 |
Commercial Portfolio Segment | Agri-business and Agricultural | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 4,150 | 4,429 | 4,429 |
Provision for credit losses | (38) | 192 | |
Loans charged-off | 0 | 0 | |
Recoveries | 0 | 0 | |
Net loans (charged-off) recovered | 0 | 0 | |
Ending balance | 4,112 | 4,621 | 4,150 |
Commercial Portfolio Segment | Other Commercial | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 1,129 | 917 | 917 |
Provision for credit losses | (107) | 117 | |
Loans charged-off | 0 | 0 | |
Recoveries | 0 | 0 | |
Net loans (charged-off) recovered | 0 | 0 | |
Ending balance | 1,022 | 1,034 | 1,129 |
Consumer Portfolio Segment | Consumer 1-4 Family Mortgage | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 3,474 | 3,001 | 3,001 |
Provision for credit losses | 21 | 394 | |
Loans charged-off | 0 | 0 | |
Recoveries | 23 | 3 | |
Net loans (charged-off) recovered | 23 | 3 | |
Ending balance | 3,518 | 3,398 | 3,474 |
Consumer Portfolio Segment | Other Consumer | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 1,174 | 1,021 | 1,021 |
Provision for credit losses | 256 | 215 | |
Loans charged-off | (310) | (252) | |
Recoveries | 109 | 112 | |
Net loans (charged-off) recovered | (201) | (140) | |
Ending balance | $ 1,229 | $ 1,096 | $ 1,174 |
ALLOWANCE FOR CREDIT LOSSES A_4
ALLOWANCE FOR CREDIT LOSSES AND CREDIT QUALITY - Risk Category of Loans by Loan Segment and Origination (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] | |||
Year One | $ 198,443 | $ 846,498 | |
Year Two | 828,644 | 755,972 | |
Year Three | 740,454 | 558,989 | |
Year Four | 573,009 | 464,644 | |
Year Five | 443,812 | 221,160 | |
Prior | 448,282 | 293,243 | |
Term Total | 3,232,644 | 3,140,506 | |
Revolving | 1,764,915 | 1,776,028 | |
Total | 4,997,559 | 4,916,534 | |
Year One | 1 | 16 | |
Year Two | 73 | 5,753 | |
Year Three | 230 | 179 | |
Year Four | 20 | 186 | |
Year Five | 0 | 480 | |
Prior | 26 | 1 | |
Term Total | 350 | 6,615 | |
Revolving | 154 | 717 | |
Total | 504 | $ 5,896 | 7,332 |
Other commercial loans: | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year One | 150 | 7,058 | |
Year Two | 6,798 | 26,918 | |
Year Three | 26,338 | 33,247 | |
Year Four | 33,783 | 13,684 | |
Year Five | 13,061 | 90 | |
Prior | 8,942 | 9,751 | |
Term Total | 89,072 | 90,748 | |
Revolving | 31,102 | 29,819 | |
Total | 120,174 | 120,567 | |
Working capital lines of credit loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year One | 0 | 0 | |
Year Two | 0 | 0 | |
Year Three | 94 | 75 | |
Year Four | 0 | 0 | |
Year Five | 0 | 139 | |
Prior | 0 | 0 | |
Term Total | 94 | 214 | |
Revolving | 87 | 327 | |
Total | 181 | 541 | |
Working capital lines of credit loans | Commercial and industrial loans: | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year One | 0 | 193 | |
Year Two | 173 | 2,076 | |
Year Three | 1,910 | 2,214 | |
Year Four | 2,085 | 1,132 | |
Year Five | 1,014 | 125 | |
Prior | 125 | 50 | |
Term Total | 5,307 | 5,790 | |
Revolving | 641,149 | 599,100 | |
Total | 646,456 | 604,890 | |
Non-working capital loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year One | 0 | 0 | |
Year Two | 0 | 5,445 | |
Year Three | 0 | 0 | |
Year Four | 0 | 178 | |
Year Five | 0 | 129 | |
Prior | 0 | 0 | |
Term Total | 0 | 5,752 | |
Revolving | 13 | 48 | |
Total | 13 | 5,800 | |
Non-working capital loans | Commercial and industrial loans: | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year One | 30,140 | 209,448 | |
Year Two | 215,171 | 237,521 | |
Year Three | 213,457 | 87,888 | |
Year Four | 82,727 | 57,096 | |
Year Five | 52,309 | 31,292 | |
Prior | 40,983 | 15,035 | |
Term Total | 634,787 | 638,280 | |
Revolving | 195,521 | 177,138 | |
Total | 830,308 | 815,418 | |
Construction and land development loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year One | 0 | 0 | |
Year Two | 0 | 0 | |
Year Three | 0 | 0 | |
Year Four | 0 | 0 | |
Year Five | 0 | 0 | |
Prior | 0 | 0 | |
Term Total | 0 | 0 | |
Revolving | 0 | 0 | |
Total | 0 | 0 | |
Construction and land development loans | Commercial Real Estate and Multifamily Residential | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year One | 19,348 | 50,693 | |
Year Two | 43,392 | 15,558 | |
Year Three | 12,546 | 17,655 | |
Year Four | 47,129 | 0 | |
Year Five | 0 | 177 | |
Prior | 175 | 0 | |
Term Total | 122,590 | 84,083 | |
Revolving | 534,622 | 547,570 | |
Total | 657,212 | 631,653 | |
Owner occupied loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year One | 0 | 0 | |
Year Two | 0 | 0 | |
Year Three | 0 | 0 | |
Year Four | 0 | 0 | |
Year Five | 0 | 0 | |
Prior | 0 | 0 | |
Term Total | 0 | 0 | |
Revolving | 0 | 0 | |
Total | 0 | 0 | |
Owner occupied loans | Commercial Real Estate and Multifamily Residential | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year One | 11,403 | 152,370 | |
Year Two | 149,338 | 133,786 | |
Year Three | 148,534 | 164,918 | |
Year Four | 161,000 | 133,881 | |
Year Five | 129,731 | 63,154 | |
Prior | 173,877 | 121,812 | |
Term Total | 773,883 | 769,921 | |
Revolving | 58,965 | 55,027 | |
Total | 832,848 | 824,948 | |
Nonowner occupied loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year One | 0 | 0 | |
Year Two | 0 | 0 | |
Year Three | 0 | 0 | |
Year Four | 0 | 0 | |
Year Five | 0 | 0 | |
Prior | 0 | 0 | |
Term Total | 0 | 0 | |
Revolving | 0 | 0 | |
Total | 0 | 0 | |
Nonowner occupied loans | Commercial Real Estate and Multifamily Residential | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year One | 57,316 | 128,136 | |
Year Two | 138,228 | 158,415 | |
Year Three | 156,608 | 118,839 | |
Year Four | 116,706 | 134,050 | |
Year Five | 127,439 | 87,288 | |
Prior | 118,205 | 69,001 | |
Term Total | 714,502 | 695,729 | |
Revolving | 29,333 | 27,860 | |
Total | 743,835 | 723,589 | |
Multifamily loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year One | 0 | 0 | |
Year Two | 0 | 0 | |
Year Three | 0 | 0 | |
Year Four | 0 | 0 | |
Year Five | 0 | 0 | |
Prior | 0 | 0 | |
Term Total | 0 | 0 | |
Revolving | 0 | 0 | |
Total | 0 | 0 | |
Multifamily loans | Commercial Real Estate and Multifamily Residential | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year One | 51,604 | 110,625 | |
Year Two | 90,723 | 23,315 | |
Year Three | 22,315 | 9,042 | |
Year Four | 8,985 | 35,648 | |
Year Five | 35,305 | 13,971 | |
Prior | 24,943 | 14,609 | |
Term Total | 233,875 | 207,210 | |
Revolving | 5,804 | 45,987 | |
Total | 239,679 | 253,197 | |
Loans secured by farmland | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year One | 0 | 0 | |
Year Two | 0 | 0 | |
Year Three | 0 | 0 | |
Year Four | 0 | 0 | |
Year Five | 0 | 0 | |
Prior | 0 | 0 | |
Term Total | 0 | 0 | |
Revolving | 0 | 0 | |
Total | 0 | 0 | |
Loans secured by farmland | Agri-business and agricultural loans: | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year One | 3,516 | 24,503 | |
Year Two | 23,636 | 32,060 | |
Year Three | 31,737 | 25,308 | |
Year Four | 24,413 | 27,924 | |
Year Five | 27,560 | 9,104 | |
Prior | 25,204 | 19,260 | |
Term Total | 136,066 | 138,159 | |
Revolving | 31,201 | 24,724 | |
Total | 167,267 | 162,883 | |
Loans for agricultural production | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year One | 0 | 0 | |
Year Two | 0 | 0 | |
Year Three | 0 | 0 | |
Year Four | 0 | 0 | |
Year Five | 0 | 0 | |
Prior | 0 | 0 | |
Term Total | 0 | 0 | |
Revolving | 0 | 0 | |
Total | 0 | 0 | |
Loans for agricultural production | Agri-business and agricultural loans: | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year One | 1,142 | 28,657 | |
Year Two | 28,938 | 13,589 | |
Year Three | 19,910 | 27,362 | |
Year Four | 26,596 | 25,504 | |
Year Five | 24,782 | 3,533 | |
Prior | 12,545 | 10,429 | |
Term Total | 113,913 | 109,074 | |
Revolving | 86,770 | 116,906 | |
Total | 200,683 | 225,980 | |
Other commercial loans: | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year One | 0 | 0 | |
Year Two | 0 | 0 | |
Year Three | 0 | 0 | |
Year Four | 0 | 0 | |
Year Five | 0 | 0 | |
Prior | 0 | 0 | |
Term Total | 0 | 0 | |
Revolving | 0 | 0 | |
Total | 0 | 0 | |
Closed end first mortgage loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year One | 0 | 0 | |
Year Two | 0 | 0 | |
Year Three | 0 | 0 | |
Year Four | 0 | 0 | |
Year Five | 0 | 0 | |
Prior | 0 | 0 | |
Term Total | 0 | 0 | |
Revolving | 0 | 0 | |
Total | 0 | 0 | |
Closed end first mortgage loans | Consumer 1-4 Family Mortgage | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year One | 9,799 | 74,230 | |
Year Two | 74,928 | 61,559 | |
Year Three | 59,863 | 50,596 | |
Year Four | 49,727 | 26,688 | |
Year Five | 24,550 | 8,238 | |
Prior | 34,936 | 28,103 | |
Term Total | 253,803 | 249,414 | |
Revolving | 6,473 | 8,330 | |
Total | 260,276 | 257,744 | |
Open end and junior lien loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year One | 0 | 0 | |
Year Two | 0 | 50 | |
Year Three | 0 | 14 | |
Year Four | 0 | 0 | |
Year Five | 0 | 0 | |
Prior | 0 | 0 | |
Term Total | 0 | 64 | |
Revolving | 0 | 99 | |
Total | 0 | 163 | |
Open end and junior lien loans | Consumer 1-4 Family Mortgage | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year One | 5,616 | 25,457 | |
Year Two | 23,328 | 29,785 | |
Year Three | 26,949 | 8,985 | |
Year Four | 7,965 | 1,889 | |
Year Five | 1,615 | 2,312 | |
Prior | 3,930 | 2,016 | |
Term Total | 69,403 | 70,444 | |
Revolving | 121,449 | 121,128 | |
Total | 190,852 | 191,572 | |
Residential construction loans: | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year One | 0 | 0 | |
Year Two | 0 | 0 | |
Year Three | 0 | 0 | |
Year Four | 0 | 0 | |
Year Five | 0 | 0 | |
Prior | 0 | 0 | |
Term Total | 0 | 0 | |
Revolving | 0 | 0 | |
Total | 0 | 0 | |
Residential construction loans: | Consumer 1-4 Family Mortgage | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year One | 681 | 1,525 | |
Year Two | 2,712 | 2,982 | |
Year Three | 3,726 | 1,515 | |
Year Four | 1,473 | 839 | |
Year Five | 819 | 263 | |
Prior | 1,465 | 1,220 | |
Term Total | 10,876 | 8,344 | |
Revolving | 0 | 0 | |
Total | 10,876 | 8,344 | |
Other consumer loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year One | 1 | 16 | |
Year Two | 73 | 258 | |
Year Three | 136 | 90 | |
Year Four | 20 | 8 | |
Year Five | 0 | 212 | |
Prior | 26 | 1 | |
Term Total | 256 | 585 | |
Revolving | 54 | 243 | |
Total | 310 | 828 | |
Other consumer loans | Consumer 1-4 Family Mortgage | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year One | 7,728 | 33,603 | |
Year Two | 31,279 | 18,408 | |
Year Three | 16,561 | 11,420 | |
Year Four | 10,420 | 6,309 | |
Year Five | 5,627 | 1,613 | |
Prior | 2,952 | 1,957 | |
Term Total | 74,567 | 73,310 | |
Revolving | 22,526 | 22,439 | |
Total | 97,093 | 95,749 | |
Pass | Other commercial loans: | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year One | 150 | 7,058 | |
Year Two | 6,798 | 26,918 | |
Year Three | 26,338 | 33,247 | |
Year Four | 33,783 | 13,684 | |
Year Five | 13,061 | 90 | |
Prior | 6,712 | 7,332 | |
Term Total | 86,842 | 88,329 | |
Revolving | 31,102 | 29,819 | |
Total | 117,944 | 118,148 | |
Pass | Working capital lines of credit loans | Commercial and industrial loans: | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year One | 0 | 193 | |
Year Two | 173 | 1,876 | |
Year Three | 1,910 | 2,214 | |
Year Four | 2,085 | 1,132 | |
Year Five | 1,014 | 0 | |
Prior | 0 | 50 | |
Term Total | 5,182 | 5,465 | |
Revolving | 578,879 | 532,086 | |
Total | 584,061 | 537,551 | |
Pass | Non-working capital loans | Commercial and industrial loans: | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year One | 29,281 | 199,071 | |
Year Two | 205,939 | 224,333 | |
Year Three | 199,954 | 85,273 | |
Year Four | 80,369 | 49,999 | |
Year Five | 46,724 | 28,773 | |
Prior | 35,984 | 10,501 | |
Term Total | 598,251 | 597,950 | |
Revolving | 190,808 | 171,264 | |
Total | 789,059 | 769,214 | |
Pass | Construction and land development loans | Commercial Real Estate and Multifamily Residential | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year One | 19,348 | 50,693 | |
Year Two | 43,392 | 15,558 | |
Year Three | 12,546 | 17,655 | |
Year Four | 47,129 | 0 | |
Year Five | 0 | 177 | |
Prior | 175 | 0 | |
Term Total | 122,590 | 84,083 | |
Revolving | 534,622 | 547,570 | |
Total | 657,212 | 631,653 | |
Pass | Owner occupied loans | Commercial Real Estate and Multifamily Residential | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year One | 11,403 | 144,411 | |
Year Two | 141,477 | 132,850 | |
Year Three | 133,033 | 156,680 | |
Year Four | 153,999 | 132,407 | |
Year Five | 128,260 | 61,415 | |
Prior | 168,796 | 118,406 | |
Term Total | 736,968 | 746,169 | |
Revolving | 58,965 | 40,288 | |
Total | 795,933 | 786,457 | |
Pass | Nonowner occupied loans | Commercial Real Estate and Multifamily Residential | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year One | 56,730 | 123,633 | |
Year Two | 133,775 | 158,415 | |
Year Three | 156,608 | 112,582 | |
Year Four | 110,545 | 134,050 | |
Year Five | 127,439 | 87,288 | |
Prior | 115,982 | 66,755 | |
Term Total | 701,079 | 682,723 | |
Revolving | 29,333 | 27,860 | |
Total | 730,412 | 710,583 | |
Pass | Multifamily loans | Commercial Real Estate and Multifamily Residential | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year One | 21,016 | 90,954 | |
Year Two | 90,723 | 23,315 | |
Year Three | 22,315 | 9,042 | |
Year Four | 8,985 | 35,648 | |
Year Five | 35,305 | 13,971 | |
Prior | 24,943 | 14,609 | |
Term Total | 203,287 | 187,539 | |
Revolving | 5,804 | 45,987 | |
Total | 209,091 | 233,526 | |
Pass | Loans secured by farmland | Agri-business and agricultural loans: | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year One | 3,516 | 24,503 | |
Year Two | 23,636 | 32,060 | |
Year Three | 31,737 | 25,308 | |
Year Four | 24,413 | 27,924 | |
Year Five | 27,560 | 9,104 | |
Prior | 25,108 | 19,160 | |
Term Total | 135,970 | 138,059 | |
Revolving | 31,201 | 24,724 | |
Total | 167,171 | 162,783 | |
Pass | Loans for agricultural production | Agri-business and agricultural loans: | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year One | 1,142 | 28,657 | |
Year Two | 28,938 | 13,589 | |
Year Three | 19,910 | 27,175 | |
Year Four | 26,414 | 25,504 | |
Year Five | 24,782 | 3,533 | |
Prior | 12,545 | 10,429 | |
Term Total | 113,731 | 108,887 | |
Revolving | 86,270 | 116,406 | |
Total | 200,001 | 225,293 | |
Pass | Closed end first mortgage loans | Consumer 1-4 Family Mortgage | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year One | 5,928 | 9,910 | |
Year Two | 10,099 | 10,541 | |
Year Three | 10,300 | 12,486 | |
Year Four | 12,237 | 8,614 | |
Year Five | 7,113 | 3,924 | |
Prior | 7,967 | 4,625 | |
Term Total | 53,644 | 50,100 | |
Revolving | 6,473 | 8,330 | |
Total | 60,117 | 58,430 | |
Pass | Open end and junior lien loans | Consumer 1-4 Family Mortgage | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year One | 0 | 557 | |
Year Two | 775 | 137 | |
Year Three | 0 | 491 | |
Year Four | 478 | 335 | |
Year Five | 327 | 0 | |
Prior | 6 | 6 | |
Term Total | 1,586 | 1,526 | |
Revolving | 9,349 | 8,689 | |
Total | 10,935 | 10,215 | |
Pass | Other consumer loans | Consumer 1-4 Family Mortgage | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year One | 1,121 | 1,082 | |
Year Two | 994 | 789 | |
Year Three | 769 | 1,391 | |
Year Four | 1,277 | 301 | |
Year Five | 275 | 0 | |
Prior | 0 | 0 | |
Term Total | 4,436 | 3,563 | |
Revolving | 12,221 | 11,894 | |
Total | 16,657 | 15,457 | |
Special Mention | Other commercial loans: | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year One | 0 | 0 | |
Year Two | 0 | 0 | |
Year Three | 0 | 0 | |
Year Four | 0 | 0 | |
Year Five | 0 | 0 | |
Prior | 2,230 | 2,419 | |
Term Total | 2,230 | 2,419 | |
Revolving | 0 | 0 | |
Total | 2,230 | 2,419 | |
Special Mention | Working capital lines of credit loans | Commercial and industrial loans: | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year One | 0 | 0 | |
Year Two | 0 | 0 | |
Year Three | 0 | 0 | |
Year Four | 0 | 0 | |
Year Five | 0 | 0 | |
Prior | 0 | 0 | |
Term Total | 0 | 0 | |
Revolving | 44,314 | 46,498 | |
Total | 44,314 | 46,498 | |
Special Mention | Non-working capital loans | Commercial and industrial loans: | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year One | 586 | 4,038 | |
Year Two | 3,077 | 9,577 | |
Year Three | 10,126 | 1,051 | |
Year Four | 955 | 2,498 | |
Year Five | 1,293 | 2,306 | |
Prior | 4,593 | 4,298 | |
Term Total | 20,630 | 23,768 | |
Revolving | 4,317 | 5,477 | |
Total | 24,947 | 29,245 | |
Special Mention | Owner occupied loans | Commercial Real Estate and Multifamily Residential | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year One | 0 | 7,597 | |
Year Two | 7,510 | 686 | |
Year Three | 15,265 | 4,913 | |
Year Four | 4,867 | 0 | |
Year Five | 0 | 1,394 | |
Prior | 3,582 | 2,245 | |
Term Total | 31,224 | 16,835 | |
Revolving | 0 | 14,739 | |
Total | 31,224 | 31,574 | |
Special Mention | Nonowner occupied loans | Commercial Real Estate and Multifamily Residential | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year One | 586 | 4,503 | |
Year Two | 4,453 | 0 | |
Year Three | 0 | 6,257 | |
Year Four | 6,161 | 0 | |
Year Five | 0 | 0 | |
Prior | 2,223 | 2,246 | |
Term Total | 13,423 | 13,006 | |
Revolving | 0 | 0 | |
Total | 13,423 | 13,006 | |
Special Mention | Multifamily loans | Commercial Real Estate and Multifamily Residential | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year One | 30,588 | 19,671 | |
Year Two | 0 | 0 | |
Year Three | 0 | 0 | |
Year Four | 0 | 0 | |
Year Five | 0 | 0 | |
Prior | 0 | 0 | |
Term Total | 30,588 | 19,671 | |
Revolving | 0 | 0 | |
Total | 30,588 | 19,671 | |
Special Mention | Loans for agricultural production | Agri-business and agricultural loans: | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year One | 0 | 0 | |
Year Two | 0 | 0 | |
Year Three | 0 | 187 | |
Year Four | 182 | 0 | |
Year Five | 0 | 0 | |
Prior | 0 | 0 | |
Term Total | 182 | 187 | |
Revolving | 500 | 500 | |
Total | 682 | 687 | |
Special Mention | Closed end first mortgage loans | Consumer 1-4 Family Mortgage | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year One | 0 | 0 | |
Year Two | 0 | 0 | |
Year Three | 0 | 0 | |
Year Four | 0 | 519 | |
Year Five | 510 | 0 | |
Prior | 0 | 0 | |
Term Total | 510 | 519 | |
Revolving | 0 | 0 | |
Total | 510 | 519 | |
Substandard | Working capital lines of credit loans | Commercial and industrial loans: | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year One | 0 | 0 | |
Year Two | 0 | 200 | |
Year Three | 0 | 0 | |
Year Four | 0 | 0 | |
Year Five | 0 | 125 | |
Prior | 125 | 0 | |
Term Total | 125 | 325 | |
Revolving | 17,956 | 20,516 | |
Total | 18,081 | 20,841 | |
Substandard | Non-working capital loans | Commercial and industrial loans: | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year One | 0 | 3,754 | |
Year Two | 3,674 | 1,612 | |
Year Three | 1,604 | 683 | |
Year Four | 674 | 3,892 | |
Year Five | 3,681 | 51 | |
Prior | 270 | 218 | |
Term Total | 9,903 | 10,210 | |
Revolving | 396 | 397 | |
Total | 10,299 | 10,607 | |
Substandard | Owner occupied loans | Commercial Real Estate and Multifamily Residential | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year One | 0 | 362 | |
Year Two | 351 | 250 | |
Year Three | 236 | 3,325 | |
Year Four | 2,134 | 1,474 | |
Year Five | 1,471 | 345 | |
Prior | 1,499 | 1,161 | |
Term Total | 5,691 | 6,917 | |
Revolving | 0 | 0 | |
Total | 5,691 | 6,917 | |
Substandard | Loans secured by farmland | Agri-business and agricultural loans: | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year One | 0 | 0 | |
Year Two | 0 | 0 | |
Year Three | 0 | 0 | |
Year Four | 0 | 0 | |
Year Five | 0 | 0 | |
Prior | 96 | 100 | |
Term Total | 96 | 100 | |
Revolving | 0 | 0 | |
Total | 96 | 100 | |
Substandard | Loans for agricultural production | Agri-business and agricultural loans: | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year One | 0 | ||
Year Two | 0 | ||
Year Three | 0 | ||
Year Four | 0 | ||
Year Five | 0 | ||
Prior | 0 | ||
Term Total | 0 | ||
Revolving | 0 | ||
Total | 0 | ||
Substandard | Closed end first mortgage loans | Consumer 1-4 Family Mortgage | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year One | 0 | 87 | |
Year Two | 87 | 0 | |
Year Three | 0 | 96 | |
Year Four | 93 | 123 | |
Year Five | 123 | 0 | |
Prior | 228 | 253 | |
Term Total | 531 | 559 | |
Revolving | 0 | 0 | |
Total | 531 | 559 | |
Substandard | Open end and junior lien loans | Consumer 1-4 Family Mortgage | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year One | 0 | 108 | |
Year Two | 107 | 0 | |
Year Three | 21 | 23 | |
Year Four | 21 | 0 | |
Year Five | 0 | 26 | |
Prior | 131 | 48 | |
Term Total | 280 | 205 | |
Revolving | 100 | 68 | |
Total | 380 | 273 | |
Substandard | Other consumer loans | Consumer 1-4 Family Mortgage | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year One | 0 | 40 | |
Year Two | 190 | 34 | |
Year Three | 33 | 35 | |
Year Four | 34 | 0 | |
Year Five | 0 | 2 | |
Prior | 0 | 0 | |
Term Total | 257 | 111 | |
Revolving | 0 | 0 | |
Total | 257 | 111 | |
Doubtful | Loans for agricultural production | Agri-business and agricultural loans: | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year One | 0 | ||
Year Two | 0 | ||
Year Three | 0 | ||
Year Four | 0 | ||
Year Five | 0 | ||
Prior | 0 | ||
Term Total | 0 | ||
Revolving | 0 | ||
Total | 0 | ||
Not Rated | Non-working capital loans | Commercial and industrial loans: | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year One | 273 | 2,585 | |
Year Two | 2,481 | 1,999 | |
Year Three | 1,773 | 881 | |
Year Four | 729 | 707 | |
Year Five | 611 | 162 | |
Prior | 136 | 18 | |
Term Total | 6,003 | 6,352 | |
Revolving | 0 | 0 | |
Total | 6,003 | 6,352 | |
Not Rated | Loans for agricultural production | Agri-business and agricultural loans: | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year One | 0 | ||
Year Two | 0 | ||
Year Three | 0 | ||
Year Four | 0 | ||
Year Five | 0 | ||
Prior | 0 | ||
Term Total | 0 | ||
Revolving | 0 | ||
Total | 0 | ||
Not Rated | Closed end first mortgage loans | Consumer 1-4 Family Mortgage | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year One | 3,871 | 64,233 | |
Year Two | 64,742 | 51,018 | |
Year Three | 49,563 | 38,014 | |
Year Four | 37,397 | 17,432 | |
Year Five | 16,804 | 4,314 | |
Prior | 26,741 | 23,225 | |
Term Total | 199,118 | 198,236 | |
Revolving | 0 | 0 | |
Total | 199,118 | 198,236 | |
Not Rated | Open end and junior lien loans | Consumer 1-4 Family Mortgage | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year One | 5,616 | 24,792 | |
Year Two | 22,446 | 29,648 | |
Year Three | 26,928 | 8,471 | |
Year Four | 7,466 | 1,554 | |
Year Five | 1,288 | 2,286 | |
Prior | 3,793 | 1,962 | |
Term Total | 67,537 | 68,713 | |
Revolving | 112,000 | 112,371 | |
Total | 179,537 | 181,084 | |
Not Rated | Residential construction loans: | Consumer 1-4 Family Mortgage | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year One | 681 | 1,525 | |
Year Two | 2,712 | 2,982 | |
Year Three | 3,726 | 1,515 | |
Year Four | 1,473 | 839 | |
Year Five | 819 | 263 | |
Prior | 1,465 | 1,220 | |
Term Total | 10,876 | 8,344 | |
Revolving | 0 | 0 | |
Total | 10,876 | 8,344 | |
Not Rated | Other consumer loans | Consumer 1-4 Family Mortgage | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year One | 6,607 | 32,481 | |
Year Two | 30,095 | 17,585 | |
Year Three | 15,759 | 9,994 | |
Year Four | 9,109 | 6,008 | |
Year Five | 5,352 | 1,611 | |
Prior | 2,952 | 1,957 | |
Term Total | 69,874 | 69,636 | |
Revolving | 10,305 | 10,545 | |
Total | $ 80,179 | $ 80,181 |
ALLOWANCE FOR CREDIT LOSSES A_5
ALLOWANCE FOR CREDIT LOSSES AND CREDIT QUALITY - Additional Information (Details) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 USD ($) | Mar. 31, 2024 USD ($) loan | Dec. 31, 2023 USD ($) | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Loan amount of credit quality analysis | $ 250,000 | ||
Loans receivable before allowance for credit loss | 4,997,559,000 | $ 4,997,559,000 | $ 4,916,534,000 |
PPP | Pass | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Loans receivable before allowance for credit loss | $ 1,200,000 | $ 1,200,000 | $ 1,300,000 |
Working capital lines of credit loans | Commercial and industrial loans: | 30-59 Days Past Due | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Number of loans modified | loan | 1 |
ALLOWANCE FOR CREDIT LOSSES A_6
ALLOWANCE FOR CREDIT LOSSES AND CREDIT QUALITY - Aging Of The Amortized Cost In Past Due Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Financing Receivable, Amortized Cost, Aging [Abstract] | ||
Loans | $ 4,997,559 | $ 4,916,534 |
Total Nonaccrual | 14,759 | 15,685 |
Nonaccrual With No Allowance For Credit Loss | 2,066 | 1,901 |
Loans Not Past Due | ||
Financing Receivable, Amortized Cost, Aging [Abstract] | ||
Loans | 4,979,616 | 4,897,462 |
30-89 Days Past Due | ||
Financing Receivable, Amortized Cost, Aging [Abstract] | ||
Loans | 3,177 | 3,360 |
Greater than 89 Days Past Due and Accruing | ||
Financing Receivable, Amortized Cost, Aging [Abstract] | ||
Greater than 89 Days Past Due and Accruing | 7 | 27 |
Total Accruing | ||
Financing Receivable, Amortized Cost, Aging [Abstract] | ||
Loans | 4,982,800 | 4,900,849 |
Commercial and industrial loans: | Working capital lines of credit loans | ||
Financing Receivable, Amortized Cost, Aging [Abstract] | ||
Loans | 646,430 | 604,890 |
Total Nonaccrual | 1,516 | 2,654 |
Nonaccrual With No Allowance For Credit Loss | 0 | 0 |
Commercial and industrial loans: | Working capital lines of credit loans | Loans Not Past Due | ||
Financing Receivable, Amortized Cost, Aging [Abstract] | ||
Loans | 644,813 | 602,236 |
Commercial and industrial loans: | Working capital lines of credit loans | 30-89 Days Past Due | ||
Financing Receivable, Amortized Cost, Aging [Abstract] | ||
Loans | 101 | 0 |
Commercial and industrial loans: | Working capital lines of credit loans | Greater than 89 Days Past Due and Accruing | ||
Financing Receivable, Amortized Cost, Aging [Abstract] | ||
Greater than 89 Days Past Due and Accruing | 0 | 0 |
Commercial and industrial loans: | Working capital lines of credit loans | Total Accruing | ||
Financing Receivable, Amortized Cost, Aging [Abstract] | ||
Loans | 644,914 | 602,236 |
Commercial and industrial loans: | Non-working capital loans | ||
Financing Receivable, Amortized Cost, Aging [Abstract] | ||
Loans | 830,334 | 815,418 |
Total Nonaccrual | 8,760 | 8,741 |
Nonaccrual With No Allowance For Credit Loss | 243 | 244 |
Commercial and industrial loans: | Non-working capital loans | Loans Not Past Due | ||
Financing Receivable, Amortized Cost, Aging [Abstract] | ||
Loans | 820,224 | 805,305 |
Commercial and industrial loans: | Non-working capital loans | 30-89 Days Past Due | ||
Financing Receivable, Amortized Cost, Aging [Abstract] | ||
Loans | 1,350 | 1,372 |
Commercial and industrial loans: | Non-working capital loans | Greater than 89 Days Past Due and Accruing | ||
Financing Receivable, Amortized Cost, Aging [Abstract] | ||
Greater than 89 Days Past Due and Accruing | 0 | 0 |
Commercial and industrial loans: | Non-working capital loans | Total Accruing | ||
Financing Receivable, Amortized Cost, Aging [Abstract] | ||
Loans | 821,574 | 806,677 |
Commercial Real Estate and Multifamily Residential | Construction and land development loans | ||
Financing Receivable, Amortized Cost, Aging [Abstract] | ||
Loans | 657,212 | 631,653 |
Total Nonaccrual | 0 | 0 |
Nonaccrual With No Allowance For Credit Loss | 0 | 0 |
Commercial Real Estate and Multifamily Residential | Construction and land development loans | Loans Not Past Due | ||
Financing Receivable, Amortized Cost, Aging [Abstract] | ||
Loans | 657,212 | 631,653 |
Commercial Real Estate and Multifamily Residential | Construction and land development loans | 30-89 Days Past Due | ||
Financing Receivable, Amortized Cost, Aging [Abstract] | ||
Loans | 0 | 0 |
Commercial Real Estate and Multifamily Residential | Construction and land development loans | Greater than 89 Days Past Due and Accruing | ||
Financing Receivable, Amortized Cost, Aging [Abstract] | ||
Greater than 89 Days Past Due and Accruing | 0 | 0 |
Commercial Real Estate and Multifamily Residential | Construction and land development loans | Total Accruing | ||
Financing Receivable, Amortized Cost, Aging [Abstract] | ||
Loans | 657,212 | 631,653 |
Commercial Real Estate and Multifamily Residential | Owner occupied loans | ||
Financing Receivable, Amortized Cost, Aging [Abstract] | ||
Loans | 832,848 | 824,948 |
Total Nonaccrual | 3,219 | 3,247 |
Nonaccrual With No Allowance For Credit Loss | 1,161 | 1,161 |
Commercial Real Estate and Multifamily Residential | Owner occupied loans | Loans Not Past Due | ||
Financing Receivable, Amortized Cost, Aging [Abstract] | ||
Loans | 829,629 | 821,701 |
Commercial Real Estate and Multifamily Residential | Owner occupied loans | 30-89 Days Past Due | ||
Financing Receivable, Amortized Cost, Aging [Abstract] | ||
Loans | 0 | 0 |
Commercial Real Estate and Multifamily Residential | Owner occupied loans | Greater than 89 Days Past Due and Accruing | ||
Financing Receivable, Amortized Cost, Aging [Abstract] | ||
Greater than 89 Days Past Due and Accruing | 0 | 0 |
Commercial Real Estate and Multifamily Residential | Owner occupied loans | Total Accruing | ||
Financing Receivable, Amortized Cost, Aging [Abstract] | ||
Loans | 829,629 | 821,701 |
Commercial Real Estate and Multifamily Residential | Nonowner occupied loans | ||
Financing Receivable, Amortized Cost, Aging [Abstract] | ||
Loans | 743,835 | 723,589 |
Total Nonaccrual | 0 | 0 |
Nonaccrual With No Allowance For Credit Loss | 0 | 0 |
Commercial Real Estate and Multifamily Residential | Nonowner occupied loans | Loans Not Past Due | ||
Financing Receivable, Amortized Cost, Aging [Abstract] | ||
Loans | 743,835 | 723,589 |
Commercial Real Estate and Multifamily Residential | Nonowner occupied loans | 30-89 Days Past Due | ||
Financing Receivable, Amortized Cost, Aging [Abstract] | ||
Loans | 0 | 0 |
Commercial Real Estate and Multifamily Residential | Nonowner occupied loans | Greater than 89 Days Past Due and Accruing | ||
Financing Receivable, Amortized Cost, Aging [Abstract] | ||
Greater than 89 Days Past Due and Accruing | 0 | 0 |
Commercial Real Estate and Multifamily Residential | Nonowner occupied loans | Total Accruing | ||
Financing Receivable, Amortized Cost, Aging [Abstract] | ||
Loans | 743,835 | 723,589 |
Commercial Real Estate and Multifamily Residential | Multifamily loans | ||
Financing Receivable, Amortized Cost, Aging [Abstract] | ||
Loans | 239,679 | 253,197 |
Total Nonaccrual | 0 | 0 |
Nonaccrual With No Allowance For Credit Loss | 0 | 0 |
Commercial Real Estate and Multifamily Residential | Multifamily loans | Loans Not Past Due | ||
Financing Receivable, Amortized Cost, Aging [Abstract] | ||
Loans | 239,679 | 253,197 |
Commercial Real Estate and Multifamily Residential | Multifamily loans | 30-89 Days Past Due | ||
Financing Receivable, Amortized Cost, Aging [Abstract] | ||
Loans | 0 | 0 |
Commercial Real Estate and Multifamily Residential | Multifamily loans | Greater than 89 Days Past Due and Accruing | ||
Financing Receivable, Amortized Cost, Aging [Abstract] | ||
Greater than 89 Days Past Due and Accruing | 0 | 0 |
Commercial Real Estate and Multifamily Residential | Multifamily loans | Total Accruing | ||
Financing Receivable, Amortized Cost, Aging [Abstract] | ||
Loans | 239,679 | 253,197 |
Agri-business and agricultural loans: | Loans secured by farmland | ||
Financing Receivable, Amortized Cost, Aging [Abstract] | ||
Loans | 167,267 | 162,883 |
Total Nonaccrual | 96 | 100 |
Nonaccrual With No Allowance For Credit Loss | 0 | 0 |
Agri-business and agricultural loans: | Loans secured by farmland | Loans Not Past Due | ||
Financing Receivable, Amortized Cost, Aging [Abstract] | ||
Loans | 167,171 | 162,783 |
Agri-business and agricultural loans: | Loans secured by farmland | 30-89 Days Past Due | ||
Financing Receivable, Amortized Cost, Aging [Abstract] | ||
Loans | 0 | 0 |
Agri-business and agricultural loans: | Loans secured by farmland | Greater than 89 Days Past Due and Accruing | ||
Financing Receivable, Amortized Cost, Aging [Abstract] | ||
Greater than 89 Days Past Due and Accruing | 0 | 0 |
Agri-business and agricultural loans: | Loans secured by farmland | Total Accruing | ||
Financing Receivable, Amortized Cost, Aging [Abstract] | ||
Loans | 167,171 | 162,783 |
Agri-business and agricultural loans: | Loans for agricultural production | ||
Financing Receivable, Amortized Cost, Aging [Abstract] | ||
Loans | 200,683 | 225,980 |
Total Nonaccrual | 0 | 0 |
Nonaccrual With No Allowance For Credit Loss | 0 | 0 |
Agri-business and agricultural loans: | Loans for agricultural production | Loans Not Past Due | ||
Financing Receivable, Amortized Cost, Aging [Abstract] | ||
Loans | 200,683 | 225,980 |
Agri-business and agricultural loans: | Loans for agricultural production | 30-89 Days Past Due | ||
Financing Receivable, Amortized Cost, Aging [Abstract] | ||
Loans | 0 | 0 |
Agri-business and agricultural loans: | Loans for agricultural production | Greater than 89 Days Past Due and Accruing | ||
Financing Receivable, Amortized Cost, Aging [Abstract] | ||
Greater than 89 Days Past Due and Accruing | 0 | 0 |
Agri-business and agricultural loans: | Loans for agricultural production | Total Accruing | ||
Financing Receivable, Amortized Cost, Aging [Abstract] | ||
Loans | 200,683 | 225,980 |
Agri-business and agricultural loans: | Other commercial loans: | ||
Financing Receivable, Amortized Cost, Aging [Abstract] | ||
Loans | 120,174 | 120,567 |
Total Nonaccrual | 0 | 0 |
Nonaccrual With No Allowance For Credit Loss | 0 | 0 |
Agri-business and agricultural loans: | Other commercial loans: | Loans Not Past Due | ||
Financing Receivable, Amortized Cost, Aging [Abstract] | ||
Loans | 120,174 | 120,567 |
Agri-business and agricultural loans: | Other commercial loans: | 30-89 Days Past Due | ||
Financing Receivable, Amortized Cost, Aging [Abstract] | ||
Loans | 0 | 0 |
Agri-business and agricultural loans: | Other commercial loans: | Greater than 89 Days Past Due and Accruing | ||
Financing Receivable, Amortized Cost, Aging [Abstract] | ||
Greater than 89 Days Past Due and Accruing | 0 | 0 |
Agri-business and agricultural loans: | Other commercial loans: | Total Accruing | ||
Financing Receivable, Amortized Cost, Aging [Abstract] | ||
Loans | 120,174 | 120,567 |
Consumer 1-4 Family Mortgage | Closed end first mortgage loans | ||
Financing Receivable, Amortized Cost, Aging [Abstract] | ||
Loans | 260,276 | 257,744 |
Total Nonaccrual | 531 | 559 |
Nonaccrual With No Allowance For Credit Loss | 302 | 329 |
Consumer 1-4 Family Mortgage | Closed end first mortgage loans | Loans Not Past Due | ||
Financing Receivable, Amortized Cost, Aging [Abstract] | ||
Loans | 258,505 | 256,016 |
Consumer 1-4 Family Mortgage | Closed end first mortgage loans | 30-89 Days Past Due | ||
Financing Receivable, Amortized Cost, Aging [Abstract] | ||
Loans | 1,233 | 1,142 |
Consumer 1-4 Family Mortgage | Closed end first mortgage loans | Greater than 89 Days Past Due and Accruing | ||
Financing Receivable, Amortized Cost, Aging [Abstract] | ||
Greater than 89 Days Past Due and Accruing | 7 | 27 |
Consumer 1-4 Family Mortgage | Closed end first mortgage loans | Total Accruing | ||
Financing Receivable, Amortized Cost, Aging [Abstract] | ||
Loans | 259,745 | 257,185 |
Consumer 1-4 Family Mortgage | Open end and junior lien loans | ||
Financing Receivable, Amortized Cost, Aging [Abstract] | ||
Loans | 190,852 | 191,572 |
Total Nonaccrual | 380 | 272 |
Nonaccrual With No Allowance For Credit Loss | 359 | 164 |
Consumer 1-4 Family Mortgage | Open end and junior lien loans | Loans Not Past Due | ||
Financing Receivable, Amortized Cost, Aging [Abstract] | ||
Loans | 190,318 | 190,956 |
Consumer 1-4 Family Mortgage | Open end and junior lien loans | 30-89 Days Past Due | ||
Financing Receivable, Amortized Cost, Aging [Abstract] | ||
Loans | 154 | 344 |
Consumer 1-4 Family Mortgage | Open end and junior lien loans | Greater than 89 Days Past Due and Accruing | ||
Financing Receivable, Amortized Cost, Aging [Abstract] | ||
Greater than 89 Days Past Due and Accruing | 0 | 0 |
Consumer 1-4 Family Mortgage | Open end and junior lien loans | Total Accruing | ||
Financing Receivable, Amortized Cost, Aging [Abstract] | ||
Loans | 190,472 | 191,300 |
Consumer 1-4 Family Mortgage | Residential construction loans: | ||
Financing Receivable, Amortized Cost, Aging [Abstract] | ||
Loans | 10,876 | 8,344 |
Total Nonaccrual | 0 | 0 |
Nonaccrual With No Allowance For Credit Loss | 0 | 0 |
Consumer 1-4 Family Mortgage | Residential construction loans: | Loans Not Past Due | ||
Financing Receivable, Amortized Cost, Aging [Abstract] | ||
Loans | 10,876 | 8,344 |
Consumer 1-4 Family Mortgage | Residential construction loans: | 30-89 Days Past Due | ||
Financing Receivable, Amortized Cost, Aging [Abstract] | ||
Loans | 0 | 0 |
Consumer 1-4 Family Mortgage | Residential construction loans: | Greater than 89 Days Past Due and Accruing | ||
Financing Receivable, Amortized Cost, Aging [Abstract] | ||
Greater than 89 Days Past Due and Accruing | 0 | 0 |
Consumer 1-4 Family Mortgage | Residential construction loans: | Total Accruing | ||
Financing Receivable, Amortized Cost, Aging [Abstract] | ||
Loans | 10,876 | 8,344 |
Consumer 1-4 Family Mortgage | Other consumer loans | ||
Financing Receivable, Amortized Cost, Aging [Abstract] | ||
Loans | 97,093 | 95,749 |
Total Nonaccrual | 257 | 112 |
Nonaccrual With No Allowance For Credit Loss | 1 | 3 |
Consumer 1-4 Family Mortgage | Other consumer loans | Loans Not Past Due | ||
Financing Receivable, Amortized Cost, Aging [Abstract] | ||
Loans | 96,497 | 95,135 |
Consumer 1-4 Family Mortgage | Other consumer loans | 30-89 Days Past Due | ||
Financing Receivable, Amortized Cost, Aging [Abstract] | ||
Loans | 339 | 502 |
Consumer 1-4 Family Mortgage | Other consumer loans | Greater than 89 Days Past Due and Accruing | ||
Financing Receivable, Amortized Cost, Aging [Abstract] | ||
Greater than 89 Days Past Due and Accruing | 0 | 0 |
Consumer 1-4 Family Mortgage | Other consumer loans | Total Accruing | ||
Financing Receivable, Amortized Cost, Aging [Abstract] | ||
Loans | $ 96,836 | $ 95,637 |
ALLOWANCE FOR CREDIT LOSSES A_7
ALLOWANCE FOR CREDIT LOSSES AND CREDIT QUALITY - Amortized Cost Basis Of Collateral Dependent Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Collateral Dependent Loans | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Real Estate | $ 1,422 | $ 1,408 |
General Business Assets | 11,305 | 12,230 |
Other | 1,667 | 1,673 |
Total | 14,394 | 15,311 |
Commercial and industrial loans: | Working capital lines of credit loans | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Real Estate | 50 | 50 |
General Business Assets | 1,516 | 2,454 |
Other | 0 | 0 |
Total | 1,566 | 2,504 |
Commercial and industrial loans: | Non-working capital loans | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Real Estate | 37 | 40 |
General Business Assets | 8,222 | 8,202 |
Other | 400 | 400 |
Total | 8,659 | 8,642 |
Commercial Real Estate and Multifamily Residential | Owner occupied loans | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Real Estate | 574 | 595 |
General Business Assets | 1,471 | 1,474 |
Other | 1,161 | 1,161 |
Total | 3,206 | 3,230 |
Agri-business and agricultural loans: | Loans secured by farmland | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Real Estate | 0 | 0 |
General Business Assets | 96 | 100 |
Other | 0 | 0 |
Total | 96 | 100 |
Consumer 1-4 Family Mortgage | Closed end first mortgage loans | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Real Estate | 488 | 559 |
General Business Assets | 0 | 0 |
Other | 43 | 0 |
Total | 531 | 559 |
Consumer 1-4 Family Mortgage | Open end and junior lien loans | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Real Estate | 273 | 164 |
General Business Assets | 0 | 0 |
Other | 0 | 0 |
Total | 273 | 164 |
Consumer 1-4 Family Mortgage | Other consumer loans | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Real Estate | 0 | 0 |
General Business Assets | 0 | 0 |
Other | 63 | 112 |
Total | $ 63 | $ 112 |
ALLOWANCE FOR CREDIT LOSSES A_8
ALLOWANCE FOR CREDIT LOSSES AND CREDIT QUALITY - Financial Effect of Loan Modifications (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Loans modified in the last 12 months | $ 941 |
30-59 Days Past Due | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Loans modified in the last 12 months | 941 |
60-89 Days Past Due | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Loans modified in the last 12 months | 0 |
Greater Than 89 Days Past Due | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Loans modified in the last 12 months | 0 |
Commercial and industrial loans: | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Loans modified in the last 12 months | 941 |
Commercial and industrial loans: | 30-59 Days Past Due | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Loans modified in the last 12 months | 941 |
Commercial and industrial loans: | 60-89 Days Past Due | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Loans modified in the last 12 months | 0 |
Commercial and industrial loans: | Greater Than 89 Days Past Due | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Loans modified in the last 12 months | 0 |
Commercial and industrial loans: | Working capital lines of credit loans | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Loans modified in the last 12 months | 941 |
Commercial and industrial loans: | Working capital lines of credit loans | 30-59 Days Past Due | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Loans modified in the last 12 months | 941 |
Commercial and industrial loans: | Working capital lines of credit loans | 60-89 Days Past Due | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Loans modified in the last 12 months | 0 |
Commercial and industrial loans: | Working capital lines of credit loans | Greater Than 89 Days Past Due | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Loans modified in the last 12 months | $ 0 |
BORROWINGS - Long-term Borrowin
BORROWINGS - Long-term Borrowings (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Federal Home Loan Bank Of Indianapolis Notes One Point Six One Percentage Due January Seven Two Thousand Twenty | ||
Debt Instrument [Line Items] | ||
Interest rate | 5.55% | |
FHLB bullet advance | $ 50 | |
Federal Home Loan Bank Advances | ||
Debt Instrument [Line Items] | ||
Long-term FHLB advances | $ 200 | |
Interest rate | 5.49% |
BORROWINGS - Revolving Credit A
BORROWINGS - Revolving Credit Agreement (Details) - USD ($) | Oct. 11, 2023 | Mar. 31, 2024 | Dec. 31, 2023 |
Unsecured Revolving Credit Agreement | Working capital lines of credit loans | |||
Line of Credit Facility [Line Items] | |||
Maximum borrowing capacity | $ 30,000,000 | ||
Debt instrument, term | 1 year | ||
Unsecured Revolving Credit Agreement | |||
Line of Credit Facility [Line Items] | |||
Federal Funds purchased | $ 0 | $ 0 |
FAIR VALUE DISCLOSURES - Additi
FAIR VALUE DISCLOSURES - Additional Information (Details) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 USD ($) prepaymentSpeed | Dec. 31, 2023 prepaymentSpeed | |
Assets Pledged As Collateral For Loans Receivable [Line Items] | ||
Percentage of discount from appraised value (in hundredths) | 3.60% | |
Mortgage servicing rights | $ 2,100,000 | |
Weighted average maturity of residential mortgages | 20 years | |
Qualitative information used to estimate fair value | prepaymentSpeed | 154 | 148 |
Discount rate used to estimate fair value | 10.50% | |
Minimum | ||
Assets Pledged As Collateral For Loans Receivable [Line Items] | ||
Amount of variance | $ 100,000 | |
Discount rate used to estimate fair value | 10% | |
Minimum | Commercial Real Estates | Level 3 | ||
Assets Pledged As Collateral For Loans Receivable [Line Items] | ||
Percentage of discount from appraised value (in hundredths) | 30% | |
Minimum | Inventory Finished Goods | Level 3 | ||
Assets Pledged As Collateral For Loans Receivable [Line Items] | ||
Percentage of discount from appraised value (in hundredths) | 40% | |
Minimum | Finished Goods | Level 3 | ||
Assets Pledged As Collateral For Loans Receivable [Line Items] | ||
Percentage of discount from appraised value (in hundredths) | 40% | |
Minimum | Inventory Work In Process | Level 3 | ||
Assets Pledged As Collateral For Loans Receivable [Line Items] | ||
Percentage of discount from appraised value (in hundredths) | 60% | |
Minimum | Equipment | Level 3 | ||
Assets Pledged As Collateral For Loans Receivable [Line Items] | ||
Percentage of discount from appraised value (in hundredths) | 20% | |
Minimum | Marketable Securities | Level 3 | ||
Assets Pledged As Collateral For Loans Receivable [Line Items] | ||
Percentage of discount from appraised value (in hundredths) | 10% | |
Maximum | ||
Assets Pledged As Collateral For Loans Receivable [Line Items] | ||
Discount rate used to estimate fair value | 12% | |
Maximum | Commercial Real Estates | Level 3 | ||
Assets Pledged As Collateral For Loans Receivable [Line Items] | ||
Percentage of discount from appraised value (in hundredths) | 50% | |
Maximum | Inventory Finished Goods | Level 3 | ||
Assets Pledged As Collateral For Loans Receivable [Line Items] | ||
Percentage of discount from appraised value (in hundredths) | 60% | |
Maximum | Finished Goods | Level 3 | ||
Assets Pledged As Collateral For Loans Receivable [Line Items] | ||
Percentage of discount from appraised value (in hundredths) | 60% | |
Maximum | Inventory Work In Process | Level 3 | ||
Assets Pledged As Collateral For Loans Receivable [Line Items] | ||
Percentage of discount from appraised value (in hundredths) | 100% | |
Maximum | Equipment | Level 3 | ||
Assets Pledged As Collateral For Loans Receivable [Line Items] | ||
Percentage of discount from appraised value (in hundredths) | 50% | |
Maximum | Marketable Securities | Level 3 | ||
Assets Pledged As Collateral For Loans Receivable [Line Items] | ||
Percentage of discount from appraised value (in hundredths) | 30% | |
Municipal Notes | Minimum | ||
Assets Pledged As Collateral For Loans Receivable [Line Items] | ||
Percentage of variance | (5.00%) | |
Municipal Notes | Maximum | ||
Assets Pledged As Collateral For Loans Receivable [Line Items] | ||
Percentage of variance | 5% | |
US Government Agencies Short-term Debt Securities | Minimum | ||
Assets Pledged As Collateral For Loans Receivable [Line Items] | ||
Percentage of variance | (3.00%) | |
US Government Agencies Short-term Debt Securities | Maximum | ||
Assets Pledged As Collateral For Loans Receivable [Line Items] | ||
Percentage of variance | 3% | |
U.S. Treasury securities | Minimum | ||
Assets Pledged As Collateral For Loans Receivable [Line Items] | ||
Percentage of variance | (1.00%) | |
U.S. Treasury securities | Maximum | ||
Assets Pledged As Collateral For Loans Receivable [Line Items] | ||
Percentage of variance | 1% |
FAIR VALUE DISCLOSURES - Assets
FAIR VALUE DISCLOSURES - Assets and Liabilities Measured At Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Assets: | ||
Total securities available-for-sale | $ 1,014,481 | $ 1,051,728 |
Mortgage banking derivative | 30,365 | 27,189 |
Liabilities: | ||
Mortgage banking derivative | 30,365 | 27,190 |
Fair Value, Measurements, Recurring | ||
Assets: | ||
U.S. government sponsored agency securities | 116,452 | 119,479 |
Mortgage-backed securities: residential | 432,018 | 447,842 |
State and municipal securities | 466,011 | 484,407 |
Total securities available-for-sale | 1,014,481 | 1,051,728 |
Mortgage banking derivative | 97 | 47 |
Interest rate swap derivative | 30,365 | 27,189 |
Total assets | 1,044,943 | 1,078,964 |
Liabilities: | ||
Mortgage banking derivative | 9 | 11 |
Interest rate swap derivative | 30,365 | 27,190 |
Total liabilities | 30,374 | 27,201 |
Level 1 | Fair Value, Measurements, Recurring | ||
Assets: | ||
U.S. government sponsored agency securities | 0 | 0 |
Mortgage-backed securities: residential | 0 | 0 |
State and municipal securities | 0 | 0 |
Total securities available-for-sale | 0 | 0 |
Mortgage banking derivative | 0 | 0 |
Interest rate swap derivative | 0 | 0 |
Total assets | 0 | 0 |
Liabilities: | ||
Mortgage banking derivative | 0 | 0 |
Interest rate swap derivative | 0 | 0 |
Total liabilities | 0 | 0 |
Level 2 | Fair Value, Measurements, Recurring | ||
Assets: | ||
U.S. government sponsored agency securities | 116,452 | 119,479 |
Mortgage-backed securities: residential | 432,018 | 447,842 |
State and municipal securities | 463,773 | 482,127 |
Total securities available-for-sale | 1,012,243 | 1,049,448 |
Mortgage banking derivative | 97 | 47 |
Interest rate swap derivative | 30,365 | 27,189 |
Total assets | 1,042,705 | 1,076,684 |
Liabilities: | ||
Mortgage banking derivative | 9 | 11 |
Interest rate swap derivative | 30,365 | 27,190 |
Total liabilities | 30,374 | 27,201 |
Level 3 | Fair Value, Measurements, Recurring | ||
Assets: | ||
U.S. government sponsored agency securities | 0 | 0 |
Mortgage-backed securities: residential | 0 | 0 |
State and municipal securities | 2,238 | 2,280 |
Total securities available-for-sale | 2,238 | 2,280 |
Mortgage banking derivative | 0 | 0 |
Interest rate swap derivative | 0 | 0 |
Total assets | 2,238 | 2,280 |
Liabilities: | ||
Mortgage banking derivative | 0 | 0 |
Interest rate swap derivative | 0 | 0 |
Total liabilities | $ 0 | $ 0 |
FAIR VALUE DISCLOSURES - Asse_2
FAIR VALUE DISCLOSURES - Assets Measured at Fair Value on a Nonrecurring Basis (Details) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 4,511 | $ 5,350 |
Other real estate owned | 384 | 384 |
Total assets | 4,895 | 5,734 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Other real estate owned | 0 | 0 |
Total assets | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Other real estate owned | 0 | 0 |
Total assets | 0 | 0 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 4,511 | 5,350 |
Other real estate owned | 384 | 384 |
Total assets | 4,895 | 5,734 |
Commercial and industrial loans: | Working capital lines of credit loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 609 | 1,263 |
Commercial and industrial loans: | Working capital lines of credit loans | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Commercial and industrial loans: | Working capital lines of credit loans | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Commercial and industrial loans: | Working capital lines of credit loans | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 609 | 1,263 |
Commercial and industrial loans: | Non-working capital loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 3,192 | 3,374 |
Commercial and industrial loans: | Non-working capital loans | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Commercial and industrial loans: | Non-working capital loans | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Commercial and industrial loans: | Non-working capital loans | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 3,192 | 3,374 |
Commercial Real Estate and Multifamily Residential | Owner occupied loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 680 | 682 |
Commercial Real Estate and Multifamily Residential | Owner occupied loans | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Commercial Real Estate and Multifamily Residential | Owner occupied loans | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Commercial Real Estate and Multifamily Residential | Owner occupied loans | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 680 | 682 |
Agri-business and agricultural loans | Loans secured by farmland | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 30 | 31 |
Agri-business and agricultural loans | Loans secured by farmland | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Agri-business and agricultural loans | Loans secured by farmland | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Agri-business and agricultural loans | Loans secured by farmland | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 30 | $ 31 |
FAIR VALUE DISCLOSURES - Valuat
FAIR VALUE DISCLOSURES - Valuation Methodology and Unobservable Inputs for Level 3 Assets (Details) - Fair Value, Measurements, Nonrecurring $ in Thousands | Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) |
Valuation Methodology and Unobservable Inputs For Level 3 Assets Measured At Fair Value [Line Items] | ||
Fair Value | $ 4,511 | $ 5,350 |
Commercial and industrial loans: | Collateral based measurements | Discount to reflect current market conditions and ultimate collectability | ||
Valuation Methodology and Unobservable Inputs For Level 3 Assets Measured At Fair Value [Line Items] | ||
Fair Value | $ 3,801 | $ 4,637 |
Commercial and industrial loans: | Average | Collateral based measurements | Discount to reflect current market conditions and ultimate collectability | ||
Valuation Methodology and Unobservable Inputs For Level 3 Assets Measured At Fair Value [Line Items] | ||
Average and Range of Inputs | 0.55 | 0.64 |
Commercial and industrial loans: | Minimum | Collateral based measurements | Discount to reflect current market conditions and ultimate collectability | ||
Valuation Methodology and Unobservable Inputs For Level 3 Assets Measured At Fair Value [Line Items] | ||
Average and Range of Inputs | 0.10 | 0.09 |
Commercial and industrial loans: | Maximum | Collateral based measurements | Discount to reflect current market conditions and ultimate collectability | ||
Valuation Methodology and Unobservable Inputs For Level 3 Assets Measured At Fair Value [Line Items] | ||
Average and Range of Inputs | 0.99 | 0.99 |
Commercial Real Estate and Multifamily Residential | Collateral based measurements | Discount to reflect current market conditions and ultimate collectability | ||
Valuation Methodology and Unobservable Inputs For Level 3 Assets Measured At Fair Value [Line Items] | ||
Fair Value | $ 680 | $ 682 |
Commercial Real Estate and Multifamily Residential | Average | Collateral based measurements | Discount to reflect current market conditions and ultimate collectability | ||
Valuation Methodology and Unobservable Inputs For Level 3 Assets Measured At Fair Value [Line Items] | ||
Average and Range of Inputs | 0.38 | 0.37 |
Commercial Real Estate and Multifamily Residential | Minimum | Collateral based measurements | Discount to reflect current market conditions and ultimate collectability | ||
Valuation Methodology and Unobservable Inputs For Level 3 Assets Measured At Fair Value [Line Items] | ||
Average and Range of Inputs | 0.03 | 0.09 |
Commercial Real Estate and Multifamily Residential | Maximum | Collateral based measurements | Discount to reflect current market conditions and ultimate collectability | ||
Valuation Methodology and Unobservable Inputs For Level 3 Assets Measured At Fair Value [Line Items] | ||
Average and Range of Inputs | 0.69 | 0.69 |
Agri-business and agricultural loans | Collateral based measurements | Discount to reflect current market conditions and ultimate collectability | ||
Valuation Methodology and Unobservable Inputs For Level 3 Assets Measured At Fair Value [Line Items] | ||
Fair Value | $ 30 | $ 31 |
Agri-business and agricultural loans | Average | Collateral based measurements | Discount to reflect current market conditions and ultimate collectability | ||
Valuation Methodology and Unobservable Inputs For Level 3 Assets Measured At Fair Value [Line Items] | ||
Average and Range of Inputs | 0.69 | 0.69 |
Other Real Estate Owned | Appraisals | Discount to reflect current market conditions and ultimate collectability | ||
Valuation Methodology and Unobservable Inputs For Level 3 Assets Measured At Fair Value [Line Items] | ||
Fair Value | $ 384 | $ 384 |
Other Real Estate Owned | Average | Appraisals | Discount to reflect current market conditions and ultimate collectability | ||
Valuation Methodology and Unobservable Inputs For Level 3 Assets Measured At Fair Value [Line Items] | ||
Average and Range of Inputs | 0.36 | 0.36 |
FAIR VALUE DISCLOSURES - Estima
FAIR VALUE DISCLOSURES - Estimated Fair Values And The Related Carrying Values Of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Financial Assets: | ||
Securities available-for-sale, at fair value | $ 1,014,481 | $ 1,051,728 |
Securities held-to-maturity | 115,467 | 119,215 |
Financial Liabilities: | ||
Federal Home Loan Bank advances | 199,996 | |
Carrying Value | ||
Financial Assets: | ||
Cash and cash equivalents | 147,687 | 151,824 |
Securities available-for-sale, at fair value | 1,014,481 | 1,051,728 |
Securities held-to-maturity | 130,335 | 129,918 |
Real estate mortgages held-for-sale | 1,659 | 1,158 |
Loans, net | 4,924,379 | 4,844,562 |
Mortgage banking derivative | 97 | 47 |
Interest rate swap derivative | 30,365 | 27,189 |
Federal Reserve and Federal Home Loan Bank Stock | 21,420 | 21,420 |
Accrued interest receivable | 30,793 | 30,011 |
Financial Liabilities: | ||
Certificates of deposit | 1,026,189 | 1,016,821 |
All other deposits | 4,591,896 | 4,703,704 |
Federal Home Loan Bank advances | 200,000 | 50,000 |
Mortgage banking derivative | 11 | |
Interest rate swap derivative | 30,365 | 27,190 |
Standby letters of credit | 203 | 289 |
Accrued interest payable | 14,524 | 20,893 |
Estimated Fair Value | ||
Financial Assets: | ||
Cash and cash equivalents | 147,687 | 151,824 |
Securities available-for-sale, at fair value | 1,014,481 | 1,051,728 |
Securities held-to-maturity | 115,467 | 119,215 |
Real estate mortgages held-for-sale | 1,685 | 1,158 |
Loans, net | 4,796,478 | 4,694,532 |
Mortgage banking derivative | 97 | 47 |
Interest rate swap derivative | 30,365 | 27,189 |
Accrued interest receivable | 30,793 | 30,011 |
Financial Liabilities: | ||
Certificates of deposit | 1,018,557 | 1,010,172 |
All other deposits | 4,591,896 | 4,703,704 |
Federal Home Loan Bank advances | 50,000 | |
Mortgage banking derivative | 11 | |
Interest rate swap derivative | 30,365 | 27,190 |
Standby letters of credit | 203 | 289 |
Accrued interest payable | 14,524 | 20,893 |
Level 1 | Estimated Fair Value | ||
Financial Assets: | ||
Cash and cash equivalents | 147,687 | 151,824 |
Securities available-for-sale, at fair value | 0 | 0 |
Securities held-to-maturity | 0 | 0 |
Real estate mortgages held-for-sale | 0 | 0 |
Loans, net | 0 | 0 |
Mortgage banking derivative | 0 | 0 |
Interest rate swap derivative | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Financial Liabilities: | ||
Certificates of deposit | 0 | 0 |
All other deposits | 4,591,896 | 4,703,704 |
Federal Home Loan Bank advances | 199,996 | 50,000 |
Mortgage banking derivative | 0 | |
Interest rate swap derivative | 0 | 0 |
Standby letters of credit | 0 | 0 |
Accrued interest payable | 773 | 753 |
Level 2 | Estimated Fair Value | ||
Financial Assets: | ||
Cash and cash equivalents | 0 | 0 |
Securities available-for-sale, at fair value | 1,012,243 | 1,049,448 |
Securities held-to-maturity | 115,467 | 119,215 |
Real estate mortgages held-for-sale | 1,685 | 1,158 |
Loans, net | 0 | 0 |
Mortgage banking derivative | 97 | 47 |
Interest rate swap derivative | 30,365 | 27,189 |
Accrued interest receivable | 8,139 | 8,558 |
Financial Liabilities: | ||
Certificates of deposit | 1,018,557 | 1,010,172 |
All other deposits | 0 | 0 |
Federal Home Loan Bank advances | 0 | 0 |
Mortgage banking derivative | 11 | |
Interest rate swap derivative | 30,365 | 27,190 |
Standby letters of credit | 0 | 0 |
Accrued interest payable | 13,751 | 20,140 |
Level 3 | Estimated Fair Value | ||
Financial Assets: | ||
Cash and cash equivalents | 0 | 0 |
Securities available-for-sale, at fair value | 2,238 | 2,280 |
Securities held-to-maturity | 0 | 0 |
Real estate mortgages held-for-sale | 0 | 0 |
Loans, net | 4,796,478 | 4,694,532 |
Mortgage banking derivative | 0 | 0 |
Interest rate swap derivative | 0 | 0 |
Accrued interest receivable | 22,654 | 21,453 |
Financial Liabilities: | ||
Certificates of deposit | 0 | 0 |
All other deposits | 0 | 0 |
Federal Home Loan Bank advances | 0 | 0 |
Mortgage banking derivative | 0 | |
Interest rate swap derivative | 0 | 0 |
Standby letters of credit | 203 | 289 |
Accrued interest payable | $ 0 | $ 0 |
OFFSETTING ASSETS AND LIABILI_3
OFFSETTING ASSETS AND LIABILITIES (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Assets | ||
Gross Amounts of Recognized Assets/Liabilities | $ 30,365 | $ 27,189 |
Gross Amounts Offset in the Statement of Financial Position | 0 | 0 |
Net Amounts presented in the Statement of Financial Position | 30,365 | 27,189 |
Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments | 0 | 0 |
Gross Amounts Not Offset in the Statement of Financial Position, Cash Collateral Position | (25,305) | (25,555) |
Net Amount | 5,060 | 1,634 |
Liabilities | ||
Gross Amounts of Recognized Liabilities | 30,365 | 27,190 |
Gross Amounts Offset in the Statement of Financial Position | 0 | 0 |
Net Amounts presented in the Statement of Financial Position | 30,365 | 27,190 |
Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments | 0 | 0 |
Gross Amounts Not Offset in the Statement of Financial Position, Cash Collateral Position | 0 | (90) |
Net Amounts presented in the Statement of Financial Position | 30,365 | 27,100 |
Interest Rate Swap Derivatives | ||
Assets | ||
Gross Amounts of Recognized Assets/Liabilities | 30,365 | 27,189 |
Gross Amounts Offset in the Statement of Financial Position | 0 | 0 |
Net Amounts presented in the Statement of Financial Position | 30,365 | 27,189 |
Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments | 0 | 0 |
Gross Amounts Not Offset in the Statement of Financial Position, Cash Collateral Position | (25,305) | (25,555) |
Net Amount | 5,060 | 1,634 |
Liabilities | ||
Gross Amounts of Recognized Liabilities | 30,365 | 27,190 |
Gross Amounts Offset in the Statement of Financial Position | 0 | 0 |
Net Amounts presented in the Statement of Financial Position | 30,365 | 27,190 |
Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments | 0 | 0 |
Gross Amounts Not Offset in the Statement of Financial Position, Cash Collateral Position | 0 | (90) |
Net Amounts presented in the Statement of Financial Position | $ 30,365 | $ 27,100 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - $ / shares | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |||
Number of antidilutive shares | 0 | 0 | |
Weighted average shares outstanding for basic earnings per common share | 25,657,063 | 25,583,026 | 25,583,026 |
Dilutive effect of stock based awards | 90,580 | 159,859 | |
Weighted average shares outstanding for diluted earnings per common share | 25,747,643 | 25,742,885 | 25,742,885 |
Basic earnings per common share (in dollars per share) | $ 0.91 | $ 0.95 | $ 0.95 |
Diluted earnings per common share (in dollars per share) | $ 0.91 | $ 0.94 | $ 0.94 |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Beginning balance | $ 649,793 | $ 568,887 |
Net current period other comprehensive (loss) income | (11,718) | 21,553 |
Ending balance | 647,009 | 602,006 |
Total | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Beginning balance | (155,195) | (188,923) |
Other comprehensive income (loss) before reclassification | (12,157) | 21,167 |
Amounts reclassified from accumulated other comprehensive income (loss) | 439 | 386 |
Net current period other comprehensive (loss) income | (11,718) | 21,553 |
Ending balance | (166,913) | (167,370) |
Unrealized Gains and Losses on Available- for-Sales Securities | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Beginning balance | (154,460) | (188,154) |
Other comprehensive income (loss) before reclassification | (12,157) | 21,167 |
Amounts reclassified from accumulated other comprehensive income (loss) | 428 | 375 |
Net current period other comprehensive (loss) income | (11,729) | 21,542 |
Ending balance | (166,189) | (166,612) |
Defined Benefit Pension Items | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Beginning balance | (735) | (769) |
Other comprehensive income (loss) before reclassification | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income (loss) | 11 | 11 |
Net current period other comprehensive (loss) income | 11 | 11 |
Ending balance | $ (724) | $ (758) |
ACCUMULATED OTHER COMPREHENSI_4
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Reclassifications (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Interest income | $ 91,034 | $ 79,220 |
Net securities gains (losses) | (46) | 16 |
Income tax expense | 4,402 | 3,771 |
Other expense | 2,248 | 2,562 |
Net income | 23,401 | 24,278 |
Amount Reclassified From Accumulated Other Comprehensive Income (Loss) | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Net income | (439) | (386) |
Amount Reclassified From Accumulated Other Comprehensive Income (Loss) | Debt Securities | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Income tax expense | 114 | |
Net income | (428) | |
Amount Reclassified From Accumulated Other Comprehensive Income (Loss) | Held-to-Maturity Securities | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Interest income | (496) | (491) |
Income tax expense | 100 | |
Net income | (375) | |
Amount Reclassified From Accumulated Other Comprehensive Income (Loss) | Available-for-Sale Securities | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Net securities gains (losses) | (46) | |
Amount Reclassified From Accumulated Other Comprehensive Income (Loss) | Defined Benefit Pension Items | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Income tax expense | 4 | 4 |
Other expense | (15) | (15) |
Net income | $ (11) | $ (11) |
LEASES - Maturity Analysis (Det
LEASES - Maturity Analysis (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |
2024 | $ 561 |
2025 | 756 |
2026 | 731 |
2027 | 753 |
2028 | 593 |
2029 and thereafter | 1,591 |
Total undiscounted lease payments | 4,985 |
Less imputed interest | $ (443) |
Operating lease, liability, statement of financial position | Other liabilities |
Lease liability | $ 4,542 |
Operating lease, right-of-use asset, statement of financial position | Other Assets |
Right-of-use asset | $ 4,542 |
LEASES - Lease Cost (Details)
LEASES - Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Lease cost | ||
Operating lease cost | $ 185 | $ 169 |
Short-term lease cost | 2 | 2 |
Total lease cost | $ 187 | $ 171 |
LEASES - Other Information (Det
LEASES - Other Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Leases [Abstract] | ||
Operating cash outflows from operating leases | $ 185 | $ 169 |
Weighted-average remaining lease term - operating leases | 6 years | 7 years |
Weighted average discount rate - operating leases | 2.50% | 2.50% |